JULY 2024

July 2024

Market View
“The growth-inflation
balance is moving Markets ride on optimism post election results
favourably in line with our Indian equity markets showed significant positive movements in
projections. Resilient Jun’24, with both the Sensex and the Nifty50 ending with gains of
growth creates space for 6.9% and 6.6% MoM, respectively. These gains were influenced by
monetary policy to focus positive market sentiments and strong inflows from both foreign
unambiguously on institutional investors (FIIs: ₹26,565 crore) and domestic institutional
inflation which remains investors (DIIs: ₹28,633 crore).
well above the 4.0% The Indian bond market remained relatively flat in Jun’24, as the 10-
target. It is important that year Government of India (GOI) bond yield rose just 3 basis points
inflation is durably (bps) MoM to 7.01% on 28th Jun’24, as India's much-heralded
aligned to the target of inclusion in the JP Morgan EM Bond Index had a muted start.
4.0%. Price stability is the The RBI’s Jun’24 monetary policy emphasized focus on anchoring of
bedrock for high and inflation to its target level and fuller transmission of rate hikes. As per
sustainable growth.
- Shri Shaktikanta Das, ” the RBI, price stability and resilient growth have created space for the
monetary policy to focus unambiguously on inflation.
RBI Governor Commodities such as gold and silver have outperformed the equity
markets in CY’24 delivering double-digit returns in six months. While
silver delivered gains at 19%, gold has generated around 13% returns
Movement in Gold & Silver Prices so far in CY’24 (till 28th Jun’24).
100.0
The Nifty50 index has risen by 10.5% while the Nifty Midcap100 and
Nifty Smallcap250 indices have accelerated at 20.7% and 21.9%,
90.0 respectively, in CY’24 so far (till 28th Jun’24). The Indian stock market
90.3 stands poised for continued upward movement and potential growth,
80.0 76.0 driven by robust economic indicators and sector-specific
developments. Additionally, the market sentiment has been buoyed
70.0 by optimism around the country’s growth prospects after last month’s
63.2 71.7 general election results. Going forward, the direction is likely to be
determined by the outcome of the final budget for FY’25 to be
60.0
Dec-23 Jun-24 presented later this month and corporate earnings for Q1 FY’25.
Gold Silver Key sectors such as consumption, healthcare and financial services
Source: Bloomberg are likely to be in the spotlight while the large cap equity segment
Gold Prices / 10g, offers further room for growth on account of relatively lower valuations
Silver Prices / kg (in ₹ ’000)
as compared to the mid-cap and small-cap segments. Given this
Indian Indices Returns scenario, investors can consider staggering their investments in
Nifty 50 equity funds via SIP/STP. Further, with asset allocation being the
Nifty Midcap 100 120.7 key, investors may consider diversifying through hybrid funds
Nifty Smallcap 250 like the BAFs, Multi-Asset Funds, and Equity Savings Funds.
121.9 Within fixed income, aggressive investors can look at investing
in long duration bonds and gilt funds to benefit from future rate
cuts. Further, given the current flatness in the yield curve, short-
term rates look attractive, making investments in corporate bond
110.5
funds and short-duration funds lucrative.

Central Research Team

Dec-23 Jun-24 State Bank of India
Indices Rebased to 100
Wealth Management Business Unit
Source: Bloomberg Corporate Centre, Mumbai

3
Investment Outlook July 2024

Investment Allocation
Very Conservative 20% 30% 50%

Conservative 15% 15% 25% 35% 10%

Moderate 10% 15% 30% 30% 10% 5%

Aggressive 10% 25% 40% 20% 5%

Very Aggressive 5% 10% 50% 30% 5%

Cash FI-ST* FI-LT Hybrid^ Eq-Large C Eq - Mid & Small C Gold

Abbreviations: FI-LT(Fixed Income-Long Term), FI-ST(Fixed Income-Short Term, Eq-Large C(Equity-Large Cap), Eq-Mid &Small C (Equity-Mid & Small Cap,
*Arbitrage funds are considered under FI-ST and ^Hybrid Funds include Equity Savings Fund, Multi-Asset Funds, Balanced Advantage funds etc.
Disclaimer: The above Asset Allocation is for Information and illustration purposes only and should not be construed as Investment Advice.

Category Returns %

62.3
“
55.9

Investing puts money

to work. The only
27.3

27.2
26.5
25.8
25.1

22.6
reason to save money
15.3
15.1

14.8
14.5
7.6
7.3

7.3

6.9
6.9
5.9

5.8

5.6
5.4

is to invest it.

Cash FI-ST

1 Years Absolute
FI - LT Eq - Large Eq - Mid C Eq - Small C
Cap
3 Years Annualized 5 Years Annualized
Gold
-Grant Cardone
”
Asset Class Historical Performance
Asset Class Cash FI-ST FI - LT Eq - Large Cap Eq - Mid C Eq - Small C Gold
Crisil Short Crisil Nifty
Crisil Liquid Nifty Midcap
Benchmark Term Bond Composite Nifty 50 Smallcap 250 Gold
Index 100 Index
Index Bond Index Index
CY'14 9.2% 10.5% 14.3% 31.4% 55.9% 69.6% 0.3%
CY'15 8.2% 8.7% 8.6% -4.1% 6.5% 10.2% -8.0%
CY'16 7.5% 9.8% 12.9% 3.0% 7.1% 0.4% 10.5%
CY'17 6.7% 6.0% 4.7% 28.6% 47.3% 57.3% 2.7%
CY'18 7.6% 6.7% 5.9% 3.2% -15.4% -26.8% 7.0%
CY'19 6.9% 9.5% 10.7% 12.0% -4.3% -8.3% 23.0%
CY'20 4.6% 10.4% 12.3% 14.9% 21.9% 25.1% 26.3%
CY'21 3.6% 4.4% 3.4% 24.1% 46.1% 61.9% -4.5%
CY'22 5.1% 3.6% 2.5% 4.3% 3.5% -3.6% 14.1%
CY'23 7.1% 7.3% 7.3% 20.0% 46.6% 48.1% 14.1%
MOM Returns 0.6% 0.6% 0.7% 6.6% 7.8% 9.5% -0.8%
CY’24 YTD 3.7% 3.8% 4.5% 10.5% 20.7% 21.9% 13.1%
FY’25 YTD 1.8% 1.8% 1.8% 7.5% 15.9% 19.4% 6.3%
1Y Absolute 7.3% 7.3% 7.6% 25.1% 55.9% 62.3% 22.6%
3Y CAGR 5.9% 5.8% 5.6% 15.1% 27.3% 26.5% 14.5%
5Y CAGR 5.4% 6.9% 6.9% 15.3% 25.8% 27.2% 14.8%
10Y CAGR 6.5% 7.5% 8.0% 12.2% 17.5% 16.0% 8.8%
Source : Crisil (Data used in this page is as on 30th June 2024)
Disclaimer: The above table is for Information and Illustration purposes only and should not be construed as Investment Advice.

