Jul 2024

1
FundsIndia’s Wealth Conversations is a visual curation of interesting investment
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Long Term
Asset Class Performance
 Indian Equities have outperformed all other asset classes
over the long run

Compound Annualized Returns (%) No of times your money multiplied

Index
(as on 30-Jun-2024)

1Y 3Y 5Y 10Y 15Y 20Y 1Y 3Y 5Y 10Y 15Y 20Y

India – Equity
(Nifty 50 TRI)
26.7 16.5 16.7 13.6 13.5 16.3 1.3x 1.6x 2.2x 3.6x 6.7x 20.6x
US – Equity
(S&P 500 TRI in INR)
27.9 14.5 19.6 16.7 19.2 13.6 1.3x 1.5x 2.4x 4.7x 13.9x 12.9x
Gold
(in INR)
23.9 14.0 14.8 9.4 10.3 12.6 1.2x 1.5x 2.0x 2.5x 4.3x 10.7x

Real Estate 4.7 6.1 5.2 4.6 6.4 8.4 1.0x 1.2x 1.3x 1.6x 2.5x 5.0x
Debt* 7.2 5.7 6.5 7.2 7.4 7.3 1.1x 1.2x 1.4x 2.0x 2.9x 4.1x
Indian Equities have given Indian Equities multiplied
16% returns over 20 years ~21 times in 20 years
Returns as on 30-Jun-2024
Source: MFI, Gold.org, NHB, Investing.com, FundsIndia Research.S&P 500 TR and Gold returns are adjusted for USD-INR Exchange Rate. Debt*: Index calibrated based on the Debt Schemes - Aditya Birla SL Low Duration Fund, HDFC Low
Duration Fund, Aditya Birla SL Corporate Bond Fund. *Real Estate Returns are calculated based on NHB Residex (returns for the period Dec-02 to Dec-08 are considered for 5 cities and for 15 cities post Dec-08 till Mar-2024).
Understanding
Equity Returns & Volatility
 0
12,000
15,000
18,000
21,000
24,000
27,000

3,000
9,000

6,000
Jul-90
Jan-91
Jul-91
Jan-92
Jul-92
Jan-93
Jul-93
Jan-94
Jul-94
Jan-95
Jul-95
Jan-96
Jul-96
Jan-97

Source: MFI, FundsIndia Research. Updated as on 30-Jun-2024

Jul-97
Jan-98
Jul-98
Jan-99
Jul-99
Jan-00
Jul-00
Jan-01
Jul-01
Jan-02
Jul-02
Jan-03
Jul-03
Jan-04
Jul-04
Jan-05
Jul-05
Jan-06
Jul-06
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Nifty 50 (Since July - 1990)

Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
14% i.e. 86 times in last 34 years

Jan-15
Jul-15
Indian Equities – The long term story…

Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Jan-21
Jul-21
Jan-22
Jul-22
Jan-23
Jul-23
Jan-24
 Mid & Small Caps have delivered 17-19% returns in the
last 15 years…
Compound Annualized Returns (%) No of times your money multiplied
Index
(as on 30-Jun-2024)
1Y 3Y 5Y 10Y 15Y 20Y 1Y 3Y 5Y 10Y 15Y 20Y
Large Cap
S&P BSE Sensex TRI 23.7 16.1 16.4 13.5 13.5 16.7 1.2x 1.6x 2.1x 3.5x 6.7x 21.8x
Nifty 50 TRI 26.7 16.5 16.7 13.6 13.5 16.3 1.3x 1.6x 2.2x 3.6x 6.7x 20.6x
Nifty 100 TRI 32.4 17.5 17.4 14.1 14.1 16.8 1.3x 1.6x 2.2x 3.7x 7.2x 22.2x
Mid Cap
S&P BSE Mid Cap TRI 62.1 28.5 27.0 18.6 17.3 -- 1.6x 2.1x 3.3x 5.5x 11.0x --
Nifty Midcap 150 TRI 56.4 27.9 27.9 20.1 19.4 -- 1.6x 2.1x 3.4x 6.3x 14.3x --
Small Cap
S&P BSE Small Cap TRI 61.1 28.4 30.8 18.8 17.1 -- 1.6x 2.1x 3.8x 5.6x 10.7x --
Nifty Smallcap 250 TRI 63.4 27.6 28.4 17.1 17.1 -- 1.6x 2.1x 3.5x 4.8x 10.7x --
Flexi Cap
Nifty 500 TRI 38.7 20.0 19.8 15.1 14.6 17.0 1.4x 1.7x 2.5x 4.1x 7.7x 23.2x

Source: MFI, FundsIndia Research. Updated as on 30-Jun-2024

 Many Well Managed Diversified Equity Mutual Funds have
outperformed Index over long run
Scheme Compounded Annualized Returns (%) No of Times Your Money Multiplied
(as on 30-Jun-2024) 1Y 3Y 5Y 10Y 15Y 20Y 1Y 3Y 5Y 10Y 15Y 20Y
Large Cap
Franklin India Bluechip Fund 29.7 14.0 15.6 12.5 13.1 16.3 1.3x 1.5x 2.1x 3.2x 6.4x 20.5x
HDFC Top 100 Fund 34.7 21.0 16.5 13.4 14.6 18.7 1.3x 1.8x 2.1x 3.5x 7.7x 30.7x
Mid Cap
Franklin India Prima Fund 53.0 23.4 22.2 18.0 19.7 19.8 1.5x 1.9x 2.7x 5.2x 14.8x 37.1x
Nippon India Growth Fund 57.2 30.0 27.9 19.4 17.9 22.3 1.6x 2.2x 3.4x 5.9x 11.9x 55.6x
Flexi Cap
Aditya Birla Sun Life Flexi Cap Fund 36.0 16.7 18.0 14.9 15.4 18.9 1.4x 1.6x 2.3x 4.0x 8.6x 32.1x
Franklin India Flexi Cap Fund 44.9 22.8 21.6 16.5 16.7 19.3 1.4x 1.9x 2.7x 4.6x 10.1x 33.9x
HDFC Flexi Cap Fund 43.8 26.7 20.8 15.6 16.9 20.2 1.4x 2.0x 2.6x 4.3x 10.4x 39.5x
16% to 22% returns
over 20 years
Source: MFI, FundsIndia Research. Updated as on 30-Jun-2024; Largest funds with a 20+ year track record have been taken into consideration.
 Nasdaq 100 has delivered ~18% returns in the last 20 years

Compounded Annualized Returns No. of times your money multiplied

Index (in INR)
(as on 30-Jun-2024)
1Y 3Y 5Y 10Y 15Y 20Y 1Y 3Y 5Y 10Y 15Y 20Y

NASDAQ 100 32.8 15.8 26.5 22.9 24.6 18.2 1.3x 1.6x 3.2x 7.8x 27.1x 28.1x

S&P 500 27.9 14.5 19.6 16.7 19.2 13.6 1.3x 1.5x 2.4x 4.7x 13.9x 12.9x

MSCI World
(represents Developed 20.2 9.3 14.3 10.8 -- -- 1.2x 1.3x 1.9x 2.8x -- --
Markets)

MSCI Emerging
Markets
11.5 -4.0 4.5 3.7 -- -- 1.1x 0.9x 1.2x 1.4x -- --

NASDAQ 100 multiplied ~ 28 times

in 20 years
Source: Investing.com, FundsIndia Research. As on 30-Jun-2024. Indices returns are adjusted for USD-INR Exchange Rate
 83% of the times Indian Equities gave more than 10%
returns over 7 years
No instance of negative returns over 7 years - Lowest return is 5%!

Rolling Returns (Compound Annualised) for Nifty 50 TRI Since Inception i.e Jun-99
15 Y 12 Y 10 Y 7Y 5Y 3Y 1Y

Average 14% 14% 14% 15% 15% 15% 16%

Maximum 19% 22% 22% 30% 47% 62% 108%
Minimum 9% 6% 5% 5% -1% -15% -55%

% No. of Times
Less than 0% 0% 0% 0% 0% 0.1% 7% 24%
Less than 7% 0% 2% 1% 2% 14% 22% 37%
Greater than 7% 100% 98% 99% 98% 86% 78% 63%
Greater than 10% 95% 89% 83% 83% 73% 67% 57%
Greater than 12% 80% 70% 70% 66% 65% 58% 53%
Greater than 15% 34% 32% 41% 37% 37% 43% 45%

Source: MFI, FundsIndia Research. As on 30-Jun-2024. Nifty 50 TRI Inception date: 30-Jun-99.
 80% of the times Indian Equities have tripled in 10-11 years

Nifty 50 TRI - % times multiplied over years (since inception Jun-99)

No. of Years
Multiply
5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year

2 times 38% 64% 79% 93% 95% 98% 100% 100% 100% 100% 100%

3 times 14% 24% 25% 41% 58% 73% 85% 92% 93% 100% 100%

4 times 8% 10% 15% 17% 24% 42% 56% 67% 81% 91% 97%

5 times 4% 3% 8% 11% 15% 22% 28% 39% 51% 68% 87%

80% of the times 80% of the times 80% of the times Indian
Indian Equities have Indian Equities have Equities have multiplied
doubled in 6-7 years tripled in 10-11 years 4 times in 12-13 years

Source: MFI, FundsIndia Research. As on 30-Jun-2024. Nifty 50 TRI Inception date: 30-Jun-99.
 Longer the time frame, lower the odds of negative
returns
Nifty 50 TRI - % Instances of Negative Returns since Inception

45%

38%
35%
31%

24%

7%

0.1% 0% 0%

1 Day 1 Month 3 Months 6 Months 1 Year 3 Year 5 Year 7 Year 10 Year

Source: MFI, FundsIndia Research. As on 30-Jun-2024. Nifty 50 TRI Inception date: 30-Jun-99. X-Axis: Investment Time Period. Y-Axis: % Instances of Negative Returns
 Longer the time frame, higher the odds of better
returns
Nifty 50 TRI - % Instances of Returns > 7% since Inception
98% 99%
86%
78%
63%
49%
38%
15%
0%
1 Day 1 Month 3 Months 6 Months 1 Year 3 Year 5 Year 7 Year 10 Year

Nifty 50 TRI - % Instances of Returns > 10% since Inception

83% 83%
73%
67%
57%
40%
26%
6%
0%
1 Day 1 Month 3 Months 6 Months 1 Year 3 Year 5 Year 7 Year 10 Year

Source: MFI, FundsIndia Research. As on 30-Jun-2024. Nifty 50 TRI Inception date: 30-Jun-99
 Equities have beaten Inflation over the long run
Year wise Outperformance of Nifty 50 TRI vs Inflation (2000 to 2023)

Average 11% 9% 9% 10% 9% 9% 8% 8% 7% 7% 7% 7% 7% 7% 7% 7% 8% 8% 9% 9% 9% 8% 8% 7%

Max 75% 41% 39% 38% 39% 32% 23% 21% 19% 14% 12% 13% 12% 10% 12% 11% 11% 11% 11% 11% 11% 10% 9% 7%
Min -58% -21% -14% -14% -10% -8% -3% -5% -4% 0% 0% 0% 1% 2% 3% 4% 5% 6% 7% 7% 7% 7% 7% 7%
Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Jan-00 -24% -21% -14% 4% 5% 10% 13% 17% 4% 10% 10% 6% 6% 6% 7% 6% 6% 7% 7% 7% 7% 7% 7% 7%
Jan-01 -20% -9% 13% 13% 17% 20% 23% 9% 15% 14% 8% 9% 8% 9% 8% 8% 9% 8% 8% 8% 9% 8% 9% NA
Jan-02 2% 34% 26% 28% 30% 32% 13% 20% 19% 12% 12% 11% 12% 10% 10% 11% 10% 10% 10% 11% 10% 10% NA NA
Jan-03 75% 39% 38% 38% 39% 15% 23% 21% 13% 13% 12% 13% 11% 10% 12% 11% 11% 11% 11% 11% 11% NA NA NA
Jan-04 11% 22% 27% 31% 5% 15% 14% 7% 7% 6% 8% 7% 6% 7% 8% 8% 8% 8% 8% 8% NA NA NA NA
Jan-05 35% 36% 39% 4% 16% 14% 6% 6% 6% 8% 6% 6% 8% 7% 7% 7% 8% 8% 9% NA NA NA NA NA
Jan-06 38% 41% -4% 12% 11% 2% 4% 3% 5% 4% 3% 5% 5% 5% 6% 6% 6% 6% NA NA NA NA NA NA
Jan-07 45% -21% 4% 5% -5% -2% -2% 1% 0% 1% 2% 3% 3% 4% 5% 4% 5% NA NA NA NA NA NA NA
Jan-08 -58% -11% -6% -14% -10% -8% -3% -5% -4% 0% 0% 0% 1% 2% 3% 4% NA NA NA NA NA NA NA NA
Jan-09 73% 38% 8% 10% 7% 11% 7% 7% 9% 8% 8% 8% 10% 9% 9% NA NA NA NA NA NA NA NA NA
Jan-10 6% -17% -8% -7% 0% -1% -1% 2% 2% 3% 4% 5% 4% 5% NA NA NA NA NA NA NA NA NA NA
Jan-11 -34% -15% -11% -2% -3% -2% 1% 2% 2% 3% 5% 5% 6% NA NA
Historically
NA NA
Equities
NA NA
haveNA NA NA NA NA
Jan-12 10% 4% 12% 7% 6% 9% 7% 8% 9% 10% 9% 9% NA NA NA NA NA NA NA NA NA NA NA NA
Jan-13 -2% 12% 5% 5% 8% 7% 7% 8% 9% 8% 9% NA NA NA NA outperformed
NA NA NAInflation
NA by 6-8%.
NA NA NA NA NA
Jan-14 27% 9% 7% 11% 9% 9% 9% 11% 10% 11% NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-15 -7% -1% 6% 6% 6% 7% 9% 8% 9% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-16 4% 13% 10% 10% 9% 11% 10% 11% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-17 23% 12% 12% 11% 13% 11% 11% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-18 3% 6% 8% 11% 9% 9% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-19 9% 10% 13% 10% 11% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-20 11% 16% 10% 12% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Outperformance >=0%
Jan-21 21% 10% 12% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Outperformance < 0%
Jan-22 1% 8% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-23 16% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Source: MFI, FundsIndia Research. How to read the table: Column 1 indicates the starting date of Lumpsum. The Row named ‘Year’ indicates the time frame on investment – 1Y, 2Y, 3Y etc. CII Data is used for inflation.
 Investing in Indian Equities with a time frame of 7+ Years
has led to a good experience
Year wise Lumpsum Returns of Nifty 50 TRI (2000 to 2023)
Average 16% 15% 15% 15% 15% 15% 15% 15% 14% 14% 14% 14% 14% 14% 14% 14% 15% 15% 15% 15% 15% 14% 13% 13%
Max 97% 59% 60% 48% 47% 37% 30% 28% 26% 22% 21% 22% 20% 20% 19% 19% 18% 18% 18% 18% 17% 17% 15% 14%
Min -53% -19% -13% -6% 0% 2% 6% 4% 4% 6% 7% 6% 7% 8% 9% 9% 11% 12% 12% 10% 12% 12% 12% 13%
Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Jan-00 -14% -14% -8% 9% 9% 14% 17% 22% 10% 15% 16% 12% 13% 13% 14% 13% 12% 13% 13% 13% 13% 13% 13% 13%
Jan-01 -15% -5% 17% 16% 20% 23% 28% 14% 19% 19% 14% 16% 15% 16% 15% 14% 15% 14% 14% 14% 15% 14% 15% NA
Jan-02 6% 38% 28% 31% 33% 37% 18% 24% 24% 18% 19% 18% 19% 17% 16% 17% 16% 16% 16% 17% 16% 16% NA NA
Jan-03 79% 41% 40% 41% 44% 20% 27% 26% 19% 20% 19% 20% 18% 17% 18% 17% 17% 17% 17% 17% 17% NA NA NA
Jan-04 11% 24% 30% 36% 11% 20% 20% 13% 15% 14% 16% 14% 13% 14% 14% 14% 14% 14% 14% 14% NA NA NA NA
Jan-05 39% 40% 46% 11% 22% 21% 13% 15% 15% 16% 14% 13% 15% 14% 14% 14% 15% 14% 15% NA Returns NA >=10%NA
NA NA
Jan-06 42% 49% 4% 18% 18% 10% 13% 12% 14% 12% 11% 13% 12% 12% 13% 13% 13% 13% NA NA 7NA NA
to <10% NA NA
Jan-07 57% -11% 11% 13% 4% 8% 8% 11% 9% 9% 10% 10% 10% 11% 12% 11% 12% NA NA NA 0NA NA
to <7% NA NA
Jan-08 -50% -7% 1% -6% 0% 2% 6% 4% 4% 7% 7% 7% 8% 9% 9% 10% NA NA NA NA Less NA0% NA
NA than NA
Jan-09 73% 44% 16% 20% 17% 20% 16% 15% 16% 15% 15% 15% 16% 15% 15% NA NA NA NA NA NA NA NA NA
Jan-10 19% -5% 6% 6% 11% 9% 8% 10% 10% 10% 11% 12% 11% 12% NA NA NA NA NA NA NA NA NA NA
Jan-11 -24% 0% 2% 9% 7% 6% 9% 9% 9% 10% 11% 11% 12% NA NA NA NA NA NA NA NA NA NA NA
Jan-12 30% 18% 23% 16% 13% 16% 14% 14% 15% 16% 15% 15% NA NA NA NA NA NA NA NA NA NA NA NA
Jan-13 7% 19% 11% 10% 13% 12% 12% 13% 14% 13% 14% NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-14 33% 14% 10% 15% 13% 13% 13% 15% 14% 15% NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-15 -3% 1% 9% 9% 9% 11% 13% 12% 13% NA NAIn most
NA NAinstances
NA NA a NA
7 year
NA time-frame
NA NA NA NA NA NA NA
Jan-16 4% 16% 13% 13% 13% 15% 14% 15% NA NA NAincreases
NA NA the
NA odds
NA ofNA returns
NA NA > 10%.
NA NA NA NA NA NA
Jan-17 29% 17% 16% 16% 18% 16% 16% NA NA NA NA
In rare
NA
instances
NA NA NA
where
NA
returns
NA NA
wereNA< 10%
NA NA NA NA NA
Jan-18 6% 10% 12% 15% 13% 14% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-19 13% 15% 18% 15% 16% NA NA NA NA NA NAextending
NA NA the
NA time
NA frame
NA NA by 1-2
NA years
NA NA helps.
NA NA NA NA
Jan-20 16% 21% 15% 17% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-21 25% 15% 17% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-22 6% 13% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-23 21% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Source: MFI, FundsIndia Research. How to read the table: Column 1 indicates the starting date of investment. The Row named ‘Year’ indicates the time frame on investment – 1Y, 2Y, 3Y etc. For eg: If you invested on Jan-03, then your
5 year annualized return is 44%, 6 year annualized return is 20% etc
 In rare instances where 7 year returns were < 10% extending the
time frame by few years helped to recover performance
Year wise Lumpsum Returns of Nifty 50 TRI (2000 to 2023)
Average 15% 15% 14% 14% 14% 14%
Max 30% 28% 26% 22% 21% 22%
Min 6% 4% 4% 6% 7% 6%
Period 7 8 9 10 11 12
Apr-06 9% 10% 12% 10% 11% 11%
May-06 9% 10% 11% 10% 10% 11%
Sep-06 8% 13% 11% 11% 12% 12%
Oct-06 8% 12% 11% 10% 11% 11%
Nov-06 9% 12% 10% 10% 11% 10%
Dec-06 8% 11% 9% 9% 10% 10%
Jan-07 8% 11% 9% 9% 10% 10%
Feb-07 7% 11% 8% 9% 11% 10%
Mar-07 9% 12% 9% 10% 11% 10%
May-07 8% 10% 9% 10% 10% 10%
Jun-07 9% 10% 9% 10% 10% 10%

