June 12, 2025

Mutual Fund: Whats in.. Whats out

• PRODUCT 1

ICICI Securities – Retail Equity Research

Research Analyst
Sachin Jain
[email protected]
Top buy/sell across AMCs: Large Cap
Market Value(crs) Shares (lakhs)
Top 10 Buys in Largecap
May-25 Apr-25 May-25 Apr-25
Adani Green Energy Ltd. 2129 1244 210 138
Swiggy Ltd. 7215 4591 2166 1451
Hindustan Zinc Ltd. 526 418 115 95
Interglobe Aviation Ltd. 34714 29330 651 559
JSW Energy Ltd. 3171 2711 650 566
DLF Ltd. 7468 5542 936 822
Adani Energy Solutions Ltd. 2547 2333 294 259
ITC Ltd. 72470 65771 17336 15450
Eternal Ltd. 49533 43109 20782 18540
Asian Paints Ltd. 13403 13100 593 540

Market Value(crs) Shares (lakhs)

ICICI Securities – Retail Equity Research

Top 10 Sells in Largecap
May-25 Apr-25 May-25 Apr-25
Bajaj Housing Finance Ltd. 325 363 267 298
NTPC Green Energy Ltd. 2958 2825 2659 2809
Samvardhana Motherson International Ltd. 17511 15918 11436 11944
Pidilite Industries Ltd. 7482 7621 241 251
Polycab India Ltd. 7469 7143 125 129
Coal India Ltd. 27135 27030 6830 7015
Grasim Industries Ltd. 12382 13640 486 498
Zydus Lifesciences Ltd. 5512 5389 593 607
Bank Of Baroda 11869 12166 4756 4868
Godrej Consumer Products Ltd. 10237 10713 831 850

Source: ACE MF, ICICI Direct Research. Note: Largecaps/Midcaps/Smallcaps as defined by AMFI. Socks above | 50 crore holding were considered

ICICI Securities Ltd. | Retail MF Research 2

Top buy/sell across AMCs: Midcap
Market Value(crs) Shares (lakhs)
Top 10 Buys in Midcap
May-25 Apr-25 May-25 Apr-25
Patanjali Foods Ltd. 833 741 50 39
One97 Communications Ltd. 7493 6125 842 708
Steel Authority Of India Ltd. 2934 2181 2271 1918
Mazagon Dock Shipbuilders Ltd. 2275 1728 65 57
Marico Ltd. 7016 6477 979 912
Bharat Heavy Electricals Ltd. 6447 5245 2481 2312
Glenmark Pharmaceuticals Ltd. 6073 5366 417 389
IDFC First Bank Ltd. 5518 4917 8119 7578
Union Bank Of India 4336 3469 2954 2758
Colgate-Palmolive (India) Ltd. 3726 3674 152 142

Market Value(crs) Shares (lakhs)

Top 10 Sells in Midcap

ICICI Securities – Retail Equity Research

May-25 Apr-25 May-25 Apr-25
Aditya Birla Fashion and Retail Ltd. 831 3331 969 1264
Container Corporation Of India Ltd. 4569 4621 582 686
General Insurance Corporation of India 678 792 165 190
Cochin Shipyard Ltd. 1411 1318 72 83
Supreme Industries Ltd. 4839 4627 117 131
Hitachi Energy India Ltd. 6522 5436 34 37
FSN E-Commerce Ventures Ltd. 10298 10888 5066 5602
Coromandel International Ltd. 8992 9505 393 429
MRF Ltd. 4761 5002 3 4
ACC Ltd. 4493 4876 239 258

Source: ACE MF, ICICI Direct Research. Note: Largecaps/Midcaps/Smallcaps as defined by AMFI. Socks above | 50 crore holding were considered

ICICI Securities Ltd. | Retail MF Research 3

Top buy/sell across AMCs: Smallcap
Market Value(crs) Shares (lakhs)
Top 10 Buys in Smallcap
May-25 Apr-25 May-25 Apr-25
Simplex Infrastructures Ltd. 76 0 26 0
Sagility India Ltd. 1549 846 3919 2061
Paras Defence And Space Technologies Ltd. 118 63 7 5
E2E Networks Ltd. 107 58 4 2
KFin Technologies Ltd. 1985 1569 184 131
Chambal Fertilisers and Chemicals Ltd. 1373 1270 249 183
Authum Investment & Infrastructure Ltd. 55 30 2 2
Taj GVK Hotels & Resorts Ltd. 148 102 33 25
Ravindra Energy Ltd. 50 27 31 24
Fiem Industries Ltd. 281 200 18 14
Market Value(crs) Shares (lakhs)

