JULY 2021 - ITI Mutual Fund
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
JULY 2021
Index CEO and CIO Insights Page No. CEO and CIO Insights 1 Equity Market Update 5 Debt Market Update 6 Equity Funds ITI Mul Cap Fund 7 ITI Long Term Equity Fund 8 ITI Large Cap Fund 9 ITI Mid Cap Fund 10 ITI Small Cap Fund 11 ITI Value Fund 12 Hybrid Funds ITI Balanced Advantage Fund 13 ITI Arbitrage Fund 14 Debt Funds ITI Overnight Fund 15 ITI Liquid Fund 16 ITI Ultra Short Dura on Fund 17 ITI Banking & PSU Debt Fund 18 ITI Dynamic Bond Fund 19 Performance Fund Performance 20 Systema c Investment Plan SIP Returns 23
A market downturn doesn't bother us. It is an opportunity to increase our
ownership of great companies with great management at good prices.”
Warren Buffe
George Heber Joseph
Dear Partners/Investors,
CEO & CIO
What does the proverb “Be er safe than sorry mean”?
If you say 'it's be er to be safe than sorry, you are advising someone to take ac on
‘‘We are cau ous on markets from a near-term
in order to avoid possible unpleasant consequences later.
perspec ve. Clearly, the market is looking
beyond the near-term to price in the recovery Global Economies are going through two dis nct phases. Right now, the restart of
economic ac vity is causing a spurt in growth. Eventually, we see this se ling into an
post the second wave. There are benefits of a
expansion of growth. Beyond that point we see an unusually wide range of probable
quick vaccina on programme that the outcomes. Growth likely peaked in the second quarter and Emerging Markets PMI
government has embarked upon. It is a this year has trended lower toward 50 – a reading below which suggests stagna on
posi ve scenario in terms of the investment – reflec ng challenges in many EMs where renewed outbreaks threaten lockdowns
cycle and cyclical sectors. That is why we are and more dire public health outcomes. China's poten al slowdown, exacerbated by
seeing commodi es, industrials, industrial renewed outbreaks can also spill over to EMs, in our view. Over the long term, we
products and select BFSI counters doing well see a greater risk of permanent damages in some EMs due to slow vaccina ons and
more limited policy space.
along with the money supply push. So
investors are actually looking beyond the China is the only major economy that has surpassed the pre-Covid projec ons of its
near-term concerns to look at what can growth trend. Consensus expecta ons see the US returning to trend in the fourth
quarter of 2021, and point to a return to pre-Covid trend by the end of 2022 for
happen one or two years down the line.
Europe – with growth rates similar to those over the last decade. Even though the
Whenever market starts looking 2 years and pace towards a complete restart differs, we see some common drivers across
beyond, the chances of disappointments in Developed Markets, such as pent-up consumer demand, especially in the hardest-
the near term are higher, so need to be hit services sectors.
cau ous in the near-term. So we are placed
The uneven pace of the restart is reflected in regional corporate earnings. Nearly
defensive in our por olios, but since the 90% of S&P 500 companies have reported second-quarter results by August 6, and
quality stocks have underperformed in the 87% of them had beat forecasts on both profit and sales – the highest since 2011. Yet
last one month also our defensive posi oning stocks that have beaten expecta ons have on average not been rewarded, while
has not played in our favour ll date but those that undershot have been punished. We see this as consistent with the restart
believe this will benefit our funds in the long dynamics: very strong earnings – but just for the dura on of the restart. About 90%
of MSCI Europe companies have reported earnings, with just over half of them
run. We have lted our por olios to high
bea ng es mates. The unprecedented restart has also led to unusual supply and
quality stocks where concentra on is not an demand dynamics – and vola lity in growth and infla on data. This has manifested
issue at all as we see the balance sheets are in recent market behaviour, notably rising stocks and falling bond yields in the US.
reasonably well managed, less leveraged Record-high stocks may have priced in much of the powerful restart, and we believe
and the stocks have underperformed well in the current yield levels are too low given the strength of the restart. The mixed
the last one to three years. Henceforth, in market signals highlight a key ques on among investors: What lies beyond the
restart? We see an unusually wide range of poten al outcomes. Major central banks
every equity fund of ours, we are planning to
are slower to respond to rising infla on than in the past, keeping nominal bond
have maximum 40 stocks in the por olio yields lower and real rates nega ve – a posi ve for risk assets.
unless a deep correc ons is witnessed in the
markets. We are extremely convinced of all Worst would be the lockdown again coming through because of the new, more
contagious COVID-19 variants that are spreading, but the good news as of now is
the stocks that we own in our funds and
that the ini al reports suggests the exis ng vaccines seem effec ve against these
believe that we can poten ally generate variants as well. This means the reopening should con nue across the major
reasonably good returns in the next 3 to 5 developed economies through the second half of 2021. It also implies that the focus
years which can be differen a ng as well.” for markets has shi ed to the strength of the growth rebound, the implica ons for
infla on and the ming of central bank moves to taper asset purchases and
eventually raise interest rates.
1
Our view is that the infla on spike is mostly transitory, a combina on of base effects—from when the Consumer Price Index (CPI) fell during
the ini al lockdown last year—and temporary supply bo lenecks. We expect it will take un l the middle of 2022 for the U.S. economy to
recover the lost output from the lockdowns and longer in other economies including India. Broad-based infla on pressures are unlikely un l
then. It also means that market expecta ons for U.S. Federal Reserve (Fed) li -off in 2022 are premature. As a base case, we expect the
Federal Reserve to commence tapering in 2022, with the second half of 2023 could be the likely ming for the first interest rate hike.
We remain construc ve on Indian economy as the restart gains pace. Economically sensi ve cyclical stocks have had a very strong run year-to-
date. We don't think their full poten al is exhausted, but we do see an opportunity to also turn a en on to quality stocks as the cycle's next
beneficiaries.
Our research shows quality stocks have underperformed since vaccine announcements in November'20, sending their valua ons lower.
Investors largely avoided or sold quality stocks in favour of riskier bets that has paid off in the early phases of the market upswing. This put
higher-quality stocks at their largest discount to the broad market since the dot-com bubble of the early 2000s. Last month again momentum
driven stocks did well compared to quality stocks, rather quality companies stocks fell during July'21 against the inferior momentum stocks.
We see high poten al for quality stocks to come back and generate returns for investors. As the cycle evolves, the market will look ahead to
more normalized growth rates, and investors are likely to grow more cau ous amid concerns around taxes, infla on and the ming of a Fed
policy shi .
We expect the economy to remain in a good up-cycle but we increasingly believe many of the easy early-cycle investment opportuni es have
been acknowledged and exploited. Stocks selling at the deepest discount, the highly levered names, have outperformed the most since
November'20. It may be me to pivot towards midcycle beneficiaries ― and best among them are quality stocks which are the beneficiaries of
a cyclical upturn. Our analysis of market cycles suggest that high quality stocks have significantly outperformed in midcycle periods.
How are you thinking of the markets when it is at near all- me high?
We are cau ous on markets from a near-term perspec ve. Clearly, the market is looking beyond the near-term to price in the recovery post
the second wave. There are benefits of a quick vaccina on programme that the government has embarked upon. It is a posi ve scenario in
terms of the investment cycle and cyclical sectors. That is why we are seeing commodi es, industrials, industrial products and select BFSI
counters doing well along with the money supply push. So investors are actually looking beyond the near-term concerns to look at what can
happen one or two years down the line. Whenever market starts looking 2 years and beyond, the chances of disappointments in the near term
are higher, so need to be cau ous in the near-term. So we are placed defensive in our por olios, but since the quality stocks have
underperformed in the last one month also our defensive posi oning has not played in our favour ll date but believe this will benefit our
funds in the long run.
How the commodity cycle is poised at this juncture?