Except for lumpsum investments

Oct-07 8% 7% 7% 8% 9% 8%
Nov-07 6% 5% 6% 7% 7% 7%
Dec-07 7% 5% 5% 7% 7% 8% done during 2008 bubble, in all other
Jan-08 6% 4% 4% 7% 7% 7% instances the performance
recovered (>10%) in the next few
Feb-08 9% 6% 7% 9% 8% 8%
Mar-08 9% 5% 7% 8% 8% 8%
May-08 8% 7% 8% 9% 9% 7% years
Jun-08 9% 8% 9% 9% 10% 7%
Oct-09 9% 10% 10% 10% 9% 12%
Dec-09 8% 10% 10% 10% 10% 12%
Jan-10 8% 10% 10% 10% 11% 12%
Apr-10 9% 10% 11% 6% 11% 12%
Oct-10 8% 9% 8% 8% 11% 10% Returns >=10%
Nov-10 9% 8% 9% 8% 12% 11% 7 to <10%
Dec-10 9% 9% 9% 10% 11% 11% 0 to <7%
Jan-11 9% 9% 9% 10% 11% 11% Less than 0%
Apr-13 7% 14% 15% 13% NA NA
May-13 9% 13% 14% NA NA NA
Jun-13 9% 14% 13% NA NA NA
Source: MFI, FundsIndia Research. How to read the table: Column 1 indicates the starting date of investment. The Row named ‘Year’ indicates the time frame on investment – 7Y, 8Y, 9Y etc. For eg: If you invested on Apr-06, then
your 7 year annualized return is 9%.
 On average your money multiplied more than 2 times
over 7+ Years (Nifty 50 TRI)
Number of Times your Money Multiplied over the years - Nifty 50 TRI (2000 to 2023)
Average 1x 1.2x 1.4x 1.7x 1.9x 2.3x 2.6x 2.9x 3.2x 3.6x 4.1x 4.6x 5.2x 6x 6.9x 7.8x 9.2x 10.9x 13.1x 15.4x 17.9x 19.2x 19x
Max 1.1x 2.1x 2.6x 3.8x 5.3x 7x 7.5x 6.3x 7.2x 7.9x 7.1x 9.4x 11.4x 11.2x 13.4x 14.2x 14.7x 17.4x 20.5x 24.2x 28.6x 28.1x 32.9x
Min 0x 0.5x 0.6x 0.6x 0.9x 1x 1.1x 1.5x 1.4x 1.6x 1.8x 2.1x 1.6x 2.5x 3.4x 3.2x 5.5x 7.1x 7.9x 8.9x 6.9x 11.1x 12.4x
Period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23
Jan-00 0.9x 0.7x 0.8x 1.4x 1.5x 2.2x 3x 4.9x 2.4x 4x 5.1x 3.9x 4.9x 5.5x 7.1x 7.1x 6.9x 9x 10.2x 11.5x 13x 14.7x 16.8x
Jan-01 0.9x 0.9x 1.6x 1.8x 2.5x 3.5x 5.6x 2.9x 4.8x 5.7x 4.2x 5.9x 6.2x 8x 8.1x 8.1x 10.8x 10.6x 12.1x 13.7x 18.8x 17.9x 23.8x
Jan-02 1.1x 1.9x 2.1x 2.9x 4.2x 6.6x 3.2x 5.6x 6.9x 5.2x 6.8x 7.3x 9.6x 9x 9.3x 12.3x 12.5x 14.5x 16.8x 23.1x 22.6x 26.2x NA
Jan-03 1.8x 2x 2.7x 4x 6.2x 3x 5.3x 6.4x 4.8x 6.2x 6.8x 8.9x 8.6x 9x 12x 12.3x 14.4x 16.9x 19.7x 23.1x 27x NA NA
Jan-04 1.1x 1.5x 2.2x 3.4x 1.7x 3x 3.6x 2.7x 3.5x 3.7x 5.1x 4.8x 4.9x 6.3x 7.1x 8.1x 9.3x 10.6x 12.1x 13.7x NA NA NA
Jan-05 1.4x 2x 3.1x 1.5x 2.7x 3.1x 2.4x 3.1x 3.5x 4.4x 4.2x 4.3x 6.2x 6.3x 7.1x 8.1x 10.8x 10.6x 14.2x NA NA NA NA
Jan-06 1.4x 2.2x 1.1x 1.9x 2.3x 1.8x 2.4x 2.5x 3.3x 3.1x 3.2x 4.3x 4.4x 4.9x 6.3x 7.1x 8x 9x NA NA Returns
NA NA>=10%
NA
Jan-07 1.6x 0.8x 1.4x 1.6x 1.2x 1.6x 1.7x 2.3x 2.2x 2.4x 2.9x 3.1x 3.5x 4.3x 5.5x 5.3x 6.9x NA NA NA 7 to <10%
NA NA NA
Jan-08 0.5x 0.9x 1x 0.8x 1x 1.1x 1.5x 1.4x 1.4x 2x 2.1x 2.3x 2.7x 3.3x 3.6x 4.6x NA NA NA NA 0
NA to <7%
NA NA
Jan-09 1.7x 2.1x 1.6x 2.1x 2.2x 3x 2.8x 3.1x 3.8x 4x 4.7x 5.4x 6.9x 7.1x 8.1x NA NA NA NA NA Less than
NA NA 0% NA
Jan-10 1.2x 0.9x 1.2x 1.3x 1.7x 1.7x 1.7x 2.1x 2.4x 2.6x 3.2x 3.9x 3.9x 4.9x NA NA NA NA NA NA NA NA NA
Jan-11 0.8x 1x 1.1x 1.4x 1.4x 1.4x 1.8x 2x 2.2x 2.6x 3.2x 3.5x 4.4x NA NA NA NA NA NA NA NA NA NA
Jan-12 1.3x 1.4x 1.9x 1.8x 1.8x 2.4x 2.5x 2.9x 3.5x 4.4x 4.7x 5.4x NA NA NA NA NA NA NA NA NA NA NA
Jan-13 1.1x 1.4x 1.4x 1.5x 1.8x 2x 2.2x 2.7x 3.3x 3.4x 4.2x NA NA NA NA NA NA NA NA NA NA NA NA
Jan-14 1.3x 1.3x 1.3x 1.7x 1.8x 2.1x 2.4x 3.1x 3.3x 4x NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-15 1x 1x 1.3x 1.4x 1.5x 1.9x 2.4x 2.5x 3x NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-16 1x 1.3x 1.4x 1.6x 1.8x 2.3x 2.5x 3.1x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-17 1.3x 1.4x 1.6x 1.8x 2.3x 2.4x 2.8x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-18 1.1x 1.2x 1.4x 1.7x 1.8x 2.2x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-19 1.1x 1.3x 1.6x 1.7x 2.1x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-20 1.2x 1.5x 1.5x 1.9x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-21 1.3x 1.3x 1.6x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-22 1.1x 1.3x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-23 1.2x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Source: MFI, FundsIndia Research. How to read the table: Column 1 indicates the starting date of investment. The Row named ‘Year’ indicates the time frame on investment – 1Y, 2Y, 3Y etc For eg: If you invested on Jan-03, then
over 5 years your money multiplied 6.2 times.
 Year wise Lumpsum Returns of HDFC Flexi Cap Fund
(1995 to 2023)
Average 25% 23% 22% 22% 22% 22% 22% 22% 22% 22% 22% 22% 22% 22% 22% 21% 22% 22% 22% 22% 22% 21% 21% 21% 21% 21% 20% 20% 19%
Max 155% 102% 78% 63% 60% 52% 43% 43% 44% 42% 40% 36% 34% 33% 29% 29% 29% 29% 26% 26% 26% 24% 23% 24% 23% 23% 23% 21% 19%
Min -52% -25% -12% -2% -1% 4% 7% 7% 5% 6% 9% 9% 8% 9% 12% 12% 14% 16% 17% 15% 17% 18% 17% 19% 17% 18% 18% 18% 19%
Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29
Jan-95 -27% -25% -12% -2% 19% 11% 9% 11% 20% 21% 24% 25% 27% 19% 23% 24% 20% 21% 20% 21% 20% 19% 20% 19% 18% 18% 18% 18% 19%
Jan-96 -22% -3% 8% 34% 21% 16% 18% 28% 28% 31% 31% 33% 24% 28% 28% 24% 24% 23% 25% 23% 22% 23% 21% 21% 20% 21% 21% 21% NA
Jan-97 20% 28% 61% 35% 26% 26% 37% 36% 39% 38% 40% 28% 33% 33% 28% 28% 26% 28% 26% 25% 25% 24% 23% 22% 23% 23% 23% NA NA
Jan-98 37% 86% 40% 28% 28% 41% 38% 41% 41% 42% 29% 34% 34% 28% 29% 27% 28% 26% 25% 26% 24% 23% 22% 23% 23% 23% NA NA NA
Jan-99 154% 42% 25% 25% 41% 39% 42% 41% 42% 29% 34% 34% 28% 28% 26% 28% 26% 24% 25% 24% 23% 22% 22% 22% 23% NA NA NA NA
Jan-00 -20% -12% -1% 22% 23% 29% 30% 33% 19% 26% 26% 20% 22% 20% 22% 20% 19% 20% 19% 18% 18% 18% 18% 19% NA NA NA NA NA
Jan-01 -3% 10% 41% 37% 42% 41% 43% 25% 32% 32% 25% 26% 24% 26% 24% 22% 23% 22% 21% 20% 21% 21% 21% NA NA NA NA NA NA
Jan-02 26% 69% 53% 56% 52% 52% 30% 37% 36% 28% 29% 26% 28% 26% 24% 25% 23% 22% 21% 22% 22% 22% NA NA NA NA NA NA NA
Jan-03 128% 69% 67% 59% 58% 31% 39% 38% 28% 29% 27% 29% 26% 24% 25% 23% 22% 21% 22% 22% 22% NA NA NA NA NA NA NA NA
Jan-04 26% 43% 41% 44% 17% 28% 28% 20% 21% 19% 22% 20% 19% 20% 18% 17% 17% 18% 18% 18% NA NA NA NA NA NA NA NA NA
Jan-05 63% 49% 51% 15% 29% 29% 19% 21% 19% 22% 19% 18% 19% 18% 17% 16% 17% 17% 18% NA NA NA NA NA NA NA NA NA NA
Jan-06 36% 45% 2% 21% 23% 13% 16% 14% 18% 15% 15% 16% 15% 14% 14% 15% 15% 16% NA NA NA NA NA NA NA NA NA NA NA
Jan-07 54% -11% 17% 20% 9% 13% 11% 16% 13% 13% 15% 13% 13% 12% 14% 14% 15% NA NA NA NA NA NA NA NA NA NA NA NA
Jan-08 -49% 1% 10% -1% 6% 5% 11% 9% 9% 11% 10% 10% 9% 11% 12% 13% NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-09 102% 61% 24% 27% 22% 27% 22% 20% 21% 19% 18% 17% 18% 18% 19% NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-10 29% -3% 9% 7% 15% 12% 11% 14% 12% 11% 11% 13% 13% 14% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-11 -27% 0% 1% 12% 8% 8% 12% 10% 9% 9% 11% 12% 13% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-12 36% 18% 29% 20% 17% 20% 16% 15% 14% 16% 16% 17% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-13 3% 26% 15% 13% 17% 13% 12% 12% 14% 15% 16% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-14 54% 21% 16% 21% 16% 14% 13% 16% 16% 17% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-15 -5% 1% 11% 8% 8% 7% 11% 12% 14% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-16 6% 20% 12% 11% 10% 14% 14% 16% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Returns >=10% NA
Jan-17 36% 15% 12% 11% 15% 16% 18% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
7 to <10% NA
NA NA
Jan-18 -2% 2% 4% 11% 12% 15% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
0 to <7%
Jan-19 7% 7% 15% 16% 19% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-20 7% 20% 20% 22% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Less than
NA NA 0%
NA NA
Jan-21 35% 27% 28% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-22 18% 24% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-23 31% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Source: MFI, FundsIndia Research. How to read the table: Column 1 indicates the starting date of investment. The Row named ‘Year’ indicates the time frame on investment – 1Y, 2Y, 3Y etc
 Number of Times Money Multiplied - Lumpsum Investment in
HDFC Flexi Cap Fund (1995 to 2023)
Average 1.3x 1.6x 2x 2.4x 3x 3.7x 4.7x 6.1x 7.8x 9.5x 11.3x 13.5x 16.1x 19.3x 22.6x 26.5x 31.9x 38.7x 47.5x 57.2x 66.4x 74.8x 85.5x 105.3x 132.9x 153.9x 159.8x 149.4x 150.6x
Max 2.6x 4.1x 5.6x 7.1x 10.5x 12.3x 12.2x 17.5x 26.6x 33.3x 40.5x 40x 44.9x 54.2x 45.6x 58.8x 75.9x 97.9x 80.7x 101.7x 128.2x 113.6x 126.9x 162.8x 182.3x 223.8x 266.2x 206.6x 150.6x
Min 0.5x 0.6x 0.7x 0.9x 1x 1.3x 1.6x 1.7x 1.6x 1.8x 2.6x 2.8x 2.7x 3.3x 5.5x 6.1x 9.3x 14.5x 19.7x 16.4x 27x 38.1x 40.6x 62.6x 48.6x 72x 97.5x 115.3x 150.6x
Period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29
Jan-95 0.7x 0.6x 0.7x 0.9x 2.4x 1.9x 1.8x 2.3x 5.2x 6.7x 10.7x 14.6x 22.4x 11.4x 22.3x 31.2x 22.2x 30.9x 31.9x 45.3x 46x 45.9x 65x 63.4x 67.5x 72x 97.5x 115.3x 150.6x
Jan-96 0.8x 0.9x 1.3x 3.2x 2.6x 2.4x 3.2x 7.2x 9.2x 14.9x 19.5x 30.6x 16.4x 31.7x 40.6x 31.2x 38.7x 41.5x 69.4x 62.8x 65.1x 95x 87x 92.6x 98.8x 133.7x 158.2x 206.6x NA
Jan-97 1.2x 1.6x 4.2x 3.3x 3.2x 4x 9.1x 11.7x 19.4x 25x 40.5x 19.3x 40.7x 54.2x 40.6x 51.9x 50.9x 85.1x 80.7x 86.7x 108.4x 113.6x 119.1x 127x 171.9x 203.4x 265.6x NA NA
Jan-98 1.4x 3.5x 2.7x 2.7x 3.4x 7.9x 9.5x 15.6x 22x 33.3x 16.5x 33.5x 44.9x 31.7x 45.6x 45.8x 66.5x 64.1x 69.4x 101.7x 91.6x 95x 106.1x 143.6x 169.8x 221.8x NA NA NA
Jan-99 2.5x 2x 2x 2.4x 5.6x 7.2x 11.6x 15.6x 23.5x 12.8x 25x 33.5x 24.8x 31.7x 32x 51.9x 50.9x 48x 69.4x 73.9x 77.3x 79.4x 104.9x 124.1x 162.1x NA NA NA NA
Jan-00 0.8x 0.8x 1x 2.2x 2.8x 4.6x 6.3x 9.8x 4.8x 10.1x 12.7x 8.9x 13.3x 12.8x 19.7x 18.5x 19.2x 26.6x 27.3x 27.4x 32.3x 38.1x 48.9x 63.8x NA NA NA NA NA
Jan-01 1x 1.2x 2.8x 3.5x 5.8x 7.9x 12.2x 6x 12.2x 16.1x 11.6x 16x 16.4x 25.4x 25.2x 24.1x 33.8x 35.8x 37.4x 38.3x 54.8x 66.3x 80.1x NA NA NA NA NA NA
Jan-02 1.3x 2.9x 3.6x 5.9x 8.1x 12.3x 6.3x 12.4x 15.9x 11.8x 16.5x 16x 24.8x 25.4x 25.2x 35.5x 33.8x 35.8x 37.4x 53.4x 65.1x 79.4x NA NA NA NA NA NA NA
Jan-03 2.3x 2.9x 4.7x 6.4x 9.8x 5.1x 10x 13.2x 9.2x 12.8x 13.9x 21.2x 20.2x 20.3x 28.4x 27.4x 29.4x 30.9x 43.7x 53.4x 65.1x NA NA NA NA NA NA NA NA
Jan-04 1.3x 2x 2.8x 4.3x 2.2x 4.4x 5.6x 4.3x 5.6x 5.7x 8.9x 8.9x 9.6x 12.8x 12x 12.3x 14.4x 19.7x 23.2x 27.4x NA NA NA NA NA NA NA NA NA
Jan-05 1.6x 2.2x 3.4x 1.7x 3.6x 4.6x 3.4x 4.6x 4.8x 7.3x 6.8x 7.3x 9.6x 10.1x 10.5x 10.7x 14.4x 16.9x 23.2x NA NA NA NA NA NA NA NA NA NA
Jan-06 1.4x 2.1x 1.1x 2.1x 2.8x 2.1x 2.8x 2.9x 4.4x 4x 4.7x 5.9x 6.2x 6.3x 7.1x 9.4x 10.8x 14.5x NA NA NA NA NA NA NA NA NA NA NA
Jan-07 1.5x 0.8x 1.6x 2.1x 1.5x 2.1x 2.1x 3.3x 3x 3.4x 4.7x 4.3x 4.9x 4.9x 7.1x 8.1x 10.8x NA NA NA NA NA NA NA NA NA NA NA NA
Jan-08 0.5x 1x 1.3x 1x 1.3x 1.3x 2.1x 2x 2.2x 2.8x 2.9x 3.1x 3.1x 4.3x 5.5x 7.1x NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-09 2x 2.6x 1.9x 2.6x 2.7x 4.2x 4x 4.3x 5.6x 5.7x 6.2x 6.6x 8.6x 10.1x 13.6x NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-10 1.3x 0.9x 1.3x 1.3x 2x 2x 2.1x 2.9x 2.8x 2.8x 3.2x 4.3x 4.9x 6.3x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-11 0.7x 1x 1x 1.6x 1.5x 1.6x 2.2x 2.1x 2.2x 2.4x 3.2x 3.9x 4.9x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-12 1.4x 1.4x 2.1x 2.1x 2.2x 3x 2.8x 3.1x 3.3x 4.4x 5.1x 6.6x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-13 1x 1.6x 1.5x 1.6x 2.2x 2.1x 2.2x 2.5x 3.3x 4x 5.1x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-14 1.5x 1.5x 1.6x 2.1x 2.1x 2.2x 2.4x 3.3x 3.8x 4.8x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-15 1x 1x 1.4x 1.4x 1.5x 1.5x 2.1x 2.5x 3.3x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
A lumpsum NA investment in HDFC FlexiNACapNAFundNAon an
NA
Jan-16 1.1x 1.4x 1.4x 1.5x 1.6x 2.2x 2.5x 3.3x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-17 1.4x 1.3x 1.4x 1.5x 2x 2.4x 3.2x NA NA NA NA NAaverage
NA multiplied
NA NA NAmoreNA than
NA 2 times
NA NAover NA a 7NAyear NA NA NA NA NA NA NA
Returns
NA >=10%
timeNAframe
Jan-18 1x 1x 1.1x 1.5x 1.8x 2.3x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-19 1.1x 1.1x 1.5x 1.8x 2.4x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA7 to <10% NA
NA NA NA
Jan-20 1.1x 1.4x 1.7x 2.2x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
0 to <7% NA NA NA
Jan-21 1.4x 1.6x 2.1x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-22 1.2x 1.5x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NALess than
NA 0%NA NA NA
Jan-23 1.3x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Source: MFI, FundsIndia Research. How to read the table: Column 1 indicates the starting date of investment. The Row named ‘Year’ indicates the time frame on investment – 1Y, 2Y, 3Y etc For eg: If you invested on Jan-95, then
over 5 years your money multiplied 2.4 times.
 Year wise Lumpsum Returns of Franklin India Flexicap
Fund (1995 to 2023)
Average 23% 21% 21% 21% 21% 20% 21% 21% 21% 21% 21% 21% 21% 20% 20% 20% 21% 21% 21% 21% 21% 20% 20% 20% 20% 20% 20% 19% 18%
Max 209% 119% 72% 58% 56% 50% 39% 41% 41% 40% 37% 33% 31% 30% 28% 27% 28% 26% 26% 26% 24% 23% 23% 23% 22% 22% 22% 20% 18%
Min -48% -22% -12% -3% -2% 4% 7% 8% 7% 7% 9% 8% 8% 9% 11% 12% 13% 16% 16% 14% 16% 16% 16% 17% 16% 17% 18% 18% 18%
Period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29
Jan-95 -23% -18% -9% 1% 26% 14% 11% 12% 20% 21% 23% 25% 27% 19% 22% 22% 19% 20% 19% 21% 20% 19% 20% 19% 18% 18% 19% 18% 18%
Jan-96 -13% -2% 10% 42% 23% 18% 18% 27% 27% 29% 30% 32% 23% 26% 26% 23% 23% 22% 24% 23% 22% 22% 21% 20% 20% 21% 20% 20% NA
Jan-97 11% 24% 68% 34% 25% 24% 34% 33% 34% 36% 37% 27% 30% 29% 25% 26% 24% 26% 25% 24% 24% 23% 22% 21% 22% 21% 22% NA NA
Jan-98 38% 107% 43% 29% 27% 38% 36% 37% 39% 40% 28% 31% 31% 26% 27% 25% 27% 26% 24% 25% 23% 22% 22% 23% 22% 22% NA NA NA
Jan-99 209% 45% 26% 24% 38% 36% 37% 39% 41% 28% 31% 30% 26% 26% 24% 26% 25% 24% 24% 22% 21% 21% 22% 21% 22% NA NA NA NA
Jan-00 -32% -20% -8% 13% 15% 20% 24% 27% 16% 20% 20% 17% 18% 17% 19% 18% 17% 18% 17% 16% 16% 17% 16% 17% NA NA NA NA NA
Jan-01 -5% 7% 33% 31% 34% 37% 39% 24% 28% 27% 22% 23% 22% 24% 22% 21% 22% 20% 19% 19% 20% 19% 20% NA NA NA NA NA NA
Jan-02 20% 58% 47% 47% 47% 49% 28% 33% 31% 26% 26% 24% 26% 25% 23% 24% 22% 21% 21% 21% 21% 21% NA NA NA NA NA NA NA
Jan-03 108% 62% 57% 55% 55% 30% 35% 33% 26% 27% 25% 27% 25% 23% 24% 22% 21% 21% 21% 21% 21% NA NA NA NA NA NA NA NA
Jan-04 25% 36% 40% 44% 18% 25% 24% 18% 20% 18% 21% 20% 19% 19% 18% 17% 17% 18% 17% 18% NA NA NA NA NA NA NA NA NA
Jan-05 48% 48% 51% 16% 25% 24% 17% 19% 18% 21% 19% 18% 19% 17% 16% 16% 17% 17% 17% NA NA NA NA NA NA NA NA NA NA
Jan-06 49% 52% 7% 20% 20% 13% 16% 14% 18% 17% 16% 17% 15% 14% 14% 16% 15% 16% NA NA NA NA NA NA NA NA NA NA NA
Jan-07 55% -9% 12% 14% 7% 11% 10% 15% 14% 13% 14% 13% 12% 12% 14% 13% 14% NA NA NA NA NA NA NA NA NA NA NA NA
Jan-08 -47% -5% 3% -2% 4% 4% 10% 9% 9% 11% 9% 9% 9% 11% 11% 12% NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-09 69% 42% 19% 22% 19% 24% 21% 19% 20% 18% 16% 16% 18% 17% 18% NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-10 19% 0% 10% 8% 17% 15% 13% 15% 13% 12% 12% 14% 14% 15% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-11 -16% 5% 5% 16% 14% 12% 14% 12% 11% 12% 14% 13% 14% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-12 32% 18% 30% 23% 19% 21% 17% 15% 15% 17% 16% 17% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-13 5% 28% 20% 16% 19% 15% 13% 13% 16% 15% 16% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-14 57% 28% 20% 22% 17% 14% 15% 17% 16% 17% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-15 5% 5% 12% 8% 7% 9% 13% 12% 14% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-16 4% 16% 9% 8% 9% 14% 13% 15% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NAReturns
NA >=10%
NA
Jan-17 30% 12% 9% 11% 16% 14% 16% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA7 toNA
<10%NA
Jan-18 -4% 0% 5% 13% 11% 14% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA0 toNA
<7% NA
Jan-19 3% 10% 19% 15% 18% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NALessNA
than NA
0%
Jan-20 16% 27% 20% 22% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-21 40% 21% 24% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-22 5% 17% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-23 31% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Source: MFI, FundsIndia Research. How to read the table: Column 1 indicates the starting date of investment. The Row named ‘Year’ indicates the time frame on investment – 1Y, 2Y, 3Y etc
 Number of Times Money Multiplied - Lumpsum Investment in
Franklin India Flexicap Fund (1995 to 2023)
Average 1x 1.3x 1.6x 2x 2.4x 2.9x 3.6x 4.4x 5.6x 7.1x 8.5x 10.1x 11.9x 14x 16.5x 19.4x 23.2x 28x 34.6x 42.2x 50.4x 57.1x 63.9x 73.5x 91.6x 110.3x 124.6x 124.1x 119.3x
Max 1.1x 3.8x 4.9x 5.6x 6.8x 10x 13.1x 12.1x 18x 22.5x 27.1x 31.8x 30x 35.8x 33.7x 38.3x 48.6x 70.7x 67.9x 85.5x 91.7x 96.7x 100.1x 117.9x 144.8x 156.3x 173.1x 202.8x 156x
Min 0.9x 0.5x 0.7x 0.6x 0.9x 0.9x 1.3x 1.5x 2x 1.7x 2x 2.9x 1.8x 2.8x 4.4x 4.3x 7.3x 9.6x 15x 17.4x 14.2x 23.4x 27.2x 30.1x 53.5x 41.4x 68.9x 92.2x 97x
Period 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29
Jan-95 0.8x 0.7x 0.8x 1x 3.2x 2.2x 2.1x 2.5x 5.2x 6.7x 9.7x 14.6x 22.4x 11.4x 19.7x 24.1x 19.2x 26.6x 27.3x 45.3x 46x 45.9x 61.5x 59.3x 61.3x 71.3x 99.5x 104.8x 137.1x
Jan-96 0.9x 1x 1.3x 4.1x 2.8x 2.7x 3.2x 6.8x 8.6x 12.8x 17.9x 28x 14.7x 25.4x 32x 27.4x 33.8x 35.8x 59.6x 62.8x 65.1x 79.4x 76.6x 79.1x 92.1x 128.5x 135.4x 177x NA
Jan-97 1.1x 1.5x 4.7x 3.2x 3.1x 3.6x 7.8x 9.8x 13.9x 21.6x 31.9x 17.6x 30.3x 35.3x 28.4x 40.4x 38.7x 64.1x 69.4x 73.9x 91.6x 95x 90.8x 105.6x 147.4x 155.3x 203.1x NA NA
Jan-98 1.4x 4.3x 2.9x 2.8x 3.3x 6.9x 8.6x 12.4x 19.4x 28.9x 15.1x 25.5x 33.5x 25.4x 36.1x 35.5x 58.2x 64.1x 59.6x 86.7x 77.3x 79.4x 95.4x 133.1x 140.3x 183.4x NA NA NA
Jan-99 3.1x 2.1x 2x 2.4x 5x 6.3x 9.1x 13.9x 22x 11.8x 19.5x 23.3x 20.2x 25.4x 25.2x 40.4x 44.4x 48x 59.6x 53.4x 54.8x 66.3x 96.4x 101.6x 132.8x NA NA NA NA
Jan-00 0.7x 0.6x 0.8x 1.6x 2x 3x 4.5x 6.8x 3.8x 6.2x 7.4x 6.6x 8.6x 9x 13.6x 14.1x 14.4x 19.7x 19.7x 19.5x 22.6x 31.6x 32.9x 43x NA NA NA NA NA
Jan-01 1x 1.1x 2.4x 2.9x 4.3x 6.6x 10x 5.6x 9.2x 10.9x 8.9x 12x 13.3x 20.3x 19.7x 21.1x 29.4x 26.6x 27.3x 32.4x 46x 45.9x 63.1x NA NA NA NA NA NA
Jan-02 1.2x 2.5x 3.2x 4.7x 6.9x 10.9x 5.6x 9.8x 11.4x 10.1x 12.7x 13.2x 20.2x 22.7x 22.3x 31.2x 29.4x 30.9x 37.4x 45.3x 54.8x 66.3x NA NA NA NA NA NA NA
Jan-03 2.1x 2.6x 3.9x 5.8x 8.9x 4.8x 8.2x 9.8x 8x 10.9x 11.6x 17.6x 18.2x 18.1x 25.2x 24.1x 25.5x 30.9x 37.4x 45.3x 54.8x NA NA NA NA NA NA NA NA
Jan-04 1.3x 1.8x 2.7x 4.3x 2.3x 3.8x 4.5x 3.8x 5.2x 5.2x 8.1x 8.9x 9.6x 11.4x 12x 12.3x 14.4x 19.7x 19.7x 27.4x NA NA NA NA NA NA NA NA NA
Jan-05 1.5x 2.2x 3.4x 1.8x 3.1x 3.6x 3x 4x 4.4x 6.7x 6.8x 7.3x 9.6x 9x 9.3x 10.7x 14.4x 16.9x 19.7x NA NA NA NA NA NA NA NA NA NA
Jan-06 1.5x 2.3x 1.2x 2.1x 2.5x 2.1x 2.8x 2.9x 4.4x 4.8x 5.1x 6.6x 6.2x 6.3x 7.1x 10.7x 10.8x 14.5x NA NA NA NA NA NA NA NA NA NA NA
Jan-07 1.6x 0.8x 1.4x 1.7x 1.4x 1.9x 1.9x 3.1x 3.3x 3.4x 4.2x 4.3x 4.4x 4.9x 7.1x 7.1x 9.3x NA NA NA NA NA NA NA NA NA NA NA NA
Jan-08 0.5x 0.9x 1.1x 0.9x 1.2x 1.3x 1.9x 2x 2.2x 2.8x 2.6x 2.8x 3.1x 4.3x 4.8x 6.1x NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-09 1.7x 2x 1.7x 2.2x 2.4x 3.6x 3.8x 4x 5.2x 5.2x 5.1x 5.9x 8.6x 9x 12x NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-10 1.2x 1x 1.3x 1.4x 2.2x 2.3x 2.4x 3.1x 3x 3.1x 3.5x 4.8x 5.5x 7.1x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-11 0.8x 1.1x 1.2x 1.8x 1.9x 2x 2.5x 2.5x 2.6x 3.1x 4.2x 4.3x 5.5x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-12 1.3x 1.4x 2.2x 2.3x 2.4x 3.1x 3x 3.1x 3.5x 4.8x 5.1x 6.6x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-13 1.1x 1.6x 1.7x 1.8x 2.4x 2.3x 2.4x 2.7x 3.8x 4x 5.1x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