ICICI Securities – Retail Equity Research

Top 10 Sells in Smallcap
May-25 Apr-25 May-25 Apr-25
Shipping Corporation Of India Ltd. 15 90 7 51
Utkarsh Small Finance Bank Ltd. 27 119 115 479
Privi Speciality Chemicals Ltd. 21 73 1 4
Borosil Renewables Ltd. 32 64 6 13
Heubach Colorants India Ltd. 30 62 5 11
Camlin Fine Sciences Ltd. 89 102 38 63
Unimech Aerospace and Manufacturing Ltd. 59 58 5 6
MOIL Ltd. 143 164 38 52
Inox Green Energy Services Ltd. 99 102 54 73
Aeroflex Industries Ltd. 80 111 48 63

Source: ACE MF, Note: Largecaps/Midcaps/Smallcaps as defined by AMFI. Socks above |50 crores holding were considered

ICICI Securities Ltd. | Retail MF Research 4

AMC wise: Top Buys and Top Holdings

SBI AMC SBI AMC

Market Value(crs) Shares(lakhs) Market Value(crs) Shares(lakhs)
Top 10 Buys %Change Top 10 Holdings %Change
May-25 Apr-25 May-25 Apr-25 May-25 Apr-25 May-25 Apr-25
Star Health and Allied Insurance Company Ltd. 149 2 31 1 4826% HDFC Bank Ltd. 82442 80236 4239 4169 2%
Afcons Infrastructure Ltd. 154 10 37 2 1371% ICICI Bank Ltd. 51209 50722 3542 3557 0%
Bharat Heavy Electricals Ltd. 619 143 238 63 279% Reliance Industries Ltd. 48167 47842 3390 3403 0%
Mangalore Chemicals & Fertilizers Ltd. 58 15 22 7 223% Infosys Ltd. 26769 25752 1713 1717 0%
Ather Energy Ltd. 844 310 270 97 179% Bharti Airtel Ltd. 25269 25241 1361 1354 1%
BSE Ltd. 82 24 3 1 170% Kotak Mahindra Bank Ltd. 24861 25015 1198 1133 6%
Bandhan Bank Ltd. 498 211 292 127 129% Larsen & Toubro Ltd. 22314 19424 607 581 4%
Swiggy Ltd. 304 132 91 42 118% State Bank Of India 21029 20846 2589 2644 -2%
Max Financial Services Ltd. 911 417 61 32 90% Axis Bank Ltd. 19171 19092 1608 1611 0%
Steel Authority Of India Ltd. 716 348 554 306 81% ITC Ltd. 19020 16844 4550 3957 15%
ICICI Prudential AMC ICICI Prudential AMC
Market Value(crs) Shares(lakhs) Market Value(crs) Shares(lakhs)
Top 10 Buys %Change Top 10 Holdings %Change
May-25 Apr-25 May-25 Apr-25 May-25 Apr-25 May-25 Apr-25
Blue Star Ltd. 89 9 6 1 1050% HDFC Bank Ltd. 40140 38475 2064 1999 3%

ICICI Securities – Retail Equity Research

Castrol India Ltd. 51 5 23 3 799% ICICI Bank Ltd. 38394 37705 2656 2643 0%
Sagility India Ltd. 438 118 1109 289 284% Reliance Industries Ltd. 28345 28020 1995 1994 0%
Whirlpool Of India Ltd. 137 63 11 5 120% Larsen & Toubro Ltd. 22865 21256 622 636 -2%
Tata Communications Ltd. 398 178 24 11 113% Axis Bank Ltd. 22351 21304 1875 1798 4%
Balkrishna Industries Ltd. 675 403 27 15 81% Infosys Ltd. 19629 18145 1256 1210 4%
Oberoi Realty Ltd. 498 260 28 16 80% Bharti Airtel Ltd. 18410 16801 992 901 10%
Computer Age Management Services Ltd. 123 67 3 2 80% Maruti Suzuki India Ltd. 18007 18292 146 149 -2%
Medi Assist Healthcare Services Ltd. 159 81 32 18 79% Sun Pharmaceutical Industries Ltd. 15049 14964 897 817 10%
One97 Communications Ltd. 91 50 10 6 77% NTPC Ltd. 15031 14473 4501 4082 10%

