Factsheet - January 2020 - hsbc asset management ...

 
Factsheet - January 2020 - hsbc asset management ...
Factsheet - January 2020
Factsheet - January 2020 - hsbc asset management ...
Index
    Fund Manager Commentary                                           01
    HSBC Mutual Fund Products                                         05
    HSBC Large Cap Equity Fund                                        06
    HSBC Large and Mid Cap Equity Fund                                07
    HSBC Multi Cap Equity Fund                                        08
    HSBC Small Cap Equity Fund                                        09
    HSBC Infrastructure Equity Fund                                   10
    HSBC Tax Saver Equity Fund                                        11
    HSBC Equity Hybrid Fund                                           12
    HSBC Global Emerging Markets Fund                                 13
    HSBC Asia Pacific (Ex Japan) Dividend Yield Fund                  13
    HSBC Brazil Fund                                                  14
    HSBC Global Consumer Opportunities Fund                           14
    HSBC Managed Solutions India - Growth - Moderate - Conservative   15
    Comparative Performance of Equity Schemes                         16
    SIP Performance of Equity Schemes                                 19
    Fund Manager Equity And Debt                                      22
    HSBC Overnight Fund                                               23
    HSBC Cash Fund                                                    24

    HSBC Ultra Short Duration Fund                                    25
    HSBC Low Duration Fund                                            26

    HSBC Short Duration Fund                                          27
    HSBC Debt Fund                                                    28
    HSBC Flexi Debt Fund                                              29
    HSBC Regular Savings Fund                                         30
    Comparative Performance of Debt Schemes                           31
    Section II - How to read Factsheet                                33
FUND MANAGER COMMENTARY

                                                      Equity Markets

         Equity Market Indices                                                                                                                                                              Market Review
                                                                                                                                                                                            Indian equity markets outperformed the global equity market indices during
                                                                                                                   Last               1 Month                 CYTD
         Indices                                                                                                                                                                            January 2020 even as adverse news flows began to emerge regarding the
                                                                                                                   Close              (Change                (Change
                                                                                                                                                                                            Coronavirus outbreak and concerns on whether it will impact global growth.
                                                                                                                                        in %)                  in %)
                                                                                                                                                                                            Within domestic indices, the broader market indices surged during the month
         Domestic                                                                                                                                                                           as BSE Smallcap and Midcap indices outperformed the Largecap and market
                                                                                                                                                                                            indices. The market indices BSE Sensex and CNX Nifty were down 1.7% and
     S&P BSE Sensex TR                                                                                         59448                       -1.3%                 15.7%                      1.3% respectively while BSE Midcap / Smallcap indices gained 7.1% and 3.3%
     Nifty 50 TR                                                                                               16790                       -1.7%                 13.5%                      respectively.
     S&P BSE 200 TR                                                                                                6034                    -0.7%                 10.4%                      The Union budget for FY 2020-21 was presented in the parliament on 01
     S&P BSE 500 TR                                                                                            18702                       -0.1%                 9.0%                       February 2020. The budget focused on reviving the economy gradually and
     S&P BSE Midcap TR                                                                                         18490                           3.3%              -2.1%                      hence was devoid of any immediate stimulus measures. On the positive side,
                                                                                                                                                                                            the budget continued to re-emphasise on structural reforms that have been
     S&P BSE Smallcap TR                                                                                       17407                           7.1%              -5.9%
                                                                                                                                                                                            undertaken (GST, IBC, DBT, NIP etc.). Other focus areas were related to
     NSE Large & Midcap 250 TR                                                                                     7563                        2.0%              6.0%
                                                                                                                                                                                            attracting foreign capital into India as well as the push to improve the digital
     S&P BSE India Infrastructure Index TR                                                                         219                         0.5%              -8.9%                      ecosystem in the country. Inclusive growth agenda also received a thrust in the
     MSCI India USD                                                                                                587                     -0.8%                 6.1%                       budget as there was continued emphasis on social welfare, education & skills
     MSCI India INR                                                                                                1358                    -0.8%                 8.5%                       development, healthcare sector, clean energy, financial inclusion and
     INR - USD                                                                                                      71                         0.0%              2.3%                       affordable housing. Overall, the budget proposals are a continuation of the
                                                                                                                                                                                            government's focus on structural reforms and improving the system efficiency.
     Crude Oil                                                                                                      58                   -11.9%                  22.7%
                                                                                                                                                                                            The quarterly results season has so far trended on expected lines on
                                                                                                                                                                                            profitability for Nifty companies while the revenues have been muted. For the
         6
         5                             4.8                                                                                                                                                  30 companies that have declared results so far, the aggregate revenues have
         4
                                                                         FII & DII inflows                                                                                                  remained flat on a YoY basis, while the adjusted EBITDA / PAT have increased
                                                             2.9                                                                                           3.1
         3
                             2.2                                                                                         2.9                                                                by 13% / 25% YoY. PAT has seen the benefit of the corporate tax cuts flowing
                                                                                                                   3.0                1.7        2.1
USD bn

         2                                                               1.4                                                                                                    1.4         through this quarter as well.
                                                                                                                                   1.0                                0.9
         1                                                                                                                                                                            0.3
         0             0.3                                                              0.1 0.5                                                                                             The headline retail inflation (CPI) for the month of Dec 2019 hardened to 7.4%
                                                                       -0.6 0.8                                                                   0.7
         -1                  -0.1                                                                                                                                     -0.1                  YoY compared to 5.5% YoY in the month of Nov 2019. The spike in inflation
         -2                                           -2.0                                                                                                  -1.1                            came on the back of higher food inflation and this resulted in the highest
                                                                                                         -1.9            -2.2
         -3                                                                                                                                                                                 monthly inflation print in more than 5 years. IIP for the month of Nov 2019
                                                                                                                                                                                  Jan-20
              Jan-19

                              Feb-19

                                             Mar-19

                                                              Apr-19

                                                                               May-19

                                                                                             Jun-19

                                                                                                          Jul-19

                                                                                                                          Aug-19

                                                                                                                                      Sep-19

                                                                                                                                                  Oct-19

                                                                                                                                                             Nov-19

                                                                                                                                                                       Dec-19

                                                                                                                                                                                            recorded a growth of 1.8% YoY after 3 consecutive months of declines. The
                                                                                                                                                                                            GST mop up for the month of December 2019 (collected in January 2020),
                                                                FII flows               MF            Insurance             DII flows (MF+Insurance)                                        came in at ~Rs.1.1 tn, which was the third consecutive month of above Rs.1 tn
                                                                                                                                                                                            collections, which is a positive. Global crude oil prices were volatile during the
                                                                                                                                                                                            month as in the beginning of the month it spiked owing to geo-political tensions
                                                                                                                                                                                            in the Middle East. However, it has substantially cooled off since then after the
                                                                                                                                                                                            concerns around the Coronavirus outbreak in China emerged and has declined
                                                                                                                                                                                            ~12% MoM during January 2020.
     On the institutional flows, it was strong start to the new year with FIIs net buying equities worth ~USD 1.4 bn compared to USD 14.2 bn of net inflows seen during the
     CY19. The DIIs also notched up a net positive tally of USD 313 mn driven by USD 624 mn of net buying from the domestic insurers. The MFs who have maintained the
     traction of net buying during 2019, started the year on a muted note turning net sellers to the tune of USD 312 mn.

     Global Market Update                                                                                                                                                                    Global Market Indices
     For markets it was a volatile start to the year due to host of global news flows.                                                                                                                                                            1 Month         CYTD
                                                                                                                                                                                                                                   Last
     Beginning of the month saw some positive momentum on the back of the signing of                                                                                                          Indices                                             (Change        (Change
                                                                                                                                                                                                                                   Close
     the phase one trade deal between US and China. However, this was                                                                                                                                                                               in %)          in %)
     overshadowed by the rising geopolitical tensions in the Middle East owing to the                                                                                                        International (in USD)
     stand-off between the US and Iran. Tensions rose as a result of US' targeted killing                                                                                                    MSCI World                             2,342           -0.7%          25.2%
     of the Iran's military commander and Intelligence chief. However, the tensions                                                                                                          Dow Jones                             28,256           -1.0%          22.3%
     didn't escalate further and subsided even as Iran attacked some US military bases                                                                                                       S&P 500                                3,226           -0.2%          28.9%
     situated in Iraq. However, the key unfolding challenge for China in particular, has                                                                                                     MSCI EM                                1,062           -4.7%          15.4%
     emerged during the third week of January as the country confirmed the outbreak of                                                                                                       MSCI Europe                            1,738           -2.6%          20.0%
     Coronavirus. Though the outbreak outside of China is very much contained at
                                                                                                                                                                                             MSCI UK                                1,145           -3.8%          15.2%
     present, the WHO has called it a global health emergency in order to step up efforts
     to combat the spread of the virus. However, this scenario should be closely                                                                                                             MSCI Japan                             3,390           -1.4%          17.1%
     monitored in the context of likely impact on global growth following the impact of this                                                                                                 MSCI China                               81            -4.8%          20.9%
     outbreak on China and its connected ecosystem.                                                                                                                                          MSCI Brazil                            2,193           -7.6%          22.1%