NAA lumpsum NA investment NAin Franklin

NA India Flexi Cap NA NA
Jan-14 1.6x 1.6x 1.7x 2.2x 2.2x 2.2x 2.7x 3.5x 3.8x 4.8x NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-15 1.1x 1.1x 1.4x 1.4x 1.4x 1.7x 2.4x 2.5x 3.3x NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-16 1.0 1.3 1.3 1.4 1.5 2.2 2.4 3.1 NA NA NA NAFund NA onNAan average
NA NA multiplied
NA NA more
NA thanNA2 times
NA NA over
NA NA NA NA NA NA NA
Jan-17
Jan-18
1.3
1.0
1.3
1.0
1.3
1.2
1.5
1.6
2.1
1.7
2.2
2.2
2.8
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
a 7NAyearNAtimeNAframe
NA NA NA NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NAReturns
NA7 to NA
NA >=10%
NA
NA
NA
NA
<10%
Jan-19 1.0 1.2 1.7 1.7 2.3 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
0 to <7%
Jan-20 1.2 1.6 1.7 2.2 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-21 1.4 1.5 1.9 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NALess NAthan 0%
NA NA
Jan-22 1.1 1.4 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-23 1.3 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Source: MFI, FundsIndia Research. How to read the table: Column 1 indicates the starting date of investment. The Row named ‘Year’ indicates the time frame on investment – 1Y, 2Y, 3Y etc For eg: If you invested on Jan-95, then
over 5 years your money multiplied 3.2 times.
 If you are hesitant to invest large lumpsum money in
Equity, stagger entry over 6 months
Year wise 6M STP Returns of Nifty 50 TRI (2000 to 2023)
Average 13% 14% 14% 15% 15% 15% 15% 14% 14% 14% 14% 14% 14% 14% 14% 14% 14% 15% 15% 15% 15% 14% 13% 13%
Max 93% 50% 49% 45% 46% 36% 28% 27% 24% 21% 20% 21% 20% 18% 19% 18% 17% 17% 18% 17% 17% 16% 15% 13%
Min -49% -20% -12% -2% 1% 1% 6% 6% 6% 6% 7% 6% 7% 8% 9% 9% 11% 12% 12% 11% 12% 13% 13% 13%
Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Jan-00 -15% -15% -8% 8% 9% 13% 17% 21% 10% 15% 15% 11% 13% 12% 14% 13% 12% 13% 13% 13% 13% 13% 13% 13%
Jan-01 -13% -4% 18% 16% 21% 24% 28% 14% 19% 19% 15% 16% 15% 16% 15% 14% 15% 15% 14% 15% 15% 15% 15% NA
Jan-02 3% 35% 27% 30% 32% 36% 18% 24% 23% 17% 18% 17% 19% 17% 16% 17% 16% 16% 16% 16% 16% 16% NA NA
Jan-03 93% 46% 44% 43% 46% 22% 28% 27% 20% 21% 20% 21% 19% 18% 18% 18% 17% 17% 18% 17% 17% NA NA NA
Jan-04 20% 29% 33% 39% 13% 21% 21% 14% 16% 15% 17% 15% 14% 15% 14% 14% 14% 15% 14% 15% NA NA NA NA
Jan-05 41% 41% 46% 12% 22% 22% 14% 16% 15% 16% 15% 14% 15% 14% 14% 14% 15% 14% 15% NA NA NA NA NA
Jan-06 29% 42% 0% 15% 16% 8% 11% 10% 13% 11% 10% 12% 11% 12% 12% 13% 12% 13% NA NA NA NA NA NA
Jan-07 55% -12% 10% 12% 4% 8% 8% 11% 9% 9% 10% 10% 10% 11% 12% 11% 12% NA NA NA NA NA NA NA
Jan-08 -41% 1% 7% -2% 4% 4% 8% 7% 6% 8% 8% 9% 9% 10% 10% 11% NA NA NA NA NA NA NA NA
Jan-09 64% 40% 14% 18% 16% 18% 15% 14% 15% 14% 14% 14% 15% 15% 15% NA NA NA NA NA NA NA NA NA
Jan-10 22% -4% 7% 7% 12% 9% 8% 11% 10% 10% 11% 12% 12% 12% NA NA NA NA NA NA NA NA NA NA
Jan-11 -18% 3% 5% 11% 8% 7% 10% 10% 10% 11% 12% 11% 12% NA NA NA NA NA NA NA NA NA NA NA
Jan-12 18% 13% 19% 13% 11% 14% 13% 13% 13% 14% 14% 14% NA NA NA NA NA NA NA NA NA NA NA NA
Jan-13 8% 20% 12% 10% 13% 12% 12% 13% 14% 13% 14% NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-14 28% 12% 9% 14% 12% 12% 13% 14% 13% 14% NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-15 -6% -1% 8% 8% 9% 10% 12% 11% 12% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-16 7% 18% 14% 13% 14% 16% 14% 15% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-17 18% 12% 12% 13% 16% 14% 15% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-18 4% 9% 11% 15% 13% 14% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Returns
NA >=10%
NA NA
Jan-19 9% 13% 17% 14% 15% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 7 to
NA<10% NA NA
Jan-20 37% 31% 22% 22% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0 to
NA<7% NA NA
Jan-22 7% 14% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Less
NAthan 0%
NA NA
Jan-23 23% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Source: MFI, FundsIndia Research. How to read the table: Column 1 indicates the starting date of investment – from which you deployed the amount via 6 month STP. The Row named ‘Year’ indicates the time frame on
investment – 1Y, 2Y, 3Y etc
 Year wise 6M STP Returns of HDFC Flexicap Fund (1995
to 2023)
Average 19% 20% 21% 21% 21% 21% 21% 22% 22% 22% 22% 21% 21% 21% 21% 21% 21% 22% 22% 22% 22% 21% 21% 21% 21% 21% 21% 20% 19%
Max 123% 91% 67% 60% 57% 49% 43% 42% 41% 41% 39% 34% 34% 33% 29% 28% 28% 28% 26% 25% 25% 24% 23% 23% 23% 23% 23% 21% 19%
Min -48% -22% -11% -1% -1% 2% 8% 7% 5% 6% 9% 9% 8% 10% 12% 13% 14% 15% 17% 16% 17% 18% 18% 18% 17% 18% 19% 19% 19%
Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29
Jan-95 -21% -22% -10% 0% 21% 13% 10% 12% 21% 22% 25% 26% 28% 20% 24% 24% 20% 21% 20% 22% 20% 20% 20% 19% 19% 18% 19% 19% 19%
Jan-96 -20% -2% 9% 35% 21% 17% 18% 28% 28% 31% 32% 33% 24% 28% 28% 24% 25% 23% 25% 23% 22% 23% 22% 21% 20% 21% 21% 21% NA
Jan-97 16% 26% 59% 34% 26% 26% 37% 35% 38% 38% 39% 28% 33% 32% 27% 28% 26% 28% 26% 25% 25% 24% 23% 22% 23% 23% 23% NA NA
Jan-98 27% 80% 37% 26% 26% 39% 37% 40% 39% 41% 28% 33% 33% 27% 28% 26% 28% 26% 25% 25% 24% 23% 22% 23% 22% 23% NA NA NA
Jan-99 112% 30% 18% 20% 36% 34% 38% 38% 40% 26% 32% 32% 26% 26% 25% 26% 24% 23% 24% 22% 22% 21% 21% 21% 22% NA NA NA NA
Jan-00 -21% -12% -1% 22% 23% 29% 30% 32% 19% 26% 26% 20% 21% 20% 22% 20% 19% 20% 19% 18% 18% 18% 18% 19% NA NA NA NA NA
Jan-01 0% 12% 42% 38% 43% 41% 43% 26% 33% 32% 25% 26% 24% 26% 24% 23% 23% 22% 21% 20% 21% 21% 21% NA NA NA NA NA NA
Jan-02 10% 58% 47% 50% 47% 49% 28% 35% 34% 26% 27% 25% 27% 24% 23% 24% 22% 21% 20% 21% 21% 21% NA NA NA NA NA NA NA
Jan-03 123% 67% 66% 58% 57% 30% 39% 37% 28% 29% 26% 28% 25% 24% 25% 23% 22% 21% 22% 22% 22% NA NA NA NA NA NA NA NA
Jan-04 28% 44% 41% 44% 17% 28% 29% 20% 21% 19% 22% 20% 19% 20% 18% 17% 17% 18% 18% 18% NA NA NA NA NA NA NA NA NA
Jan-05 60% 47% 50% 14% 28% 28% 18% 20% 18% 21% 19% 18% 19% 17% 17% 16% 17% 17% 18% NA NA NA NA NA NA NA NA NA NA
Jan-06 24% 38% -1% 18% 20% 11% 14% 13% 17% 14% 14% 15% 14% 13% 13% 14% 14% 15% NA NA NA NA NA NA NA NA NA NA NA
Jan-07 50% -12% 16% 19% 8% 12% 11% 15% 13% 12% 14% 13% 12% 12% 13% 14% 15% NA NA NA NA NA NA NA NA NA NA NA NA
Jan-08 -38% 12% 17% 4% 10% 9% 14% 12% 11% 13% 12% 11% 11% 13% 13% 14% NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-09 98% 60% 23% 26% 21% 26% 21% 19% 21% 18% 17% 16% 18% 18% 19% NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-10 28% -3% 8% 7% 15% 12% 11% 14% 12% 11% 11% 13% 13% 14% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-11 -22% 3% 3% 14% 10% 9% 13% 11% 10% 10% 12% 12% 14% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-12 20% 11% 24% 16% 14% 17% 14% 13% 13% 15% 15% 16% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-13 7% 29% 16% 14% 18% 14% 13% 12% 15% 15% 16% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-14 45% 18% 14% 19% 14% 13% 12% 15% 15% 17% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-15 -5% 0% 11% 8% 7% 7% 11% 12% 14% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-16 14% 25% 15% 13% 12% 15% 16% 17% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-17 22% 9% 8% 8% 13% 14% 16% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-18 1% 4% 5% 12% 13% 16% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Returns
NA >=10%NA
NA NA
Jan-19 3% 5% 14% 15% 18% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 7NA NA
to <10% NA NA
Jan-20 29% 32% 28% 28% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
0 to <7%NA NA NA
Jan-21 23% 21% 24% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-22 15% 23% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Less
NA
than 0%
Jan-23 31% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Source: MFI, FundsIndia Research. How to read the table: Column 1 indicates the starting date of investment – from which you deployed the amount via 6 month STP. The Row named ‘Year’ indicates the time frame on
investment – 1Y, 2Y, 3Y etc
 Year wise 6M STP Returns of Franklin India Flexicap
Fund (1995 to 2023)
Average 18% 19% 20% 20% 20% 20% 20% 20% 21% 21% 21% 20% 20% 20% 20% 20% 20% 21% 21% 21% 21% 20% 20% 20% 20% 20% 20% 19% 18%
Max 150% 99% 68% 56% 55% 46% 39% 38% 38% 39% 37% 32% 31% 29% 26% 26% 27% 26% 25% 24% 24% 23% 22% 23% 22% 22% 22% 20% 19%
Min -44% -21% -11% -3% -2% 3% 7% 8% 7% 7% 10% 8% 8% 10% 11% 12% 13% 15% 17% 15% 15% 17% 17% 17% 16% 17% 18% 18% 18%
Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29
Jan-95 -19% -16% -8% 2% 27% 15% 11% 13% 21% 21% 23% 25% 27% 20% 22% 22% 20% 20% 19% 21% 20% 19% 20% 19% 18% 18% 19% 18% 19%
Jan-96 -17% -4% 8% 41% 22% 17% 17% 26% 26% 28% 30% 32% 23% 26% 25% 22% 23% 22% 23% 22% 21% 22% 21% 20% 20% 20% 20% 20% NA
Jan-97 7% 21% 66% 33% 24% 23% 33% 32% 34% 35% 37% 27% 29% 29% 25% 25% 24% 26% 25% 23% 24% 22% 21% 21% 22% 21% 22% NA NA
Jan-98 26% 98% 38% 26% 25% 36% 34% 36% 37% 39% 27% 31% 30% 26% 26% 25% 26% 25% 24% 24% 23% 22% 21% 22% 21% 22% NA NA NA
Jan-99 150% 30% 17% 18% 32% 31% 33% 35% 37% 25% 28% 28% 24% 24% 23% 25% 23% 22% 23% 21% 20% 20% 21% 20% 21% NA NA NA NA
Jan-00 -26% -16% -6% 15% 17% 22% 25% 29% 17% 21% 21% 17% 18% 17% 20% 19% 18% 18% 17% 16% 16% 17% 17% 17% NA NA NA NA NA
Jan-01 -5% 7% 34% 31% 35% 37% 39% 24% 28% 27% 22% 23% 22% 24% 22% 21% 22% 20% 19% 19% 20% 19% 20% NA NA NA NA NA NA
Jan-02 7% 49% 41% 42% 44% 46% 26% 31% 30% 24% 25% 23% 25% 24% 22% 23% 21% 20% 20% 21% 20% 20% NA NA NA NA NA NA NA
Jan-03 109% 62% 57% 55% 55% 30% 35% 33% 26% 27% 25% 27% 25% 24% 24% 22% 21% 21% 22% 21% 21% NA NA NA NA NA NA NA NA
Jan-04 26% 37% 41% 44% 18% 25% 25% 19% 20% 18% 21% 20% 19% 19% 18% 17% 17% 18% 17% 18% NA NA NA NA NA NA NA NA NA
Jan-05 45% 47% 50% 16% 25% 24% 17% 19% 17% 21% 19% 18% 19% 17% 16% 16% 17% 17% 17% NA NA NA NA NA NA NA NA NA NA
Jan-06 33% 43% 3% 17% 17% 11% 14% 13% 17% 15% 14% 16% 14% 13% 13% 15% 14% 15% NA NA NA NA NA NA NA NA NA NA NA
Jan-07 52% -10% 11% 13% 7% 10% 10% 15% 14% 13% 14% 12% 12% 12% 14% 13% 14% NA NA NA NA NA NA NA NA NA NA NA NA
Jan-08 -36% 4% 9% 2% 7% 7% 13% 12% 11% 13% 11% 11% 11% 13% 12% 13% NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-09 66% 41% 18% 21% 18% 24% 21% 19% 20% 17% 16% 16% 18% 17% 18% NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-10 19% 0% 9% 8% 17% 15% 13% 15% 13% 12% 12% 14% 14% 15% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-11 -12% 7% 7% 17% 15% 13% 15% 13% 12% 12% 14% 14% 15% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-12 21% 13% 26% 20% 17% 19% 15% 14% 14% 16% 15% 17% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-13 8% 30% 21% 17% 19% 15% 13% 14% 16% 15% 17% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-14 50% 25% 18% 21% 15% 13% 14% 17% 15% 17% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-15 0% 2% 11% 7% 6% 8% 12% 11% 13% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-16 6% 18% 10% 8% 10% 14% 13% 15% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-17 18% 6% 5% 8% 14% 12% 15% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Returns
NA >=10%
NA NA NA
Jan-18 -2% 1% 6% 13% 12% 15% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 7 toNA<10%NA NA NA
Jan-19 1% 9% 18% 15% 18% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0 toNA<7% NA NA NA
Jan-20 36% 38% 26% 27% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA LessNAthan NA
0% NA NA
Jan-21 27% 16% 20% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-22 7% 18% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-23 33% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Source: MFI, FundsIndia Research. How to read the table: Column 1 indicates the starting date of investment – from which you deployed the amount via 6 month STP. The Row named ‘Year’ indicates the time frame on
investment – 1Y, 2Y, 3Y etc
 Equity SIPs over 7+ Years have historically given a
good return experience
Year wise SIP Returns of Nifty 50 TRI (2000 to 2023)
Average 17% 16% 16% 17% 16% 16% 15% 15% 14% 14% 14% 13% 13% 13% 14% 13% 14% 14% 14% 14% 14% 15% 15% 14%
Max 141% 67% 54% 49% 48% 44% 40% 35% 25% 24% 22% 18% 18% 18% 18% 16% 16% 16% 15% 16% 16% 15% 15% 15%
Min -65% -40% -22% -8% -4% -2% 0% 2% 3% 4% 5% 6% 6% 6% 7% 8% 9% 10% 11% 11% 13% 14% 14% 14%
Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Jan-00 -18% -14% -2% 28% 23% 27% 30% 35% 14% 22% 21% 15% 16% 15% 17% 15% 14% 15% 14% 14% 14% 15% 15% 15%
Jan-01 -9% 4% 42% 30% 33% 35% 40% 15% 23% 23% 15% 17% 16% 17% 15% 14% 15% 15% 15% 15% 15% 15% 15% NA
Jan-02 13% 67% 39% 39% 40% 44% 15% 24% 23% 15% 17% 16% 17% 15% 14% 15% 14% 14% 14% 15% 15% 15% NA NA
Jan-03 141% 47% 44% 43% 47% 12% 23% 23% 13% 15% 14% 17% 14% 13% 14% 14% 14% 14% 15% 14% 14% NA NA NA
Jan-04 41% 43% 42% 48% 5% 21% 20% 10% 13% 12% 15% 13% 11% 13% 13% 13% 13% 14% 13% 14% NA NA NA NA
Jan-05 58% 46% 53% -2% 19% 19% 7% 12% 11% 14% 11% 10% 13% 12% 12% 12% 13% 13% 13% NA NA NA NA NA
Jan-06 42% 57% -15% 16% 17% 4% 10% 9% 13% 10% 9% 12% 11% 11% 12% 13% 12% 13% NA NA NA NA NA NA
Jan-07 81% -29% 17% 18% 2% 9% 9% 13% 10% 9% 12% 11% 11% 12% 13% 13% 13% NA NA NA NA NA NA NA
Jan-08 -47% 28% 24% 1% 10% 10% 15% 11% 10% 13% 12% 12% 12% 14% 13% 14% NA NA NA NA NA NA NA NA
Jan-09 74% 35% -1% 11% 10% 16% 11% 10% 13% 12% 12% 13% 14% 13% 14% NA NA NA NA NA NA NA NA NA
Jan-10 28% -13% 8% 8% 16% 10% 9% 13% 11% 12% 12% 14% 13% 14% NA NA NA NA NA NA NA NA NA NA
Jan-11 -25% 12% 10% 19% 11% 9% 13% 12% 12% 13% 15% 13% 14% NA NA NA NA NA NA NA NA NA NA NA
Jan-12 26% 14% 23% 12% 9% 14% 12% 12% 13% 15% 14% 15% NA NA NA NA NA NA NA NA NA NA NA NA
Jan-13 15% 27% 10% 7% 14% 12% 12% 13% 15% 14% 15% NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-14 31% 4% 4% 13% 11% 11% 13% 15% 14% 15% NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-15 -7% 1% 14% 11% 12% 14% 16% 14% 15% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-16 3% 20% 12% 13% 15% 18% 15% 16% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-17 21% 9% 11% 15% 18% 15% 17% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Returns >=10%
Jan-18 4% 11% 18% 20% 16% 17% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
7 to <10%
Jan-19 14% 25% 25% 17% 19% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
0 to <7%
Jan-20 59% 33% 19% 20% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Less than 0%
Jan-21 22% 11% 17% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-22 10% 21% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-23 33% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Source: MFI, FundsIndia Research. How to read the table: Column 1 indicates the starting date of SIP. The Row named ‘Year’ indicates the time frame on investment – 1Y, 2Y, 3Y etc
 Year wise SIP Returns of HDFC Flexicap Fund (1995 to
2023)
Average 27% 25% 24% 24% 23% 22% 22% 22% 22% 22% 22% 21% 21% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 21% 21% 21% 21%
Max 177% 127% 92% 69% 60% 54% 51% 46% 43% 43% 42% 40% 37% 34% 33% 30% 27% 27% 27% 26% 24% 24% 23% 22% 22% 22% 21% 21% 21%
Min -63% -40% -23% -13% -8% -5% -1% 1% 2% 3% 4% 6% 6% 7% 8% 10% 11% 13% 15% 15% 16% 17% 18% 18% 18% 20% 20% 20% 21%
Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29
Jan-95 -27% -24% -2% 13% 46% 25% 18% 20% 33% 32% 36% 36% 37% 25% 31% 30% 25% 26% 24% 26% 24% 23% 23% 22% 21% 20% 21% 21% 21%
Jan-96 -25% 5% 22% 61% 31% 21% 22% 37% 35% 39% 38% 40% 26% 32% 32% 26% 27% 25% 26% 24% 23% 24% 22% 21% 21% 21% 21% 21% NA
Jan-97 14% 32% 82% 34% 22% 23% 40% 38% 41% 40% 42% 27% 33% 33% 26% 27% 25% 27% 24% 23% 24% 22% 21% 20% 21% 21% 21% NA NA
Jan-98 46% 115% 33% 18% 20% 42% 38% 42% 41% 43% 26% 33% 33% 25% 26% 24% 26% 24% 22% 23% 22% 21% 20% 21% 20% 21% NA NA NA
Jan-99 163% 13% 6% 13% 42% 38% 43% 41% 43% 24% 32% 32% 24% 25% 23% 25% 23% 21% 22% 21% 20% 19% 20% 20% 20% NA NA NA NA
Jan-00 -22% -4% 10% 48% 41% 46% 44% 46% 24% 33% 32% 24% 25% 22% 25% 22% 21% 22% 20% 19% 18% 19% 19% 20% NA NA NA NA NA
Jan-01 11% 20% 68% 52% 55% 50% 51% 25% 35% 34% 24% 25% 23% 26% 22% 21% 22% 20% 19% 18% 19% 19% 20% NA NA NA NA NA NA
Jan-02 18% 95% 59% 61% 53% 54% 22% 34% 33% 22% 24% 21% 25% 21% 20% 21% 19% 18% 17% 18% 18% 19% NA NA NA NA NA NA NA
Jan-03 177% 66% 66% 54% 54% 17% 32% 32% 19% 22% 19% 23% 19% 18% 20% 18% 17% 16% 17% 17% 18% NA NA NA NA NA NA NA NA
Jan-04 51% 63% 49% 52% 8% 28% 28% 15% 18% 16% 20% 17% 16% 18% 16% 15% 14% 16% 16% 17% NA NA NA NA NA NA NA NA NA
Jan-05 84% 49% 53% -1% 26% 27% 12% 16% 14% 19% 16% 14% 17% 15% 14% 13% 15% 15% 16% NA NA NA NA NA NA NA NA NA NA
Jan-06 35% 52% -14% 24% 26% 8% 14% 12% 18% 14% 13% 16% 14% 13% 12% 14% 15% 16% NA NA NA NA NA NA NA NA NA NA NA
Jan-07 75% -28% 28% 29% 7% 14% 12% 19% 14% 13% 16% 14% 13% 12% 14% 15% 16% NA NA NA NA NA NA NA NA NA NA NA NA
Jan-08 -43% 48% 38% 7% 16% 12% 21% 15% 14% 17% 14% 13% 12% 15% 15% 16% NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-09 119% 52% 3% 16% 12% 22% 15% 13% 17% 14% 13% 12% 15% 15% 16% NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-10 33% -16% 9% 7% 21% 13% 12% 16% 13% 12% 11% 14% 14% 16% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-11 -32% 12% 9% 25% 15% 12% 17% 13% 12% 11% 14% 15% 17% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-12 30% 14% 33% 16% 13% 19% 14% 12% 11% 15% 15% 17% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-13 21% 43% 16% 12% 19% 13% 11% 11% 15% 15% 17% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-14 50% 8% 7% 18% 11% 10% 10% 14% 15% 17% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-15 -6% 4% 19% 10% 9% 9% 15% 16% 18% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-16 11% 27% 11% 9% 10% 16% 17% 19% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-17 29% 7% 6% 9% 17% 17% 20% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Returns
NA >=10%
NA NA NA
Jan-18 3% 5% 11% 20% 19% 22% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 7 toNA<10% NA NA NA
Jan-19 6% 17% 25% 23% 25% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0 toNA<7% NA NA NA
Jan-20 53% 38% 28% 29% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Less than 0%
Jan-21 25% 21% 27% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-22 21% 31% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-23 44% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Source: MFI, FundsIndia Research. How to read the table: Column 1 indicates the starting date of SIP. The Row named ‘Year’ indicates the time frame on investment – 1Y, 2Y, 3Y etc
 Year wise SIP Returns of Franklin India Flexicap Fund
(1995 to 2023)
Average 25% 23% 23% 23% 22% 21% 21% 21% 21% 21% 21% 20% 20% 20% 20% 19% 19% 19% 20% 20% 20% 20% 19% 19% 19% 20% 20% 20% 20%
Max 245% 144% 101% 75% 57% 52% 49% 43% 41% 41% 40% 38% 35% 30% 29% 28% 25% 25% 25% 25% 23% 23% 22% 21% 21% 21% 21% 20% 20%
Min -57% -34% -22% -14% -10% -6% -2% 1% 3% 4% 5% 6% 6% 7% 8% 9% 11% 13% 14% 14% 15% 16% 17% 17% 17% 18% 19% 19% 20%
Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29
Jan-95 -26% -18% -4% 12% 53% 26% 18% 18% 30% 29% 32% 33% 35% 24% 28% 27% 23% 24% 22% 24% 23% 22% 22% 21% 20% 20% 20% 20% 20%
Jan-96 -19% 0% 19% 70% 30% 20% 20% 33% 32% 34% 36% 38% 25% 29% 28% 24% 24% 23% 25% 23% 22% 23% 21% 20% 20% 21% 20% 20% NA
Jan-97 1% 26% 97% 34% 20% 20% 36% 34% 36% 38% 40% 25% 29% 28% 24% 24% 23% 25% 23% 22% 23% 21% 20% 20% 21% 20% 20% NA NA
Jan-98 36% 143% 32% 16% 17% 36% 34% 37% 38% 41% 25% 29% 28% 23% 24% 22% 24% 23% 22% 22% 20% 19% 19% 20% 19% 20% NA NA NA
Jan-99 245% 12% 3% 10% 35% 33% 36% 38% 41% 23% 28% 27% 22% 23% 21% 24% 22% 21% 21% 19% 18% 18% 19% 18% 19% NA NA NA NA
Jan-00 -27% -9% 5% 40% 36% 39% 41% 43% 23% 28% 27% 21% 22% 20% 23% 22% 20% 21% 19% 18% 18% 19% 18% 19% NA NA NA NA NA
Jan-01 3% 14% 58% 45% 46% 47% 49% 24% 30% 29% 22% 23% 21% 24% 22% 20% 21% 19% 18% 18% 19% 18% 19% NA NA NA NA NA NA
Jan-02 14% 83% 54% 52% 51% 52% 22% 30% 28% 21% 22% 20% 23% 21% 20% 21% 18% 17% 17% 18% 18% 18% NA NA NA NA NA NA NA
Jan-03 161% 62% 56% 53% 54% 18% 28% 26% 18% 20% 18% 22% 20% 18% 19% 17% 16% 16% 18% 17% 18% NA NA NA NA NA NA NA NA
Jan-04 46% 50% 50% 52% 10% 24% 23% 14% 17% 15% 20% 18% 16% 18% 15% 14% 14% 16% 15% 16% NA NA NA NA NA NA NA NA NA
Jan-05 63% 54% 55% 2% 21% 21% 11% 15% 13% 19% 17% 15% 17% 14% 13% 14% 16% 15% 16% NA NA NA NA NA NA NA NA NA NA
Jan-06 51% 58% -10% 18% 18% 7% 13% 11% 18% 16% 14% 16% 14% 13% 13% 15% 14% 16% NA NA NA NA NA NA NA NA NA NA NA
Jan-07 76% -25% 18% 19% 6% 12% 11% 19% 16% 14% 16% 14% 12% 13% 15% 14% 16% NA NA NA NA NA NA NA NA NA NA NA NA
Jan-08 -40% 31% 25% 6% 14% 12% 21% 17% 15% 17% 14% 13% 13% 16% 15% 16% NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-09 79% 35% 4% 15% 12% 23% 18% 15% 18% 14% 13% 13% 16% 15% 16% NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-10 22% -9% 11% 9% 23% 18% 15% 17% 13% 12% 13% 16% 14% 16% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-11 -20% 15% 11% 28% 20% 15% 18% 14% 12% 13% 16% 15% 17% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-12 30% 14% 35% 22% 16% 19% 14% 11% 13% 16% 15% 17% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-13 18% 46% 22% 15% 19% 13% 10% 12% 16% 15% 17% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-14 62% 17% 10% 17% 10% 8% 11% 16% 14% 17% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-15 -1% 2% 16% 7% 6% 10% 16% 14% 17% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-16 2% 20% 7% 5% 10% 18% 15% 18% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-17 23% 3% 3% 11% 19% 15% 19% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NAReturns
NA >=10%
NA NA NA NA
Jan-18 -3% 2% 14% 23% 17% 21% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
7 to <10%
Jan-19 5% 23% 30% 20% 24% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-20 59% 43% 23% 27% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA0 to <7%
NA NA NA NA NA
Jan-21 31% 13% 23% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NALess than
NA 0% NA NA NA NA
Jan-22 11% 29% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-23 47% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Source: MFI, FundsIndia Research. How to read the table: Column 1 indicates the starting date of SIP. The Row named ‘Year’ indicates the time frame on investment – 1Y, 2Y, 3Y etc
 Equity Markets witness 10-20% temporary declines
almost every year
Sensex : Year-wise Drawdown (1980 to 2024 YTD)