We have been bullish on the commodity cycle since October'19 and during March'20, we were very op mis c about the refla on story and
specifically about recovery in commodity prices. We have seen a very strong leg of up-move in commodity prices across the world, which has
also benefited commodity companies in the country. They have seen fantas c improvement in profits, they are also using their cash flows to
deleverage their balance sheets and some of them are also looking to expand further.
There will be certain commodi es that benefit from supply constraints. The demand has been recovering well but there are pockets where
there are supply constraints. With normalisa on, we can expect some supply coming back and therefore some correc on could happen in
commodity prices. Overall, as the economic recovery picks up across the globe, the capex story in commodi es, metals in par cular, become a
very strong contender. Very high expecta ons are built into the price as of today, so we see no margin of safety in most of the commodity
stocks in general.
Whenever there is an up ck, small caps and midcaps get benefi ed more. They peaked around December 2017. From 2018 they were in a
bearish cycle ll about September 2019. We have been bullish on Mid & Small Cap space from October 2019 onwards. Since then, we have
been consistently communica ng the same thing and can be seen in our factsheet commentaries & also from the con-calls that we have done
with our partners. In March'20, we communicated to all of you through various formats to invest aggressively into equi es and infact we
published ar cles in Economic Times & other channels on 30th March 2020 men oning our posi ve views on equi es in the midst of extreme
scare & pessimism. Some midcaps performance were helped by government ini a ves like PLI and tax incen ves. They fell sharply during the
pandemic last year in March and April'20. Only in the last six months, we have seen midcaps and smallcaps do extremely well. The valua on
gap between Ni y and the midcap and smallcap indices have been filled in the last six months. It is a wide canvas and we need to be selec ve
from here on when inves ng in midcaps and smallcaps.
2
We are quite posi ve on the market outlook from a long term perspec ve. Yes, there can be significant correc ons in the markets which are part and
parcel of a bull market. It is difficult to me them. But a er a big run up, generally market cools off and that can be brutal as well. So, currently we are in a
wait and watch mode.
We see a clear Capex revival opportunity in India a er a very long me. Most of the capex indicators had peaked between 2008 to 2010 period and have
been moving down. From here on, we expect a good improvement in capex from the government through infrastructure spending and also by the private
sector through the investments in manufacturing, whether it is related to PLI or commodity or cyclicals. We also expect a good pick up in real estate.
We believe all three engines of investment ie. government, private corporates and household sector will start firing in the next 2-3 years. That gives a very
good opportunity to pick up companies or sectors that are benefi ng from the capex cycle revival. So there could be companies in the commodity side,
cyclicals, industrial products or auto ancillaries. The valua ons are quite a rac ve there because people are s ll scep cal.
This me around the signs are quite strong with lower interest rates, be er capital markets and good availability of funding. I believe there will be a
fantas c pickup in the capex cycle in the country going forward. And these are the areas to look for stock picking, where growth is either underappreciated
or valua ons are a rac ve enough to deserve a rera ng.
What we have done in our equity funds?
Market situa on has changed drama cally in the last 1.5 years. All along we were fine to run a long tail por olio as the value was available across the board
in the cyclical sectors and stocks, but now, we can't see the same situa on in many stocks & sectors a er the massive run in the market. Lot of stocks are
fully valued from next 2 and 3 years perspec ve which adds more risk to the investment thesis. Especially the midcaps and small caps have done
exceedingly well in the last 8 months and many junk stocks are also flying these days. As informed to our investors in our last concall and factsheet
commentary we are cau ous on the markets in the near term and see a possibility of market cooling off. Therefore we have concentrated our por olios
considerably well, as we can see lesser and lesser opportuni es in the broader markets where we can put money to work and also that meet our unique
investment philosophy 'SQL'. We have lted our por olios to high quality stocks where concentra on is not an issue at all as we see the balance sheets are
reasonably well managed, less leveraged and the stocks have underperformed well in the last one to three year periods. In each equity fund, we will have
maximum 40 stocks henceforth and that is how we will be running all our equity funds unless a reasonably deep correc on is witnessed in the market. We
are extremely convinced of all the stocks that we own in our funds and believe can poten ally generate reasonably good returns in the next 3 years which
can be differen a ng as well.
Where to invest, which asset classes to bet on and what kind of asset alloca on makes sense ?
I strongly believe Mid Cap & Small Cap stocks could poten ally give excellent risk adjusted returns in the next 5 years. Our long term bullish views on
equi es remain intact even at this juncture but in the near term, we are reducing risk in our funds so as to protect the downside, provided there is a fall out.
This market situa on is quite different from that of what we have seen in the previous decade, mainly because corporate earnings growth accelera on is
kicking in a er almost 11 years. We currently have a nega ve view on the long dura on bonds or credit risk investments. So money making opportunity is
clearly lted towards equi es and short to medium dura on bonds.
In general parlance of risk tolerance, the alloca on could be 70% towards equi es and 30% towards bond funds (Dynamic Bond Funds, Short dura on
bond funds/BPSU funds). Within equi es, my preference would be towards Small Cap, Midcap and Large Cap funds in that order. I believe alloca on of
40% towards large cap and 30% each in mid & small cap funds would be good at this juncture. This alloca on can provide very decent blended returns in
the next 5 years and this is the same way we are managing our mul cap fund & Long Term Equity Fund (Tax Saving).
Our Investment Philosophy – SQL
Based on our combined investment learnings of more than 50 years, we have ins tu onalized very strong and unique investment philosophy SQL, this is
core to our fund management framework and approach to our por olios.
We strongly believe that good quality (Q), low leverage companies (L) and bought with a reasonable good margin of safety (S) makes the investment very
a rac ve and rewarding for our investors.
Investment Philosophy Equity Fixed Income
S Margin of Safety Safety
Q Quality of the Business Quality of the Business
L Low Leverage Liquidity
Our Risk Management Framework
Our risk management framework & our unique investment philosophy are well thought out and ins tu onalised to generate superior investment
performance and crea ng a smooth investment experience for all our investors. They are framed based on our own investment experience and also
imbibed learnings from some of the great investment houses and investment managers globally, which will stand the test of me and keep our investors
interest at high standards. We have put risk limits based on fund mandates, market cap segments, sectors and stocks.
3
Equity Market Outlook
We look at markets in three parts - Defensives, Domes c Cyclical and Global cyclical stocks. A er the market run-up in the last one and half years we have
clearly lted the por olio towards high quality stocks which have underperformed since Nov'20. As the cyclical sectors correct, we will add other cyclical
stocks and thereby being more overweight in those sectors. Within Defensives, we like Pharmaceu cal sector. Within Domes c cyclical sectors, we are
bullish on most of the cyclical sectors (Cement, Capital Goods, Construc on, Auto & Auto Ancs, corporate banks and Engineering & Industrial Products,
Consumer Goods & services) and within that the Automobile sector, a er such a big underperformance in the previous 3 years vs the markets looks very
promising to invest into, and we treat this as a high quality stocks bucket.
Global investment managers are shi ing their focus & alloca ons from developed markets to Emerging markets a er so many years. This could be a
mul -year trend of USD deprecia on Vs. Asian currencies including INR. Current Covid-19 situa on can put a lid on the flows but as the cloud goes away,
FII flows can accelerate.
We see the global developments as of today and the India growth situa on very similar to the years 2000-2010. All major countries across the globe are
ge ng back to growth post the recent pandemic, infla on is coming back in full swing and cyclical sectors which were not doing well in the last decade
have started to come back into the limelight. With the economy on a path of sharp recovery, sectors and stocks with high elas city to the business cycle
and high opera ng leverage, are likely to exceed expecta ons.
Cyclical sector stocks are trading at very cheap valua on across market capitalisa ons where we see earnings growth to accelerate and valua on
mul ples to re-rate.