                                                                                                                                                                                                                                                                    01
Macro Market View
Market participants were expecting some direct measures to revive consumption in the union budget proposals. However, there were no immediate stimulus
measures announced in the budget, which will mean that the economic recovery is likely to remain on a gradual path. A theme that was evident in the budget was the
push from savings to consumption. Government is nudging individuals to move from savings to consumption by offering a better tax regime if one does not avail the
investment benefits and other deductions. Having said that, the efficacy of the personal tax rejig will be tested at the ground level as the incentive to switch to the new
regime is limited considering the impact of investments and other deductions foregone and will differ from an individual to individual basis. Other key disappointment
from the budget was the lack of specifics with respect to the infrastructure spends under the newly envisaged National Infrastructure Pipeline or NIP while the overall
growth in allocation for FY21 also came lower than expectation. Overall, this budget has highlighted that the government is looking at gradually reviving the economy in
a structural / sustainable manner and not going for any stimulus measures that could provide immediate relief.
If we look at the economic indicators, most of the growth and high frequency indicators are yet to recover and hence may only witness a gradual improvement from
hereon. On the fiscal policy front, we have seen hordes of government initiatives in the past 3 - 4 months (including the budget) with some path breaking decisions such
as the corporate tax cuts (corporate tax cuts is again a structural stimulus as the private capex is expected to revive only with a lag). In addition, we have seen some
follow on actions and implementation path being envisaged on key proposals (such as the infrastructure push through the NIP announcement, real estate stress fund,
efforts to revive credit flow to MSMEs, release of GST refunds to MSMEs etc.). The RBI through the Monetary Policy Committee or MPC has on the other has efficiently
targeted the inflation so far, but there could be some new challenges emerging there on the back of hardening food inflation. Suffice to say that there is no lack of efforts
from both monetary as well as fiscal policy point of view to gradually revive the economy. Softening trends on the global crude oil prices should be positive for India,
being a net imported that commodity. However, this should be looked at in the context of the unravelling global growth challenges due to the Coronavirus outbreak in
China.
If we look at the growth front, as stated above, it may still be a gradual path to recovery due to the sluggish consumption demand scenario. The Jul-Sep 2019 quarter
GDP has dropped to a 26-quarter low. From here on, we could see sequential improvement in the growth trajectory but for us to reach the 7%+ growth trajectory in a
sustainable manner it may a take a while as for that we need both the consumption and investment cycles to fire simultaneously. The corporate tax cut will help to
revive the investment cycle only over a 2-3-year horizon as the private corporate are still tentative to commit to the capex cycle given the sluggish demand scenario. On
the demand side of the equation, we see the rural demand which used to grow faster than urban consumption now trailing the latter. For the rural demand to revive we
need several things to fall in place. The monsoon has been kind this year except for the unseasonal rainfall, but the rural wage growth scenario remains challenged
with Minimum Support Price or MSP hikes failing to lift it meaningfully. Moreover, the tight fiscal situation for the government has restricted the ability of some of the
government DBT schemes to operate in full capacity, so this has further added to the rural challenges. So for a meaningful recovery in rural demand, we may need both
the wage growth and government schemes to operate in full efficiency.
Equity Market view
The trend of outperformance of the broader market indices especially Smallcap and Midcap indices which was visible towards the end of last year, accelerated during
January 2020. This is after a sharp underperformance from the Mid and Smallcap indices for almost 2 years after which the valuations had become very attractive.
At an aggregate level even as the valuations for narrow indices are trending above historical averages, the individual constituents' valuations continue to show a very
divergent picture. Even in Nifty / Sensex, there are companies trading closer to multi-year low valuations compared to their own history while there are others who are
touching new highs every other day. Within large caps, we expect a gradual pick up in the broad based participation to the market performance going forward. The
valuation gap between the mid and small cap segments and large caps has narrowed after the recent performance trends. Looking ahead, a sustained rebound for
mid and small cap segments will be largely dependent on the broader economic recovery but that process may be more gradual in nature.
Market performance in the near term will be a function of liquidity (FII flows), impact of the Coronavirus outbreak in China and global cues (trade negotiations, Brexit
and Crude oil prices). Though there has been an equity outperformance in past 3 - 4 months, the falling bond yields has sustained the relative attractiveness of equity
as an asset class. The results season has panned out on expected lines on profitability trends but the revenue momentum has been weak. However, excluding the
corporate tax gain reflecting on earnings, a broad based recovery will still be a gradual process. The budget proposals also lacked any immediate triggers than can
revive consumption / demand. As a result, we expect the market to remain range bound in the near term. The threat of a meaningful impact of the Coronavirus outbreak
on global economy also remains a concern. Softness in global crude oil prices should provide some relief for India especially given the revenue constraints for the
government as seen in this budget.
Valuations
Currently, the NSE Nifty 50 index is trading at ~21.7x /17x FY 20/21 forward consensus earnings expectations (source: Bloomberg).
Key Factors to Consider
• Impact of the Coronavirus outbreak on China, outside of China as well as its impact on global growth
• Remainder of the 3QFY20 results season.
• Monetary policy actions from RBI
• Other global events to track would be US Fed interest rate decisions, Brexit newsflows, crude oil price dynamics and their impact on flows to emerging markets and
  India
Risks to market performance
Worsening situation from the Coronavirus outbreak in China, weak corporate earnings recovery, prolonged nature of the current economic slowdown as well as any
adverse global newsflows especially related to the US – China trade talks, crude oil price dynamics and global growth concerns.
Portfolio Strategy and Update
Broadly across portfolios, we are currently positive on Private Financiers, Real Estate and select domestic demand ideas while we are underweight in Auto, Staples,
Technology, Utilities and Energy. Our overweight position in Private Financiers is driven by the view that the corporate profit pool is getting concentrated with the
leaders, a trend that is expected to continue. Additionally, Private Financiers are seeing strong incremental earnings traction, has stronger liability franchise, witnessing
reduction in credit costs and continuing market share gains. Our exposure in real estate is through names that have relatively higher value coming from commercial
segment and those who are leaders in their markets / segments. We have exposure to telecom as we see the sector profitability coming back strongly driven tariff
improvement and consolidation benefits and this will accrue to players who are better positioned on network / spectrum coupled with better access and ability to deploy
future capital. Our underweight in autos is guided by a significant increase in cost of ownership as well as the current cyclical slowdown. Underweight in Staples is
largely due to historically high valuations as well as the moderating growth trends seen here. The underweight position in technology is due to slowing growth amidst
global macro slowdown and this may put further pressure on margins.
Looking ahead and after factoring in the benefit of the corporate tax cuts and the theme of consumption over savings reflected in the budget, we are positive on the
consumption ideas. We believe that a gradual improvement in the consumption demand should improve the demand for smaller ticket consumption items first and the
demand for other discretionary spends should follow later. The urban consumption growth is likely to recover faster and grow ahead of the rural consumption and our
portfolio positioning currently reflects this theme. Also, the trend of unorganised to organised should get accelerated in the context of the tax benefits accruing to
relatively stronger companies and hence that is an area of investment opportunities.

* Returns mentioned in the report are the Total Return or TR variants of the respective domestic indices. USD return for global indices.

                                                                                                                                                                       02
Sector Allocation
Sector^                                                       HSBC Large                 HSBC Multi                                 HSBC Small                                                    HSBC Tax                                              HSBC Equity                                                    HSBC Large &
                                                              Cap Equity                 Cap Equity                                 Cap Equity                                                   Saver Equity                                           Hybrid Fund                                                    MidCap Equity
                                                                Fund                       Fund                                       Fund                                                          Fund                                                    ^^                                                             Fund
Consumer Discretionary                                              U/W                         U/W                                                O/W                                                        O/W                                                          E/W                                                         O/W
Consumer Staples                                                    U/W                         U/W                                                U/W                                                        U/W                                                          U/W                                                         U/W
Energy                                                              U/W                         U/W                                                U/W                                                        U/W                                                          U/W                                                         U/W
Financials                                                          E/W                         O/W                                                O/W                                                        E/W                                                          O/W                                                         E/W
Healthcare                                                          E/W                         U/W                                                U/W                                                        O/W                                                          U/W                                                         U/W
Industrials                                                         O/W                         O/W                                                E/W                                                        O/W                                                          O/W                                                         O/W
Information Technology                                              E/W                         U/W                                                U/W                                                        U/W                                                          U/W                                                         U/W
Materials                                                           O/W                         O/W                                                O/W                                                        U/W                                                          O/W                                                         E/W
Real Estate                                                         O/W                         O/W                                                O/W                                                        O/W                                                          O/W                                                         O/W
Utilities                                                           U/W                         U/W                                                U/W                                                        U/W                                                          U/W                                                         U/W
Communication Services                                              U/W                         O/W                                                U/W                                                        O/W                                                          O/W                                                         U/W

                                                                    O/W - Overweight               U/W - Underweight                                                               E/W - EqualWeight
            Source – Bloomberg,* Returns mentioned in the report are the Total Return or TR variants of the respective indices, (for domestic indices only)
            ^ GICS - Global Industry Classification Standard (GICS) ^^ For equity portion only

                Debt Markets

Markets and going forward
Markets in the month of January had been range bound with positive support from RBI’s “Operation Twist” while oil prices and global tensions where the balancing
factors. Also overhang on fiscal slippage kept the market edgy. Furthermore, inflation numbers added to the nervousness. However, the supporting factor was RBI
actions and oil retracting its highs towards the end of the month all the way below USD 60 per barrel. Post budget however market saw a meaningful rally on
account of the fact that there is no additional borrowing this year and next year’s borrowing is largely in line with market consensus.
Liquidity
Liquidity has largely been in surplus mode and going forward is expected to remain in surplus territory supported by RBI actions and government spending.