Source: ACE MF, Socks above |50 crores holding were considered.
ICICI Securities Ltd. | Retail MF Research 5
 AMC wise: Top Buys and Top Holdings

HDFC AMC HDFC AMC

Market Value(crs) Shares(lakhs) Market Value(crs) Shares(lakhs)
Top 10 Buys %Change Top 10 Holdings %Change
May-25 Apr-25 May-25 Apr-25 May-25 Apr-25 May-25 Apr-25
Swiggy Ltd. 344 14 103 4 2261% HDFC Bank Ltd. 34604 34213 1779 1777 0%
Indian Energy Exchange Ltd. 55 16 27 8 224% ICICI Bank Ltd. 31297 30947 2165 2169 0%
Cohance Lifesciences Ltd. 110 43 11 4 178% Axis Bank Ltd. 19002 19096 1594 1611 -1%
Aether Industries Ltd. 59 24 8 3 171% Bharti Airtel Ltd. 14614 14094 787 756 4%
One97 Communications Ltd. 104 50 12 6 103% Reliance Industries Ltd. 13336 12790 939 910 3%
National Aluminium Company Ltd. 109 50 61 32 90% Infosys Ltd. 11461 10918 733 728 1%
Torrent Pharmaceuticals Ltd. 741 413 23 12 88% Kotak Mahindra Bank Ltd. 11010 11423 531 517 3%
Havells India Ltd. 1283 718 84 45 87% State Bank Of India 10639 9270 1310 1175 11%
Sagility India Ltd. 178 121 451 295 53% Larsen & Toubro Ltd. 9222 8619 251 258 -3%
TeamLease Services Ltd. 88 57 5 3 50% Maruti Suzuki India Ltd. 7971 7935 65 65 0%
Nippon AMC Nippon AMC
Market Value(crs) Shares(lakhs) Market Value(crs) Shares(lakhs)
Top 10 Buys %Change Top 10 Holdings %Change
May-25 Apr-25 May-25 Apr-25 May-25 Apr-25 May-25 Apr-25
The Ramco Cements Ltd. 328 30 34 3 940% HDFC Bank Ltd. 26082 25402 1341 1320 2%

ICICI Securities – Retail Equity Research

Star Health and Allied Insurance Company Ltd. 60 11 13 3 360% ICICI Bank Ltd. 19117 18598 1322 1304 1%
Akums Drugs & Pharmaceuticals Ltd. 50 19 9 4 144% Reliance Industries Ltd. 14754 14376 1038 1023 2%
Glenmark Pharmaceuticals Ltd. 198 86 14 6 118% NTPC Ltd. 11987 12940 3590 3650 -2%
Swiggy Ltd. 823 384 247 121 103% Axis Bank Ltd. 10625 10583 891 893 0%
Go Fashion (India) Ltd. 175 80 21 10 102% Bharat Electronics Ltd. 8946 7600 2326 2420 -4%
Steel Authority Of India Ltd. 161 71 125 63 99% Infosys Ltd. 8929 8535 571 569 0%
Shree Cement Ltd. 432 250 1 1 73% State Bank Of India 8790 8418 1082 1067 1%
TTK Prestige Ltd. 209 122 34 20 67% Power Grid Corporation Of India Ltd. 8034 8811 2773 2866 -3%
Godrej Properties Ltd. 193 113 9 5 65% Larsen & Toubro Ltd. 7595 6839 207 205 1%

Source: ACE MF, Socks above |50 crores holding were considered.
ICICI Securities Ltd. | Retail MF Research 6
 AMC wise: Top Buys and Top Holdings

