august 31, 2020

August 31, 2020

2 August 2020

Fund ManagerAn employee of the asset management company such as a mutual fund or life insurer, who manages investments of the scheme. He is usually part of a larger team of fund managers and research analysts.

Application Amount for Fresh SubscriptionThis is the minimum investment amount for a new investor in a mutual fund scheme.

Minimum Additional AmountThis is the minimum investment amount for an existing investor in a mutual fund scheme.

Yield to MaturityThe Yield to Maturity or the YTM is the rate of return anticipated on a bond if held until maturity. YTM is expressed as an annual rate. The YTM factors in the bond’s current market price, par value, coupon interest rate and time to maturity.

SIPSIP or systematic investment plan works on the principle of making periodic investments of a fixed sum. It works similar to a recurring bank deposit. For instance, an investor may opt for an SIP that invests Rs 500 every 15th of the month in an equity fund for a period of three years.

NAVThe NAV or the net asset value is the total asset value per unit of the mutual fund after deducting all related and permissible expenses. The NAV is calculated at the end of every business day. It is the value at which the investor enters or exits the mutual fund.

BenchmarkA group of securities, usually a market index, whose performance is used as a standard or benchmark to measure investment performance of mutual funds, among other investments. Some typical benchmarks include the NIFTY, SeNSex, BSe200, BSe500, 10-Year Gsec.

Entry LoadA mutual fund may have a sales charge or load at the time of entry and/or exit to compensate the distributor/agent. entry load is charged at the time an investor purchases the units of a mutual fund.

The entry load is added to the prevailing NAV at the time of investment. For instance, if the NAV is Rs. 100 and the entry load is 1 %, the investor will enter the fund at Rs. 101. (Note: SeBI, vide circular dated June 30, 2009 has abolished entry load and mandated that the upfront commission to distributors will be paid by the investor directly to the distributor, based on his assessment of various factors including the service rendered by the distributor).

Exit Loadexit load is charged at the time an investor redeems the units of a mutual fund. The exit load is reduced from the prevailing NAV at the time of redemption. The investor will receive redemption proceed at net value of NAV less Exit Load. For instance if the NAV is Rs. 100 and the exit load is 1%, the investor will receive Rs. 99.

Modified DurationModified duration is the price sensitivity and the percentage change in price for a unit change in yield.

Standard Deviation

Standard deviation is a statistical measure of the range of an investment’s performance. When a mutual fund has a high standard deviation, its means its range of performance is wide, implying greater volatility.

Sharpe Ratio

The Sharpe Ratio, named after its founder, the Nobel Laureate William Sharpe, is a measure of risk-adjusted returns. It is calculated using standard deviation and excess return to determine reward per unit of risk.

Beta Ratio (Portfolio Beta)

Beta is a measure of an investment’s volatility vis-a-vis the market. Beta of less than 1 means that the security will be less volatile than the market. A beta of greater than 1 implies that the security’s price will be more volatile than the market.

Average portfolio PE (Average P/E)

It is price to earnings ratio of the stocks calculated for the entire portfolio on a weighted average basis.

Average portfolio price to book ratio (Average P/BV)

It is price to book value of the stocks calculated for the entire portfolio on a weighted average basis.

Average portfolio dividend yield (Average Dividend Yield)

It is dividend yield of the stocks calculated for the entire portfolio on a weighted average basis.

Net Equity

Net equity level is the net equity exposure percentage adjusted for any derivative positions in stocks or index for hedging or rebalancing purpose.

R Squared

It is a statistical measure of how closely the portfolio returns are correlated with its benchmark.

AUM

AUM or assets under management refers to the recent / updated cumulative market value of investments managed by a mutual fund or any investment firm.

Holdings

The holdings or the portfolio is a mutual fund’s latest or updated reported statement of investments/securities. These are usually displayed in terms of percentage to net assets or the rupee value or both. The objective is to give investors an idea of where their money is being invested by the fund manager.

Nature of Scheme

The investment objective and underlying investments determine the nature of the mutual fund scheme. For instance, a mutual fund that aims at generating capital appreciation by investing in stock markets is an equity fund or growth fund. Likewise, a mutual fund that aims at capital preservation by investing in debt markets is a debt fund or income fund. each of these categories may have sub-categories.

Rating Profile

Mutual funds invest in securities after evaluating their creditworthiness as disclosed by the ratings. A depiction of the mutual fund in various investments based on their ratings becomes the rating profile of the fund. Typically, this is a feature of debt funds.

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Sharpe RatioSharpe Ratio is a risk to reward ratio, it measures portfolio returns generated in excess to the investment in risk-free asset, for per unit of total risk taken. While, positive Sharpe ratio indicates, portfolio compensating investors with excess returns (over risk-free rate) for the commensurate risk taken; negative Sharpe ratio indicates, investors are better off investing in risk-free assets.

BetaBeta (ß) of a portfolio is a number indicating the relation between portfolio returns with that of the market index i.e. it measure the volatility, or systematic risk, of a portfolio in comparison to the market as a whole.

Standard DeviationA statistical measure that defines expected volatility/risk associated with a portfolio. This explains the variation/deviation from the average returns delivered by the portfolio. A higher standard deviation means higher volatility (risk) and a lower standard deviation means lower volatility.

Risk Free ReturnThe theoretical rate of return of an investment with safest (zero risk) investment in a country.

4 Indexation Benefit

l Long Term Capital Gains (holding period of over 3 years) from Debt Mutual Funds are taxed at 20% plus applicable surcharge and cess with the benefit of indexation.

l Government notifies Cost Inflation Index (CII) for each financial year taking into consideration the prevailing inflation levels.

l The cost of acquistion for computation of tax is adjusted for inflation using CII, thereby reducing the capital gains from tax perspective.

l An investment made into a debt fund towards the end of a financial year (say, in March 2020) and held for a little over 3 years (say, in April 2023) would be eligible for application of CII over 5 financial years, resulting in 4 indexation benefit.

Total Expense RatioTotal expenses charged to scheme for the month expressed as a percentage to average monthly net assets.

Tracking ErrorTracking error indicates how closely the portfolio return is tracking the benchmark Index return. It measures the deviation between portfolio return and benchmark index return. A lower tracking error indicates portfolio closely tracking benchmark index and higher tracking error indicates portfolio returns with higher deviation from benchmark index returns.

Average MaturityWeighted average maturity of the securities in scheme.

Portfolio Yield (Yield To Maturity)Weighted average yield of the securities in scheme portfolio.

Portfolio Turnover RatioPortfolio Turnover Ratio is the percentage of a fund’s holdings that have changed in a given year. This ratio measures the fund’s trading activity, which is computed by taking the lesser of purchases or sales and dividing by average monthly net assets.

Modified DurationA formula that expresses the measurable change in the value of a security in response to a change in interest rates. Modified duration of portfolio can be used to anticipate the change in market value of portfolio for every change in portfolio yield.

Macaulay Duration (Duration)Macaulay Duration (Duration) measures the price volatility of fixed income securities. It is often used in the comparison of interest rate risk between securities with different coupons and different maturities. It is defined as the weighted average time to cash flows of a bond where the weights are nothing but the present value of the cash flows themselves. It is expressed in years. The duration of a fixed income security is always shorter than its term to maturity, except in the case of zero coupon securities where they are the same.

GLOSSARY

August 2020 3

Market Review

Market Review continued on next page

Macroeconomic Update

COVID-19 and lockdowns have presented the world with an unprecedented challenge and its economic fallout both in India and globally is likely to be severe, albeit temporary, in our opinion. Governments and Central Banks across the world proactively unleashed significant fiscal and monetary measures to cushion the impact of the same. While these measures have helped the financial markets to stabilise, to a large extent, but the macro economic impact of COVID-19 led disruption has been material over the past 6 months. In view of this, this monthly commentary contains a detailed review of macroeconomic situation than usual..

Global economy: Since March 2020, all major countries had imposed lockdown to varying degrees and thus, the GDP growth of most countries in the current year will be significantly impacted. However, increasingly countries are reopening while simultaneously putting some safety measures to keep the infection from growing rapidly. This is visible in signs of economic activity improving month on month in most countries.

Further, to counter the impact of slowdown, most countries launched a flurry of fiscal and monetary measures. Central banks reduced the policy rates significantly since the onset of pandemic and have done quantitative easing on an unprecedented scale, thus improving liquidity significantly. Net liquidity infusion by three Central Banks (US Fed, ECB and Bank of Japan) in 2020 is estimated to be nearly 2.5 times the quantum done during Global financial crisis (GFC) in 2008. Hence, Central Banks’ balance sheet is likely to expand significantly during the year. Further, massive fiscal spending, especially by advanced economies, is likely to cushion the impact on growth but will widen global fiscal deficit to ~14% (Source: IMF) of GDP.

Real GDP change in Q2CY20 (% YoY)

Fiscal Deficit as % of GDP

Net injection of liquidity by Global central banks

Source: Motilal Oswal Financial Services, IMF, Kotak Institutional Equities

India also unveiled fiscal and monetary measures to the tune of INR 20 trillion (~10% of GDP) to counter the impact of pandemic. With the aim to stabilise the financial condition, RBI reduced the repo rate by 115 bps since February 2020 and CRR by 1%, allowed moratorium of 6 months, permitted restructuring of debt, conducted LTROs, TLTROs etc. On the fiscal side, government launched credit guarantee scheme for MSMEs (INR 3 trillion), liquidity facility for NBFCs and simultaneously targeted structural reform to boost medium to long term growth.

Update on Spread of COVID: COVID-19 continued to spread globally with total infected cases rising to ~25.6 million (as on 31 August 2020) from 17.75 million on 31 July 2020. While there was some moderation in new cases addition in US but new cases saw uptick in many European countries like Spain, France, etc. In India, total infected cases continued to rise and reached ~3.7 million as on 31 August 2020 (31 July 2020: 1.7 million), third highest globally, although proportion of total cases is low considering the large population (2,668 cases per million of population). Further, recovery rate (new patients recovered / new cases per day) in India is relatively high and rise in active cases (i.e. currently infected) was relatively modest (0.79 million from 0.56 million, a month ago). Also, India’s fatality rate is less compared to global average (1.7% vs 3.3%). (Source: www.worldometers.info)

India’s GDP contracts sharply; to improve sequentially from hereon: Impacted by lockdown, Q1FY21 GDP growth contracted sharply by 23.9% largely driven by fall in both private consumption and investment spending. However, fall was cushioned by healthy growth in government spending and imports falling more than the exports. On the GVA side, the contraction was of similar magnitude with decline in industry, especially manufacturing, and services (mainly trade, transport etc.) sector. Agriculture was the only silver lining in otherwise weak data and grew at a reasonably healthy pace.

Quarter ended (YoY,%) 31-03-2020

30-06-2020 Quarter ended (YoY,%) 31-03-

202030-06-2020

GDP 3.1 -23.9 GVA 3.0 -22.8

Private Consumption 2.7 -26.7 Agriculture, forestry & fishing 5.9 3.4

Government Consumption 13.6 16.4 Industry -0.6 -38.1

Gross Capital Formation -5.8 -47.5 Manufacturing -1.4 -39.3

Exports -8.5 -19.8 Services 4.4 -20.6

Imports -7.0 -40.4 Trade, hotels, transport etc. 2.6 -47.0

Source: CMIE Going forward, we expect the economic activity to recover sequentially driven by phase wise unlocking of economy. On a full year basis, the economy is likely to contract in FY21 but should be followed by strong rebound in FY22 because of low base effect, full year of normal operation and pent up demand. However, growth rate of both these years should be viewed as aberration, in our opinion, and growth should normalise by FY23.

Economic recovery continues but pace moderates: With easing of restrictions and unlocking underway, most economic indicators continue to improve during the month of August 2020 and are significantly up from the lows seen in April 2020. However, the pace of improvement has moderated, to a certain extent, with power demand still marginally negative, fall in petroleum product consumption and stagnation in average daily E-way bill generation. However, some improvement is seen in auto registration volumes especially tractors and passenger vehicles, port activity, etc.

Total Tonnage movement - Railway (YoY, %)

Source: Raildrishti.com

Source for various data points: Bloomberg, NSDL, CMIE, RBI, Kotak Institutional Research, Worldometers.info, World Bank, Daily valuation provided by ICRA/CRISIL.

4 August 2020

Power Demand (YoY Change)

Source: Elara capital

Average daily e-way bills generated (in mn)

Source: GSTN.org.in

JNPT TEUs volume ('000)

Source: JNPT website

Total Petroleum consumption (YoY)

Source: CMIE

Source: Vaahan

Thus, the activity indicators are presenting a mixed picture for the time being with some indicators showing signs of improvement while others moderating. On an overall basis, it seems that the pace of improvement has moderated in August 2020. However, with more relaxation provided under Unlock 4.0 starting 1 September 2020, we expect that activity should pick up going forward.

Centre’ fiscal deficit widens further, to remain stretched: Driven by weak revenues, Centre’s fiscal deficit widened to 103% of Budgeted Estimates (BE) in first four months of FY21 (4MFY21), as against ~78% during the same period last year. Impacted by lockdown, both direct and indirect taxes contracted sharply while non-tax revenue as well as capital receipts remained weak too. Total expenditure grew at healthy pace driven by rise in revenue expenditure on back of higher spending on MNREGS and transfer to States for various schemes.

4MFY20 4MFY21Change (YoY)

(Amount in INR billion)Gross tax revenue 5,391 3,800 -29.5%Total Direct Tax 2,171 1,450 -33.2%Total Indirect Tax 3,219 2,350 -27.0%Less: Share of States & others 1,999 1,760 -12.0%Net Tax collection 3,392 2,040 -39.9%Non- Tax Revenue 439 246 -43.9%Total Revenue Receipts 3,831 2,286 -40.3%Total Capital Receipts 170.63 54.58 -68.0% Total Revenue Expenditures 8,397 9,424 12.2%Total Capital Expenditures 1,076 1,118 3.9%Total Expenditures 9,473 10,542 11.3% Gross Fiscal Deficit -5,476 -8,213 50.0%

Fiscal Deficit as % of GDP -2.8% -4.0%

Source: CMIE

Fiscal deficit in FY21 is likely to be significantly higher (~8% of GDP, Source: Kotak Institutional equities) given the expected shrinkage in revenue collections, possibility of shortfall on divestment targets, spending towards announced fiscal stimulus, etc. Further, the state fiscal position is also likely to remain stretched and aggregate Centre and State fiscal deficit is likely to be near ~13% of GDP in FY21 (Source: Kotak Institutional equities).

Recently, there has arisen a tiff between Central and State governments with regard to meeting the shortfall in GST collection in FY21. To refresh the memory, during implementation of GST, Centre had agreed to compensate States’ shortfall in revenues on account of implementation of GST based on a formula which assumed 14% CAGR growth in revenue with FY16’s revenues as base. The difference between actual revenue and expected revenue based on 14% CAGR was supposed to be met by levying compensation cess on select items. In FY21, Centre estimates that net liability towards shortfall in GST could be to the tune of INR 2,35,000 crore. Of this, Centre estimates that shortfall of INR 97,000 crore is due to implementation of GST while rest is because of COVID related impact. To meet the shortfall of INR 2,35,000 crores, Central government has given them two options

(1) States will be allowed to borrow INR 97,000 crores under a special window facilitated by Ministry of Finance and balance through market borrowings. Additional unconditional relaxation of 0.5% of GDP will also be provided, over and above the relaxation of 0.5% of GDP provided under Aatma Nirbhar Bharat package. Entire servicing (interest and principal) of INR 97,000 crores will be done through compensation cess collected post June 2022. Further, state’s share of cess collected after June 2022 will continue to be paid as per their entitlement.

Market Review Contd...



August 2020 5




(2) States will borrow the entire INR 2,35,000 crores through market borrowings and state debt limits will be relaxed to that extent. However, earlier unconditional relaxation of 0.5% and conditional relaxation of 0.5% of GDP (under Aatma Nirbhar Bharat package) will be not available. Interest on borrowing will be serviced by States from their own revenues while principal will be paid using compensation cess collected post June 2022.

Media reports suggest that few of the States are not enthused by any of the options and are likely to reject both the options. This dispute between State and Centre can delay the receipts of States and can result in spending getting curtailed or postponed, which can act as a drag on growth.

Inflation rises significantly driven by broad based price increase, likely to remain elevated in near term: Inflation rose sharply in July 2020 driven by broad based rise in prices. While there is some seasonality in food inflation, the rise in food CPI was relatively broad based with many constituents like pulses, meat, cereals, edible oil, etc. continuing to remain at elevated level. Rise in fuel inflation was driven by duties on petrol and diesel. Surprisingly, Core CPI@ also inched up, partly driven by rise in gold prices and also rise in prices of services constituents such as taxi fare, domestic help, airfare, etc.

YoY,% Jun-20 Jul-20 Change in %CPI 6.2 6.9 0.71Food & beverages 7.9 8.7 0.79Fuel and Light 0.5 2.8 2.30Housing 3.5 3.3 -0.29Core CPI@ 5.4 5.8 0.38

Source: CMIE; @-CPI excluding food, fuel, transportation & housing While some doubts have been raised on data quality, given the broad based increase in inflation, it seems likely that near term can remain at elevated level due to supply side disruptions. However, it is expected to trend downward in H2FY21 on account of base effect, weak aggregate demand and normalisation of supply.

Monsoon progressing well, Kharif crop sowing at all time high: The monsoon has been progressing well in FY21 with 33 out of 36 subdivisions receiving normal to excess rainfall till 1 September 2020. Further, the overall Kharif sowing was at all time high till 28 August 2020 with all major crop categories showing significant increase in area sown as compared to last year. This should boost food grain production significantly this year and support rural incomes.

% of Normal Area Sown % change in Actual area sownAs on 28-08-2020 FY19 FY20 FY21 FY19 FY20 FY21Overall 97.1 95.0 101.5 0.1 -1.7 7.2Food Grain 97.1 93.1 98.6 -1.0 -3.0 7.0Rice 94.2 89.4 98.1 1.2 -4.8 10.0Coarse cereals 91.1 91.6 95.7 -3.9 0.4 2.6Pulses 117.5 107.3 104.4 -3.4 -2.2 4.6Sugar cane 110.8 107.0 107.9 11.3 -6.8 1.2Oilseeds 92.9 94.0 108.5 2.4 -0.1 13.0Cotton 98.3 103.3 106.2 -1.9 6.2 2.8Jute & Mesta 88.8 87.2 88.6 2.0 -4.8 1.6

Source: CMIE

Trade Deficit remains modest, likely to worsen going forward but should be better than last year: India’s trade deficit for July 2020 stood at USD 4.8 billion, after seeing one month of surplus trade balance. The rise in trade deficit was due to higher net oil imports and net gold imports. Trade balance ex of oil and gold remained in surplus, albeit lower than last month, driven by increase in imports of electronic goods partially offset by healthy exports of engineering goods and chemicals.

Amount in USD Million Jun-20 Jul-20 Change (%)Trade Deficit / (Surplus) -844 4,827 NM

Net Oil imports 3,087 4,762 54.2%Net Gold imports* -184 1,335 NMTrade deficit ex oil & gold -3,748 -1,271 NM

Source: CMIE; * includes net imports of gold, silver and precious stones adjusted for gems and jewellery exports; NM – Not meaningful

Trade deficit is likely to be significantly better in FY21 as compared to last year on back of weak crude oil prices and likely fall in non-oil non-gold imports due to weak domestic demand. This will be partially offset by weaker exports due to slowdown in global economy. Overall, current account is expected to turn positive in FY21 (despite lower remittances) and thus, outlook of balance of payment remains comfortable.

Appreciation of INR against USD: INR has appreciated significantly from the lows seen during March-April 2020 driven by comfortable outlook on external sector, weak oil prices, easing liquidity and strong capital flows over the past few months. However, this has been true for most economies globally as USD has depreciated significantly since April 2020 driven by large quantitative easing done by US Fed, sharp rise in fiscal deficit, expectations that Fed rate is likely to remain low for longer and improvement in sentiments.

Appreciation of INR has been relatively limited till recently due to regular Forex purchases by RBI, which helped to build its foreign exchange reserves (USD 541 billion as on 28 August 2020 compared to USD 475 billion as of end-March 2020). However, in the last week of August 2020, INR appreciated sharply against USD probably driven by limited intervention by RBI. This change in approach by RBI could help in easing imported inflation and is likely to provide space to RBI to use OMO purchases as a mode of infusing durable liquidity.

Relative to other Emerging markets, INR has depreciated less than basket of EM currencies probably because its external sector is better placed than most EMs.

Movement of Major currencies vs USD in CY20

Source: Bloomberg

Source: Bloomberg

Commodity prices continue to rise, significantly off their lows: Most major commodity prices increased during August 2020 driven by positive data from China & US and economic activity stabilising globally, especially in advanced economies.

% Change Market price (USD)* Aug-20 (m-o-m) FYTD21^Brent Crude (per barrel) 45.3 4.6 99.1Gold (per ounce) 1,968 (0.4) 24.8Steel (per tonne) 3,992 2.0 17.4Zinc (per tonne) 2,530 10.0 35.4Copper (per tonne) 6,728 4.4 40.3Aluminium (per tonne) 1,765 5.3 18.2Lead (per tonne) 1,977 7.2 15.4

Source: Bloomberg; *Market prices as on August 31, 2020; ^ change in prices since end-March 2020, m-o-m- Month on Month India’s Manufacturing Opportunity 2.0: In early 2000, India missed the opportunity of attracting global manufacturing in a big way and becoming an important part of global supply chain. China, on the other hand, capitalised on this opportunity and became global manufacturing hub. China’s share in global trade increased ~4 times to ~13% (India: 1.7%) over past two decades. However, over the past few years, driven by rising wage cost and environment compliance cost, companies had started shifting their manufacturing to other countries. This recent episode of COVID-19, which originated in China, and the disruption in supply chain has starkly highlighted the perils of overdependence on one country. Hence, this is likely to nudge global MNCs to consider diversifying their manufacturing operations from China and accelerate the process of shift of manufacturing from China.

6 August 2020

On the other hand, India has been gearing up for boosting its manufacturing base. Over the past few years, India has been focussing on reforms to attract global manufacturing investments by improving ease of doing business, providing concessionary tax rates, schemes like production linked incentive schemes, increased import duties on select items, unveiled multiple steps in Aatma Nirbhar Bharat package, etc.

Manufacturing wages in China materially higher

India's Rank in Ease of doing buiness consistently improves

Base corporate rate tax

Source: JETRO Survey (2019), Kotak Institutional Equities, Publicly available information

The recent border standoff between India and China is likely to accelerate the process of reforms and possibly we might see more focussed efforts from Government to boost the manufacturing and make imports less attractive. Apart from recent reforms, India is also a favourable choice for setting up manufacturing operations given its large domestic market, geographical advantage, skilled population, relatively low wages, etc. Thus, the combination of aforesaid factors is likely to help boost India’s manufacturing and employment over medium term.

Summary and ConclusionIndian economic recovery remained on track although pace of improvement seems

to have moderated in August 2020 driven by local lockdown imposed by many states. However, the economic indicators are significantly off their April 2020 lows and are expected to improve sequentially as the restrictions under lockdown are relaxed further. Fiscal and monetary measures undertaken should also support this revival.

While economic activity is expected to improve going forward, on a full year basis India’s GDP is likely to contract significantly in FY21. This low base effect of FY21 along with pent up demand & normalisation of economic activity should push up the growth rate in FY22 significantly. From FY23 onwards, economy is expected to resume its normal growth trajectory.

Further, in our opinion, India is better placed than most other EMs as sharp fall in oil prices along with lower dependence on exports, especially discretionary items, bodes well for India’s external sector in near term. Also, India’s rural economy is relatively better placed with lower impact of COVID-19 led disruption, record sowing area under cultivation and higher rural spending by government. This should boost rural economy and thus aggregate demand, to a certain extent. Further, we also remain optimistic about prospects of manufacturing in India as it is well positioned to capitalise on shift of manufacturing from China given its large domestic market, skilled population etc. along with flurry of favourable reforms introduced by the Government.

Equity Market Update

Indian equities continued to deliver positive returns month-on-month (m-o-m) in August 2020 as well following its strong performance in past two months. NIFTY 50 was up by ~3% supported by rally in global markets, high global liquidity, improvement in sentiments, sequential improvement in economic activities across major countries and better than expected Q1FY21 results. This was partially offset by rise in border tension between India and China. The largecaps underperformed midcaps and smallcaps significantly during the month. Amongst the sectoral performance, Metal, Banks, Power, Capital goods and Auto were best performing sectors while IT, FMCG and Oil & gas ended marginally negative for the month.

Globally, most major indices also delivered positive returns during the month. The tables below give the details of performance of key domestic and global indices.

% Change in Indices Aug-20 (m-o-m) FYTD21

S&P BSE India Auto 7.3 64.6 S&P BSE India Bankex 9.6 22.3 S&P BSE India Capital Goods 7.9 25.2 S&P BSE India FMCG (0.8) 10.7 S&P BSE India Healthcare 0.6 51.4 S&P BSE India Metal 12.9 54.6 S&P BSE India Power 8.5 21.2 S&P BSE India Oil & Gas (0.7) 30.6 S&P BSE India IT (1.1) 40.6 S&P BSE SENSEX 2.7 31.1 NIFTY 50 2.8 32.4 NIFTY Midcap 100 7.8 42.5 NIFTY Smallcap 11.5 55.5

% Change Aug-20 (m-o-m) FYTD21

S&P 500 7.0 35.4 FTSE 1.1 5.1 DAX 5.1 30.3 CAC 3.4 12.5 Nikkei 6.6 22.3 Hang Seng 2.4 6.7 KOSPI 3.4 32.6 Shanghai 2.6 23.5 MSCI Emerging Market Index 2.1 29.8

FPIs were net buyers in August 2020, fourth month in a row and bought equity worth USD 6.3 billion, a highest ever FPI inflow in a month. FPI flows have recovered strongly and net inflows during first five months of FY21 was ~USD 11.2 billion (5MFY20: USD 0.3 billion), thus more than recouping the outflows of USD 8.3 billion seen in March 2020. Domestic equity oriented mutual funds witnessed net outflows of INR 7,382 crore in July 2020 compared to net outflow of INR 2,673 crore a month ago. In first four months of FY21, net outflows in domestic equity oriented mutual fund schemes stood at ~INR 1,130 crore.

Out of the Q1FY21 results declared, results of IT, Cement, Banks, Power, Construction and Pharma were better than expectations whereas Oil & gas, Consumer Staples and Auto were largely in line with expectations. Results of Metal, Industrials and logistics were below expectations.

Outlook

As on 31 August 2020, NIFTY 50 was trading near 25.1x FY21E and 18.6x FY22E price to earnings ratio. While multiples are reasonable, especially given the low interest rate environment, in uncertain times like the current one, limited reliance can be placed on the Price to earnings multiples for gauging valuations as earnings are temporarily impacted, especially for FY21.




August 2020 7

For 2020E and 2021E, Market cap/NIFTY 50 as on 31 August 20 is taken; GDP estimates are for 2020E and 2021E respectively. For 2020E, PE based on free-float EPS as of end Mar-21 and for 2021E EPS of end Mar-22 is used.

In our opinion, Indian market cap to GDP is a better indicator of valuation of overall market in current scenario. As of 31 August 2020, Indian market capitalisation stood at ~73% of GDP (based on 2021 GDP), lower than its 10 years’ average.

Also, it is worth noting that the gap between 10Y Gsec and 1Y-Forward NIFTY 50 Earning yield* is still below 10-year average. This further indicates that equity markets are attractively priced.

*Earning yield = 1/(one year forward P/E).

Additionally, 10-year NIFTY 50 returns of 7.7% CAGR have lagged nominal GDP growth of 12% CAGR for last 10 years. Historically, periods where NIFTY 50 returns have been below 10% CAGR for a 10-year period, it has been followed by good returns over medium to long term. While equity market has recovered significantly from lows seen in March 2020, the recovery is polarised with top 5 stocks contributing significant portion of the index movement. This shows that the broader market is still quite attractively valued and thus, holds promise over the medium to long term, in our opinion.

Aforesaid view is also supported by sequential recovery visible in past few months and expectations that economic activity should normalise to a large extent in H2FY21. Further, Government is aggressively pursuing reform agenda and focussing on attracting investment, especially foreign investments, into manufacturing. Reforms in agriculture and defence sector, push towards privatisation of CPSEs, measures to incentivise manufacturing in India (like production linked incentive schemes), etc. are few steps which are being taken in this direction.

In view of the above, in our opinion, there is merit in increasing allocation to equities in a phased manner or in staying invested as the case may be (for those with a medium to long term view and in line with individual risk appetite). Significant rise in spread of COVID-19, unwinding of expansionary fiscal and monetary stimulus, sharp rise in crude oil prices, higher than expected NPAs post the moratorium, escalation of border tension between India and China and/or trade tension between US and China, etc. are key risks in the near term.

Debt Market Update

The yield of 10-year benchmark Gsec ended the month of August 2020 at 6.12%, up 28 bps over the previous month end. This was driven by pause by RBI against market expectation, high inflation and relatively hawkish MPC minutes. The AAA corporate bond spreads over 10Y Gsec yields also inched up by 12 bps during the month. The table below gives a summary view of movement of key rates and liquidity. Jul-20 Aug-20 Change (%)10Yr G-Sec Yield (%, 5.79 GoI 2030)^ 5.84 6.12 0.28AAA 10Year Corporate Bond Yields (%)# 6.36 6.76 0.40AAA 10Y corporate bond spread against 6.45 GS 2029 Yield (bps)@ 52 64 0.12Average net liquidity absorbed / (infused) by RBI* (INR billion) (approx.) 3,599 3,689 2.49MIBOR Overnight Rate (%) 3.86 3.78 -0.08

* Average net daily liquidity infused / absorbed through Liquidity Adjustment Facility, exports refinance, marginal standing facility and term repos/reverse repos; ̂ bi-annual yield;# annualised yields; @ Spreads have been calculated by subtracting non-annualised Gsec yields from annualised corporate bond yields

Average net interbank liquidity surplus remained at elevated level supported by high government spending, soft credit growth vis-a-vis deposit growth and foreign exchange purchases by RBI.

The FPI debt flows in August 2020 were marginally negative at USD 0.08 billion as compared to net outflows of USD 0.6 billion in last month. During the first five months of FY21, net FPI outflows from debt stood at USD 4.9 billion as against net inflows of USD 3.6 billion during same period last year.

On 31 August 2020, RBI unveiled multiple measures “to ensure orderly market conditions and congenial financial conditions”. Till now, banks were allowed to hold more than 25% of their investments under Held to Maturity (HTM) category provided the excess is invested in SLR securities within an overall limit of 19.5 per cent of NDTL. In a significant move, it increased the HTM limit for Banks from 19.5% to 22% of their NDTL. Securities which are classified as HTM are not required to recognise mark to market gain / losses. Hence, banks profitability is protected against yield movements on such investments. Thus, this step should encourage banks to invest in government securities. RBI also announced plan to conduct operation TWIST of INR 200 billion in September 2020, in addition to INR 200 billion already announced in August 2020. Further, RBI will also conduct LTRO of INR 1,000 billion during mid-September to ease liquidity pressure because of advance tax payments. Following the announcement, the benchmark 10Y yields fell by ~18 bps on 1 September 2020.

US Fed also revised its policy framework and announced that it is will target “average” inflation and will tolerate higher inflation for periods following period of low inflation. Further, it will not pre-emptively raise rates on reaching high employment unless the inflation rises. This, in effect, implies that US Fed is likely to maintain low rates for longer and will not be raising rates proactively to curb inflation.

Outlook

While RBI’s decision to hold rates came in as a slightly negative surprise, release of MPC minutes for the August 2020 meeting triggered a sharp increase in yields. The minutes highlighted concerns of most MPC members of rising inflation, despite weak growth. While most members attributed the same to food inflation and supply side shock, concerns were raised about it becoming durable and possibility of inflation becoming more broad based. Since the release of MPC minutes, the 10Y benchmark bond yield rose by ~40-45 bps and ended the month up 28 bps. The measures announced on 31 August 2020 (refer paragraph above) should support softening in yields going forward.

Over the past few months, apart from reduction in policy rates, RBI has been conducting operation TWIST, LTROs, TLTROs, Open markets purchases, etc. to ease the financial condition and improve liquidity. Recently announced measures also confirms our belief that RBI is open to taking both conventional and unconventional policy measures to counter the impact of slowdown due to the pandemic and ease pressure on yields. Further, various statements by RBI Governor highlights that aiding economic recovery weighs significantly on the monetary policy decisions and the available space can be used at the opportune time.

Apart from the factors mentioned above, weak oil prices, positive outlook on Balance of payment, benign inflation outlook over medium term, lower global rates and ample global liquidity bodes well for yields in India and thus, there is some room for yields to decline in our opinion.




8 August 2020

In view of COVID-19 pandemic, as directed by SeBI, the temporary cut-off timings for applicability of NAV from April 6, 2020 till further notice are as follows:

In respect of subscriptions / purchases (including switch-ins)

• For HDFC Liquid Fund and HDFC Overnight Fund - 12:30 p.m.

• For Schemes other than HDFC Liquid Fund and HDFC Overnight Fund - 01:00 p.m.

In respect of redemptions (including switch-outs)

• For all schemes including HDFC Liquid Fund and HDFC Overnight Fund - 01:00 p.m.

All other provisions relating to applicability of NAV for subscription / purchase, switches and redemption mentioned in the SIDs and KIMs of the Scheme(s) remain unchanged.

Market Review

However, any sharp reversal in oil prices, high near term inflation, overhang of high supply from Central as well as State governments etc. are key risks to our view. In view of the above, yields at the longer end of the curve are likely to trade within a range in the foreseeable future. Considering the aforesaid factors, we maintain our view that the short to medium end of the yield curve offers better risk adjusted returns. Thus, we continue to recommend investment in short to medium duration debt funds.