Budget FY 2020-21                                                                                                                                                                                                                   CPI Inflation (%)
                                                                                                                                    8.0
                                                                                                              Inflation Growth(%)

In line with market expectation, government invoked the FRBM escape clause
                                                                                                                                    7.0
to revising fiscal deficit to GDP higher to 3.8% versus initial target of 3.3%.
                                                                                                                                    6.0
Simultaneously, FY22 target was pegged at 3.5% vs initial target of 3.0%.
Surprisingly, there was no additional borrowing for FY21 as was largely                                                             5.0
expected. FY22 gross borrowing was pegged at INR 7.8 trillion. The slippage                                                         4.0
this year and substantial portion of next year's deficit is likely to be funded by                                                  3.0
borrowings from small savings. While revenue targets do not seem very                                                               2.0
aggressive, the key will be the ability to achieve divestment target of INR 2.1                                                     1.0
trillion which is way higher than this year of INR 650 bn. On the expenditure
                                                                                                                                    0.0
side, scope for reduction later will be limited given that some part of the subsidy
                                                                                                                                                  Dec-16

                                                                                                                                                                       Mar-17

                                                                                                                                                                                        Jun-17

                                                                                                                                                                                                         Sep-17

                                                                                                                                                                                                                           Dec-17

                                                                                                                                                                                                                                            Mar-18

                                                                                                                                                                                                                                                                 Jun-18

                                                                                                                                                                                                                                                                                     Sep-18

                                                                                                                                                                                                                                                                                                         Dec-18

                                                                                                                                                                                                                                                                                                                            Mar-19

                                                                                                                                                                                                                                                                                                                                              Jun-19

                                                                                                                                                                                                                                                                                                                                                                Sep-19

                                                                                                                                                                                                                                                                                                                                                                                  Dec-19
is already shifted off-balance sheet and reducing expenditure in a weak growth
scenario will be counter productive for growth. Separately, there was
announcement to open up certain segments of Government Securities (G-                                                                                                    Index of Industrial Production (IIP)* new series data
Secs) for Non- Resident Investors. This suggests that government is taking                                                          14
steps to include G-Secs in global indices which are positive for external flows
and managing G-Sec supply. In summary, while the budget numbers in terms
                                                                                                                                     9
of fiscal deficit were in line with expectation, achievement will remain a
                                                                                                              Growth(%)

challenge in an environment of weak growth.
                                                                                                                                     4
Inflation
India CPI for December 2019, came in way higher than consensus at 7.35%,
                                                                                                                                    -1
with food inflation inching over 13%. While uptick was largely due to vegetable
prices, there was generalized food price increase across various categories
                                                                                                                                            Nov-14

                                                                                                                                            Jan-16
                                                                                                                                            Mar-16
                                                                                                                                            May-16
                                                                                                                                             Jul-16
                                                                                                                                            Sep-16
                                                                                                                                            Nov-16
                                                                                                                                            Jan-17
                                                                                                                                            Mar-17
                                                                                                                                            May-17
                                                                                                                                             Jul-17
                                                                                                                                            Sep-17
                                                                                                                                            Nov-17
                                                                                                                                            Jan-18
                                                                                                                                            Mar-18
                                                                                                                                            May-18
                                                                                                                                             Jul-18
                                                                                                                                            Sep-18
                                                                                                                                            Nov-18
                                                                                                                                            Jan-19
                                                                                                                                            Mar-19
                                                                                                                                            May-19
                                                                                                                                             Jul-19
                                                                                                                                            Sep-19
                                                                                                                                            Nov-19
                                                                                                                                            Jan-15
                                                                                                                                            Mar-15
                                                                                                                                            May-15
                                                                                                                                             Jul-15
                                                                                                                                            Sep-15
                                                                                                                                            Nov-15

such as cereals, meat, milk even as pulses prices have shown sustained                                                              -6
increase over past several months. Core inflation increased by ~20 bps to
3.7%, driven almost entirely by rise in telecom tariffs, which however is yet to be
fully reflected. Core inflation could inch further higher as full impact of telecom                                                                                                                                        Repo Rate (%)
is realized while increase in gold prices is also likely to weigh. On the other                                                     10
hand, vegetable prices have trended lower in January but adverse base effects
                                                                                                                                    9
                                                                                                              Rate (%)

could keep inflation elevated in the near term.
                                                                                                                                    8

                                                                                                                                    7

                                                                                                                                    6

                                                                                                                                    5

                                                                                                                                    4
                                                                                                                                                     May-12

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                                                                                                                                                                                                                                                                          May-16

                                                                                                                                                                                                                                                                                                       May-17

                                                                                                                                                                                                                                                                                                                                     May-18

                                                                                                                                                                                                                                                                                                                                                                May-19
                                                                                                                                                              Sep-12

                                                                                                                                                                                            Sep-13

                                                                                                                                                                                                                       Sep-14

                                                                                                                                                                                                                                                     Sep-15

                                                                                                                                                                                                                                                                                   Sep-16

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                                                                                                                                                                                                                                                                                                                                                                         Sep-19
                                                                                                                                         Jan-12

                                                                                                                                                                          Jan-13

                                                                                                                                                                                                     Jan-14

                                                                                                                                                                                                                                Jan-15

                                                                                                                                                                                                                                                              Jan-16

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                                                                                                                                                                                                                                                                                                                           Jan-18

                                                                                                                                                                                                                                                                                                                                                       Jan-19

                                                                                                                                                                                                                                                                                                                                                                                  Jan-20

                                                                                                                                                                                                                                                                                                                                                                03
Trade Deficit
      Key rates (in %)                              Current              Previous              Previous               December 2019 trade deficit came in at USD 11.3 bn, lower than
                                                                           week                 month                 expectations, as exports declined by 0.3% and imports de-grew by 8.8%.
                                                                                                                      Non-oil non gold imports continued to contract, reducing -12%. Gold
      3M T-Bill                                       5.10                  5.07                  4.94                imports also declined by -4%. On a sequential basis, however there was
                                                                                                                      improvement in both exports and imports.
     1Y G-Sec                                         5.62                  5.68                  5.46
                                                                                                                      Oil
     3YG-Sec                                          6.13                  6.20                  6.17                Oil prices saw a spike in the beginning of the month touching USD72 per
     5Y G-Sec                                         6.48                  6.59                  6.34                barrel driven by middle east tensions. However, during the course of the
                                                                                                                      month saw a reversal led by tensions cooling off and expectations of
     10Y G-sec                                        6.50                  6.58                  6.50                temporary global growth setback due to the virus attack. Oil prices are
                                                                                                                      touching USD55-56 per barrel heading into February 2020.
                                                                                                                      Currency
     AAA 5Yr Corp Bond                                7.07                  7.16                  7.20
                                                                                                                      USD-INR saw a spike in the beginning on the month due to global
     AAA 10yr Corp Bond                               6.23                  6.27                  6.29                tensions. However, during the course of the month saw a reversal led by
                                                                                                                      tensions cooling off and expectations of temporary global growth setback
                                                                                                                      due to the virus attack.
     Forex Reserve ($ MN)                           466693                   NA                 454948                GST
                                                                                                                      GST for the month of December 2019 (collected in the month of January
                                                                                                                      2020) came in at INR 1108.3 bn vs INR 1031.8 bn the previous month.
    Debt Market Indices                                                                                               Collection being flat m-o-m is somewhat positive as October 2019
                                                                                                                      collection got the boost of being a festive season. Overall, while this
    Key Rates                                    Latest                   Month              3 Months                 year's collections trend is factored in, improvement in collections will be
                                                                           Ago                 Ago                    important to meet next year fiscal targets. Next year GST collections is
                                                                                                                      estimated to grow at 13% y-o-y.G

    Mibor                                         5.10                    5.15                   5.22

    Call Rate                                     5.15                    5.15                   5.25

    Repo rate                                     5.15                    5.15                   5.15

    1Y OIS                                        5.22                    5.29                   5.37

    5Y OIS                                        5.32                    5.43                   5.58

 Going forward
 RBI's actions are expected to remain accommodative with the core objective to revive growth should be constructive for rates. With the overhang of fiscal
 slippage out of the way for near term, the key factors to watch out for will be volatility from global markets (trade tensions, crude), which however remains a risk.
 Inflationary pressures while could start to subdue particularly food inflation; however, any unexpected change driven by weather patterns need to watched for.
 Growth continues to remain weak and recovery will be the key for lifting macro sentiments as the key to achieving even the upward revised fiscal targets is also
 contingent upon growth recovery.

Source: Bloomberg, for all data except where mentioned otherwise
This document provides a high level overview of the recent economic environment. It is for marketing purposes and does not constitute investment research, investment advice or a recommendation to any reader of
this content to buy or sell investments. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing
ahead of its dissemination.

                                                                                                                                                                                                               04
HSBC Mutual Fund Products
Pursuant to the circular issued by Securities and Exchange Board of India(SEBI) on ‘Categorization and Rationalization of Mutual Fund Schemes’in order to bring uniformity
in the practice and standardize the scheme categories across the Mutual Funds, placed below is the HSBC Mutual Fund’s product spectrum, effective from 14th March,2018.