Vola lity is going to be there in the near-term as people are confused and emo onal swings will happen and that is part and parcel of the markets,
but the broad market trend is upwards with a 5 year view. In between, we may see air-pockets which will be opportuni es to invest aggressively.
Our message to all investors is that please don't miss this excellent opportunity to create long term wealth and invest in every big dip by way of
lumpsum. We urge all our partners to prac ce asset alloca on and systema c investment planning for the benefit of your investors' long term wealth
crea on.
At this current juncture, we believe that ITI Balanced Advantage Fund, ITI Mul Cap Fund, ITI Value Fund are suitable for LUMPSUM investments in
equity funds category. In ITI Mid Cap Fund and ITI Small Cap Fund we believe SIP/STPs route is the most logical approach to have. In debt category, we
think ITI Dynamic Bond Fund is more suitable for investors to park the money from a medium to long term perspec ve.
Dynamic Bond Fund category carries very high poten al to generate good risk adjusted returns in the long run if it is actually run in an ac ve &
dynamic manner. This debt category meets the need of a common man who wants to invest in a bond fund where he can invest any day of the year
without looking at the interest rate scenario in the country or other complexi es involved in debt fund investments, while maintaining a long term
horizon.
Therefore, we believe ITI Dynamic Bond Fund is going to be an all-weather solu on to investors and stand “Mighty across in the ITI MF debt funds
basket.
Debt Market Outlook
Ÿ US Fed’s benchmark policy rate was expectedly kept unchanged in the July 2021 FOMC mee ng with the Fed acknowledging that the
economy had made progress towards goals laid out to tapering it’s quan ta ve easing (QE) programme. We see high likelihood of a formal
taper announcement in either of the last 2 FOMC mee ngs (Oct or Dec) of 2021 and the reduc on in bond buying to begin in 1QCY2022.
Ÿ In spite of the Fed’s median projec ons showing two rate increases by end-2023, the Fed’s “broad-based and inclusive” maximum
employment goal as per its revised monetary policy framework remains the key for any poten al rate li -off. Thus the probable rate
increase cycle in the US is likely to be quite shallow and prolonged, thereby giving markets enough me to adapt.
Ÿ The European Central Bank (ECB) le its policy rate unchanged in July 2021, but revised its forward guidance based on the new infla on
goal. We an cipate the ECB to keep its policy rate unchanged ll 2024.
Ÿ Growth revival remains the priority of the RBI and we see no change to the policy repo rate ll Sep 2022. However, we believe that
normalisa on process will likely begin before end 2021 with small increases to the reverse repo rate.
Ÿ India’s central government (CG) budget deficit reached 18.2% of FY22 target and we do not foresee the risk of fiscal slippage related
addi onal bond supply. Furthermore, RBI is expected to remain a significant buyer over coming quarters and will con nue to anchor bond
yields. We expect the benchmark 10 year GOI bond to largely trade in the 6.0% - 6.30% range over the course of this year.
Ÿ We like front end (2–4 year) sovereign/high grade bonds from a carry/accrual perspec ve. Government bonds in the 5-9 year maturity
bucket too offer value from a medium term perspec ve.
Ÿ Strategies with flexibility seem well poised to take advantage of the vola lity led opportuni es which we expect over the next couple of years.
4
Market Review
July 2021
Equity Market Update
§ Cau on was the buzzword for both retail investors and FIIs. July saw a sell-off like § Q1FY22 results are underway with leading banks / NBFCs repor ng a dip in
we haven’t seen since March 2020 under the shadow of all- me high valua ons performance with rise in underperforming assets and higher provisions.
and third wave concerns.
§ Indicators point towards a gradual progression towards recovery and to pre-
§ India’s economic GDP forecast has been revised lower poin ng towards a sluggish Covid business ac vity levels in various sectors.
revival owing to the disastrous second wave and sluggish vaccina on drive.
ITI MF Equity Valua on Index
90.0
80.0
Very Expensive
70.0
60.0 Expensive
50.0 Moderate
A rac ve
40.0
30.0
20.0 Very A rac ve
10.0
0.0
Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21
ITI MF Equity Valuation Index considers price to earnings(P/E),Price to book (P/B) , Market Cap to Gross Domestic Product (GDP), GSEC*P/E, Equity Earnings Growth
None of the aforesaid recommendations are based on any assumptions. These are purely for reference and the investors are requested to consult their financial advisors before investing
Domestic Indices Performance
July Change in % Nifty 50 - P/E
Index 2021 1M 3M 6M 1Y 3Y 5Y 38
S&P BSE Sensex 52586.84 0.20 7.80 13.61 39.96 11.82 13.38
Nifty 50 15763.05 0.26 7.74 15.61 42.49 11.55 12.77
Nifty 200 8396.15 0.85 9.27 18.64 47.05 11.65 12.88
30
Nifty 500 13664.25 1.42 10.51 20.90 51.40 12.29 13.25
Nifty Mid Cap 100 27815.25 3.13 14.96 33.02 80.08 13.79 13.48
Nifty Smallcap 100 10522.10 8.10 22.85 46.61 110.43 12.12 11.56
Source: NSE & BSE 22
Global Indices Performance
July Change in %
Index 2021 1M 3M 6M 1Y 3Y 5Y 14
Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21
DJIA 34936.13 1.26 3.13 16.52 32.29 11.19 13.63
Source: Bloomberg data as on July 30, 2021
S&P 500 4395.26 2.27 5.12 18.34 34.47 15.99 15.10
FTSE 7032.30 -0.07 0.90 9.75 19.29 -3.18 0.90 Nifty 50 - P/B
DAX 15544.39 0.09 2.70 15.72 26.32 6.67 8.49
CAC 6612.76 1.61 5.48 22.48 38.36 6.26 8.28 3.90
Nikkei 27283.59 -5.24 -5.31 -1.37 25.75 6.55 10.48
Hang Seng 25961.03 -9.94 -9.62 -8.21 5.57 -3.16 3.47
KOSPI 3202.32 -2.86 1.73 7.60 42.50 11.74 9.68 3.20
Shanghai 3397.36 -5.40 -1.44 -2.46 2.65 5.71 2.66
MSCI EM 1277.80 -7.04 -5.18 -3.89 18.49 5.52 7.90
MSCI India 24.71 0.89 8.53 15.41 42.04 8.48 9.29 2.50
Source: Thomson Reuters Eikon
Sectoral Performance
July Change in %
1.80
Index 2021 1M 3M 6M 1Y 3Y 5Y
Jul-16 Jul-17 Jul-18 Jul-19 Jul-20 Jul-21
Nifty Auto 10048.50 -5.21 4.23 2.40 38.16 -2.89 1.19
Source: Bloomberg data as on July 30, 2021
Nifty Bank 34584.35 -0.54 5.50 13.15 60.02 7.60 12.77
Nifty Energy 18934.15 -4.48 5.01 17.17 23.75 7.71 15.23
Net Institutional Flows - Equity (in Rs. Crore)
Nifty FMCG 36051.90 -0.11 7.22 8.85 16.83 5.15 10.14
Nifty India Consumption 6372.35 0.67 9.17 9.53 28.94 6.68 10.40 Net Flows FII Flows MF Flows
Nifty Infrastructure 4432.30 2.14 9.36 20.71 40.69 11.96 8.35
1M -11,308 19,716
Nifty IT 30480.05 4.50 18.76 23.67 68.90 27.84 22.78
3M 2,953 26,629
Nifty Metal 5770.35 10.63 19.03 87.50 169.46 20.05 18.93
6M 29,563 20,622
Nifty Commodities 5387.05 4.83 14.62 45.00 78.66 13.95 12.88
1Y 230,248 -77,437
Nifty Pharma 14425.30 0.81 7.10 18.53 29.48 16.26 4.28
3Y 291,573 53,256
Nifty PSE 3584.95 -0.68 12.88 31.71 44.39 -0.24 0.92
5Y 327,446 283,470
Nifty Realty 398.65 15.90 28.76 30.43 98.71 13.47 13.94
Source: NSE Source: SEBI data as on July 30, 2021
5
Market Review
July 2021
Debt Market Update
§ Wholesale infla on (WPI) eased marginally to 12.07% YoY in June 2021 vis-à-vis § India’s retail infla on (CPI) trended lower to 6.26% in June 2021 from 6.30% in
1.81% in June 2020. WPI remains s cky at higher levels on account of the low the previous month. This is the second consecu ve month CPI exceeded the
base effect and rise in prices of mineral oils viz petrol, diesel (HSD), naphtha, ATF, central bank’s upper band of 6%, a ma er of some concern given that before this
furnace oil and manufactured products like basic metal, food products, chemical two-month interval, the CPI hovered at sub-6% levels for five consecu ve
products vis-à-vis the corresponding period last year. However, WPI would have months. Food infla on was the primary factor in keeping infla on at s cky highs,
been higher had it not been for so ening of crude oil and food prices. with the Consumer Food Price Index (CFPI) surging to 5.15% in June 2021 against
§ The country’s factory output (IIP) registered growth of 29.3% (YoY) to 116.6 in 5.01% in May 2021.