1998

2001

2004
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997

1999
2000

2002
2003

2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
0%

-4%
-10% -7% -7% -6%
-10% -9% -10%
-10% -11% -12% -10%
-12% -12% -13% -12%
-15% -14% -13% -14%
-16% -15% -16%
-20% -17% -17%
-19% -19% -16%
-21%
-24% Average : -21%
-27% -26% -27% -26%
-30% -28% -27%
-30% -29%
-34% -33%
-35%
-40% -38%
-39%
-41%

-50% -47%

-60%
-60%

-70%

Only 4 out of the last 44 calendar years, had intra-year declines less than 10%

Source: MFI, FundsIndia Research. Note: Drawdown of 2024 updated till 30-Jun-2024
 Despite an intra-year decline of more than 10% almost
every year, 3 out of 4 years ended with positive returns!
Sensex (1980 to 2024 YTD) - Calendar Year Returns vs Drawdown

1992

2017
1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2018

2019

2020

2021

2022

2023

2024
94%
87%
Returns Average : 20%
74% 76%

64%
51% 47%
50% 47%
42%
34%
34% 30%
28% 28% 27% 27% 19%
17% 17% 16% 22%
18%
4% 7% 7%
13% -18% 4% 12% 8% 7% 14% 9%
4% 2% 4%
-1% -16% -20% -17% -21% -51% -25% -5%

-7% -4% -7% -6%

-10%-12% -9% -10% -11% -10% -10%
-12% -15% -16% -14% -13% -15% -13%-12% -16%
-12% -14% -16%
-19% -19% -17% -17%
-24% -21%
-27% -28% -26% -27% -27% -26%
-30% -29%
-34% -33%
-35% -38%
-39%-41%
-47%

-60%
Drawdown Average : -21%

Despite the markets having intra-year declines every year, 35 out of 44 years ended with positive returns

Source: MFI, FundsIndia Research. Note: Drawdown and Returns of 2024 updated till 30-Jun-2024.
 Temporary declines are more frequent – 34% of the days
Sensex is down more than 10% from their peak

Drawdown from % of days Sensex % of days Nifty Midcap 100 % of days Nifty Smallcap 100
Peak traded below the traded below the traded below the drawdown
(Since Jan-2004) drawdown threshold drawdown threshold threshold

Falls are more

< 0% 91% 90% 92% frequent in Mid &
Smallcaps - 50% and
< -5% 55% 66% 74% 66% of the days it is
down more than 10%
< -10% 34% 50% 66% from their peak.

< -20% 12% 30% 50%

Large Falls are more
frequent Smallcaps -
< -30% 5% 11% 40% 40% of the days it
is down more than
< -40% 3% 6% 27% 30% from their
peak.
< -50% 2% 3% 8%

Source: MFI, FundsIndia Research. Note: Data as of 30-Jun-2024.(Jan 2004 is the inception date of Nifty Smallcap 100 index)
 Temporary market declines of 30-60%, historically has
occurred once every 7-10 years
Historically, large market falls (of more than 30%) and subsequent recoveries have taken around 1-3 years

Time Taken Time Taken to Fall &

Fall from
S. No. Peak Date Peak Value Trough Date Trough Value Recovery Date Sensex Value for Fall Recover Recovery
Peak
(in yrs) (in yrs) (in yrs)

1 04-Jun-86 659 28-Mar-88 390 -41% 30-Sep-88 663 1Y 10M 6M 2Y 4M

2 09-Oct-90 1,559 25-Jan-91 956 -39% 26-Jul-91 1,600 4M 6M 10M
3 22-Apr-92 4,467 26-Apr-93 2,037 -54% 12-Aug-94 4,508 12M 1Y 4M 2Y 4M
4 12-Sep-94 4,631 04-Dec-96 2,745 -41% 14-Jul-99 4,710 2Y 3M 2Y 7M 4Y 10M
5 21-Apr-98 4,281 20-Oct-98 2,764 -35% 05-Jul-99 4,306 6M 8M 1Y 2M
6 11-Feb-00 5,934 21-Sep-01 2,600 -56% 02-Jan-04 6,027 1Y 7M 2Y 3M 3Y 10M
7 08-Jan-08 20,873 09-Mar-09 8,160 -61% 04-Nov-10 20,894 1Y 2M 1Y 8M 2Y 10M
8 14-Jan-20 41,952 23-Mar-20 25,981 -38% 09-Nov-20 42,597 2M 8M 10M

Average 1Y 1M 1Y 3M 2Y 4M
Max 2Y 3M 2Y 7M 4Y 10M
Min 2M 6M 8M

Source: MFI, FundsIndia Research.

 Every decade saw 1 or 2 sharp temporary falls >30%
in Largecaps
Frequency of Market Declines

Sensex - Drawdown (1980 - 2024 YTD)

1995

2005

2019
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994

1996
1997
1998
1999
2000
2001
2002
2003
2004

2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018

2020
2021
2022
2023
2024
0%

-10%

-20%

-30%

-40%

-50%

-60%

-70%

Source: MFI, FundsIndia Research. Note: Data for 2024 updated till 30-Jun-2024.
India Mid Cap
Returns & Volatility
 Midcaps are more volatile than Largecaps - witness 15-25%
temporary declines almost every year
Sensex VS Nifty Midcap 100 : Year-wise Drawdown (2003 to 2024 YTD)

2013
2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024
0%

-4% -6%
-10% -7% -7% -7%
-8%
-11% -10% -10% -8%
-12% -9% -12%
-14% -13% -13% -14% -12%
-15% -14% -15% -13% -15%
-14% -13% -16%
-20%
-16% -16% -17%
-21% -21%

-27% -26% -26% -27% -26%

-30%
-28% -29%
-32%
-40% -38%
-37%
-40%

-50%

-60%
-60%
Sensex Drawdown Nifty Midcap 100 Drawdown

-70% -67%

Only in 3 out of the last 21 calendar years, Midcaps had intra-year declines less than 10%

Source: MFI, FundsIndia Research. Note: Drawdown of 2024 updated till 30-Jun-2024 (Jan 2003 is the inception date of Nifty Midcap 100 index)
 Despite an intra-year decline of more than 15% almost every
year in Midcaps, 3 out of 4 years ended with positive returns!
Nifty Midcap 100 (2003 to 2024 YTD) - Calendar Year Returns vs Drawdown

2007
2003

2004

2005

2006

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024
143%

95%
81% Returns Average : 27%

56% 47%
41% 44% 47%
35% 29%
23% 19% 23%
20%
-59% -31% -6% 7% 6% 4%
-15% -4%

-8% -8%
-14% -15% -17%
-13% -14% -9% -13% -7% -12% -21%
-16% -26% -27% -26%
-32% -15%
-28% -37%
-40%

-67%

Despite the markets having intra-year declines every year, 16 out of 21 years ended with positive returns

Source: MFI, FundsIndia Research. Note: Drawdown and Returns of 2024 updated till 30-Jun-2024.
 Temporary market declines of more than 30%, historically
has occurred once every 8-10 years
Historically, large market falls (of more than 30%) and subsequent recoveries have taken around 2-3 years

Nifty Time Taken Time Taken to Fall &

Fall from
Sl. No. Peak Date Peak Value Trough Date Trough Value Recovery Date Midcap 100 for Fall Recover Recovery
Peak
Value (in yrs) (in yrs) (in yrs)

1 10-May-06 5,323 14-Jun-06 3,335 -37% 29-Jan-07 5,326 1M 7M 8M

2 07-Jan-08 9,655 09-Mar-09 2,938 -70% 04-Nov-10 9,673 1Y 2M 1Y 8M 2Y 10M
3 10-Nov-10 9,783 29-Dec-11 6,078 -38% 19-May-14 9,908 1Y 2M 2Y 5M 3Y 7M
4 23-Jan-18 21,732 23-Mar-20 10,991 -49% 07-Jan-21 21,965 2Y 2M 10M 3Y 0M

Average 1Y 2M 1Y 4M 2Y 6M
Max 2Y 2M 2Y 5M 3Y 7M
Min 1M 7M 8M

Source: MFI, FundsIndia Research. Nifty Midcap 100 has been used since inception (Jan 2003 is the inception of Nifty Midcap 100 index)
 Last two decades saw frequent sharp temporary falls >30%
in Midcaps
Frequency of Market Declines

Nifty Midcap 100 - Drawdown (2003 - 2024 YTD)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
0%

-10%

-20%

-30%

-40%

-50%

-60%

-70%

Source: MFI, FundsIndia Research. Note: Data for 2024 updated till 30-Jun-2024.
India Small Cap
Returns & Volatility
 Smallcaps are more volatile than Large & Midcaps - witness
15-30% temporary declines almost every year
Sensex VS Nifty Midcap 100 VS Nifty Smallcap 100 : Year-wise Drawdown (2004 to 2024 YTD)
2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024
0%

-10%
-11% -9% -11% -11%
-13% -14%
-16% -15%
-20%
-19%
-20%
-24% -24% -23%
-30%
-29%
-35% -33%
-35% -35%
-40%
-40%

-50% -47%

-60%

-70%

Sensex Drawdown Nifty Midcap 100 Drawdown Nifty Smallcap 100 Drawdown
-80% -76%

Only in 1 out of the last 20 calendar years, Smallcaps had intra-year declines less than 10%

Source: MFI, FundsIndia Research. Note: Drawdown of 2024 updated till 30-Jun-2024
 Despite an intra-year decline of more than 15% almost every
year in Smallcaps, 3 out of 4 years ended with positive returns!
Nifty Smallcap 100 (2004 to 2024 YTD) - Calendar Year Returns vs Drawdown

2015
2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2016

2017

2018

2019

2020

2021

2022

2023

2024
102%
91%

62% Returns Average : 24%

59% 57%
54% 56%

42% 39%
35%
22%
18% 20%
7%
-71% -34% -8% -29% -9% -14%
1%

-11% -9% -11%

-15% -13% -11% -14%
-19%
-16% -24% -23%
-29% -20%
-24%
-35% -35% -33%
-35% -47%
-40%

Drawdown Average : -26%

-76%

Despite the markets having intra-year declines every year, 14 out of 20 years ended with positive returns

Source: MFI, FundsIndia Research. Note: Drawdown and Returns of 2024 updated till 30-Jun-2024.
 Temporary market declines of more than 30%, historically
has occurred once every 8-10 years
Historically, large market falls (of more than 30%) and subsequent recoveries have taken around 2-3 years - from 2004 till date

Nifty Time Taken Time Taken to Fall &

Fall from
S.No Peak Date Peak Value Trough Date Trough Value Recovery Date Smallcap 100 for Fall Recover Recovery
Peak
Value (in yrs) (in yrs) (in yrs)

1 10-May-06 3,050 14-Jun-06 1,991 -35% 10-Nov-06 3,052 1M 5M 6M

2 07-Jan-08 6,048 09-Mar-09 1,362 -77% 28-Jul-16 6,094 1Y 2M 7Y 5M 8Y 7M
3 10-Nov-10 4,620 20-Dec-11 2,682 -42% 20-May-14 4,658 1Y 1M 2Y 5M 3Y 6M
4 07-Jan-13 3,889 06-Aug-13 2,525 -35% 09-Apr-14 3,932 7M 8M 1Y 3M
5 13-Apr-15 6,039 12-Feb-16 4,354 -28% 27-Jul-16 6,044 10M 6M 1Y 4M
6 15-Jan-18 9,580 24-Mar-20 3,340 -65% 07-Jun-21 9,623 2Y 2M 1Y 3M 3Y 5M
7 17-Jan-22 11,981 20-Jun-22 7,983 -33% 29-Aug-23 12,022 5M 1Y 2M 1Y 7M

Average 9M 1Y 10M 2Y 9M
Max 2Y 2M 7Y 5M 8Y 7M
Min 1M 5M 6M

Source: MFI, FundsIndia Research. Nifty Smallcap 100 data has been used Inception (Jan 2004 is the inception of Nifty Smallcap 100 index)
 Last two decades saw frequent sharp temporary falls >30%
in Smallcaps
Frequency of Market Declines

Nifty Smallcap 100 - Drawdown (2004 - 2024 YTD)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
0%

-10%

-20%

-30%

-40%

-50%

-60%

-70%

-80%

-90%

Source: MFI, FundsIndia Research. Note: Data for 2024 updated till 30-Jun-2024.
Time in the Market > Timing the Market
 There is always a reason not to buy Equities

Source: MFI, FundsIndia Research. Index: S&P BSE Sensex (As of 30-Jun-2024)
 Despite several intermittent crises, Indian Equities have
gone up over the long run mirroring earnings growth
90,000 Sensex (1986 to 2024 YTD)
13.8% CAGR i.e.144 times in 38+ years
80,000

70,000

60,000

50,000

40,000
2015-16 Global Market Sell off
Decline: -23%
Balance of Payments Crisis
30,000
Decline: -39% Global Financial Crisis
Decline: -61% Corona Virus Pandemic
Mounting Fiscal Harshad Mehta Scam 2006 Market Sell off
20,000 Decline: -38%
Deficit Decline: -41% Decline: -54% Decline: -29%

Political Uncertainty Dot com Bubble European Debt Crisis

10,000 Decline: -56%
Decline: -41% Decline: -28%
Election Year & FII selling
Decline: -27%
-

Source: MFI, FundsIndia Research. Index: S&P BSE Sensex (As of 30-Jun-2024)
 Every crisis in the past has been followed by a recovery
and further upside
Sensex - Market Decline and Recovery (1980 to 2024 YTD)
Upsides are much higher than the Declines!

Source: MFI, FundsIndia Research. As of 30-Jun-2024. Returns shown are Absolute.