Further, driven by high liquidity and improving sentiments, corporate credit spreads have eased significantly from recent highs. However, bond spreads of select issuers, especially in non-AAA rating category, are still trading at attractive levels (refer below chart) and opportunities still exist in select pockets. Hence, allocation to credit oriented schemes can be maintained / increased, to a certain extent.

Long Term Average spread of AA over AAA over 10 years

GlOSSARY

CPI Consumer Price Index

CPSEs Central Public Sector Enterprises

CRR Cash Reserve Ratio

ECB European Central Bank

EMs Emerging Markets

FPI Foreign Portfolio Investment

GDP Gross Domestic Product

GVA Gross Value Added

LTRO Long Term Repo Operation

MNC Multinational Corporation

MNREGS Mahatma Gandhi National Rural Employment Guarantee Scheme

MPC Monetary Policy Committee

MSME Micro, Small and Medium Enterprises

NBFCs Non-Banking Financial Companies

NDTL Net Demand and Term Liabilities

NPA Non Performing Assets

SLR Statutory Liquidity Ratio

TLTRO Targeted Long Term Repo Operations


August 2020 9

CONTENTS

PAGE NO.

WEAlTH CREATION

HDFC Equity Fund ............................................................................. 10

HDFC Capital Builder Value Fund ........................................................ 11

HDFC Top 100 Fund ........................................................................... 12

HDFC Mid-Cap Opportunities Fund ..................................................... 13

HDFC Small Cap Fund ........................................................................ 14

HDFC Growth Opportunities Fund ...................................................... 15

HDFC Focused 30 Fund ...................................................................... 16

HDFC Infrastructure Fund .................................................................. 17

HDFC Balanced Advantage Fund ........................................................ 18-19

HDFC Hybrid Equity Fund ................................................................... 20-21

HDFC Multi-Asset Fund ...................................................................... 22-23

HDFC NIFTY 50 ETF ............................................................................ 24

HDFC Index Fund - NIFTY 50 Plan ....................................................... 25

HDFC SENSEx ETF .............................................................................. 26

HDFC Index Fund - SeNSex Plan ......................................................... 27

HDFC Gold ETF .................................................................................. 61

HDFC Gold Fund ................................................................................ 62

HDFC Banking ETF ............................................................................. 63

TAx SAVINGS

HDFC Taxsaver .................................................................................. 28

CHIlDREN'S FUTURE

HDFC Children’s Gift Fund ................................................................. 29-30

RETIREMENT PLANNING

HDFC Retirement Savings Fund - Equity Plan ....................................... 31

HDFC Retirement Savings Fund - Hybrid Equity Plan ............................ 32-33

HDFC Retirement Savings Fund - Hybrid Debt Plan .............................. 34

PAGE NO.

REgUlAR INCOME

HDFC Equity Savings Fund ................................................................. 35-36

HDFC Hybrid Debt Fund ..................................................................... 37-38

HDFC Arbitrage Fund ......................................................................... 39-40

HDFC Corporate Bond Fund ............................................................... 41-42

HDFC Credit Risk Debt Fund ............................................................... 43-44

HDFC Banking and PSU Debt Fund ..................................................... 45-46

HDFC Gilt Fund.................................................................................. 47

HDFC Dynamic Debt Fund .................................................................. 48

HDFC Income Fund ........................................................................... 49

HDFC Medium Term Debt Fund .......................................................... 50

HDFC Short Term Debt Fund .............................................................. 51-52

HDFC Low Duration Fund ................................................................... 53-54

HDFC Money Market Fund ................................................................. 55

HDFC Floating Rate Debt Fund ........................................................... 56

HDFC Ultra Short Term Fund .............................................................. 57

HDFC Liquid Fund .............................................................................. 58-59

HDFC Overnight Fund ........................................................................ 60

Performance details of schemes managed by respective fund managers ............................................. 64

Scheme performance summary - Regular Plans ................................. 65-69

Scheme performance summary - Direct Plans .................................... 70-77

Performance of Permitted Category FPI Portfolio ............................... 78

Dividend History ............................................................................... 79-80

Disclaimer ....................................................................................... 81

gOAl BASED SOlUTIONS

WEAlTH CREATION These schemes aim to increase wealth over the long term by investing predominantly in equity instruments and are suitable for investors with high risk appetite and relatively higher investment horizon.

TAx SAVINGS This scheme is eligible to provide tax deduction under Section 80C and also aims to increase wealth over the long term. This is an ideal solution for investors who would like to create wealth and save tax.

CHIlDREN'S FUTURE This scheme aims to help you achieve your specific financial goal of planning for child’s future expenses like higher education, etc.

RETIREMENT PLANNING These schemes aim to help you achieve your specific financial goal of retirement planning.

REgUlAR INCOME These schemes aim to provide stable income and are ideal for investors with low to medium risk appetite who wish to receive regular income to meet their periodic expenses.

Disclaimer: Investors are requested to note that the above goal based solutions should not be construed as financial planning solution/recommendation by the Fund/AMC. It does not in any manner, indicate or imply either the quality of any particular Scheme or guarantee any specific performance/returns. Such solutions must be tailored to investor’s individual situation and objectives and therefore, investors should consult their financial advisors to ascertain whether a product is suitable for them.

10 August 2020

SIP PERFORMANCE ^ - Regular Plan - growth OptionSince Inception

SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 3,080.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on August 31, 2020 (` ‘000) 64,298.92 4,204.86 1,805.62 642.23 346.42 122.69 Returns (%) 19.42 10.54 7.92 2.68 -2.48 4.19 Benchmark Returns (%) # 13.59 10.00 9.59 6.57 3.24 15.05 Additional Benchmark Returns (%) ## 12.63 10.00 9.48 7.79 4.87 13.75

Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after accounting for the cash flow by using xIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of August 31, 2020 unless otherwise specified.

PERFORMANCE ^ - Regular Plan - growth OptionDate Period Scheme

Returns (%)

Benchmark Returns

(%)#

Additional Benchmark

Returns (%) ##

Value of ` 10,000 investedScheme (`) Benchmark

(`)#Additional

Benchmark (`)##

Aug 30, 19 Last 1 Year -5.28 5.40 4.31 9,472 10,540 10,431Aug 31, 17 Last 3 Years 0.04 3.72 6.01 10,013 11,158 11,915Aug 31, 15 Last 5 Years 5.64 8.32 8.75 13,163 14,918 15,214Jan 01, 95 Since Inception 17.20 10.88 10.46 589,110 141,793 128,814

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. N.A. Not Available. For performance of other schemes managed by Prashant Jain, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. As NIFTY 50 TRI data is not available since inception of the scheme, additional benchmark performance is calculated using composite CAGR of NIFTY 50 PRI values from January 1, 1995 to June 29, 1999 and TRI values since June 30, 1999. For Performance of Direct Plan, refer page no. 70. For FPI Portfolio, refer page no. 78.

This product is suitable for investors who are seeking ~

l to generate long-term capital appreciation / income

l investment predominantly in equity & equity related instruments

Riskometer

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. ^Past performance may or may not be sustained in the future. Load is not taken into consideration for computation of performance.

(An open ended equity scheme investing across large cap, mid cap & small cap stocks)HDFC Equity Fund

Company Industry+ % to NAV

EqUITY & EqUITY RElATED

• ICICI Bank Ltd. Banks 9.35

• State Bank of India Banks 8.31

• Infosys Ltd. Software 7.45

• Larsen and Toubro Ltd. Construction Project 6.89

• ITC Ltd. Consumer Non Durables 5.45

• Power Grid Corporation of India Ltd. Power 4.53

• NTPC Ltd. Power 4.41

• Reliance Industries Ltd. Petroleum Products 4.14

• Coal India Ltd. Minerals/Mining 4.04

• Axis Bank Ltd. Banks 3.68

Power Finance Corporation Ltd. Finance 3.01

Tata Steel Ltd. Ferrous Metals 2.59

Lupin Ltd. Pharmaceuticals 2.54

ReC Ltd. Finance 2.53

Bharat Petroleum Corporation Ltd. Petroleum Products 2.50

Ambuja Cements Ltd. Cement 2.44

InterGlobe Aviation Ltd. Transportation 2.04

Aurobindo Pharma Ltd. Pharmaceuticals 2.02

CeSC Ltd. Power 1.77

Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.64

Cipla Ltd. Pharmaceuticals 1.63

GAIL (India) Ltd. Gas 1.60

SBI Cards and Payment Services Ltd. Finance 1.38

HDFC Bank Ltd. Banks 1.34

Vedanta Ltd. Non - Ferrous Metals 1.29

Bank of Baroda Banks 1.15

Wipro Ltd. Software 0.94

Bharat Dynamics Ltd. Aerospace & Defence 0.93

Kalpataru Power Transmission Ltd. Power 0.91

Hindustan Petroleum Corporation Ltd. Petroleum Products 0.90

Tata Motors Ltd. Auto 0.66

BeML Ltd. Industrial Capital Goods 0.62

Tata Consultancy Services Ltd. Software 0.57

Bharti Infratel Ltd. Telecom - equipment & Accessories 0.56

Punjab National Bank Banks 0.52

Canara Bank Banks 0.51


Praj Industries Ltd. Industrial Capital Goods 0.51

Hindustan Aeronautics Ltd. Aerospace & Defence 0.47

CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.39

Bharti Airtel Ltd. Telecom - Services 0.26

Time Technoplast Ltd. Industrial Products 0.20

Ramco Systems Ltd. Software 0.19

Hindustan Construction Company Ltd. Construction Project 0.11

Bharat Heavy electricals Ltd. Industrial Capital Goods 0.09

Simplex Infrastructures Ltd. Construction 0.07Sub Total 99.13Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 99.14Cash, Cash equivalents and Net Current Assets 0.86

Grand Total 100.00

• Top Ten Holdings

PORTFOLIO

Industry Allocation of Equity Holding (% of Net Assets)

0.010.070.200.260.560.661.291.401.601.612.042.442.594.045.456.927.007.547.839.15

11.6224.86

0 5 10 15 20 25 30

Media & EntertainmentConstruction

Industrial ProductsTelecom - Services

Telecom - Equipment & AccessoriesAuto

Non - Ferrous MetalsAerospace & Defence

GasIndustrial Capital Goods

TransportationCement

Ferrous MetalsMinerals/Mining

Consumer Non DurablesFinance

Construction ProjectPetroleum Products

PharmaceuticalsSoftware

PowerBanks

KEY FACTS

INVESTMENT OBjECTIVETo generate capital appreciation / income from a portfolio, predominantly invested in equity & equity related instruments.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER § ¥

Prashant Jain (since June 20, 2003)

Total experience: Over 27 years

INCEPTION DATE (Date of Allotment)January 1, 1995

NAV (AS ON AUGUST 31, 2020) NAV PER UNIT (`)Regular Plan - Growth Option 589.110Regular Plan - Dividend Option 38.413Direct Plan - Growth Option 624.176Direct Plan - Dividend Option 42.074

ASSETS UNDER MANAgEMENT (`) IN CROREAs on August 31, 2020 19,797.98Average for Month of August 2020 19,772.50

qUANTITATIVE DATAPortfolio Turnover Ratio (Last 1 year) 32.12%Risk Ration Standard Deviation 6.679%n Beta 1.023n Sharpe Ratio* -0.012Computed for the 3-yr period ended August 31, 2020. Based on month-end NAV. * Risk free rate: 3.78%(Source: FIMMDA MIBOR)

TOTAL ExPENSE RATIO (As on August 31, 2020)Including Additional expenses and Goods and Service Tax on Management FeesRegular: 1.79% Direct: 1.19%

#BENCHMARK INDEX: NIFTY 500 (Total Returns Index)##ADDl. BENCHMARK INDEX: NIFTY 50 (Total Returns Index)

EXIT lOADl In respect of each purchase / switch-in of Units, an exit Load

of 1.00% is payable if Units are redeemed / switched-out within 1 year from the date of allotment.

l No exit Load is payable if Units are redeemed / switched-out after 1 year from the date of allotment.

For further details, please refer to para ‘Exit Load’ on Pg 64.

PLANS & OPTIONSRegular Plan, Direct Plan. Under each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility.

MINIMUM APPlICATION AMOUNTPurchase : ` 5,000 and any amount thereafter.Additional Purchase : ` 1,000 and any amount thereafter.

SEgMENT-WISE BREAK-UP OF EqUITY HOlDINg (% OF NET ASSETS)Large Cap 86.82%Mid Cap 8.39%Small Cap 3.93%¥ Dedicated Fund Manager for Overseas Investments: Mr. Chirag Dagli (since July 22, 2019) (Total experience: Over 18 years).

§ Date of migration from Zurich India Mutual Fund (Close of business hours - June 19, 03).

CATEgORY OF SCHEME: MULTI-CAP FUND

August 2020 11

SIP PERFORMANCE ^ - Regular Plan - growth Option

Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 3,190.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on August 31, 2020 (` ‘000) 39,770.44 4,354.64 1,923.13 643.79 348.05 127.21 Returns (%) 15.78 10.95 9.12 2.78 -2.18 11.33 Benchmark Returns (%) # N.A. 10.00 9.59 6.57 3.24 15.05 Additional Benchmark Returns (%) ## 12.34 10.00 9.48 7.79 4.87 13.75

Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after accounting for the cash flow by using xIRR method (investment internal rate of return). The above investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.


Returns (%)

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 invested

Scheme (`) Benchmark (`)#


(`)##Aug 30, 19 Last 1 Year 0.10 5.40 4.31 10,010 10,540 10,431Aug 31, 17 Last 3 Years 0.09 3.72 6.01 10,026 11,158 11,915Aug 31, 15 Last 5 Years 6.21 8.32 8.75 13,521 14,918 15,214Feb 01, 94 Since Inception 13.12 N.A. 9.92 265,421 N.A. 123,823

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. N.A. Not Available. For performance of other schemes managed by Amit Ganatra, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. As NIFTY 50 TRI data is not available since inception of the scheme, additional benchmark performance is calculated using composite CAGR of NIFTY 50 PRI values from February 1, 1994 to June 29, 1999 and TRI values since June 30, 1999. For Performance of Direct Plan, refer page no. 75.



l to generate long-term capital appreciation / income in the long term

l investment primarily in undervalued stocks

Riskometer



(An open ended equity scheme following a value investment strategy)HDFC Capital Builder Value Fund

Company Industry+ % to NAVEqUITY & EqUITY RElATED• HDFC Bank Ltd. Banks 9.06• Reliance Industries Ltd. Petroleum Products 7.61• Infosys Ltd. Software 7.59• ICICI Bank Ltd. Banks 6.53• Bharti Airtel Ltd. Telecom - Services 4.44• NTPC Ltd. Power 3.06• ITC Ltd. Consumer Non

Durables 2.86• Maruti Suzuki India Ltd. Auto 2.60• Axis Bank Ltd. Banks 2.57• HCL Technologies Ltd. Software 2.29Kotak Mahindra Bank Ltd. Banks 2.25Aurobindo Pharma Ltd. Pharmaceuticals 2.18State Bank of India Banks 2.05Hero MotoCorp Ltd. Auto 1.97Bharat Petroleum Corporation Ltd. Petroleum Products 1.83Apollo Hospitals enterprise Ltd. Healthcare Services 1.65Cipla Ltd. Pharmaceuticals 1.60SBI Life Insurance Company Ltd. Finance 1.55Vedanta Ltd. Non - Ferrous Metals 1.53Ambuja Cements Ltd. Cement 1.42Wipro Ltd. Software 1.29Lupin Ltd. Pharmaceuticals 1.21UltraTech Cement Ltd. Cement 1.15escorts Ltd. Auto 1.05Muthoot Finance Ltd. Finance 1.03Petronet LNG Ltd. Gas 0.99Voltas Ltd. Consumer Durables 0.99Hindalco Industries Ltd. Non - Ferrous Metals 0.98UPL Ltd. Pesticides 0.91Bharat electronics Ltd. Industrial Capital Goods 0.90Radico Khaitan Ltd. Consumer Non Durables 0.88Oracle Financial Services Software Ltd. Software 0.87SBI Cards and Payment Services Ltd. Finance 0.87CanFin Homes Ltd. Finance 0.86Larsen & Toubro Infotech Ltd. Software 0.82MphasiS Ltd. Software 0.82United Breweries Ltd. Consumer Non Durables 0.81L&T Technology Services Ltd. Software 0.80Ashoka Buildcon Ltd. Construction Project 0.78The Phoenix Mills Ltd. Construction 0.78Tube Investments of India Ltd. Auto Ancillaries 0.75Dilip Buildcon Ltd. Construction Project 0.73Gujarat Pipavav Port Ltd. Transportation 0.72Multi Commodity exchange of India Ltd. Finance 0.72Central Depository Services (India) Ltd. Finance 0.71Persistent Systems Ltd. Software 0.70Advanced enzyme Technologies Ltd. Consumer Non Durables 0.66

Company Industry+ % to NAVTCI express Ltd. Transportation 0.64Inox Leisure Ltd. Media & entertainment 0.62InterGlobe Aviation Ltd. Transportation 0.62Bharat Dynamics Ltd. Aerospace & Defence 0.58Indiamart Intermesh Ltd. Retailing 0.58Just Dial Ltd. Software 0.56Mishra Dhatu Nigam Ltd. Ferrous Metals 0.54Ipca Laboratories Ltd. Pharmaceuticals 0.52Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.50Cadila Healthcare Ltd. Pharmaceuticals 0.48Indoco Remedies Ltd. Pharmaceuticals 0.48Container Corporation of India Ltd. Transportation 0.47Zee entertainment enterprises Ltd. Media & entertainment 0.42KeI Industries Ltd. Industrial Products 0.41Siti Networks Ltd. Media & entertainment 0.14Sadbhav Infrastructure Project Ltd. (Corporate Guarantee of Sadbhav engineering Ltd.) Construction Project 0.08Jindal Steel & Power Ltd. Ferrous Metals 0.06Sub Total 98.12Cash, Cash equivalents and Net Current Assets 1.88Grand Total 100.00• Top Ten Holdings

PORTFOLIO


0.410.500.580.580.600.750.780.900.910.990.991.181.591.652.452.512.573.06

4.445.215.625.746.47

9.4415.74

22.46

0 5 10 15 20 25Industrial Products

FertilisersAerospace & Defence

RetailingFerrous Metals

Auto AncillariesConstruction

Industrial Capital GoodsPesticides

Consumer DurablesGas

Media & EntertainmentConstruction ProjectHealthcare Services

TransportationNon - Ferrous Metals

CementPower

Telecom - ServicesConsumer Non Durables

AutoFinance

PharmaceuticalsPetroleum Products

SoftwareBanks

KEY FACTS

INVESTMENT OBjECTIVE

To achieve capital appreciation/income in the long term by primarily investing in undervalued stocks.

There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥

Amit Ganatra (since May 21, 2020)


INCEPTION DATE (Date of Allotment)

February 1, 1994

NAV (AS ON AUGUST 31, 2020) NAV PER UNIT (`)

Regular Plan - Growth Option 265.421Regular Plan - Dividend Option 19.905Direct Plan - Growth Option 283.882Direct Plan - Dividend Option 22.099

ASSETS UNDER MANAgEMENT (`) IN CRORE

As on August 31, 2020 3,897.70Average for Month of August 2020 3,982.84

qUANTITATIVE DATA

Portfolio Turnover Ratio (Last 1 year) 89.82%

Risk Ration Standard Deviation 6.674%n Beta 1.044n Sharpe Ratio* -0.011

Computed for the 3-yr period ended August 31, 2020. Based on month-end NAV. * Risk free rate: 3.78%(Source: FIMMDA MIBOR)

TOTAL ExPENSE RATIO (As on August 31, 2020)Including Additional expenses and Goods and Service Tax on Management Fees

Regular: 2.10% Direct: 1.12%

#BENCHMARK INDEX: NIFTY 500 (Total Returns Index)

##ADDl. BENCHMARK INDEX: NIFTY 50 (Total Returns Index)

EXIT lOAD

l In respect of each purchase / switch-in of Units, an exit Load of 1.00% is payable if Units are redeemed / switched-out within 1 year from the date of allotment.



PLANS & OPTIONS

Regular Plan, Direct Plan. Under each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility.

MINIMUM APPlICATION AMOUNT

Purchase : ` 5,000 and any amount thereafter.Additional Purchase : ` 1,000 and any amount thereafter.

¥ Dedicated Fund Manager for Overseas Investments: Mr. Chirag Dagli (since July 22, 2019) (Total experience: Over 18 years).

CATEgORY OF SCHEME: VALUE FUND

12 August 2020

CATEgORY OF SCHEME: LARGE-CAP FUND


KEY FACTS

INVESTMENT OBjECTIVETo provide long-term capital appreciation/income by investing predominantly in Large-Cap companies.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER § ¥

Prashant Jain (since June 20, 2003)


INCEPTION DATE (Date of Allotment)October 11, 1996



qUANTITATIVE DATAPortfolio Turnover Ratio (Last 1 year) 31.45%Risk Ration Standard Deviation 6.265%n Beta 1.005n Sharpe Ratio* -0.007Computed for the 3-yr period ended August 31, 2020. Based on month-end NAV. * Risk free rate: 3.78%(Source: FIMMDA MIBOR)



##ADDl. BENCHMARK INDEX: S&P BSe SeNSex (Total Returns Index)







SEgMENT-WISE BREAK-UP OF EqUITY HOlDINg (% OF NET ASSETS)Large Cap 92.33%Mid Cap 7.14% Small Cap 0.00%§ Date of migration from Zurich India Mutual Fund (Close of business hours - June 19, 03).¥ Dedicated Fund Manager for Overseas Investments: Mr. Chirag Dagli (since July 22, 2019) (Total experience: Over 18 years).



l investment predominantly in Large-Cap companies

Riskometer


~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.


SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 2,870.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on August 31, 2020 (` ‘000) $$ 34,667.12 4,112.05 1,797.38 653.89 351.99 123.02 Returns (%) $$ 17.48 10.27 7.83 3.39 -1.45 4.71 Benchmark Returns (%) # N.A. 10.39 9.73 7.29 4.04 12.88 Additional Benchmark Returns (%) ## 13.42 10.39 10.05 8.96 6.22 13.73



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme (`)

$$Benchmark

(`)#Additional

Benchmark (`)##

Aug 30, 19 Last 1 Year -4.64 4.06 4.58 9,536 10,406 10,458Aug 31, 17 Last 3 Years 0.85 5.04 8.03 10,257 11,592 12,612Aug 31, 15 Last 5 Years 6.30 8.58 9.38 13,576 15,099 15,663Oct 11, 96 Since Inception 18.15 N.A. 12.85 538,845 N.A. 180,039

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. N.A. Not Available. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). For performance of other schemes managed by Prashant Jain, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 70. For FPI Portfolio, refer page no. 78.

^Past performance may or may not be sustained in the future. Load is not taken into consideration for computation of performance.

(An open ended equity scheme predominantly investing in large cap stocks)HDFC Top 100 Fund



• Infosys Ltd. Software 7.64• ICICI Bank Ltd. Banks 7.08• Reliance Industries Ltd. Petroleum Products 6.70• HDFC Bank Ltd. Banks 6.68• State Bank of India Banks 5.48• ITC Ltd. Consumer Non Durables 5.40• Power Grid Corporation of

India Ltd. Power 4.01• Larsen and Toubro Ltd. Construction Project 3.84• Axis Bank Ltd. Banks 3.69• Housing Development

Finance Corporation Ltd.£ Finance 3.67NTPC Ltd. Power 3.55Coal India Ltd. Minerals/Mining 3.05Bharti Airtel Ltd. Telecom - Services 2.71Tata Steel Ltd. Ferrous Metals 2.24Hindustan Petroleum Corporation Ltd. Petroleum Products 2.03Bharat Petroleum Corporation Ltd. Petroleum Products 2.00Power Finance Corporation Ltd. Finance 1.73ReC Ltd. Finance 1.54Lupin Ltd. Pharmaceuticals 1.43Ambuja Cements Ltd. Cement 1.42Oil & Natural Gas Corporation Ltd. Oil 1.39GAIL (India) Ltd. Gas 1.32Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.32HCL Technologies Ltd. Software 1.28SBI Cards and Payment Services Ltd. Finance 1.28Cipla Ltd. Pharmaceuticals 1.24Vedanta Ltd. Non - Ferrous Metals 1.24Aurobindo Pharma Ltd. Pharmaceuticals 1.18Tech Mahindra Ltd. Software 1.18Bharat electronics Ltd. Industrial Capital Goods 1.11InterGlobe Aviation Ltd. Transportation 1.03Wipro Ltd. Software 1.02CeSC Ltd. Power 1.01SBI Life Insurance Company Ltd. Finance 0.99Bharti Infratel Ltd. Telecom - equipment

& Accessories 0.95Maruti Suzuki India Ltd. Auto 0.92Tata Motors Ltd. Auto 0.77Mahindra & Mahindra Ltd. Auto 0.47ACC Ltd. Cement 0.45Hindalco Industries Ltd. Non - Ferrous Metals 0.45Siemens Ltd. Industrial Capital Goods 0.40Bank of Baroda Banks 0.39


Bank of India Banks 0.38Canara Bank Banks 0.33Adani Ports & Special economic Zone Transportation 0.31Indian Oil Corporation Ltd. Petroleum Products 0.29NHPC Ltd. Power 0.23Punjab National Bank Banks 0.20ABB India Ltd. Industrial Capital Goods 0.18Union Bank of India Banks 0.15Container Corporation of India Ltd. Transportation 0.09LIC Housing Finance Ltd. Finance 0.02Sub Total 99.46Preference SharesZee entertainment enterprises Ltd. Media & entertainment 0.01Sub Total 0.01Total 99.47Cash, Cash equivalents and Net Current Assets 0.53

Grand Total 100.00

• Top Ten Holdings, £ Co-sponsor

PORTFOLIO


0.010.951.321.391.431.691.691.872.162.242.713.053.845.175.40

8.809.23

11.0211.12

24.38

0 5 10 15 20 25 30

Media & EntertainmentTelecom - Equipment & Accessories

GasOil


Industrial Capital GoodsCement

AutoFerrous Metals

Telecom - ServicesMinerals/Mining

Construction ProjectPharmaceuticals

Consumer Non DurablesPower

FinancePetroleum Products

SoftwareBanks

August 2020 13

Company Industry+ / Rating % to NAVEqUITY & EqUITY RElATED• Balkrishna Industries Ltd. Auto Ancillaries 4.87• Aarti Industries Ltd. Chemicals 4.17• Cholamandalam Investment

& Finance Finance 3.35• Trent Ltd. Retailing 3.26• Ipca Laboratories Ltd. Pharmaceuticals 3.18• Voltas Ltd. Consumer Durables 3.05• Divis Laboratories Ltd. Pharmaceuticals 3.02• Sundram Fasteners Ltd. Auto Ancillaries 2.98• Bharat Electronics Ltd. Industrial Capital Goods 2.87• Atul Ltd. Chemicals 2.70Max Financial Services Ltd. Finance 2.59Hexaware Technologies Ltd. Software 2.53Crompton Greaves Consumer electricals Ltd. Consumer Durables 2.32Tata Consumer Products Ltd. Consumer Non Durables 2.17Tube Investments of India Ltd. Auto Ancillaries 2.11Whirlpool of India Ltd. Consumer Durables 2.10City Union Bank Ltd. Banks 2.02Torrent Pharmaceuticals Ltd. Pharmaceuticals 2.00Indian Hotels Company Ltd. Hotels/Resorts & Other

Recreational Activities 1.99AIA engineering Ltd. Industrial Products 1.97Aurobindo Pharma Ltd. Pharmaceuticals 1.95Supreme Industries Ltd. Industrial Products 1.76VST Industries Ltd. Consumer Non Durables 1.62Larsen & Toubro Infotech Ltd. Software 1.61Cholamandalam Financial Holdings Ltd. Finance 1.46exide Industries Ltd. Auto Ancillaries 1.46SKF India Ltd. Industrial Products 1.42Apollo Tyres Ltd. Auto Ancillaries 1.33KeC International Ltd. Construction Project 1.31Carborundum Universal Ltd. Industrial Products 1.24Nippon Life India Asset Management Ltd. Finance 1.22Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.21RBL Bank Ltd. Banks 1.16Tata Chemicals Ltd. Chemicals 1.06KNR Construction Ltd. Construction 1.03Dilip Buildcon Ltd. Construction Project 1.01The Federal Bank Ltd. Banks 1.00Solar Industries India Ltd. Chemicals 0.99Blue Star Ltd. Consumer Durables 0.94Power Finance Corporation Ltd. Finance 0.92Oracle Financial Services Software Ltd. Software 0.91ReC Ltd. Finance 0.90Persistent Systems Ltd. Software 0.88Redington (India) Ltd. Transportation 0.86MRF Ltd. Auto Ancillaries 0.79Schaeffler India Ltd. Industrial Products 0.64Edelweiss Financial Services Ltd. Finance 0.63Gujarat Fluorochemicals Ltd. Chemicals 0.61RITeS Ltd. engineering Services 0.61Bata India Ltd. Consumer Durables 0.59Greenlam Industries Ltd. Consumer Durables 0.57Karur Vysya Bank Ltd. Banks 0.56Navneet education Ltd. Media & entertainment 0.55Jindal Steel & Power Ltd. Ferrous Metals 0.53Symphony Ltd. Consumer Durables 0.53

Company Industry+ / Rating % to NAVDelta Corp Ltd. Hotels/Resorts & Other

Recreational Activities 0.46Grindwell Norton Ltd. Industrial Products 0.43Union Bank of India Banks 0.40Coforge Ltd. Software 0.39Indian Bank Banks 0.39Dhanuka Agritech Ltd. Pesticides 0.38Vesuvius India Ltd. Industrial Products 0.37Cummins India Ltd. Industrial Products 0.33Strides Pharma Science Ltd. Pharmaceuticals 0.31Greenply Industries Ltd. Consumer Durables 0.30Jagran Prakashan Ltd. Media & entertainment 0.30Mahindra Holidays & Resorts India Ltd.

Hotels/Resorts & Other Recreational Activities 0.30

Vardhman Textiles Ltd. Textiles - Cotton 0.27Arvind Fashions Ltd. Retailing 0.19Arvind Ltd. Textile Products 0.18Greenpanel Industries Ltd. Consumer Durables 0.15The Anup engineering Ltd. Industrial Capital Goods 0.13GFL Ltd. Chemicals 0.11Sub Total 96.50Preference SharesZee entertainment enterprises Ltd. Media & entertainment @Sub Total @Total 96.50Cash margin 0.07Cash, Cash equivalents and Net Current Assets 3.43Grand Total 100.00• Top Ten Holdings, @ Less than 0.01%Outstanding exposure in derivative instruments (` in Crore) 13.77

Hedged position in Equity & Equity related instrumentsOutstanding derivative exposure (% age) 0.06

CATEgORY OF SCHEME: MID CAP FUND

KEY FACTS

INVESTMENT OBjECTIVETo provide long-term capital appreciation/income by investing predominantly in Mid-Cap companies.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥

Chirag Setalvad (since June 25, 2007)


INCEPTION DATE (Date of Allotment)June 25, 2007



qUANTITATIVE DATAPortfolio Turnover Ratio (Last 1 year) 3.70%Risk Ration Standard Deviation 7.184%n Beta 0.888n Sharpe Ratio* 0.000Computed for the 3-yr period ended August 31, 2020. Based on month-end NAV. * Risk free rate: 3.78%(Source: FIMMDA MIBOR)


#BENCHMARK INDEX: NIFTY Midcap 100 (Total Returns Index) ##ADDl. BENCHMARK INDEX: NIFTY 50 (Total Returns Index)







SEgMENT-WISE BREAK-UP OF EqUITY HOlDINg (% OF NET ASSETS)Large Cap 11.54%Mid Cap 68.27%Small Cap 16.70%¥ Dedicated Fund Manager for Overseas Investments: Mr. Chirag Dagli (since July 22, 2019) (Total experience: Over 18 years).


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,590.00 1,200.00 600.00 360.00 120.00 Mkt Value As on August 31, 2020 (` ‘000) 4,593.12 2,361.44 676.18 368.71 133.09 Returns (%) 14.86 12.98 4.72 1.56 20.84 Benchmark Returns (%) # 10.19 9.19 2.62 -0.93 20.10 Additional Benchmark Returns (%) ## 9.72 9.48 7.79 4.87 13.75


PERFORMANCE ^ - Regular Plan - growth Option

Date Period Scheme Returns

(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Aug 30, 19 Last 1 Year 8.88 7.48 4.31 10,888 10,748 10,431Aug 31, 17 Last 3 Years 0.53 -2.04 6.01 10,159 9,400 11,915Aug 31, 15 Last 5 Years 7.49 6.16 8.75 14,354 13,490 15,214Jun 25, 07 Since Inception 13.63 9.67 9.03 53,950 33,794 31,274

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Chirag Setalvad, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 70.




l investment predominantly in Mid-Cap companies

Riskometer




(An open ended equity scheme predominantly investing in mid cap stocks)HDFC Mid Cap Opportunities Fund

PORTFOLIO


0.180.270.380.530.610.850.861.03

2.322.753.003.453.79

5.536.32

8.169.64

10.5511.0711.67

13.54

0 2 4 6 8 10121416

Textile ProductsTextiles - Cotton

PesticidesFerrous Metals

Engineering ServicesMedia & Entertainment

TransportationConstruction

Construction ProjectHotels, Resorts & Other Recreational Activities

Industrial Capital GoodsRetailing

Consumer Non DurablesBanks

SoftwareIndustrial Products

ChemicalsConsumer Durables

FinancePharmaceuticalsAuto Ancillaries

14 August 2020

CATEgORY OF SCHEME: SMALL CAP FUND

KEY FACTS

INVESTMENT OBjECTIVETo provide long-term capital appreciation /income by investing predominantly in Small-Cap companies.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER § ¥

Chirag Setalvad (since June 28, 2014)


INCEPTION DATE (Date of Allotment)April 3, 2008





#BENCHMARK INDEX: NIFTY Smallcap 100 (Total Returns Index)##ADDl. BENCHMARK INDEX: NIFTY 50 (Total Returns Index)







SEgMENT-WISE BREAK-UP OF EqUITY HOlDINg (% OF NET ASSETS)Large Cap 5.23%Mid Cap 14.77%Small Cap 72.86%§ Date of migration from Morgan Stanley Mutual Fund

(Close of business hours - June 27, 14)¥ Dedicated Fund Manager for Overseas Investments:

Mr. Chirag Dagli (since July 22, 2019) (Total experience: Over 18 years).