May 2021. IIP had crashed to -33.4% YoY to 90.2 in May 2020 owing to the § India’s exports surged over 45% to USD22.5bn during July 1-21 on account of
na onwide lockdown last year during the first wave of the pandemic. Over the robust growth in gems and jewellery, petroleum and engineering. In a posi ve
current fiscal (April-May 2021), IIP has witnessed an expansion of 68.8% vis-à-vis sign for the economy, imports rose 64.8% to USD31.8bn. The resultant trade
-45.0% decline in the corresponding period last year. May 2021 IIP saw gains in deficit was USD9.3bn.
manufacturing (up 34.5%), electricity (23.3%) and mining (7.5%). § Output of eight core sectors expanded 8.9% YoY in June 2021 primarily due to a
§ The country’s manufacturing sector slumped to an 11-month low in June 2021 low base effect and produc on gains in steel, coal, natural gas, and electricity.
owing to pandemic and strict containment measures. New order growth that Output had expanded 16.8% year-on-year in May 2021. In June 2020, it had
started in August 2020 came to an end in June 2021, with the second wave contracted by 12.4% owing to the lockdown during the first wave of the
lockdown. pandemic.
Key Domestic Yield Indicators
July Change in % India Yield Curve Shift (Year- on- Year)
Index
2021 1M 3M 6M 1Y 3Y 5Y
India Yield Curve Shi (Year on Year)
10Y GSEC CMT 6.20 0.15 0.17 0.30 0.37 -1.57 -0.96
9.0 80
10Y AAA CMT 6.75 -0.15 0.03 0.09 0.22 -1.91 -1.35
8.0 70
10Y SPREAD* 0.55 -0.30 -0.15 -0.21 -0.15 -0.34 -0.39 60
7.0
Yield (%)
1Y CD 3.98 -0.05 -0.15 -0.05 -0.30 -4.05 -3.25 50
6.0
3M CD 3.43 0.00 0.05 -0.05 -0.78 -3.63 -3.14 40
1Y CP 4.10 0.00 -0.20 -0.15 -0.13 -4.10 -3.33 5.0
30
3M CP 3.53 0.00 0.02 0.02 0.02 -3.83 -3.43 4.0 20
Source: Bloomberg 3.0 10
1 Yr 5 Yr 10 Yr 20 Yr 30 Yr
Inflation Indicators Change in bps Jul-21 Jul-20
June Change in % Source: Thomson Reuters Eikon data as on July 30, 2021
Index
2021 1M 3M 6M 1Y 3Y 5Y
CPI 6.26 -0.04 0.74 1.67 0.03 1.34 0.49
FOOD & BEVERAGES 5.58 0.34 0.34 1.71 -2.34 2.47 -1.88 10-Yr Benchmark Gsec Bond
FUEL & LIGHT 12.68 0.82 8.25 9.76 12.18 5.46 9.76
HOUSING 3.75 -0.11 0.25 0.54 0.20 -4.70 -1.71 8.0
CORE CPI 6.30 0.13 0.54 0.96 1.33 12.59 1.91 7.5
Source: Bloomberg
7.0
Key Indicators 6.5
Month End Change in % 6.0
Index
Value 1M 3M 6M 1Y 3Y 5Y
5.5
US 10Y CMT YIELD 1.23 -24.20 -40.00 15.50 69.30 -173.60 -23.70
US 2Y CMT YIELD 0.19 -6.47 2.55 7.88 7.88 -248.62 -47.52 5.0
Jul-19 Nov-19 Mar-20 Jul-20 Nov-20 Mar-21 Jul-21
USDINR 74.39 0.04 0.33 1.44 -0.39 5.78 7.35
Manufacturing PMI 55.30 7.20 -0.20 -2.40 9.30 NA NA Source: CCIL data as on July 30, 2021
Service PMI 45.40 4.20 -8.60 -7.40 11.20 NA NA
IIP ^ 29.30 -105.30 32.70 30.90 62.70 25.50 22.00
Brent 76.33 1.20 9.08 20.45 32.81 2.08 32.80 Net Institutional Flows - Debt (in Rs. Crore)
Jan-Jun Change in %
US $ Billion Net Flows FII Flows MF Flows
2021 2020 2019 2018 2017 2016 2015
Trade Deficit -71.84 -92.24 153.30 182.69 147.59 97.46 125.76 1M -782 15,393
Net Oil Imports -38.39 -16.29 84.64 92.34 64.89 47.37 57.63
3M -7,317 26,080
Net Non-Oil Trade Deficit -33.45 -75.95 68.66 90.35 82.70 50.09 68.13
6M -20,415 71,492
Net Gold Imports -21.90 -15.39 19.68 24.10 29.22 4.64 20.19
1Y -18,371 201,802
Trade Deficit ex Oil & Gold -11.55 -60.56 48.98 66.25 53.48 45.45 47.94
3Y -108,327 1,036,195
NET of Principal Commodities -23.23 -39.32 44.93 49.61 45.54 34.69 34.52
Electronic Goods 5Y -39,834 1,671,868
^ Data as of May 2021 Source: SEBI, NSDL data as on July 30, 2021
6
ITI Multi Cap Fund
(An open-ended equity scheme investing across
large cap, mid cap, small cap stocks)
July 2021
PORTFOLIO
CATEGORY OF SCHEME: Multicap Fund
% to % to NAV % to % to NAV
Name of the Instrument Name of the Instrument
NAV Derivatives NAV Derivatives
INVESTMENT OBJECTIVE
Equity & Equity Related Total 97.84 Finance 12.32
The investment objective of the Scheme is to
generate long-term capital appreciation from a Auto 6.46 Equitas Holdings Limited 5.76
diversified portfolio that predominantly invests
in equity and equity-related securities of Eicher Motors Limited 6.46 Mahindra & Mahindra Financial Services Ltd 4.45
companies across various market capitalisation.
However, there can be no assurance that the Auto Ancillaries 4.53 IDFC Limited 2.11
investment objective of the Scheme will be
realised.