                                                                                 Equity Schemes
              Scheme
           Scheme                                            Type                                     Benchmark   Category                                     Benchmark
HSBC Large Cap Equity Fund               Large Cap Fund – An open ended equity                 Large Cap Fund                                Nifty 50 TRI
(Previous Name - HSBC Equity Fund)       scheme predominantly investing in large cap           (Previous Category - Large cap equity scheme)
                                         stocks.
HSBC Small Cap Equity Fund               Small Cap Fund - An open ended equity scheme          Small Cap Fund                                 S&P BSE 250 Small Cap Index TRI
(Previous Name - HSBC Midcap             predominantly investing in small cap stocks           (Previous Category - Mid-cap Equity Scheme)    (Previous Benchmark - S&P BSE Midcap Index)
Equity Fund)
HSBC Multi Cap Equity Fund               Multi Cap Fund - An open ended equity                 Multi cap Fund                                NIFTY 500 TRI
(Previous Name - HSBC India              scheme investing across large cap, mid cap,           (Previous Category - Flexi-Cap Equity Scheme)
Opportunities Fund)                      small cap stocks
HSBC Tax Saver Equity Fund               An open ended equity linked saving scheme             Equity Linked Savings Scheme                   S&P BSE 200 TRI
                                         with a statutory lock-in of 3 years and tax benefit
HSBC Infrastructure Equity Fund          An open ended equity scheme following                 Thematic Fund                                  S&P BSE India Infrastructure Index TRI
                                         Infrastructure theme.                                 (Previous Category - Equity Scheme)
HSBC Large and Mid Cap                   Large & Mid Cap Fund- An open ended equity            Large & Mid Cap Fund                           NIFTY Large Midcap 250 TRI
                                         scheme investing in both large cap and mid cap
Equity Fund                              stocks
                                                                                   Debt Schemes
HSBC Debt Fund                    An open ended Medium to Long Term Debt                       Medium to Long Duration Fund                   CRISIL Composite Bond Fund Index
(Previous Name - HSBC Income Fund Scheme investing   in instruments such that the              (Previous category - Income Scheme)
                                  Macaulay^^duration of the portfolio is between
- Investment Plan)
                                  4 years to 7 years.
HSBC Short Duration Fund          An open ended Short Term Debt Scheme                         Short Duration Fund                            CRISIL Short Term Bond Fund Index
                                                                                  ^^
(Previous Name - HSBC Income Fund investing in instruments such that the Macaulay              (Previous category - Short Term Plan)
- Short Term Plan)                duration of the portfolio is between 1 year to
                                  3 years.
HSBC Cash Fund                           An Open Ended Liquid Scheme                           Liquid Fund                                    CRISIL Liquid Fund Index
HSBC Low Duration Fund                   An open ended Low Duration Debt Scheme                Low Duration Fund                              CRISIL Low Duration Debt Index^£(Previously
(Previous Name - HSBC Ultra Short        investing in instruments such that the Macaulay^^     (Previous category - Debt Fund)                named as CRISIL Ultra Short Term Debt Index)
Term Bond Fund)                          duration of the portfolio is between 6 months to                                                     (Previous benchmark CRISIL Liquid Fund Index
                                         12 months.                                                                                           - 90%, CRISIL Short Term Bond Fund Index
HSBC Flexi Debt Fund                     An open ended Dynamic Debt Scheme                     Dynamic Bond Fund                              CRISIL Composite Bond Fund Index
                                         investing across duration                             (Previous category - An open - ended Debt
                                                                                               Scheme)
HSBC Overnight Fund                      An open ended debt scheme investing                   Overnight Fund                                 CRISIL Overnight Index.
                                         in overnight securities.
HSBC Ultra Short Duration Fund           An Open ended Ultra-Short term debt scheme HSBC Ultra Short Duration Fund                            CRISIL Ultra Short Term Debt Index
                                         investing in instruments such that the Macaulay
                                         duration of the portfolio is between 3 months to 6
                                         months.
                                                                                  Hybrid Scheme
HSBC Regular Savings Fund                An open ended Hybrid Scheme investing                 Conservative Hybrid Fund                       CRISIL Hybrid 85+15 - Conservative Index^£#
(Previous Name - HSBC Monthly            predominantly in debt instruments.                    (Previous category - Income Scheme)            (renamed from existing MIP Blended Fund
Income Plan)#                                                                                                                                 Index)
HSBC Equity Hybrid Fund                  An open ended Hybrid scheme investing                 Aggressive Hybrid fund                         A customized index with 70% weight to S&P
                                         predominantly in equity and equity related                                                           BSE200 TRI and 30% weight to CRISIL
                                         instruments                                                                                          Composite Bond Fund Index

                                                                                  Other Schemes
HSBC Managed Solutions India -           An Open Ended Fund of Funds Scheme                    Fund of Funds (Overseas/Domestic)              Composite Index constituting 80% of
Growth                                   investing in a basket of equity, debt, Gold and                                                      S&P BSE 200 Index TRI and 20% of CRISIL
                                         other Exchange Traded Funds                                                                          Composite Bond Index.

HSBC Managed Solutions India -           An Open Ended Fund of Funds Scheme                    Fund of Funds (Overseas/Domestic)              CRISIL Hybrid 35+65 - Aggressive Index^£
Moderate                                 investing in a basket of equity, debt, Gold and                                                      (renamed from existing CRISIL Balanced
                                         other Exchange Traded Funds                                                                          Fund Aggressive Index)

HSBC Managed Solutions India -           An Open Ended Fund of Funds Scheme                    Fund of Funds (Domestic)                       Composite Index constituting of 90% of
Conservative                             investing in a basket of equity, debt, Gold and                                                      CRISIL Composite Bond Index and 10%
                                         other Exchange Traded Funds                                                                          of S&P BSE 200 Index TRI.
HSBC Global Emerging Markets Fund An open ended fund of fund scheme investing in               Fund of Funds (Overseas)                       MSCI Emerging Markets Index TRI
(Previous Name - HSBC Emerging    HSBC Global Investment Funds - Global                        (Previous Category - Fund of Funds)
Markets Fund)                     Emerging Markets Equity Fund

HSBC Asia Pacific (Ex Japan)             An Open Ended Fund of Funds Scheme investing Fund of Funds (Overseas)                                MSCI AC Asia Pacific ex Japan TRI
Dividend Yield Fund                      in HSBC Global Investments Fund - (HGIF)        (Previous Category - Fund of Funds)
                                         Asia Pacific Ex Japan Equity High Dividend Fund
HSBC Brazil Fund                         An Open-Ended Fund of Funds Scheme                    Fund of Funds (Overseas)                       MSCI Brazil 10/40 Index TRI
                                         investing in HSBC Global Investments Fund             (Previous Category - Fund of Funds)
                                         - (HGIF) Brazil Equity Fund

HSBC Global Consumer                     An Open Ended Fund of Funds Scheme Investing Fund of Funds (Overseas)                                MSCI AC World Index TRI
Opportunities Fund                       in HSBC Global Investment Funds (HGIF) China (Previous Category - Fund of Funds)
                                         Consumer Opportunities Fund
^Debt Allocation of 85% and 35% in respective indices represented by CRISIL Composite Bond Index.
£ The equity component of the Index has been changed from Nifty 50 to S&P BSE - 200 and will be represented by Total Return variant of S&P BSE - 200 TRI.
# Monthly income is not assured and is subject to the availability of distributable surplus.
^^The Macaulay duration is the weighted average term to maturity of the cash flows from a bond. The weight of each cash flow is determined by dividing the present value of the cash flow by
the price.

Criteria for Large, Mid & Small companies -
SEBI has demarcated the definitions of large cap, mid cap and small cap companies as given below.
Large Cap: 1st -100th company in terms of full market capitalization, Mid Cap: 101st -250th company in terms of full market capitalization, Small Cap: 251st company onwards in terms of full
market capitalization of large/mid/small cap companies
Note - A list of stocks as per above criteria will be uploaded on AMFI website and updated every six months by AMFI.
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HSBC Large Cap Equity Fund                                                                                                                                           Riskometer
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Large Cap Fund - An open ended equity scheme predominantly investing in large cap stocks.                                                                              l   y                  d
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Investment Objective: To generate long-term capital growth from an actively managed portfolio of equity and equity                                               Lo

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related securities of predominantly large cap companies. However, there can be no assurance or guarantee that the
investment objective of the scheme would be achieved.