UTI AMC UTI AMC

Market Value(crs) Shares(lakhs) Market Value(crs) Shares(lakhs)
Top 10 Buys %Change Top 10 Holdings %Change
May-25 Apr-25 May-25 Apr-25 May-25 Apr-25 May-25 Apr-25
Swiggy Ltd. 376 160 113 51 123% HDFC Bank Ltd. 27570 27059 1418 1406 1%
HDFC Asset Management Company Ltd. 280 138 6 3 85% ICICI Bank Ltd. 20795 20399 1438 1431 1%
KFin Technologies Ltd. 53 42 5 4 39% Reliance Industries Ltd. 14774 14409 1040 1025 1%
Gulf Oil Lubricants India Ltd. 53 38 4 3 39% Infosys Ltd. 11363 10785 727 719 1%
Vedant Fashions Ltd. 128 96 16 12 31% Bharti Airtel Ltd. 10126 10023 545 538 1%
Acutaas Chemicals Ltd. 97 73 8 6 29% Kotak Mahindra Bank Ltd. 6968 7324 336 332 1%
Akzo Nobel India Ltd. 55 44 2 1 27% Larsen & Toubro Ltd. 6550 5864 178 176 2%
Laurus Labs Ltd. 65 53 11 9 22% Axis Bank Ltd. 6355 6214 533 525 2%
One97 Communications Ltd. 196 158 22 18 21% ITC Ltd. 6346 6324 1518 1486 2%
Zensar Technologies Ltd. 94 68 11 9 19% Bajaj Finance Ltd. 6039 5618 66 65 1%
Aditya Birla Sunlife AMC Aditya Birla Sunlife AMC
Market Value(crs) Shares(lakhs) Market Value(crs) Shares(lakhs)
Top 10 Buys %Change Top 10 Holdings %Change
May-25 Apr-25 May-25 Apr-25 May-25 Apr-25 May-25 Apr-25

ICICI Securities – Retail Equity Research

Dr. Lal Pathlabs Ltd. 87 4 3 0 - ICICI Bank Ltd. 11044 10888 764 763 0%
Suzlon Energy Ltd. 53 7 74 12 520% HDFC Bank Ltd. 9623 9212 495 479 3%
KEI Industries Ltd. 71 12 2 0 417% Reliance Industries Ltd. 6410 6263 451 446 1%
LMW Ltd. 67 18 0 0 267% Infosys Ltd. 6325 6013 405 401 1%
BSE Ltd. 65 17 2 1 203% Axis Bank Ltd. 4714 4669 395 394 0%
Kirloskar Oil Engines Ltd. 87 27 10 4 166% Bharti Airtel Ltd. 4577 4711 247 253 -2%
Blue Star Ltd. 136 59 9 3 157% Larsen & Toubro Ltd. 3891 3548 106 106 0%
Ather Energy Ltd. 329 166 105 52 103% State Bank Of India 3783 3727 466 473 -1%
Eicher Motors Ltd. 74 42 1 1 82% Kotak Mahindra Bank Ltd. 3534 3553 170 161 6%
3M India Ltd. 75 44 0 0 75% Mahindra & Mahindra Ltd. 3388 3288 114 112 1%

Source: ACE MF, Socks above |50 crores holding were considered.
ICICI Securities Ltd. | Retail MF Research 7
AMC wise: Top Buys and Top Holdings