Amara Raja Batteries Limited 4.53 Petroleum Products 4.65
SCHEME DETAILS Banks 19.69 Reliance Industries Limited 4.65
Inception Date HDFC Bank Limited 6.75 Pharmaceuticals 20.26
(Date of Allotment): 15-May-19
Benchmark: Nifty 500 Multicap DCB Bank Limited 4.06 Lupin Limited 8.00
50:25:25 TRI City Union Bank Limited 3.15 Sun Pharmaceutical Industries Limited 7.35
(w.e.f December-2020)
Minimum Application Rs.1,000/- and in multiples Kotak Mahindra Bank Limited 2.87 Alembic Pharmaceuticals Limited 4.91
Amount: of Rs. 1/- thereafter The Federal Bank Limited 2.85 Printing & Publication 2.32
Load Structure: Consumer Durables 14.36 Navneet Education Limited 2.32
Entry Load: Nil V-Guard Industries Limited 8.00 Software 0.86
Exit Load: If units are redeemed
/switched out within 12 Whirlpool of India Limited 3.48 eClerx Services Limited 0.86
months - 1%. Nil
thereafter Johnson Controls - Hitachi Air 2.87 Short Term Debt & Net Current Assets 2.16
Total Expense Ratio (TER): Conditioning India Limited
Top Ten Holdings
Including Additional Expenses and Goods and Service Consumer Non Durables 12.40
Tax on Management Fees
Regular Plan: 2.64% Direct Plan: 0.49% ITC Limited 6.33
Godrej Consumer Products Limited 3.11
FUND MANAGER
Kansai Nerolac Paints Limited 2.96
Mr. George Heber Joseph (Since 15-May-19)
Total Experience: 17 years
Mr. Pradeep Gokhale (Since 15-May-19)
Total Experience: 24 years
Fund vs Index Overweight / Underweight
PORTFOLIO DETAILS 40.00
32.01
NSE 500 Mul cap 50:25:25
AUM (in Rs. Cr): 278.78
26.76
26.33
ITI Mul cap
32.00
AAUM (in Rs. Cr): 270.33
20.26
24.00
% of top 5 holdings: 36.56%
11.66
11.63
10.98
% of top 10 holdings: 62.73% 16.00
% of Net Assets
6.37
5.53
5.41
4.76
No. of scrips: 22
4.65
4.38
3.62
3.42
2.68
2.57
2.43
2.32
2.26
8.00
1.69
1.57
1.42
1.26
0.85
0.86
0.21
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
RISK RATIO 0.00
Publica on
Telecom
Pharma
Construc on
Automobile
Media, Entertainment &
Chemicals
Paper And Jute
Oil & Gas
Consumer Goods
Cement & Cement Products
Fer lisers & Pes cides
Metals
Tex les
Financial Services
Consumer Services
Healthcare Services
Services
Industrial Manufacturing
Power
IT
Standard Deviation^: NA
Beta^: NA
Sharpe Ratio^*: NA
Average P/B 4.21
Average P/E 39.40
Portfolio Beta 0.91
^Computed for the 3-yr period ended July 30, 2021.
Based on month-end NAV.
* Risk free rate: 3.40 (Source: FIMMDA MIBOR)
NAV as on July 30, 2021 Portfolio Classification by Net Assets (%) Portfolio Allocation of other asset class (%) Market Capitalisation (% of allocation)
Regular Plan Direct Plan Equity 97.84 Term Deposits placed as Margins Large Cap 45.51
(in Rs.) (in Rs.)
Growth: 14.2250 14.9142 Equity Derivatives TREPS instruments 2.19 Mid Cap 26.33
IDCW: 13.5880 14.2690
Debt Net Current Assets -0.03 Small Cap 26.00
THIS PRODUCT IS SUITABLE
FOR INVESTORS WHO ARE SEEKING^
Ÿ Long-term capital growth
Ÿ Investment in equity and equity-related securities of
companies across various market capitalization
^Investors should consult their financial advisers if in Fresh, no legacy/no SQL investment Smooth investing Long term wealth
doubt about whether the product is suitable for them. baggage portfolio philosophy experience for the investor creation focus
Differently positioned as When markets are expensive, the fund gener ally reduces risk and when
Strong expertise in a flexi cap within the
Mod markets are undervalued fund increases the risk in the portf olio so that risk
equity research
de rate erate multicap segment adjusted return and investor experience becomes smooth and rewarding
Mo High ly
er o
Please Refer Page No. 24 For IDCW History
e
H
od t
at
ig
M Low
h For scheme and SIP perf ormance refer page 15
Face Value per Unit: Rs. 10 unless other wise specified; Data is as of July 30, 2021 unless other wise specified.
Very
Low
High
LOW HIGH
Investors understand that their principal
will be at Very High risk
7ITI Long Term Equity Fund
(An open ended equity linked saving scheme with a statutory lock-in
of 3 years and tax benefit)
July 2021
CATEGORY OF SCHEME: ELSS Fund PORTFOLIO
% to % to NAV % to % to NAV
Name of the Instrument Name of the Instrument
INVESTMENT OBJECTIVE NAV Derivatives NAV Derivatives
To provide long-term capital appreciation by Equity & Equity Related Total 98.98 Finance 5.52
investing predominantly in equity and equity
related securities. However, there is no assurance Auto 7.88 IDFC Limited 3.25
or guarantee that the investment objective of the Eicher Motors Limited 7.88 Mahindra & Mahindra Financial Services Ltd 1.29
Scheme will be achieved. The scheme does not
assure or guarantee any returns. Auto Ancillaries 4.86 Equitas Holdings Limited 0.97
Amara Raja Batteries Limited 4.86 Industrial Products 1.04
SCHEME DETAILS
Banks 16.83 Supreme Industries Limited 1.04
Inception Date
(Date of Allotment): 18-Oct-19 HDFC Bank Limited 8.32 Petroleum Products 6.12
Benchmark: Nifty 500 TRI DCB Bank Limited 4.95 Reliance Industries Limited 6.12
Minimum Application Rs. 500/- and in multiples
Kotak Mahindra Bank Limited 2.85 Pharmaceuticals 23.75
Amount: of Rs. 500/- thereafter
City Union Bank Limited 0.71 Sun Pharmaceutical Industries Limited 10.27
Load Structure:
Construction 2.52 Lupin Limited 8.99
Entry Load: Nil
Exit Load: Nil Ashoka Buildcon Limited 2.52 Alembic Pharmaceuticals Limited 2.89
Consumer Durables 10.50 Suven Pharmaceuticals Limited 1.60
Total Expense Ratio (TER): V-Guard Industries Limited 4.62 Printing & Publication 2.20
Including Additional Expenses and Goods and Service
Tax on Management Fees Johnson Controls - Hitachi Air 3.01 Navneet Education Limited 2.20
Regular Plan: 2.58% Direct Plan: 0.38% Conditioning India Limited Software 1.23
Whirlpool of India Limited 2.88 eClerx Services Limited 1.23
Consumer Non Durables 16.53 Short Term Debt & Net Current Assets 1.02
FUND MANAGER
ITC Limited 9.55
Mr. George Heber Joseph (Since 18-Oct-2019) Top Ten Holdings
Total Experience: 17 years Kansai Nerolac Paints Limited 3.22
Mr. Pradeep Gokhale (Since 18-Oct-2019) Godrej Consumer Products Limited 3.21
Total Experience: 24 years
Akzo Nobel India Limited 0.55
PORTFOLIO DETAILS
AUM (in Rs. Cr): 97.25
AAUM (in Rs. Cr): 95.79 Fund vs Index Overweight / Underweight
% of top 5 holdings: 45.01%
40.00
% of top 10 holdings: 68.81%
30.98
NSE 500
27.03
No. of scrips: 25 ITI Long Term Equity Fund
23.75
30.00
22.35
RISK RATIO
13.45
12.74
20.00
11.77
Standard Deviation^: NA
% of Net Assets
8.81
6.12
5.25
4.92
Beta^: NA
4.49
10.00
2.89
2.84
2.52
2.51
2.29
2.20
1.95
1.85
1.78
1.38
1.23
1.05
1.04
0.97
0.46
0.38
0.06
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Sharpe Ratio^*: NA
Average P/B 4.59 0.00
IT
Publica on
Telecom
Pharma
Construc on
Automobile
Media, Entertainment &
Chemicals
Paper And Jute
Consumer Goods
Oil & Gas
Cement & Cement Products
Fer lisers & Pes cides
Metals
Tex les
Financial Services
Consumer Services
Healthcare Services
Services
Industrial Manufacturing
Power
Average P/E 42.32
Portfolio Beta 0.85
^Computed for the 3-yr period ended July 30, 2021.