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,490.00 1,200.00 600.00 360.00 120.00 Mkt Value As on August 31, 2020 (` ‘000) 3,187.00 2,024.63 649.69 341.15 131.82 Returns (%) 11.57 10.09 3.14 -3.46 18.76 Benchmark Returns (%) # 6.38 4.96 -2.27 -5.71 25.68 Additional Benchmark Returns (%) ## 10.04 9.48 7.79 4.87 13.75




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Aug 30, 19 Last 1 Year -0.08 3.76 4.31 9,992 10,376 10,431Aug 31, 17 Last 3 Years -0.02 -9.37 6.01 9,993 7,443 11,915Aug 31, 15 Last 5 Years 7.83 2.61 8.75 14,585 11,377 15,214Apr 03, 08 Since Inception 11.22 4.70 8.56 37,472 17,685 27,738

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Chirag Setalvad, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 70.




l investment predominantly in Small-Cap companies

Riskometer




(An open ended equity scheme predominantly investing in small cap stocks)HDFC Small Cap Fund

Company Industry+ % to NAVEqUITY & EqUITY RElATED• Bajaj Electricals Ltd. Consumer Durables 4.02• Firstsource Solutions Ltd. Software 3.81• Aurobindo Pharma Ltd. Pharmaceuticals 3.65• Balkrishna Industries Ltd. Auto Ancillaries 3.36• Persistent Systems Ltd. Software 3.16• Sonata Software Ltd. Software 3.13• Atul Ltd. Chemicals 2.79• Tube Investments of

India Ltd. Auto Ancillaries 2.51• Procter & Gamble Health Ltd. Pharmaceuticals 2.36• Chambal Fertilizers &

Chemicals Ltd. Fertilisers 2.35PNC Infratech Ltd. Construction 2.31Aster DM Healthcare Ltd. Healthcare Services 2.27KeC International Ltd. Construction Project 2.27Finolex Industries Ltd. Industrial Products 2.15Sharda Cropchem Ltd. Pesticides 1.80KeI Industries Ltd. Industrial Products 1.77SKF India Ltd. Industrial Products 1.72La Opala RG Ltd. Consumer Durables 1.58Tata Metaliks Ltd. Ferrous Metals 1.54Suprajit engineering Ltd. Auto Ancillaries 1.49eClerx Services Ltd. Software 1.48Vardhman Textiles Ltd. Textiles - Cotton 1.47DCB Bank Ltd. Banks 1.42Unichem Laboratories Ltd. Pharmaceuticals 1.42T. V. Today Network Ltd. Media & entertainment 1.41emami Ltd. Consumer Non Durables 1.37Bajaj Consumer Care Ltd. Consumer Non Durables 1.33Coforge Ltd. Software 1.33Nilkamal Ltd. Industrial Products 1.31Radico Khaitan Ltd. Consumer Non Durables 1.31Great eastern Shipping Company Ltd. Transportation 1.28Advanced enzyme Technologies Ltd. Consumer Non Durables 1.27Kalpataru Power Transmission Ltd. Power 1.27Gujarat Fluorochemicals Ltd. Chemicals 1.22engineers India Ltd. Construction Project 1.17Chalet Hotels Ltd. Hotels/Resorts & Other

Recreational Activities 1.12Goodyear India Ltd. Auto Ancillaries 1.10Delta Corp Ltd. Hotels/Resorts & Other

Recreational Activities 1.04Bank of Baroda Banks 0.99Carborundum Universal Ltd. Industrial Products 0.98Inox Leisure Ltd. Media & entertainment 0.98eIH Ltd. Hotels/Resorts & Other

Recreational Activities 0.96Gabriel India Ltd. Auto Ancillaries 0.96Insecticides (India) Ltd. Pesticides 0.96JB Chemicals & Pharmaceuticals Ltd. Pharmaceuticals 0.95NRB Bearing Ltd. Industrial Products 0.92Kirloskar Ferrous Industries Ltd. Ferrous Metals 0.90Redington (India) Ltd. Transportation 0.85Astral Poly Technik Ltd. Industrial Products 0.83

Company Industry+ % to NAVRepco Home Finance Ltd. Finance 0.77Orient Refractories Ltd. Industrial Products 0.67Punjab National Bank Banks 0.59LG Balakrishnan & Bros Ltd. Auto Ancillaries 0.58Indian Bank Banks 0.55Oriental Carbon & Chemicals Ltd. Chemicals 0.51Power Mech Projects Ltd. Construction Project 0.51The Federal Bank Ltd. Banks 0.49Shaily engineering Plastics Ltd. Industrial Products 0.47Vesuvius India Ltd. Industrial Products 0.47D B Corp Ltd. Media & entertainment 0.45Sadbhav engineering Ltd. Construction Project 0.45IFGL Refractories Ltd. (Erst IFGL Exports Ltd) Industrial Products 0.44Indian Hotels Company Ltd. Hotels/Resorts & Other

Recreational Activities 0.36Greenlam Industries Ltd. Consumer Durables 0.33Apar Industries Ltd. Industrial Capital Goods 0.30Taj GVK Hotels & Resorts Ltd. Hotels/Resorts & Other

Recreational Activities 0.30GNA Axles Ltd. Auto Ancillaries 0.27Atul Auto Ltd. Auto 0.25Jagran Prakashan Ltd. Media & entertainment 0.19Greenply Industries Ltd. Consumer Durables 0.16CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.07Time Technoplast Ltd. Industrial Products 0.05Sub Total 92.87Cash, Cash equivalents and Net Current Assets 7.13Grand Total 100.00• Top Ten Holdings

PORTFOLIO


0.250.370.771.271.472.132.272.312.352.442.763.033.784.044.404.525.28

6.098.38

10.2711.78

12.91

0 2 4 6 8 10 12 14

AutoIndustrial Capital Goods

FinancePower

Textiles - CottonTransportation

Healthcare ServicesConstruction

FertilisersFerrous Metals

PesticidesMedia & Entertainment

Hotels, Resorts & Other Recreational ActivitiesBanks

Construction ProjectChemicals

Consumer Non DurablesConsumer Durables

PharmaceuticalsAuto Ancillaries

Industrial ProductsSoftware

August 2020 15

CATEgORY OF SCHEME: LARGE & MID CAP FUND

KEY FACTS

INVESTMENT OBjECTIVETo generate long term capital appreciation/income from a portfolio, predominantly invested in equity and equity related instruments. There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER § ¥

gopal Agrawal (since July 16, 2020)


INCEPTION DATE (Date of Allotment)February 18, 1994





#BENCHMARK INDEX: NIFTY Large Midcap 250 (Total Returns Index)##ADDl. BENCHMARK INDEX: S&P BSe SeNSex (Total Returns Index)







SEgMENT-WISE BREAK-UP OF EqUITY HOlDINg (% OF NET ASSETS)Large Cap 59.29%Mid Cap 36.23%Small Cap 2.07%§ Date of migration from Morgan Stanley Mutual Fund (Close of business hours - June 27, 14)¥ Dedicated Fund Manager for Overseas Investments: Mr. Chirag Dagli (since July 22, 2019) (Total experience: Over 18 years).



(%) $$

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`) $$

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 3.39 8.23 4.58 10,339 10,823 10,458Aug 31, 17 Last 3 Years 1.26 3.46 8.03 10,382 11,075 12,612Aug 31, 15 Last 5 Years 5.09 9.10 9.38 12,818 15,462 15,663Feb 18, 94 Since Inception 10.53 N.A. 10.61 142,835 N.A. 145,420

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. N.A. Not Available. The Scheme, formerly a large cap fund, has undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a Large and Mid-cap Fund. Accordingly, the Scheme’s benchmark has also changed. Hence, the past performance of the Scheme may not strictly be comparable with that of the new benchmark. As S&P BSe SeNSex TRI data is not available since inception of the scheme, additional benchmark performance is calculated using composite CAGR of S&P BSE SENSEx PRI values from February 18, 1994 to August 18, 1996 and TRI values since August 19, 1996. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). For performance of other schemes managed by Gopal Agrawal, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 76.



l to generate long-term capital appreciation/income

l investment predominantly in Large Cap and Mid Cap companies

Riskometer




(An open ended equity scheme investing in both large cap and mid cap stocks)HDFC Growth Opportunities Fund


EqUITY & EqUITY RElATED• Reliance Industries Ltd. Petroleum Products 7.46• Infosys Ltd. Software 6.78• ICICI Bank Ltd. Banks 6.75• State Bank of India Banks 5.12• NTPC Ltd. Power 5.01• Tata Consumer Products Ltd. Consumer Non Durables 4.74• Bharat Petroleum

Corporation Ltd. Petroleum Products 3.82• HDFC Bank Ltd. Banks 3.77• ITC Ltd. Consumer Non Durables 3.30• Emami Ltd. Consumer Non Durables 3.05Trent Ltd. Retailing 2.53Bharat electronics Ltd. Industrial Capital Goods 2.42Max Financial Services Ltd. Finance 2.26Tata Steel Ltd. Ferrous Metals 2.26Indian Hotels Company Ltd. Hotels/Resorts & Other

Recreational Activities 2.04Prestige estates Projects Ltd. Construction 1.91Gujarat State Petronet Ltd. Gas 1.78GAIL (India) Ltd. Gas 1.74Apollo Tyres Ltd. Auto Ancillaries 1.63ACC Ltd. Cement 1.57NHPC Ltd. Power 1.48Larsen and Toubro Ltd. Construction Project 1.46Mindtree Consulting Ltd. Software 1.46Mahanagar Gas Ltd. Gas 1.36Tata Chemicals Ltd. Chemicals 1.35exide Industries Ltd. Auto Ancillaries 1.33LIC Housing Finance Ltd. Finance 1.23CeSC Ltd. Power 1.14Lupin Ltd. Pharmaceuticals 1.13Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.12Solar Industries India Ltd. Chemicals 1.10Ambuja Cements Ltd. Cement 1.09Glenmark Pharmaceuticals Ltd. Pharmaceuticals 1.05Castrol India Ltd. Petroleum Products 1.02Shriram Transport Finance Company Ltd. Finance 1.01Hindustan Petroleum Corporation Ltd. Petroleum Products 0.98Dilip Buildcon Ltd. Construction Project 0.96Vedanta Ltd. Non - Ferrous Metals 0.96Bharat Heavy electricals Ltd. Industrial Capital Goods 0.85Tata Motors Ltd. DVR Auto 0.85


Jindal Steel & Power Ltd. Ferrous Metals 0.74Power Finance Corporation Ltd. Finance 0.68Power Grid Corporation of India Ltd. Power 0.64Hexaware Technologies Ltd. Software 0.47Canara Bank Banks 0.44Titagarh Wagons Ltd. Industrial Capital Goods 0.38NLC India Ltd. Power 0.28NBCC (India) Ltd. Construction 0.25Aurobindo Pharma Ltd. Pharmaceuticals 0.17Oil India Ltd. Oil 0.16Union Bank of India Banks 0.16SBI Cards and Payment Services Ltd. Finance 0.14Indian Bank Banks 0.11Reliance Power Ltd. Power 0.10Sub Total 97.59Cash, Cash equivalents and Net Current Assets 2.41Grand Total 100.00• Top Ten Holdings

PORTFOLIO


0.160.850.962.042.162.422.452.532.662.963.003.473.65

4.885.32

8.658.71

11.0913.28

16.35

0 2 4 6 8 1012141618

OilAuto

Non - Ferrous MetalsHotels, Resorts & Other Recreational Activities

ConstructionConstruction Project

ChemicalsRetailingCement

Auto AncillariesFerrous Metals

PharmaceuticalsIndustrial Capital Goods

GasFinance

PowerSoftware

Consumer Non DurablesPetroleum Products

Banks


SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 3,190.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on August 31, 2020 (` ‘000) $$ 19,540.98 3,407.22 1,787.72 661.98 368.20 129.42 Returns (%) $$ 11.69 8.03 7.73 3.88 1.47 14.89 Benchmark Returns (%) # N.A. 11.37 11.08 6.88 3.40 18.35 Additional Benchmark Returns (%) ## 12.79 10.39 10.05 8.96 6.22 13.73


16 August 2020

CATEgORY OF SCHEME: FOCUSED FUND

KEY FACTS


To generate long term capital appreciation/income by investing in equity & equity related instruments of up to 30 companies.


FUND MANAgER ¥

gopal Agrawal (since July 16, 2020)



September 17, 2004




As on August 31, 2020 499.45Average for Month of August 2020 491.96

qUANTITATIVE DATA








EXIT lOAD




PLANS & OPTIONS






Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,920.00 1,800.00 1,200.00 600.00 360.00 120.00

Mkt Value As on August 31, 2020 (` ‘000) 3,992.60 3,302.26 1,597.32 593.91 333.96 122.71

Returns (%) 8.56 7.65 5.58 -0.40 -4.81 4.21

Benchmark Returns (%) # 10.63 10.00 9.59 6.57 3.24 15.05

Additional Benchmark Returns (%) ## 11.15 10.39 10.05 8.96 6.22 13.73

Assuming ̀ 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after accounting for the cash flow by using xIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital.



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Aug 30, 19 Last 1 Year -3.33 5.40 4.58 9,667 10,540 10,458

Aug 31, 17 Last 3 Years -3.88 3.72 8.03 8,881 11,158 12,612

Aug 31, 15 Last 5 Years 3.20 8.32 9.38 11,707 14,918 15,663

Sep 17, 04 Since Inception 12.81 13.77 14.49 68,504 78,465 86,733

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Gopal Agrawal, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 76.




l investments in equity & equity related instruments of up to 30 companies

Riskometer




[An open ended equity scheme investing in maximum 30 stocks in large-cap, mid-cap and small-cap category (i.e. Multi-Cap)]HDFC Focused 30 Fund

Company Industry+ / Rating % to NAV





• HDFC Bank Ltd. Banks 6.26





• Bharat Petroleum Corporation Ltd. Petroleum Products 4.35

• Bharti Airtel Ltd. Telecom - Services 3.39

Axis Bank Ltd. Banks 2.98

Power Grid Corporation of India Ltd. Power 2.87

Bharat electronics Ltd. Industrial Capital Goods 2.84

Garden Reach Shipbuilders & engineers Ltd. Aerospace & Defence 2.83





UPL Ltd. Pesticides 2.03

ACC Ltd. Cement 1.98


Gujarat Pipavav Port Ltd. Transportation 1.79

CeSC Ltd. Power 1.68


Avenue Supermarts Ltd. Retailing 1.66



Vardhman Textiles Ltd. Textiles - Cotton 1.58


Coal India Ltd. Minerals/Mining 1.33

Hindustan Aeronautics Ltd. Aerospace & Defence 1.11

Sub Total 97.88

Cash, Cash equivalents and Net Current Assets 2.12

Grand Total 100.00


PORTFOLIO


1.331.531.581.661.661.792.032.062.322.502.843.393.773.944.715.45

7.1911.03

16.5620.54

0 5 10 15 20 25

Minerals/MiningGas

Textiles - CottonFinance

RetailingTransportation

PesticidesFerrous Metals

PharmaceuticalsNon - Ferrous Metals

Industrial Capital GoodsTelecom - Services

CementAerospace & Defence

Consumer Non DurablesSoftware

Construction ProjectPower

Petroleum ProductsBanks

August 2020 17

CATEgORY OF SCHEME: THEMATIC FUND

KEY FACTS


To seek long-term capital appreciation/income by investing predominantly in equity and equity related securities of companies engaged in or expected to benefit from the growth and development of infrastructure.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥

Rakesh Vyas (since June 01, 2019)



March 10, 2008





qUANTITATIVE DATA


Risk Ration Standard Deviation 9.214%n Beta 1.329n Sharpe Ratio* -0.139Computed for the 3-yr period ended August 31, 2020. Based on month-end NAV. * Risk free rate: 3.78%(Source: FIMMDA MIBOR)



#BENCHMARK INDEX: NIFTY 500 (Total Returns Index)##ADDl. BENCHMARK INDEX: NIFTY 50 (Total Returns Index)

EXIT lOAD




PLANS & OPTIONS






Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,500.00 1,200.00 600.00 360.00 120.00 Mkt Value As on August 31, 2020 (` ‘000) 1,498.18 1,073.96 444.15 271.51 114.23 Returns (%) -0.02 -2.22 -11.72 -17.48 -8.80 Benchmark Returns (%) # 10.19 9.59 6.57 3.24 15.05 Additional Benchmark Returns (%) ## 10.02 9.48 7.79 4.87 13.75




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Aug 30, 19 Last 1 Year -18.82 5.40 4.31 8,118 10,540 10,431Aug 31, 17 Last 3 Years -15.69 3.72 6.01 5,989 11,158 11,915Aug 31, 15 Last 5 Years -5.57 8.32 8.75 7,506 14,918 15,214Mar 10, 08 Since Inception 1.20 8.49 8.46 11,599 27,651 27,576

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Rakesh Vyas, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 76.




l investment predominantly in equity and equity related securities of companies engaged in or expected to benefit from the growth and development of infrastructure

Riskometer

Investors understand that their principal will be at high risk


(An open ended equity scheme following infrastructure theme)HDFC Infrastructure Fund






• CESC Ltd. Power 7.40


• Coal India Ltd. Minerals/Mining 6.21

• Centum Electronics Ltd. Industrial Capital Goods 4.06

• J.Kumar Infraprojects Ltd. Construction 4.01

• JMC Projects (India) Ltd. Construction 3.73

• REC Ltd. Finance 3.61


Gujarat Pipavav Port Ltd. Transportation 3.30

Dilip Buildcon Ltd. Construction Project 3.18


Texmaco Rail & engineering Ltd. Industrial Capital Goods 2.69

Hindustan Construction Company Ltd. Construction Project 2.42


Premier explosives Ltd. Chemicals 2.35

Dynamatic Technologies Ltd. Auto Ancillaries 2.26


Ashoka Buildcon Ltd. Construction Project 2.03


BeML Ltd. Industrial Capital Goods 1.50




MeP Infrastructure Developers Ltd. Transportation 0.63


Siemens Ltd. Industrial Capital Goods 0.41

B L Kashyap & Sons Ltd. Construction 0.40

Sadbhav Infrastructure Project Ltd. (Corporate Guarantee of Sadbhav engineering Ltd.) Construction Project 0.40

Simplex Infrastructures Ltd. Construction 0.39

Sub Total 97.44


Grand Total 100.00


PORTFOLIO


0.71

1.91

2.22

2.26

2.35

2.36

3.93

6.21

8.53

9.81

10.29

13.69

16.36

16.81

0 2 4 6 8 10 12 14 16 18

Cement

Ferrous Metals

Non - Ferrous Metals

Auto Ancillaries

Chemicals

Petroleum Products

Transportation

Minerals/Mining

Construction

Industrial Capital Goods

Finance

Power

Construction Project

Banks

18 August 2020

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of August 31, 2020 unless otherwise specified. ....Contd on next page

Note: @@Effective close of business hours of June 1, 2018, HDFC Prudence Fund merged with HDFC Growth Fund (HDFC Balanced Advantage Fund after changes in fundamental attributes). As the portfolio characteristics and the broad investment strategy of HDFC Balanced Advantage Fund is similar to that of erstwhile HDFC Prudence Fund, the track record (i.e. since inception date, dividend history, etc.) and past performance of erstwhile HDFC Prudence Fund has been considered, in line with SEBI circular on Performance disclosure post consolidation/ merger of scheme dated April 12, 2018.

(An open ended balanced advantage fund)HDFC Balanced Advantage Fund Company Industry+ / Rating % to NAV

EqUITY & EqUITY RElATED• State Bank of India Banks 8.22• ICICI Bank Ltd. Banks 7.70• Larsen and Toubro Ltd. Construction Project 5.98• Infosys Ltd. Software 5.85• Power Grid Corporation of

India Ltd. Power 5.07• NTPC Ltd. Power 4.78• ITC Ltd. Consumer Non Durables 4.62• Coal India Ltd. Minerals/Mining 4.20• Power Finance Corporation

Ltd. Finance 3.06• Axis Bank Ltd. Banks 2.47ReC Ltd. Finance 2.21Bharat Petroleum Corporation Ltd. Petroleum Products 2.15Tata Steel Ltd. Ferrous Metals 1.81Aurobindo Pharma Ltd. Pharmaceuticals 1.62Hindustan Petroleum Corporation Ltd. Petroleum Products 1.54Hindustan Aeronautics Ltd. Aerospace & Defence 1.49GAIL (India) Ltd. Gas 1.38Lupin Ltd. Pharmaceuticals 1.21Cipla Ltd. Pharmaceuticals 1.18Ambuja Cements Ltd. Cement 1.16SBI Cards and Payment Services Ltd. Finance 1.13Vedanta Ltd. Non - Ferrous Metals 1.06NHPC Ltd. Power 0.89Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.79Mishra Dhatu Nigam Ltd. Ferrous Metals 0.79Bank of Baroda Banks 0.67Apollo Tyres Ltd. Auto Ancillaries 0.64Gujarat Pipavav Port Ltd. Transportation 0.56Muthoot Finance Ltd. Finance 0.55Just Dial Ltd. Software 0.49Garden Reach Shipbuilders & engineers Ltd. Aerospace & Defence 0.47Punjab National Bank Banks 0.45Canara Bank Banks 0.44Jindal Steel & Power Ltd. Ferrous Metals 0.44Spicejet Ltd. Transportation 0.42Inox Leisure Ltd. Media & entertainment 0.41CeSC Ltd. Power 0.40NLC India Ltd. Power 0.33Lakshmi Machine Works Ltd. Industrial Capital Goods 0.28Ashoka Buildcon Ltd. Construction Project 0.25Tata Motors Ltd. Auto 0.25Orient Cement Ltd. Cement 0.24Savita Oil Technologies Ltd. Petroleum Products 0.24BeML Ltd. Industrial Capital Goods 0.23Apar Industries Ltd. Industrial Capital Goods 0.20Hindalco Industries Ltd. Non - Ferrous Metals 0.20J.Kumar Infraprojects Ltd. Construction 0.15Teamlease Services Ltd. Commercial Services 0.14Union Bank of India Banks 0.14Gujarat Industries Power Company Ltd. Power 0.13JMC Projects (India) Ltd. Construction 0.11RITeS Ltd. engineering Services 0.11Sun TV Network Ltd. Media & entertainment 0.11Time Technoplast Ltd. Industrial Products 0.11Wheels India Ltd. Auto Ancillaries 0.11Kirloskar Pneumatic Ltd. Industrial Products 0.10Ashok Leyland Ltd Auto 0.09Dilip Buildcon Ltd. Construction Project 0.09VIP Industries Ltd. Consumer Durables 0.09Dynamatic Technologies Ltd. Auto Ancillaries 0.08Kajaria Ceramics Ltd. Construction 0.07Ramco Systems Ltd. Software 0.07Sagar Cements Ltd. Cement 0.07Texmaco Rail & engineering Ltd. Industrial Capital Goods 0.07Titagarh Wagons Ltd. Industrial Capital Goods 0.07


Bharti Airtel Ltd. Telecom - Services 0.06CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.06Rain Industries Ltd. Chemicals 0.06Sterling and Wilson Solar Construction Project 0.05Crompton Greaves Consumer electricals Ltd. Consumer Durables 0.04GHCL Ltd. Chemicals 0.04MeP Infrastructure Developers Ltd. Transportation 0.04Hindustan Construction Company Ltd. Construction Project 0.03K.P.R. Mill Ltd. Textile Products 0.03Transport Corporation of India Ltd. Transportation 0.03Vardhman Textiles Ltd. Textiles - Cotton 0.03Bharat Dynamics Ltd. Aerospace & Defence 0.02S Chand and Company Ltd. Media & entertainment 0.02SJVN Ltd. Power 0.02Jamna Auto Industries Ltd. Auto Ancillaries 0.01MM Forgings Ltd. Industrial Products 0.01Technocraft Industries (India) Ltd Ferrous Metals @Sub Total 82.98DEBT & DEBT RElATEDCREDIT EXPOSURE (NON PERPETUAl)Vedanta Ltd. CRISIL - AA 0.45Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 0.43Muthoot Finance Ltd. ICRA - AA 0.41Bajaj electricals Ltd. ICRA - A- 0.35ReC Ltd. CRISIL - AAA 0.31Bharat Petroleum Corporation Ltd. CRISIL - AAA 0.27Tata Steel Ltd. CARe - AA 0.23Coastal Gujarat Power Ltd. (Corporate Guarantee of Tata Power) CARe - AA(Ce) 0.21Indian Railways Finance Corp. Ltd. CRISIL - AAA 0.21export - Import Bank of India CRISIL - AAA 0.15Fullerton India Credit Company Ltd. CRISIL - AAA 0.14Power Grid Corporation of India Ltd. CRISIL - AAA 0.14National Bank for Agriculture & Rural Development ICRA - AAA 0.07Sub Total 3.37CREDIT EXPOSURE (PERPETUAl BONDS)State Bank of India (AT1, BASeL III, Perpetual) CRISIL - AA+ 2.10Canara Bank (AT1, BASeL III, Perpetual) CARe-AA 1.81Punjab National Bank (AT1, BASeL III, Perpetual) IND - A 1.56ICICI Bank Ltd. (AT1, BASeL III, Perpetual) CARE - AA+ 1.25Union Bank of India (AT1, BASeL III, Perpetual) CARe - AA- 0.82HDFC Bank Ltd. (AT1, BASeL III, Perpetual) CRISIL - AA+ 0.72Bank of Baroda (AT1, BASeL III, Perpetual) CRISIL - AA+ 0.61Canara Bank (AT1, BASeL III, Perpetual) CARE - A+ 0.42Union Bank of India (AT1, BASeL III, Perpetual) CARE - A+ 0.09Tata Steel Ltd. (Perpetual) CARe - AA- 0.08Axis Bank Ltd. (AT1, BASeL III, Perpetual) CRISIL - AA+ 0.07Sub Total 9.53Total 12.90MUTUAl FUND UNITSHDFC SeNSex Exchange Traded Fund 0.04Sub Total 0.04Cash, Cash equivalents and Net Current Assets 4.08Grand Total 100.00• Top Ten Holdings, @ Less than 0.01%

PORTFOLIO

KEY FACTS


To provide long term capital appreciation / income from a dynamic mix of equity and debt investments.


FUND MANAgER ¥

Prashant Jain (since June 20, 2003)§ @@


INCEPTION DATE@@

February 01, 1994





qUANTITATIVE DATAPortfolio Turnover Ratio 44.84%Average Maturity * 1.92 yearsMacaulay Duration * 1.70 yearsModified Duration * 1.57 yearsYield to Maturity * 7.29%

* Computed on the invested amount for debt portfolio.



#BENCHMARK INDEX: NIFTY 50 Hybrid Composite Debt 65:35 Index


EXIT lOAD

l In respect of each purchase / switch-in of Units, upto 15% of the units may be redeemed without any exit load from the date of allotment.

l Any redemption in excess of the above limit shall be subject to the following exit load:

n exit load of 1.00% is payable if Units are redeemed / switched-out within 1 year from the date of allotment of units.



PLANS & OPTIONS





§ Date of migration of erstwhile HDFC Prudence Fund from Zurich India Mutual Fund (Close of business hours - June 19, 03).

(The Scheme underwent Change in Fundamental Attributes i.e. change in Asset Allocation Pattern w.e.f. March 14, 2019).

CATEgORY OF SCHEME: BALANCED ADVANTAGE FUND

August 2020 19



l investments in a mix of equity and debt instruments

Riskometer




SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 3,190.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on August 31, 2020 (` ‘000) $$ 55,353.65 4,449.68 1,875.30 653.75 357.46 123.45 Returns (%) $$ 17.66 11.21 8.64 3.39 -0.46 5.38 Benchmark Returns (%) # N.A. 10.04 9.79 9.03 7.89 14.52 Additional Benchmark Returns (%) ## 12.34 10.00 9.48 7.79 4.87 13.75



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`) $$

Benchmark (`)#


(`)##Aug 30, 19 Last 1 Year -1.98 8.25 4.31 9,802 10,825 10,431Aug 31, 17 Last 3 Years 0.77 7.52 6.01 10,232 12,431 11,915Aug 31, 15 Last 5 Years 6.16 9.32 8.75 13,485 15,619 15,214Feb 01, 94 Since Inception 17.21 N.A. 9.92 682,457 N.A. 123,823

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. N.A. Not Available. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of balanced nature of the scheme where a portion of scheme’s investments are made in debt instruments. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). For performance of other schemes managed by Prashant Jain, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. As NIFTY 50 TRI data is not available since inception of the scheme, additional benchmark performance is calculated using composite CAGR of NIFTY 50 PRI values from February 1, 1994 to June 29, 1999 and TRI values since June 30, 1999. For Performance of Direct Plan, refer page no. 70. For FPI Portfolio, refer page no. 78.


Portfolio Classification By Asset Class (%)

n equity 82.98

n Credit exposure 12.90

n Mutual Fund Units 0.04

n Cash, Cash equivalents and Net Current Assets 4.08

Portfolio Classification By Rating Class (%)

n equity 82.98n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 1.72n AA+ 4.75n AA/AA- 4.43n A+ & Below 2.00n Mutual Fund Units 0.04n Cash, Cash equivalents and Net

Current Assets 4.08

(An open ended balanced advantage fund)HDFC Balanced Advantage Fund .....Contd from previous page


0.030.030.060.100.110.130.140.220.330.340.540.790.840.911.051.261.381.471.983.043.934.014.204.62

6.406.416.95

11.6220.09

0 5 10 15 20 25Textile ProductsTextiles - Cotton

Telecom - ServicesChemicals

Engineering ServicesConsumer Durables

Commercial ServicesIndustrial Products

ConstructionAuto

Media & EntertainmentFertilisers

Auto AncillariesIndustrial Capital Goods


GasCement

Aerospace & DefenceFerrous Metals

Petroleum ProductsPharmaceuticalsMinerals/Mining

Consumer Non DurablesConstruction Project

SoftwareFinance

PowerBanks

20 August 2020






• Housing Development Finance Corporation Ltd.£ Finance 5.28


• Aurobindo Pharma Ltd. Pharmaceuticals 3.49





Atul Ltd. Chemicals 2.00

State Bank of India Banks 1.94




KeC International Ltd. Construction Project 1.50


SKF India Ltd. Industrial Products 1.24

Hexaware Technologies Ltd. Software 0.96



Indian Hotels Company Ltd. Hotels/Resorts & Other Recreational Activities 0.83


Indusind Bank Ltd. Banks 0.75

PNC Infratech Ltd. Construction 0.73

Mahindra Holidays & Resorts India Ltd.


Tube Investments of India Ltd. Auto Ancillaries 0.57

Cholamandalam Financial Holdings Ltd. Finance 0.55

Aarti Industries Ltd. Chemicals 0.52


Redington (India) Ltd. Transportation 0.51

Sharda Cropchem Ltd. Pesticides 0.38

Vardhman Textiles Ltd. Textiles - Cotton 0.37

Tamilnadu Newsprint & Papers Ltd. Paper 0.35

Ipca Laboratories Ltd. Pharmaceuticals 0.33

Carborundum Universal Ltd. Industrial Products 0.29

Persistent Systems Ltd. Software 0.27

Zensar Technologies Ltd. Software 0.25


Sadbhav engineering Ltd. Construction Project 0.17

Navneet education Ltd. Media & entertainment 0.14

Jagran Prakashan Ltd. Media & entertainment 0.11

MM Forgings Ltd. Industrial Products 0.10

Greenply Industries Ltd. Consumer Durables 0.09

Atul Auto Ltd. Auto 0.02

Sub Total 73.95


DEBT & DEBT RElATED

gOVERNMENT SECURITIES (CENTRAl/STATE)

7.16 GOI 2023 Sovereign 1.74










SUB TOTAL 6.37

CREDIT EXPOSURE (NON PERPETUAl)

• Tata Sons Ltd. CRISIL - AAA 3.27

• LIC Housing Finance Ltd. CARe - AAA / CRISIL - AAA 2.22

Coastal Gujarat Power Ltd. (Corporate Guarantee of Tata Power) CARe - AA(Ce) 1.42

National Bank for Agriculture & Rural Development CRISIL - AAA 1.39

Power Finance Corporation Ltd. CRISIL - AAA / ICRA - AAA 1.22

Shriram Transport Finance Company Ltd. CRISIL - AA+ / IND - AA+ 1.18

ReC Ltd. CARe - AAA / CRISIL - AAA / IND - AAA 0.82

Shriram City Union Finance Ltd. CRISIL - AA 0.55

Bajaj electricals Ltd. ICRA - A- 0.53

Muthoot Finance Ltd. CRISIL - AA / ICRA - AA 0.48

HDFC Bank Ltd. CRISIL - AAA 0.32

Oriental Bank of Commerce CARE - A+ 0.18

ICICI Bank Ltd. CARe - AAA 0.16

Kalpataru Power Transmission Ltd. CRISIL - AA 0.15

Hindalco Industries Ltd. CRISIL - AA 0.06

Sub Total 13.95

CREDIT EXPOSURE (PERPETUAl BONDS)

Axis Bank Ltd. (AT1, BASeL III, Perpetual) CRISIL - AA+ 2.10

Punjab National Bank (AT1, BASeL III, Perpetual) IND - A 0.58

Tata Steel Ltd. (Perpetual) CARe - AA- 0.45

State Bank of India (AT1, BASeL III, Perpetual) CRISIL - AA+ 0.30

Canara Bank (AT1, BASeL III, Perpetual) CARe-AA 0.18

Union Bank of India (AT1, BASeL III, Perpetual) CARE - A+ 0.12

Sub Total 3.73

Total 24.05

MUTUAl FUND UNITS

HDFC NIFTY 50 Exchange Traded Fund 0.90

Sub Total 0.90


gRAND TOTAl 100.00

l Top Ten Holdings, £ Co-sponsor

CATEgORY OF SCHEME: AGGRESSIVE HYBRID FUND


Note: @@ Effective close of business hours of June 1, 2018, HDFC Balanced Fund merged with HDFC Premier Multi Cap Fund (HDFC Hybrid Equity Fund after changes in fundamental attributes). As the portfolio characteristics and the broad investment strategy of HDFC Hybrid Equity Fund is similar to that of erstwhile HDFC Balanced Fund, the track record (i.e. since inception date dividend history, etc) and past performance of erstwhile HDFC Balanced Fund has been considered, in line with SEBI circular on Performance disclosure post consolidation/ merger of scheme dated April 12, 2018.