Axis AMC Axis AMC

Market Value(crs) Shares(lakhs) Market Value(crs) Shares(lakhs)
Top 10 Buys %Change Top 10 Holdings %Change
May-25 Apr-25 May-25 Apr-25 May-25 Apr-25 May-25 Apr-25
Bharat Heavy Electricals Ltd. 239 21 92 9 903% HDFC Bank Ltd. 12057 12007 620 624 -1%
PNB Housing Finance Ltd. 226 126.3 22 13 73% ICICI Bank Ltd. 10458 10412 723 730 -1%
HCL Technologies Ltd. 447 267 27 17 60% Bharti Airtel Ltd. 6373 6469 343 347 -1%
K.P.R. Mill Ltd. 390 236 35 24 46% Bajaj Finance Ltd. 6115 5770 67 67 0%
Jindal Steel & Power Ltd. 405 266 43 30 44% Reliance Industries Ltd. 5180 4581 365 326 12%
KFin Technologies Ltd. 266 206 25 17 44% Infosys Ltd. 4010 3673 257 245 5%
Amber Enterprises India Ltd. 144 95 2 2 43% Mahindra & Mahindra Ltd. 3739 3696 126 126 0%
Bajaj Finserv Ltd. 146 102 7 5 39% Tata Consultancy Services Ltd. 3632 3679 105 107 -2%
Hindustan Petroleum Corporation Ltd. 379 265 92 70 32% Cholamandalam Investment and Finance Company
3094
Ltd. 2838 193 190 2%
Bharat Forge Ltd. 339 235 27 21 28% State Bank Of India 3000 2994 369 380 -3%
Kotak Mahindra AMC Kotak Mahindra AMC
Market Value(crs) Shares(lakhs) Market Value(crs) Shares(lakhs)
Top 10 Buys %Change Top 10 Holdings %Change
May-25 Apr-25 May-25 Apr-25 May-25 Apr-25 May-25 Apr-25
Indigo Paints Ltd. 163 - 15 - - HDFC Bank Ltd. 13466 12008 692 624 11%

ICICI Securities – Retail Equity Research

KFin Technologies Ltd. 220 12 20 1 1926% ICICI Bank Ltd. 12535 12010 867 842 3%
Chambal Fertilisers and Chemicals Ltd. 87 7 16 1 1480% Bharat Electronics Ltd. 7412 5891 1927 1876 3%
Acutaas Chemicals Ltd. 364 43 31 4 722% State Bank Of India 7390 6694 910 849 7%
UPL Ltd. 164 30 26 4 489% Bharti Airtel Ltd. 7235 6370 390 342 14%
Engineers India Ltd. 237 32 103 18 469% Infosys Ltd. 6971 7459 446 497 -10%
Macrotech Developers Ltd. 84 18 6 1 323% Reliance Industries Ltd. 6873 6834 484 486 -1%
Mazagon Dock Shipbuilders Ltd. 143 32 4 1 291% Axis Bank Ltd. 5770 5277 484 445 9%
The Phoenix Mills Ltd. 114 33 7 2 277% Larsen & Toubro Ltd. 5203 4519 142 135 5%
Asian Paints Ltd. 189 59 8 2 242% Solar Industries India Ltd. 4895 3856 30 29 4%

Source: ACE MF, Socks above |50 crores holding were considered.
ICICI Securities Ltd. | Retail MF Research 8
 AMC wise: Top Buys and Top Holdings

Mirae AMC Mirae AMC

Market Value(crs) Shares(lakhs) Market Value(crs) Shares(lakhs)
Top 10 Buys %Change Top 10 Holdings %Change
May-25 Apr-25 May-25 Apr-25 May-25 Apr-25 May-25 Apr-25
Sagility India Ltd. 276 85 697 207 237% HDFC Bank Ltd. 12013 11659 618 606 2%
Can Fin Homes Ltd. 50 17 6 2 170% ICICI Bank Ltd. 7697 7716 532 541 -2%
Equitas Small Finance Bank Ltd. 247 123 388 184 111% Axis Bank Ltd. 6536 6498 548 548 0%
Container Corporation Of India Ltd. 479 195 61 29 111% Infosys Ltd. 5391 5060 345 337 2%
Dalmia Bharat Ltd. 811 402 40 21 94% Reliance Industries Ltd. 4859 4796 342 341 0%
Aditya Birla Capital Ltd. 312 171 140 87 61% ITC Ltd. 3960 2786 947 654 45%
Computer Age Management Services Ltd. 67 44 2 1 51% State Bank Of India 3937 3893 485 494 -2%
Swiggy Ltd. 738 477 222 151 47% Tata Consultancy Services Ltd. 3773 3678 109 107 2%
ITC Ltd. 3960 2786 947 654 45% Larsen & Toubro Ltd. 3692 3571 100 107 -6%
PI Industries Ltd. 756 509 20 14 41% Bharti Airtel Ltd. 3651 3746 197 201 -2%
DSP AMC DSP AMC
Market Value(crs) Shares(lakhs) Market Value(crs) Shares(lakhs)
Top 10 Buys %Change Top 10 Holdings %Change
May-25 Apr-25 May-25 Apr-25 May-25 Apr-25 May-25 Apr-25