Based on month-end NAV.
* Risk free rate: 3.40 (Source: FIMMDA MIBOR)
NAV as on July 30, 2021
Regular Plan Direct Plan
(in Rs.) (in Rs.)
Growth: 14.3203 14.8912 Portfolio Classification by Net Assets (%) Portfolio Allocation of other asset class (%) Market Capitalisation (% of allocation)
IDCW: 13.6940 14.2566
Equity 98.98 Term Deposits placed as Margins Large Cap 57.19
THIS PRODUCT IS SUITABLE
Equity Derivatives TREPS instruments 0.89 Mid Cap 18.48
FOR INVESTORS WHO ARE SEEKING^
Ÿ Capital appreciation over long term Debt Net Current Assets 0.13 Small Cap 23.31
Ÿ Investment in equity and equity related securities
^Investors should consult their financial advisers if in
doubt about whether the product is suitable for them.
Benefits of Investing
Mod
ate erate
der High ly
Mo
er o
e
H
od t
at
ig
M Low
h
Very
Low
High
Please Refer Page No. 24 For IDCW History
LOW HIGH
Face Value per Unit: Rs. 10 unless otherwise specified; Data is as of July 30, 2021 unless otherwise specified.
Investors understand that their principal
will be at Very High risk
8ITI Large Cap Fund
(An open ended equity scheme predominantly
investing in large cap stocks)
July 2021
CATEGORY OF SCHEME: Large Cap Fund PORTFOLIO
% to % to NAV % to % to NAV
Name of the Instrument Name of the Instrument
INVESTMENT OBJECTIVE NAV Derivatives NAV Derivatives
The investment objective of the Scheme is to Equity & Equity Related Total 97.82 Gas 1.48
seek to generate long term capital appreciation
by predominantly investing in equity and equity
Aerospace & Defense 1.47 Petronet LNG Limited 0.94
related securities of large cap stocks. However, Hindustan Aeronautics Limited 1.47 GAIL (India) Limited 0.54
there can be no assurance that the investment
objective of the scheme would be achieved.
Auto 3.89 Insurance 2.34
Maruti Suzuki India Limited 2.00 HDFC Life Insurance Company Limited 1.40
SCHEME DETAILS
Eicher Motors Limited 1.89 SBI Life Insurance Company Limited 0.94
Inception Date
(Date of Allotment): 24-Dec-20 Banks 25.42 Minerals/Mining 1.48
Benchmark: Nifty 100 TRI HDFC Bank Limited 7.52 Coal India Limited 1.48
Minimum Application Rs. 5,000/- and in multiples State Bank of India 5.93 Petroleum Products 9.76
Amount: of Re. 1/- thereafter
Kotak Mahindra Bank Limited 5.26 Reliance Industries Limited 8.87
Load Structure: ICICI Bank Limited 4.85 Indian Oil Corporation Limited 0.89
Entry Load: Nil
Exit Load: If units are redeemed Axis Bank Limited 1.85 Pharmaceuticals 8.17
/switched out within 12 Cement & Cement Products 3.02 Lupin Limited 6.06
months - 1%. Nil
thereafter Grasim Industries Limited 3.02 Sun Pharmaceutical Industries Limited 2.12
Construction Project 5.09 Power 1.49
Total Expense Ratio (TER):
Including Additional Expenses and Goods and Service Larsen & Toubro Limited 5.09 NTPC Limited 1.49
Tax on Management Fees Consumer Non Durables 12.08 Software 15.22
Regular Plan: 2.52% Direct Plan: 0.32%
ITC Limited 7.06 Infosys Limited 7.44
FUND MANAGER Hindustan Unilever Limited 2.73 Tata Consultancy Services Limited 4.44
Mr. George Heber Joseph (Since 24-Dec-20) Godrej Consumer Products Limited 2.29 HCL Technologies Limited 3.34
Total Experience: 17 years
Finance 4.54 Telecom - Services 2.37
Mr. Pradeep Gokhale (Since 24-Dec-20)
Total Experience: 24 years Housing Development Finance Corporation Ltd 4.54 Bharti Airtel Limited 2.37
PORTFOLIO DETAILS Short Term Debt & Net Current Assets 2.18
AUM (in Rs. Cr): 174.31 Top Ten Holdings
AAUM (in Rs. Cr): 175.82
% of top 5 holdings: 36.95%
% of top 10 holdings: 62.63% Fund vs Index Overweight / Underweight
No. of scrips: 28
34.32
40.00 NSE 100
32.30
ITI Largecap
RISK RATIO 30.00
Standard Deviation: NA
15.23
15.22
Beta: NA 20.00
% of Net Assets
12.08
11.95
11.24
10.56
Sharpe Ratio*: NA
8.17
5.09
4.92
4.70
4.59
3.89
Average P/B 4.58 10.00
3.02
2.94
2.68
2.37
2.22
1.88
1.51
1.49
1.48
1.47
0.82
0.56
0.51
0.43
0.22
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Average P/E 29.25
Portfolio Beta 0.93 0.00
Publica on
Telecom
Pharma
Construc on
Automobile
Chemicals
Media, Entertainment &
Paper And Jute
Oil & Gas
Consumer Goods
Cement & Cement Products
Metals
Fer lisers & Pes cides
Tex les
Financial Services
Consumer Services
Healthcare Services
Services
Power
Industrial Manufacturing
IT
Computed for the 3-yr period ended July 30, 2021.
Based on month-end NAV.
* Risk free rate: 3.40 (Source: FIMMDA MIBOR)
NAV as on July 30, 2021
Regular Plan Direct Plan
(in Rs.) (in Rs.)
Growth: 11.3206 11.4834
IDCW: 11.3206 11.4834 Portfolio Classification by Net Assets (%) Portfolio Allocation of other asset class (%) Market Capitalisation (% of allocation)
THIS PRODUCT IS SUITABLE Equity 97.82 Term Deposits placed as Margins Large Cap 95.41
FOR INVESTORS WHO ARE SEEKING^
Ÿ Capital appreciation over long term
Ÿ Investment in portfolio predominately consisting of Equity Derivatives TREPS instruments 1.24 Mid Cap 2.41
equity and equity related instruments of large cap
companies
Debt Net Current Assets 0.94 Small Cap
^Investors should consult their financial advisers if in
doubt about whether the product is suitable for them.
Data is as of July 30, 2021 unless otherwise specified.