(An open ended hybrid scheme investing predominantly in equity and equity related instruments)HDFC Hybrid Equity Fund

PORTFOLIO

KEY FACTS


The investment objective of the Scheme is to generate capital appreciation / income from a portfolio, predominantly of equity & equity related instruments. The Scheme will also invest in debt and money market instruments.


FUND MANAgER ¥

Chirag Setalvad (since April 2, 2007)@@


INCEPTION DATE@@

September 11, 2000





qUANTITATIVE DATA

Portfolio Turnover Ratio (Last 1 year) 6.73%Average Maturity * 2.78 yearsMacaulay Duration * 2.33 yearsModified Duration * 2.18 yearsYield to Maturity * 6.68%






EXIT lOAD

l In respect of each purchase/switch-in of Units, upto 15% of the units may be redeemed without any exit load from the date of allotment.





PLANS & OPTIONS




SEgMENT-WISE BREAK-UP OF EqUITY HOlDINgS (% OF NET ASSETS)

Large Cap 58.75%Mid Cap 9.09%Small Cap 6.12%


August 2020 21


Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 2,400.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on August 31, 2020 (` ‘000) 12,500.58 4,912.18 2,068.20 684.80 372.91 126.72 Returns (%) 14.51 12.36 10.49 5.23 2.30 10.55 Benchmark Returns (%) # N.A. 10.04 9.79 9.03 7.89 14.52 Additional Benchmark Returns (%) ## 13.27 10.00 9.48 7.79 4.87 13.75




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Aug 30, 19 Last 1 Year 2.45 8.25 4.31 10,245 10,825 10,431Aug 31, 17 Last 3 Years 2.37 7.52 6.01 10,727 12,431 11,915Aug 31, 15 Last 5 Years 7.34 9.32 8.75 14,257 15,619 15,214Sep 11, 00 Since Inception 14.60 N.A. 12.39 152,314 N.A. 103,244

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. N.A. Not Available. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in debt instruments. For performance of other schemes managed by Chirag Setalvad, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 70.




l to generate long-term capital appreciation / income.

l investments predominantly in equity & equity related instruments. The Scheme will also invest in debt and money market instruments.

Riskometer



PORTFOlIO ClASSIFICATION BY ASSET ClASS (%)

equity 73.95

G-Sec 6.37

Credit exposure 17.68

Mutual Fund Units 0.90Cash, Cash equivalents and Net Current Assets 1.10

PORTFOlIO ClASSIFICATION BY RATINg ClASS (%)

n equity 73.95n Sovereign 6.37n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 9.40n AA+ 3.58n AA/AA- 3.29n A+ & Below 1.41n Mutual Fund Units 0.90n Cash, Cash equivalents and Net

Current Assets 1.10

(An open ended hybrid scheme investing predominantly in equity and equity related instruments)HDFC Hybrid Equity Fund .....Contd from previous page


0.020.090.250.350.370.510.570.730.791.441.451.631.871.932.092.232.523.003.824.795.836.84

9.1821.65

0 5 10 15 20 25Auto

Consumer DurablesMedia & Entertainment

PaperTextiles - Cotton

TransportationAuto Ancillaries

ConstructionNon - Ferrous Metals

Hotels, Resorts & Other Recreational ActivitiesFerrous Metals

Industrial ProductsPower

Telecom - ServicesIndustrial Capital Goods

PesticidesChemicals

Consumer Non DurablesPharmaceuticals

Construction ProjectFinance

Petroleum ProductsSoftware

Banks

22 August 2020


Since Inception SIP

15 year SIP

10 year SIP

5 Year SIP

3 Year SIP

1 Year SIP

Total Amount Invested (` ‘000) 1,810.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on August 31, 2020 (` ‘000) 3,652.18 3,616.62 1,834.72 722.79 408.37 134.25 Returns (%) 8.75 8.75 8.23 7.38 8.36 22.74 Benchmark Returns (%) # N.A. N.A. 10.10 10.29 10.15 17.46 Additional Benchmark Returns (%) ## 10.05 10.00 9.48 7.79 4.87 13.75




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Aug 30, 19 Last 1 Year 13.92 10.71 4.31 11,392 11,071 10,431Aug 31, 17 Last 3 Years 6.04 8.95 6.01 11,925 12,936 11,915Aug 31, 15 Last 5 Years 7.24 9.99 8.75 14,190 16,108 15,214Aug 17, 05 Since Inception 8.80 N.A. 12.27 35,563 N.A. 57,073

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. N.A. Not Available. The Scheme formerly, a debt oriented hybrid fund, has undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a multi asset fund investing in equities, debt and gold related instruments. Accordingly, the Scheme’s benchmark has also changed. Hence, the performance of the Scheme from inception till May 22, 2018 may not strictly be comparable with those of the new benchmark and the additional benchmark. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in debt instruments and gold related instruments. For performance of other schemes managed by Amit Ganatra (Equities), Anil Bamboli (Debt) and Krishan Kumar Daga (Gold), please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 76.



l to generate long-term capital appreciation/incomel investments in a diversified portfolio of equity & equity

related instruments, debt & money market instruments and Gold related instruments

Riskometer




(An open ended scheme investing in equity and equity related instruments, debt & money market instruments and gold related instruments)HDFC Multi-Asset Fund


0.12

0.41

0.50

0.66

1.04

1.08

1.39

1.95

2.30

2.31

2.46

3.17

7.09

8.79

8.79

10.11

12.50

0 2 4 6 8 10 12 14


Pesticides

Consumer Durables

Industrial Products

Pharmaceuticals

Ferrous Metals


Chemicals

Auto Ancillaries

Power

Auto

Telecom - Services

Finance

Consumer Non Durables

Petroleum Products

Software

Banks

KEY FACTS

INVESTMENT OBjECTIVEThe objective of the Scheme is to generate long term capital appreciation/income by investing in a diversified portfolio of equity & equity related instruments, debt & money market instruments and Gold related instruments.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥

Amit Ganatra (equities) (since June 12, 2020)

Total experience - Over 17 years; Anil Bamboli (Debt) (since August 17, 2005)

Total experience: Over 23 years &Krishan Kumar Daga (Gold) (since May 23, 2018)


Arun Agarwal (Arbitrage) (since August 24, 2020)


INCEPTION DATE (Date of Allotment)August 17, 2005


ASSETS UNDER MANAgEMENT (`) IN CROREAs on August 31, 2020 288.91Average for Month of August 2020 281.51

qUANTITATIVE DATAPortfolio Turnover Ratio 50.46%


#BENCHMARK INDEX: 90% NIFTY 50 Hybrid Composite Debt 65:35 Index + 10% Domestic Price of Gold##ADDl. BENCHMARK INDEX: NIFTY 50 (Total Returns Index)

EXIT lOADl In respect of each purchase / switch-in of Units, 15% of the

units (“the limit”) may be redeemed without any exit Load from the date of allotment.


t exit Load of 1.00% is payable if units are redeemed / switched out within 12 months from the date of allotment.

l No exit Load is payable if units are redeemed / switched out after 12 months from the date of allotment.





(The Scheme underwent Change in Fundamental Attributes i.e. change in Asset Allocation Pattern w.e.f. March 14, 2019).


n equity 64.67


n Gold ETF 16.09



n equity 64.67n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 5.76n AA/AA- 5.01n A+ & Below 1.73n Gold ETF 16.09n Cash, Cash equivalents and Net

Current Assets 6.74

Cash and Cash equivalents include overnight deployment of Cash in Tri-Party Repos

CATEgORY OF SCHEME: MULTI ASSET ALLOCATION FUND

August 2020 23

Company Industry+ / Rating % to NAV (Hedged & Unhedged)

% exposure of Derivative


• Reliance Industries Ltd. Petroleum Products 7.94 0.00

• HDFC Bank Ltd. Banks 6.84 0.00

• Infosys Ltd. Software 6.03 0.00

• ICICI Bank Ltd. Banks 5.66 0.00

• Housing Development Finance Corporation Ltd.£ Finance 3.75 0.00

• Bharti Airtel Ltd. Telecom - Services 3.17 0.00

• Hindustan Unilever Ltd. Consumer Non Durables 2.66 0.00

SBI Cards and Payment Services Ltd. Finance 1.85 0.00

ITC Ltd. Consumer Non Durables 1.76 0.00

Tata Consumer Products Ltd. Consumer Non Durables 1.54 0.00

Maruti Suzuki India Ltd. Auto 1.42 0.00

HCL Technologies Ltd. Software 1.32 0.00

Godrej Consumer Products Ltd. Consumer Non Durables 1.30 0.00

Balkrishna Industries Ltd. Auto Ancillaries 1.29 0.00

Power Grid Corporation of India Ltd. Power 1.29 0.00

Tata Steel Ltd. Ferrous Metals 1.08 0.00

Cipla Ltd. Pharmaceuticals 1.04 0.00

Hero MotoCorp Ltd. Auto 1.04 0.00

NTPC Ltd. Power 1.02 0.00

Coforge Ltd. Software 0.96 0.00

Aarti Industries Ltd. Chemicals 0.92 0.00

Britannia Industries Ltd. Consumer Non Durables 0.91 0.00

Oracle Financial Services Software Ltd. Software 0.91 0.00

Bharat electronics Ltd. Industrial Capital Goods 0.89 0.00

Sonata Software Ltd. Software 0.89 0.00

Bharat Petroleum Corporation Ltd. Petroleum Products 0.85 0.00

SBI Life Insurance Company Ltd. Finance 0.84 0.00

Shaily engineering Plastics Ltd. Industrial Products 0.66 0.00

Repco Home Finance Ltd. Finance 0.65 0.00



Alkyl Amines Chemicals Ltd. Chemicals 0.54 0.00

Jamna Auto Industries Ltd. Auto Ancillaries 0.51 0.00

La Opala RG Ltd. Consumer Durables 0.50 0.00

Suprajit engineering Ltd. Auto Ancillaries 0.50 0.00

The Anup engineering Ltd. Industrial Capital Goods 0.50 0.00

Rossari Biotech Ltd. Chemicals 0.49 0.00

VST Industries Ltd. Consumer Non Durables 0.45 0.00

Sharda Cropchem Ltd. Pesticides 0.41 0.00

emami Ltd. Consumer Non Durables 0.17 0.00

Vedanta Ltd. Non - Ferrous Metals 0.12 0.00

Sub Total 64.67

DEBT & DEBT RElATED


• Housing Development Finance Corporation Ltd.£ CRISIL - AAA 3.87

• Vedanta Ltd. CRISIL - AA 3.26

Power Finance Corporation Ltd. CRISIL - AAA 1.89

Sub Total 9.02


Union Bank of India (AT1, BASeL III, Perpetual) CARe - AA- 1.75

TATA International Ltd. (Perpetual) CARe - A 1.73

Sub Total 3.48

Total 12.50

MUTUAl FUND UNITS

• HDFC Gold Exchange Traded Fund 16.09

Sub Total 16.09

OTHERS


Sub Total 6.74

Grand Total 100.00



(An open ended scheme investing in equity and equity related instruments, debt & money market instruments and gold related instruments)HDFC Multi-Asset Fund ...Contd from previous page

PORTFOLIO

24 August 2020

CATEgORY OF SCHEME: ExCHANGE TRADED FUND

KEY FACTSINVESTMENT OBjECTIVEThe investment objective of HDFC NIFTY 50 ETF is to generate returns that are commensurate with the performance of the NIFTY 50 Index, subject to tracking error.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgERKrishan Kumar Daga (since December 09, 2015)

Total experience: Over 22 yearsArun Agarwal (since August 24, 2020)


INCEPTION DATE (Date of Allotment)December 09, 2015

NAV (AS ON AUGUST 31, 2020) NAV PER UNIT (`)Growth Option 1,200.84

ASSETS UNDER MANAgEMENT j (`) IN CROREAs on August 31, 2020 466.39Average for Month of August 2020 461.65

qUANTITATIVE DATAPortfolio Turnover Ratio (Last 1 year) 8.65%

TRACKINg ERRORAnnualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.19%

TOTAL ExPENSE RATIO (As on August 31, 2020)Including Additional expenses and Goods and Service Tax on Management FeesHDFC NIFTY 50 ETF 0.05%

#BENCHMARK INDEX: NIFTY 50 (Total Returns Index)##ADDl. BENCHMARK INDEX: S&P BSe SeNSex (Total Returns Index)

EXIT lOADFor Creation Unit Size:l No exit load will be levied on redemptions made by

Authorised Participants / Large Investors directly with the Fund in Creation Unit Size.

For other than Creation Unit Size:l N.A. The Units of HNETF in other than Creation Unit Size cannot

be directly redeemed with the Fund. These Units can be redeemed (sold) on a continuous basis on

the NSe and BSe during the trading hours on all trading days. Refer SID for further details.For further details, please refer to para ‘Exit Load’ on Pg 64.

PLANS & OPTIONSHDFC NIFTY 50 ETF. Presently the Scheme does not offer any Plans / Options for investmentMINIMUM APPlICATION AMOUNT (Under each Plan / Option)Authorised Participants / large Investors: Application for subscription of HNETF Units in Creation Unit Size can be made either: (i) in exchange of the Portfolio Deposit; or (ii) by depositing basket of securities comprising NIFTY 50 Index Each Creation Unit Size will consist of 4,000 Units of HNETF and 1 Unit of HNETF will be approximately equal to 1/10th of the value of NIFTY 50 Index. Other investors (including Authorised Participants and large Investors): Units of HNETF can be subscribed (in lots of 1 Unit) during the trading hours on all trading days on the NSe and BSe on which the Units will be listed.

Face Value per Unit: ` 761.25, + Industry Classification as recommended by AMFI, Data is as of August 31, 2020 unless otherwise specified.

PERFORMANCE *^


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Aug 30, 19 Last 1 Year 3.94 4.31 4.58 10,394 10,431 10,458

Aug 31, 17 Last 3 Years 5.86 6.01 8.03 11,865 11,915 12,612

Dec 09, 15 Since Inception 10.11 10.30 11.02 15,775 15,901 16,399

Returns greater than 1 year period are compounded annualized (CAGR). * The Scheme does not offer any Plans/Options. The Scheme is in existence for more than 1 year but less than 5 years. For performance of other schemes managed by Krishan Kumar Daga and Arun Agarwal, please refer page 64.


l returns that are commensurate with the performance of the NIFTY 50, subject to tracking errors over long term

l investment in equity securities covered by the NIFTY 50

Riskometer



j Includes investments made by the schemes of HDFC Mutual Fund aggregating to Rs. 154.07 Crores

(An open ended scheme replicating / tracking NIFTY 50 index)HDFC NIFTY 50 ETF








• Tata Consultancy Services Ltd. Software 4.89

• Kotak Mahindra Bank Ltd. Banks 4.23

• Hindustan Unilever Ltd. Consumer Non Durables 3.90




Larsen and Toubro Ltd. Construction Project 2.38

Bajaj Finance Ltd. Finance 1.90

Maruti Suzuki India Ltd. Auto 1.87

Asian Paints Ltd. Consumer Non Durables 1.76


HCL Technologies Ltd. Software 1.55

Mahindra & Mahindra Ltd. Auto 1.20

Nestle India Ltd. Consumer Non Durables 1.17


Dr Reddys Laboratories Ltd. Pharmaceuticals 1.07

NTPC Ltd. Power 0.96


Titan Company Ltd. Consumer Durables 0.95

Tech Mahindra Ltd. Software 0.94

UltraTech Cement Ltd. Cement 0.93

Britannia Industries Ltd. Consumer Non Durables 0.90

HDFC Life Insurance Company Ltd. Finance 0.86


Bajaj Auto Ltd. Auto 0.80

Hero MotoCorp Ltd. Auto 0.80


Bajaj Finserv Ltd. Finance 0.77




Oil & Natural Gas Corporation Ltd. Oil 0.62

eicher Motors Ltd. Auto 0.60




Hindalco Industries Ltd. Non - Ferrous Metals 0.56

JSW Steel Ltd. Ferrous Metals 0.56

Shree Cement Ltd. Cement 0.56

Adani Ports & Special economic Zone Transportation 0.55

Grasim Industries Ltd. Cement 0.55


Indian Oil Corporation Ltd. Petroleum Products 0.45

Zee entertainment enterprises Ltd. Media & entertainment 0.38


Bharti Infratel Ltd. Telecom - equipment & Accessories 0.35

Yes Bank Ltd. Banks @

Sub Total 99.73


Grand Total 100.00

• Top Ten Holdings, £ Co-sponsor, @ Less than 0.01%

PORTFOLIO


0.350.360.380.550.560.570.580.620.951.191.912.042.382.542.98

5.8010.0611.17

14.7115.22

24.81

0 5 10 15 20 25 30

Telecom - Equipment & AccessoriesGas

Media & EntertainmentTransportation

Non - Ferrous MetalsPesticides

Minerals/MiningOil

Consumer DurablesFerrous Metals

PowerCement

Construction ProjectTelecom - Services

PharmaceuticalsAuto

FinanceConsumer Non Durables


Banks

August 2020 25

CATEgORY OF SCHEME: INDEx FUND


EqUITY & EqUITY RElATED• Reliance Industries Ltd. Petroleum Products 13.61• HDFC Bank Ltd. Banks 9.98• Infosys Ltd. Software 7.02• Housing Development

Finance Corporation Ltd.£ Finance 6.54• ICICI Bank Ltd. Banks 5.62• Tata Consultancy Services Ltd. Software 4.90• Kotak Mahindra Bank Ltd. Banks 4.24• Hindustan Unilever Ltd. Consumer Non Durables 3.90• ITC Ltd. Consumer Non Durables 3.44• Axis Bank Ltd. Banks 2.54Bharti Airtel Ltd. Telecom - Services 2.54Larsen and Toubro Ltd. Construction Project 2.38Bajaj Finance Ltd. Finance 1.91Maruti Suzuki India Ltd. Auto 1.88Asian Paints Ltd. Consumer Non Durables 1.77State Bank of India Banks 1.68HCL Technologies Ltd. Software 1.56Mahindra & Mahindra Ltd. Auto 1.20Nestle India Ltd. Consumer Non Durables 1.17Sun Pharmaceutical Industries Ltd. Pharmaceuticals 1.16Dr Reddys Laboratories Ltd. Pharmaceuticals 1.07NTPC Ltd. Power 0.96Power Grid Corporation of India Ltd. Power 0.95Tech Mahindra Ltd. Software 0.95Titan Company Ltd. Consumer Durables 0.95UltraTech Cement Ltd. Cement 0.93Britannia Industries Ltd. Consumer Non Durables 0.91HDFC Life Insurance Company Ltd. Finance 0.86Wipro Ltd. Software 0.83Hero MotoCorp Ltd. Auto 0.81Bajaj Auto Ltd. Auto 0.80Indusind Bank Ltd. Banks 0.78Bajaj Finserv Ltd. Finance 0.77Cipla Ltd. Pharmaceuticals 0.75Bharat Petroleum Corporation Ltd. Petroleum Products 0.68Tata Steel Ltd. Ferrous Metals 0.63Oil & Natural Gas Corporation Ltd. Oil 0.62eicher Motors Ltd. Auto 0.60Coal India Ltd. Minerals/Mining 0.58JSW Steel Ltd. Ferrous Metals 0.57


UPL Ltd. Pesticides 0.57Hindalco Industries Ltd. Non - Ferrous Metals 0.56Shree Cement Ltd. Cement 0.56Adani Ports & Special economic Zone Transportation 0.55Grasim Industries Ltd. Cement 0.55Tata Motors Ltd. Auto 0.53Indian Oil Corporation Ltd. Petroleum Products 0.45Zee entertainment enterprises Ltd. Media & entertainment 0.38GAIL (India) Ltd. Gas 0.37Bharti Infratel Ltd. Telecom - equipment

& Accessories 0.35Yes Bank Ltd. Banks @Sub Total 99.91Cash, Cash equivalents and Net Current Assets 0.09Grand Total 100.00• Top Ten Holdings, £ Co-sponsor, @ Less than 0.01%

KEY FACTS


The investment objective of the Scheme is to generate returns that are commensurate with the performance of the NIFTY 50 Index, subject to tracking errors.


FUND MANAgER

Krishan Kumar Daga (since October 19, 2015)


Arun Agarwal (since August 24, 2020)



July 17, 2002


Regular Plan - Growth Option 104.0748Direct Plan - Growth Option 105.4661



qUANTITATIVE DATA


TRACKINg ERROR

Annualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.31%





EXIT lOAD

l In respect of each purchase / switch-in of Units, an exit Load of 0.25% is payable if Units are redeemed / switched-out within 3 days from the date of allotment.

l No exit load is payable if units are redeemed / switched out after 3 days from the date of allotment.


PLANS & OPTIONS

Regular Plan, Direct Plan. Each Plan offers Growth Option only.




Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 2,180.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on August 31, 2020 (` ‘000) 6,421.32 3,619.54 1,894.62 718.39 383.60 128.07 Returns (%) 10.83 8.76 8.83 7.13 4.17 12.70 Benchmark Returns (%) # 12.73 10.00 9.48 7.79 4.87 13.75 Additional Benchmark Returns (%) ## 13.32 10.39 10.05 8.96 6.22 13.73




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Aug 30, 19 Last 1 Year 3.36 4.31 4.58 10,336 10,431 10,458Aug 31, 17 Last 3 Years 5.43 6.01 8.03 11,720 11,915 12,612Aug 31, 15 Last 5 Years 8.13 8.75 9.38 14,786 15,214 15,663Jul 17, 02 Since Inception 13.59 15.77 16.46 100,789 142,266 158,488

Returns greater than 1 year period are compounded annualized (CAGR). Since inception returns are calculated on ` 10.3260 (allotment price). For performance of other schemes managed by Krishan Kumar Daga and Arun Agarwal, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 77.



l returns that are commensurate with the performance of the NIFTY 50, subject to tracking errors over long term

l investment in equity securities covered by the NIFTY 50

Riskometer



(An open ended scheme replicating / tracking NIFTY 50 index)HDFC Index Fund - NIFTY 50 Plan

PORTFOLIO


0.350.370.380.550.560.570.580.620.951.201.912.042.382.542.98

5.8210.0811.19

14.7415.26

24.84

0 5 10 15 20 25 30

Telecom - Equipment & AccessoriesGas

Media & EntertainmentTransportation

Non - Ferrous MetalsPesticides

Minerals/MiningOil

Consumer DurablesFerrous Metals

PowerCement

Construction ProjectTelecom - Services

PharmaceuticalsAuto

FinanceConsumer Non Durables


Banks

26 August 2020


KEY FACTS

INVESTMENT OBjECTIVEThe investment objective of HDFC SENSEx ETF is to generate returns that are commensurate with the performance of the S&P BSe SeNSex Index, subject to tracking errors.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgERKrishan Kumar Daga (since December 09, 2015)

Total experience: Over 22 yearsArun Agarwal (since August 24, 2020)


INCEPTION DATE (Date of Allotment)December 09, 2015

NAV (AS ON AUGUST 31, 2020) NAV PER UNIT (`)Growth Option 4,100.30

ASSETS UNDER MANAgEMENT j (`) IN CROREAs on August 31, 2020 70.05Average for Month of August 2020 69.29

qUANTITATIVE DATAPortfolio Turnover Ratio (Last 1 year) 98.16%

TRACKINg ERRORAnnualised tracking error is calculated based on daily rolling returns for the last 12 months: 0.10%

TOTAL ExPENSE RATIO (As on August 31, 2020)Including Additional expenses and Goods and Service Tax on Management FeesHDFC SeNSex ETF 0.05%

#BENCHMARK INDEX: S&P BSe SeNSex (Total Returns Index)##ADDl. BENCHMARK INDEX: NIFTY 50 (Total Returns Index)

EXIT lOADFor Creation Unit Size:l No exit load will be levied on redemptions made by


For other than Creation Unit Size:l N.A. The Units of HSxETF in other than Creation Unit Size cannot


the NSe and BSe during the trading hours on all trading days. Refer SID for further details.For further details, please refer to para ‘Exit Load’ on Pg 64.

PLANS & OPTIONSHDFC SENSEx ETF. Presently the Scheme does not offer any Plans / Options for investment

MINIMUM APPlICATION AMOUNT (Under each Plan / Option)Authorised Participants / large Investors: Application for subscription of HSxETF Units in Creation Unit Size can be made either: (i) in exchange of the Portfolio Deposit; or (ii) by depositing basket of securities comprising S&P BSe

SeNSex IndexEach Creation Unit Size will consist of 1,000 Units of HSxETF and 1 Unit of HSxETF will be approximately equal to 1/10th of the value of S&P BSe SeNSex Index. Other investors (including Authorised Participants and large Investors): Units of HSxETF can be subscribed (in lots of 1 Unit) during the trading hours on all trading days on the NSe and BSe on which the Units will be listed.

Face Value per Unit: ` 2,503.61, + Industry Classification as recommended by AMFI, Data is as of August 31, 2020 unless otherwise specified.

PERFORMANCE *^


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Aug 30, 19 Last 1 Year 4.41 4.58 4.31 10,441 10,458 10,431

Aug 31, 17 Last 3 Years 7.95 8.03 6.01 12,583 12,612 11,915


Returns greater than 1 year period are compounded annualized (CAGR). * The Scheme does not offer any Plans/Options. The Scheme is in existence for more than 1 year but less than 5 years. For performance of other schemes managed by Krishan Kumar Daga and Arun Agarwal, please refer page 64.


l returns that are commensurate with the performance of the S&P BSe SeNSex, subject to tracking errors over long term

l investment in equity securities covered by the S&P BSe SeNSex

Riskometer



j Includes investments made by the schemes of HDFC Mutual Fund aggregating to Rs. 30.908 Crores

(An open ended scheme replicating / tracking S&P BSE SENSEX index)HDFC SENSEX ETF


































Sub Total 99.49


Grand Total 100.00


PORTFOLIO


0.61

0.74

1.04

1.09

1.33

1.98

2.74

2.93

4.46

10.74

11.75

15.64

16.75

27.69

0 5 10 15 20 25 30

Oil

Ferrous Metals

Cement

Consumer Durables

Pharmaceuticals

Power


Telecom - Services

Auto

Finance


Petroleum Products

Software

Banks

August 2020 27

CATEgORY OF SCHEME: INDEx FUND

KEY FACTS


The investment objective of the Scheme is to generate returns that are commensurate with the performance of the S&P BSe SeNSex Index, subject to tracking errors.


FUND MANAgER






July 17, 2002





qUANTITATIVE DATA


TRACKINg ERROR




#BENCHMARK INDEX: S&P BSe SeNSex (Total Returns Index)


EXIT lOAD

l In respect of each purchase / switch-in of Units, an exit Load of 0.25% is payable if Units are redeemed / switched-out within 3 days from the date of allotment.

l No exit load is payable if units are redeemed / switched out after 3 days from the date of allotment.


PLANS & OPTIONS





Since Inception SIP

15 year SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 2,180.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on August 31, 2020 (` ‘000) 6,745.53 3,736.34 1,952.45 740.20 391.49 128.12 Returns (%) 11.29 9.14 9.40 8.33 5.52 12.79 Benchmark Returns (%) # 13.32 10.39 10.05 8.96 6.22 13.73 Additional Benchmark Returns (%) ## 12.73 10.00 9.48 7.79 4.87 13.75




(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Aug 30, 19 Last 1 Year 3.71 4.58 4.31 10,371 10,458 10,431Aug 31, 17 Last 3 Years 7.40 8.03 6.01 12,390 12,612 11,915Aug 31, 15 Last 5 Years 8.86 9.38 8.75 15,297 15,663 15,214Jul 17, 02 Since Inception 13.97 16.46 15.77 107,134 158,488 142,266

Returns greater than 1 year period are compounded annualized (CAGR). Since inception returns are calculated on ` 32.1610 (allotment price). For performance of other schemes managed by Krishan Kumar Daga and Arun Agarwal, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 77.



l returns that are commensurate with the performance of the S&P BSe SeNSex, subject to tracking errors over long term.

l investment in equity securities covered by the S&P BSe SeNSex.

Riskometer



Note: Effective close of business hours of May 25, 2018, HDFC Index Fund - SENSEx Plan (the Scheme) underwent changes in Fundamental Attributes and HDFC Index Fund - SENSEx Plus Plan was merged therein. As the portfolio structuring of the Scheme is continued, its past performance is provided, in line with SeBI circular on Performance disclosure post consolidation/ merger of scheme dated April 12, 2018.

(An open ended scheme replicating / tracking S&P BSE SENSEX index)HDFC Index Fund - SENSEX Plan


































Sub Total 99.71


Grand Total 100.00


PORTFOLIO


0.61

0.74

1.05

1.09

1.33

1.98

2.74

2.94

4.47

10.76

11.77

15.68

16.79

27.76

0 5 10 15 20 25 30

Oil

Ferrous Metals

Cement

Consumer Durables

Pharmaceuticals

Power


Telecom - Services

Auto

Finance


Petroleum Products

Software

Banks

28 August 2020

CATEgORY OF SCHEME: eqUITY LINKeD SAVINGS SCHeMe

KEY FACTS


To generate capital appreciation / income from a portfolio, comprising predominantly of equity & equity related instruments.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥

Amit Ganatra (since August 24, 2020)



March 31, 1996





qUANTITATIVE DATA








EXIT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Under each Plan : Growth & Dividend. The Dividend Option offers Dividend Payout facility.