ICICI Securities – Retail Equity Research

PG Electroplast Ltd. 180 12 23 1 1500% HDFC Bank Ltd. 5838 5756 300 299 0%
Multi Commodity Exchange Of India Ltd. 212 96 3 2 105% ICICI Bank Ltd. 5084 5065 352 355 -1%
HDFC Life Insurance Company Ltd. 221 109 28 15 95% Axis Bank Ltd. 3432 3608 288 305 -5%
Tube Investments of India Ltd. 224 118 7 4 79% State Bank Of India 2888 2537 356 322 11%
Harsha Engineers International Ltd. 156 94 40 25 59% Coforge Ltd. 2366 1953 138 134 3%
Mahindra & Mahindra Financial Services Ltd. 59 41 22 16 44% Ipca Laboratories Ltd. 2268 2229 159 159 0%
L&T Finance Ltd. 324 242 189 147 28% Cipla Ltd. 2256 2365 154 153 1%
Colgate-Palmolive (India) Ltd. 57 47 2 2 28% Infosys Ltd. 2149 1761 138 117 17%
Divi's Laboratories Ltd. 54 40 1 1 23% Bharti Airtel Ltd. 2027 2054 109 110 -1%
Eris Lifesciences Ltd. 195 143 12 10 23% Kotak Mahindra Bank Ltd. 2003 2161 97 98 -1%

Source: ACE MF, Socks above |50 crores holding were considered.
ICICI Securities Ltd. | Retail MF Research 9
Pankaj Pandey Head – Research [email protected]
ICICI Direct Research Desk,
ICICI Securities Limited,
Third Floor, Brillanto House,
Road No.13, MIDC
Andheri (East)
Mumbai – 400 093
[email protected]

ICICI Securities – Retail Equity Research

ICICI Securities Ltd. | Retail MF Research 10
Disclaimer
ANALYST CERTIFICATION

We / I, Sachin Jain, CA, Research Analyst, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the
subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. It is also
confirmed that above mentioned Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months and do not serve as an
officer, director or employee of the companies mentioned in the report.

Terms & conditions and other disclosures:

ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock brokering and distribution of financial products.

ICICI Securities is Sebi registered stock broker, merchant banker, investment adviser, portfolio manager and Research Analyst. ICICI Securities is registered with Insurance Regulatory Development
Authority of India Limited (IRDAI) as a composite corporate agent and with PFRDA as a Point of Presence. ICICI Securities Limited Research Analyst SEBI Registration Number – INH000000990.
ICICI Securities Limited SEBI Registration is INZ000183631 for stock broker. Registered Office Address: ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025. CIN:
L67120MH1995PLC086241, Tel: (91 22) 6807 7100. ICICI Securities is a subsidiary of ICICI Bank which is India’s largest private sector bank and has its various subsidiaries engaged in businesses of
housing finance, asset management, life insurance, general insurance, venture capital fund management, etc. (“associates”), the details in respect of which are available on www.icicibank.com.

Name of the Compliance officer (Research Analyst): Mr. Atul Agrawal

Contact number: 022-40701000 E-mail Address: [email protected]

For any queries or grievances: Mr. Bhavesh Soni Email address: [email protected] Contact Number: 18601231122

ICICI Securities – Retail Equity Research

ICICI Securities is one of the leading distributors of Mutual Funds and participate in distribution of Mutual Fund Schemes of almost all AMCs in India. The selection of the Mutual Funds for the purpose
of including in the indicative portfolio does not in any way constitute any recommendation by ICICI Securities Limited (hereinafter referred to as ICICI Securities) with respect to the prospects or
performance of these Mutual Funds. The investor has the discretion to buy all or any of the Mutual Fund units forming part of any of the indicative portfolios on icicidirect.com. Before placing an order
to buy the funds forming part of the indicative portfolio, the investor has the discretion to deselect any of the units, which he does not wish to buy. Nothing in the indicative portfolio constitutes
investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to the investor's specific circumstances.