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This product is suitable for investors who are seeking*:
•       To create wealth over long term                                                                                                             LOW                                              HIGH
•       Investment in predominantly large cap equity and equity related securities                                                                  Investors understand that their principal
                                                                                                                                                        will be at Moderately High risk
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

    Fund Details                                         Issuer                      Industries            % to Net Assets                    Sector Allocation

    Date of Allotment                   10-Dec-02       EQUITY                                                    96.25%
    Benchmark                          Nifty 50 TRI                                                                                               Banks                                         32.58%
    NAV (as on 31.1.20)                                 HDFC Bank                   Banks                          9.79%
                                                                                                                                                 Finance                         12.92%
    Growth                             ` 225.4515
                                                        ICICI Bank                  Banks                          9.74%                       Software                         12.23%
    Direct Growth                      ` 237.8840
                                                                                                                                    Petroleum Products                         9.03%
    AUM (as on 31.1.20)                ` 664.07 Cr
                                                        Reliance Industries         Petroleum Products             9.03%
                                                                                                                               Consumer Non Durables                           8.21%
    AAUM (for the month of Jan)        ` 672.93 Cr
                                                        Housing Development         Finance                        8.36%           Construction Project               4.64%
    Fund Manager & Experience                           Finance Corp
    Neelotpal Sahai
                                                                                                                                           Construction              3.53%
    Total Experience               28 Years
    Managing this fund   Since May 27, 2013             Infosys                     Software                       6.43%                         Cement             2.43%
    Minimum Investment1
                                                                                                                                     Telecom - Services             2.24%
    Lumpsum                                ` 5,000      State Bank of India         Banks                          5.75%
    SIP                                      ` 500                                                                                                 Auto            1.87%
    Additional Purchase                    ` 1,000      Kotak Mahindra Bank         Banks                          5.10%      Hotels, Resorts And Other
                                                                                                                                 Recreational Activities           1.71%
    Entry load :                              “NA”
    Exit load : 1 % if redeemed / switched out          Larsen & Toubro             Construction Project           4.64%                 Transportation            1.67%
     within 1 year from date of allotment, else nil                                                                                    Pharmaceuticals             1.62%
    Ratios2                                             DLF                         Construction                   3.53%
                                                                                                                                        Auto Ancillaries           1.57%
    Standard Deviation                     12.23%
    Beta (Slope)                              0.94      Asian Paints                Consumer Non Durables          3.38%        Reverse Repos/TREPS                   4.50%
    Sharpe Ratio3                             0.52                                                                                   Net Current Assets          -0.75%
                                                        Tata Consultancy Services   Software                       3.13%
    Month End Total Expenses Ratios
    (Annualized)4
                                                        Hindustan Unilever          Consumer Non Durables          3.06%     Portfolio Classification By Market Segment Class (%)
    Other than Direct5                      2.48%
    Direct                                  1.54%                                                                                                           3.28%
                                                                                                                                                 3.75%
                                                        HCL Technologies            Software                       2.67%
    Portfolio Turnover (1 year)               0.80

Dividend History (Rate `/Unit)                          Shree Cement                Cement                         2.43%

     Record Date         Individual     NAV (`)
     Plans/Options         /HUF       Cum-Dividend      ICICI Prudential Life       Finance                        2.31%
                                                        Insurance Co
    Dividend
    26-Dec-19             1.99217        30.9007
                                                        SBI Life Insurance Company Finance                         2.25%
    26-Dec-18             1.77082        28.5568
                                                                                                                                                                                  92.97%
    28-Dec-17             3.50000        33.2519
                                                        Bharti Airtel               Telecom - Services             2.24%
    Dividend - Direct
    26-Dec-18             2.21352        32.8511        Axis Bank                   Banks                          2.20%             Large Cap             Debt                        Midcap
    26-Dec-18             1.99217        30.2377
    28-Dec-17             3.50000        34.7739        Maruti Suzuki India         Auto                           1.87%

Dividend is net dividend. Upon payment of dividend,
the NAV per unit falls to the extent of payout and      ITC                         Consumer Non Durables          1.77%
statutory levy, if any. Face value: `10 per unit. For
complete dividend history, please refer our web site    The Indian Hotels Company   Hotels/ Resorts And Other      1.71%
http://www.assetmanagement.hsbc.com/in                                              Recreational Activities
1
  in multiples of Re 1 thereafter.
2
  Ratios disclosed are as per monthly returns           Adani Ports & Special       Transportation                 1.67%
(Annualized) for the last 3 years.                      Economic Zone
3
  Risk free rate: 5.05% (FIMMDA-NSE Mibor) as
 on January 31, 2020)                                   Lupin                       Pharmaceuticals                1.62%
4
  TER Annualized TER including GST on
  Investment Management Fees
5                                                       MRF                         Auto Ancillaries               1.57%
  Continuing plans

                                                        Cash Equivalent                                            3.75%

                                                        TREPS*                                                     4.50%

                                                        Net Current Assets:                                        -0.75%

                                                        Total Net Assets as on 31-Jan-2020                        100.00%
                                                         *TREPS : Tri-Party Repo

                                                                                                                                                                                                          06
HSBC Large and Mid Cap Equity Fund                                                                                                                                     Riskometer
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Large and Mid Cap Fund - An open ended equity scheme investing in both large cap and mid cap stocks.                                                                     l   y              d
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Investment Objective: To seek long term capital growth through investments in both large cap and mid cap stocks.

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However, there is no assurance that the investment objective of the Scheme will be achieved.

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This product is suitable for investors who are seeking*:
•       Long term wealth creation and income                                                                                                          LOW                                          HIGH
•       Investment predominantly in equity and equity related securities of Large and Mid cap companies                                                Investors understand that their principal
                                                                                                                                                           will be at Moderately High risk
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

 Fund Details                                          Issuer                        Industries            % to Net Assets                     Sector Allocation

 Date of Allotment                       28-Mar-19    EQUITY                                                      96.08%
                                                                                                                                                 Banks                                        28.21%
 Benchmark           NIFTY Large Midcap 250 TRI       ICICI Bank                    Banks                         7.80%
                                                                                                                                   Consumer Durables                         7.44%
 NAV (as on 31.1.20)                                  HDFC Bank                     Banks                         7.80%
                                                                                                                                               Finance                  6.03%
 Growth                                   ` 10.7598   Reliance Industries           Petroleum Products            3.99%       Consumer Non Durables                     5.55%
                                                      Infosys                       Software                      3.29%                    Construction                 5.54%
 Direct Growth                            ` 10.9058
                                                      Kotak Mahindra Bank           Banks                         2.99%                        Software                5.26%
 AUM (as on 31.1.20)                    ` 707.35 Cr
 AAUM (for the month of Jan)            ` 697.45 Cr   City Union Bank               Banks                         2.94%                 Auto Ancillaries              4.59%
                                                      Larsen & Toubro               Construction Project          2.90%               Pharmaceuticals                 4.32%
 Fund Manager & Experience
                                                      Axis Bank                     Banks                         2.58%            Petroleum Products                 3.99%
 Neelotpal Sahai
                                                      Bharti Airtel                 Telecom - Services            2.11%             Industrial Products              3.56%
 Total Experience                         28 Years
                                                                                                                                   Construction Project             2.90%
 Managing this fund             Since Mar 28, 2019    The Federal Bank              Banks                         2.07%
                                                                                                                                    Telecom - Services             2.11%
 Amaresh Mishra                                       Tata Global Beverages         Consumer Non Durables         2.03%
                                                                                                                                                   Auto            1.66%
 Total Experience                          18 Years   State Bank of India           Banks                         2.03%
 Managing this fund             Since July 23, 2019                                                                                          Pesticides            1.65%
                                                      MRF                           Auto Ancillaries              1.97%
                                                                                                                                       Textile Products            1.59%
 Minimum Investment1                                  Voltas                        Consumer Durables             1.96%                        Cement              1.56%
 Lumpsum                                    ` 5,000   Asian Paints                  Consumer Non Durables         1.78%      Hotels, Resorts And Other
                                                                                                                                                                   1.51%
 SIP                                          ` 500                                                                              Recreational Activities
                                                      IPCA Laboratories             Pharmaceuticals               1.78%                      Chemicals             1.42%
 Additional Purchase                        ` 1,000   Housing Development           Finance                       1.71%            Healthcare Services             1.41%
 Entry load :                                 “NA”    Finance Corp                                                                             Retailing           1.41%
 Exit load : 1 % if redeemed / switched out           Maruti Suzuki India           Auto                          1.66%           Commercial Services          1.28%
  within 1 year from date of allotment, else nil      P I Industries                Pesticides                    1.65%        Industrial Capital Goods        1.13%
 Month End Total Expenses Ratios                      Torrent Pharmaceuticals       Pharmaceuticals               1.64%                          Power         1.07%
 (Annualized)2                                        Cholamandalam Investment      Finance                       1.62%                       Fertilisers      0.89%
 Other than Direct3                          2.42%    & Fin Co                                                                 Reverse Repos/TREPS                    4.35%
                                                      Crompton Greaves Cons         Consumer Durables             1.61%             Net Current Assets        -0.43%
 Direct                                      0.83%
 1                                                    Electrical
     in multiples of Re 1 thereafter.
 2
                                                      Page Industries               Textile Products              1.59%
  TER Annualized TER including GST on                                                                                        Portfolio Classification By Market Segment Class (%)
                                                      Supreme Industries            Industrial Products           1.58%
 Investment Management Fees
                                                      Ultratech Cement              Cement                        1.56%
 3
     Continuing plans                                                                                                                                  3.92% 0.03%
                                                      Balkrishna Industries         Auto Ancillaries              1.51%                        5.16%