Purchase : ` 500 and in multiples of ` 500 thereafter.Additional Purchase : ̀ 500 and in multiples of ̀ 500 thereafter.

lOCK-IN PERIOD

3 years from the date of allotment of the respective Units



SIP15 year

SIP10 year

SIP5 year

SIP3 year

SIP1 year

SIPTotal Amount Invested (` ‘000) 2,930.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on August 31, 2020 (` ‘000) $$ 59,955.18 3,766.54 1,731.23 625.28 345.23 125.56 Returns (%) $$ 20.39 9.23 7.12 1.63 -2.70 8.71 Benchmark Returns (%) # 13.85 10.00 9.59 6.57 3.24 15.05 Additional Benchmark Returns (%) ## 12.87 10.00 9.48 7.79 4.87 13.75



Returns (%) $$

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme (`)

$$Benchmark

(`)#Additional

Benchmark (`)##

Aug 30, 19 Last 1 Year -1.26 5.40 4.31 9,874 10,540 10,431Aug 31, 17 Last 3 Years -2.15 3.72 6.01 9,367 11,158 11,915Aug 31, 15 Last 5 Years 4.48 8.32 8.75 12,451 14,918 15,214Mar 31, 96 Since Inception 21.58 13.00 11.85 1,184,955 198,487 154,566

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). For performance of other schemes managed by Amit Ganatra, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 75. As TRI data is not available since inception of the scheme, additional benchmark performance is calculated using composite CAGR of NIFTY 50 PRI values from Mar 29, 96 (Data for March 31, 96 is not available) to Jun 29, 99 and TRI values since Jun 30, 99. As NIFTY 500 TRI data is not available for March 31, 96, benchmark performance is calculated from March 29, 96.




l investment predominantly of equity & equity related instruments

Riskometer



(An open ended equity linked savings scheme with a statutory lock in of 3 years and tax benefit)HDFC TaxSaver

Company Industry+ % to NAVEqUITY & EqUITY RElATED• Reliance Industries Ltd. Petroleum Products 8.94• HDFC Bank Ltd. Banks 8.05• ICICI Bank Ltd. Banks 7.73• Infosys Ltd. Software 7.68• NTPC Ltd. Power 5.71• State Bank of India Banks 4.89• Bharat Petroleum

Corporation Ltd. Petroleum Products 4.53• Larsen and Toubro Ltd. Construction Project 4.35• ITC Ltd. Consumer Non Durables 3.74• Cipla Ltd. Pharmaceuticals 3.63Bharti Airtel Ltd. Telecom - Services 3.61Tata Steel Ltd. Ferrous Metals 2.81GAIL (India) Ltd. Gas 2.79Vedanta Ltd. Non - Ferrous Metals 2.26Power Grid Corporation of India Ltd. Power 2.17Axis Bank Ltd. Banks 1.96Oracle Financial Services Software Ltd. Software 1.92NHPC Ltd. Power 1.69Bharat electronics Ltd. Industrial Capital Goods 1.51Aurobindo Pharma Ltd. Pharmaceuticals 1.34Lupin Ltd. Pharmaceuticals 1.23Coal India Ltd. Minerals/Mining 1.20Solar Industries India Ltd. Chemicals 1.20L&T Technology Services Ltd. Software 1.14Ambuja Cements Ltd. Cement 0.99Gujarat Pipavav Port Ltd. Transportation 0.86InterGlobe Aviation Ltd. Transportation 0.85Mahanagar Gas Ltd. Gas 0.80The Phoenix Mills Ltd. Construction 0.71Max Financial Services Ltd. Finance 0.70Hindustan Petroleum Corporation Ltd. Petroleum Products 0.69Tata Motors Ltd. Auto 0.62Kalpataru Power Transmission Ltd. Power 0.61Tata Motors Ltd. DVR Auto 0.61Shriram Transport Finance Company Ltd. Finance 0.46TCI express Ltd. Transportation 0.46eClerx Services Ltd. Software 0.44SBI Cards and Payment Services Ltd. Finance 0.37Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.35BeML Ltd. Industrial Capital Goods 0.34Persistent Systems Ltd. Software 0.31Power Finance Corporation Ltd. Finance 0.25Sadbhav engineering Ltd. Construction Project 0.22

Company Industry+ % to NAVCG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.21ITD Cementation India Ltd. Construction 0.15Dynamatic Technologies Ltd. Auto Ancillaries 0.12Hindustan Construction Company Ltd. Construction Project 0.12Sadbhav Infrastructure Project Ltd. (Corporate Guarantee of Sadbhav engineering Ltd.) Construction Project 0.06Somany Home Innovation Ltd. Construction 0.06MPS Ltd. Software 0.05Siti Networks Ltd. Media & entertainment 0.01Sub Total 97.50DEBT & DEBT RElATEDCREDIT EXPOSURE (NON PERPETUAl)Muthoot Finance Ltd. ICRA - AA 0.37Sub Total 0.37CREDIT EXPOSURE (PERPETUAl BONDS)Punjab National Bank (AT1, BASeL III, Perpetual) IND - A 0.36Sub Total 0.36Total 0.73Cash, Cash equivalents and Net Current Assets 1.77Grand Total 100.00• Top Ten Holdings,

PORTFOLIO


0.010.120.920.991.201.201.231.782.062.172.262.813.593.613.744.75

6.5510.18

11.5414.16

22.63

0 5 10 15 20 25

Media & EntertainmentAuto Ancillaries

ConstructionCement

ChemicalsMinerals/Mining

AutoFinance

Industrial Capital GoodsTransportation

Non - Ferrous MetalsFerrous Metals

GasTelecom - Services

Consumer Non DurablesConstruction Project

PharmaceuticalsPower

SoftwarePetroleum Products

Banks

August 2020 29

CATEgORY OF SCHEME: CHILDREN’S FUND

KEY FACTS


To generate capital appreciation / income from a portfolio of equity & equity related instruments and debt and money market instruments.


FUND MANAgER ¥

Chirag Setalvad (since April 2, 2007)

Total experience - Over 21 years


March 2, 2001


Regular Plan 125.669Direct Plan 133.760



qUANTITATIVE DATA

Portfolio Turnover Ratio (Last 1 year) 13.58%Average Maturity * 2.41 yearsMacaulay Duration * 2.00 yearsModified Duration * 1.87 yearsYield to Maturity * 6.35%* Computed on the invested amount for debt portfolio.





EXIT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan.



lOCK-IN PERIOD

Fresh investments by investors including SIP/ STP registrations, etc (effective May 23, 2018):Lock-in period will be compulsory. Lock-in period shall be earlier ofl 5 Years from the date of allotment; orl Until the Unit holder (being the beneficiary child) attains

the age of majority (i.e. completion of 18 years)

(¥) Dedicated Fund Manager for Overseas Investments:Mr. Chirag Dagli (since July 22, 2019) (Total experience: Over 18 years).(Ω) eligibility (of Unit holder) : Children less than 18 years of age as on the date of investment by the Investor / Applicant are eligible as Unit holders in the Scheme. (π) Personal Accident Insurance Cover for Parent / Legal Guardian (upto the age of 80 years) of the Unit holder, equivalent to 10 times the cost value of the outstanding Units held by the Unit holder under all the applications / account statements / folios, subject to a maximum amount of ` 10 lakhs per Unit holder. The insurance premium in respect of the personal accident insurance cover will be borne by the AMC. This accident insurance cover is subject to conditions of the group personal accident insurance policy.


[An open ended fund for investment for children having a lock-in for atleast 5 years or till the child attains age of majority (whichever is earlier)] ΩπHDFC Children's Gift Fund










Coforge Ltd. Software 2.06






Oracle Financial Services Software Ltd. Software 1.35


Hexaware Technologies Ltd. Software 1.30


Aster DM Healthcare Ltd. Healthcare Services 1.20

Ipca Laboratories Ltd. Pharmaceuticals 1.14

Cholamandalam Investment & Finance Finance 1.09

Larsen & Toubro Infotech Ltd. Software 0.97

Newgen Software Technologies Ltd. Software 0.96

Balkrishna Industries Ltd. Auto Ancillaries 0.94

Century Plyboards (India) Ltd. Consumer Durables 0.91

Apollo Tyres Ltd. Auto Ancillaries 0.88

Finolex Industries Ltd. Industrial Products 0.85


AIA engineering Ltd. Industrial Products 0.82

Voltamp Transformers Ltd. Industrial Capital Goods 0.79

Indian Hotels Company Ltd. Hotels/Resorts & Other Recreational Activities 0.72


Motherson Sumi Systems Ltd. Auto Ancillaries 0.68




Mahindra Holidays & Resorts India Ltd.


PNC Infratech Ltd. Construction 0.59

Sonata Software Ltd. Software 0.56

VST Industries Ltd. Consumer Non Durables 0.52

Swaraj engines Ltd. Industrial Products 0.51



Cholamandalam Financial Holdings Ltd. Finance 0.43



Prince Pipes and Fittings Ltd. Industrial Products 0.39


Blue Star Ltd. Consumer Durables 0.37

eClerx Services Ltd. Software 0.36

Schaeffler India Ltd. Industrial Products 0.36

Vesuvius India Ltd. Industrial Products 0.36


V.S.T Tillers Tractors Ltd. Auto 0.28

Navneet education Ltd. Media & entertainment 0.26

IFB Industries Ltd. Consumer Durables 0.15

engineers India Ltd. Construction Project 0.14



Supreme Industries Ltd. Industrial Products 0.05

Yes Bank Ltd. Banks 0.02

Jyoti Structures Ltd. Power @

Nilkamal Ltd. Industrial Products @

Sub Total 68.59

DEBT & DEBT RElATED









Sub Total 4.44

PORTFOLIO

30 August 2020


Since Inception SIP 15 year SIP 10 year SIP 5 Year SIP 3 Year SIP 1 Year SIP


Mkt Value As on August 31, 2020 (` ‘000) $ 11,663.09 5,162.51 2,175.23 724.35 390.06 130.46

Returns (%) $ 14.54 12.94 11.44 7.46 5.28 16.56

Benchmark Returns (%) # N.A. 10.04 9.79 9.03 7.89 14.52


Assuming ̀ 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after accounting for the cash flow by using xIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital. N.A. Not Available.



(%) $

Benchmark Returns

(%)#


Returns(%) ##


Scheme (`) $

Benchmark (`)#

Additional Benchmark(`)##

Aug 30, 19 Last 1 Year 7.36 8.25 4.31 10,736 10,825 10,431

Aug 31, 17 Last 3 Years 5.08 7.52 6.01 11,603 12,431 11,915

Aug 31, 15 Last 5 Years 8.71 9.32 8.75 15,188 15,619 15,214

Mar 02, 01 Since Inception 15.39 N.A. 13.34 163,370 N.A. 115,074

Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of balanced nature of the scheme where a portion of scheme’s investments are made in debt instruments. $ Adjusted for Bonus units declared under the Scheme. For performance of other schemes managed by Chirag Setalvad, please refer page 48. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 70.



l capital appreciation over long term.

l investment in equity and equity related instruments as well as debt and money market instruments.

Riskometer





equity 68.59

G-Sec 4.44

Credit exposure 19.06



equity 68.59

Sovereign 4.44

AAA/AAA(SO)/A1+/A1+(SO) & equivalent 8.69

AA+ 10.37


[An open ended fund for investment for children having a lock-in for atleast 5 years or till the child attains age of majority (whichever is earlier)] ΩπHDFC Children's Gift Fund .....Contd from previous page




• Shriram Transport Finance Company Ltd. CRISIL - AA+ 2.91

LIC Housing Finance Ltd. CRISIL - AAA 1.61

L&T Infrastructure Finance Ltd. CRISIL - AAA 1.20

Tata Sons Ltd. CRISIL - AAA 1.11

State Bank of India CRISIL - AAA 0.80


Britannia Industries Ltd. CRISIL - AAA 0.02

Sub Total 11.60



• Axis Bank Ltd. (AT1, BASeL III, Perpetual) CRISIL - AA+ 3.04

• Bank of Baroda (AT1, BASeL III, Perpetual) CRISIL - AA+ 2.87

ICICI Bank Ltd. (AT1, BASeL III, Perpetual) CARE - AA+ 1.22


Sub Total 7.46

Total 23.50


Grand Total 100.00


PORTFOLIOIndustry Allocation of Equity Holding (% of Net Assets)

0.28

0.34

0.35

0.44

0.59

0.85

1.20

1.33

1.35

1.43

1.50

1.98

2.05

2.56

3.19

4.23

4.51

7.51

8.10

12.40

12.40

0 2 4 6 8 10 12 14

Auto

Media & Entertainment


Ferrous Metals

Construction

Power

Healthcare Services

Hotels, Resorts & Other Recreational Activities

Pesticides

Consumer Durables

Telecom - Services



Pharmaceuticals

Auto Ancillaries

Industrial Products


Finance

Petroleum Products

Banks

Software

August 2020 31

CATEgORY OF SCHEME: RETIREMENT FUND

KEY FACTS


The investment objective of the Scheme is to provide long-term capital appreciation/income by investing in a mix of equity and debt instruments to help investors meet their retirement goals. There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥

Chirag Setalvad (Equities) (since February 25, 2016)

Total experience - Over 21 years &Shobhit Mehrotra (Debt) (since February 25, 2016)



February 25, 2016





qUANTITATIVE DATA

Portfolio Turnover Ratio 15.31%





EXIT lOAD

Upon completion of lock-in period: Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Under Each Plan offers Growth Option only.



lOCK-IN PERIOD

Existing investments by investors including SIP / STP registrations, etc (until June 1, 2018):

Units purchased cannot be assigned / transferred / pledged / redeemed / switched out until completion of 5 years from the date of allotment of Units under the Scheme.

Fresh investments by investors including SIP / STP registrations, etc (effective june 2, 2018):

Units purchased cannot be assigned / transferred / pledged / redeemed / switched out until completion of 5 years from the date of allotment of Units or Retirement Age of Unit holder (i.e. completion of 60 years), whichever is earlier.





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 6.43 5.40 4.31 10,643 10,540 10,431Aug 31, 17 Last 3 Years 2.67 3.72 6.01 10,824 11,158 11,915Feb 25, 16 Since Inception 12.54 12.54 12.98 17,050 17,056 17,356

Returns greater than 1 year period are compounded annualized (CAGR). For performance of other schemes managed by Chirag Setalvad (Equities) and Shobhit Mehrotra (Debt), please refer page 64. The Scheme is in existence for more than 1 year but less than 5 years. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 76.


l a corpus to provide for pension in the form of income to the extent of the redemption value of their holding after the age of 60 years.

l investment predominantly in equity and equity related instruments.

Riskometer




[An open ended retirement solution oriented scheme having a lock-in of 5 years or till retirement age (whichever is earlier)]HDFC Retirement Savings Fund - Equity Plan

(A notified Tax Savings Cum Pension Scheme)

Company Industry+ / Rating % to NAVEqUITY & EqUITY RElATED• Reliance Industries Ltd. Petroleum Products 7.80• HDFC Bank Ltd. Banks 6.62• Infosys Ltd. Software 4.61• Housing Development

Finance Corporation Ltd.£ Finance 4.58• ICICI Bank Ltd. Banks 3.86• ITC Ltd. Consumer Non Durables 3.70• Timken India Ltd. Industrial Products 2.25• Larsen and Toubro Ltd. Construction Project 2.23• Aurobindo Pharma Ltd. Pharmaceuticals 2.10Bharat electronics Ltd. Industrial Capital Goods 1.93Aarti Industries Ltd. Chemicals 1.79Bajaj electricals Ltd. Consumer Durables 1.79JB Chemicals & Pharmaceuticals Ltd. Pharmaceuticals 1.77PNC Infratech Ltd. Construction 1.75Balkrishna Industries Ltd. Auto Ancillaries 1.64Voltamp Transformers Ltd. Industrial Capital Goods 1.58UPL Ltd. Pesticides 1.55KeC International Ltd. Construction Project 1.52Hexaware Technologies Ltd. Software 1.50State Bank of India Banks 1.47Oracle Financial Services Software Ltd. Software 1.39Hindustan Petroleum Corporation Ltd. Petroleum Products 1.38Alkyl Amines Chemicals Ltd. Chemicals 1.36Atul Ltd. Chemicals 1.30Coforge Ltd. Software 1.24engineers India Ltd. Construction Project 1.23Mahindra Holidays & Resorts India Ltd.


Redington (India) Ltd. Transportation 1.10Power Grid Corporation of India Ltd. Power 1.09Chambal Fertilizers & Chemicals Ltd. Fertilisers 1.07Indian Hotels Company Ltd. Hotels/Resorts & Other

Recreational Activities 1.07Nilkamal Ltd. Industrial Products 0.98Tata Steel Ltd. Ferrous Metals 0.98Sharda Cropchem Ltd. Pesticides 0.93Radico Khaitan Ltd. Consumer Non Durables 0.90Carborundum Universal Ltd. Industrial Products 0.89The Anup engineering Ltd. Industrial Capital Goods 0.79Blue Star Ltd. Consumer Durables 0.78Finolex Industries Ltd. Industrial Products 0.77Axis Bank Ltd. Banks 0.75Tamilnadu Newsprint & Papers Ltd. Paper 0.74Tata Metaliks Ltd. Ferrous Metals 0.73Cholamandalam Investment & Finance Finance 0.71KeI Industries Ltd. Industrial Products 0.70Tube Investments of India Ltd. Auto Ancillaries 0.65Kalpataru Power Transmission Ltd. Power 0.61Great eastern Shipping Company Ltd. Transportation 0.52T. V. Today Network Ltd. Media & entertainment 0.51eIH Ltd. Hotels/Resorts & Other

Recreational Activities 0.47Oriental Carbon & Chemicals Ltd. Chemicals 0.46IFB Industries Ltd. Consumer Durables 0.42

Company Industry+ / Rating % to NAVFirstsource Solutions Ltd. Software 0.37Vedanta Ltd. Non - Ferrous Metals 0.34Jagran Prakashan Ltd. Media & entertainment 0.31GNA Axles Ltd. Auto Ancillaries 0.27Zensar Technologies Ltd. Software 0.27Indusind Bank Ltd. Banks 0.26Tata Motors Ltd. DVR Auto 0.21Apar Industries Ltd. Industrial Capital Goods 0.20CG Power and Industrial Solutions Ltd. Industrial Capital Goods 0.11Greenply Industries Ltd. Consumer Durables 0.11Newgen Software Technologies Ltd. Software 0.05Transport Corporation of India Ltd. Transportation 0.02Sub Total 86.24DEBT & DEBT RElATEDCREDIT EXPOSURE (NON PERPETUAl)• Power Finance Corporation Ltd. CRISIL - AAA 2.82Vedanta Ltd. CRISIL - AA 1.73L&T Infrastructure Finance Ltd. CRISIL - AAA 1.15Shriram Transport Finance Company Ltd. CRISIL - AA+ 0.83Sub Total 6.53CREDIT EXPOSURE (PERPETUAl BONDS)Canara Bank (AT1, BASeL III, Perpetual) CARe-AA 0.36Union Bank of India (AT1, BASeL III, Perpetual) CARe - AA- 0.31Sub Total 0.67Total 7.20Cash, Cash equivalents and Net Current Assets 6.56Grand Total 100.00• Top Ten Holdings, £ Co-sponsor

PORTFOLIO


0.210.340.740.821.071.641.701.711.752.482.562.703.103.874.604.614.914.985.295.59

9.189.43

12.96

0 2 4 6 8 10 12 14Auto

Non - Ferrous MetalsPaper

Media & EntertainmentFertilisers

TransportationPower

Ferrous MetalsConstruction

PesticidesAuto Ancillaries

Hotels, Resorts & Other Recreational ActivitiesConsumer Durables

PharmaceuticalsConsumer Non DurablesIndustrial Capital Goods

ChemicalsConstruction Project

FinanceIndustrial Products


Banks


Since Inception SIP 3 Year SIP 1 Year SIP

Total Amount Invested (` ‘000) 550.00 360.00 120.00 Mkt Value As on August 31, 2020 (` ‘000) 629.92 376.90 131.01 Returns (%) 5.86 3.00 17.45 Benchmark Returns (%) # 6.23 3.24 15.05 Additional Benchmark Returns (%) ## 7.59 4.87 13.75


32 August 2020


[An open ended retirement solution oriented scheme having a lock-in of 5 years or till retirement age (whichever is earlier)]

HDFC Retirement Savings Fund - Hybrid Equity Plan(A notified Tax Savings Cum Pension Scheme)

Company Industry+ / Rating % to

NAV









Procter & Gamble Health Ltd. Pharmaceuticals 2.03

Timken India Ltd. Industrial Products 1.78


Coforge Ltd. Software 1.63

engineers India Ltd. Construction Project 1.50

Suprajit engineering Ltd. Auto Ancillaries 1.36

Bajaj electricals Ltd. Consumer Durables 1.35

JB Chemicals &

Pharmaceuticals Ltd. Pharmaceuticals 1.24

Voltamp Transformers Ltd. Industrial Capital Goods 1.20

Balrampur Chini Mills Ltd. Consumer Non Durables 1.19

Hindustan Petroleum

Corporation Ltd. Petroleum Products 1.12

Oriental Carbon & Chemicals Ltd. Chemicals 1.10



KeC International Ltd. Construction Project 1.03

Power Grid Corporation of

India Ltd. Power 1.03



Chambal Fertilizers &

Chemicals Ltd. Fertilisers 0.94

Nilkamal Ltd. Industrial Products 0.91

Sonata Software Ltd. Software 0.91

Redington (India) Ltd. Transportation 0.89

Vesuvius India Ltd. Industrial Products 0.83

Mahindra Holidays & Resorts

India Ltd.

Hotels/Resorts & Other

Recreational Activities 0.81

Blue Star Ltd. Consumer Durables 0.71



Cholamandalam Investment

& Finance Finance 0.64

Crompton Greaves Consumer

electricals Ltd. Consumer Durables 0.62

Company Industry+ / Rating % to

NAV

The Anup engineering Ltd. Industrial Capital Goods 0.62

Tamilnadu Newsprint &

Papers Ltd. Paper 0.55



NRB Bearing Ltd. Industrial Products 0.42


Kalpataru Power

Transmission Ltd. Power 0.38


Cholamandalam Financial

Holdings Ltd. Finance 0.33

Shaily engineering Plastics Ltd. Industrial Products 0.33

Shree Pushkar Chemicals &

Fertilisers Ltd. Chemicals 0.25



Apar Industries Ltd. Industrial Capital Goods 0.15


Yes Bank Ltd. Banks @

Sub Total 67.56

DEBT & DEBT RElATED


• 7.57 GOI 2033 Sovereign 3.12

Sub Total 3.12


• Power Finance Corporation Ltd. CRISIL - AAA 6.08


• Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CRISIL - AAA 2.45


Power Grid Corporation of

India Ltd. CRISIL - AAA 1.23

Reliance Industries Ltd. CRISIL - AAA 0.64

Sub Total 15.98


State Bank of India

(AT1, BASeL III, Perpetual) CRISIL - AA+ 1.99

Canara Bank

(AT1, BASeL III, Perpetual) CARe-AA 0.81

Sub Total 2.80

Total 21.90


Grand Total 100.00


PORTFOLIO

KEY FACTS


The investment objective of the Scheme is to provide long-term capital appreciation/income by investing in a mix of equity and debt instruments to help investors meet their retirement goals. There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥


Total experience - Over 21 years &

Shobhit Mehrotra (Debt) (since February 25, 2016)



February 25, 2016





qUANTITATIVE DATA

Portfolio Turnover Ratio 16.95%Average Maturity * 3.93 yearsMacaulay Duration * 2.93 yearsModified Duration * 2.76 yearsYield to Maturity * 6.29%* Computed on the invested amount for debt portfolio.





EXIT lOAD

Upon completion of lock-in period: Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Under Each Plan offers Growth Option only.



lOCK-IN PERIOD

Existing investments by investors including SIP / STP registrations, etc (until June 1, 2018):

Units purchased cannot be assigned / transferred / pledged / redeemed / switched out until completion of 5 years from the date of allotment of Units under the Scheme.

Fresh investments by investors including SIP / STP registrations, etc (effective june 2, 2018):

Units purchased cannot be assigned / transferred / pledged / redeemed / switched out until completion of 5 years from the date of allotment of Units or Retirement Age of Unit holder (i.e. completion of 60 years), whichever is earlier.


(The Plan underwent Change in Fundamental Attributes i.e. change in Asset Allocation Pattern w.e.f. March 14, 2019).


August 2020 33


n equity 67.56

n G-Sec 3.12




n equity 67.56n Sovereign 3.12n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 12.74n AA+ 1.99n AA/AA- 4.05n Cash, Cash equivalents and Net

Current Assets 10.54



l investment predominantly in equity and equity related instruments & balance in debt and money market instruments.

Riskometer





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 6.48 8.25 4.31 10,648 10,825 10,431

Aug 31, 17 Last 3 Years 4.46 7.52 6.01 11,401 12,431 11,915

Feb 25, 16 Since Inception 12.64 12.29 12.98 17,120 16,880 17,356

Returns greater than 1 year period are compounded annualized (CAGR). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in debt instruments. The Scheme is in existence for more than 1 year but less than 5 years. For performance of other schemes managed by Chirag Setalvad (equities) and Shobhit Mehrotra (Debt), please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 76.


[An open ended retirement solution oriented scheme having a lock-in of 5 years or till retirement age(whichever is earlier)]

HDFC Retirement Savings Fund - Hybrid Equity Plan(A notified Tax Savings Cum Pension Scheme)


0.160.210.480.550.810.890.941.001.351.41

2.682.863.06

4.484.934.965.265.31

7.157.41

11.66

0 2 4 6 8 10 12 14

Media & EntertainmentNon - Ferrous Metals

Ferrous MetalsPaper

Hotels, Resorts & Other Recreational ActivitiesTransportation

FertilisersPesticidesChemicals

PowerConsumer Durables

Auto AncillariesIndustrial Capital GoodsConsumer Non Durables

Construction ProjectPharmaceuticals

FinanceIndustrial Products

SoftwarePetroleum Products

Banks

.....Contd from previous page



Total Amount Invested (` ‘000) 550.00 360.00 120.00

Mkt Value As on August 31, 2020 (` ‘000) 645.15 385.15 128.46

Returns (%) 6.90 4.43 13.34

Benchmark Returns (%) # 8.97 7.89 14.52

Additional Benchmark Returns (%) ## 7.59 4.87 13.75


34 August 2020


KEY FACTS

INVESTMENT OBjECTIVEThe investment objective of the Scheme is to provide long-term capital appreciation/income by investing in a mix of equity and debt instruments to help investors meet their retirement goals. There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥


Total experience - Over 21 years &Shobhit Mehrotra (Debt) (since February 26, 2016)


INCEPTION DATE (Date of Allotment)February 26, 2016

NAV (AS ON AUGUST 31, 2020) NAV PER UNIT (`)Regular Plan 14.1829Direct Plan 15.1120

ASSETS UNDER MANAgEMENT (`) IN CROREAs on August 31, 2020 87.10Average for Month of August 2020 86.59

qUANTITATIVE DATAAverage Maturity * 6.61 yearsMacaulay Duration * 4.70 yearsModified Duration * 4.48 yearsYield to Maturity * 7.15%* Computed on the invested amount for debt portfolio.


#BENCHMARK INDEX: NIFTY 50 Hybrid Composite Debt 15:85 Index##ADDl. BENCHMARK INDEX: CRISIL 10 Year Gilt Index

EXIT lOADUpon completion of lock-in period: Nil

PLANS & OPTIONSRegular Plan, Direct Plan. Under Each Plan offers Growth Option only.MINIMUM APPlICATION AMOUNTPurchase : ` 5,000 and any amount thereafter.Additional Purchase : ` 1,000 and any amount thereafter.

lOCK-IN PERIODExisting investments by investors including SIP / STP registrations, etc (until June 1, 2018):Units purchased cannot be assigned / transferred / pledged / redeemed / switched out until completion of 5 years from the date of allotment of Units under the Scheme. Fresh investments by investors including SIP / STP registrations, etc (effective june 2, 2018): Units purchased cannot be assigned / transferred / pledged / redeemed / switched out until completion of 5 years from the date of allotment of Units or Retirement Age of Unit holder (i.e. completion of 60 years), whichever is earlier.¥ Dedicated Fund Manager for Overseas Investments:

Mr. Chirag Dagli (since July 22, 2019) (Total experience: Over 18 years).



Returns (%)

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme

(`)Benchmark

(`)#Additional

Benchmark (`)##

Aug 30, 19 Last 1 Year 6.79 10.65 6.59 10,679 11,065 10,659Aug 31, 17 Last 3 Years 4.80 8.28 6.16 11,512 12,697 11,968Feb 26, 16 Since Inception 8.05 10.16 8.00 14,183 15,482 14,155

Returns greater than 1 year period are compounded annualized (CAGR). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in equity instruments. The Scheme is in existence for more than 1 year but less than 5 years. For performance of other schemes managed by Chirag Setalvad (equities) and Shobhit Mehrotra (Debt), please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 76.



l investment predominantly in debt and money market instruments & balance in equity and equity related instruments.

Riskometer




n equity 13.45

n G-Sec 32.72




n equity 13.45n Sovereign 32.72n AAA/AAA(SO)/A1+/A1+(SO)

& equivalent 20.74n AA+ 8.33n AA/AA- 13.85n Cash, Cash equivalents and

Net Current Assets 10.91

[An open ended retirement solution oriented scheme having a lock-in of 5 years or till retirement age (whichever is earlier)]

HDFC Retirement Savings Fund - Hybrid Debt Plan(A notified Tax Savings Cum Pension Scheme)

Company Industry+ / Rating % to NAVEqUITY & EqUITY RElATEDICICI Bank Ltd. Banks 1.12Reliance Industries Ltd. Petroleum Products 1.00HDFC Bank Ltd. Banks 0.87Coforge Ltd. Software 0.80Alkyl Amines Chemicals Ltd. Chemicals 0.71Infosys Ltd. Software 0.61Avanti Feeds Ltd. Consumer Non Durables 0.45Voltamp Transformers Ltd. Industrial Capital Goods 0.41Timken India Ltd. Industrial Products 0.38Redington (India) Ltd. Transportation 0.37Larsen and Toubro Ltd. Construction Project 0.36Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.34Axis Bank Ltd. Banks 0.33Bajaj electricals Ltd. Consumer Durables 0.32Tata Steel Ltd. Ferrous Metals 0.30Blue Star Ltd. Consumer Durables 0.28Carborundum Universal Ltd. Industrial Products 0.28JB Chemicals & Pharmaceuticals Ltd. Pharmaceuticals 0.27The Anup engineering Ltd. Industrial Capital Goods 0.25Oriental Carbon & Chemicals Ltd. Chemicals 0.24Transport Corporation of India Ltd. Transportation 0.24Vesuvius India Ltd. Industrial Products 0.24Newgen Software Technologies Ltd. Software 0.23SKF India Ltd. Industrial Products 0.23State Bank of India Banks 0.23Mahindra Holidays & Resorts India Ltd.


Tube Investments of India Ltd. Auto Ancillaries 0.22Navneet education Ltd. Media & entertainment 0.20Aurobindo Pharma Ltd. Pharmaceuticals 0.19Nilkamal Ltd. Industrial Products 0.19GNA Axles Ltd. Auto Ancillaries 0.18Hindustan Petroleum Corporation Ltd. Petroleum Products 0.18Insecticides (India) Ltd. Pesticides 0.18Power Grid Corporation of India Ltd. Power 0.18NRB Bearing Ltd. Industrial Products 0.16

Company Industry+ / Rating % to NAVKalpataru Power Transmission Ltd. Power 0.15Poddar Pigments Ltd. Chemicals 0.14Time Technoplast Ltd. Industrial Products 0.12Apar Industries Ltd. Industrial Capital Goods 0.11Bank of Baroda Banks 0.07Tamilnadu Newsprint & Papers Ltd. Paper 0.07Sadbhav engineering Ltd. Construction Project 0.03Sub Total 13.45DEBT & DEBT RElATEDgOVERNMENT SECURITIES (CENTRAl/STATE)• 6.19 GOI 2034 Sovereign 11.20• 7.57 GOI 2033 Sovereign 9.38• 7.5 GOI 2034 Sovereign 6.22• 6.79 GOI 2029 Sovereign 5.92Sub Total 32.72CREDIT EXPOSURE (NON PERPETUAl)• L&T Infrastructure Finance Ltd. CRISIL - AAA 7.62• Vedanta Ltd. CRISIL - AA 7.58• Indian Railways Finance

Corp. Ltd. CRISIL - AAA 6.35• Jamnagar Utilities & Power

Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CRISIL - AAA 3.07

• Shriram Transport Finance Company Ltd. CRISIL - AA+ 3.05

Reliance Industries Ltd. CRISIL - AAA 2.43Tata Motors Ltd. CARe - AA- 1.62Power Finance Corporation Ltd. CRISIL - AAA 1.27Sub Total 32.99CREDIT EXPOSURE (PERPETUAl BONDS)• State Bank of India

(AT1, BASeL III, Perpetual) CRISIL - AA+ 5.28Canara Bank (AT1, BASeL III, Perpetual) CARe-AA 2.33Union Bank of India (AT1, BASeL III, Perpetual) CARe - AA- 2.32Sub Total 9.93Total 75.64Cash, Cash equivalents and Net Current Assets 10.91Grand Total 100.00• Top Ten Holdings

PORTFOLIO



Total Amount Invested (` ‘000) 550.00 360.00 120.00 Mkt Value As on August 31, 2020 (` ‘000) 634.50 392.55 124.67 Returns (%) 6.18 5.70 7.30 Benchmark Returns (%) # 9.54 10.40 12.64 Additional Benchmark Returns (%) ## 7.63 8.85 5.22


August 2020 35

CATEgORY OF SCHEME: EqUITY SAVINGS FUND

KEY FACTS


To provide capital appreciation by investing in equity & equity related instruments, Arbitrage opportunities, and Debt & money market instruments.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥

gopal Agrawal (equities) (since July 16, 2020)


Krishan Kumar Daga (Arbitrage) (since January 08, 2016)


Arun Agarwal (Arbitrage) (since August 24, 2020)


Anil Bamboli (Debt) (since September 17, 2004)



September 17, 2004





qUANTITATIVE DATA

Portfolio Turnover Ratio 22.56%Average Maturity * 1.88 daysMacaulay Duration * 1.57 daysModified Duration * 1.45 daysYield to Maturity * 8.04%




#BENCHMARK INDEX: 40% NIFTY 50 Arbitrage Index, 30% CRISIL Short Term Bond Fund Index and 30% NIFTY 50 (Total Returns Index)


EXIT lOAD

l In respect of each purchase / switch-in of Units, upto 15% of the units may be redeemed without any exit load from the date of allotment.





PLANS & OPTIONS





This product is suitable for investors who are seeking ~l capital appreciation while generating income over medium to

long term.l provide capital appreciation and income distribution to the

investors by using equity and equity related instruments, arbitrage opportunities, and investments in debt and money market instruments.

Riskometer



SIP PERFORMANCE ^ - Regular Plan - growth OptionSince Inception SIP 15 year SIP 10 year SIP 5 Year SIP 3 Year SIP 1 Year SIP

Total Amount Invested (` ‘000) 1,920.00 1,800.00 1,200.00 600.00 360.00 120.00 Mkt Value As on August 31, 2020 (` ‘000) 3,871.86 3,444.57 1,751.46 685.80 376.88 124.47 Returns (%) 8.22 8.16 7.34 5.29 3.00 6.98 Benchmark Returns (%) # N.A. N.A. 8.17 7.29 6.73 8.85 Additional Benchmark Returns (%) ## 10.71 10.00 9.48 7.79 4.87 13.75

Assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. CAGR returns are computed after accounting for the cash flow by using xIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment simulation is for illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital. N.A. Not Available.