4
 Investment Outlook July 2024

Market Indicators & Outlook

Domestic Indices 1-Month FY YTD* CYYTD# 1-Year ▪ In Jun’24, the Indian benchmark indices,
Sensex 6.9% 7.3% 9.4% 22.1% the Sensex and the Nifty50, showed
Nifty50 6.6% 7.5% 10.5% 25.1% significant positive movements, closing
with gains of 6.9% and 6.6%,
BSE500 6.9% 11.2% 16.0% 36.6% respectively. These gains were influenced
Nifty Largecap 100 6.3% 9.1% 14.1% 30.9% by positive market sentiment and strong
Nifty Midcap100 7.8% 15.9% 20.7% 55.9% inflows from both the Foreign Institutional
Investors (FIIs) and Domestic Institutional
Nifty Smallcap250 9.5% 19.4% 21.9% 62.3%
Investors (DIIs).
Nifty Bank 6.9% 11.1% 8.4% 17.0%
▪ The Nifty Midcap100 and Nifty
Nifty IT 11.6% 3.6% 1.8% 22.3% Smallcap250 indices also performed well,
Nifty Auto 7.6% 17.7% 35.4% 66.4% with gains of 7.8% and 9.5% respectively
on a MoM basis.
Nifty Metal 0.9% 18.9% 23.0% 58.1%
▪ Sectoral indices demonstrated varied
Nifty FMCG 4.9% 5.2% -0.4% 8.7%
performances in Jun’24. The Nifty IT
Nifty Realty 8.4% 22.7% 41.1% 112.5% index led with a substantial gain of 11.6%,
indicating strong performance in the
Global Indices 1-Month FY YTD* CYYTD# 1-Year technology sector. This was followed by
S&P 500 Index 3.5% 3.9% 14.5% 22.7% the Nifty Realty and Nifty Auto indices,
NASDAQ 6.0% 8.3% 18.1% 28.6% which saw increases of 8.4% and 7.6%,
Dow Jones 1.1% -1.7% 3.8% 13.7% respectively.
FTSE 100 -1.3% 2.7% 5.6% 8.4% ▪ In contrast, the Nifty FMCG and Nifty
Nikkei 225 2.8% -1.5% 18.3% 19.3% Metal indices showed modest
Shanghai SE Comp -3.9% -1.4% -0.3% -7.3% movements, with gains of 4.9% and 0.9%,
respectively. These sectors faced ongoing
*Apr’24 to Jun’24 Period.
#Jan’24 to Jun’24 Period.
concerns over inflationary pressures and
Source: NSE India, BSE India, Bloomberg market volatility.

EPS Growth ▪ Overall, there is a noticeable difference in

performance among various sectors in
149980%
FY’24, with domestic cyclicals like
1138
automobile, finance and industrial sectors
showing strong net profit increases YoY.
99980% 945 The positive market sentiment and strong
820
764 sectoral performances in Q1 FY’25
indicate a potential for continued growth
504 in the upcoming months.
49980%
▪ As per the Bloomberg consensus data,
the FY’25 projections for the Nifty50
earnings per share (EPS) stand at 1138.
-20% The projected EPS for FY’25 have
FY'21 FY'22 FY'23 FY'24 FY'25E increased by 2.25% compared to the
EPS
previous month.
Source: Bloomberg

5
Investment Outlook July 2024

Bond Yield Vs Earnings Yield

▪ The spread between the 10-year
Current Gap at 285
10 bps above its 10-yr benchmark bond yield and the earnings
avg of 269 bps yield of the Nifty50 has widened by 31
8 7.01
bps on a MoM basis during Jun’24. The
6 investors are exercising caution and
possibly reallocating their portfolios
4
4.16 towards bonds. This shift could be due to
2 a combination of factors influencing lower
Jun-14 Nifty50 TTM Earnings Yield 10Y G-sec Yield Jun-24 expected returns from equities and the
Nifty 50 Forward PE Source: Bloomberg relative stability and safety of bonds.
30 ▪ The Nifty50 1-Year Forward PE during
26 the month of Jun’24 stood at 21.6x Vs
22
22.9 20.6x during May’24. According to the
20.5 21.6
Bloomberg consensus data, the Nifty50 1-
18 18.0
year future PE is trading near its 10-year
14 long-term average forward PE of 20.5x.
10 The Nifty Midcap100 trailing PE stood at
Fwd PE 10Y Avg. STD 1+ STD 1-
Jun-14 Jun-24 40.7x during Jun’24. The 3-year average
Source: NSE India, Bloomberg PE of Nifty Midcap 100 is 32.4x.
Valuation Across Market Cap(TTM) ▪ Furthermore, the current price-to-book
Index Year PE PB (P/B) ratios for Nifty Midcap100 and Nifty
June-23 23.3 3.5 Smallcap250 grew to 4.8x and 4.5x,
Nifty50
June-24 24.1 3.9 respectively, from their respective 3-year
June-23 24.8 2.9 averages of 3.4x and 3.3x. These higher
Nifty Midcap100
June-24 40.7 4.8
valuations suggest that both the mid-cap
June-23 20.9 3.0
Nifty Small Cap250 and small-cap segments have become
June-24 31.9 4.5
less attractive for investment.
Source: Bloomberg

FPIs Vs DIIs Activity ▪ The FIIs turned net buyers in the Indian
equity market to the tune of ₹26,565
128.5

crore in Jun’24 after two months selling

108.4

streak.
102.6

▪ During Jun’24, FIIs bought shares in

financial services, telecom, construction,
55.4

consumer services, healthcare, capital

50.6
44.1

42.6

good, realty, chemical, automobile etc.

On the other hand, FIIs were net sellers
10.8

in metals, construction, oil & gas,

3.3

power, IT and FMCG during the same

period.
-7.7

▪ Similarly, in Jun’24 the DIIs supported

Q1 FY'24 Q2 FY'24 Q3 FY'24 Q4 FY'24 Q1 FY'25
the Indian equity market by continuing
FY'24 FY'25 their buying streak for the eleventh
consecutive month. The DIIs were net
FPI DII Source: NSDL, BSE India buyers to the tune of ₹28,633 crore for
FPI/DII Figures are in ₹ thousand crores
FPI Data does not include primary market transactions Jun’24.

6
Investment Outlook July 2024

Market Indicators & Outlook - Fixed Income

India will have a 1% weight in the ▪ The Indian bond market remained relatively flat
JPMorgan EM Bond index, which will in Jun’24, as the 10-year GOI bond yield rose
gradually rise to 10% over a 10-month just 3 bps MoM to 7.01% on 28th Jun’24, as
period. India's much-heralded inclusion in the JP
Morgan EM Bond index had a muted start.
India Yield Curve
7.3 7.12 ▪ On a quarterly basis, the 10-year benchmark
6.98 GOI bond yields declined for the third
6.90
7.1 6.86 consecutive quarter. Yields declined by 5 bps in
Q1 FY’25, after easing by 4 bps and by 12 bps
6.8 7.01 in the previous two quarters.
▪ In Jun’24, the RBI conducted another round of
6.6
6.69 buyback of GOI securities, accepting bids worth
6.3 ₹7,827.56 crore out of ₹30,000 crore worth of
ON 3M 6M 1Y 2Y 3Y 5Y 10 Y securities that the Centre had offered to
30-Jun-23 31-May-24 28-Jun-24 repurchase.
Source: Bloomberg ▪ RBI has accepted bids worth a total of
₹30,247.88 crore out of the aggregate amount
Trend in US Core CPI & Core PCE YoY (%)
of ₹2.3 lakh crore worth of bonds that the
US Core CPI government has offered to repurchase through
5.5 5.3 five auctions since 9th May’24 .
US Core PCE
▪ US Fed kept rates steady in its June 11-12
4.5 meeting, signaling the expectation of just one
4.7 rate in CY’24. However, the Fed signaled
3.4 higher rate cuts in CY’25. US CPI slowed to
3.5 3.3% in May’24 compared to 3.4% in Apr’24
and below market expectations of 3.4%.
2.6
2.5 ▪ The 10-year US treasury yields declined by
May-23 May-24 7bps MoM to 4.43% as of 28th Jun’24. Yields
Source : Bloomberg eased in Jun’24 on account of a less hawkish
US Yield Curve Fed, conservative inflation projections and
anticipation of a faster rate cut cycle in CY’25.
5.50
5.65 5.50
▪ US nonfarm payrolls increased by 206,000 for
5.19
4.50 Jun’24, better than the market expectations of
5.25 4.40
200,000 though less than the downwardly
4.73 revised gain of 218,000 in May’24. The
unemployment rate unexpectedly climbed to
4.27 4.1%, tied for the highest level since Oct’21,
making the case for rate cuts stronger.
3.81
3.84
▪ The Indian yield curve continues to exhibit
3.35 flatness, making the shorter 3–5-year yield
ON 3M 6M 1Y 2Y 3Y 5Y 10Y
segment attractive. This has strengthened
30-Jun-23 31-May-24 28-Jun-24
the case for allocation to corporate bond
Source: Bloomberg funds and short-duration funds that may
benefit from the fall in yields at the short
end of the curve.