The details included in the indicative portfolio are based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its
accuracy or completeness guaranteed. The funds included in the indicative portfolio may not be suitable for all investors, who must make their own investment decisions, based on their own
investment objectives, financial positions and needs. This may not be taken in substitution for the exercise of independent judgement by any investor. The investor should independently evaluate the
investment risks. ICICI Securities and affiliates accept no liabilities for any loss or damage of any kind arising out of the use of this indicative portfolio.

Past performance is not necessarily a guide to future performance. Actual results may differ materially from those set forth in projections. ICICI Securities may be holding all or any of the units
included in the indicative portfolio from time to time as part of our treasury management. ICICI Securities Limited is not providing the service of Portfolio Management Services (Discretionary or Non
Discretionary) to its clients.

Mutual fund investments are subject to market risks, read all scheme related documents carefully.
Kindly note that such research recommended funds in indicative portfolio are not based on individual risk profile of each customer unless a customer has opted for a paid Investment Advisory Service
offered by I-Sec. Investors should consult their financial advisers if in doubt about whether the product is suitable for them. The information contained herein is strictly confidential and meant solely
for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior
written consent of ICICI Securities Limited. The contents of this mail are solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell
or subscribe for securities or other financial instruments or any other product. While due care has been taken in preparing this mail, I-Sec and affiliates accept no liabilities for any loss or damage of
any kind arising out of any inaccurate, delayed or incomplete information nor for any actions taken in reliance thereon. This mail/report is not directed or intended for distribution to, or use by, any
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or which would subject I-Sec and affiliates to any registration or licensing requirement within such jurisdiction.

ICICI Securities Ltd. | Retail MF Research 11

Disclaimer
ICICI Securities and/or its associates receive compensation/ commission for distribution of Mutual Funds from various Asset Management Companies (AMCs). ICICI Securities host the details of the
commission rates earned by ICICI Securities from Mutual Fund houses on our website www.icicidirect.com. Hence, ICICI Securities or its associates may have received compensation from AMCs
whose funds are mentioned in the report during the period preceding twelve months from the date of this report for distribution of Mutual Funds or for providing marketing advertising support to
these AMCs. ICICI Securities also provides stock broking services to institutional clients including AMCs. Hence, ICICI Securities may have received brokerage for security transactions done by any of
the above AMCs during the period preceding twelve months from the date of this report.

It is confirmed that Sachin Jain, CA, Research Analysts of this report have not received any compensation from the Mutual Funds house whose funds are mentioned in the report in the preceding
twelve months.

Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.

ICICI Securities or is associates may be holding all or any of the units included in the indicative portfolio from time to time as part of our treasury management. Hence, ICICI Securities or its associates
may own 1% or more of the units of the Mutual Funds mentioned in the report as of the last day of the month preceding the publication of the research report.

Research Analysts or their relatives of this report do not own 1% or more of the units of the Mutual Funds mentioned in the report as of the last day of the month preceding the publication of the
research report.

Since associates of ICICI Securities and ICICI Securities as a entity are engaged in various financial service businesses, they might have financial interests or actual/ beneficial ownership of one
percent or more or other material conflict of interest various companies including the subject company/companies mentioned in this report.

ICICI Securities also distributes Mutual Fund Schemes of ICICI Prudential Asset Management Company which is an ICICI Group Company, scheme details of which might also be appearing in the

ICICI Securities – Retail Equity Research

report above. However, the transactions are executed at Client's sole discretion and Clients make their own investment decisions, based on their own investment objectives, financial positions and
needs..

It is confirmed that Sachin Jain, CA, Research Analysts do not serve as an officer, director or employee of the AMCs whose funds mentioned in the report. ICICI Securities may have issued other
reports that are inconsistent with and reach different conclusion from the information presented in this report. Neither the Research Analysts nor ICICI Securities have been engaged in market
making activity for the companies/funds mentioned in the report. We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting Research
Analysis activities.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such
distribution, publication, availability or use would be contrary to law, regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such
jurisdiction. The funds described herein may or may not be eligible for subscription in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are
required to inform themselves of and to observe such restriction.

ICICI Securities Limited has not used any Artificial Intelligence tools for preparation of this Research Report.

ICICI Securities Ltd. | Retail MF Research 12