 Even if you invested right before a market crash, over long
time frames the returns have still turned out to be decent

Major Falls > 20% since 2000 Absolute Decline Nifty 50 TRI Debt Inflation

Annualized Returns – from Peak till Jun-24

2000 Dotcom Bubble -50% 13% 8% 6%

2004 Indian Election Uncertainty -30% 14% 7% 6%

2006 Global Rate Hike Selloff -30% 12% 8% 6%

2008 Global Financial Crisis -59% 10% 7% 6%

2010 European Debt Crisis -27% 12% 8% 6%

2015 Global Market Selloff (Yuan Devaluation) -22% 12% 7% 4%

2020 Covid Crash -38% 17% 6% 5%

Source: FundsIndia Research, MFI; FI Debt Index comprising of ABSL Low Duration Fund, HDFC Low Duration Fund & ABSL Corporate Bond Fund is considered as the debt option; Inflation % is based on the
Cost Inflation Index; Returns as on 30-Jun-2024.
 Even Bull Markets have several intermittent declines

Sensex (Feb 2000 to Dec 2007) – 6 Temporary Declines

22,000

20,000

18,000

16,000

14,000 703%
12,000 -11%
-15%
10,000

8,000 -29%
-56%
6,000 -13%

4,000 -11%
-27%
2,000
Feb-00

Feb-01

Feb-02

Feb-03

Feb-04

Feb-05

Feb-06

Feb-07
Nov-00

Nov-01

Nov-02

Nov-03

Nov-04

Nov-05

Nov-06

Nov-07
Aug-00

Aug-01

Aug-02

Aug-03

Aug-04

Aug-05

Aug-06

Aug-07
May-00

May-01

May-02

May-03

May-04

May-05

May-06

May-07
Source: BSE, FundsIndia Research; Returns shown are Absolute.
 Even Bull Markets have several intermittent declines

Sensex (Jan 2008 to Jan 2020) – 5 Temporary Declines

44,000

40,000

36,000 414%
-10%
32,000
-14%
-10%
28,000

24,000

20,000
-61% -23%
16,000

12,000
-28%
8,000
Sep-09

Jan-11

Sep-13

Jan-15

Sep-17

Jan-19
Jan-08

Jan-09

Jan-10

Jan-12

Jan-13

Jan-14

Jan-16

Jan-17

Jan-18

Jan-20
Sep-08

Sep-10

Sep-11

Sep-12

Sep-14

Sep-15

Sep-16

Sep-18

Sep-19
May-08

May-09

May-10

May-11

May-12

May-13

May-14

May-15

May-16

May-17

May-18

May-19
Source: BSE, FundsIndia Research; Returns shown are Absolute.
 Equity Returns are non-linear - Missing few best days in
the market significantly reduces returns
Rs.10 Lakh invested in Nifty 50 TRI (2005 to 2024 YTD)
Rs. 1.45 Crore
(14.7%) Seven of the best 10 days occurred within two
weeks of the worst 10 days

• Eg: The worst day of 2020 ( 23rd March 2020)

was followed by the second best day of 2020
Rs.92 lakh.
(12.1%)

Rs.68 lakh.
(10.4%)
Rs.52 lakh.
(8.8%)
Rs.40 lakh.
(7.4%) Rs.31 lakh.
(6.0%) Rs.25 lakh.
(4.8%) Rs.17 lakh. Rs. 12 lakh.
(2.7%) (0.8%)

Entire period Miss 5 best days Miss 10 best days Miss 15 best days Miss 20 best days Miss 25 best days Miss 30 best days Miss 40 best days Miss 50 best days

If you missed the 10 best days in the last 19+ years, your portfolio value was lower by 50%

Source: MFI, FundsIndia Research. Period Considered: Jan-05 to Jun-24

 Many of the best days occur in the middle of a market
crash
2006: FII & DII - Heavy sell off 2008: Global Financial Crisis 2020: Covid-19 Pandemic Others
Market Fall: -30% Market Fall: -60% Market Fall: -40%
3 of Top 30 Best Days 22 of Top 30 Best Days 4 of Top 30 Best Days 1 of Top 30 Best Days
Best Day No Date Returns Best Day No Date Returns Best Day No Date Returns Best Day No Date Returns
8 15-Jun-06 6.3% 1 18-May-09 17.7% 2 07-Apr-20 8.8% 18 20-Sep-19 5.3%
19 09-Jun-06 5.2% 3 31-Oct-08 7.0% 5 25-Mar-20 6.6%
30 30-Jun-06 4.4% 4 25-Jan-08 7.0% 11 20-Mar-20 5.8%
6 13-Oct-08 6.4% 27 01-Feb-21 4.7%
7 28-Oct-08 6.4%
9 23-Jan-08 6.2%
10 10-Nov-08 5.9% 4 of the top 30 best days (from Jan 2005 to Dec 2021)
12 25-Mar-08 5.8% occurred during the 2020 market crash.
13 23-Oct-07 5.6%
14 23-Jul-08 5.6%
15 14-Feb-08 5.5%
16 21-Nov-08 5.5% Best Days Returns
17 03-Nov-08 5.5% Top 5 Best Days 47.1%
20 04-May-09 5.2% Top 10 Best Days 78.3%
21 10-Dec-08 5.2% Top 15 Best Days 106.6%
22 19-Sep-08 5.1% Top 20 Best Days 133.3%
23 02-Jul-08 5.0%
24 04-Dec-08 5.0%
25 02-Apr-09 4.9%
26 09-Oct-07 4.8%
28 23-Mar-09 4.7%
29 15-Oct-07 4.5%

Source: MFI, FundsIndia Research. Index Considered: Nifty 50 TRI. Period Considered: Jan-05 to Dec-21
 All Time Highs are a natural part of any growing asset
class and not something to be feared
Sensex Max Level Sensex Max Level Sensex Max Level
Calender Year Status Calender Year Status Calender Year Status
during the year during the year during the year
1979 132 ATH 2000 5,934 ATH 2021 61,766 ATH
1980 149 ATH 2001 4,438 - 2022 63,284 ATH
1981 228 ATH 2002 3,713 - 2023 72,410 ATH
1982 253 ATH 2003 5,839 - 2024 YTD 79,243 ATH
1983 253 ATH 2004 6,603 ATH
1984 280 ATH 2005 9,398 ATH
1985 540 ATH 2006 13,972 ATH
1986 659 ATH 2007 20,376 ATH
1987 579 - 2008 20,873 ATH
1988 719 ATH 2009 17,465 -
1989 798 ATH 2010 21,005 ATH
1990 1,559 ATH 2011 20,561 -
1991 1,924 ATH 2012 19,487 -
1992 4,467 ATH 2013 21,326 ATH
1993 3,455 - 2014 28,694 ATH
1994 4,631 ATH 2015 29,682 ATH
1995 3,932 - 2016 29,045 -
1996 4,069 - 2017 34,057 ATH
1997 4,548 - 2018 38,897 ATH
1998 4,281 - 2019 41,682 ATH
1999 5,075 ATH 2020 47,751 ATH

Source: MFI, FundsIndia Research. As on 30-Jun-24

 All Time Highs are a natural part of any growing asset
class and not something to be feared

Nifty50 - All Time Highs Since 1990

26,000

24,000

22,000

20,000

18,000

16,000

14,000

12,000

10,000

8,000

6,000

4,000 green dots indicate

2,000
All Time Highs
0
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Source: MFI, FundsIndia Research. As of 30-Jun-2024

 All Time Highs automatically don’t imply a market fall. The average
1Y returns when invested in Nifty 50 TRI during an all-time high, is ~14%

Nifty 50 TRI
1 Y Returns 3 Y Returns 5 Y Returns
Performance post All-Time Highs

Average Returns (CAGR) 14% 12% 12%

% of times
>20% returns 37% 15% 8%
>15% returns 47% 29% 20%
>12% returns 56% 42% 53%
>10% returns 59% 51% 66%
>8% returns 64% 65% 75%
>0% returns 76% 89% 100%
<0% returns 24% 11% 0%

Source: MFI, FundsIndia Research. As on 30-Jun-2024

 Never interrupt compounding – Profit booking at market
highs underperforms over long term
Annualized Outperformance of 'Buy & Hold' vs 'Profit Booking' Strategies
'Buy & Hold'
10Y Period
Annualized Returns Profit Booking Profit Booking Profit Booking Profit Booking
@ 20% Gains @ 30% Gains @ 50% Gains @ All-time Highs
2000 to 2009 15.2% 3.2% 2.8% 2.6% 3.5%
2001 to 2010 19.1% 5.1% 5.0% 4.5% 5.4%
2002 to 2011 17.7% 2.9% 2.6% 2.0% 2.8%
2003 to 2012 20.1% 4.2% 3.9% 3.3% 4.2%
2004 to 2013 14.2% 0.9% 0.7% 0.9% 1.5%
2005 to 2014 16.2% 2.1% 2.0% 1.6% 2.6%
2006 to 2015 12.2% -0.2% 0.1% 0.4% 0.3%
2007 to 2016 8.8% -1.1% -1.2% -1.7% -0.7%
2008 to 2017 6.7% 0.3% 0.4% 0.1% 0.4%
2009 to 2018 15.0% 1.5% 1.1% 1.4% 0.2%
2010 to 2019 10.2% 0.9% 0.7% 0.4% 0.6%
2011 to 2020 9.9% 0.9% 0.8% 0.6% 1.2%
2012 to 2021 15.5% 3.0% 3.0% 2.6% 3.3%
2013 to 2022 13.1% 2.2% 2.2% 1.8% 2.6%
2014 to 2023 14.6% 3.0% 2.8% 2.7% 3.3%

Source: FundsIndia Research, MFI; 'Buy & Hold' Investor invests into equities and holds the same for the entire period; 'Profit Booking @ X% Gains' indicates portfolios of investors who deploy the profits made in equity into debt
whenever the absolute gains reach 20%, 30% and 50% levels; 'Profit Booking @ All-time Highs' indicates the portfolio of an investor who deploys the profits made in equity into debt whenever the Nifty index touches an all-time high;
Nifty 50 TRI is considered as the equity option and HDFC Money Market Fund is considered as the debt option; Taxation impact has not been factored for simplicity.
 Calendar year returns are volatile & rarely resemble
long term averages

Source: MFI, FundsIndia Research

 0%
20%
40%
60%
80%
100%
120%

-80%
-60%
-40%
-20%
2000
2000
2000
2001
2001
2002
2002
2002
2003
2003

Source: MFI, FundsIndia Research. As of 30-Jun-2024.

2004
2004
2005
2005
2005
2006
2006
2007
2007
2007
2008
2008
2009
2009
2010
2010
2010
2011
1 Y RR

2011
2012
2012
2012
2013
20 Y RR

2013
2014
2014
2015
Sensex - Rolling Returns (1980 to 2024 YTD)

2015
2015
2016
2016
2017
2017
2017
2018
Equities are less volatile over longer time horizons

2018
2019
2019
2020
2020
2020
2021
2021
2022
2022
2022
2023
2023
2024
 Indian Equity - Takeaways

1. Over the Long Term (10-15 years) Equity has provided returns above inflation

2. Long Term Return Expectation = Inflation + 4-6% but…

3. 10-20% decline happens almost every year

4. 30-60% Decline should be a part of expectation for every 7-10 years

Power Of Compounding
 Even a small amount invested early, makes a huge
difference over a long time frame
Number of Times your Original Lumpsum Investment Multiplies when you reach 60 years (@12% annual returns)
20 93X
21 83X
22 74X
23 66X
24 59X
25 53X
26 47X
27 42X
28 38X
29 34X
30 30X
31 27X
32 24X
33 21X
Starting Age

34 19X
35 17X
36 15X
37 14X
38 12X
39 11X Rs 1 lakh invested (assuming 12% per annum returns)…
40 10X
41 9X
42 8X at the age of 20, grows ~100 times to ~Rs 1 Crore when you reach 60 years.
43 7X
44 6X
45 5.5X at the age of 30 (10 years delay), grows only 30 times to Rs 30 lakhs when you reach 60 years.
46 4.9X
47 4.4X
48 3.9X at the age of 40 (20 years delay), grows only 10 times to Rs 10 lakhs when you reach 60 years.
49 3.5X
50 3.1X
51 2.8X
52 2.5X
53 2.2X
54 2X
55 1.8X
60
Source: FundsIndia Research. Assuming CAGR at 12%
 Start Investing Early
20 ₹ 8,416
21 ₹ 9,493
Monthly SIP Amount Required to Reach Rs 10 crore at 60 years (@12% returns per annum)
22 ₹ 10,710
23 ₹ 12,085
24 ₹ 13,639
25
If you start investing via SIP at the age of 25, the monthly SIP required is only Rs 15,000.
₹ 15,396
26 ₹ 17,383
27 ₹ 19,631
28
But if you delay and start at the age of 30 the monthly SIP required is 2 times more at Rs 28,000!
₹ 22,176
29 ₹ 25,060
30 ₹ 28,329
31 ₹ 32,038
If you delay and start at the age of 40 the monthly SIP required is 6 times more at Rs 1,00,000!
32 ₹ 36,250
33 ₹ 41,039
34 ₹ 46,488
35 ₹ 52,697
36 ₹ 59,784
37 ₹ 67,886
Starting Age

38 ₹ 77,167
39 ₹ 87,821
40 ₹ 1,00,085
41 ₹ 1,14,243
42 ₹ 1,30,644
43 ₹ 1,49,718
44 ₹ 1,72,005
45 ₹ 1,98,186
46 ₹ 2,29,138
47 ₹ 2,66,006
48 ₹ 3,10,316
49 ₹ 3,64,146
50 ₹ 4,30,405
51 ₹ 5,13,290
52 ₹ 6,19,093
53 ₹ 7,57,696
54 ₹ 9,45,564
55 ₹ 12,12,322

Source: FundsIndia Research. Assuming CAGR at 12%

 Power of Compounding - SLOWLY & THEN SUDDENLY
₹ 550 Crores Portfolio Value when investing Rs. 30,000 every month @ 12% per annum returns

₹ 500 Crores ₹ 5.0 Crores

₹ 450 Crores ₹ 4.5 Crores

₹ 400 Crores ₹ 4.0 Crores

₹ 350 Crores ₹ 3.5 Crores

₹ 300 Crores ₹ 3.0 Crores

Corpus

10
₹ 250 Crores ₹ 2.5 Crores M
11
M
₹ 200 Crores ₹ 2.0 Crores 1Y
1Y 0M
₹ 150 Crores ₹ 1.5 Crores 3M
1Y
4M
1Y
₹ 100 Crores ₹ 1.0 Crores 2Y 8M
2Y 0M
₹ 50 Lakhs 4Y 9M
₹ 50 Lakhs 1M 17Y 18Y 20Y 21Y 22Y 23Y 24Y
8Y
8Y 3M 12Y 4M 15Y 1M 1M 9M 1M 4M 4M 3M 1M
3M
₹ 0 Lakhs

Investment 59% 29% 20% 14% 12% 10% 9% 7% 7% 6%

Contribution to Incremental 50 lakh
Returns 41% 71% 80% 86% 88% 90% 91% 93% 93% 94%
Source: FundsIndia Research. Assuming CAGR at 12%
 Power of Compounding - SLOWLY & THEN SUDDENLY
Portfolio Value when investing Rs. 50,000 every month @ 12% per annum returns
₹ 880 Crores

₹ 800 Crores ₹ 8.0 Crores

₹ 720 Crores ₹ 7.2 Crores

₹ 640 Crores ₹ 6.4 Crores

₹ 560 Crores ₹ 5.6 Crores

₹ 480 Crores ₹ 4.8 Crores 10

Corpus

M
11
₹ 400 Crores ₹ 4.0 Crores M
1Y
₹ 320 Crores ₹ 3.2 Crores 0M
1Y
2M
₹ 240 Crores ₹ 2.4 Crores 1Y
1Y 5M
2Y 7M
₹ 160 Crores ₹ 1.6 Crores 1M
2Y
8M
₹ 80 Lakhs 4Y
₹ 80 Lakhs 0M 22Y 23Y
16Y 18Y 19Y 21Y 22Y
8Y 11M 9M
8Y 1M 12Y 1M 14Y 9M 10M 5M 10M 0M 0M
1M
₹ 0 Lakhs

Investment 61% 30% 20% 16% 12% 11% 9% 8% 7% 6%

Contribution to Incremental 80 lakh
Returns 39% 70% 80% 84% 88% 89% 91% 92% 93% 94%
Source: FundsIndia Research. Assuming CAGR at 12%
 Power of Compounding - SLOWLY & THEN SUDDENLY
Portfolio Value when investing Rs. 70,000 every month @ 12% per annum returns
₹ 1,210 Crores

₹ 1,100 Crores ₹ 11.0 Crores

₹ 990 Crores ₹ 9.9 Crores

₹ 880 Crores ₹ 8.8 Crores

₹ 770 Crores ₹ 7.7 Crores

₹ 660 Crores ₹ 6.6 Crores 10

Corpus

M
₹ 550 Crores ₹ 5.5 Crores 11
M
1Y
₹ 440 Crores ₹ 4.4 Crores 1M
1Y
2M
₹ 330 Crores ₹ 3.3 Crores 1Y
1Y 4M
2Y 8M
₹ 220 Crores ₹ 2.2 Crores 0M
2Y
4Y 9M
₹ 110 Crores ₹ 1.1 Crores 18Y 19Y 20Y 21Y 22Y 23Y
0M 16Y
7Y 4M 8M 10M 11M 10M 8M
7Y 11M 11Y 11M 14Y 8M 8M
11M
₹ 0 Lakhs

Investment 60% 31% 21% 15% 13% 10% 9% 8% 7% 6%

Contribution to Incremental 1.1 cr

Returns 40% 69% 79% 85% 87% 90% 91% 92% 93% 94%
Source: FundsIndia Research. Assuming CAGR at 12%
 The Power of Compounding - Remember the 7-3-2 Rule
Portfolio Value when investing Rs. 30,000 every month @10% annual Increase
₹ 550 Crores

₹ 500 Crores ₹ 5.0 Crores

₹ 450 Crores ₹ 4.5 Crores

₹ 400 Crores ₹ 4.0 Crores

₹ 350 Crores ₹ 3.5 Crores

₹ 300 Crores ₹ 3.0 Crores

Corpus

₹ 250 Crores ₹ 2.5 Crores 8

M
9
₹ 200 Crores ₹ 2.0 Crores M
9M
₹ 150 Crores ₹ 1.5 Crores
11M
1Y
₹ 100 Crores ₹ 1.0 Crores 1Y 1M
1Y 3M
2Y 6M
₹ 50 Lakhs ₹ 50 Lakhs 7Y 3Y 1M
0M
0M
₹ 0 Lakhs
7Y 10Y 12Y 14Y 15Y 16Y 17Y 18Y 18Y 19Y
Investment 68% 46% 41% 35% 33% 32% 30% 27% 29% 27%
Contribution to Incremental 50 Lakhs
(At 10% Annual Increase)
Returns 32% 54% 59% 65% 67% 68% 70% 73% 71% 73%

Source: MFI, FundsIndia Research. Assuming CAGR at 12%

 The Power of Compounding - Remember the 7-3-2 Rule
Portfolio Value when investing Rs. 50,000 every month @10% annual Increase
₹ 880 Crores

₹ 800 Crores ₹ 8.0 Crores

₹ 720 Crores ₹ 7.2 Crores

₹ 640 Crores ₹ 6.4 Crores

₹ 560 Crores ₹ 5.6 Crores

₹ 480 Crores ₹ 4.8 Crores

Corpus

₹ 400 Crores ₹ 4.0 Crores 8M

8M
₹ 320 Crores ₹ 3.2 Crores
10M
₹ 240 Crores ₹ 2.4 Crores 11M
1Y
1Y 0M
₹ 160 Crores ₹ 1.6 Crores 1Y 3M
2Y 7M
₹ 80 Lakhs ₹ 80 Lakhs 3Y
6Y 0M
0M
10M
₹ 0 Lakhs
7Y 10Y 12Y 13Y 15Y 16Y 17Y 17Y 18Y 19Y

Investment 69% 48% 40% 38% 34% 28% 31% 30% 26% 28%
Contribution to Incremental 80 Lakhs
(At 10% Annual Increase)
Returns 31% 52% 60% 62% 66% 72% 69% 70% 74% 72%

Source: MFI, FundsIndia Research. Assuming CAGR at 12%

 The Power of Compounding - Remember the 7-3-2 Rule
Portfolio Value when investing Rs. 70,000 every month @10% annual increase
₹ 1,210 Crores

₹ 1,100 Crores ₹ 11.0 Crores

₹ 990 Crores ₹ 9.9 Crores

₹ 880 Crores ₹ 8.8 Crores

₹ 770 Crores ₹ 7.7 Crores

₹ 660 Crores ₹ 6.6 Crores

Corpus

₹ 550 Crores ₹ 5.5 Crores

8M
₹ 440 Crores ₹ 4.4 Crores
9M
9M
₹ 330 Crores ₹ 3.3 Crores 11M
1Y
1Y 1M
₹ 220 Crores ₹ 2.2 Crores 1Y 3M
2Y 6M
₹ 110 Crores ₹ 1.1 Crores
3Y 0M
6Y 0M
9M
₹ 0 Lakhs
7Y 10Y 12Y 14Y 15Y 16Y 16Y 17Y 18Y 19Y
Investment 69% 48% 41% 36% 34% 33% 31% 27% 29% 28%
Contribution to Incremental 1.1 Cr
(At 10% Annual Increase)
Returns 31% 52% 59% 64% 66% 67% 69% 73% 71% 72%

Source: MFI, FundsIndia Research. Assuming CAGR at 12%

 How To Reach Your Target Amount (with No Annual
Increase in SIP Investment)?

SIP Amount Target Amount @ 12% CAGR

(0% Annual
Increase) Rs. 10 Lakhs Rs. 20 Lakhs Rs. 30 Lakhs Rs. 50 Lakhs Rs. 75 Lakhs Rs. 1 Crore Rs. 2 Crores Rs. 3 Crores Rs. 4 Crores Rs. 5 Crores Rs. 7 Crores Rs. 10 Crores

Rs. 10,000 5Y 10M 9Y 2M 11Y 7M 15Y 0M 17Y 11M 20Y 1M 25Y 6M 28Y 9M 31Y 1M 32Y 11M 35Y 8M 38Y 7M

Rs. 20,000 3Y 5M 5Y 10M 7Y 8M 10Y 6M 13Y 0M 15Y 0M 20Y 1M 23Y 2M 25Y 6M 27Y 3M 30Y 0M 32Y 11M

Rs. 25,000 2Y 10M 4Y 11M 6Y 7M 9Y 2M 11Y 7M 13Y 5M 18Y 4M 21Y 5M 23Y 8M 25Y 6M 28Y 2M 31Y 1M

Rs. 30,000 2Y 5M 4Y 3M 5Y 10M 8Y 2M 10Y 6M 12Y 4M 17Y 0M 20Y 1M 22Y 3M 24Y 0M 26Y 8M 29Y 7M

Rs. 40,000 1Y 11M 3Y 5M 4Y 8M 6Y 9M 8Y 10M 10Y 6M 15Y 0M 17Y 11M 20Y 1M 21Y 9M 24Y 5M 27Y 3M

Rs. 50,000 1Y 7M 2Y 10M 3Y 11M 5Y 10M 7Y 8M 9Y 2M 13Y 5M 16Y 3M 18Y 4M 20Y 1M 22Y 8M 25Y 6M

Rs. 75,000 1Y 1M 2Y 0M 2Y 10M 4Y 3M 5Y 10M 7Y 1M 10Y 10M 13Y 5M 15Y 5M 17Y 0M 19Y 6M 22Y 3M

Rs. 100,000 0Y 10M 1Y 7M 2Y 3M 3Y 5M 4Y 8M 5Y 10M 9Y 2M 11Y 7M 13Y 5M 15Y 0M 17Y 5M 20Y 1M

Source: FundsIndia Research; Assuming CAGR at 12% and 0% Annual Increase

 How To Reach Your Target Amount (with 5% Annual
Increase in SIP Investment)?

SIP Amount Target Amount @ 12% CAGR

(5% Annual
Increase) Rs. 10 Lakhs Rs. 20 Lakhs Rs. 30 Lakhs Rs. 50 Lakhs Rs. 75 Lakhs Rs. 1 Crore Rs. 2 Crores Rs. 3 Crores Rs. 4 Crores Rs. 5 Crores Rs. 7 Crores Rs. 10 Crores

Rs. 10,000 5Y 5M 8Y 4M 10Y 5M 13Y 5M 15Y 11M 17Y 10M 22Y 9M 25Y 9M 27Y 11M 29Y 8M 32Y 3M 35Y 1M

Rs. 20,000 3Y 3M 5Y 5M 7Y 1M 9Y 6M 11Y 8M 13Y 5M 17Y 10M 20Y 8M 22Y 9M 24Y 4M 26Y 11M 29Y 8M

Rs. 25,000 2Y 9M 4Y 8M 6Y 1M 8Y 4M 10Y 5M 12Y 1M 16Y 4M 19Y 1M 21Y 1M 22Y 9M 25Y 3M 27Y 11M

Rs. 30,000 2Y 4M 4Y 1M 5Y 5M 7Y 6M 9Y 6M 11Y 0M 15Y 2M 17Y 10M 19Y 10M 21Y 5M 23Y 10M 26Y 6M

Rs. 40,000 1Y 10M 3Y 3M 4Y 5M 6Y 3M 8Y 1M 9Y 6M 13Y 5M 15Y 11M 17Y 10M 19Y 5M 21Y 9M 24Y 4M

Rs. 50,000 1Y 6M 2Y 9M 3Y 9M 5Y 5M 7Y 1M 8Y 4M 12Y 1M 14Y 6M 16Y 4M 17Y 10M 20Y 2M 22Y 9M

Rs. 75,000 1Y 1M 2Y 0M 2Y 9M 4Y 1M 5Y 5M 6Y 6M 9Y 10M 12Y 1M 13Y 9M 15Y 2M 17Y 5M 19Y 10M

Rs. 100,000 0Y 10M 1Y 6M 2Y 2M 3Y 3M 4Y 5M 5Y 5M 8Y 4M 10Y 5M 12Y 1M 13Y 5M 15Y 6M 17Y 10M

Source: FundsIndia Research; Assuming CAGR at 12% and 5% Annual Increase

 How To Reach Your Target Amount (with 10% Annual
Increase in SIP Investment)?