PERFORMANCE ^ - Regular Plan - growth OptionDate Period^^ Scheme

Returns (%)

Benchmark Returns

(%)#


Returns (%) ##


(`)#Additional

Benchmark (`)##

Aug 30, 19 Last 1 Year 2.88 6.60 4.31 10,288 10,660 10,431Aug 31, 17 Last 3 Years 3.20 6.62 6.01 10,992 12,122 11,915Aug 31, 15 Last 5 Years 7.45 7.55 8.75 14,329 14,395 15,214Sep 17, 04 Since Inception 8.58 N.A. 13.94 37,227 N.A. 80,301

^^Effective December 16, 2015, certain changes, including changes to fundamental attributes, were effected in the erstwhile HDFC Multiple Yield Fund, (an open ended income scheme) which was renamed as HDFC Equity Savings Fund, an open ended equity scheme. On account of these changes, the performance during the period(s) from September 17, 2004 to December 15, 2015 is not comparable.Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Scheme performance may not strictly be comparable with that of its Additional Benchmark, since a portion of scheme’s investments are made in debt instruments. Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Gopal Agrawal (Equities), Krishan Kumar Daga (Arbitrage), Arun Agarwal (Arbitrage) and Anil Bamboli (Debt), please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 77.^Past performance may or may not be sustained in the future. Load is not taken into consideration for computation of performance.

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of August 31, 2020 unless otherwise specified. ...Contd on next page



& equivalent 2.57n AA+ 0.17n AA/AA- 9.56n A+ & Below 4.49n Cash, Cash equivalents and


(An open ended scheme investing in equity, arbitrage and debt)HDFC Equity Savings Fund


0.13

0.17

0.56

0.64

0.67

0.91

1.01

1.05

1.38

1.66

1.70

2.22

2.37

3.22

3.33

3.63

4.60

10.14

0 2 4 6 8 10 12

Auto Ancillaries

Pesticides

Construction

Minerals/Mining

Ferrous Metals

Cement

Transportation


Gas

Finance

Pharmaceuticals




Software

Petroleum Products

Power

Banks

36 August 2020

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of August 31, 2020 unless otherwise specified.

(An open ended scheme investing in equity, arbitrage and debt) .....Contd from previous pageHDFC Equity Savings Fund




• Housing Development Finance Corporation Ltd.£ Finance 8.12 8.12

• Reliance Industries Ltd. Petroleum Products 5.49 2.99

• Infosys Ltd. Software 4.52 1.47

• State Bank of India Banks 3.61 0.31

• ICICI Bank Ltd. Banks 3.57 0.00

• NTPC Ltd. Power 3.46 0.00

• Larsen and Toubro Ltd. Construction Project 3.19 0.13

• HDFC Bank Ltd. Banks 2.80 0.00

• Sun Pharmaceutical Industries Ltd. Pharmaceuticals 2.55 2.55

Dr Reddys Laboratories Ltd. Pharmaceuticals 2.04 2.04

Aurobindo Pharma Ltd. Pharmaceuticals 1.95 1.30

Axis Bank Ltd. Banks 1.62 1.15

ITC Ltd. Consumer Non Durables 1.40 0.00

GAIL (India) Ltd. Gas 1.38 0.00

SBI Cards and Payment Services Ltd. Finance 1.38 0.00

Tata Steel Ltd. Ferrous Metals 1.30 0.63

Vedanta Ltd. Non - Ferrous Metals 1.13 0.08

Ambuja Cements Ltd. Cement 1.08 0.25

Bharat Petroleum Corporation Ltd. Petroleum Products 0.90 0.02

Bharti Airtel Ltd. Telecom - Services 0.83 0.83

JSW Steel Ltd. Ferrous Metals 0.78 0.78

Lupin Ltd. Pharmaceuticals 0.77 0.26

Mahindra & Mahindra Ltd. Auto 0.75 0.75

Power Grid Corporation of India Ltd. Power 0.74 0.00

Titan Company Ltd. Consumer Durables 0.73 0.73

Gujarat Pipavav Port Ltd. Transportation 0.69 0.00

Coal India Ltd. Minerals/Mining 0.64 0.00

BeML Ltd. Industrial Capital Goods 0.58 0.00

Tata Motors Ltd. Auto 0.58 0.58

Cipla Ltd. Pharmaceuticals 0.54 0.00

Grasim Industries Ltd. Cement 0.54 0.54

United Spirits Ltd. Consumer Non Durables 0.53 0.53

Bharat electronics Ltd. Industrial Capital Goods 0.44 0.00

Titagarh Wagons Ltd. Industrial Capital Goods 0.44 0.00

emami Ltd. Consumer Non Durables 0.43 0.00

Centum electronics Ltd. Industrial Capital Goods 0.41 0.00

NHPC Ltd. Power 0.40 0.00

Tata Consumer Products Ltd. Consumer Non Durables 0.39 0.00

JMC Projects (India) Ltd. Construction 0.38 0.00

Maruti Suzuki India Ltd. Auto 0.35 0.35

Container Corporation of India Ltd. Transportation 0.32 0.00

Hindustan Unilever Ltd. Consumer Non Durables 0.29 0.29

Newgen Software Technologies Ltd. Software 0.28 0.00

Power Finance Corporation Ltd. Finance 0.28 0.00

Texmaco Rail & engineering Ltd. Industrial Capital Goods 0.27 0.00

Hindustan Petroleum Corporation Ltd. Petroleum Products 0.25 0.00

elecon engineering Company Ltd. Industrial Capital Goods 0.23 0.00

The Federal Bank Ltd. Banks 0.22 0.22

Max Financial Services Ltd. Finance 0.20 0.20

ITD Cementation India Ltd. Construction 0.18 0.00

Hero MotoCorp Ltd. Auto 0.17 0.17

UPL Ltd. Pesticides 0.17 0.00

Ashoka Buildcon Ltd. Construction Project 0.16 0.00



Cadila Healthcare Ltd. Pharmaceuticals 0.16 0.16

Apollo Tyres Ltd. Auto Ancillaries 0.13 0.00

UltraTech Cement Ltd. Cement 0.12 0.12

Hindalco Industries Ltd. Non - Ferrous Metals 0.10 0.10

Zee entertainment enterprises Ltd. Media & entertainment 0.10 0.10

Orient Cement Ltd. Cement 0.08 0.00

Pidilite Industries Ltd. Chemicals 0.07 0.07

Tech Mahindra Ltd. Software 0.07 0.07

Petronet LNG Ltd. Gas 0.06 0.06

Adani Ports & Special economic Zone Transportation 0.04 0.04

ACC Ltd. Cement 0.03 0.03

Bajaj Finserv Ltd. Finance 0.03 0.03

Bosch Ltd. Auto Ancillaries 0.03 0.03

Bajaj Auto Ltd. Auto 0.02 0.02

Torrent Power Ltd. Power 0.01 0.01

Biocon Ltd. Pharmaceuticals @

S Chand and Company Ltd. Media & entertainment @

United Breweries Ltd. Consumer Non Durables @Sub Total 67.50

Preference Shares

Zee entertainment enterprises Ltd. Media & entertainment @

Sub Total @

Total 67.50

DEBT & DEBT RElATED




Sub Total 0.89



Vedanta Ltd. CRISIL - AA 1.57


Muthoot Finance Ltd. ICRA - AA 1.18

Indian Railways Finance Corp. Ltd. CRISIL - AAA 0.87

Aarish Solar Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.35

Sub Total 6.92


• Punjab National Bank (AT1, BASeL III, Perpetual) IND - A 2.92

Canara Bank (AT1, BASeL III, Perpetual) CARe - AA 2.19

Union Bank of India (AT1, BASeL III, Perpetual) IND - AA 1.68


Canara Bank (AT1, BASeL III, Perpetual) CRISIL - AA 0.83

Bank of Baroda (AT1, BASeL III, Perpetual) CARe - AA 0.34

HDFC Bank Ltd. (AT1, BASEL III, Perpetual) CRISIL - AA+ 0.17


Sub Total 9.87

Total 17.68

Short Term Deposits as margin for Futures & Options 10.49


Grand Total 100.00


Outstanding exposure in derivative instruments (` in Crore) 847.25

Hedged position in Equity & Equity related instruments

Outstanding derivative exposure (% age) 28.21

PORTFOLIO

August 2020 37

CATEgORY OF SCHEME: CONSERVATIVE HYBRID FUND

KEY FACTS


To generate income / capital appreciation by investing primarily in debt securities, money market instruments and moderate exposure to equities.


FUND MANAgER ¥

Prashant Jain (equities) (since December 26, 2003)

Total experience: Over 27 years &Shobhit Mehrotra (Debt) (since September 1, 2007)



December 26, 2003


Regular Plan - Growth Option 48.3802Regular Plan - Monthly Dividend Option 12.1191Regular Plan - quarterly Dividend Option 12.9121Direct Plan - Growth Option 50.2635Direct Plan - Monthly Dividend Option 12.8071Direct Plan - quarterly Dividend Option 13.6348



qUANTITATIVE DATA

Average Maturity * 4.80 yearsMacaulay Duration * 3.77 yearsModified Duration * 3.53 yearsYield to Maturity * 8.33%* Computed on the invested amount for debt portfolio.




##ADDl. BENCHMARK INDEX: CRISIL 10 year Gilt Index

EXIT lOAD

l In respect of each purchase / switch-in of Units, 15% of the Units (“the limit”) may be redeemed without any exit load from the date of allotment.

l Any redemption in excess of the limit shall be subject to the following exit load:


l No exit load is payable if Units are redeemed / switched-out after 1 year from the date of allotment.


PLANS & OPTIONS

Regular Plan, Direct Plan. Under each Plan : Growth, Monthly Dividend & quarterly Dividend Option. The Dividend Option offers Dividend Payout and Reinvestment facility.


Purchase: (Growth & quarterly Dividend Option) - ` 5,000 and any amount thereafter. (Monthly Dividend Option) - ` 25,000 and any amount thereafter.Additional Purchase : ` 1,000 and any amount thereafter.


Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of August 31, 2020 unless otherwise specified.





IRB Infrastructure Developers Ltd. Construction 1.79

ICICI Bank Ltd. Banks 1.67


ITC Ltd. Consumer Non Durables 1.53




Chambal Fertilizers & Chemicals Ltd. Fertilisers 0.93


Infosys Ltd. Software 0.86




ReC Ltd. Finance 0.66

Mishra Dhatu Nigam Ltd. Ferrous Metals 0.56

NHPC Ltd. Power 0.55



Apar Industries Ltd. Industrial Capital Goods 0.45



MeP Infrastructure Developers Ltd. Transportation 0.31


Texmaco Rail & engineering Ltd. Industrial Capital Goods 0.18


Union Bank of India Banks 0.14

elecon engineering Company Ltd. Industrial Capital Goods 0.02

Titagarh Wagons Ltd. Industrial Capital Goods 0.02

Tata Motors Ltd. DVR Auto @

Sub Total 24.56

DEBT & DEBT RElATED









GOI 2023 Sovereign 0.33


8.10% Tamil Nadu SDL - Mat 110325 Sovereign 0.12



Sub Total 9.66




• TATA Housing Development Company Ltd. CARe - AA 5.06

• Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 4.48

• Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CRISIL - AAA 4.39

• Power Finance Corporation Ltd. CRISIL - AAA 4.15

• DLF Ltd. ICRA - A+ 4.14

• Tata Motors Ltd. CRISIL - AA- 4.13

• Indian Railways Finance Corp. Ltd. CRISIL - AAA 3.04

• Shriram City Union Finance Ltd. CARE - AA+ / CRISIL - AA 2.90

Shriram Transport Finance Company Ltd. CRISIL - AA+ 2.83

Talwandi Sabo Power Ltd. (Corporate Guarantee of Vedanta Ltd.) CRISIL - AA(Ce) 2.81

ReC Ltd. CRISIL - AAA 2.61

Housing and Urban Development Corporation Ltd. CARe - AAA 2.34

National Highways Authority of India CRISIL - AAA 2.29

Andhra Pradesh expressway Ltd. (NHAI Annuity) ICRA - AAA 1.47



First Business Receivables Trust (PTC backed by receivables from Reliance Corporate IT Park Ltd.) CRISIL - AAA(SO) 1.27

Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) CARe - D 0.85


JM Financial Products Ltd. ICRA - AA 0.24

Power Grid Corporation of India Ltd. CRISIL - AAA 0.24

Bharati Telecom Ltd. CRISIL - AA+ 0.08

Sub Total 58.29



The Tata Power Company Ltd. (Perpetual) CRISIL - AA- 1.72

Sub Total 3.78

Total 71.73


Grand Total 100.00

• Top Ten Holdings, @ Less than 0.01%

(An open ended hybrid scheme investing predominantly in debt instruments)HDFC Hybrid Debt Fund

PORTFOLIO

38 August 2020



l to generate long-term income / capital appreciation

l investments primarily in debt securities, money market instruments and moderate exposure to equities

Riskometer




Since Inception SIP

15 year SIP 10 year SIP 5 Year SIP 3 Year SIP 1 Year SIP



Returns (%) 9.08 8.73 7.75 5.62 4.99 8.27






(%)

Benchmark Returns

(%)#


Returns (%) ##



Additional Benchmark (`)##

Aug 30, 19 Last 1 Year 5.58 10.65 6.59 10,558 11,065 10,659

Aug 31, 17 Last 3 Years 3.71 8.28 6.16 11,156 12,697 11,968

Aug 31, 15 Last 5 Years 6.67 9.12 7.84 13,816 15,480 14,589


Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in equity instruments. For performance of other schemes managed by Prashant Jain (Equities) and Shobhit Mehrotra (Debt), please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 77.


Note: Effective close of business hours of May 25, 2018, HDFC MF Monthly Income Plan – Long Term Plan (MIP-LTP) underwent changes in Fundamental Attributes and was renamed as HDFC Hybrid Debt Fund (HHDF) and HDFC MF Monthly Income Plan – Short Term Plan was merged therein. As the portfolio structuring of HHDF closely resembles the erstwhile MIP-LTP, the past performance of MIP-LTP is provided, in line with SeBI circular on Performance disclosure post consolidation/ merger of scheme dated April 12, 2018.


n equity 24.56

n G-Sec, SDL 9.66







(An open ended hybrid scheme investing predominantly in debt instruments) .....Contd from previous pageHDFC Hybrid Debt Fund

August 2020 39

CATEgORY OF SCHEME: ARBITRAGE FUND

KEY FACTS


To generate income through arbitrage opportunities and debt & money market instruments.


FUND MANAgER ¥

Krishan Kumar Daga (since September 10, 2015)





October 23, 2007


Retail PlanRegular Plan - Growth Option 22.965Regular Plan - Dividend Option 17.057Regular Plan - quarterly Dividend Option 16.316Direct Plan - Growth Option 23.900Direct Plan - quarterly Dividend Option 18.112

Wholesale PlanRegular Plan - Growth Option 23.504Regular Plan - Dividend Option 10.331Regular Plan - Monthly Dividend Option 10.801Direct Plan - Growth Option 15.078Direct Plan - Dividend Option 10.716Direct Plan - Monthly Dividend Option 10.466



qUANTITATIVE DATA

Portfolio Turnover Ratio 156.02%Average Maturity * 111 daysMacaulay Duration * 112 daysModified Duration * 95 daysYield to Maturity * 5.60%* Computed on the invested amount for debt portfolio.



#BENCHMARK INDEX: NIFTY 50 Arbitrage Index


EXIT lOAD

l In respect of each purchase / switch-in of Units, an exit Load of 0.25% is payable if Units are redeemed / switched-out within 1 month from the date of allotment.

l No exit Load is payable if Units are redeemed / switched-out after 1 month from the date of allotment.


PLANS & OPTIONS

(Wholesale Plan) - Regular Plan, (Wholesale Plan) - Direct Plan.Under Each Plan : Growth & Dividend. Dividend Option offers Monthly Dividend Option and Normal Dividend Option with Payout and Reinvestment facility.


Purchase/Additional Purchase: ̀ 1 lakh and any amount thereafter.



EqUITY & EqUITY RElATED (quantity fully hedged using Futures/Options)

EqUITY


• Bharti Airtel Ltd. Telecom - Services 7.24



• Sun Pharmaceutical Industries Ltd. Pharmaceuticals 4.28


• Dr Reddys Laboratories Ltd. Pharmaceuticals 2.69

• Indusind Bank Ltd. Banks 2.45

• Tech Mahindra Ltd. Software 2.14

• Adani Ports & Special economic Zone Transportation 2.11


Divis Laboratories Ltd. Pharmaceuticals 1.89


Grasim Industries Ltd. Cement 1.69




JSW Steel Ltd. Ferrous Metals 1.19



Godrej Consumer Products Ltd. Consumer Non Durables 0.64

United Spirits Ltd. Consumer Non Durables 0.60


Hindalco Industries Ltd. Non - Ferrous Metals 0.52

Infosys Ltd. Software 0.52



Colgate-Palmolive (I) Ltd. Consumer Non Durables 0.36





Biocon Ltd. Pharmaceuticals 0.31


SRF Ltd. Industrial Products 0.30

Jindal Steel & Power Ltd. Ferrous Metals 0.29

Tata Consultancy Services Ltd. Software 0.29

The Tata Power Company Ltd. Power 0.29

Pidilite Industries Ltd. Chemicals 0.26


Adani enterprises Ltd. Trading 0.24

NMDC Ltd. Minerals/Mining 0.23

Petronet LNG Ltd. Gas 0.21



L&T Finance Holdings Ltd. Finance 0.14


Shree Cement Ltd. Cement 0.13

Tata Consumer Products Ltd. Consumer Non Durables 0.13

The Federal Bank Ltd. Banks 0.12

Sun TV Network Ltd. Media & entertainment 0.09




Glenmark Pharmaceuticals Ltd. Pharmaceuticals 0.07

Indian Oil Corporation Ltd. Petroleum Products 0.07


Cadila Healthcare Ltd. Pharmaceuticals 0.06

Manappuram Finance Ltd. Finance 0.05

ACC Ltd. Cement 0.04


Marico Ltd. Consumer Non Durables 0.04

Berger Paints (I) Ltd Consumer Non Durables 0.03


exide Industries Ltd. Auto Ancillaries 0.02

MRF Ltd. Auto Ancillaries 0.02

Tata Chemicals Ltd. Chemicals 0.02

Apollo Tyres Ltd. Auto Ancillaries 0.01


SBI Life Insurance Company Ltd. Finance 0.01

Shriram Transport Finance Company Ltd. Finance 0.01


United Breweries Ltd. Consumer Non Durables 0.01

Torrent Pharmaceuticals Ltd. Pharmaceuticals @

Sub Total 68.44

Short Term Deposits as margin for Futures & Options 23.97


Grand Total 100.00


Outstanding exposure in derivative instruments (` in Crore) 3,736.49

Hedged position in Equity & Equity related instruments

Outstanding derivative exposure (% age) 68.71

Face Value per Unit: ` 10 unless otherwise specified, + Industry Classification as recommended by AMFI, Data is as of August 31, 2020 unless otherwise specified. ....Contd on next page

(An open ended scheme investing in arbitrage opportunities)HDFC Arbitrage FundPORTFOLIO

40 August 2020


l income over short term.

l income through arbitrage opportunities between cash and derivative market and arbitrage opportunities within the derivative segment.

Riskometer

Investors understand that their principal will be at moderately low risk


Face Value per Unit: ̀ 10 unless otherwise specified, + Industry Classification as recommended by AMFI, CD - Certificate of Deposit; CP - Commercial Papers, Data is as of August 31, 2020 unless otherwise specified.

PERFORMANCE ^ - Wholesale Plan - Regular Plan - growth Option


(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Aug 30, 19 Last 1 Year 4.15 2.98 4.31 10,415 10,298 10,431Aug 31, 17 Last 3 Years 5.27 4.65 6.01 11,666 11,463 11,915Aug 31, 15 Last 5 Years 5.66 5.06 8.75 13,172 12,805 15,214Oct 23, 07 Since Inception 6.87 N.A. 7.13 23,504 N.A. 24,246

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. N.A. Not Available. Scheme performance is not strictly comparable with that of its Additional Benchmark since the scheme does not take directional call in equity markets but is limited to availing arbitrage opportunities, etc. For performance of other schemes managed by Krishan Kumar Daga and Arun Agarwal, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 77.



n equity 68.44



n equity 68.44


(An open ended scheme investing in arbitrage opportunities) .....Contd from previous pageHDFC Arbitrage Fund


0.01

0.04

0.09

0.13

0.19

0.21

0.24

0.28

0.29

0.30

0.38

0.78

0.86

1.49

2.11

2.59

3.17

3.50

6.07

7.24

7.61

8.56

9.58

12.72

0 2 4 6 8 10 12 14

Oil


Media & Entertainment

Auto Ancillaries


Gas

Trading

Chemicals

Power

Industrial Products

Minerals/Mining

Pesticides


Ferrous Metals

Transportation

Auto

Software

Cement

Petroleum Products

Telecom - Services

Finance


Banks

Pharmaceuticals


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,550.00 1,200.00 600.00 360.00 120.00 Mkt Value As on August 31, 2020 (` ‘000) 2,405.06 1,657.41 686.02 388.14 122.23 Returns (%) 6.53 6.29 5.30 4.95 3.47 Benchmark Returns (%) # N.A. 5.89 4.67 4.35 1.92 Additional Benchmark Returns (%) ## 9.77 9.48 7.79 4.87 13.75


August 2020 41

CATEgORY OF SCHEME: CORPORATE BOND FUND

KEY FACTSINVESTMENT OBjECTIVE

To generate income/capital appreciation through investments predominantly in AA+ and above rated corporate bonds.


FUND MANAgER ¥

Anupam Joshi (since October 27, 2015)



June 29, 2010


Regular Plan - Growth Option 24.1161Regular Plan - Dividend Option 16.4026Regular Plan - quarterly Dividend Option 10.6060Direct Plan - Growth Option 24.3204Direct Plan - Dividend Option 16.6920Direct Plan - quarterly Dividend Option 10.7023



qUANTITATIVE DATA

Average Maturity * 4.54 yearsMacaulay Duration * 3.47 yearsModified Duration * 3.28 yearsYield to Maturity * 5.71%* Computed on the invested amount.



#BENCHMARK INDEX: NIFTY Corporate Bond Index


EXIT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Under both the Plans: Growth, quarterly Dividend & Normal Dividend. Both Dividend options offer Payout and Reinvestment facilities.


Purchase : ` 5,000 and any amount thereafter. Additional Purchase : ` 1,000 and any amount thereafter.


Face Value per Unit: ` 10 unless otherwise specified, CD - Certificate of Deposit; CP - Commercial Papers, Data is as of August 31, 2020 unless otherwise specified.


l income over short to medium term

l to generate income/capital appreciation through investments predominantly in AA+ and above rated corporate bonds

Riskometer

Investors understand that their principal will be at moderate risk


Issuer Rating % to NAV

DEBT & DEBT RElATED









8.21% Haryana SDL (UDAY) - Mat 310323 Sovereign 0.15


Sub Total 21.72




• Power Finance Corporation Ltd.

CARe - AAA / CRISIL - AAA / ICRA - AAA 7.99

• Reliance Industries Ltd. CRISIL - AAA / ICRA - AAA 7.35

• REC Ltd. CARe - AAA / CRISIL - AAA / IND - AAA 6.58

• State Bank of India CRISIL - AAA 4.64

• National Bank for Agriculture & Rural Development CRISIL - AAA / ICRA - AAA 4.47

• National Highways Authority of India CARe - AAA / CRISIL - AAA 3.44


Food Corporation of India (Corporate guarantee from Govt of India) CARe - AAA(Ce) 2.11

ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CARe - AAA(Ce) 2.06

Chennai Petroleum Corp Ltd. CRISIL - AAA 1.89

Sundaram Finance Ltd. CRISIL - AAA / ICRA - AAA 1.60

Bank of Baroda CARe - AAA 1.53



Mangalore Refinery and Petrochemicals Ltd. CRISIL - AAA 1.33

NTPC Ltd. CRISIL - AAA 1.18

Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CRISIL - AAA 1.06

export - Import Bank of India CRISIL - AAA 0.89

Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 0.89


Indian Oil Corporation Ltd. CRISIL - AAA 0.73

Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CARe - AAA 0.72

HDB Financial Services Ltd. CARe - AAA / CRISIL - AAA 0.65

Larsen and Toubro Ltd. CRISIL - AAA 0.48

National Housing Bank CRISIL - AAA 0.36

Housing and Urban Development Corporation Ltd. CARe - AAA / IND - AAA 0.28

L&T Finance Ltd. CARe - AAA 0.27

NHPC Ltd. CARe - AAA 0.26

Andhra Pradesh expressway Ltd. (NHAI Annuity) ICRA - AAA 0.19


Gujarat Road And Infrastructure Company Ltd. CARe - AAA 0.12

Tata Sons Ltd. CRISIL - AAA 0.09

ICICI Bank Ltd. CARe - AAA 0.05

Mahanagar Telephone Nigam Ltd. (Corporate guarantee from Govt of India) CRISIL - AAA(Ce) 0.05

Bajaj Finance Ltd. CRISIL - AAA 0.02

Sub Total 74.82

Total 96.54


Grand Total 100.00


Outstanding exposure in derivative instruments Interest Rate Swap (` in Crore) 1,400.00

Note: Effective close of business hours of May 8, 2018, HDFC Medium Term Opportunities Fund (HMTOF) underwent changes in Fundamental Attributes and was renamed as HDFC Corporate Bond Fund (HCBF) and HDFC Floating Rate Income Fund – Long Term Plan and HDFC Gilt Fund – Short Term Plan were merged therein. As the portfolio structuring of HCBF closely resembles the erstwhile HMTOF, the past performance of HMTOF is provided, in line with SEBI circular on Performance disclosure post consolidation/ merger of scheme dated April 12, 2018.


n G-Sec, SDL 21.72




n Sovereign 21.72n AAA/AAA(SO)/A1+/A1+(SO)

& equivalent 74.82n Cash, Cash equivalents and


(An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds)HDFC Corporate Bond Fund

PORTFOLIO

42 August 2020



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Aug 30, 19 Last 1 Year 10.41 11.18 6.59 11,041 11,118 10,659Aug 31, 17 Last 3 Years 8.59 8.37 6.16 12,807 12,730 11,968Aug 31, 15 Last 5 Years 8.94 8.75 7.84 15,351 15,214 14,589Jun 29, 10 Since Inception 9.03 8.82 6.95 24,116 23,636 19,814

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Anupam Joshi, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 71.


(An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds).....Contd from previous pageHDFC Corporate Bond Fund


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 1,230.00 1,200.00 600.00 360.00 120.00 Mkt Value As on August 31, 2020 (` ‘000) 1,997.93 1,925.73 757.74 419.86 127.20 Returns (%) 9.14 9.14 9.27 10.24 11.31 Benchmark Returns (%) # 9.08 9.10 9.17 10.30 12.57 Additional Benchmark Returns (%) ## 7.61 7.65 7.63 8.85 5.22


August 2020 43

CATEgORY OF SCHEME: CREDIT RISK FUND

KEY FACTS


To generate income/capital appreciation by investing predominantly in AA and below rated corporate debt.


FUND MANAgER ¥

Shobhit Mehrotra (since March 25, 2014)



March 25, 2014


Regular Plan - Growth Option 17.1990Regular Plan - Dividend Option 15.8364Regular Plan - quarterly Dividend Option 10.5616Direct Plan - Growth Option 18.0575Direct Plan - Dividend Option 15.8288Direct Plan - quarterly Dividend Option 10.6942



qUANTITATIVE DATA


#BENCHMARK INDEX: NIFTY Credit Risk Bond Index




EXIT lOAD

l In respect of each purchase / switch-in of Units, 15% of the units (“the limit”) may be redeemed without any exit Load from the date of allotment


n In respect of each purchase / switch-in of Units, an exit Load of 1.00% is payable if Units are redeemed / switched-out within 12 months from the date of allotment

n In respect of each purchase / switch-in of Units, an exit Load of 0.50% is payable if Units are redeemed / switched-out after 12 months but within 18 months from the date of allotment

l No exit Load is payable if Units are redeemed / switched-out after 18 months from the date of allotment


PLANS & OPTIONS

Regular Plan, Direct Plan. Under each Plan: Growth, quarterly Dividend and Normal Dividend. Both Dividend options offers Payout and Reinvestment facilities.






(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Aug 30, 19 Last 1 Year 9.01 9.53 6.59 10,901 10,953 10,659Aug 31, 17 Last 3 Years 6.96 8.14 6.16 12,238 12,649 11,968Aug 31, 15 Last 5 Years 8.11 8.88 7.84 14,776 15,305 14,589Mar 25, 14 Since Inception 8.78 9.35 8.61 17,199 17,786 17,020

The above returns are for Regular Plan - Growth Option. Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. Load is not taken into consideration for computation of performance. For performance of other schemes managed by Shobhit Mehrotra, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 70.


l income over short to medium terml to generate income/capital appreciation by investing

predominantly in AA and below rated corporate debt (excluding AA+ rated corporate bonds)

Riskometer



Note: Effective close of business hours of May 8, 2018, HDFC Corporate Debt Opportunities Fund (HCDOF) underwent changes in Fundamental Attributes and was renamed as HDFC Credit Risk Debt Fund (HCRDF) and HDFC Regular Savings Fund was merged therein. As the portfolio structuring of HCRDF closely resembles the erstwhile HCDOF, the past performance of HCDOF is provided, in line with SeBI circular on Performance disclosure post consolidation/ merger of scheme dated April 12, 2018.


n CD 1.28



Portfolio Classification By Issuer Rating Class (%) ≈

n AAA/AAA(SO)/A1+/A1+(SO) & equivalent 31.83

n AA+ 0.43n AA/AA- 40.65n A+ & Below 21.24n Cash, Cash equivalents and


[An open ended debt scheme predominantly investing in AA andbelow rated corporate bonds (excluding AA+ rated corporate bonds)]HDFC Credit Risk Debt Fund

Face Value per Unit: ` 10 unless otherwise specified, Data is as of August 31, 2020 unless otherwise specified. ≈ Based on long term rating.


Since Inception SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 780.00 600.00 360.00 120.00 Mkt Value As on August 31, 2020 (` ‘000) 1,018.45 731.15 407.74 125.93 Returns (%) 8.09 7.84 8.25 9.30 Benchmark Returns (%) # 8.96 8.85 9.35 10.52 Additional Benchmark Returns (%) ## 7.87 7.63 8.85 5.22


44 August 2020

Company Industry+ / Security Rating


DEBT & DEBT RElATED


• Vedanta Ltd. CRISIL - AA CRISIL - AA 8.27

• Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA CRISIL - AAA 7.27

• Power Finance Corporation Ltd. CRISIL - AAA CRISIL - AAA 7.06

• DLF Ltd. ICRA - A+ CRISIL - A+ 6.46

• Tata Motors Ltd. CRISIL - AA- CRISIL - AA- 6.24

• Shriram City Union Finance Ltd. CRISIL - AA CRISIL - AA 6.21

• IndInfravit Trust CRISIL - AAA CRISIL - AAA 5.73

• REC Ltd. CRISIL - AAA CRISIL - AAA 5.04

• Dilip Buildcon Ltd. CRISIL - A CRISIL - A 4.59

Sadbhav Infrastructure Project Ltd. (Corporate Guarantee of Sadbhav engineering Ltd.) CARe - A-(Ce) CARe - A-(Ce) 2.77

JM Financial Asset Reconstruction Company Ltd. ICRA - AA- CRISIL - AA- 2.44

Indiabulls Housing Finance Ltd. CARe - AA / CRISIL - AA CRISIL - AA 2.21

Sansar Trust Nov 2018 (PTC of pools from Shriram Transport Finance Company Ltd.) ICRA - AAA(SO) ICRA - AAA(SO) 1.58

Reliance Industries Ltd. CRISIL - AAA CRISIL - AAA 1.45

GeRA Development Pvt. Ltd. CARe - AA- CARe - AA- 1.40

MFL Securitisation Trust LxxxI (PTC of pools from Magma Fincorp Ltd.) CRISIL - AAA(SO) CRISIL - AAA(SO) 1.16

NTPC Ltd. CRISIL - AAA CRISIL - AAA 1.07

PNB Housing Finance Ltd. CARe - AA CRISIL - AA 1.05

Starlite Lighting Ltd. (Corporate Guarantee of Bajaj electrical Ltd.) ICRA - A-(Ce) ICRA - A-(Ce) 0.99

Aarish Solar Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARe - AA-(SO) 0.89

Aashman energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARe - AA-(SO) 0.89

Divyesh Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARe - AA-(SO) 0.89

elena Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARe - AA-(SO) 0.89

Pratyash Renewable Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARe - AA-(SO) 0.89

SeI Baskara Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) BRICKWORKS - AA-(SO) 0.89

Company Industry+ / Security Rating


SeI enerstar Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARe - AA-(SO) 0.89

SeI Mihir energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARe - AA-(SO) 0.89

Shreyas Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARe - AA-(SO) 0.89

Zuvan energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) CARe - AA-(SO) 0.89

Indian Railways Finance Corp. Ltd. CRISIL - AAA CRISIL - AAA 0.88

The Tata Power Company Ltd. CRISIL - AA- CRISIL - AA- 0.82

Gateway Distriparks Ltd. IND - AA- IND - AA- 0.64

Shriram Transport Finance Company Ltd. IND - AA+ CRISIL - AA+ 0.43

L&T Infrastructure Finance Ltd. CRISIL - AAA CARe - AAA 0.41

Hazaribagh Ranchi expressway Ltd. (NHAI Annuity) CARe - D CARe - D 0.34

Nuvoco Vistas Corporation Ltd. (100% subsidiary of Nirma Ltd. & erstwhile Lafarge India Ltd.) CRISIL - AA CRISIL - AA 0.29

Mobil Trust Series 01 (PTC of pools from Shriram City Union Finance Ltd.) CRISIL - AAA(SO) CRISIL - AAA(SO) 0.18

JM Financial Credit Solutions Ltd. ICRA - AA CRISIL - AA 0.06

Sub Total 85.94


• Punjab National Bank (AT1, BASeL III, Perpetual) IND - A IND - A 6.09

The Tata Power Company Ltd. (Perpetual) CRISIL - AA- CRISIL - AA- 0.67

Tata Steel Ltd. (Perpetual) CARe - AA- CARe - AA 0.17

Sub Total 6.93

Total 92.87

MONEY MARKET INSTRUMENTS

CD

The Federal Bank Ltd. CARE - A1+ CARe - AA- 1.28

Sub Total 1.28


Grand Total 100.00



Face Value per Unit: ̀ 10 unless otherwise specified, + Industry Classification as recommended by AMFI, CD - Certificate of Deposit; CP - Commercial Papers, Data is as of August 31, 2020 unless otherwise specified.