7
Investment Outlook July 2024

Market Indicators & Outlook - Fixed Income

Trend in Liquidity & Call Rates ▪ The average liquidity infused by the RBI in Jun’24
stood at ₹54,659.61 crore, as against an average
3.5 7.75
0.28 liquidity infusion of ₹1.34 lakh crore a month
7.40 earlier. Consequently, the overnight call rates
1.8 0.22
In ₹ Lakh crore

averaged at 6.59% in Jun’24, improving

7.05
0.0 marginally as compared to 6.61% in May’24.

%
6.70
▪ Money market rates remained range-bound as the
-1.8
6.35 three- and six-month certificate of deposits (CD)
6.82
-3.5 6.85 6.00 rates averaged 7.16% and 7.46%, respectively, in
Jun-23 Jun-24 Jun’24, compared to 7.21% and 7.47% in May'24.
Net Liquidity- LHS Call Rates-RHS ▪ Liquidity in the banking system reversed to
Source: RBI , Bloomberg surplus mode towards the end of Jun’24 on the
Trend in Benchmark CD Rates (%) back of government spending and maturity of
government securities. The RBI absorbed
₹79,987.28 crore of excess liquidity in the last 3
8.0
days of Jun’24.
7.8 7.53 ▪ As a counter measure, the RBI has conducted
7.5
Variable Rate Reverse Repo (VRRR) auctions
7.13 every day in Jul’24 so far, in order to absorb
7.3 surplus liquidity from the banking system.

7.0 ▪ These auctions are in keeping with the central

7.25
6.98 bank’s “withdrawal of accommodation” monetary
6.8 policy stance. Going forward, the RBI is likely to
Jun-23 Jun-24
3 mth 6 mth continue to deploy VRRR auctions because more
Source: Bloomberg redemptions are lined up during the month and
the RBI would not want the money market rates to
Deposit & Non-Food Credit Growth (YoY%) fall below the repo rate. Government securities
worth Rs 60,944 are scheduled to mature on 28th
21.0
Jul’24.

▪ Aggregate deposits grew by 12.6% YoY for the

17.0
19.1 fortnight ended 14th Jun’24, while non-food bank
15.6 credit grew by 19.1% YoY for the same period. In
comparison, deposit and non-food bank credit
13.0 grew by 13.2% YoY and 20.4% YoY, respectively,
12.1
for the fortnight ended 14th Jun’23.
12.6
▪ The rollover spread of Arbitrage Funds stands
9.0 at 68-70 bps for July 2024 expiry as of the
Jun-23 Jun-24 monthly expiry date of 27th Jun 2024. Thus,
Deposits Non Food Credit
the cost of carry at repo rate of 6.50%+
Source: RBI rollover spread is likely to maintain the returns
of Arbitrage funds.
Arbitrage Funds offer higher post tax
returns as compared to Liquid Funds

8
 Investment Outlook July 2024

Economy Update • Consumer Price Index (CPI) recorded a 12-

month low, easing further to 4.75% YoY in
Inflation Trajectory YoY %
May’24 as compared to 4.83% YoY in Apr’24.
The decline in inflation may be attributed to
9 moderation in core inflation and sustained
deflation in fuel and light components.
• Core CPI edged down further towards 3.1% YoY
4.83 reflecting the impact of a tight monetary policy.
However, inflation in food and beverages
5 4.75
remained elevated at 7.9% YoY primarily on
account of increase in prices of vegetables,
pulses, cereals and products.
• Wholesale Price Index (WPI) increased to
2.61% YoY in May’24 as against 1.26% YoY in
0
Apr’24 mainly due to increase in prices of food
1.26 articles and manufacture of food products.
• The MoM change in WPI index for the month of
May’24 stood at 0.20% as compared to 1.06%
-5
for the month Apr’24.
May-23 May-24
WPI % CPI %

Source: Mospi, GoI

GST Collection Trend in ₹ Lakh Crore Industrial Production

Highest in 1 Year 20
Lowest in 1 Year 15 YOY%
2.10
1.59 Latest Month 1.74 YOY% 3MMA
10
4.98
5
5.33
0
-5
Jun-23 Jun-24 Apr-22 Apr-24
Source: Mospi, GoI
Source: Ministry of Finance, GoI 3MMA denotes 3 month moving average

▪ India’s GST collection was recorded at ₹1.74 ▪ Growth in India's industrial production (IIP)
lakh crore in Jun’24, growing at 7.7% on YoY was at a 3-month low of 4.98% YoY in Apr’24
basis, while remaining flat on MoM basis. vs a revised growth of 5.40% YoY in Mar’24.
▪ Jun’24 YoY growth is notably less than the ▪ The growth rate for the three sectors, Mining,
12.4% and 10% increases recorded in Apr’24 Manufacturing, and Electricity stood at 6.7%,
and May’24, respectively. Further, growth in 3.9%, and 10.2% YoY, respectively.
Jun’24 gross GST revenues slowed to a three
▪ Within manufacturing, the growth rate of top
year-low i.e. the slowest pace since Jun’21.
three positive contributors to the growth of IIP
▪ However, collection in Q1 FY’25 has reached for Apr’24 were motor vehicles, trailers, and
₹5.57 lakh crore on account of improved semi-trailers at 11.4%, basic metals at 8.1%,
compliance and growing consumption. coke and refined petroleum products at 4.9%
on a YoY basis.
▪ The number of GST taxpayers has increased to
1.46 crore in Apr’24 from 1.05 crore as of ▪ The output of consumer durables grew by
Apr’18, growing by 39% over the six-year 9.8% during Apr’24 compared to a decline of
period. 2.3% in Apr’23.

9
Investment Outlook July 2024

Economy Update ▪ India’s merchandise trade deficit widened further

to a 7- month high of $23.78 billion in May’24 as
India's Merchandise Trade in US$ Billion against $19.10 billion in Apr’24. This can be
70
57.5 61.9 attributed to a 14.5% MoM growth in imports to
61 $61.91 billion, while exports for the same period
52 grew 9.2% MoM to $38.13 billion.
43 38.1
35.0 ▪ Gems & Jewellery exports surged by 22% MoM in
34
Exports Imports
May’24 even as gold prices stabilised around the
25
level of ₹74,000 per 10g. Labor intensive sectors
May-23 May-24
experienced healthy growth at 21% YoY in
Source: Ministry of Commerce and Industry handicrafts, 17.5% YoY in carpets and 10% YoY
Move against US Dollar in apparel.
Currency MoM as on 28th Jun '24
▪ Exports in all the top ten markets (US,UAE,
Russian Ruble 5.42% Netherland, UK, China, Singapore, Saudi Arabia,
Thai Baht 0.23% Bangladesh, Germany, France) were positive and
Hong Kong Dollar 0.15% exports to many of these countries recorded a
Indian ₹upee 0.09% healthy double-digit growth in May’24.
China Yuan -0.35%
Singapore Dollar -0.36% ▪ The Indian ₹upee reversed its declining trend and
British Pound -0.76% appreciated marginally against the US Dollar in
Indonesian Rupiah -0.77% Jun’24, registering a gain of 0.09% MoM. The
European Euro -1.24% gains came in spite of 1.1% MoM increase in the
Japanese Yen -2.27% US dollar index resulting in decline in most of the
advanced economy currencies in the range of
Source: Bloomberg 0.35% - 1.24%. On the other hand, Asian
Trend in India's FX Reserves ($ billion) currencies exhibited mixed performance with
5 yr Average at $ 566 billion 652
performance range varying from -2.27% to 5.42%.
▪ India’s foreign exchange reserves rose by $487
million MoM to $652 billion as on 28th Jun’24 as
against $651.5 billion as on 31st May’24. The rise
in reserves was primarily on account of a rise in
foreign currency assets, which went up $317
million MoM to $572.6 billion as on 28th Jun’24.
Jun-19 Jun-24
▪ International crude prices surged during Jun’24.
Source: RBI as on 28th Jun’24 Brent rose by 5.86% MoM to $86.23 per barrel
Crude Oil Prices ($ per Barrel) while Nymex rose by 5.91% MoM to $82.90 in
100.00 Brent Jun’24. Despite deteriorating U.S. consumer
Nymex sentiment, prices rose as investors forecasted
93.00
86.4 stronger crude demand as compared to supply at
74.0
86.00 least until the beginning of winter in CY’24.