Mod
de rate erate
Mo High ly
er o
e
H
od t
at
ig
M Low
h
Very
Low
High
LOW HIGH
Investors understand that their principal
will be at Very High risk
9ITI Mid Cap Fund
(An open ended equity scheme predominantly
investing in Mid Cap stocks)
July 2021
CATEGORY OF SCHEME: Mid Cap Fund PORTFOLIO
% to % to NAV % to % to NAV
Name of the Instrument Name of the Instrument
INVESTMENT OBJECTIVE NAV Derivatives NAV Derivatives
The investment objective of the Scheme is to Equity & Equity Related Total 93.98 Gas 4.81
seek to generate long term capital appreciation Aerospace & Defense 2.19 Mahanagar Gas Limited 3.13
by predominantly investing in equity and equity
Bharat Electronics Limited 2.19 Gujarat State Petronet Limited 1.68
related securities of Mid Cap stocks. However,
there can be no assurance that the investment Auto 1.41 Industrial Capital Goods 1.74
objective of the scheme would be achieved. Escorts Limited 1.41 ABB India Limited 1.74
Auto Ancillaries 7.03 Industrial Products 10.86
SCHEME DETAILS
MRF Limited 3.60 Schaeffler India Limited 3.11
Inception Date
Amara Raja Batteries Limited 3.44 Polycab India Limited 2.95
(Date of Allotment): 05-Mar-2021
Banks 8.42 Cummins India Limited 2.84
Benchmark: Nifty Mid Cap 100 TRI
Minimum Application Rs. 5,000/- and in multiples City Union Bank Limited 3.35 Bharat Forge Limited 1.96
Amount: of Re. 1/- thereafter The Federal Bank Limited 2.73 Insurance 2.01
Load Structure: Bank of Baroda 2.34 Max Financial Services Limited 2.01
Entry Load: Nil Cement & Cement Products 3.65 Pesticides 3.72
Exit Load: – If units are redeemed The Ramco Cements Limited 2.35 Bayer Cropscience Limited 3.72
/switched out within 12 Dalmia Bharat Limited 1.30 Petroleum Products 1.89
months - 1%. Nil
Chemicals 1.73 Hindustan Petroleum Corporation Limited 1.89
thereafter
Solar Industries India Limited 1.73 Pharmaceuticals 8.98
Total Expense Ratio (TER):
Including Additional Expenses and Goods and Service Construction 1.56 Sanofi India Limited 3.39
Tax on Management Fees The Phoenix Mills Limited 1.56 Alembic Pharmaceuticals Limited 2.82
Regular Plan: 2.62% Direct Plan: 0.32% Consumer Durables 3.87 Suven Pharmaceuticals Limited 2.77
Whirlpool of India Limited 3.87 Power 1.83
Consumer Non Durables 8.72 Tata Power Company Limited 1.83
FUND MANAGER
Kansai Nerolac Paints Limited 2.62 Retailing 1.59
Mr. George Heber Joseph (Since 05-Mar-21) Akzo Nobel India Limited 2.14 Aditya Birla Fashion and Retail Limited 1.59
Total Experience: 17 years
Mr. Pradeep Gokhale (Since 05-Mar-21) Godrej Industries Limited 2.04 Software 6.29
Total Experience: 24 years Zydus Wellness Limited 1.92 L&T Technology Services Limited 2.46
Entertainment 2.46 Oracle Financial Services Software Limited 1.96
PORTFOLIO DETAILS
Sun TV Network Limited 2.46 MphasiS Limited 1.86
AUM (in Rs. Cr): 331.13 Finance 6.28 Telecom - Services 2.11
AAUM (in Rs. Cr): 323.16 Mahindra & Mahindra Financial Services Limited 2.27 Tata Communications Limited 2.11
% of top 5 holdings: 18.01%
Aavas Financiers Limited 2.18 Textile Products 0.81
% of top 10 holdings: 33.38%
CreditAccess Grameen Limited 1.83 Page Industries Limited 0.81
No. of scrips: 40
Short Term Debt & Net Current Assets 6.02
RISK RATIO Top Ten Holdings
Standard Deviation: NA
Beta: NA
Sharpe Ratio*: NA Fund vs Index Overweight / Underweight
Average P/B 5.56
Average P/E 41.84 30.00 NSE MC 100
22.68
Portfolio Beta 0.82 25.00 ITI Mid Cap Fund
16.71
Computed for the 3-yr period ended July 30, 2021.
14.79
20.00
Based on month-end NAV.
12.59
* Risk free rate: 3.40 (Source: FIMMDA MIBOR) 15.00
9.75
8.98
8.45
7.21
6.96
6.71
6.68
% of Net Assets
6.32
6.29
6.12
10.00
5.37
NAV as on July 30, 2021
3.95
3.76
3.72
3.65
3.63
3.07
2.83
2.60
2.56
2.46
2.44
2.11
1.98
1.83
1.73
1.59
1.56
1.49
0.81
0.54
5.00
0.00
0.00
0.00
Regular Plan Direct Plan
0.00
(in Rs.) (in Rs.)
Publica on
Telecom
Pharma
Construc on
Automobile
Media, Entertainment &
Chemicals
Oil & Gas
Consumer Goods
Fer lisers & Pes cides
Cement & Cement Products
Metals
Tex les
Financial Services
Consumer Services
Healthcare Services
Services
Industrial Manufacturing
Power
IT
Growth: 11.4507 11.5598
IDCW: 11.4507 11.5598
THIS PRODUCT IS SUITABLE
FOR INVESTORS WHO ARE SEEKING^
Ÿ Capital appreciation over long term
Ÿ Investment in a diversified portfolio predominantly
consisting of equity and equity related instruments
of mid cap companies Portfolio Classification by Net Assets (%) Portfolio Allocation of other asset class (%) Market Capitalisation (% of allocation)
^Investors should consult their financial advisers if in
doubt about whether the product is suitable for them. Equity 93.98 Term Deposits placed as Margins Large Cap 2.34
Mod
Equity Derivatives TREPS instruments 6.49 Mid Cap 84.55
ate erate
der High ly
Mo
er o
Debt Net Current Assets Small Cap
e
H -0.48 7.10
od t
at
ig
M Low
h
Data is as of July 30, 2021 unless otherwise specified.
Very
Low
High
LOW HIGH
Investors understand that their principal
will be at Very High risk
10ITI Small Cap Fund
(An open ended equity scheme predominantly
investing in small cap stocks)
July 2021
CATEGORY OF SCHEME: SMALL CAP FUND PORTFOLIO
% to % to NAV % to % to NAV
INVESTMENT OBJECTIVE Name of the Instrument Name of the Instrument
NAV Derivatives NAV Derivatives
The investment objective of the Scheme is to Equity & Equity Related Total 93.70 Consumer Non Durables 2.77
generate capital appreciation by predominantly
investing in equity and equity related securities of Aerospace & Defense 2.89 CCL Products (India) Limited 1.80
small cap companies. However, there can be no Garden Reach Shipbuilders & Engineers Ltd 2.89 Advanced Enzyme Technologies Limited 0.98
assurance that the investment objective of the
Auto 1.31 Finance 19.22
scheme would be achieved.