                                                      The Indian Hotels Company     Hotels/ Resorts And Other     1.51%
                                                                                    Recreational Activities
                                                      The Phoenix Mills             Construction                  1.49%
                                                      DLF                           Construction                  1.47%
                                                      Orient Electric               Consumer Durables             1.42%                                                                 49.76%
                                                      Apollo Hospitals Enterprise   Healthcare Services           1.41%             41.13%
                                                      V-Mart Retail                 Retailing                     1.41%
                                                      SBI Life Insurance Company Finance                          1.41%
                                                      Whirlpool of India            Consumer Durables             1.40%
                                                      Aarti Industries              Chemicals                     1.39%        Large Cap     Midcap     Small Cap                Debt       Others
                                                      Polycab India                 Industrial Products           1.39%
                                                      Oberoi Realty                 Construction                  1.35%
                                                      Nippon Life India Asset       Finance                       1.29%
                                                      Management
                                                      Teamlease Services            Commercial Services           1.28%
                                                      Kajaria Ceramics              Construction                  1.23%
                                                      Thermax                       Industrial Capital Goods      1.13%
                                                      Exide Industries              Auto Ancillaries              1.11%
                                                      HCL Technologies              Software                      1.09%
                                                      United Breweries              Consumer Non Durables         1.07%
                                                      JSW Energy                    Power                         1.07%
                                                      VIP Industries                Consumer Durables             1.05%
                                                      Natco Pharma                  Pharmaceuticals               0.90%
                                                      Coromandel International      Fertilisers                   0.89%
                                                      Tata Consultancy Services     Software                      0.88%
                                                      Jubilant Foodworks            Consumer Non Durables         0.67%
                                                      SKF India                     Industrial Products           0.59%
                                                      Aarti Surfactants             Chemicals                     0.03%
                                                      Cash Equivalent                                             3.92%
                                                      TREPS*                                                      4.35%
                                                      Net Current Assets:                                         -0.43%
                                                      Total Net Assets as on 31-Jan-2020                         100.00%
                                                       *TREPS : Tri-Party Repo                                                                                                                          07
HSBC Multi Cap Equity Fund                                                                                                                                               Riskometer
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Multi Cap Fund - An open ended equity scheme Investing across large cap, mid cap, small cap stocks.                                                                        l   y                d
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Investment Objective: Seeks long term capital growth through investments across all market capitalisations, including                                                Lo

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small, mid and large cap stocks. It aims to be predominantly invested in equity & equity related securities. However it could
move a significant portion of its assets towards fixed income securities if the fund manager becomes negative on equity

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markets. However, there can be no assurance or guarantee that the investment objective of the scheme would be achieved.

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This product is suitable for investors who are seeking*:
                                                                                                                                                         LOW                                           HIGH
•   To create wealth over long term
•   Invests in equity and equity related securities across market capitalisations                                                                        Investors understand that their principal
                                                                                                                                                             will be at Moderately High risk
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

    Fund Details                                         Issuer                       Industries             % to Net Assets                      Sector Allocation
 Date of Allotment                       24-Feb-04       EQUITY                                                      98.59%
 Benchmark                           NIFTY 500 TRI6                                                                                                Banks                                            26.84%
                                                         ICICI Bank                   Banks                          9.52%
 NAV (as on 31.1.20)                                                                                                                              Finance                                  17.52%
                                                         HDFC Bank                    Banks                          9.16%
 Growth                                   ` 89.8220      Reliance Industries          Petroleum Products             6.39%                       Software                          7.95%
 Direct Growth                            ` 94.9448      Bajaj Finance                Finance                        5.93%                    Construction                     7.06%
 AUM (as on 31.1.20)                    ` 441.75 Cr      Infosys                      Software                       5.27%           Petroleum Products                        6.39%
 AAUM (for the month of Jan)            ` 441.07 Cr
                                                         State Bank of India          Banks                          4.33%      Consumer Non Durables                     5.46%
 Fund Manager & Experience
                                                         Housing Development          Finance                        4.10%            Industrial Products               3.97%
 Neelotpal Sahai                                         Finance Corp
 Total Experience                       28 Years                                                                                               Chemicals               3.10%
 Managing this fund           Since May 27, 2013         Kotak Mahindra Bank          Banks                          3.83%
                                                                                                                                    Construction Project               3.10%
 Minimum Investment       1                              ICICI Prudential Life        Finance                        3.47%
                                                                                                                                      Telecom - Services               2.81%
                                                         Insurance Co
 Lumpsum                                    ` 5,000
                                                         ICICI Securities             Finance                        3.20%       Industrial Capital Goods             2.48%
 SIP                                          ` 500
 Additional Purchase                        ` 1,000      Larsen & Toubro              Construction Project           3.10%           Consumer Durables                2.42%

 Entry load :                                 “NA”       Bharti Airtel                Telecom - Services             2.81%                       Cement               2.08%
                                                                                                                               Hotels, Resorts And Other
 Exit load : 1 % if redeemed / switched out              HCL Technologies             Software                       2.68%        Recreational Activities
                                                                                                                                                                     1.77%
    within 1 year from date of allotment, else nil
                                                         Asian Paints                 Consumer Non Durables          2.44%                      Retailing            1.58%
 Ratios2
                                                         Shree Cement                 Cement                         2.08%               Textile Products            1.45%
 Standard Deviation                        14.71%
                                                         The Indian Hotels Company    Hotels/ Resorts And Other      1.77%        Media & Entertainment              1.38%
 Beta (Slope)                                 1.06                                    Recreational Activities
                3                                                                                                                               Pesticides           1.23%
 Sharpe Ratio                                 0.27       DLF                          Construction                   1.77%
                                                                                                                                 Reverse Repos/TREPS                 1.31%
 Month End Total Expenses Ratios                         Tata Global Beverages        Consumer Non Durables          1.74%
 (Annualized)4                                                                                                                        Net Current Assets         0.10%
                                                         Supreme Industries           Industrial Products            1.58%
 Other than Direct5                          2.55%
                                                         V-Mart Retail                Retailing                      1.58%
 Direct                                      1.39%
                                                         Aarti Industries             Chemicals                      1.56%     Portfolio Classification By Market Segment Class (%)
 Portfolio Turnover (1 year)                  0.83
                                                         Oberoi Realty                Construction                   1.54%                                   1.41% 0.03%
                                                                                                                                                 8.86%
 Dividend History (Rate `/Unit)                          Prestige Estates Projects    Construction                   1.52%
                                                         Vinati Organics              Chemicals                      1.51%
     Record Date        Individual       NAV (`)                                                                                       22.82%
     Plans/Options        /HUF         Cum-Dividend      The Phoenix Mills            Construction                   1.49%
    Dividend                                             Arvind                       Textile Products               1.45%
    26-Feb-19            1.68228          23.5590        KEI Industries               Industrial Products            1.41%
                                                                                                                                                                                             66.88%
    27-Feb-18            2.25000          28.2124
                                                         Inox Leisure                 Media & Entertainment          1.38%
    24-Mar-17            1.50000          25.8408
                                                         Jubilant Foodworks           Consumer Non Durables          1.28%
    Dividend - Direct
                                                         Honeywell Automation India   Industrial Capital Goods       1.27%
    26-Feb-19            1.90363          26.3947
    27-Feb-18            2.25000          31.1273        P I Industries               Pesticides                     1.23%        Large Cap     Midcap         Small Cap              Debt     Others
    24-Mar-17            1.50000          28.1677        Thermax                      Industrial Capital Goods       1.21%
                                                         Orient Electric              Consumer Durables              1.14%
Dividend is gross dividend. Upon payment of
dividend, the NAV per unit falls to the extent of        Symphony                     Consumer Durables              1.10%
payout and statutory levy, if any. Face value: `10 per
                                                         NRB Bearing                  Industrial Products            0.98%
unit. For complete dividend history, please refer our
website http://www.assetmanagement.hsbc.com/in           Nippon Life India Asset      Finance                        0.82%
                                                         Management
1
  in multiples of Re 1 thereafter.
2
                                                         Gayatri Projects             Construction                   0.74%
  Ratios disclosed are as per monthly returns
(Annualized) for the last 3 years.                       Johnson Controls-Hitachi     Consumer Durables              0.18%
3
  Risk free rate: 5.05% (FIMMDA-NSE Mibor) as            AC India
 on January 31, 2020)                                    Aarti Surfactants            Chemicals                      0.03%
4
  TER Annualized TER including GST on                    Cash Equivalent                                             1.41%
  Investment Management Fees
5                                                        TREPS*                                                      1.31%
  Continuing plans
6
  The benchmark of the scheme has been                   Net Current Assets:                                         0.10%
changed from S&P BSE 200 TRI to NIFTY 500                Total Net Assets as on 31-Jan-2020                         100.00%
TRI with effect from November 18, 2019                   *TREPS : Tri-Party Repo

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HSBC Small Cap Equity Fund                                                                                                                                               Riskometer
                                                                                                                                                                                               Mo
Small Cap Fund - An open ended equity scheme predominantly investing in small cap stocks.                                                                                  l   y                  d
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Investment Objective: To generate long term capital growth from an actively managed portfolio of equity and equity related                                           Lo

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securities of predominantly small cap companies. However, it could move a portion of its assets towards fixed income
securities if the fund manager becomes negative on the Indian equity markets. However, there can be no assurance or

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guarantee that the investment objective of the scheme would be achieved.