79.00 ▪ OPEC+ announced plans to reverse production

81.5 cuts totaling 2.2 million barrels per day (bpd) in a
72.00 phased manner starting Oct’24.
69.6
65.00
Jun-23 Jun-24

Source: Bloomberg

10
Investment Outlook July 2024

Selected Approved Funds Trailing Point to Point Returns & Calendar Year
Performance is calculated as on Jun 28, 2024

Product Risk Rating (PRR) 1 Very Conservative 2 Conservative 3 Moderate 4 Aggressive 5 Very Aggressive
ICICI Prudential Bluechip Fund
PRODUCT RISK RATING 3 Large Cap
Anish Tawakley,
Expense Ratio
Fund Manager Vaibhav Dusad,
(%)
1.49 Calendar Year Performance %
Sharmila Dmello
Category Peer Group
Category benchmark Nifty 100 TRI Exit Load (%) Up to 365 days - 1% Period Fund
benchmark Average

Month-end AUM in ₹ Inception YTD 16.57 14.82 15.79

55,459 23-May-08
Crs* Date 2023 27.39 21.24 24.22
Performance Section 2022 6.85 4.94 2.24
Category Peer Group
Trailing Point to Point Returns (%) Fund
benchmark Average 2021 29.17 26.45 25.63
3 months 7.63 9.61 9.65 Rolling Return Performance (%)
6 months 16.57 14.82 15.79 3 years 19.12 17.83 16.55
1 year 38.39 32.39 34.30 5 years 12.45 12.62 11.13
3 years 21.39 17.48 17.52 Returns less than 1 year are absolute, while > = 1 year are annualised
5 years 19.07 17.36 16.68 Peer Group Average represented by Large Cap Fund universe
Inception 15.61 12.25 15.72
Sector Allocation (% to NAV) *
24.1
Top 5 Holdings * % to NAV Financials 22.1

ICICI Bank Ltd. 8.19 Consumer Discretionary 11.4

11.5
Reliance Industries Ltd. 7.43 Energy 10.7
11.4
Larsen & Toubro Ltd. 6.80 Industrials 10.6
9.5
HDFC Bank Ltd. 4.94 Materials 7.6
7.3
Maruti Suzuki India Ltd. 4.79
0 10 20 30
May-24 3 Months Ago (Feb'24)
It is a large-cap equity scheme suitable for investors who wish to invest in large-cap stocks that are less volatile as compared
to other stocks. The scheme’s benchmark-hugging approach ensures that the portfolio is well diversified across sectors.
Since inception, the return of the fund till 28th June’24 stands at 15.61% CAGR as against the benchmark return of 12.25%
CAGR for the same period.
Parag Parikh Flexi Cap Fund
PRODUCT RISK RATING 4 Flexi Cap
Raj Mehta, Rajeev
Thakkar, Raunak
Expense Ratio
Fund Manager Onkar, Rukun
(%)
1.37 Calendar Year Performance %
Tarachandani,
Mansi Kariya
Up to 365 days- 2%, Category Peer Group
Category benchmark Nifty 500 TRI Exit Load (%) Period Fund
Bet. 365 -730 days - 1% benchmark Average
Month-end AUM in ₹ Inception YTD 16.22 16.73 17.26
66,384 24-May-13
Crs* Date 2023 36.57 26.91 28.24
Performance Section 2022 -7.23 4.25 -0.21
Category Peer Group
Trailing Point to Point Returns (%) Fund
benchmark Average 2021 45.51 31.60 31.89
3 months 9.25 11.79 12.43 Rolling Return Performance (%)
6 months 16.22 16.73 17.26 3 years 24.52 19.81 18.46
1 year 36.39 38.67 38.75 5 years 17.33 12.93 11.88
3 years 20.76 20.01 18.90 Returns less than 1 year are absolute, while > = 1 year are annualised
5 years 24.57 19.76 18.48 Peer Group Average represented by Flexi Cap Fund universe
Inception 20.00 16.53 17.65
Sector Allocation (% to NAV) *
33.8
Top 5 Holdings * % to NAV Financials 34.7
Consumer Discretionary 7.5
HDFC Bank Ltd. 8.42 7.2
Utilities 6.4
Power Grid Corporation of India Ltd. 6.35 6.1
Consumer Staples 5.5
Bajaj Holdings & Investment Ltd. 6.03 5.0
5.5
ITC Limited 5.45 Information Technology 7.4
Coal India Ltd. 5.35 0 10 20 30 40
May-24 3 Months Ago (Feb'24)
The scheme is one of the very few Indian mutual fund schemes that invests in a basket of both Indian and foreign securities.
From an international portfolio point of view, the fund is currently focused on companies listed in the USA that have good
governance in place, have operations in multiple countries, and are reasonably valued. The scheme’s foreign holdings as on
portfolio dated 31st May’ 24 stands at 14.4% as against 18.3% (as per 31st May’23 portfolio). The five-year return of the fund as
on 28th Jun’24 stands at 24.57% CAGR as against the benchmark return of 19.76% CAGR for the same period.
*As on May 31, 2024

11
Investment Outlook July 2024
Trailing Point to Point Returns & Calendar Year
SBI Contra Fund Performance is calculated as on Jun 28, 2024
PRODUCT RISK RATING 3 Value/Contra
Dinesh
Expense Ratio
Fund Manager Balachandran,
(%)
1.58 Calendar Year Performance %
Mohit Jain
Category Peer Group
Category benchmark BSE 500 * Exit Load (%) Up to 365 days - 1% Period Fund
benchmark Average

Month-end AUM in ₹ Inception YTD 19.12 15.99 19.19

30,520 6-May-05
Crs* Date 2023 38.22 24.85 34.55
Performance Section 2022 12.76 3.34 5.95
Category Peer Group
Trailing Point to Point Returns (%) Fund
benchmark Average 2021 49.92 30.11 36.16
3 months 12.53 11.21 13.05 Rolling Return Performance (%)
6 months 19.12 15.99 19.19 3 years 30.15 20.06 21.09
1 year 47.39 36.64 46.97 5 years 14.08 13.11 11.93
3 years 29.71 18.43 23.35 Returns less than 1 year are absolute, while > = 1 year are annualised
5 years 28.42 18.41 21.57 Peer Group Average represented by Value Fund universe
Inception 17.79 14.41 17.77
Sector Allocation (% to NAV) *
18.9
Top 5 Holdings * % to NAV Financials 19.0
HDFC Bank Ltd. 3.19 Consumer Discretionary 10.7
11.9
State Bank Of India 2.79 Materials 9.8
10.7
GAIL (India) Ltd. 2.76 Energy 8.5
6.9
Reliance Industries Ltd. 2.41 7.7
Utilities
7.8
Oil & Natural Gas Corporation Ltd. 2.07
0 5 10 15 20
May-24 3 Months Ago (Feb'24)
The fund aims to provide long term capital appreciation for investors, through active management of investments following a
contrarian investment strategy. The fund has consistently outperformed not only its benchmark but also its peers across
various time horizons. The five-year return of the fund till 28th Jun’24 stands at 28.42% CAGR as against the average peer
group return of 21.57% CAGR for the same period.