SIP Amount Target Amount @ 12% CAGR

(10% Annual
Increase) Rs. 10 Lakhs Rs. 20 Lakhs Rs. 30 Lakhs Rs. 50 Lakhs Rs. 75 Lakhs Rs. 1 Crore Rs. 2 Crores Rs. 3 Crores Rs. 4 Crores Rs. 5 Crores Rs. 7 Crores Rs. 10 Crores

Rs. 10,000 5Y 1M 7Y 8M 9Y 6M 12Y 0M 14Y 3M 15Y 10M 20Y 1M 22Y 8M 24Y 7M 26Y 1M 28Y 5M 30Y 11M

Rs. 20,000 3Y 2M 5Y 1M 6Y 6M 8Y 8M 10Y 7M 12Y 0M 15Y 10M 18Y 3M 20Y 1M 21Y 6M 23Y 8M 26Y 1M

Rs. 25,000 2Y 8M 4Y 5M 5Y 8M 7Y 8M 9Y 6M 10Y 10M 14Y 7M 16Y 11M 18Y 8M 20Y 1M 22Y 3M 24Y 7M

Rs. 30,000 2Y 4M 3Y 10M 5Y 1M 6Y 11M 8Y 8M 10Y 0M 13Y 7M 15Y 10M 17Y 7M 18Y 11M 21Y 1M 23Y 5M

Rs. 40,000 1Y 10M 3Y 2M 4Y 2M 5Y 10M 7Y 5M 8Y 8M 12Y 0M 14Y 3M 15Y 10M 17Y 2M 19Y 3M 21Y 6M

Rs. 50,000 1Y 6M 2Y 8M 3Y 7M 5Y 1M 6Y 6M 7Y 8M 10Y 10M 13Y 0M 14Y 7M 15Y 10M 17Y 10M 20Y 1M

Rs. 75,000 1Y 1M 1Y 11M 2Y 8M 3Y 10M 5Y 1M 6Y 1M 8Y 11M 10Y 10M 12Y 4M 13Y 7M 15Y 5M 17Y 7M

Rs. 100,000 0Y 10M 1Y 6M 2Y 1M 3Y 2M 4Y 2M 5Y 1M 7Y 8M 9Y 6M 10Y 10M 12Y 0M 13Y 10M 15Y 10M

Source: FundsIndia Research; Assuming CAGR at 12% and 10% Annual Increase
 How many times does your money multiply?
Number of Times your Original Investments Multiply
Annual Return
Years
5% 8% 10% 12% 15% 18% 20%
2Y 1.1x 1.2x 1.2x 1.3x 1.3x 1.4x 1.4x
3Y 1.2x 1.3x 1.3x 1.4x 1.5x 1.6x 1.7x
4Y 1.2x 1.4x 1.5x 1.6x 1.7x 1.9x 2.1x
5Y 1.3x 1.5x 1.6x 1.8x 2x 2.3x 2.5x
6Y 1.3x 1.6x 1.8x 2x 2.3x 2.7x 3x
7Y 1.4x 1.7x 1.9x 2.2x 2.7x 3.2x 3.6x
8Y 1.5x 1.9x 2.1x 2.5x 3.1x 3.8x 4.3x
9Y 1.6x 2x 2.4x 2.8x 3.5x 4.4x 5.2x
10 Y 1.6x 2.2x 2.6x 3.1x 4x 5.2x 6.2x
11 Y 1.7x 2.3x 2.9x 3.5x 4.7x 6.2x 7.4x
12 Y 1.8x 2.5x 3.1x 3.9x 5.4x 7.3x 8.9x
13 Y 1.9x 2.7x 3.5x 4.4x 6.2x 8.6x 10.7x
14 Y 2x 2.9x 3.8x 4.9x 7.1x 10.1x 12.8x
15 Y 2.1x 3.2x 4.2x 5.5x 8.1x 12x 15.4x
16 Y 2.2x 3.4x 4.6x 6.1x 9.4x 14.1x 18.5x
17 Y 2.3x 3.7x 5.1x 6.9x 10.8x 16.7x 22.2x
18 Y 2.4x 4x 5.6x 7.7x 12.4x 19.7x 26.6x
19 Y 2.5x 4.3x 6.1x 8.6x 14.2x 23.2x 31.9x
20 Y 2.7x 4.7x 6.7x 9.6x 16.4x 27.4x 38.3x
25 Y 3.4x 6.8x 10.8x 17x 32.9x 62.7x 95.4x
30 Y 4.3x 10.1x 17.4x 30x 66.2x 143.4x 237.4x

Source: FundsIndia Research.

 What is the Annual Return required (to multiply your
original investment)?
Annual Return Required
No. of Years to multiply your original investments
Multiply
2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y 11Y 12Y 13Y 14Y 15Y 16Y 17Y 18Y 19Y 20Y
2 times 41% 26.0% 18.9% 14.9% 12.2% 10.4% 9.1% 8.0% 7.2% 6.5% 5.9% 5.5% 5.1% 4.7% 4.4% 4.2% 3.9% 3.7% 3.5%
3 times 73% 44% 32% 24.6% 20.1% 17.0% 14.7% 13.0% 11.6% 10.5% 9.6% 8.8% 8.2% 7.6% 7.1% 6.7% 6.3% 6.0% 5.6%
4 times 100% 59% 41% 32% 26.0% 21.9% 18.9% 16.7% 14.9% 13.4% 12.2% 11.3% 10.4% 9.7% 9.1% 8.5% 8.0% 7.6% 7.2%
5 times 124% 71% 50% 38% 31% 25.8% 22.3% 19.6% 17.5% 15.8% 14.4% 13.2% 12.2% 11.3% 10.6% 9.9% 9.4% 8.8% 8.4%
6 times 145% 82% 57% 43% 35% 29.2% 25.1% 22.0% 19.6% 17.7% 16.1% 14.8% 13.7% 12.7% 11.8% 11.1% 10.5% 9.9% 9.4%
7 times 165% 91% 63% 48% 38% 32% 27.5% 24.1% 21.5% 19.4% 17.6% 16.1% 14.9% 13.9% 12.9% 12.1% 11.4% 10.8% 10.2%
8 times 183% 100% 68% 52% 41% 35% 29.7% 26.0% 23.1% 20.8% 18.9% 17.3% 16.0% 14.9% 13.9% 13.0% 12.2% 11.6% 11.0%
9 times 200% 108% 73% 55% 44% 37% 32% 27.7% 24.6% 22.1% 20.1% 18.4% 17.0% 15.8% 14.7% 13.8% 13.0% 12.3% 11.6%
10 times 216% 115% 78% 58% 47% 39% 33% 29.2% 25.9% 23.3% 21.2% 19.4% 17.9% 16.6% 15.5% 14.5% 13.6% 12.9% 12.2%
11 times 232% 122% 82% 62% 49% 41% 35% 31% 27.1% 24.4% 22.1% 20.3% 18.7% 17.3% 16.2% 15.1% 14.2% 13.5% 12.7%
12 times 246% 129% 86% 64% 51% 43% 36% 32% 28.2% 25.3% 23.0% 21.1% 19.4% 18.0% 16.8% 15.7% 14.8% 14.0% 13.2%
13 times 261% 135% 90% 67% 53% 44% 38% 33% 29.2% 26.3% 23.8% 21.8% 20.1% 18.6% 17.4% 16.3% 15.3% 14.5% 13.7%
14 times 274% 141% 93% 70% 55% 46% 39% 34% 30% 27.1% 24.6% 22.5% 20.7% 19.2% 17.9% 16.8% 15.8% 14.9% 14.1%
15 times 287% 147% 97% 72% 57% 47% 40% 35% 31% 27.9% 25.3% 23.2% 21.3% 19.8% 18.4% 17.3% 16.2% 15.3% 14.5%
16 times 300% 152% 100% 74% 59% 49% 41% 36% 32% 28.7% 26.0% 23.8% 21.9% 20.3% 18.9% 17.7% 16.7% 15.7% 14.9%
17 times 312% 157% 103% 76% 60% 50% 42% 37% 33% 29.4% 26.6% 24.4% 22.4% 20.8% 19.4% 18.1% 17.0% 16.1% 15.2%
18 times 324% 162% 106% 78% 62% 51% 44% 38% 34% 30% 27.2% 24.9% 22.9% 21.3% 19.8% 18.5% 17.4% 16.4% 15.5%
19 times 336% 167% 109% 80% 63% 52% 44% 39% 34% 31% 27.8% 25.4% 23.4% 21.7% 20.2% 18.9% 17.8% 16.8% 15.9%
20 times 347% 171% 111% 82% 65% 53% 45% 39% 35% 31% 28.4% 25.9% 23.9% 22.1% 20.6% 19.3% 18.1% 17.1% 16.2%

Source: FundsIndia Research, Stable Investor. CAGR which is not practically possible has been highlighted in grey i.e. CAGR > 30%
Debt Returns
 Debt historically has delivered 6-8% over 5+ years

Year wise Lumpsum Returns of Debt (2000 to 2023)

Average 8% 8% 8% 7% 7% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 7% 7% 7% 7% 7%
Max 14% 12% 10% 9% 9% 9% 9% 8% 9% 9% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 7%
Min 1% 3% 5% 5% 6% 7% 6% 6% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7%
Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23
Jan-01 11% 11% 9% 8% 7% 7% 8% 8% 7% 7% 7% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 7%
Jan-02 10% 8% 6% 6% 6% 7% 8% 7% 7% 7% 7% 7% 7% 8% 8% 8% 8% 8% 8% 7% 7% 7% NA
Jan-03 6% 5% 5% 5% 6% 7% 7% 6% 7% 7% 7% 7% 7% 7% 7% 7% 7% 8% 7% 7% 7% NA NA
Jan-04 3% 4% 5% 6% 8% 7% 6% 7% 7% 7% 7% 7% 8% 7% 7% 7% 8% 7% 7% 7% NA NA NA
Jan-05 5% 6% 7% 9% 7% 7% 7% 7% 8% 8% 8% 8% 8% 8% 8% 8% 8% 7% 7% NA NA NA NA
Jan-06 7% 8% 10% 8% 7% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% NA NA NA NA NA
Jan-07 10% 12% 8% 7% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% NA NA NA NA NA NA
Jan-08 14% 7% 6% 7% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 7% NA NA NA NA NA NA NA
Jan-09 1% 3% 5% 6% 6% 7% 7% 7% 7% 7% 7% 8% 7% 7% 7% NA NA NA NA NA NA NA NA
Jan-10 5% 7% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8% NA NA NA NA NA NA NA NA NA
Jan-11 9% 9% 9% 9% 9% 9% 9% 8% 8% 9% 8% 8% 8% NA NA NA NA NA NA NA NA NA NA
Jan-12 10% 9% 9% 9% 9% 9% 8% 8% 9% 8% 8% 8% NA NA NA NA NA NA NA NA NA NA NA
Jan-13 8% 9% 9% 9% 8% 8% 8% 8% 8% 7% 7% NA NA NA NA NA NA NA NA NA NA NA NA
Jan-14 10% 9% 9% 8% 8% 8% 8% 8% 7% 7% NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-15 8% 9% 8% 8% 8% 8% 8% 7% 7% NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-16 9% 8% 7% 8% 8% 7% 7% 7% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-17 7% 7% 7% 8% 7% 7% 7% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-18 7% 8% 8% 7% 7% 7% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-19 9% 9% 7% 6% 7% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Returns >=6%
Jan-20 9% 7% 6% 6% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-21 4% 4% 5% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0 to <6%
NA NA NA
Jan-22 4% 6% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Less than
NA 0%NA NA
Jan-23 7% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

How to read the table: Column 1 indicates the starting date of SIP. The Row named ‘Year’ indicates the time frame on investment – 1Y, 2Y, 3Y etc

Source: MFI, FundsIndia Research. *Debt: Index calibrated based on the Debt Schemes - Aditya Birla SL Low Duration Fund, HDFC Low Duration Fund, Aditya Birla SL Corporate Bond Fund.
 India Rate Hike Cycle – PAUSE for now
Repo Rate
9.0%

8.0%

6.50%
7.0%

6.0%

5.0%

4.0%

3.0%
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24

RBI continues to prioritize controlling inflation -

In its last monetary policy update (7-June-2024), RBI kept the repo rate unchanged.

• Inflation forecast for FY25 retained at 4.5%

• GDP Growth forecast for FY25 at 7.2% (increased from 7.0% in April MPC)

Source: Indiamacroadvisors.com, RBI, FundsIndia Research. As on 30-Jun-24.

 1Y & 10Y Indian Government Bond Yields may have
peaked Latest: 7.0%
10Y Gsec (%)
8.5 1 month back: 7.0%
6 months back: 7.2%
8.0

7.5

7.0

6.5

6.0

5.5
Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24

1Y Gsec (%) Latest: 6.9%

9.0 1 month back: 7.1%
6 months back: 7.2%
8.0

7.0

6.0

5.0

4.0

3.0
Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24

Source: Investing.com, FundsIndia Research. Latest date: 08-Jul-24, 1 month back: 08-Jun-24, 6 month back: 08-Jan-24
 Yields continue to remain elevated

India G-Sec Yield Curve

8.0

7.5

7.2 7.2
7.1 7.1
7.0

6.9 7.0 7.0

6.9

6.5

6.0
0Y 1Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y 11Y 12Y 13Y 14Y 15Y
08-Jul-24 1M back 6M back

Source: worldgovernmentbonds.com, FundsIndia Research Latest date: 08-Jul-24, 1 month back: 08-Jun-24, 6 month back: 08-Jan-24
 US & India Inflation – Early signs of easing

India CPI U.S. CPI

Latest: 4.8% Latest: 3.3%
1 month back: 4.8% 1 month back: 3.4%
6 months back: 5.5% 6 months back: 3.1%

Inflation (YoY %)
14.00%

12.00%

10.00%

8.00%

6.00%

4.00%

2.00% Signs of easing

0.00%

-2.00%
Jul-14
Jul-12

Jul-13

Jul-15

Jul-16

Jul-17

Jul-18

Jul-19

Jul-20

Jul-21

Jul-22

Jul-23
Apr-15
Apr-12

Apr-13

Apr-14

Apr-16

Apr-17

Apr-18

Apr-19

Apr-20

Apr-21

Apr-22

Jan-23
Apr-23

Apr-24
Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Oct-23
Jan-24
Oct-12

Oct-13

Oct-14

Oct-15

Oct-16

Oct-17

Oct-18

Oct-19

Oct-20

Oct-21

Oct-22
India US

Source: investing.com, FundsIndia Research. As on 31-May-2024

 FD Rates have increased in the recent past – but post tax
returns* are still low
6 Months
HDFC Bank ICICI Bank SBI Bank PNB Bank Bank FD Average
Pre-Tax 4.50 4.75 6.00 6.00 5.31
Post-Tax 3.14 3.31 4.18 4.18 3.70
1 Year
HDFC Bank ICICI Bank SBI Bank PNB Bank Bank FD Average
Pre-Tax 6.60 6.70 6.80 6.75 6.71
Post-Tax 4.62 4.69 4.76 4.73 4.70
2 Years
HDFC Bank ICICI Bank SBI Bank PNB Bank Bank FD Average
Pre-Tax 7.00 7.20 7.00 6.80 7.00
Post-Tax 4.95 5.09 4.95 4.81 4.95
3 Years
HDFC Bank ICICI Bank SBI Bank PNB Bank Bank FD Average
Pre-Tax 7.15 7.00 6.75 7.00 6.98
Post-Tax 5.11 5.00 4.82 5.00 4.98
5 Years
HDFC Bank ICICI Bank SBI Bank PNB Bank Bank FD Average
Pre-Tax 7.00 7.00 6.50 6.50 6.75
Post-Tax 5.09 5.09 4.72 4.72 4.90
Source: Respective Bank Websites (for deposits below 2cr), FundsIndia Research. As on 30-Jun-2024. *Taxation at the rate of 30% has been considered.
 Indian Debt - Takeaways

1. Over the Long Term (10-15 years) Debt has provided returns above inflation

2. Long Term Return Expectation = Inflation + 1-2%

3. High Credit Quality, Shorter Duration Debt Funds should form a part of your Core Debt Portfolio
Gold Returns
 Gold has beaten Inflation over the long run
Year wise Outperformance of Gold vs Inflation (1995 to 2023)

Average 4% 4% 4% 4% 4% 4% 4% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 4% 4% 4% 4% 3% 4% 4%
Maximum 23% 20% 17% 17% 16% 15% 16% 14% 14% 14% 12% 11% 10% 9% 8% 6% 6% 6% 7% 7% 6% 6% 6% 6% 5% 5% 4% 4% 4%
Minimum -27% -18% -14% -13% -8% -7% -6% -3% -1% -1% 0% 0% 2% 2% 4% 4% 4% 3% 2% 2% 2% 2% 3% 3% 3% 3% 3% 3% 4%
Years 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29
Jan-95 4% -4% -10% -8% -6% -6% -6% -2% -1% -1% 1% 2% 2% 3% 4% 5% 6% 5% 3% 3% 2% 2% 3% 3% 3% 4% 3% 3% 4%
Jan-96 -12% -16% -11% -8% -8% -7% -3% -2% -1% 0% 2% 2% 3% 5% 5% 6% 5% 3% 2% 2% 3% 3% 3% 3% 4% 3% 3% 4% NA
Jan-97 -20% -12% -8% -8% -6% -2% 0% 0% 1% 3% 4% 4% 6% 6% 7% 6% 4% 3% 2% 3% 3% 3% 4% 4% 4% 4% 4% NA NA
Jan-98 -4% 0% -3% -2% 2% 4% 3% 5% 7% 6% 8% 8% 8% 9% 8% 5% 5% 4% 5% 4% 4% 5% 5% 5% 5% 5% NA NA NA
Jan-99 3% -3% -2% 3% 5% 4% 6% 7% 7% 8% 10% 10% 10% 9% 6% 5% 5% 5% 5% 4% 5% 6% 5% 5% 5% NA NA NA NA
Jan-00 -9% -4% 4% 6% 4% 7% 8% 8% 8% 10% 10% 11% 9% 7% 6% 4% 5% 5% 5% 5% 6% 5% 5% 6% NA NA NA NA NA
Jan-01 -1% 10% 10% 7% 10% 11% 9% 11% 12% 12% 12% 11% 8% 7% 5% 6% 6% 5% 6% 7% 6% 6% 6% NA NA NA NA NA NA
Jan-02 21% 15% 10% 12% 13% 11% 13% 14% 14% 14% 12% 8% 7% 6% 6% 6% 6% 6% 7% 6% 6% 6% NA NA NA NA NA NA NA
Jan-03 10% 5% 10% 11% 10% 12% 13% 13% 13% 11% 8% 7% 5% 5% 5% 5% 6% 6% 6% 6% 6% NA NA NA NA NA NA NA NA
Jan-04 0% 8% 11% 10% 11% 13% 13% 14% 11% 7% 5% 5% 4% 4% 5% 5% 6% 5% 5% 6% NA NA NA NA NA NA NA NA NA
Jan-05 18% 18% 13% 15% 16% 15% 16% 13% 7% 7% 5% 5% 5% 5% 5% 6% 5% 6% 6% NA NA NA NA NA NA NA NA NA NA
Jan-06 17% 11% 14% 16% 15% 15% 13% 7% 5% 4% 4% 3% 4% 5% 6% 5% 5% 5% NA NA NA NA NA NA NA NA NA NA NA
Jan-07 5% 13% 15% 14% 15% 12% 5% 3% 2% 3% 2% 3% 4% 5% 4% 4% 4% NA NA NA NA NA NA NA NA NA NA NA NA
Jan-08 21% 20% 17% 17% 13% 5% 4% 1% 2% 3% 3% 3% 5% 4% 5% 5% NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-09
Jan-10
19%
11%
16%
15%
16%
8%
11%
-3%
2%
-2%
1%
-4%
-2%
-3%
0%
-2%
1%
-1%
1%
1%
2%
3%
3%
1%
3%
2%
3%
2%
4%
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Gold has outperformed
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Jan-11 19% 5% -7% -6% -8% -4% -4% -3% -1% 1% 1% 2% 2% NA NA NA NA NA NA NA NA inflation by 2-4% over the
NA NA NA NA NA NA NA NA

long run
Jan-12 -8% -18% -13% -13% -8% -7% -6% -2% 0% -1% 0% 0% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-13 -27% -15% -14% -9% -7% -5% -2% 0% -1% 0% 1% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-14 -4% -8% -2% -1% 0% 2% 5% 4% 4% 5% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-15 -12% -1% 0% 1% 4% 6% 4% 5% 6% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-16 11% 5% 5% 8% 10% 7% 7% 8% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-17 0% 2% 8% 10% 7% 7% 7% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-18 5% 11% 15% 9% 9% 8% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-19 17% 19% 10% 9% 9% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-20 23% 6% 7% 7% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-21 -7% -1% 3% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-22 7% 8% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-23 10% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Outperformance >=0%
Outperformance < 0%