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This product is suitable for investors who are seeking*:
                                                                                                                                                        LOW                                              HIGH
•   To create wealth over long term
•   Investment in predominantly small cap equity and equity related securities                                                                          Investors understand that their principal
                                                                                                                                                            will be at Moderately High risk
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

    Fund Details                                           Issuer                       Industries             % to Net Assets                     Sector Allocation

    Date of Allotment                      19-May-05       EQUITY                                                      98.21%
                                                           Vinati Organics              Chemicals                      3.95%            Consumer Durables                                            16.82%
    Benchmark S&P BSE 250 Small Cap Index
    TRI                                                    KEI Industries               Industrial Products            3.88%             Industrial Products                                10.47%

                                                           Amber Enterprises India      Consumer Durables              3.83%                         Banks                                  10.08%
    NAV (as on 31.1.20)
                                                           Dixon Technologies (India)   Consumer Durables              3.54%                     Chemicals                             9.08%
    Growth                                   ` 47.6030
                                                           Aarti Industries             Chemicals                      3.12%                   Construction                           8.13%
    Direct Growth                            ` 50.4246
                                                           Inox Leisure                 Media & Entertainment          2.84%                        Cement                          6.32%
    AUM (as on 31.1.20)                   ` 394.40 Cr
                                                           JB Chemicals &               Pharmaceuticals                2.83%                        Finance                        5.14%
    AAUM (for the month of Jan)           ` 387.13 Cr
                                                           Pharmaceuticals                                                                         Retailing                       4.57%
    Fund Manager & Experience                              HDFC Bank                    Banks                          2.80%               Pharmaceuticals                     3.90%
    Ankur Arora                                            Can Fin Homes                Finance                        2.76%         Media & Entertainment                     3.83%
    Total Experience                         15 Years      JK Lakshmi Cement            Cement                         2.71%           Construction Project               2.64%
    Managing this fund             Since Aug 05, 2019
                                                           Ashoka Buildcon              Construction Project           2.61%                       Software               2.34%
                               1
    Minimum Investment
                                                           Century Plyboards (India)    Consumer Durables              2.60%          Commercial Services                 2.29%
    Lumpsum                                    ` 5,000     Orient Electric              Consumer Durables              2.55%                 Ferrous Metals               2.20%
    SIP                                          ` 500     V-Mart Retail                Retailing                      2.52%                         Power               2.14%
    Additional Purchase                        ` 1,000     Deccan Cements               Cement                         2.49%       Consumer Non Durables                 2.00%
    Entry load :                                  “NA”     Nilkamal                     Industrial Products            2.34%                Textile Products             1.84%
    Exit load : 1 % if redeemed / switched out             Sonata Software              Software                       2.34%                           Auto              1.83%
          within 1 year from date of allotment, else nil   Teamlease Services           Commercial Services            2.29%                  Transportation            1.59%
    Ratios2                                                DCB Bank                     Banks                          2.26%      Hotels, Resorts And Other            0.91%
                                                                                                                                     Recreational Activities
    Standard Deviation                         20.80%      The Phoenix Mills            Construction                   2.23%
                                                                                                                                   Industrial Capital Goods          0.09%
    Beta (Slope)                                  0.98     Srikalahasthi Pipes          Ferrous Metals                 2.20%
                                                                                                                                    Reverse Repos/TREPS                   2.50%
    Sharpe Ratio3                                 -0.04    ICICI Bank                   Banks                          2.20%
                                                                                                                                         Net Current Assets          -0.71%
    Month End Total Expenses Ratios                        Kalpataru Power Transmission Power                          2.14%
    (Annualized)4                                          Cera Sanitaryware            Construction                   2.07%
                        5                                  Future Lifestyle Fashions    Retailing                      2.05%     Portfolio Classification By Market Segment Class (%)
    Other than Direct                           2.56%
                                                           CCL Products (India)         Consumer Non Durables          2.00%
    Direct                                      1.12%                                                                                                 1.79% 0.20%
                                                           NRB Bearing                  Industrial Products            1.95%                     5.00%
    Portfolio Turnover (1 year)                   0.56
                                                           Carborundum Universal        Industrial Products            1.95%              18.88%
Dividend History (Rate `/Unit)                             Oriental Carbon & Chemicals Chemicals                       1.90%
     Record Date            Individual     NAV (`)         Arvind                       Textile Products               1.84%
     Plans/Options            /HUF       Cum-Dividend      VIP Industries               Consumer Durables              1.83%
    Dividend                                               Escorts                      Auto                           1.83%
                                                                                                                                                                                            74.13%
    30-May-19                  1.33         20.0428        Creditaccess Grameen         Finance                        1.83%
    30-May-18                  1.77         25.4966        Somany Ceramics              Construction                   1.67%
    02-Nov-16                  1.75          21.5706       The Federal Bank             Banks                          1.62%
    Dividend - Direct                                      Redington (India)            Transportation                 1.59%
                                                                                                                                        Small Cap Midcap Large cap                   Debt      Others
    30-May-19                  1.33         24.6882        TTK Prestige                 Consumer Durables              1.55%
    30-May-18                  1.77         30.7095        Oberoi Realty                Construction                   1.34%
    02-Nov-16                  1.75          25.3345       City Union Bank              Banks                          1.20%
Dividend is gross dividend. Upon payment of                NCL Industries               Cement                         1.12%
dividend, the NAV per unit falls to the extent of          Eris Lifesciences            Pharmaceuticals                1.07%
payout and statutory levy, if any. Face value: `10 per
                                                           PVR                          Media & Entertainment          0.99%
unit. For complete dividend history, please refer our
website http://www.assetmanagement.hsbc.com/in             Johnson Controls-Hitachi     Consumer Durables              0.92%
1                                                          AC India
  in multiples of Re 1 thereafter.
2
  Ratios disclosed are as per monthly returns              Lemon Tree Hotels            Hotels/ Resorts And Other      0.91%
(Annualized) for the last 3 years.                                                      Recreational Activities
3
  Risk free rate: 5.05% (FIMMDA-NSE Mibor) as              Gayatri Projects             Construction                   0.82%
 on January 31, 2020)                                      Nippon Life India Asset      Finance                        0.55%
4
  TER Annualized TER including GST on                      Management
  Investment Management Fees                               CMI                          Industrial Products            0.35%
5
    Continuing plans
                                                           Aarti Surfactants            Chemicals                      0.11%
                                                           Macpower CNC machines        Industrial Capital Goods       0.09%
                                                           Kridhan Infra                Construction Project           0.03%
                                                           Cash Equivalent                                             1.79%
                                                           TREPS*                                                      2.50%
                                                           Net Current Assets:                                         -0.71%
                                                           Total Net Assets as on 31-Jan-2020                         100.00%
                                                           *TREPS : Tri-Party Repo

                                                                                                                                                                                                               09
HSBC Infrastructure Equity Fund                                                                                                                                         Riskometer
                                                                                                                                                                                             Mo
Infrastructure Equity Fund - An open ended equity scheme following Infrastructure theme.                                                                                  l   y                 d
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Investment Objective: To generate long term capital appreciation from an actively managed portfolio of equity and equity                                            Lo

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                                                                                                                                                                                                   te
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related securities by investing predominantly in equity and equity related securities of companies engaged in or expected to
benefit from growth and development of Infrastructure in India. However, there can be no assurance or guarantee that

                                                                                                                                                        Low

                                                                                                                                                                                                          Hig
the investment objective of the scheme would be achieved.

                                                                                                                                                                                                              h
This product is suitable for investors who are seeking*:
                                                                                                                                                        LOW                                            HIGH
•    To create wealth over long term
•    Invests in equity and equity related securities, primarily in themes that play an important role in India's economic development                   Investors understand that their principal
                                                                                                                                                                   will be at High risk
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

    Fund Details                                           Issuer                       Industries            % to Net Assets                     Sector Allocation

    Date of Allotment                     23-Feb-06      EQUITY                                                      97.34%
     Benchmark         S&P BSE India Infrastructure                                                                                 Construction Project                                        16.65%
                                                         Larsen & Toubro               Construction Project          9.86%
                                          Index TRI
    NAV (as on 31.1.20)                                  Reliance Industries           Petroleum Products            7.66%                  Construction                                   13.92%
    Growth                                 ` 15.4217
                                                         NTPC                          Power                         7.09%
    Direct Growth                          ` 16.2995                                                                                  Industrial Products                                  13.58%
                                                         Adani Ports & Special         Transportation                7.05%
    AUM (as on 31.1.20)                   ` 87.53 Cr
                                                         Economic Zone
    AAUM (for the month of Jan)           ` 88.24 Cr                                                                                              Power                               10.68%
    Fund Manager & Experience                            KEI Industries                Industrial Products           6.89%
    Gautam Bhupal                                                                                                                    Petroleum Products                              9.74%
                                                         APL Apollo Tubes              Ferrous Metals                3.93%
    Total Experience                     15 Years
    Managing this fund         Since May 11, 2018        Ultratech Cement              Cement                        3.63%                Transportation                             9.23%
    Minimum Investment1
                                                         DLF                           Construction                  3.57%
    Lumpsum                                  ` 5,000                                                                                             Cement                            7.57%
    SIP                                        ` 500     ACC                           Cement                        3.52%
    Additional Purchase                      ` 1,000                                                                                     Ferrous Metals                           6.45%
    Entry load :                                “NA”     Gujarat Gas                   Gas                           3.29%