HDFC Focused 30 Fund

PRODUCT RISK RATING 5 Focused
Expense Ratio
Fund Manager Roshi Jain
(%)
1.7 Calendar Year Performance %

Category Peer Group

Category benchmark Nifty 500 TRI Exit Load (%) Up to 365 days - 1% Period Fund
benchmark Average

Month-end AUM in ₹ Inception YTD 20.23 16.73 17.57

11,946 17-Sep-04
Crs* Date
2023 29.58 26.91 26.18
Performance Section 2022 18.29 4.25 0.86
Category Peer Group
Trailing Point to Point Returns (%) Fund
benchmark Average 2021 40.11 31.60 32.67
3 months 12.74 11.79 11.72 Rolling Return Performance (%)
6 months 20.23 16.73 17.57 3 years 22.71 19.81 18.67
1 year 43.54 38.67 37.73 5 years 10.27 12.93 11.96
3 years 29.03 20.01 18.83 Returns less than 1 year are absolute, while > = 1 year are annualised
5 years 21.08 19.76 18.61 Peer Group Average represented by Focused Fund universe
Inception 16.59 16.24 17.75
Sector Allocation (% to NAV) *
Top 5 Holdings * % to NAV Financials 39.7
38.1
HDFC Bank Ltd. 9.58 Health Care 13.2
14.3
ICICI Bank Ltd. 9.38 Consumer Discretionary 10.2
9.8
Axis Bank Ltd. 7.78 Information Technology 8.4
5.7
Cipla Ltd. 4.85 6.6
Industrials 7.2
HCL Technologies Limited 4.10
0 10 20 30 40 50
May-24 3 Months Ago (Feb'24)
The fund follows a focused approach to investing in a portfolio of up to 30 high-conviction stocks with the aim of generating
better risk-adjusted returns. It emphasises buying stocks of fundamentally good companies at reasonable valuations. Cash as
a percentage of its AUM stands at 9.4% as on the portfolio dated 31st May’24 as against 11.70% as on the portfolio dated
31st May’23. The five-year return of the fund as on 28th Jun’24 stands at 21.08% CAGR as against the benchmark return of
19.76% CAGR for the same period.
*As on May 31, 2024

12
Investment Outlook July 2024
Trailing Point to Point Returns & Calendar Year
ICICI Prudential Equity & Debt Fund Performance is calculated as on Jun 28, 2024
PRODUCT RISK RATING 3 Aggressive
Manish Banthia, Mittul
Kalawadia, Sankaran Naren, Expense
Fund Manager 1.62 Calendar Year Performance %
Sharmila Dmello, Sri Sharma, Ratio (%)
Akhil Kakkar
CRISIL Hybrid 35+65 - Category Peer Group
Category benchmark Exit Load (%) Up to 365 days - 1% Period Fund
Aggressive Index benchmark Average
Month-end AUM in ₹ Inception YTD 15.86 11.86 14.97
3-Nov-99
Crs* 35,122 Date 2023 28.25 18.41 21.24
Performance Section 2022 11.70 4.79 2.97
Category Peer Group
Trailing Point to Point Returns (%) Fund
benchmark Average 2021 41.70 19.74 26.06
3 months 6.48 7.42 9.84 Rolling Return Performance (%)
6 months 15.86 11.86 14.97 3 years 22.88 15.28 16.56
1 year 37.82 25.46 31.03 5 years 13.49 11.74 10.26
3 years 24.43 14.50 16.25 Returns less than 1 year are absolute, while > = 1 year are annualised
5 years 21.20 15.34 16.32 Peer Group Average represented by Aggressive hybrid fund universe
Inception 15.62 NA 14.14
Sector Allocation (% to NAV) *
Top 5 Holdings * % to NAV Financials 19.8
18.4
National Thermal Power Corporation Ltd. 7.22 Consumer Discretionary 10.8
12.2
ICICI Bank Ltd. 6.88 Utilities 7.2
7.6
Bharti Airtel Ltd. 4.60 6.9
Energy 7.7
HDFC Bank Ltd. 4.56 6.2
Health Care 5.2
Maruti Suzuki India Ltd. 4.52
0 5 10 15 20 25
May-24 3 Months Ago (Feb'24)

The scheme’s equity exposure ranges between 65- 80%, while debt exposure is maintained between 20-35%. The net equity
level of the scheme is based on its in-house price to book model and stands at 73.3% as on the portfolio dated 31st May’24.
In case of debt, tactical allocation is done to longer-duration fixed-income securities with a credit rating of AA and above,
which offer relatively higher accruals. The fund has consistently outperformed its peer group across various time horizons.
Since inception, the return of the fund till 28th Jun’24 stands at 15.62% CAGR, as against the average peer group return of
14.14% CAGR for the same period.

SBI Balanced Advantage Fund

PRODUCT RISK RATING 3 Dynamic Asset Allocation
Dinesh Balachandran,
Rajeev Radhakrishnan, Expense
Fund Manager
Pradeep Kesavan, Ratio (%)
1.59 Calendar Year Performance
Mansi Sajeja
Nifty 50 Hybrid composite Category Peer Group
Category benchmark Exit Load (%) Up to 365 days - 1% Period Fund
debt 50:50 Index* benchmark Average
Month-end AUM in ₹ Inception YTD 11.62 10.14 10.89
31-Aug-21
Crs* 30,096 Date 2023 20.39 15.83 19.10
Performance Section 2022 5.07 4.33 4.52
Category Peer Group
Trailing Point to Point Returns (%) Fund
benchmark Average 2021 NA 15.85 14.50
3 months 5.57 6.13 6.70 Rolling Return Performance (%)
6 months 11.62 10.14 10.89 3 years NA 13.36 11.96
1 year 23.47 21.17 24.34 5 years NA 10.98 8.93
3 years NA 12.46 13.39 Returns less than 1 year are absolute, while > = 1 year are annualised
5 years NA 13.53 13.11 Peer Group Average represented by Balanced Advantage universe
Inception 13.84 11.37 12.28
Sector Allocation (% to NAV) *
18.8
Top 5 Holdings * % to NAV Financials 18.4
HDFC Bank Ltd. 4.82 Utilities 9.0
8.1
ICICI Bank Ltd. 4.78 Energy 7.9
8.4
GAIL (India) Ltd. 3.62 Consumer Discretionary 7.5
7.3
Axis Bank Ltd. 3.27 Industrials 5.8
5.8
Bharti Airtel Ltd. 2.79
0 5 10 15 20
May-24 3 Months Ago (Feb'24)

^CRISIL Hybrid 50+50-Moderate index, taken for benchmark comparison due to non availability of values of actual benchmark

It has complete flexibility to manoeuvre assets in the range of 0–100% across various asset classes best suited in a volatile
equity market with the aim of capturing the potential upside and limiting the downside. The net equity level of the scheme as
on the portfolio dated 31st May’24 stands at 34.14% marginally changed from the portfolio dated 31st Apr’24. The average
maturity and YTM of the debt component stands at 7.37 years and 7.54% respectively, as on the portfolio dated 31st May’24
as against 8.79 years and 7.65%, respectively, as on the portfolio dated 30th Apr’24. One year return of the fund as on 28th
Jun’24 stands at 23.47% absolute, as against the benchmark return of 21.17% absolute for the same period. *As on May 31, 2024
.