[An open ended debt scheme predominantly investing in AA and below rated corporate bonds (excluding AA+ rated corporate bonds)] .....Contd from previous pageHDFC Credit Risk Debt Fund

PORTFOLIO

August 2020 45

CATEgORY OF SCHEME: BANKING AND PSU FUND

KEY FACTSINVESTMENT OBjECTIVETo generate income / capital appreciation through investments in debt and money market instruments consisting predominantly of securities issued by entities such as Scheduled Commercial Banks (SCBs), Public Sector undertakings (PSUs), Public Financial Institutions (PFIs), Municipal Corporations and such other bodies.


FUND MANAgER ¥

Anil Bamboli (since March 26, 2014)


INCEPTION DATE (Date of Allotment)March 26, 2014



qUANTITATIVE DATAAverage Maturity * 3.62 yearsMacaulay Duration * 2.79 yearsModified Duration * 2.64 yearsYield to Maturity * 6.09%* Computed on the invested amount.


#BENCHMARK INDEX: NIFTY Banking & PSU Index

##ADDl. BENCHMARK INDEX: CRISIL 1 year T-Bill Index

EXIT lOADNil

PLANS & OPTIONSRegular Plan, Direct Plan. Under each Plan: Growth & Dividend Option (Weekly frequency). The Dividend Option offers Dividend Payout and Reinvestment facility.

MINIMUM APPlICATION AMOUNTPurchase : ` 5,000 and any amount thereafter. Additional Purchase : ` 1,000 and any amount thereafter.


Face Value per Unit: ` 10 unless otherwise specified, Data is as of August 31, 2020 unless otherwise specified.


l income over short to medium term.l to generate income / capital appreciation through investments

in debt and money market instruments consisting predominantly of securities issued by entities such as Scheduled Commercial Banks (SCBs), Public Sector undertakings (PSUs), Public Financial Institutions (PFIs), Municipal Corporations and such other bodies

Riskometer




DEBT & DEBT RElATED










Sub Total 5.59


• National Bank for Agriculture & Rural Development

CRISIL - AAA / ICRA - AAA 8.26

• Power Finance Corporation Ltd.

CARe - AAA / CRISIL - AAA / ICRA - AAA 8.19

• Housing and Urban Development Corporation Ltd. CARe - AAA 6.86

• REC Ltd. CRISIL - AAA / IND - AAA 5.71

• Indian Railways Finance Corp. Ltd. CRISIL - AAA 5.53

• National Highways Authority of India CRISIL - AAA 4.53


• LIC Housing Finance Ltd. CRISIL - AAA 3.05

• Food Corporation of India (Corporate guarantee from Govt of India) CARe - AAA(Ce) 3.04

• ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CARe - AAA(Ce) 2.96

Mahanagar Telephone Nigam Ltd. (Corporate guarantee from Govt of India) CRISIL - AAA(Ce) 2.59



Housing Development Finance Corporation Ltd.£ CRISIL - AAA 1.62


Hindustan Petroleum Corporation Ltd. CRISIL - AAA 0.97

The Tata Power Company Ltd. CRISIL - AA- 0.97

Nabha Power Ltd. (Corporate Guarantee of L&T Ltd.) ICRA - AAA(Ce) 0.95

Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CRISIL - AAA 0.95

export - Import Bank of India CRISIL - AAA 0.87

L&T Housing Finance Ltd. CRISIL - AAA 0.63


TATA Capital Housing Finance Ltd. CRISIL - AAA 0.63



Reliance Industries Ltd. CRISIL - AAA 0.55

Small Industries Development Bank of India CARe - AAA 0.53

TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) ICRA - AA- 0.35

NHPC Ltd. ICRA - AAA 0.32

Shriram Transport Finance Company Ltd. IND - AA+ 0.27

Bank of Baroda CARe - AAA 0.26

Aashman energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.13

Divyesh Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.13

elena Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.13

Pratyash Renewable Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.13

SeI Baskara Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.13

SeI enerstar Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.13

SeI Mihir energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.13

Shreyas Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.13

Zuvan energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.13


Sub Total 71.69









Bank of Baroda (AT1, BASeL III, Perpetual) CRISIL - AA+ 0.86

Canara Bank (AT1, BASeL III, Perpetual) CARE - A+ 0.62

Sub Total 13.97

Total 91.25


Grand Total 100.00


Outstanding exposure in derivative instruments Interest Rate Swap (` in Crore) 375.00


n G-Sec 5.59







(An open ended debt scheme predominantly investing in debt instruments of banks, public sector undertakings, public financial institutions and municipal bonds)HDFC Banking and PSU Debt Fund

PORTFOLIO

46 August 2020



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##


The above returns are for Regular Plan - Growth Option. Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Anil Bamboli, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 73.


(An open ended debt scheme predominantly investing in debt instruments of banks, public sector undertakings, public financial institutions and municipal bonds)HDFC Banking and PSU Debt Fund

.....Contd from previous pageSIP PERFORMANCE ^ - Regular Plan - growth Option

Since Inception SIP

5 year SIP

3 year SIP

1 year SIP

Total Amount Invested (` ‘000) 780.00 600.00 360.00 120.00 Mkt Value As on August 31, 2020 (` ‘000) 1,043.22 749.56 416.70 126.83 Returns (%) 8.82 8.83 9.73 10.73 Benchmark Returns (%) # 8.41 8.44 9.42 10.42 Additional Benchmark Returns (%) ## 7.03 6.93 7.12 6.36


August 2020 47

CATEgORY OF SCHEME: GILT FUND


To generate credit risk-free returns through investments in sovereign securities issued by the Central Government and/or State Government.


FUND MANAgER ¥

Anil Bamboli (since September 1, 2007)



July 25, 2001





qUANTITATIVE DATA




#BENCHMARK INDEX: CRISIL Dynamic Gilt Index


EXIT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Under both the Plans: Growth & Dividend Option (Dividend Option offers Dividend Payout and Reinvestment facility.







(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Aug 30, 19 Last 1 Year 8.12 9.36 6.59 10,812 10,936 10,659Aug 31, 17 Last 3 Years 6.23 7.73 6.16 11,991 12,506 11,968Aug 31, 15 Last 5 Years 8.04 8.78 7.84 14,727 15,242 14,589Jul 25, 01 Since Inception 7.84 8.46 N.A. 42,296 47,216 N.A.

Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Anil Bamboli, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 73.


l credit risk free returns over medium to long term

l to generate credit risk-free returns through investments in sovereign securities issued by the Central Government and / or State Government

Riskometer




n G-Sec, SDL 97.96



n Sovereign 97.96n Cash, Cash equivalents and


(An open ended debt scheme investing in government securities across maturities)HDFC Gilt Fund


DEBT & DEBT RElATED


• 7.26 GOI 2029 Sovereign 16.50

• 7.17 GOI 2028 Sovereign 15.92

• 5.79 GOI 2030 Sovereign 12.95

• 6.45 GOI 2029 Sovereign 10.59

• 7.59 GOI 2026 Sovereign 10.52




• 8.59% Andhra Pradesh SDL - Mat 230123 Sovereign 2.50



8.60% Rajasthan SDL- Mat 061128 Sovereign 1.30




7.83% Maharashtra SDL - ISD 080420 Mat 080430 Sovereign 1.25

8.60% Madhya Pradesh SDL - Mat 230123 Sovereign 1.25

7.73% Gujarat SDL - ISD 070420 Mat 080429 Sovereign 1.24







Sub Total 97.96


Grand Total 100.00



PORTFOLIO


Since Inception SIP




Returns (%) 7.43 7.87 8.36 7.60 8.39 7.64


Additional Benchmark Returns (%) ## N.A. 7.16 7.65 7.63 8.85 5.22


48 August 2020

CATEgORY OF SCHEME: DYNAMIC BOND FUND


To generate income / capital appreciation by investing in a range of debt and money market instruments.


FUND MANAgER ¥

Anil Bamboli (since February 16, 2004)



April 28, 1997


Regular Plan - Growth Option 66.1399Regular Plan - quarterly Dividend Option 11.8130Regular Plan - Half-Yearly Dividend Option 11.3995Regular Plan - Yearly Dividend Option 12.8605Regular Plan - Normal Dividend Option 14.1691Direct Plan - Growth Option 69.9953Direct Plan - quarterly Dividend Option 12.6067Direct Plan - Half-Yearly Dividend Option 12.7047Direct Plan - Yearly Dividend Option 13.7353Direct Plan - Normal Dividend Option 14.7379



qUANTITATIVE DATA




#BENCHMARK INDEX: CRISIL Dynamic Debt Index


EXIT lOAD

l In respect of each purchase / switch-in of Units, an exit Load of 0.50% is payable if Units are redeemed / switched-out within 6 months from the date of allotment.

l No exit Load is payable if Units are redeemed / switched-out after 6 months from the date of allotment.


PLANS & OPTIONS

Regular Plan, Direct Plan. Under each Plan: Growth, Normal Dividend, quarterly Dividend, Half Yearly Dividend, & Yearly Dividend. All Dividend Options offer Payout and Reinvestment facility.







(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Aug 30, 19 Last 1 Year 8.23 10.98 6.59 10,823 11,098 10,659Aug 31, 17 Last 3 Years 3.95 8.03 6.16 11,235 12,611 11,968Aug 31, 15 Last 5 Years 6.33 8.99 7.84 13,598 15,385 14,589Apr 28, 97 Since Inception 8.42 N.A. N.A. 66,140 N.A. N.A.

Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Anil Bamboli, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 73.


l income over medium to long term

l to generate income / capital appreciation by investing in a range of debt and money market instruments

Riskometer





n G-Sec, SDL 42.39





& equivalent 21.23n AA/AA- 21.48n A+ & Below 11.71n Cash, Cash equivalents and


(An open ended dynamic debt scheme investing across duration)HDFC Dynamic Debt Fund


DEBT & DEBT RElATED


• 7.26 GOI 2029 Sovereign 11.24

• 7.17 GOI 2028 Sovereign 11.18



7.42% Maharashtra SDL - Mat 110522 Sovereign 2.21


8.68% Gujarat SDL - Mat 060223. Sovereign 1.14




8.26% Maharashtra SDL - ISD 120815 Mat 120825 Sovereign 0.14

8.19% Rajasthan SDL (UDAY Scheme- Strip Ix ) - ISD 230616 Mat 230626 Sovereign @

Sub Total 42.39


• Hazaribagh Ranchi Expressway Ltd. (NHAI Annuity) CARe - D 8.59

• Reliance Industries Ltd. CRISIL - AAA 8.39




Mahanagar Telephone Nigam Ltd. (Corporate guarantee from Govt of India) CARe - AAA(Ce) 3.55



Sub Total 35.00


• Union Bank of India (AT1, BASeL III, Perpetual) CARe - AA- 7.70

• Canara Bank (AT1, BASeL III, Perpetual) CARe - AA 7.51



Sub Total 19.42

Total 96.81


Grand Total 100.00

• Top Ten Holdings, @ less than 0.01%


PORTFOLIO


Since Inception SIP




Returns (%) 7.54 7.34 7.06 5.55 5.93 8.14




August 2020 49

CATEgORY OF SCHEME: MEDIUM TO LONG DURATION FUND

KEY FACTS


To generate income / capital appreciation through investments in debt and money market instruments.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥

Shobhit Mehrotra (since September 11, 2007)



September 11, 2000


Regular Plan - Growth Option 45.3605Regular Plan - quarterly Dividend Option 11.3464Regular Plan - Normal Dividend Option 14.3036Direct Plan - Growth Option 47.9105Direct Plan - quarterly Dividend Option 12.1182Direct Plan - Normal Dividend Option 15.1511



qUANTITATIVE DATA

Average Maturity * 8.15 yearsMacaulay Duration * 5.98 yearsModified Duration * 5.76 yearsYield to Maturity * 6.85%* Computed on the invested amount for debt portfolio.



#BENCHMARK INDEX: NIFTY Medium to Long Duration Debt Index


EXIT lOAD

l In respect of each purchase / switch-in of Units, an exit Load of 0.25% is payable if Units are redeemed / switched-out within 1 month from the date of allotment.

l No exit Load is payable if Units are redeemed / switched-out after 1 month from the date of allotment.


PLANS & OPTIONS

Regular Plan, Direct Plan. Under each Plan : Growth, quarterly Dividend & Normal Dividend. Both Dividend Options offer Payout and Reinvestment facility.






(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Aug 30, 19 Last 1 Year 7.71 10.84 6.59 10,771 11,084 10,659Aug 31, 17 Last 3 Years 5.37 7.96 6.16 11,701 12,585 11,968Aug 31, 15 Last 5 Years 7.01 8.76 7.84 14,039 15,226 14,589Sep 11, 00 Since Inception 7.86 N.A. N.A. 45,361 N.A. N.A.

Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Shobhit Mehrotra, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 70.



l income over medium to long term

l to generate income / capital appreciation through investments in debt and money market instruments

Riskometer





n G-Sec 63.39







[An open ended medium term debt scheme investing in instruments such that the Macaulay Duration of the Portfolio is between 4 years and 7 years (Refer page 2 for definition of Macaulay Duration)]HDFC Income Fund


DEBT & DEBT RElATED


• 6.19 GOI 2034 Sovereign 12.34

• 5.79 GOI 2030 Sovereign 11.94











9.15 GOI 2024 Sovereign @

Sub Total 63.39



• NTPC Ltd. CRISIL - AAA 4.50



IndInfravit Trust CRISIL - AAA 3.29

ReC Ltd. CRISIL - AAA 1.73

Sub Total 16.95


• Punjab National Bank (AT1, BASeL III, Perpetual) IND - A 6.44

• State Bank of India (AT1, BASeL III, Perpetual) CRISIL - AA+ 4.77

export - Import Bank of India (AT1, BASeL III, Perpetual) CRISIL - AA+ 4.17


Sub Total 16.20

Total 96.54


Grand Total 100.00

• Top Ten Holdings, @ less than 0.01%

PORTFOLIO


Since Inception SIP




Returns (%) 7.29 7.48 7.39 6.74 7.70 7.33




50 August 2020


n G-Sec 21.44




n Sovereign 21.44n AAA/AAA(SO)/A1+/A1+(SO) &

equivalent 31.78n AA/AA- 33.46n A+ & Below 5.15n Cash, Cash equivalents and Net

Current Assets 8.17

CATEgORY OF SCHEME: MEDIUM DURATION FUND



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Aug 30, 19 Last 1 Year 8.20 11.76 6.78 10,820 11,176 10,678Aug 31, 17 Last 3 Years 7.11 8.43 6.97 12,291 12,750 12,242Aug 31, 15 Last 5 Years 7.92 8.90 6.95 14,646 15,323 14,001Feb 06, 02 Since Inception 7.96 8.09 6.14 41,478 42,464 30,235

Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Shobhit Mehrotra, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 70.

KEY FACTS


To generate income / capital appreciation through investments in Debt and Money Market Instruments.


FUND MANAgER ¥

Shobhit Mehrotra (since September 1, 2007)



February 6, 2002


Regular Plan - Growth Option 41.4778Regular Plan - Dividend Option 15.7368Regular Plan - Fortnightly Dividend Option 10.2376Direct Plan - Growth Option 43.4874Direct Plan - Dividend Option 16.2786Direct Plan - Fortnightly Dividend Option 10.2393



qUANTITATIVE DATA




#BENCHMARK INDEX: NIFTY Medium Duration Debt Index


EXIT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Under both the Plans : Growth, Normal Dividend & Fortnightly Dividend. Both Dividend Options offer Payout and Reinvestment facility.






l income over medium terml to generate income / capital appreciation through

investments in Debt and Money Market Instruments

Riskometer



[An open ended medium term debt scheme investing in instruments such that the Macaulay Duration of the portfolio is between 3 years and 4 years (Refer page 2 for definition of Macaulay Duration)]HDFC Medium Term Debt Fund

Issuer Rating % to NAVDEBT & DEBT RElATEDgOVERNMENT SECURITIES (CENTRAl/STATE)• 7.26 GOI 2029 Sovereign 5.48• 6.97 GOI 2026 Sovereign 4.52• 5.77 GOI 2030 Sovereign 2.945.79 GOI 2030 Sovereign 2.537.57 GOI 2033 Sovereign 2.357.27 GOI 2026 Sovereign 2.306.45 GOI 2029 Sovereign 0.876.79 GOI 2027 Sovereign 0.45Sub Total 21.44CREDIT EXPOSURE (NON PERPETUAl)• Power Finance Corporation Ltd. CRISIL - AAA 7.55• Vedanta Ltd. CRISIL - AA 6.77• Shriram City Union Finance Ltd. CRISIL - AA 5.65• Sikka Port and Terminal Ltd.

(erstwhile Reliance Ports and Terminals Ltd.) CRISIL - AAA 4.97

• Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 4.15• TATA Housing Development

Company Ltd. CARe - AA 3.17• REC Ltd. CRISIL - AAA 3.09Copeland Jan 2020 (PTC of pools from Muthoot Capital Services Ltd.) CRISIL - AA(SO) 2.69NHPC Ltd. CARe - AAA 2.39Indian Railways Finance Corp. Ltd. CRISIL - AAA 2.37Reliance Industries Ltd. CRISIL - AAA 2.28IndInfravit Trust CRISIL - AAA 2.18National Housing Bank CRISIL - AAA 2.18JM Financial Asset Reconstruction Company Ltd. ICRA - AA- 2.05The Tata Power Company Ltd. CRISIL - AA- 1.36GeRA Development Pvt. Ltd. CARe - AA- 1.35Coastal Gujarat Power Ltd. (Corporate Guarantee of Tata Power) CARe - AA(Ce) 1.12Tata Motors Ltd. CRISIL - AA- 0.85Talwandi Sabo Power Ltd. (Corporate Guarantee of Vedanta Ltd.) CRISIL - AA(Ce) 0.55

Issuer Rating % to NAVMobil Trust Series 01 (PTC of pools from Shriram City Union Finance Ltd.) CRISIL - AAA(SO) 0.53Aarish Solar Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.36Aashman energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.36Divyesh Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.36elena Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.36Pratyash Renewable Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.36SeI Baskara Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.36SeI enerstar Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.36SeI Mihir energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.36Shreyas Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.36Zuvan energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.36L&T Infrastructure Finance Ltd. CRISIL - AAA 0.09Indiabulls Housing Finance Ltd. CRISIL - AA 0.08Sub Total 61.02CREDIT EXPOSURE (PERPETUAl BONDS)The Tata Power Company Ltd. (Perpetual) CRISIL - AA- 2.22TATA International Ltd. (Perpetual) CARe - A 2.15Punjab National Bank (AT1, BASeL III, Perpetual) IND - A 2.12Tata Steel Ltd. (Perpetual) CARe - AA- 1.57Union Bank of India (AT1, BASeL III, Perpetual) CARE - A+ 0.88Union Bank of India (AT1, BASeL III, Perpetual) CARe - AA- 0.43Sub Total 9.37Total 91.83Cash, Cash equivalents and Net Current Assets 8.17Grand Total 100.00• Top Ten Holdings

PORTFOLIO


Since Inception SIP




Returns (%) 8.19 8.34 8.18 7.76 8.18 8.32




August 2020 51

CATEgORY OF SCHEME: SHORT DURATION FUND

Face Value per Unit: ` 10 unless otherwise specified, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of August 31, 2020 unless otherwise specified.

KEY FACTS


To generate income / capital appreciation through investments in Debt and Money Market Instruments.


FUND MANAgER ¥

Anil Bamboli (since June 25, 2010)



June 25, 2010


Regular Plan - Growth Option 23.8049Regular Plan - Fortnightly Dividend Option 10.3238Regular Plan - Normal Dividend Option 16.0056Direct Plan - Growth Option 24.1009Direct Plan - Fortnightly Dividend Option 10.3748Direct Plan - Normal Dividend Option 16.1115



qUANTITATIVE DATA




#BENCHMARK INDEX: CRISIL Short Term Bond Fund Index


EXIT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Under each Plan: Growth, Fortnightly Dividend & Normal Dividend. Both Dividend options offer Payout and Reinvestment facilities.






l to generate income / capital appreciation through investments in Debt and Money Market Instruments

Riskometer



[An open ended short term debt scheme investing in instruments such that the Macaulay Duration of the portfolio is between 1 year and 3 years (Refer page 2 for definition of Macaulay Duration)]HDFC Short Term Debt Fund


DEBT & DEBT RElATED









8.48% Karnataka SDL - Mat 171022 Sovereign 1.06


7.89% Gujarat SDL - Mat 150525 Sovereign 0.61





8.39% Rajasthan SDL - Mat 150323 Sovereign 0.20

7.15% Maharashtra SDL - Mat 131026 Sovereign 0.19


Sub Total 18.40


• REC Ltd. CRISIL - AAA 7.24


• Power Finance Corporation Ltd. CARe - AAA / CRISIL - AAA / ICRA - AAA 3.68



• Reliance Industries Ltd. CRISIL - AAA 2.75


IndInfravit Trust CRISIL - AAA 2.61

National Bank for Agriculture & Rural Development

CRISIL - AAA / ICRA - AAA 2.41

Mahanagar Telephone Nigam Ltd. (Corporate guarantee from Govt of India)

CARe - AAA(Ce) / CRISIL - AAA(Ce) 2.38


Larsen and Toubro Ltd. CRISIL - AAA 2.31

Housing and Urban Development Corporation Ltd. CARe - AAA 2.20


National Highways Authority of India CRISIL - AAA 1.63

Fullerton India Credit Company Ltd. CRISIL - AAA 1.57

Mobil Trust Series 10 (PTC of pools from Shriram City Union Finance Ltd.) CRISIL - AAA(SO) 1.52



Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.)

CARe - AAA / CRISIL - AAA 1.16


Nabha Power Ltd. (Corporate Guarantee of L&T Ltd.) ICRA - AAA(Ce) 1.16



Pipeline Infrastructure Pvt. Ltd. CRISIL - AAA 1.02

Reliable Devices Trust (PTC backed by receivables from Reliance Retail Ltd.) ICRA - AAA(SO) 0.96


ONGC Petro additions Ltd. (OPAL) (Put on ONGC Ltd.) CARe - AAA(Ce) 0.79

Sundaram Finance Ltd. CRISIL - AAA 0.78

John Deere Financial India Pvt. Ltd. CRISIL - AAA 0.76

Tata Steel Ltd. CARe - AA 0.62

HDB Financial Services Ltd. CRISIL - AAA 0.55

Hindalco Industries Ltd. CRISIL - AA 0.53

Inox Air Products Pvt. Ltd. CRISIL - AA / CRISIL - AA+ 0.47

TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) ICRA - AA- 0.43


Fullerton India Home Finance Company Ltd. CARe - AAA 0.39

Tata Capital Financial Services Ltd. ICRA - AAA 0.39

TATA Capital Housing Finance Ltd. CRISIL - AAA 0.39


NHPC Ltd. CARe - AAA 0.38

SANSAR TRUST NOV 2018 (PTC of pools from ShriramTransport Finance Company Ltd.) ICRA - AAA(SO) 0.38


Talwandi Sabo Power Ltd. (Corporate Guarantee of Vedanta Ltd.) CRISIL - AA(Ce) 0.37

L&T Housing Finance Ltd. CRISIL - AAA 0.35

The Tata Power Company Ltd. CRISIL - AA- 0.32

Manappuram Finance Ltd. CRISIL - AA 0.23

Mobil Trust Series 01 (PTC of pools from Shriram City Union Finance Ltd.) CRISIL - AAA(SO) 0.06


Sub Total 70.03


• State Bank of India (AT1, BASeL III, Perpetual) CRISIL - AA+ 4.09


HDFC Bank Ltd. (AT1, BASeL III, Perpetual) CRISIL - AA+ 0.55





Sub Total 6.51

Total 94.94


CP

Tata Teleservices Ltd. CRISIL - A1+ 1.10

Tata Motors Ltd. CRISIL - A1+ 0.83

Sub Total 1.93


Grand Total 100.00



PORTFOLIO

52 August 2020



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Aug 30, 19 Last 1 Year 10.64 10.20 6.78 11,064 11,020 10,678Aug 31, 17 Last 3 Years 8.57 8.26 6.97 12,801 12,692 12,242Aug 31, 15 Last 5 Years 8.58 8.48 6.95 15,098 15,030 14,001Jun 25, 10 Since Inception 8.88 8.46 6.94 23,805 22,871 19,824

Returns greater than 1 year period are compounded annualized (CAGR). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Anil Bamboli, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 73.


[An open ended short term debt scheme investing in instruments such that the Macaulay Duration of the portfolio is between 1 year and 3 years (Refer page 2 for definition of Macaulay Duration)]HDFC Short Term Debt Fund


n G-Sec, SDL 18.40

n CP 1.93







.....Contd from previous page


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP



August 2020 53

CATEgORY OF SCHEME: LOw DURATION FUND

KEY FACTSINVESTMENT OBjECTIVETo generate income / capital appreciation through investment in debt securities and money market instruments.There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥



INCEPTION DATE (Date of Allotment)November 18, 1999

NAV (AS ON AUGUST 31, 2020) NAV PER UNIT (`)Regular Plan - Growth Option 43.6950Regular Plan - Daily Dividend Reinvestment Option 10.1428Regular Plan - Weekly Dividend Option 10.1406Regular Plan - Monthly Dividend Option 10.1897Direct Plan - Growth Option 46.0241Direct Plan - Daily Dividend Reinvestment Option 10.0655Direct Plan - Weekly Dividend Option 10.1417Direct Plan - Monthly Dividend Option 10.1982


qUANTITATIVE DATAAverage Maturity * 1.31 yearsMacaulay Duration * 361 daysModified Duration * 332 daysYield to Maturity * 5.32%* Computed on the invested amount.


#BENCHMARK INDEX: NIFTY Low Duration Debt Index


EXIT lOADNil

PLANS & OPTIONSRegular Plan, Direct Plan. each Plan offers Growth and Dividend Option. Dividend Option offers Daily Dividend Option with Reinvestment facility only and Weekly and Monthly Dividend Option with Payout and Reinvestment facility.

MINIMUM APPlICATION AMOUNTFor all Options (except Daily Dividend Option) Growth, Weekly and Monthly Dividend Option: Purchase: ` 5,000 and any amount thereafter. Additional Purchase : ` 1,000 and any amount thereafter. Daily Dividend Option : Purchase : ` 10,000 and any amount thereafter. Additional Purchase : ` 5,000 and any amount thereafter.





l to generate income / capital appreciation through investmentin debt securities and money market instruments

Riskometer



[An open ended low duration debt scheme investing in instruments such that the Macaulay Duration of the portfolio is between 6 months and 12 months (Refer page 2 for definition of Macaulay Duration)]HDFC Low Duration Fund

Issuer Rating % to NAVDEBT & DEBT RElATEDgOVERNMENT SECURITIES (CENTRAl/STATE)• 8.12 GOI 2020 Sovereign 2.736.79 GOI 2027 Sovereign 1.706.97 GOI 2026 Sovereign 1.038.95% Maharashtra SDL - Mat 070322 Sovereign 0.83Sub Total 6.29T-BIllS182 Days Tbill Mat 261120 Sovereign 1.17182 Days Tbill Mat 121120 Sovereign 0.97182 Days Tbill Mat 250221 Sovereign 0.48182 Days Tbill Mat 191120 Sovereign 0.41Sub Total 3.03CREDIT EXPOSURE (NON PERPETUAl)• Power Finance Corporation Ltd. CARe - AAA / CRISIL -

AAA / ICRA - AAA 7.52• REC Ltd. CARe - AAA / CRISIL -

AAA / IND - AAA 6.06• Housing Development

Finance Corporation Ltd.£ CRISIL - AAA 5.09• L&T Infrastructure Finance Ltd. CRISIL - AAA 3.03• National Bank for Agriculture

& Rural Development CRISIL - AAA 2.80LIC Housing Finance Ltd. CARe - AAA / CRISIL - AAA 2.50Reliance Industries Ltd. CRISIL - AAA / ICRA - AAA 2.33Vedanta Ltd. CRISIL - AA 2.16Reliable Devices Trust (PTC backed by receivables from Reliance Retail Ltd.) ICRA - AAA(SO) 1.73Aditya Birla Finance Ltd. ICRA - AAA 1.54Nabha Power Ltd. (Corporate Guarantee of L&T Ltd.) ICRA - AAA(Ce) 1.50Power Grid Corporation of India Ltd. CRISIL - AAA 1.18Shriram Transport Finance Company Ltd. CRISIL - AA+ 1.03Small Industries Development Bank of India CARe - AAA 1.03Larsen and Toubro Ltd. CRISIL - AAA 0.90Bharat Petroleum Corporation Ltd. CRISIL - AAA 0.88Manappuram Finance Ltd. CARe - AA 0.75HDB Financial Services Ltd. CRISIL - AAA 0.74TATA Capital Housing Finance Ltd. CRISIL - AAA 0.51Shriram City Union Finance Ltd. CRISIL - AA 0.48Bajaj Finance Ltd. CRISIL - AAA 0.47Housing and Urban Development Corporation Ltd. CARe - AAA 0.46Bharati Telecom Ltd. CRISIL - AA+ 0.39Indian Railways Finance Corp. Ltd. CRISIL - AAA 0.28National Highways Authority of India CARe - AAA / CRISIL - AAA 0.28TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) ICRA - AA- 0.28Food Corporation of India (Corporate guarantee from Govt of India) CARe - AAA(Ce) 0.26Indian Oil Corporation Ltd. CRISIL - AAA 0.25KKR India Financial Services Pvt. Ltd. CRISIL - AA 0.23Muthoot Finance Ltd. ICRA - AA 0.20Aurous Trust Jan 20 (PTC of pools from IIFL Finance Ltd.) CRISIL - A1+(SO) 0.18L&T Housing Finance Ltd. CARe - AAA 0.13First Business Receivables Trust (PTC backed by receivables from Reliance Corporate IT Park Ltd.) CRISIL - AAA(SO) 0.12Mobil Trust Series 01 (PTC of pools from Shriram City Union Finance Ltd.) CRISIL - AAA(SO) 0.10Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CRISIL - AAA 0.07Kotak Mahindra Prime Ltd. CRISIL - AAA 0.05State Bank of India CRISIL - AAA 0.03Aarish Solar Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.02

Issuer Rating % to NAVAashman energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.02Divyesh Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.02elena Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.02L&T Finance Ltd. CARe - AAA 0.02Pratyash Renewable Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.02SeI Baskara Power Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.02SeI enerstar Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.02SeI Mihir energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.02Shreyas Renewable energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.02Zuvan energy Pvt. Ltd. (Greenko) CARe - AA-(Ce) 0.02Sub Total 47.76CREDIT EXPOSURE (PERPETUAl BONDS)• State Bank of India

(AT1, BASeL III, Perpetual) CRISIL - AA+ 3.39Canara Bank (AT1, BASeL III, Perpetual) CARe - AA 1.25Union Bank of India (AT1, BASeL III, Perpetual) CARe - AA- 1.16Bank of Baroda (AT1, BASeL III, Perpetual) CARe - AA 0.92Canara Bank (AT1, BASeL III, Perpetual) CRISIL - AA 0.86Union Bank of India (AT1, BASeL III, Perpetual) IND - AA 0.76Punjab National Bank (AT1, BASeL III, Perpetual) IND - A 0.72Axis Bank Ltd. (AT1, BASeL III, Perpetual) CRISIL - AA+ 0.50Bank of Baroda (AT1, BASeL III, Perpetual) CRISIL - AA+ 0.42Union Bank of India (AT1, BASeL III, Perpetual) CARE - A+ 0.39Canara Bank (AT1, BASeL III, Perpetual) ICRA - AA- 0.05Sub Total 10.42Total 67.50MONEY MARKET INSTRUMENTSCP• Power Grid Corporation of

India Ltd. CRISIL - A1+ 3.17Tata Motors Ltd. CRISIL - A1+ 2.72Tata Teleservices Ltd. CRISIL - A1+ 2.37National Bank for Agriculture & Rural Development ICRA - A1+ 1.81LIC Housing Finance Ltd. CRISIL - A1+ 0.72Hindustan Zinc Ltd. CRISIL - A1+ 0.60Tata Projects Ltd. CRISIL - A1+ 0.46TATA Housing Development Company Ltd. CARE - A1+ 0.41Reliance Industries Ltd. CRISIL - A1+ 0.12Sub Total 12.38CD • Axis Bank Ltd. CRISIL - A1+ / ICRA - A1+ 4.97• National Bank for Agriculture

& Rural Development CRISIL - A1+ / IND - A1+ 3.08export - Import Bank of India CRISIL - AAA 2.15Bank of Baroda CRISIL - A1+ 2.03Indusind Bank Ltd. CRISIL - A1+ 1.14ICICI Bank Ltd. ICRA - A1+ 0.60Oriental Bank of Commerce CRISIL - A1+ 0.49The Federal Bank Ltd. CARE - A1+ 0.36Small Industries Development Bank of India CARE - A1+ 0.12Sub Total 14.94Total 27.32Cash, Cash equivalents and Net Current Assets 5.18Grand Total 100.00• Top Ten Holdings, £ Co-sponsor


PORTFOLIO

54 August 2020


Portfolio Classification by Asset Class (%)

n G-Sec, SDL, T-bills 9.32

n CP 12.38

n CD 14.94



Portfolio Classification by Rating Class (%)


equivalent 69.36n AA+ 5.73n AA/AA- 9.30n A+ & Below 1.11n Cash, Cash equivalents and Net

Current Assets 5.18

[An open ended low duration debt scheme investing in instruments such that the Macaulay Duration of the portfolio is between 6 months and 12 months (Refer page 2 for definition of Macaulay Duration)]HDFC Low Duration Fund



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Aug 30, 19 Last 1 Year 7.90 7.30 6.78 10,790 10,730 10,678Aug 31, 17 Last 3 Years 7.24 7.49 6.97 12,334 12,420 12,242Aug 31, 15 Last 5 Years 7.48 7.64 6.95 14,351 14,454 14,001Nov 18, 99 Since Inception 7.35 N.A. 6.54 43,695 N.A. 37,326

Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Anupam Joshi, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 71.