Force Motors Limited 1.31 Equitas Holdings Limited 9.67
SCHEME DETAILS
Inception Date Auto Ancillaries 1.51 Can Fin Homes Limited 5.30
(Date of Allotment): 17-Feb-20 Jtekt India Limited 1.51 IDFC Limited 3.37
Benchmark: Nifty Smallcap 100 TRI
Banks 5.57 Mas Financial Services Limited 0.89
Minimum Application Rs. 5,000/- and in multiples
Amount: of Rs. 1/- thereafter DCB Bank Limited 5.57 Industrial Products 3.14
Cement & Cement Products 3.96 Timken India Limited 1.65
Load Structure:
Birla Corporation Limited 3.96 Schaeffler India Limited 1.49
Entry Load: Nil
Exit Load: If units are redeemed Chemicals 1.18 Leisure Services 4.39
/switched out within 12
INEOS Styrolution India Limited 1.18 Wonderla Holidays Limited 4.39
months - 1%. Nil
thereafter Construction 12.19 Pharmaceuticals 8.30
Ashoka Buildcon Limited 7.02 Alembic Limited 6.42
Total Expense Ratio (TER):
Including Additional Expenses and Goods and Service Indiabulls Real Estate Limited 4.16 Hester Biosciences Limited 1.88
Tax on Management Fees
Regular Plan: 2.57% Direct Plan: 0.32% Ahluwalia Contracts (India) Limited 1.02 Printing & Publication 5.73
Consumer Durables 15.86 Navneet Education Limited 5.73
FUND MANAGER Johnson Controls - Hitachi Air 6.38 Software 5.69
Mr. George Heber Joseph (Since 17-Feb-20) Conditioning India Limited eClerx Services Limited 5.69
Total Experience: 17 years V-Guard Industries Limited 5.59
Mr. Pradeep Gokhale (Since 17-Feb-20) Short Term Debt & Net Current Assets 6.30
Total Experience: 24 years Mayur Uniquoters Limited 3.89
Top Ten Holdings
PORTFOLIO DETAILS
AUM (in Rs. Cr): 431.50
AAUM (in Rs. Cr): 423.85 Fund vs Index Overweight / Underweight
% of top 5 holdings: 35.21%
24.79
30.00
% of top 10 holdings: 61.75% NSE SC 100
25.00 ITI Small Cap Fund
18.63
No. of scrips: 25
18.17
20.00
13.13
12.66
12.19
RISK RATIO 15.00
8.35
8.30
7.30
% of Net Assets
6.22
6.19
6.03
5.73
5.69
Standard Deviation^: NA 10.00
4.39
4.28
4.03
3.96
3.30
3.26
3.09
2.82
2.21
2.09
2.03
Beta^: NA
1.33
1.18
1.05
0.73
0.59
5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Sharpe Ratio^*: NA
0.00
Average P/B 3.41
Publica on
Telecom
Construc on
Pharma
Automobile
Media, Entertainment &
Chemicals
Paper And Jute
Consumer Goods
Cement & Cement Products
Fer lisers & Pes cides
Metals
Oil & Gas
Tex les
Financial Services
Consumer Services
Healthcare Services
Services
Industrial Manufacturing
Power
IT
Average P/E 26.09
Portfolio Beta 0.95
^Computed for the 3-yr period ended July 30, 2021.
Based on month-end NAV.
* Risk free rate: 3.40 (Source: FIMMDA MIBOR)
NAV as on July 30, 2021
Regular Plan Direct Plan
(in Rs.) (in Rs.) Portfolio Classification by Net Assets (%) Portfolio Allocation of other asset class (%) Market Capitalisation (% of allocation)
Growth: 15.9102 16.4279
IDCW: 15.9102 16.4279 Equity 93.70 Term Deposits placed as Margins Large Cap
THIS PRODUCT IS SUITABLE
FOR INVESTORS WHO ARE SEEKING^ Equity Derivatives TREPS instruments 6.45 Mid Cap 1.49
Ÿ Capital appreciation over long term
Ÿ Investment in a diversified Portfolio which Debt Net Current Assets -0.15 Small Cap 92.21
predominantly consists of equity and equity related
instruments of small cap companies
Face Value per Unit: Rs. 10 unless otherwise specified; Data is as of July 30, 2021 unless otherwise specified.
^Investors should consult their financial advisers if in
doubt about whether the product is suitable for them.
Mod
ate erate
der High ly
Mo
er o
e
H
od t
at
ig
M Low
h
Very
Low
High
LOW HIGH
Investors understand that their principal
will be at Very High risk
11ITI Value Fund
(An open-ended equity scheme following
a value investment strategy)
July 2021
CATEGORY OF SCHEME: Value PORTFOLIO
% to % to NAV % to % to NAV
Name of the Instrument Name of the Instrument
INVESTMENT OBJECTIVE NAV Derivatives NAV Derivatives
The investment objective of the scheme is to seek Equity & Equity Related Total 83.38 Industrial Products 0.54
to generate long term capital appreciation by
investing substantially in a portfolio of equity and Auto 6.91 Schaeffler India Limited 0.54
equity related instruments by following value Eicher Motors Limited 6.91 Leisure Services 2.86
investing strategy. However, there can be no
assurance or guarantee that the investment Auto Ancillaries 4.89 Wonderla Holidays Limited 2.86
objective of the scheme would be achieved. Amara Raja Batteries Limited 4.89 Petroleum Products 19.56
SCHEME DETAILS Banks 13.65 Bharat Petroleum Corporation Limited 6.78
Inception Date HDFC Bank Limited 6.73 Reliance Industries Limited 6.75
(Date of Allotment): 14-June-2021
Benchmark: Nifty 500 Value 50 TRI City Union Bank Limited 4.69 Indian Oil Corporation Limited 6.04
Minimum Application Rs. 5,000/- and in multiples DCB Bank Limited 2.23 Pharmaceuticals 20.16
Amount: of Re. 1/- thereafter
Consumer Durables 4.19 Sun Pharmaceutical Industries Limited 7.91
Load Structure:
Entry Load: Nil Whirlpool of India Limited 3.23 Lupin Limited 6.71
Exit Load: – If units are redeemed V-Guard Industries Limited 0.78 Alembic Pharmaceuticals Limited 4.79
/switched out within 12
months - 1%. Nil Johnson Controls - Hitachi Air 0.18 Alembic Limited 0.75
thereafter Conditioning India Limited Power 2.07
Total Expense Ratio (TER): Consumer Non Durables 7.28
Including Additional Expenses and Goods and Service
NTPC Limited 2.07
Tax on Management Fees ITC Limited 7.04 Short Term Debt & Net Current Assets 16.62
Regular Plan: 2.62% Direct Plan: 0.32% Kansai Nerolac Paints Limited 0.24
Gas 1.28 Top Ten Holdings
FUND MANAGER
Mr. Pradeep Gokhale (Since 14-Jun-21) Petronet LNG Limited 1.28
Total Experience: 24 years
Mr. Rohan Korde (Since 14-Jun-21)
Total Experience: 17 years
PORTFOLIO DETAILS
Fund vs Index Overweight / Underweight
AUM (in Rs. Cr): 128.18 30.00 NSE 500 Value 50
22.51
22.14
22.02
20.84
20.16
AAUM (in Rs. Cr): 127.99 25.00 ITI Value Fund
% of top 5 holdings: 35.38% 20.00
13.65
11.79
11.47
% of top 10 holdings: 64.53% 15.00
9.42
No. of scrips: 21
% of Net Assets
5.61
10.00
5.08
4.27
3.39
2.86
2.07
1.81
1.39
0.73
0.58
0.57
0.54
0.48
RISK RATIO 5.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Standard Deviation: NA Publica on
Telecom
Pharma
Construc on
Automobile
Chemicals
Media, Entertainment &
Oil & Gas
Consumer Goods
Cement & Cement Products
Fer lisers & Pes cides
Metals
Tex les
Financial Services
Consumer Services
Healthcare Services
Services
Power
Industrial Manufacturing
IT
Beta^: NA
Sharpe Ratio^*: NA
Average P/B 2.79
Average P/E 23.69
Portfolio Beta 0.66
^Computed for the 3-yr period ended July 30, 2021.
Based on month-end NAV.
* Risk free rate: 3.40 (Source: FIMMDA MIBOR)
NAV as on July 30, 2021 Portfolio Classification by Net Assets (%) Portfolio Allocation of other asset class (%) Market Capitalisation (% of allocation)
Regular Plan Direct Plan
(in Rs.) (in Rs.) Equity 83.38 Term Deposits placed as Margins Large Cap 56.93
Growth: 9.8511 9.8803
IDCW: 9.8511 9.8803 Equity Derivatives TREPS instruments 16.66 Mid Cap 19.65
THIS PRODUCT IS SUITABLE
FOR INVESTORS WHO ARE SEEKING^ Debt Net Current Assets -0.04 Small Cap 6.80
Ÿ Capital appreciation over long term
Ÿ Investments in portfolio predominantly consisting of Data is as of July 30, 2021 unless otherwise specified.
equity and equity related instruments by following a
value investment strategy.
^Investors should consult their financial advisers if in
doubt about whether the product is suitable for them.
Mod
ate erate
der High ly
Mo
er o
e
H
od t
at
ig
M Low
h
Very
Low
High
LOW HIGH
Investors understand that their principal
will be at Very High risk
12You can also read