13
Investment Outlook July 2024
Trailing Point to Point Returns & Calendar Year
ICICI Prudential Equity Savings Fund Performance is calculated as on Jun 28, 2024
PRODUCT RISK RATING 3 Equity Savings
Dharmesh Kakkad, Manish
Banthia, Ritesh Lunawat, Expense
Fund Manager Sharmila Dmello, Sri Sharma,
0.97 Calendar Year Performance %
Ratio (%)
Kaivalya Nadkarni, Archana Nair

Category Peer Group

Category benchmark Nifty Equity Savings TRI * Exit Load (%) Up to 7 days - 0.25% Period Fund
benchmark Average

Month-end AUM in ₹ Inception YTD 4.63 6.96 7.44

5-Dec-14
Crs* 10,279 Date 2023 9.85 12.24 13.24
Performance Section 2022 7.11 5.76 3.14
Category Peer Group
Trailing Point to Point Returns (%) Fund
benchmark Average 2021 9.55 12.04 12.63
Rolling Return
3 months 2.52 4.35 4.62 Performance (%)
6 months 4.63 6.96 7.44 3 years 8.70 11.01 9.65
1 year 10.48 14.40 15.61 5 years NA 9.88 7.33
3 years 8.40 10.26 9.62 Returns less than 1 year are absolute, while > = 1 year are annualised
5 years 8.05 10.92 9.63 Peer Group Average represented by Equity Savings universe
Inception 7.94 9.87 8.64
Sector Allocation (% to NAV) *
20.9
Top 5 Holdings * % to NAV Financials 18.7
HDFC Bank Ltd. 6.94 Consumer Discretionary 9.9
9.8
Sun Pharmaceutical Industries Ltd. 6.28 9.1
Consumer Staples
Infosys Ltd. 5.19 8.9
Health Care 7.9
ITC Limited 4.95 5.7
HDFC Life Insurance Company Ltd. 4.68 Information Technology 7.6
5.8

0 10 20 30
May-24 3 Months Ago (Feb'24)
*CRISIL equity saving index, taken for benchmark comparison due to non availability of values of actual benchmark

The fund seeks to provide an optimal mix of equity, debt, and arbitrage opportunities. It endeavours to take concentrated bets
in a few stocks from different sectors with an aim to keep portfolio beta low. To generate accrual income, it seeks to maintain
10% in the covered call option. Key advantages of the fund include lower volatility than equity funds, higher potential returns
than debt funds, and tax efficiency of equity funds.
SBI Multi Asset Allocation Fund
PRODUCT RISK RATING 3 Multi Asset Allocation
Dinesh Balachandran,
Expense Ratio
Fund Manager Mansi Sajeja, Pradeep
(%)
1.49 Calendar Year Performance %
Kesavan, Vandna Soni

45% Crisil 10 yr Gilt Category Peer Group

Category benchmark Index+ 40% Nifty 50 Exit Load (%) Up to 365 days -1% Period Fund
benchmark Average
TRI+15% price of gold^
Month-end AUM in ₹ Inception YTD 11.10 10.14 13.77
4,943 21-Dec-05
Crs* Date 2023 24.38 15.83 21.55
Performance Section 2022 5.98 4.33 5.61
Category Peer Group
Trailing Point to Point Returns (%) Fund
benchmark Average 2021 13.02 15.85 22.25
3 months 8.92 6.13 7.98 Rolling Return Performance (%)
6 months 11.10 10.14 13.77 3 years 12.68 13.36 17.42
1 year 28.79 21.17 29.83 5 years 9.54 10.98 11.13
3 years 15.59 12.46 16.52 Returns less than 1 year are absolute, while > = 1 year are annualised
5 years 14.83 13.53 17.86 Peer Group Average represented by Multi Asset Allocation universe
Inception 9.57 11.40 14.41
Sector Allocation (% to NAV) *
Top 5 Holdings * % to NAV Financials 9.5
10.1
Cholamandalam Investment & Finance Co. Ltd. - NCD & Bonds 2.75 Information Technology 5.4
7.5
Bharti Telecom Ltd. - NCD & Bonds 2.32 Consumer Staples 3.7
3.7
Embassy Office Parks Reit - InvITs 2.05 Materials 3.5
4.0
LIC Housing Finance Ltd. - NCD & Bonds 2.02 Utilities 2.7
3.0
Renserv Global Pvt Ltd. - NCD & Bonds 1.82
0 5 10 15
May-24 3 Months Ago (Feb'24)
*CRISIL Hybrid 50+50 –Moderate index, taken for benchmark comparison due to non availability of values of actual benchmark

The fund invests in multiple asset classes such as equity, debt, and gold and gold-related instruments, including ETFs and
such other asset classes as permitted by SEBI from time to time. It has allocated a minimum 10% exposure to debt, equity,
and gold at all points of time. As a part of its investment strategy, Gold as a percentage of total assets under management has
increased to 13.18% as on portfolio dated 31st May’24 as against 10.7% as per 29th Feb’24 portfolio. The scheme is eligible
for indexation benefit as the net equity exposure of the scheme is between 35-65%. Thus, if held for a horizon of over 3 years,
one can claim the indexation benefit and thus higher post-tax returns.
*As on May 31, 2024

14
Investment Outlook July 2024
Trailing Point to Point Returns & Calendar Year
SBI Arbitrage Opportunities Fund Performance is calculated as on Jun 28, 2024

PRODUCT RISK RATING 2 Arbitrage

Expense
Fund Manager Neeraj Kumar, R.Arun
Ratio (%)
0.96 Calendar Year Performance %

Category Peer Group

Category benchmark Nifty 50 Arbitrage Index Exit Load (%) Up to 30 days - 0.25% Period Fund
benchmark Average

Month-end AUM in ₹ Inception YTD 3.96 3.92 3.88

3-Nov-06
Crs* 31,116 Date
2023 7.43 7.95 6.93
Performance Section 2022 4.61 4.19 3.91
Category Peer Group
Trailing Point to Point Returns (%) Fund
benchmark Average 2021 3.96 4.16 3.40
3 months 1.91 1.82 1.86 Rolling Return Performance (%)
6 months 3.96 3.92 3.88 3 years 4.63 4.47 4.40
1 year 7.65 8.05 7.47 5 years 5.36 4.96 5.40
3 years 6.00 5.91 5.46 Returns less than 1 year are absolute, while > = 1 year are annualised
5 years 5.25 5.10 5.04 Peer Group Average represented by Arbitrage Fund universe
Inception 6.73 NA 5.78
Sector Allocation (% to NAV) *
Top 5 Holdings * % to NAV Financials 26.6
25.7
HDFC Bank Ltd. 8.07 Industrials 8.9
7.7
Reliance Industries Ltd. 4.73 Energy 7.7
8.2
Kotak Mahindra Bank Ltd. 3.17 Materials 7.1
8.7
Bharat Electronics Ltd. 2.33 Consumer Discretionary 6.1
5.1
Hindustan Aeronautics Ltd. 2.28 0 10 20 30
May-24 3 Months Ago (Feb'24)

The scheme offers higher post-tax returns as compared to liquid funds due to equity taxation. The fund seeks to generate
capital appreciation and income by predominantly investing in arbitrage opportunities in the cash and derivatives segment of
the equity market, and by investing the balance in debt and money market instruments. The fund has no duration or credit
risk. Since inception, the return of the fund till 28th Jun’24 stands at 6.73% CAGR as against the peer group return of 5.78%
CAGR for the same period.