    Exit load : 1 % if redeemed / switched out           Schaeffler India              Industrial Products           3.07%       Industrial Capital Goods                         6.23%
        within 1 year from date of allotment, else nil
    Ratios2                                              KNR Constructions             Construction                  2.99%                          Gas                 3.29%
    Standard Deviation                       22.92%      NCC                           Construction Project          2.88%
    Beta (Slope)                                1.11                                                                             Reverse Repos/TREPS                    3.24%
                                                         Carborundum Universal         Industrial Products           2.53%
    Sharpe Ratio3                              -0.39
                                                                                                                                     Net Current Assets        -0.58%
    Month End Total Expenses Ratios                      Ahluwalia Contracts (India)   Construction                  2.28%
    (Annualized)4
                                                         Sadbhav Engineering           Construction Project          2.27%
    Other than Direct5                        2.62%
                                                                                                                                Portfolio Classification By Market Segment Class (%)
    Direct                                    1.25%      Mahindra Logistics            Transportation                2.18%
    Portfolio Turnover (1 year)                 0.36                                                                                                    2.66% 0.64%
                                                         Kalpataru Power Transmission Power                          2.14%
                                                                                                                                           18.48%
                                                         Hindustan Petroleum           Petroleum Products            2.08%
    Dividend History (Rate `/Unit)
                                                         Corporation
     Record Date         Individual     NAV (`)
     Plans/Options         /HUF       Cum-Dividend       Thermax                       Industrial Capital Goods      2.08%
    Dividend                                                                                                                                                                               44.46%
                                                         Oberoi Realty                 Construction                  2.06%
    26-May-08               1.00          13.7160                                                                                     33.76%
    11-May-07               1.00          12.2390        The Phoenix Mills             Construction                  1.71%

Dividend is gross dividend. Upon payment of              Ashoka Buildcon               Construction Project          1.64%
dividend, the NAV per unit falls to the extent of
payout and statutory levy, if any. Face value: `10 per   Srikalahasthi Pipes           Ferrous Metals                1.59%        Large Cap Small Cap         Midcap               Debt        Others
unit. For complete dividend history, please refer our
website http://www.assetmanagement.hsbc.com/in           JSW Energy                    Power                         1.45%

1                                                        Prestige Estates Projects     Construction                  1.31%
  in multiples of Re 1 thereafter.
2
  Ratios disclosed are as per monthly returns            Bharat Electronics            Industrial Capital Goods      1.29%
(Annualized) for the last 3 years.
3
  Risk free rate: 5.05% (FIMMDA-NSE Mibor) as            Honeywell Automation India    Industrial Capital Goods      1.12%
 on January 31, 2020)
4
  TER Annualized TER including GST on                    Bharat Heavy Electricals      Industrial Capital Goods      1.10%
  Investment Management Fees
5
    Continuing plans                                     CMI                           Industrial Products           1.09%

                                                         Jindal Saw                    Ferrous Metals                0.93%

                                                         Macpower CNC machines         Industrial Capital Goods      0.64%

                                                         Deccan Cements                Cement                        0.42%

                                                         Cash Equivalent                                             2.66%

                                                         TREPS*                                                      3.24%

                                                         Net Current Assets:                                         -0.58%

                                                         Total Net Assets as on 31-Jan-2020                         100.00%
                                                         *TREPS : Tri-Party Repo

                                                                                                                                                                                                            10
HSBC Tax Saver Equity Fund                                                                                                                                              Riskometer
                                                                                                                                                                                    Mo
An Open Ended Equity Linked Savings Scheme with a statutory lock - in of 3 years and tax benefit.                                                                         l   y        d
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Investment Objective: Aims to provide long term capital appreciation by investing in a diversified portfolio of equity & equity                                     Lo

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                                                                                                                                                                                             ly
related instruments of companies across various sectors and industries, with no capitalisation bias. The Fund may also invest
in fixed income securities. However, there can be no assurance or guarantee that the investment objective of the scheme

                                                                                                                                                        Low

                                                                                                                                                                                                  Hig
would be achieved.

                                                                                                                                                                                                      h
This product is suitable for investors who are seeking*:
                                                                                                                                                       LOW                                    HIGH
•     To create wealth over long term
•     Invests in equity and equity related securities with no capitilastion bias                                                                        Investors understand that their principal
                                                                                                                                                            will be at Moderately High risk
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

    Fund Details                                          Issuer                        Industries            % to Net Assets                      Sector Allocation

 Date of Allotment                     05-Jan-07         EQUITY                                                      98.83%
                                                                                                                                                     Banks                               39.10%
 Benchmark                      S&P BSE 200 TRI          ICICI Bank                    Banks                         9.60%
                                                                                                                                              Construction                6.63%
 NAV (as on 31.1.20)
                                                         HDFC Bank                     Banks                         9.31%                Pharmaceuticals                5.56%
 Growth                                 ` 39.1557
                                                         Kotak Mahindra Bank           Banks                         6.61%                         Software              5.54%
 Direct Growth                          ` 41.3821
                                                         Axis Bank                     Banks                         6.03%             Petroleum Products                5.11%
 AUM (as on 31.1.20)                  ` 157.33 Cr
 AAUM (for the month of Jan)          ` 158.96 Cr                                                                                     Construction Project               4.96%
                                                         Infosys                       Software                      5.54%
 Fund Manager & Experience                                                                                                                         Cement               3.99%
                                                         Reliance Industries           Petroleum Products            5.11%
 Gautam Bhupal                                                                                                                    Consumer Non Durables                 3.97%
 Total Experience                        15 Years        Larsen & Toubro               Construction Project          4.96%             Consumer Durables                3.94%
 Managing this fund           Since July 23, 2019        Maruti Suzuki India           Auto                          3.77%                             Auto             3.77%
 Minimum Investment1                                                                                                                   Telecom - Services
                                                         AU Small Finance Bank         Banks                         3.08%                                             2.63%
 Lumpsum                                   ` 5,000
                                                                                                                                           Auto Ancillaries            2.37%
 SIP                                         ` 500       ACC                           Cement                        2.96%
                                                                                                                                        Industrial Products            2.30%
 Additional Purchase                       ` 1,000       Bharti Airtel                 Telecom - Services            2.63%
                                                                                                                                                   Finance            1.90%
 Entry load :                                 “NA”
                                                         Torrent Pharmaceuticals       Pharmaceuticals               2.58%       Hotels, Resorts And Other
 Exit load :                                    Nil                                                                                                                   1.54%
                                                                                                                                    Recreational Activities
 Ratios2                                                 State Bank of India           Banks                         2.53%             Healthcare Services            1.27%
 Standard Deviation                       14.31%         Orient Electric               Consumer Durables             2.40%          Media & Entertainment             1.17%
 Beta (Slope)                                 1.03                                                                                         Textile Products           1.08%
                                                         MRF                           Auto Ancillaries              2.37%
 Sharpe Ratio3                                0.35                                                                                                 Retailing          1.01%
                                                         GlaxoSmithKline Consumer      Consumer Non Durables         2.36%
 Month End Total Expenses Ratios                                                                                                            Transportation            0.99%
                                                         Healthcare
 (Annualized)4                                                                                                                     Reverse Repos/TREPS                1.02%
 Other than Direct5                         2.53%        Oberoi Realty                 Construction                  2.08%
                                                                                                                                        Net Current Assets          0.15%
 Direct                                     1.24%
                                                         DLF                           Construction                  2.02%
 Portfolio Turnover (1 year)                  0.62
                                                         The Federal Bank              Banks                         1.94%
                                                                                                                                Portfolio Classification By Market Segment Class (%)
    Dividend History (Rate `/Unit)
                                                         SBI Life Insurance Company Finance                          1.90%
     Record Date        Individual     NAV (`)                                                                                                      9.81% 1.17%
     Plans/Options        /HUF       Cum-Dividend        United Breweries              Consumer Non Durables         1.61%
    Dividend                                             The Indian Hotels Company     Hotels/ Resorts And Other     1.54%
    27-Jan-20            1.54946        21.5978                                        Recreational Activities
    24-Jan-19            1.54946        20.7121          Crompton Greaves Cons         Consumer Durables             1.54%           17.28%
    30-Jan-18            2.50000        26.4229          Electrical
    Dividend - Direct                                                                                                                                                             71.74%
                                                         Somany Ceramics               Construction                  1.28%
    27-Jan-20            1.77082        22.8954
                                                         Apollo Hospitals Enterprise   Healthcare Services           1.27%
    24-Jan-19            1.77082        21.9059
    30-Jan-18            2.50000        27.6259          KEI Industries                Industrial Products           1.26%

Dividend is gross dividend. Upon payment of              The Phoenix Mills             Construction                  1.25%
                                                                                                                                       Large Cap     Midcap         Small Cap     Debt
dividend, the NAV per unit falls to the extent of
                                                         Sun Pharmaceutical Industries Pharmaceuticals               1.23%
payout and statutory levy, if any. Face value: `10 per
unit. For complete dividend history, please refer our    Abbott India                  Pharmaceuticals               1.18%
website http://www.assetmanagement.hsbc.com/in
                                                         Inox Leisure                  Media & Entertainment         1.17%
1
  in multiples of Re 1 thereafter.
2                                                        Arvind                        Textile Products              1.08%
  Ratios disclosed are as per monthly returns
(Annualized) for the last 3 years.                       Nilkamal                      Industrial Products           1.04%
3
  Risk free rate: 5.05% (FIMMDA-NSE Mibor) as on
 January 31, 2020)                                       Dalmia Bharat                 Cement                        1.03%
4
  TER Annualized TER including GST on Investment         V-Mart Retail                 Retailing                     1.01%
  Management Fees
5
  Continuing plans                                       Adani Ports & Special         Transportation                0.99%
                                                         Economic Zone

                                                         Eris Lifesciences             Pharmaceuticals               0.57%

                                                         Cash Equivalent                                             1.17%

                                                         TREPS*                                                      1.02%

                                                         Net Current Assets:                                         0.15%

                                                         Total Net Assets as on 31-Jan-2020                         100.00%
                                                          *TREPS : Tri-Party Repo

                                                                                                                                                                                                    11
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