Source: Gold.org, FundsIndia Research. How to read the table: Column 1 indicates the starting date of Lumpsum. The Row named ‘Year’ indicates the time frame on investment – 1Y, 2Y, 3Y etc
CII data is used for Inflation.
 Gold Returns = Inflation + 2-4% over long run
Average 10% 9% 9% 9% 9% 9% 9% 9% 9% 9% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9% 9%
Max 31% 27% 24% 25% 24% 23% 23% 22% 19% 20% 19% 18% 16% 15% 15% 13% 12% 12% 13% 13% 12% 12% 12% 12% 12% 12% 12% 12% 11% 11% 11% 10% 10% 10% 11% 10% 10% 10% 10% 10% 10% 10% 9% 9%
Min -22% -9% -8% -5% -3% -1% 1% 1% 3% 4% 4% 5% 6% 6% 7% 7% 5% 6% 5% 5% 5% 5% 6% 6% 6% 7% 7% 8% 8% 9% 9% 9% 9% 9% 8% 8% 8% 8% 8% 8% 9% 9% 9% 9%
Years 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44
Jan-80 10% -7% 1% -1% -2% -1% 3% 5% 4% 5% 5% 7% 7% 8% 7% 8% 7% 6% 6% 6% 5% 5% 6% 6% 6% 7% 7% 8% 8% 9% 9% 10% 10% 9% 9% 8% 8% 8% 8% 8% 9% 9% 9% 9%
Jan-81 -22% -3% -5% -5% -3% 2% 4% 4% 4% 4% 6% 6% 8% 7% 7% 7% 5% 6% 5% 5% 5% 6% 6% 6% 7% 7% 8% 8% 9% 9% 10% 10% 9% 9% 8% 8% 8% 8% 8% 9% 9% 9% 9% NA
Jan-82 19% 5% 2% 2% 7% 9% 8% 8% 7% 10% 9% 11% 10% 10% 9% 7% 7% 7% 7% 7% 8% 8% 7% 8% 9% 9% 10% 10% 10% 11% 11% 10% 10% 9% 9% 9% 9% 9% 10% 9% 10% 10% NA NA
Jan-83 -8% -6% -3% 4% 7% 6% 6% 6% 9% 8% 10% 9% 9% 8% 7% 7% 7% 6% 6% 7% 7% 7% 8% 8% 8% 9% 10% 10% 11% 11% 10% 9% 9% 9% 9% 9% 9% 10% 9% 9% 9% NA NA NA
Jan-84 -4% -1% 8% 11% 9% 9% 8% 11% 10% 12% 11% 11% 10% 8% 8% 7% 7% 7% 8% 8% 8% 8% 9% 9% 10% 10% 11% 11% 11% 10% 10% 9% 9% 9% 9% 10% 10% 10% 10% 10% NA NA NA NA
Jan-85 2% 15% 17% 12% 12% 10% 13% 12% 14% 12% 12% 11% 9% 9% 8% 8% 8% 9% 9% 8% 9% 9% 10% 11% 11% 11% 12% 12% 11% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% NA NA NA NA NA
Jan-86 29% 25% 16% 14% 12% 15% 14% 15% 13% 13% 12% 9% 9% 9% 8% 8% 9% 9% 9% 9% 10% 10% 11% 11% 12% 12% 12% 11% 11% 10% 10% 10% 10% 10% 11% 10% 10% 10% NA NA NA NA NA NA
Jan-87 21% 10% 9% 8% 12% 11% 13% 11% 12% 10% 8% 8% 7% 7% 7% 8% 8% 8% 8% 9% 9% 10% 11% 11% 12% 12% 10% 10% 9% 10% 9% 9% 10% 10% 10% 10% 10% NA NA NA NA NA NA NA
Jan-88 0% 4% 4% 10% 10% 12% 10% 11% 9% 6% 7% 6% 6% 6% 7% 7% 7% 8% 8% 9% 10% 10% 11% 11% 11% 10% 10% 9% 9% 9% 9% 9% 10% 10% 10% 10% NA NA NA NA NA NA NA NA
Jan-89 8% 7% 14% 12% 15% 12% 12% 10% 7% 7% 7% 6% 6% 7% 8% 7% 8% 9% 9% 10% 11% 11% 12% 12% 11% 10% 9% 10% 9% 9% 10% 10% 10% 10% 10% NA NA NA NA NA NA NA NA NA
Jan-90 5% 17% 13% 17% 13% 13% 10% 7% 7% 7% 6% 6% 7% 8% 7% 8% 9% 9% 10% 11% 11% 12% 12% 11% 10% 9% 10% 9% 9% 10% 10% 10% 10% 10% NA NA NA NA NA NA NA NA NA NA
Jan-91 31% 18% 21% 15% 14% 11% 7% 7% 7% 6% 6% 8% 8% 7% 8% 9% 10% 11% 11% 12% 12% 12% 11% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% NA NA NA NA NA NA NA NA NA NA NA
Jan-92 6% 16% 10% 11% 8% 4% 4% 4% 4% 4% 6% 6% 6% 7% 8% 8% 9% 10% 11% 12% 12% 10% 10% 9% 9% 9% 9% 9% 10% 9% 9% 10% NA NA NA NA NA NA NA NA NA NA NA NA
Jan-93 27% 12% 12% 8% 3% 4% 4% 4% 4% 6% 6% 6% 7% 8% 9% 10% 10% 11% 12% 12% 10% 10% 9% 9% 9% 9% 9% 10% 10% 10% 10% NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-94 -2% 5% 3% -2% 0% 1% 1% 1% 3% 4% 4% 5% 7% 7% 9% 9% 10% 11% 11% 9% 9% 8% 8% 8% 8% 9% 9% 9% 9% 9% NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-95 13% 5% -2% 0% 1% 1% 1% 4% 5% 5% 6% 7% 8% 9% 10% 11% 12% 12% 10% 10% 9% 9% 9% 9% 9% 10% 9% 9% 10% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-96 -3% -9% -3% -2% -1% 0% 3% 4% 4% 5% 7% 8% 9% 10% 11% 12% 12% 10% 9% 9% 9% 9% 9% 9% 10% 9% 9% 10% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-97 -14% -4% -2% -1% 0% 4% 5% 5% 6% 8% 9% 10% 11% 12% 13% 13% 11% 10% 9% 9% 9% 9% 10% 10% 10% 10% 10% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-98 7% 5% 4% 4% 8% 9% 8% 9% 11% 11% 13% 13% 14% 15% 15% 12% 12% 11% 11% 10% 10% 11% 11% 11% 11% 11% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-99 3% 2% 3% 8% 9% 8% 10% 11% 12% 13% 14% 15% 16% 15% 13% 12% 11% 11% 11% 10% 11% 12% 11% 11% 11% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-00 1% 3% 10% 11% 8% 11% 12% 13% 14% 15% 16% 17% 16% 14% 13% 11% 11% 11% 11% 11% 12% 11% 11% 12% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-01 4% 14% 14% 10% 13% 14% 14% 16% 16% 17% 18% 18% 15% 14% 12% 12% 12% 11% 12% 13% 12% 12% 12% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-02 25% 19% 12% 15% 16% 16% 18% 18% 19% 20% 19% 15% 14% 13% 12% 12% 12% 12% 13% 12% 12% 12% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-03 14% 7% 12% 14% 15% 17% 17% 18% 19% 18% 15% 14% 12% 12% 11% 11% 12% 12% 12% 12% 12% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-04 0% 10% 14% 15% 17% 18% 19% 20% 19% 15% 13% 12% 11% 11% 11% 11% 12% 11% 11% 12% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-05 22% 22% 20% 22% 22% 22% 23% 22% 16% 15% 13% 12% 12% 12% 12% 13% 12% 12% 12% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-06 21% 19% 22% 22% 22% 23% 22% 16% 14% 12% 12% 11% 11% 12% 13% 12% 12% 12% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-07 17% 23% 22% 22% 24% 22% 15% 13% 11% 11% 10% 10% 11% 12% 11% 11% 11% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-08 29% 24% 24% 25% 23% 15% 13% 10% 10% 10% 10% 10% 12% 11% 11% 11% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-09 19% 22% 24% 21% 12% 10% 7% 8% 8% 8% 9% 10% 9% 9% 10% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-10 24% 27% 22% 10% 9% 6% 6% 6% 7% 8% 10% 8% 9% 9% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-11 29% 20% 6% 5% 2% 4% 4% 4% 6% 8% 7% 8% 8% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-12 12% -4% -2% -4% -1% 0% 1% 4% 6% 5% 6% 6% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-13 -18% -8% -8% -4% -2% 0% 3% 5% 4% 5% 6% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-14 2% -3% 1% 3% 4% 6% 9% 8% 8% 9% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-15 -8% 1% 3% 4% 7% 10% 8% 9% 10% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-16 11% 8% 8% 11% 14% 11% 11% 12% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Returns
NA NA >=10%
NA NA NA NA
Jan-17 6% 7% 12% 15% 12% 12% 12% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
7 to <10%
Jan-18 8% 15% 19% 13% 13% 13% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-19 21% 24% 15% 14% 14% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA 0 NA
to <7%
NA NA NA NA NA
Jan-20 28% 11% 12% 12% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Less than 0%
Jan-21 -3% 4% 8% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-22 12% 13% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-23 15% NA NA NA NA NA NA NA NA NA Year wise Lumpsum Returns of Gold (1980 to 2023)
NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Source: Gold.org, FundsIndia Research. How to read the table: Column 1 indicates the starting date of Lumpsum investment. The Row named ‘Year’ indicates the time frame on investment – 1Y, 2Y, 3Y etc
 However, Gold has underperformed Equities over
longer time frames
Year wise Outperformance of Gold vs Nifty 50 TRI (2000 to 2023)
Average -4% -3% -3% -4% -3% -3% -3% -2% -2% -2% -2% -2% -2% -2% -2% -2% -3% -3% -3% -3% -3% -3% -3% -1%
Maximum 79% 34% 23% 31% 23% 14% 10% 7% 6% 3% 4% 5% 4% 2% 2% 1% -1% -1% -2% -1% -1% -2% -2% -1%
Minimum -65% -34% -28% -27% -29% -21% -14% -10% -10% -11% -9% -9% -7% -6% -7% -6% -5% -5% -5% -5% -5% -4% -3% -1%
Years 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Jan-00 15% 17% 18% 2% -1% -3% -5% -9% 4% 0% 0% 5% 3% 1% -1% -2% -1% -2% -2% -2% -1% -2% -2% -1%
Jan-01 19% 19% -3% -6% -7% -9% -14% 2% -3% -2% 4% 2% 0% -2% -3% -2% -3% -3% -2% -1% -3% -2% -3% NA
Jan-02 19% -19% -16% -16% -17% -21% 0% -6% -5% 2% 0% -3% -5% -4% -4% -5% -4% -4% -3% -5% -4% -4% NA NA
Jan-03 -65% -34% -28% -27% -29% -3% -10% -8% 0% -2% -4% -6% -6% -5% -7% -6% -5% -5% -5% -5% -5% NA NA NA
Jan-04 -11% -14% -16% -21% 6% -2% -1% 7% 4% 1% -3% -2% -2% -3% -3% -3% -2% -3% -3% -2% NA NA NA NA
Jan-05 -17% -18% -26% 11% 0% 1% 10% 7% 1% -1% -1% -1% -3% -2% -2% -1% -3% -2% -3% NA NA NA NA NA
Jan-06 -21% -30% 18% 4% 4% 13% 9% 4% 0% 0% 1% -2% -1% 0% 0% -1% -1% -1% NA NA NA NA NA NA
Jan-07 -40% 34% 11% 9% 20% 14% 7% 2% 2% 2% 0% 0% 1% 1% -1% 0% -1% NA NA NA NA NA NA NA
Jan-08 79% 31% 23% 31% 23% 13% 7% 6% 6% 3% 3% 3% 4% 2% 2% 1% NA NA NA NA NA NA NA NA
Jan-09 -54% -22% 8% 1% -5% -10% -9% -7% -8% -7% -6% -5% -7% -6% -5% NA NA NA NA NA NA NA NA NA
Jan-10 5% 32% 16% 4% -2% -3% -2% -4% -3% -2% -1% -4% -2% -3% NA NA NA NA NA NA NA NA NA NA
Jan-11 53% 20% 4% -4% -5% -2% -5% -5% -3% -2% -4% -3% -4% NA NA NA NA NA NA NA NA NA NA NA
Jan-12 -18% -22% -25% -20% -14% -16% -13% -10% -9% -11% -9% -9% NA NA NA NA NA NA NA NA NA NA NA NA
Jan-13 -25% -27% -19% -14% -15% -12% -9% -8% -10% -8% -8% NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-14 -31% -17% -9% -12% -9% -7% -4% -7% -6% -6% NA NA NA Over 15-20 year periods, Gold has usually
NA NA NA NA NA NA NA NA NA NA NA
Jan-15
Jan-16
-5%
7%
0%
-8%
-6%
-5%
-5%
-2%
-2%
1%
-1%
-4%
-5%
-3%
-3%
-3%
-3%
NA
NA
NA
NA
NA
NA
NA
NA
NA
underperformed equities by 2-3%
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Jan-17 -23% -10% -4% -1% -6% -4% -4% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-18 2% 5% 7% -2% 0% -1% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-19 8% 9% -3% -1% -2% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-20 12% -10% -3% -5% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-21 -28% -11% -9% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-22 6% 0% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA
Jan-23 -6% NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Outperformance >=0%
Outperformance < 0%

Source: Gold.org, FundsIndia Research. How to read the table: Column 1 indicates the starting date of Lumpsum. The Row named ‘Year’ indicates the time frame on investment – 1Y, 2Y, 3Y etc.
Nifty 50 TRI is used for the comparison of gold versus equities.
 Gold Returns have beaten inflation in the long term but
goes through long intermittent periods of subdued returns

Latest: Rs. 6,247 per gm Gold Price (INR per gram)

7,000 1 month back: Rs. 6,286 per gm
6 months back: Rs. 5,558 per gm
6,000
Gold Returns (%)

5,000 10Y 20Y 30Y 40Y

9.4 12.6 9.7 10.1

4,000

3,000

2,000

1,000

0
Jan-80 Jan-82 Jan-84 Jan-86 Jan-88 Jan-90 Jan-92 Jan-94 Jan-96 Jan-98 Jan-00 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10 Jan-12 Jan-14 Jan-16 Jan-18 Jan-20 Jan-22 Jan-24

Source: gold.org (gold prices exclude taxes and levies), FundsIndia Research. As on 30-Jun-2024.
 1980-1989: It took gold 10 years to hit its 1980 peak once
again

Gold (Jan-1980 to Nov-1989)

8000

7000

6000

5000

4000

3000

2000

Source: Gold.org, FundsIndia Research. Gold prices used are for 1 troy ounce (1 troy ounce = 31.1035gms).
 1996-2002: It took gold ~7 years to hit its 1996 peak
once again
Gold (Feb-1996 to May-2002)
17000

16000

15000

14000

13000

12000

11000

10000

Source: Gold.org, FundsIndia Research. Gold prices used are for 1 troy ounce (1 troy ounce = 31.1035gms).
 2012-2019: It took gold ~7 years to hit its 2012 peak
once again
Gold (Nov-2012 to Jun-2019)
105000

100000

95000

90000

85000

80000

75000

70000

65000

60000

Source: Gold.org, FundsIndia Research. Gold prices used are for 1 troy ounce (1 troy ounce = 31.1035gms).
 Gold witness 10-15% temporary declines almost every
year
Gold : Year-wise Drawdown (1980 to 2024 YTD)

1992

2009
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991

1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
0%

-5% -4% -5%

-7% -7% -6% -7% -7% -7% -8%
-10% -9% -8% -7%
-9%
-10% -11% -10%
-10% -11%
-12% -12%
-15% -12% -13% -13% -13% -13%
-14% -14% -15% -8% -15%
-16% -17% -17% -16% -17% -16%
-17% -15%
-20%
-21%
-22% Average : -13% -23%
-25% -23%
-23%
-30% -24%

-35%

-40%
-41%
-45%

Only 13 out of the last 44 calendar years, had intra-year declines less than 10%

Source: Gold.org, FundsIndia Research. Note: Drawdown of 2024 updated till 30-Jun-2024. Gold prices used are for 1 troy ounce (1 troy ounce = 31.1035gms).
 Despite an intra-year decline of more than 10% almost
every year, 3 out of 4 years ended with positive returns!
Gold (1980 to 2024 YTD) - Calendar Year Returns vs Drawdown
1981

1992

2005

2016
1980

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2017

2018

2019

2020

2021

2022

2023

2024
40%
31% 29%
30% 29% 28%
30% 26%
23% 25% 24% Returns Average : 9%
22%
21% 19% 21%
20% 18% 17% 15%
14% 14% 12%
12% 12%
7% 11% 8%
10% 6%
4% 5% 6% 6%
4% 3% 4%
-20% 2% -8%
-8% -5% 0% -1% -14% 1%
-3% 0% -18% -3%
0%

-4% -5%
-10% -7% -7% -6% -7% -7% -7% -7% -8%
-9% -10% -8% -9% -8%
-10%-12% -11% -11% -10%
-12% -13% -12% -13%
-14% -14% -15% -13% -13%
-16% -16% -15% -15%
-20% -17% -17% -17% -17% -16%
-22% -21%
-23%-23% -23%
-30% -24%

Drawdown Average : -13%

-40%
-41%

-50%

Despite the markets having intra-year declines every year, 34 out of 44 years ended with positive returns

Source: Gold.org FundsIndia Research. Note: Drawdown and Returns of 2024 updated till 30-Jun-2024. Gold prices used are for 1 troy ounce (1 troy ounce = 31.1035gms).
 Temporary declines are frequent - 51% of the days, Gold
is down more than 10% from the peak

% of days Gold traded below % of days Sensex traded below

Drawdown from
the drawdown threshold the drawdown threshold
Peak
(Since Jan-1980) (Since Jan-1980)

< 0% 96% 93%

< -5% 73% 67%

Gold is as volatile
< -10% 51% 49% as equities, 49% of
the days Sensex is
< -20% 26% 28% down more than
10% from the peak.
< -30% 11% 16%

< -40% 3% 8%

< -50% 1% 2%

Source: Gold.org, FundsIndia Research. Note: Data as of 30-Jun-2024. Gold prices used are for 1 troy ounce (1 troy ounce = 31.1035gms).
 Temporary market declines of 30-60%, historically has
occurred once every 10-15 years
Historically, large market falls (of more than 30%) and subsequent recoveries have taken around 7-8 years

Time Taken for Time Taken to

Fall & Recovery
Peak Date Peak Value Trough Date Trough Value Fall from Peak Recovery Date Gold Value Fall Recover
(in yrs)
(in yrs) (in yrs)

18-Jan-80 6,496 23-Jun-82 2,859 -56% 09-Nov-89 6,507 2Y 6M 7Y 5M 9Y 11M

05-Feb-96 15,721 15-Jul-99 10,954 -30% 24-May-02 15,717 3Y 6M 2Y 10M 6Y 4M
26-Nov-12 97,582 22-Jul-15 69,225 -30% 25-Jun-19 99,271 2Y 8M 3Y 11M 6Y 7M

Average 2Y 8M 4Y 7M 7Y 6M
Max 3Y 6M 7Y 5M 9Y 11M
Min 2Y 6M 2Y 10M 6Y 4M

Source: Gold.org, FundsIndia Research. Gold prices used are for 1 troy ounce (1 troy ounce = 31.1035gms).
 Gold occasionally saw large temporary falls >30%
Frequency of Market Declines

Gold - Drawdown (1980 - 2024 YTD)

2006

2022
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005

2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021

2023
2024
0%

-10%

-20%

-30%

-40%

-50%

-60%

-70%

Source: Gold.org, FundsIndia Research. Note: Data for 2024 updated till 30-Jun-2024. Gold prices used are for 1 troy ounce (1 troy ounce = 31.1035gms).
 Gold shows inverse correlation to US Real Yields

10 Yr Treasury Bond Real Yield Gold Price (USD/Troy Ounce)

Latest: 2.0% Latest: 2,331
1 month back: 2.2% 1 month back: 2,349
6 months back: 1.7% 6 months back: 2,078

US 10 Yr Real Yield (%) vs Gold (USD/Troy Ounce)

3.5 2,600

3.0
2,400
2.5
2,200
2.0
2,000
1.5

1.0 1,800

0.5
1,600
0.0
1,400
-0.5
1,200
-1.0

-1.5 1,000
Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24

US 10 Yr Real Yield Gold (USD)

Source: fred.stlouisfed.org, FundsIndia Research. As on 30-Jun-2024. 1 Troy Ounce = 31.1 grams.US 10 Yr Real Yield is calculated based on yields of treasury inflation protected securities (TIPS).
 Gold - Takeaways

1. Over the Long Term (10-15 years) Gold has provided returns above inflation

2. Long Term Return Expectation = Inflation + 2-4% but…

3. Gold also goes through extended interim periods of subdued returns

4. Gold Returns in INR are driven by

1. Gold Price (in USD) – inversely correlated to US Real Yields
2. Currency (USD-INR) movement
Real Estate Returns
 Real Estate goes through cycles of 7-10 years

Calendar year returns of NHB Housing Price Index (Residex)

2002-12: 15% CAGR

24%
23%
22%

18% 18% 18%

2013-23: 5% CAGR
14%

10%
9% 9% 9%
8%
7%
6% 6%
5% 5% 5%
3% 4%
2% 2%
1%

Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 YTD 2024
(Mar-24)

2002-23: 10% CAGR

Source: NHB, Indiabudget.gov.in. Returns are calculated based on NHB Residex. YTD returns updated till Mar-24
Returns for the period Dec-02 to Dec-07 are considered for 5 cities- Delhi, Bangalore, Mumbai, Bhopal & Kolkata. Post Dec-07, returns are considered for 15 cities which includes 10 additional cities- Hyderabad, Faridabad, Patna,
Ahmedabad, Chennai, Jaipur, Lucknow, Pune, Surat and Kochi. *CAGR stands for compound annual growth rate, is the rate at which an investment grows annually.
 WHEN you enter “Real Estate Cycle” is a key driver
of long term returns
Year wise Lumpsum Returns of Real estate (2001 to 2022)

Returns >=10%
7 to <10%
Source: NHB, Indiabudget.gov.in. Returns are calculated based on NHB Residex. 0 to <7%
For the period Dec-01 to Dec-07, returns for 5 cities are considered- Delhi, Bangalore, Mumbai, Bhopal & Kolkatta Less than 0%
Post Dec-07, returns for 15 cities are considered which includes 10 additional cities- Hyderabad, Faridabad, Patna, Ahmedabad, Chennai, Jaipur, Lucknow, Pune, Surat and Kochi
NAV is rebased to 100 from 2001
How to read the table: Column 1 indicates the starting date of Lumpsum. The Row named ‘Year’ indicates the time frame on investment – 1Y, 2Y, 3Y etc
 Real estate has beaten Inflation over longer time frames
provided the entry is right
Year wise Outperformance of Real estate vs Inflation (2001 to 2022)

Outperformance >=0%
Outperformance < 0%

Source: NHB, Indiabudget.gov.in, Income tax portal. Returns for real estate are based on NHB Residex.. Inflation data is based on Cost of Inflation Index (CII). The above table shows the Lumpsum returns of Real estate over Inflation.
How to read the table: Column 1 indicates the starting date of Lumpsum. The Row named ‘Year’ indicates the time frame on investment – 1Y, 2Y, 3Y etc
 But Real Estate has Underperformed Equities over long time
frames
Year wise Outperformance of Real estate vs Nifty 50 TRI (2001 to 2022)

Real Estate has underperformed equities

by 4-6% over the long run

Outperformance >=0%
Outperformance < 0%

Source: NHB, Indiabudget.gov.in, MFI. Returns for real estate are based on NHB Residex. The above table shows the Lumpsum returns of NHB Residex vs Lumpsum returns of Nifty 50 TRI
How to read the table: Column 1 indicates the starting date of Lumpsum. The Row named ‘Year’ indicates the time frame on investment – 1Y, 2Y, 3Y etc
 Real Estate - Takeaways

1. Over the Long Term (15-20 years) Real Estate has provided returns above inflation

2. Long Term Return Expectation = Inflation + 2-4% but…

3. Real Estate also goes through cycles (7-10 years of up-cycle followed by down-cycle)

4. WHEN you enter in the Real Estate Cycle is a key driver of long term returns
Inflation
 Know Your Enemy – Inflation!

Inflation rates in India (1981 - 2025)

13%
12%

11%
10% 10%
9% 9%
9% 9%
8% 9% 9% 9% 9%
8%
7% 7%
7%
6% 6%
6% 6% 6%
6% 6% 6%
5% 5% 5%
5% 5%
4% 4% 4% 4%
4% 4%
4% 4% 4%
3% 3% 3%

Source: Income tax portal. Inflation data is based on Cost of Inflation Index (CII)
Currency
 Indian Currency has weakened by 3-4% per annum vs
USD over the long run

Latest: Rs. 83.36 USD INR Exchange Rate

88
1 month back: Rs. 83.28
6 months back: Rs. 83.19
83

78 INR Depreciation (%)

73 1Y 3Y 5Y 10Y 15Y 20Y
1.5 3.9 3.9 3.3 3.8 3.0
68

63

58

53

48

43

38
Oct-01 Oct-02 Oct-03 Oct-04 Oct-05 Oct-06 Oct-07 Oct-08 Oct-09 Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Oct-18 Oct-19 Oct-20 Oct-21 Oct-22 Oct-23

Source: Investing.com, FundsIndia Research. As on 30-Jun-2024. Note: USD: US Dollar, INR: Indian Rupee.
Asset Allocation
 Winners keep changing across Asset Classes

US Equity was the worst performer in 2022

but finished as the best performer in 2023

Note:
Real Estate: Returns based on NHB House Price Index. Ind-Equity: Nifty 50 TRI, US-Equity: S&P 500 TRI. Debt: Index calibrated based on the Debt Schemes - Aditya Birla SL Low Duration Fund, HDFC Low
Duration Fund, Aditya Birla SL Corporate Bond Fund.
CY-2010 Returns since 01-Apr-10. 2024 YTD Returns as on 30-Jun-2024. CY 2024 Real Estate Returns are updated till Mar-2024.
Source: MFI, NHB, gold.org, FundsIndia Research
 Asset Allocation is an important driver of long-term returns

Past Annualised Returns

Max Min 1Y Max 1Y
Portfolio
Drawdown Return Return
1Y 3Y 5Y 7Y 10Y 15Y 20Y

Equity 70% : Debt 30% 21% 14% 14% 13% 12% 12% 14% -40% -35% 74%
Equity 50% : Debt 50% 17% 11% 12% 11% 11% 11% 13% -27% -23% 52%
Equity 30% : Debt 70% 13% 9% 10% 10% 9% 9% 11% -14% -10% 32%

Ind Equity (Nifty 50 TRI) 27% 17% 17% 16% 14% 14% 16% -59% -55% 110%
US Equity (S&P 500 TR) 28% 14% 20% 19% 17% 19% 14% -44% -33% 71%
Debt 7% 6% 7% 7% 7% 7% 7% -4% 0% 15%
Gold 24% 14% 15% 13% 9% 10% 13% -29% -21% 79%

Source: MFI, FundsIndia Research. Period considered from 30-Dec-99 to 30-Jun-24

Ind-Equity - Nifty 50 TRI ; US-Equity - S&P 500 TRI ; Gold price - Gold.org, Debt - Average returns of ABSL Low Duration Fund, HDFC Low Duration Fund & ABSL Corporate Bond Fund
Portfolio rebalanced at the end of every year provided the allocation deviates by +/-5%
 5Y Rolling Returns - 77% of the times a 70 Equity:30 Debt portfolio
delivered returns > 10%
Ind Equity US Equity
Rolling Equity 70% Equity 50% Equity 30%
(Nifty 50 (S&P 500 Debt Gold
Returns 5Y : Debt 30% : Debt 50% : Debt 70%
TRI) TR)
Avg 14% 13% 11% 16% 12% 8% 12%
Min 2% 4% 5% -1% -6% 6% -3%
Max 35% 27% 19% 47% 30% 9% 28%

>15% 28% 23% 8% 38% 46% 0% 36%

>12% 52% 37% 24% 66% 56% 0% 54%
>10% 77% 73% 49% 75% 59% 0% 64%
>7% 96% 98% 99% 87% 65% 71% 77%
>0% 100% 100% 100% 100% 91% 100% 93%
0 to -10% 0% 0% 0% 0% 9% 0% 7%
-10 to -20% 0% 0% 0% 0% 0% 0% 0%

Source: MFI, FundsIndia Research. Period considered from 30-Dec-99 to 30-Jun-24

Ind-Equity - Nifty 50 TRI ; US-Equity - S&P 500 TRI ; Gold price - Gold.org, Debt - Average returns of ABSL Low Duration Fund, HDFC Low Duration Fund & ABSL Corporate Bond Fund
This table shows the 5 year rolling returns for various asset allocation combinations (Indian Equity + Debt). Portfolio rebalanced at the end of every year provided the allocation deviates by +/-5%
 7Y Rolling Returns - 85% of the times a 70 Equity:30 Debt portfolio
delivered returns > 10%
Ind Equity US Equity
Rolling Equity 70% Equity 50% Equity 30%
(Nifty 50 (S&P 500 Debt Gold
Returns 7Y : Debt 30% : Debt 50% : Debt 70%
TRI) TR)
Avg 14% 13% 11% 15% 12% 8% 12%
Min 7% 8% 8% 5% -5% 6% -1%
Max 26% 21% 16% 30% 24% 9% 26%

>15% 29% 21% 3% 35% 51% 0% 37%

>12% 51% 39% 25% 65% 57% 0% 46%
>10% 85% 83% 50% 82% 63% 0% 57%
>7% 100% 100% 100% 98% 69% 76% 80%
>0% 100% 100% 100% 100% 95% 100% 99%
0 to -10% 0% 0% 0% 0% 5% 0% 1%
-10 to -20% 0% 0% 0% 0% 0% 0% 0%
Source: MFI, FundsIndia Research. Period considered from 30-Dec-99 to 30-Jun-24
Ind-Equity - Nifty 50 TRI ; US-Equity - S&P 500 TRI ; Gold price - Gold.org, Debt - Average returns of ABSL Low Duration Fund, HDFC Low Duration Fund & ABSL Corporate Bond Fund
This table shows the 7 year rolling returns for various asset allocation combinations (Indian Equity + Debt). Portfolio rebalanced at the end of every year provided the allocation deviates by +/-5%
 Higher Debt Exposure lowers portfolio declines during
market falls – but also lowers long term returns

Source: MFI, FundsIndia Research.