SBI Long Duration Fund

PRODUCT RISK RATING 3 Long Duration
Pradeep Kesavan, Expense Ratio
Fund Manager
Tejas Soman (%)
0.68 Calendar Year Performance %

CRISIL Long Category Peer Group

Inception Period Fund
Category benchmark Duration Debt A-III 21-Dec-22 benchmark Average
Date
Index
YTD 7.15 5.60 6.54
Month-end AUM in ₹
1,847 Exit Load (%) Up to 90 days - 0.25%
Crs* 2023 7.82 7.23 7.26
Performance Section 2022 NA 2.40 1.83
Category Peer Group
Trailing Point to Point Returns (%) Fund
benchmark Average 2021 NA 3.13 0.61
3 months 2.27 2.19 2.11 Average Modified
Maturity YTM
Maturity duration
Movement %
6 months 7.15 5.60 6.54 in years in years
1 year 10.31 8.30 9.22 May-24 30.30 11.68 7.24
3 years NA 6.03 5.76 Apr-24 30.54 11.63 7.40
5 years NA 7.41 6.24 70% Feb-24 29.80 11.51 7.25
Inception 9.85 8.50 9.24 15% Nov-23 29.95 11.20 7.61
10% Aug-23 26.88 10.09 7.35
Top Holdings* % to NAV 5% May-23 29.30 11.17 7.24
07.30% CGL 2053 52.72 Credit Quality Classification (%)*
07.40% CGL 2062 16.51 Sovereign 95.36
07.36% CGL 2052 8.02 AAA & eq 0.00
06.80% CGL 2060 5.16 AA & below 0.00
07.41% CGL 2036 3.06 Cash 4.64
07.63% CGL 2059 2.87 Others 0.00
06.76% CGL 2061 2.57

The scheme follows a roll-down strategy, with a 7-year Macaulay duration as the floor for a reset. It invests around 85-90% of
the portfolio in GOI bonds maturing between 2050-2062, and the balance 10-15% is invested in 10–15-year GOI bonds to
enhance the portfolio liquidity.
*As on May 31, 2024

15
Investment Outlook July 2024

MF: FOCUSED LIST

Absolute Return% Annualized Returns %
Scheme Name - Regular Plan - Growth May-24 AUM (₹ Cr)
3m 6m 1yr 2yr 3yr 5yr 10yr
Large Cap Equity Funds
HDFC Top 100 Fund - Growth 33488 7.75 12.73 36.11 30.38 20.76 16.45 13.61
ICICI Prudential Bluechip Fund - Growth 55459 7.63 16.33 39.89 30.63 21.07 19.07 15.27
SBI Blue Chip Fund - Regular Plan - Growth 46085 9.66 12.49 26.91 25.39 16.56 16.69 14.71
Nippon India Large Cap Fund - Growth 26925 9.86 18.08 40.88 35.11 24.59 19.04 15.94

Flexi Cap Funds/Multicap Funds

HDFC Flexi Cap Fund - Growth 54692 12.30 19.30 45.19 36.93 26.50 20.81 15.76
Franklin India Flexi Cap Fund - Growth 15468 12.13 18.10 46.34 34.34 22.50 21.57 16.62
Parag Parikh Flexi Cap Fund - Growth 66384 9.25 16.04 37.17 30.47 20.94 24.57 18.41
ICICI Prudential Multicap Fund - Growth 12048 11.53 19.15 46.17 35.98 23.29 20.15 16.31
Nippon India Multicap Fund - Growth 31963 16.83 25.11 51.90 43.31 31.64 23.19 16.84

Large & Mid Cap Equity Funds

HDFC Large and Mid Cap Fund - Regular - Growth 19454 13.86 19.16 48.23 37.78 25.59 23.18 15.01
ICICI Prudential Large & Mid Cap Fund- Growth 13420 10.92 20.24 46.52 34.85 26.16 22.59 15.76
SBI Large & Midcap Fund - Regular Plan - Growth 23443 13.26 16.63 35.89 31.84 20.69 21.07 16.90

Mid Cap Equity Funds

Motilal Oswal Midcap Fund - Growth 10378 20.62 34.01 64.76 49.54 39.16 30.66 21.31
Nippon India Growth Fund - Growth 27931 18.72 21.64 58.16 43.85 30.07 27.90 19.52
HDFC Mid-Cap Opportunities Fund - Growth 65394 14.47 21.83 51.93 45.71 29.53 26.98 20.08
SBI Magnum Midcap Fund - Growth 18399 15.53 20.17 39.23 34.32 24.77 26.26 18.92

Small Cap Equity Funds

Nippon India Small Cap Fund - Growth 51566 20.15 23.31 56.50 47.00 33.66 33.76 24.50
Franklin India Smaller Companies Fund - Growth 12797 22.12 23.79 60.91 49.78 32.60 27.68 20.52
HDFC Small Cap Fund - Growth 29175 12.62 15.46 41.82 42.91 27.00 25.60 20.34

Value / Contra Funds

SBI Contra Fund - Growth 30520 12.53 19.50 49.00 39.12 29.60 28.42 18.11
ICICI Prudential Value Discovery Fund - Growth 42669 8.24 16.69 42.86 33.49 25.45 23.88 17.02

Thematic Other
ICICI Prudential India Opportunities Fund - Growth 19792 9.20 17.20 46.29 37.42 28.70 24.51 NA
SBI Magnum Global Fund - Growth 6366 8.79 6.77 16.68 19.95 12.79 17.14 14.25

Dividend Yield Funds

ICICI Prudential Dividend Yield Equity Fund - Growth 3931 9.32 20.86 54.01 39.18 29.23 24.18 16.16

Focused Funds
HDFC Focused 30 Fund - Growth 11946 12.74 19.86 44.90 36.42 28.75 21.08 14.40
ICICI Prudential Focused Equity Fund - Growth 8139 11.22 23.78 46.98 35.13 23.62 22.23 15.27
Franklin India Focused Equity Fund - Growth 11443 11.46 19.79 38.93 32.10 21.27 19.72 17.26

Equity Linked Savings Scheme (ELSS)

Bandhan ELSS Tax saver Fund - Growth 6434 8.94 15.17 35.02 30.24 20.31 21.30 17.24
HDFC ELSS Tax saver - Growth 14753 12.77 19.65 47.92 36.49 26.47 19.69 14.03
SBI Long Term Equity Fund - Regular Plan - Growth 23888 13.49 26.84 58.61 43.61 27.49 24.04 16.39

Index Funds

SBI Nifty Index Fund - Growth 7431 7.98 10.74 27.43 23.79 15.65 15.75 12.67

UTI Nifty Index Fund - Growth 16925 7.98 10.77 27.59 24.00 15.88 16.22 13.28

Based on NAVs as on June 28, 2024 Source: Crisil

16
Investment Outlook July 2024

MF: FOCUSED LIST

Absolute Return% Annualized Returns %
Scheme Name - Regular Plan - Growth May-24 AUM (₹ Cr)
3m 6m 1yr 2yr 3yr 5yr 10yr
Aggressive Hybrid Funds

ICICI Prudential Equity & Debt Fund - Growth 35122 6.48 15.75 38.70 29.28 24.09 21.20 16.63

UTI Aggressive Hybrid Fund - Growth 5512 10.63 15.63 34.26 27.21 18.71 17.59 12.96

Dynamic Asset Allocation Funds / Balance Advantage Funds

HDFC Balanced Advantage Fund - Growth 86471 9.31 15.35 41.02 32.78 23.99 18.96 15.24

ICICI Prudential Balanced Advantage Fund - Growth 56750 4.55 9.44 21.58 17.36 13.26 13.27 11.81

Multi Asset Allocation Funds

ICICI Prudential Multi-Asset Fund - Growth 41160 7.06 13.97 33.09 27.16 23.11 19.94 15.05

SBI Multi Asset Allocation Fund - Growth 4943 8.92 11.38 29.19 23.24 15.44 14.83 11.70

Conservative Hybrid Funds

Kotak Debt Hybrid - Growth 2478 4.43 7.80 16.74 14.63 10.82 11.70 10.15

SBI Conservative Hybrid Fund - Growth 9824 5.14 8.14 14.79 13.57 10.73 11.18 9.91

Equity Savings Funds

Kotak Equity Savings Fund - Growth 5606 4.49 8.44 19.41 15.76 12.26 11.27 NA

SBI Equity Savings Fund - Regular Plan - Growth 4701 5.99 8.21 18.84 16.13 10.79 11.33 NA

HDFC Equity Savings Fund - Growth 4307 3.96 7.82 17.88 15.02 10.71 10.68 9.57

Arbitrage Funds

Kotak Equity Arbitrage Fund - Growth 46308 1.99 4.23 8.00 7.09 5.99 5.44 6.08

ICICI Prudential Equity - Arbitrage Fund - Growth 20894 1.87 3.97 7.66 6.83 5.71 5.24 5.93

Invesco India Arbitrage Fund - Growth 16105 1.92 4.04 7.77 7.12 6.04 5.43 5.96

SBI Arbitrage Opportunities Fund - Growth 31116 1.91 4.01 7.67 7.07 6.03 5.25 5.89

Money Market Funds

UTI Money Market Fund - Regular Plan - Growth 14121 7.32 7.73 7.53 7.18 6.04 5.96 6.88

Short Duration Funds

ICICI Prudential Short Term Fund - Growth 18252 6.90 7.62 7.32 7.68 5.98 7.04 7.64

Low Duration Funds

Canara Robeco Savings Fund - Growth 884 7.00 7.26 7.07 6.68 5.44 5.62 6.72

ICICI Prudential Savings Fund - Growth 19172 7.53 7.95 7.75 7.88 6.01 6.57 7.39

Corporate Bond Funds

Aditya Birla Sun Life Corporate Bond Fund - Growth 22042 7.26 8.26 7.54 7.49 5.89 7.16 7.88

HDFC Corporate Bond Fund - Growth 28959 7.45 8.37 7.55 7.53 5.69 7.00 7.80

ICICI Prudential Corporate Bond Fund - Growth 27286 7.23 7.78 7.55 7.73 6.06 7.08 7.61

Banking & PSU Debt Funds

Aditya Birla Banking & PSU Debt Fund - Growth 10111 6.85 7.56 6.95 6.78 5.48 6.70 7.78

ICICI Prudential Banking & PSU Debt Fund - Growth 9404 6.99 7.72 7.38 7.49 5.94 6.77 7.65

Dynamic Debt Funds

ICICI Prudential All Seasons Bond Fund - Growth 12571 6.88 7.72 7.31 8.20 6.09 7.39 8.59

SBI Dynamic Bond Fund - Regular Plan - Growth 3094 6.76 9.48 7.26 7.78 5.84 6.73 7.89

Based on NAVs as on June 28, 2024 Source: Crisil

17
Investment Outlook July 2024

Disclaimer: This document is not intended for any recipient staying in US/Canada. This document does not
constitute an offer of, or an invitation by or on behalf of State Bank of India or its affiliates to buy or sell any
security.
The report and information contained herein is of confidential nature and meant only for the selected recipient and
should not be altered in any way, transmitted to, or distributed, in any manner and form, to any other person or
to the media or reproduced in any form, without prior written approval of State Bank of India. The material in this
document/report is based on facts, figures and information that are obtained from publicly available media or other
sources believed to be reliable and hence considered true, correct, reliable, and accurate but State Bank of India
does not guarantee or represent (expressly or impliedly) that the same are true, correct, and accurate, not
misleading or as to its genuineness, fitness for the purpose intended and it should not be relied upon as such.
State Bank of India does not in any way through this material solicit any offer for purchase, sale or entering any
financial transaction/commodities/products of any financial instrument dealt in this material. All recipients of this
material should before deal and or transacting in any of the products referred to in this material make their own
seek appropriate professional advice.

Prospective investors and others are cautioned and should be alert that any forward-looking statements are not
predictions and may be subject to change without providing any notice. Actual results may differ materially from
those suggested by the forward looking statements due to risks or uncertainties associated with our expectations
with respect to, but not limited to, exposure to market risks, general economic and political conditions in India and
other countries globally, which have an impact on our services and / or investments, the monetary and interest
policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity
prices or other rates or prices, the performance of the financial markets in India and globally, changes in domestic
and foreign laws, regulations and taxes and changes in competition in the industry. By their nature, certain market
risk disclosures are only estimating and could be materially different from what occurs in the future. As a result,
actual future gains or losses could materially differ from those that have been estimated.

State Bank of India (including its subsidiaries) and any of its officers, directors, personnel and employees,
shall not be liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special,
exemplary, consequential, as also any loss of profit in any way arising from the use of this material in any manner
and any action on decision taking to buy, sale, invest, subscribe or entering into any contract for any financial
product or services.

The recipient alone shall be fully responsible/ are liable for any decision taken based on this material. The
investments discussed in this material may not be suitable for all investors. Any person subscribing to or investing
in any product/financial instruments should do so on the basis of and after verifying the terms attached to such
product/financial instrument. Financial products and instruments are subject to market risks and yields may
fluctuate depending on various factors affecting capital/debt markets. Please note that past performance of the
financial products and instruments does not necessarily indicate the prospects and performance thereof. Such
past performance may or may not be sustained in future. State Bank of India (including its subsidiaries) or its
officers, directors, personnel and employees, including persons involved in the preparation or issuance of this
material may; (a) from time to time, have long or short positions in, and buy or sell the securities mentioned herein
or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation
in the financial instruments/products/commodities discussed herein or act as advisor or lender/ borrower in
respect of such securities/ financial instruments/ products/ commodities or have other potential conflict of interest
with respect to any recommendation and related information and opinions. The said persons may have acted upon
and/or in a manner which conflicts with the information contained here. Purchase of any Insurance product by a
Bank's Customer, is purely voluntary in nature and is not linked to any other facility from the Bank. Mutual Fund
and all financial investments are subject to market risks. Please read the offer document and scheme related
information carefully before investing.

Sources: SBI Wealth Research, SBI Economics Research Department (ERD), SBICAP Securities, CRISIL
Research, RBI, Bloomberg, NSE India, CMIE, Reuters, International Monetary Fund, Election Commission of
India, Energy Intelligence Group, Ministry of Commerce and Industry, National Statistical Office.
All data used in this report is as on 30th June 2024 unless otherwise specified.

For Queries, Please Contact Your SBI Wealth Relationship Manager Or

Write to us at [email protected]

18
 Contact details of AGM & Zonal Head
Nameofthe Circle Nameof theWealth Circle Head Contact Number E-mail
Ahmedabad Shri. Kartik Kumar Singh 7600038022 [email protected]
Amaravati Shri. Sanjay Kumar Jha 9478580869 [email protected]
Bengaluru Shri. Raghavendra Rao M D 9480810234 [email protected]
Bhopal Shri. Rajbhushan Azad 9907380007 [email protected]
Bhubaneswar Shri. Ajit Kumar Sahoo 9562223136 [email protected]
Chandigarh Shri. B K Ladha 9815128813 [email protected]
Chennai Shri. Raja Venkatasubramanian 9445865795 [email protected]
Hyderabad Shri. Hari Prasad Mandla 9004088815 [email protected]
Jaipur Shri. Hemant Sharma 8003093173 [email protected]
Kolkata Smt. Rachana Sinha 9674710389 [email protected]
Lucknow Ms. Ranjeetha Singh 9793374236 [email protected]
Maharashtra Shri. Vineet Kumar 9699869911 [email protected]
Mumbai (metro) Smt. Bharati N Jadhav 7506358199 [email protected]
New Delhi Shri. Netra Pal Singh 8077856739 [email protected]
Guwahati Shri. Naba Jyoti Borah 8811060114 [email protected]
Patna Smt. Gunjan 7484841904 [email protected]
Thiruvanathapuram Shri. Ajith Kumar T P 9867708560 [email protected]
Name of the Zone Name of the Zonal Head Contact Number E-mail
Zonal Head - South Shri. Sriram S 9940035020 [email protected]
Zonal Head – North Shri. Sharad Kumar 9376916607 [email protected]
Zonal Head- East Shri. Deepak Mishra 9674713795 [email protected]

Notes

FORMORE DETAILS CALL US ON TOLLFREE NO.18008900 OR EMAIL US AT [email protected]

For more details visit: bank.sbi
Email us: [email protected] Follow us on