Ind-Equity - Nifty 50 TRI ; US-Equity - S&P 500 TRI ; Gold price - Gold.org, Debt - Average returns of ABSL Low Duration Fund, HDFC Low Duration Fund & ABSL Corporate Bond Fund
This table shows the 5 year rolling returns for various asset allocation combinations (Indian Equity + Debt). Portfolio rebalanced at the end of every year provided the allocation deviates by +/-5%
Diversification
 Avoid Chasing Performance – Past Winners in
Equity Mutual Funds may not be Future Winners
How did the 30 Top Funds Fare in the Subsequent 3Y Period?
2009-11 2012-14 2010-12 2013-15 2011-13 2014-16 2012-14 2015-17 2013-15 2016-18 2014-16 2017-19 2015-17 2018-20 2016-18 2019-21 2017-19 2020-22 2018-20 2021-23
1 38 1 103 1 1 1 7 1 2 1 6 1 175 1 22 1 165 1 190
2 15 2 15 2 40 2 48 2 34 2 30 2 20 2 17 2 161 2 192
3 31 3 33 3 27 3 8 3 166 3 168 3 161 3 63 3 53 3 70 The
4 27 4 13 4 31 4 2 4 140 4 95 4 68 4 184 4 33 4 189
number
1fund
5 17 5 57 5 53 5 33 5 116 5 148 5 139 5 84 5 166 5 13
6 14 6 11 6 11 6 12 6 106 6 116 6 177 6 163 6 41 6 175
7 1 7 2 7 12 7 44 7 134 7 160 7 64 7 98 7 94 7 93 of
8 16 8 12 8 26 8 114 8 14 8 130 8 95 8 97 8 164 8 126
2018-20
9 120 9 19 9 90 9 6 9 85 9 68 9 171 9 109 9 109 9 5
10 51 10 62 10 55 10 74 10 75 10 154 10 156 10 102 10 69 10 104
is
11 25 11 21 11 92 11 73 11 156 11 147 11 92 11 2 11 87 11 193 currently
12 101 12 6 12 14 12 30 12 46 12 166 12 122 12 39 12 149 12 195 ranked
13
14
29
36
13
14
27
128
13
14
104
24
13
14
13
46
13
14
43
60
13
14
167
129
13
14
154
9
13
14
105
156
13
14
152
54
13
14
153
147
190
15 104 15 93 15 2 15 126 15 125 15 144 15 173 15 85 15 162 15 106
16 24 16 30 16 144 16 20 16 96 16 109 16 90 16 106 16 123 16 2
17 116 17 43 17 10 17 51 17 131 17 137 17 93 17 59 17 17 17 151
18 67 18 91 18 81 18 3 18 12 18 98 18 116 18 144 18 105 18 152
19 74 19 55 19 96 19 37 19 57 19 120 19 71 19 49 19 95 19 150
20 105 20 14 20 141 20 28 20 105 20 113 20 147 20 119 20 146 20 89
21 3 21 132 21 137 21 11 21 145 21 163 21 100 21 57 21 145 21 128
22 12 22 121 22 136 22 85 22 91 22 104 22 129 22 171 22 147 22 187
23 131 23 70 23 47 23 10 23 101 23 88 23 172 23 117 23 122 23 191
24 113 24 45 24 52 24 9 24 49 24 157 24 142 24 182 24 125 24 158
25 2 25 24 25 147 25 19 25 55 25 85 25 85 25 38 25 179 25 98
26 139 26 38 26 25 26 16 26 129 26 66 26 32 26 15 26 120 26 173
27 35 27 47 27 95 27 141 27 44 27 133 27 135 27 23 27 49 27 100
28 64 28 44 28 80 28 25 28 26 28 164 28 102 28 77 28 195 28 196
29 102 29 40 29 43 29 23 29 79 29 87 29 127 29 169 29 21 29 154
30 100 30 146 30 113 30 31 30 158 30 67 30 134 30 46 30 45 30 55

Total Number of Funds in the Universe

125 145 135 148 141 152 145 158 148 167 152 168 158 177 167 186 168 200 178 213

Source: MFI, FundsIndia Research. The table shows the ranking of diversified equity funds (Largecap, Midcap, Smallcap, Flexicap, Large & Midcap, Multicap, ELSS, Value/Contra, Focused & Dividend Yield) based on 3 Year returns. The
first column in each section shows the rank based on 3Y Returns during the specified period. The second column shows the ranking of the same fund in the subsequent 3Y Period.
 Avoid Chasing Performance – Present Winners may
not have been Past Winners
How did the 30 Top Funds Fare in the Prior 3Y Period?
2009-11 2012-14 2010-12 2013-15 2011-13 2014-16 2012-14 2015-17 2013-15 2016-18 2014-16 2017-19 2015-17 2018-20 2016-18 2019-21 2017-19 2020-22 2018-20 2021-23
7 1 NA 1 1 1 35 1 NA 1 145 1 140 1 167 1 113 1 160 1
25 2 7 2 15 2 4 2 1 2 99 2 143 2 11 2 158 2 16 2
21 3 45 3 71 3 18 3 101 3 NA 3 77 3 79 3 67 3 166 3
NA 4 36 4 95 4 93 4 119 4 42 4 NA 4 89 4 149 4 133 4 The
51 5 49 5 135 5 NA 5 NA 5 40 5 56 5 93 5 159 5 9 5 number
46
76
6
7
12
53
6
7
96
52
6
7
9
1
6
7
46
39
6
7
1
53
6
7
139
79
6
7
88
118
6
7
166
41
6
7
96
147
6
7 1fund
NA 8 78 8 63 8 3 8 146 8 148 8 142 8 138 8 125 8 173 8 currently
45 9 108 9 70 9 24 9 45 9 141 9 14 9 NA 9 90 9 170 9 was
56 10 NA 10 17 10 23 10 125 10 143 10 114 10 137 10 109 10 169 10 ranked

160
58 11 6 11 6 11 21 11 66 11 66 11 85 11 NA 11 148 11 175 11
22 12 8 12 7 12 6 12 18 12 43 12 43 12 106 12 NA 12 5 12
31 13 4 13 76 13 13 13 48 13 118 13 131 13 166 13 157 13 107 13 during
6 14 20 14 12 14 136 14 8 14 NA 14 NA 14 70 14 154 14 122 14
2018-20
2 15 2 15 105 15 33 15 112 15 89 15 NA 15 26 15 135 15 116 15
8 16 39 16 33 16 26 16 NA 16 54 16 120 16 49 16 76 16 153 16
5 17 38 17 98 17 NA 17 106 17 111 17 128 17 2 17 17 17 140 17
38 18 67 18 68 18 78 18 49 18 125 18 130 18 149 18 96 18 NA 18
78 19 9 19 90 19 25 19 60 19 NA 19 129 19 77 19 133 19 86 19
54 20 61 20 141 20 16 20 59 20 138 20 2 20 148 20 95 20 NA 20
85 21 11 21 123 21 88 21 123 21 137 21 121 21 90 21 29 21 118 21
NA 22 73 22 112 22 44 22 127 22 136 22 152 22 1 22 NA 22 131 22
NA 23 94 23 45 23 29 23 58 23 83 23 89 23 27 23 NA 23 77 23
16 24 25 24 14 24 32 24 NA 24 NA 24 125 24 140 24 NA 24 68 24
11 25 91 25 26 25 28 25 80 25 102 25 70 25 NA 25 155 25 92 25
119 26 107 26 8 26 94 26 28 26 57 26 136 26 160 26 128 26 172 26
4 27 13 27 3 27 47 27 103 27 105 27 157 27 34 27 NA 27 164 27
99 28 NA 28 38 28 20 28 NA 28 61 28 137 28 142 28 68 28 87 28
13 29 123 29 100 29 49 29 136 29 123 29 117 29 134 29 88 29 63 29
116 30 16 30 136 30 12 30 62 30 2 30 105 30 82 30 147 30 NA 30

Total Number of Funds in the Universe

125 145 135 148 141 152 145 158 148 167 152 168 158 177 167 186 168 200 178 213

Source: MFI, FundsIndia Research. The table shows the ranking of diversified equity funds (Largecap, Midcap, Smallcap, Flexicap, Large & Midcap, Multicap, ELSS, Value/Contra, Focused & Dividend Yield) based on 3 Year returns. The
second column in each section shows the rank based on 3Y Returns during the specified period. The first column shows the ranking of the same fund in the prior 3Y Period. Funds which did not exist in the prior period have been
ranked as NA
 Only 1 out of 4 Top Funds continue to remain in top
over the next 3 years
ORIGINAL
3Y PERIOD SUBSEQUENT PERCENTAGE OF FUNDS THAT REMAINED IN TOP QUARTILE
(where the funds 3Y PERIOD
finished in the top IN THE SUBSEQUENT 3 YEAR PERIOD
quartile)

Average: 27%
2002-04 2005-07 36%
2003-05 2006-08 33%
2004-06 2007-09 21%
2005-07 2008-10 0%
2006-08 2009-11 14%
2007-09 2010-12 29%
2008-10 2011-13 21%
2009-11 2012-14 42%
2010-12 2013-15 42%
2011-13 2014-16 38%
2012-14 2015-17 68%
2013-15 2016-18 18%
2014-16 2017-19 10%
2015-17 2018-20 7%
2016-18 2019-21 22%
2017-19 2020-22 20%
2018-20 2021-23 26%

Source: FundsIndia Research, MFI; Note: The quartile ranking is based on returns of diversified equity mutual funds (Large Cap, Mid Cap, Small Cap, Flexicap, Large & Midcap, Multicap, ELSS, Value/Contra, Focused & Dividend Yield)
for 3 year periods starting Jan-02 to Dec-04 and returns for the subsequent 3 year periods.
 Only 1 out of 5 Top Funds continue to stay on top
over the next 5 years
ORIGINAL
5Y PERIOD SUBSEQUENT PERCENTAGE OF FUNDS THAT REMAINED IN TOP QUARTILE
(where the funds 5Y PERIOD
finished in the top IN THE SUBSEQUENT 5 YEAR PERIOD
quartile)

Average: 21%
2002-06 2007-11 9%

2003-07 2008-12 8%

2004-08 2009-13 14%

2005-09 2010-14 18%

2006-10 2011-15 14%

2007-11 2012-16 4%

2008-12 2013-17 14%

2009-13 2014-18 42%

2010-14 2015-19 25%

2011-15 2016-20 27%

2012-16 2017-21 29%

2013-17 2018-22 21%

2014-18 2019-23 48%

Source: FundsIndia Research, MFI; Note: The quartile ranking is based on returns of diversified equity mutual funds (Large Cap, Mid Cap, Small Cap, Flexicap, Large & Midcap, Multicap, ELSS, Value/Contra, Focused & Dividend Yield)
for 5 year periods starting Jan-02 to Dec-06 and returns for the subsequent 5 year periods.
 Diversify Across Investment Styles

Style Returns by Calendar Year

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD

Dividend Yield Global Size (Midcap) Global Value Momentum Value Momentum Quality Global Quality Value Value Value Value
34% 21% 47% 50% 79% 11% 25% 57% 9% 34% 26% 56% 23% 63% 30%

Value Quality Momentum Quality Size (Midcap) Low Volatility Global Size (Midcap) Low Volatility Nifty 50 TRI Size (Midcap) Momentum Nifty 50 TRI Size (Midcap) Momentum
31% -10% 39% 20% 63% 10% 15% 56% 7% 13% 26% 54% 6% 45% 30%

Quality Low Volatility Dividend Yield Momentum Momentum Size (Midcap) Dividend Yield Value Nifty 50 TRI Momentum Low Volatility Size (Midcap) Dividend Yield Dividend Yield Size (Midcap)
28% -12% 34% 13% 50% 10% 13% 47% 5% 11% 24% 48% 5% 44% 22%

Low Volatility Dividend Yield Value Nifty 50 TRI Quality Global Momentum Low Volatility Global Quality Global Dividend Yield Size (Midcap) Momentum Dividend Yield
25% -13% 32% 8% 40% 6% 10% 30% 4% 6% 21% 34% 4% 42% 17%

Size (Midcap) Momentum Low Volatility Low Volatility Low Volatility Quality Size (Midcap) Nifty 50 TRI Dividend Yield Low Volatility Momentum Global Low Volatility Low Volatility Global
20% -16% 32% 7% 37% 2% 7% 30% 1% 5% 20% 31% 2% 32% 16%

Momentum Nifty 50 TRI Quality Size (Midcap) Dividend Yield Nifty 50 TRI Nifty 50 TRI Quality Momentum Dividend Yield Nifty 50 TRI Quality Quality Quality Quality
20% -24% 31% -1% 37% -3% 4% 30% -2% 1% 16% 26% -4% 32% 13%

Nifty 50 TRI Size (Midcap) Nifty 50 TRI Dividend Yield Nifty 50 TRI Value Low Volatility Dividend Yield Size (Midcap) Size (Midcap) Dividend Yield Nifty 50 TRI Momentum Global Nifty 50 TRI
19% -31% 29% -5% 33% -7% 3% 29% -13% 1% 16% 26% -5% 28% 11%

Global Value Global Value Global Dividend Yield Quality Global Value Value Value Low Volatility Global Nifty 50 TRI Low Volatility
10% -38% 19% -14% 16% -9% 1% 15% -26% -14% 8% 24% -9% 21% 11%

Source: FundsIndia Research, MFI. The indices considered are as follows: Quality - Nifty 200 Quality 30 TRI, Value - Nifty 500 Value 50 TRI, Size (Midcap) - Nifty Midcap 150 TRI, Global - S&P 500 TR INR, Momentum -
Nifty 200 Momentum 30 TRI, Low Volatility - Nifty 100 Low Volatility 30 TRI, Dividend Yield - Nifty Dividend Opportunities 50 TRI. 2024 YTD - as on 30-Jun-24.
 Diversification by Investment Styles has outperformed the
Index over the long run
Compound Annualized Returns (%) No of times your money multiplied
Index
(as on 30-Jun-2024)
1Y 3Y 5Y 10Y 15Y 1Y 3Y 5Y 10Y 15Y
Quality 34.3 17.5 18.9 15.0 18.7 1.3x 1.6x 2.4x 4.0x 13.1x

Value 91.6 41.6 30.6 17.0 17.7 1.9x 2.8x 3.8x 4.8x 11.5x

Size (Midcap) 56.4 27.9 27.9 20.1 19.4 1.6x 2.1x 3.4x 6.3x 14.3x
Momentum 67.1 26.8 26.9 23.3 22.3 1.7x 2.0x 3.3x 8.1x 20.5x
Low Volatility 32.9 17.6 18.9 15.5 17.1 1.3x 1.6x 2.4x 4.2x 10.6x
Dividend Yield 49.3 25.9 21.5 14.5 16.7 1.5x 2.0x 2.6x 3.9x 10.2x
Nifty 50 TRI 26.7 16.5 16.7 13.6 13.5 1.3x 1.6x 2.2x 3.6x 6.7x
Nifty 500 TRI 38.7 20.0 19.8 15.1 14.6 1.4x 1.7x 2.5x 4.1x 7.7x
Source: FundsIndia Research, MFI. The indices considered are as follows: Quality - Nifty 200 Quality 30 TRI, Value - Nifty 500 Value 50 TRI, Size (Midcap) - Nifty Midcap 150 TRI, Momentum - Nifty 200 Momentum 30 TRI, Low
Volatility - Nifty 100 Low Volatility 30 TRI, Dividend Yield - Nifty Dividend Opportunities 50 TRI. 2024 YTD - as on 30-Jun-2024.
 Diversify Across Sectors
Sector Returns by Calendar Year
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD
Healthcare FMCG Media IT Financials Healthcare Metals Realty IT Realty Healthcare Metals Utilities Realty Realty
36% 9% 59% 58% 57% 12% 45% 106% 24% 27% 57% 70% 22% 79% 40%
Auto Healthcare Realty Healthcare Auto Media Oil & Gas Cons Disc. FMCG Financials IT Utilities Metals Auto Telecom
35% -13% 53% 21% 57% 10% 27% 54% 14% 26% 55% 64% 22% 48% 37%
FMCG Telecom Financials Telecom Cons Disc. Cons Disc. Auto Telecom Financials Telecom Cons Disc. IT FMCG Cons Disc. Auto
31% -16% 52% 18% 54% 8% 11% 49% 11% 13% 20% 60% 18% 39% 35%
Financials IT FMCG FMCG Healthcare Telecom Utilities Metals Healthcare IT Metals Realty Oil & Gas Healthcare Utilities
30% -18% 49% 12% 46% 3% 10% 49% -6% 8% 16% 55% 17% 33% 30%
IT Auto Auto Auto Media FMCG Financials Financials Utilities Oil & Gas Telecom Telecom Auto Utilities Oil & Gas
29% -19% 42% 9% 33% 0% 5% 41% -15% 7% 14% 43% 15% 33% 28%
Cons Disc. Cons Disc. Cons Disc. Oil & Gas Utilities IT Cons Disc. Oil & Gas Oil & Gas FMCG FMCG Media Financials Telecom Cons Disc.
12% -23% 40% 4% 20% 0% 5% 34% -16% -1% 13% 35% 10% 31% 25%
Media Oil & Gas Healthcare Media FMCG Auto FMCG Media Cons Disc. Cons Disc. Auto Cons Disc. Cons Disc. FMCG Metals
4% -29% 33% 1% 18% 0% 3% 33% -16% -2% 11% 30% -1% 29% 23%
Telecom Financials Metals Cons Disc. IT Oil & Gas Media Auto Metals Healthcare Realty Oil & Gas Telecom IT Healthcare
2% -29% 18% -3% 18% -3% -1% 31% -20% -7% 9% 24% -4% 24% 18%
Oil & Gas Media Oil & Gas Financials Oil & Gas Utilities Realty Utilities Auto Utilities Financials Auto Media Media Financials
1% -33% 13% -7% 12% -4% -6% 30% -23% -7% 4% 19% -10% 20% 9%
Metals Utilities Utilities Utilities Telecom Financials IT FMCG Media Auto Utilities Healthcare Realty Metals IT
0% -34% 10% -14% 9% -5% -7% 29% -26% -11% 0% 18% -10% 19% 2%
Utilities Metals IT Metals Realty Realty Healthcare IT Realty Metals Oil & Gas Financials Healthcare Financials FMCG
-6% -48% -2% -14% 8% -14% -14% 12% -31% -11% -4% 14% -11% 13% 0%
Realty Realty Telecom Realty Metals Metals Telecom Healthcare Telecom Media Media FMCG IT Oil & Gas Media
-26% -52% -3% -32% 7% -31% -21% -3% -41% -30% -9% 10% -26% 13% -17%

Source: FundsIndia Research, MFI; The indices considered to represent each sector are as follows: Auto: Nifty Auto; Cons Disc.: S&P BSE Consumer Disc Goods & Services; Financials: Nifty Financial Services; FMCG: Nifty FMCG;
Healthcare: Nifty Healthcare Index; IT: Nifty IT; Media: Nifty Media; Metal: Nifty Metal; Oil & Gas: S&P BSE Oil & Gas; Realty: S&P BSE Realty; Telecom: S&P BSE Telecom; Utilities: S&P BSE Utilities – as on 30-Jun-2024.
 Diversify Across Market Cap Segments - Large,
Mid & Small Cap

Returns of Market Cap Segments by Calendar Year

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD

Mid Cap Large Cap Mid Cap Large Cap Small Cap Small Cap Mid Cap Small Cap Large Cap Large Cap Small Cap Small Cap Large Cap Small Cap Mid Cap
20% -25% 47% 8% 72% 11% 7% 58% 3% 12% 26% 63% 5% 49% 22%

Large Cap Mid Cap Small Cap Mid Cap Mid Cap Mid Cap Large Cap Mid Cap Mid Cap Mid Cap Mid Cap Mid Cap Mid Cap Mid Cap Small Cap
19% -31% 40% -1% 63% 10% 5% 56% -13% 1% 26% 48% 4% 45% 22%

Small Cap Small Cap Large Cap Small Cap Large Cap Large Cap Small Cap Large Cap Small Cap Small Cap Large Cap Large Cap Small Cap Large Cap Large Cap
18% -35% 33% -6% 35% -1% 1% 33% -26% -7% 16% 26% -3% 21% 15%

Source: FundsIndia Research, MFI. The indices considered are as follows: Large Cap - Nifty 100 TRI, Mid Cap - Nifty Midcap 150 TRI, Small Cap - Nifty Small Cap 250 TRI. 2024 YTD - as on 30-Jun-2024.
 Large, Mid & Small Cap returns historically
converge over a market cycle
Sensex vs BSE Midcap vs BSE Smallcap
6600

6100

5600

5100

4600

4100

3600

3100

2600

2100 c

1600

1100
c End of Market
c
600 End of Market Cycle
End of Market Cycle Cycle
100
Apr-03 Apr-04 Apr-05 Apr-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24

S&P BSE Sensex S&P BSE Mid Cap S&P BSE Small Cap

Source: MFI, FundsIndia Research. As on 30-Jun-2024.

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Have not received any compensation for investment banking, or merchant banking, or brokerage services from the subject company / companies in the past 12 months;
Have not served as an officer, director, or employee of the subject company;
Have not been engaged in market making activity for the subject company;
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