Since Inception SIP




Returns (%) 7.41 7.66 7.74 7.55 7.88 8.48




August 2020 55

CATEgORY OF SCHEME: MONEY MARKET FUND


To generate income / capital appreciation by investing in money market instruments.


FUND MANAgER ¥

Anil Bamboli (since July 25, 2012)


Vikash Agarwal (since July 1, 2020)

Total Experience: Over 14 years


November 18, 1999


Regular Plan - Growth Option 4,321.7559Regular Plan - Daily Dividend Reinvestment Option 1,063.6400Regular Plan - Weekly Dividend Option 1,062.7897Direct Plan - Growth Option 4,372.3045Direct Plan - Daily Dividend Reinvestment Option 1,063.6400Direct Plan - Weekly Dividend Option 1,062.8016



qUANTITATIVE DATA

Average Maturity * 158 daysMacaulay Duration * 158 daysModified Duration * 146 daysYield to Maturity * 3.88%* Computed on the invested amount.



#BENCHMARK INDEX: NIFTY Money Market Index


EXIT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Each Plan offers Growth and Daily Dividend Option (with Reinvestment facility only). Weekly Dividend Option (with Payout and Reinvestment facility).


Purchase : Under Growth Option and Weekly Dividend Option : ` 5,000 and any amount thereafter. Under Daily Dividend Option : ` 10,000 and any amount thereafter

Additional Purchase : Under Growth Option and Weekly Dividend Option : ̀ 1,000 and any amount thereafter. Under Daily Dividend Option : ` 5,000 and any amount thereafter




(%) $$

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`) $$

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 7.36 5.91 6.78 10,736 10,591 10,678Aug 31, 17 Last 3 Years 7.59 6.83 6.97 12,458 12,196 12,242Aug 31, 15 Last 5 Years 7.43 7.10 6.95 14,316 14,098 14,001Nov 18, 99 Since Inception 7.31 N.A. 6.54 43,366 N.A. 37,326

Returns greater than 1 year period are compounded annualized (CAGR). N.A. Not Available. $$ All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Anil Bamboli & Vikas Agarwal, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 77.

Face Value per Unit: ` 1,000, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of August 31, 2020 unless otherwise specified.

n G-Sec, T-Bills 3.24

n CP 49.07

n CD 43.79



n Sovereign 3.24

n AAA/AAA(SO)/A1+/A1+(SO) & equivalent 92.86




l income over short term

l to generate income / capital appreciation by investing in money market instruments

Riskometer



(An open ended debt scheme investing in money market instruments)HDFC Money Market Fund


DEBT & DEBT RElATED



Sub Total 1.41

T-BIllS

182 Days Tbill Mat 250221 Sovereign 1.83

Sub Total 1.83

Total 3.24


CP

• Reliance Industries Ltd. CRISIL - A1+ 7.32

• Bajaj Housing Finance Ltd. CRISIL - A1+ 5.49

• TATA Capital Housing Finance Ltd. CRISIL - A1+ 4.57

• Daimler Financial Services (I) Pvt. Ltd. CRISIL - A1+ 4.19

• Reliance Jio Infocomm Ltd. CRISIL - A1+ 3.66

LIC Housing Finance Ltd. CRISIL - A1+ 3.65

Cholamandalam Investment & Finance CRISIL - A1+ 3.64


Hindustan Zinc Ltd. CRISIL - A1+ 2.73


SBI Global Factors Ltd. CRISIL - A1+ 2.18

Bharti Hexacom Ltd. CRISIL - A1+ 1.82

CanFin Homes Ltd. CARE - A1+ 0.91

SCB Inv & Loan (I) Ltd. CRISIL - A1+ 0.91


National Bank for Agriculture & Rural Development ICRA - A1+ 0.68

export - Import Bank of India CRISIL - A1+ 0.46

Housing Development Finance Corporation Ltd.£ CRISIL - A1+ 0.46

Netmagic IT Services Pvt. Ltd. ICRA - A1+ 0.46

Sub Total 49.07

CD

• National Bank for Agriculture & Rural Development CRISIL - A1+ / IND - A1+ 7.54

• Small Industries Development Bank of India CARE - A1+ / ICRA - A1+ 7.54

• Axis Bank Ltd. CRISIL - A1+ / ICRA - A1+ 6.64

• Bank of Baroda CRISIL - A1+ 4.57

• Export - Import Bank of India CRISIL - A1+ 4.34

ICICI Bank Ltd. ICRA - A1+ 3.44

The Federal Bank Ltd. CARE - A1+ / IND - A1+ 2.75

Au Small Finance Bank Ltd. CRISIL - A1+ 2.27

Union Bank of India CARE - A1+ 2.06

Indusind Bank Ltd. CRISIL - A1+ 1.95

Oriental Bank of Commerce CRISIL - A1+ 0.69

Sub Total 43.79

Total 92.86


Grand Total 100.00


PORTFOLIO


Since Inception SIP



Mkt Value As on August 31, 2020 (` ‘000) $$ 5,893.85 3,351.93 1,798.37 723.30 403.75 124.51

Returns (%) $$ 7.57 7.83 7.84 7.41 7.59 7.05




56 August 2020


n G-Sec 8.77

n CP 9.14

n CD 12.94





equivalent 71.38n AA+ 2.03n AA/AA- 13.17n Cash, Cash equivalents and Net

Current Assets 4.65

CATEgORY OF SCHEME: FLOATER FUND

KEY FACTS

INVESTMENT OBjECTIVETo generate income/capital appreciation through investment in a portfolio comprising substantially of floating rate debt, fixed rate debt instruments swapped for floating rate returns and money market instruments. There is no assurance that the investment objective of the Scheme will be realized.

FUND MANAgER ¥

Shobhit Mehrotra (since October 23, 2007)


Vikash Agarwal (since July 1, 2020)

Total Experience: Over 14 years

INCEPTION DATE (Date of Allotment)October 23, 2007

NAV (AS ON AUGUST 31, 2020) NAV PER UNIT (`)Regular Plan - Growth Option 36.6308Regular Plan - Daily Dividend Reinvestment Option 10.0809Regular Plan - Weekly Dividend Option 10.1238Regular Plan - Monthly Dividend Option 10.1880Direct Plan - Growth Option 36.9432Direct Plan - Daily Dividend Reinvestment Option 10.0809Direct Plan - Weekly Dividend Option 10.1242Direct Plan - Monthly Dividend Option 10.1904


qUANTITATIVE DATAAverage Maturity * 2.04 yearsMacaulay Duration * 1.27 yearsModified Duration * 1.16 yearsYield to Maturity * 5.69%* Computed on the invested amount.


#BENCHMARK INDEX: CRISIL Liquid Fund Index


EXIT lOADNil

PLANS & OPTIONSRegular Plan, Direct Plan. Under both the Plans: Growth & Dividend Option. The Dividend Option offers Daily Dividend Option (with Reinvestment facility only) and Weekly and Monthly Dividend Option (with Payout and Reinvestment facility).

MINIMUM APPlICATION AMOUNTPurchase : ` 5,000 and any amount thereafter. Additional Purchase : ` 1 and any amount thereafter.





(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Aug 30, 19 Last 1 Year 8.73 5.34 6.78 10,873 10,534 10,678Aug 31, 17 Last 3 Years 7.89 6.65 6.97 12,560 12,133 12,242Aug 31, 15 Last 5 Years 8.08 6.90 6.95 14,753 13,963 14,001Oct 23, 07 Since Inception 8.27 7.36 6.55 27,788 24,923 22,632

Returns greater than 1 year period are compounded annualized (CAGR). Since Inception returns are calculated on ` 13.1821 (allotment price). Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Shobhit Mehrotra & Vikas Agarwal, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 77.


l income over short terml to generate income / capital appreciation through investment

in a portfolio comprising substantially of floating rate debt, fixed rate debt instruments swapped for floating rate returns and money market instruments

Riskometer




[An open ended debt scheme predominantly investing in floating rate instruments (including fixed rate instruments converted to floating rate exposures using swaps / derivatives)]HDFC Floating Rate Debt Fund

Issuer Rating % to NAVDEBT & DEBT RElATEDgOVERNMENT SECURITIES (CENTRAl/STATE)• 6.79 GOI 2027 Sovereign 3.787.59 GOI 2026 Sovereign 3.346.97 GOI 2026 Sovereign 0.987.27 GOI 2026 Sovereign 0.355.79 GOI 2030 Sovereign 0.32Sub Total 8.77CREDIT EXPOSURE (NON PERPETUAl)• REC Ltd. CRISIL - AAA / IND - AAA 7.92• Housing Development

Finance Corporation Ltd.£ CRISIL - AAA 6.31• Power Finance Corporation Ltd. CARe - AAA / CRISIL - AAA 4.74• Axis Bank Ltd. CRISIL - A1+ 3.75• Nabha Power Ltd. (Corporate

Guarantee of L&T Ltd.) ICRA - AAA(Ce) 3.53• LIC Housing Finance Ltd. CARe - AAA / CRISIL - AAA 3.42L&T Infrastructure Finance Ltd. CRISIL - AAA 3.09Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CARe - AAA / CRISIL - AAA 3.09Vedanta Ltd. CRISIL - AA 2.89Manappuram Finance Ltd. CARe - AA / CRISIL - AA 2.28Reliance Industries Ltd. CRISIL - AAA 2.15National Bank for Agriculture & Rural Development CRISIL - AAA / ICRA - AAA 1.94National Housing Bank CRISIL - AAA 1.91Aditya Birla Finance Ltd. ICRA - AAA 1.73TATA Capital Housing Finance Ltd. CRISIL - AAA 0.92TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) ICRA - AA- 0.80First Business Receivables Trust (PTC backed by receivables from Reliance Corporate IT Park Ltd.) CRISIL - AAA(SO) 0.77IndInfravit Trust CRISIL - AAA 0.62NIIF Infrastructure Finance Ltd. CARe - AAA 0.52Larsen and Toubro Ltd. CRISIL - AAA 0.49National Highways Authority of India CARe - AAA 0.49Bharat Petroleum Corporation Ltd. CRISIL - AAA 0.47NTPC Ltd. CRISIL - AAA 0.44Aurous Trust Jan 20 (PTC of pools from IIFL Finance Ltd.) CRISIL - A1+(SO) 0.32Gujarat Road And Infrastructure Company Ltd. CARe - AAA 0.24Housing and Urban Development Corporation Ltd. IND - AAA 0.17State Bank of India CRISIL - AAA 0.14

Issuer Rating % to NAVTata Sons Ltd. CRISIL - AAA 0.08Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CRISIL - AAA 0.05Sub Total 55.27CREDIT EXPOSURE (PERPETUAl BONDS)• Canara Bank

(AT1, BASeL III, Perpetual) CARe - AA 3.57Union Bank of India (AT1, BASeL III, Perpetual) CARe - AA- 2.69State Bank of India (AT1, BASeL III, Perpetual) CRISIL - AA+ 1.09Canara Bank (AT1, BASeL III, Perpetual) CRISIL - AA 0.94Axis Bank Ltd. (AT1, BASeL III, Perpetual) CRISIL - AA+ 0.71Bank of Baroda (AT1, BASeL III, Perpetual) CRISIL - AA+ 0.23Sub Total 9.23Total 73.27MONEY MARKET INSTRUMENTSCP • Tata Motors Ltd. CRISIL - A1+ 3.46Tata Teleservices Ltd. CRISIL - A1+ 3.17Reliance Jio Infocomm Ltd. CRISIL - A1+ 1.15SCB Inv & Loan (I) Ltd. CRISIL - A1+ 0.92Tata Projects Ltd. CRISIL - A1+ 0.44Sub Total 9.14CD • National Bank for Agriculture

& Rural Development CRISIL - A1+ / IND - A1+ 5.77The Federal Bank Ltd. CARE - A1+ 2.04Axis Bank Ltd. CRISIL - A1+ / ICRA - A1+ 1.85ICICI Bank Ltd. ICRA - A1+ 1.53Small Industries Development Bank of India ICRA - A1+ 0.69Indusind Bank Ltd. CRISIL - A1+ 0.60Bank of Baroda CRISIL - A1+ 0.23Oriental Bank of Commerce CRISIL - A1+ 0.23Sub Total 12.94Total 22.08Cash, Cash equivalents and Net Current Assets 4.65Grand Total 100.00• Top Ten Holdings, £ Co-sponsor


PORTFOLIO


Since Inception SIP

10 year SIP

5 year SIP

3 year SIP

1 year SIP



August 2020 57

CATEgORY OF SCHEME: ULTRA SHORT DURATION FUND


To generate income / capital appreciation through investment in debt securities and money market instruments.


FUND MANAgER ¥

Anil Bamboli (since September 25, 2018)



September 25, 2018


Regular Plan - Growth Option 11.5723Regular Plan - Daily Dividend Reinvestment Option 10.1030Regular Plan - Weekly Dividend Option 10.0998Regular Plan - Monthly Dividend Option 10.1920Direct Plan - Growth Option 11.6421Direct Plan - Daily Dividend Reinvestment Option 10.0920Direct Plan - Weekly Dividend Option 10.0939Direct Plan - Monthly Dividend Option 10.0946



qUANTITATIVE DATA




#BENCHMARK INDEX: CRISIL Ultra Short Term Debt Index


EXIT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Under both the Plans: Growth & Dividend Option. The Dividend Option offers Daily Dividend Option (with Reinvestment facility only) and Weekly and Monthly Dividend Option (with Payout and Reinvestment facility).






l income over short terml income/capital appreciation through investment in debt

securities and money market instruments

Riskometer



[An open ended ultra-short term debt scheme investing in instruments such that the Macaulay Duration of the portfolio is between 3 months and 6 months (Refer page 2 for definition of Macaulay Duration)]HDFC Ultra Short Term Fund

Issuer Rating % to NAVDEBT & DEBT RElATEDgOVERNMENT SECURITIES (CENTRAl/STATE)• 8.12 GOI 2020 Sovereign 4.267 GOI 2021 Sovereign 2.13Sub Total 6.39T-BIllS91 Days Tbill Mat 240920 Sovereign 0.04Sub Total 0.04CREDIT EXPOSURE (NON PERPETUAl)• Housing Development

Finance Corporation Ltd.£ CRISIL - AAA 7.94• Reliance Industries Ltd. CRISIL - AAA / ICRA - AAA 5.54• REC Ltd. CRISIL - AAA / IND - AAA 4.61• Aditya Birla Finance Ltd. ICRA - AAA 3.57LIC Housing Finance Ltd. CARe - AAA / CRISIL - AAA 2.17Mobil Trust Series 10 (PTC of pools from Shriram City Union Finance Ltd.) CRISIL - AAA(SO) 1.68Aurous Trust Jan 20 (PTC of pools from IIFL Finance Ltd.) CRISIL - A1+(SO) 1.58Small Industries Development Bank of India CARe - AAA 1.49L&T Infrastructure Finance Ltd. CRISIL - AAA 1.49Power Finance Corporation Ltd. CARe - AAA / CRISIL - AAA 1.40Sundaram Finance Ltd. CRISIL - AAA 1.03TATA Capital Housing Finance Ltd. CRISIL - AAA 0.87L&T Finance Ltd. CARe - AAA / IND - AAA 0.86National Bank for Agriculture & Rural Development CRISIL - AAA 0.86Tata Sons Ltd. CRISIL - AAA 0.86First Business Receivables Trust (PTC backed by receivables from Reliance Corporate IT Park Ltd.) CRISIL - AAA(SO) 0.83Reliable Devices Trust (PTC backed by receivables from Reliance Retail Ltd.) ICRA - AAA(SO) 0.72NTPC Ltd. ICRA - AAA 0.64Copeland Jan 2020 (PTC of pools from Muthoot Capital Services Ltd.) CRISIL - AAA(SO) 0.50Food Corporation of India (Corporate guarantee from Govt of India) CARe - AAA(Ce) 0.45Mahindra & Mahindra Financial Services Ltd. IND - AAA 0.42Power Grid Corporation of India Ltd. CRISIL - AAA 0.33HDB Financial Services Ltd. CRISIL - AAA 0.30Bajaj Finance Ltd. CRISIL - AAA 0.26Mobil Trust Series 01 (PTC of pools from Shriram City Union Finance Ltd.) CRISIL - AAA(SO) 0.21

Issuer Rating % to NAVBajaj Housing Finance Ltd. CRISIL - AAA 0.20Sub Total 40.81Total 47.24MONEY MARKET INSTRUMENTSCP • Bharat Heavy Electricals Ltd. CARE - A1+ 6.05• National Bank for Agriculture

& Rural Development ICRA - A1+ 4.14• Hindustan Zinc Ltd. CRISIL - A1+ 2.68UltraTech Cement Ltd. CRISIL - A1+ 2.51Tata Teleservices Ltd. CRISIL - A1+ 2.44Tata Realty and Infrastructure Ltd. CRISIL - A1+ 1.67Bharti Hexacom Ltd. CRISIL - A1+ 1.64Bahadur Chand Investments Pvt. Ltd. CARE - A1+ 1.58Daimler Financial Services (I) Pvt. Ltd. CRISIL - A1+ 1.57Reliance Jio Infocomm Ltd. CRISIL - A1+ 1.45Reliance Industries Ltd. CRISIL - A1+ 1.44Godrej Properties Ltd. CRISIL - A1+ 1.24TATA Housing Development Company Ltd. CARE - A1+ 0.83SBI Global Factors Ltd. CRISIL - A1+ 0.82Tata Projects Ltd. CRISIL - A1+ 0.79Tata Motors Ltd. CRISIL - A1+ 0.75Larsen and Toubro Ltd. CRISIL - A1+ 0.62Rashtriya Chemicals and Fertilizers Ltd. CARE - A1+ 0.57Deutsche Investments India Pvt. Ltd. CRISIL - A1+ 0.42Sub Total 33.21CD • Axis Bank Ltd. CRISIL - A1+ / ICRA - A1+ 6.03• National Bank for Agriculture

& Rural Development CRISIL - A1+ / IND - A1+ 3.19Indusind Bank Ltd. CRISIL - A1+ 1.75Au Small Finance Bank Ltd. CRISIL - A1+ / IND - A1+ 1.25The Federal Bank Ltd. CARE - A1+ 1.25Small Industries Development Bank of India CARE - A1+ 1.04ICICI Bank Ltd. ICRA - A1+ 0.83Sub Total 15.34Total 48.55Cash, Cash equivalents and Net Current Assets 4.21Grand Total 100.00• Top Ten Holdings, £ Co-sponsor


PORTFOLIO


n G-Sec, T-Bills 6.43

n CP 33.21n CD 15.34n Credit exposure 40.81n Cash, Cash equivalents and Net

Current Assets 4.21



equivalent 89.36n Cash, Cash equivalents and Net

Current Assets 4.21


Returns (%)

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 investedScheme

(`)Benchmark

(`)#Additional

Benchmark (`)##

Aug 30, 19 Last 1 Year 6.95 6.84 6.78 10,695 10,684 10,678Sep 25, 18 Since Inception 7.84 7.73 7.71 11,572 11,548 11,545

Returns greater than 1 year period are compounded annualized (CAGR). The Scheme is in existence for more than 1 year but less than 3 years. Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Anil Bamboli, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 73.


Since Inception SIP 1 Year SIP

Total Amount Invested (` ‘000) 240.00 120.00 Mkt Value As on August 31, 2020 (` ‘000) 258.86 124.61 Returns (%) 7.47 7.20 Benchmark Returns (%) # 7.25 6.72 Additional Benchmark Returns (%) ## 7.06 6.36


58 August 2020

CATEgORY OF SCHEME: LIqUID FUND PORTFOLIO

KEY FACTS


To generate income through a portfolio comprising money market and debt instruments.


FUND MANAgER ¥




October 17, 2000

NAV (AS ON AUGUST 31, 2020)^^ NAV PER UNIT (`)

Regular Plan - Growth Option 3,947.9983Regular Plan - Daily Dividend Reinvestment Option 1,019.8200Regular Plan - Weekly Dividend Option 1,031.5644Regular Plan - Monthly Dividend Option 1,029.4002Direct Plan - Growth Option 3,973.0504Direct Plan - Daily Dividend Reinvestment Option 1,019.8200Direct Plan - Weekly Dividend Option 1,031.5842Direct Plan - Monthly Dividend Option 1,029.4989



qUANTITATIVE DATA




#BENCHMARK INDEX: CRISIL Liquid Fund Index


EXIT lOAD

l On investments made on or before October 19, 2019: NIL

l On investments (including through existing systematic plan registrations) made on or after October 20, 2019, as follows:

Units redeemed / switched-out within “X” days from the date

of allotment

Exit load as a % of redemption proceeds

Day 1 0.0070%Day 2 0.0065%Day 3 0.0060%Day 4 0.0055%Day 5 0.0050%Day 6 0.0045%Day 7 onwards Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Under both the Plans: Growth & Dividend Option. The Dividend Option offers Daily Dividend Option (Reinvestment facility only) and Weekly and Monthly Dividend Option (with Payout and Reinvestment facility).


Purchase : Under Growth Option, Weekly Dividend Option and Monthly Dividend Option: ` 5,000 and any amount thereafter. Under Daily Dividend Option: ̀ 10,000 and any amount thereafter.Additional Purchase : Under Growth Option, Weekly Dividend Option and Monthly Dividend Option: ` 1,000 and any amount thereafter. Under Daily Dividend Option: ` 5,000 and any amount thereafter.


^^Calculated on all calendar days.

Face Value per Unit: ` 1,000, CD - Certificate of Deposit; CP - Commercial Papers. Data is as of August 31, 2020 unless otherwise specified.

(An open ended liquid scheme)HDFC Liquid Fund


Company Rating % to NAV

DEBT & DEBT RElATED

T-BIllS

• 91Days Tbill ISD 200820 Mat 191120 Sovereign 14.24

• 91 Days Tbill - ISD 020720 Mat 011020 Sovereign 6.84

• 182 Days Tbill Mat 121120 Sovereign 5.73

• 91 Days Tbill Mat 051120 Sovereign 3.81

91 Days Tbill ISD 180620 Mat 170920 Sovereign 2.50

91 Days Tbill - Mat 291020 Sovereign 2.36






364 Days Tbill - Mat 121120 Sovereign 1.16


91 Days Tbill - ISD 160720 Mat 151020 Sovereign 0.52

91 Days T-Bill Mat 100920 Sovereign 0.26






Sub Total 45.11

CREDIT EXPOSURE (NON-PERPETUAl)


Housing Development Finance Corporation Ltd.£ CRISIL - AAA 0.93

Power Finance Corporation Ltd. CARe - AAA / CRISIL - AAA 0.58

ReC Ltd. CRISIL - AAA / IND - AAA 0.52

Reliance Industries Ltd. CRISIL - AAA / ICRA - AAA 0.32

LIC Housing Finance Ltd. CRISIL - AAA 0.21

Bajaj Finance Ltd. CRISIL - AAA 0.06

Kotak Mahindra Prime Ltd. CRISIL - AAA 0.06

Sub Total 4.16

Total 49.27


CP

• Reliance Industries Ltd. CRISIL - A1+ 6.23

• National Bank for Agriculture & Rural Development ICRA - A1+ 6.20

• NTPC Ltd. CRISIL - A1+ 5.74

• Indian Oil Corporation Ltd. ICRA - A1+ 3.11

• Reliance Jio Infocomm Ltd. CRISIL - A1+ 3.11

• Export - Import Bank of India CRISIL - A1+ 2.74

Tata Motors Finance Ltd. CARE - A1+ 2.36

Company Rating % to NAV

Bharat Petroleum Corporation Ltd. CRISIL - A1+ 2.19

Tata Teleservices (Maharashtra) Ltd. CRISIL - A1+ 2.06

Housing Development Finance Corporation Ltd.£ CRISIL - A1+ 1.43

Hindustan Petroleum Corporation Ltd. CRISIL - A1+ 1.24

Indian Railways Finance Corp. Ltd. CRISIL - A1+ 1.24

Jamnagar Utilities & Power Pvt. Ltd. (erstwhile Reliance Utilities & Power Pvt. Ltd.) CRISIL - A1+ 1.24

National Housing Bank CRISIL - A1+ 1.24

UltraTech Cement Ltd. CRISIL - A1+ 1.15

National Fertilizers Ltd. ICRA - A1+ 1.12

Bharat Heavy electricals Ltd. CARE - A1+ 1.08


Aditya Birla Finance Ltd. ICRA - A1+ 0.62

Bahadur Chand Investments Pvt. Ltd. CARE - A1+ 0.62

Cholamandalam Investment & Finance CRISIL - A1+ 0.62

Oil & Natural Gas Corporation Ltd. CARE - A1+ 0.62

Chennai Petroleum Corp Ltd. CRISIL - A1+ 0.56

ICICI Securities Ltd. CRISIL - A1+ 0.56

Sikka Port and Terminal Ltd. (erstwhile Reliance Ports and Terminals Ltd.) CRISIL - A1+ 0.50


CanFin Homes Ltd. CARE - A1+ 0.44

Chambal Fertilizers & Chemicals Ltd. CRISIL - A1+ 0.41

Steel Authority Of India Ltd. CARE - A1+ 0.40

Sun Pharmaceutical Industries Ltd. ICRA - A1+ 0.37

Titan Company Ltd. ICRA - A1+ 0.31

UPL Ltd. CRISIL - A1+ 0.31

BASF India Ltd. CRISIL - A1+ 0.25

GIC Housing Finance Ltd. CRISIL - A1+ 0.25

NLC India Ltd. CARE - A1+ 0.25

Tata Motors Finance Solutions Ltd. CARE - A1+ 0.25

TMF Holdings Ltd. (Subsidiary of Tata Motors Ltd.) CARE - A1+ 0.25

Axis Finance Ltd. CRISIL - A1+ 0.19

Rashtriya Chemicals and Fertilizers Ltd. CARE - A1+ 0.19

LIC Housing Finance Ltd. CRISIL - A1+ 0.12

Godrej Properties Ltd. CRISIL - A1+ 0.09

Grasim Industries Ltd. CRISIL - A1+ 0.06

Sub Total 52.84

Cash, Cash equivalents and Net Current Assets -2.11

Grand Total 100.00


August 2020 59

n T-Bills 45.11n CP 52.84n Credit exposure 4.16n Cash, Cash equivalents and

Net Current Assets -2.11



equivalent 57.00

n Cash, Cash equivalents and Net Current Assets -2.11

Portfolio Classification by Rating Class (%)This product is suitable for investors who are seeking ~

l regular income over short term

l to generate income through a portfolio comprising money market and debt instruments

Riskometer

Investors understand that their principal will be at low risk


(An open ended liquid scheme) .....Contd from previous pageHDFC Liquid Fund


Returns (%)

Benchmark Returns

(%)#


Returns (%) ##


(`)#Additional

Benchmark (`)##

Aug 24, 20 Last 7 days 2.70 3.68 0.44 10,005 10,007 10,001Aug 16, 20 Last 15 days 2.95 3.97 1.79 10,012 10,016 10,007Jul 31, 20 Last 1 Month 3.18 4.08 2.69 10,027 10,035 10,023Aug 31, 19 Last 1 Year 4.87 5.34 6.78 10,487 10,534 10,678Aug 31, 17 Last 3 Years 6.31 6.65 6.97 12,016 12,133 12,242Aug 31, 15 Last 5 Years 6.70 6.90 6.95 13,836 13,963 14,001Oct 17, 00 Since Inception 7.15 N.A. 6.45 39,480 N.A. 34,684

Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized (CAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Anupam Joshi, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 72.

60 August 2020

CATEgORY OF SCHEME: OVERNIGHT FUND

KEY FACTS


To generate returns by investing in debt and money market instruments with overnight maturity.


FUND MANAgER ¥

Anil Bamboli (since July 25, 2012)



February 06, 2002

NAV (AS ON AUGUST 31, 2020)^^ NAV PER UNIT (`)

Regular Plan - Growth Option 2,989.8686Regular Plan - Daily Dividend Reinvestment Option 1,042.6600Direct Plan - Growth Option 3,005.5759Direct Plan - Daily Dividend Reinvestment Option 1,042.6600



qUANTITATIVE DATA

Average Maturity * 1 dayMacaulay Duration * 1 dayModified Duration * 1 dayYield to Maturity * 3.02%* Computed on the invested amount.



#BENCHMARK INDEX: CRISIL Overnight Index


EXIT lOAD

Nil

PLANS & OPTIONS

Regular Plan, Direct Plan. Each Plan offers Growth and Daily Dividend Option (with Reinvestment facility only).


Purchase : Under Growth Option : ` 5,000 and any amount thereafter. Under Daily Dividend Option : ` 10,000 and any amount thereafter

Additional Purchase : Under Growth Option : ̀ 1,000 and any amount thereafter. Under Daily Dividend Option : ` 5,000 and any amount thereafter


^^Calculated on all calendar days.

Face Value per Unit: ` 1,000, Data is as of August 31, 2020 unless otherwise specified. N.A. Not Available



(%)

Benchmark Returns

(%)#


Returns (%) ##




(`)##

Aug 24, 20 Last 7 days 2.83 3.05 0.44 10,005 10,006 10,001Aug 16, 20 Last 15 days 2.85 3.07 1.79 10,012 10,013 10,007Jul 31, 20 Last 1 Month 2.92 3.11 2.69 10,025 10,026 10,023Aug 30, 19 Last 1 Year 3.90 4.07 6.78 10,390 10,407 10,678Aug 31, 17 Last 3 Years 5.29 5.41 6.97 11,674 11,714 12,242Aug 31, 15 Last 5 Years 5.70 5.82 6.95 13,197 13,274 14,001Feb 06, 02 Since Inception 6.07 N.A. 6.14 29,899 N.A. 30,235

Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized (CAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. For performance of other schemes managed by Anil Bamboli, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 73.






l regular income over short term that may be in line with the overnight call rates

l to generate returns by investing in debt and money market instruments with overnight maturity

Riskometer

Investors understand that their principal will be at low risk


(An open ended debt scheme investing in overnight securities)HDFC Overnight Fund



Grand Total 100.00

PORTFOLIO

August 2020 61

KEY FACTS


The investment objective of the Scheme is to generate returns that are in line with the performance of gold, subject to tracking errors.


Exchange Listed

BSe/NSe

Exchange Symbol/Scrip Code

BSE/NSE: HDFCMFGETF | 533230

ISIN

INF179K01CN1

Creation Unit Size

1,000 units of HDFC Gold ETF

FUND MANAgER




August 13, 2010


HDFC Gold ETF 4,686.7742



TRACKINg ERROR



HDFC GOLD ETF 0.59%

#BENCHMARK INDEX: Domestic Price of Physical Gold

EXIT lOAD

For Creation Unit Size:l No exit load will be levied on redemptions made by


For other than Creation Unit Size:l N.A. The Units of HGETF in other than Creation Unit Size cannot


the NSe and BSe during the trading hours on all trading days. Refer SID for further details.


PLANS & OPTIONS

Currently, there are no investment Plans/Options being offered under the Scheme.


Authorised Participants: Application for subscription of HGETF Units directly with the Fund in Creation Unit Size at NAV based prices in exchange of Portfolio Deposit and Cash Component.

large Investors: Application for subscription of HGETF Units directly with the Fund in Creation Unit Size at NAV based prices by payment of requisite Cash as determined by the AMC only by means of payment instruction of Real Time Gross Settlement (RTGS) / National Electronic Funds Transfer (NEFT) or Funds Transfer Letter / Transfer Cheque of a bank where the Scheme has a collection account.

Other investors (including Authorised Participants and large Investors): Units of HGETF can be subscribed (in lots of 1 Unit) during the trading hours on all trading days on the NSe and BSe on which the Units are listed.


Face Value per Unit: ` 1,800.3288, Data is as of August 31, 2020 unless otherwise specified. N.A. Not Available


l returns that are commensurate with the performance of gold, subject to tracking errors, over long term

l investment predominantly in Gold bullion of 0.995 fineness

Riskometer




gOlD

Physical Gold (99.5% Purity) 98.37


Grand Total 100.00

PORTFOLIO

[An open ended scheme replicating / tracking performance of Gold]HDFC Gold Exchange Traded Fund


PERFORMANCE * ^

Date Period Scheme Returns (%)

Benchmark Returns (%)#



Aug 30, 19 Last 1 Year 29.83 31.50 12,983 13,150Aug 31, 17 Last 3 Years 19.39 20.80 17,028 17,635Aug 31, 15 Last 5 Years 13.32 14.62 18,700 19,796Aug 13, 10 Since Inception 9.98 10.90 26,033 28,309

Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized (CAGR). * The Scheme does not offer any Plans/Options. For performance of other schemes managed by Krishan Kumar Daga, please refer page 64.

HDFC Gold ETF

n Gold 98.37


Portfolio Classification by Asset Class (%) HDFC Gold ETF

n Gold 98.37



62 August 2020


Since Inception SIP

5 Year SIP

3 Year SIP

1 Year SIP

Total Amount Invested (` ‘000) 1,060.00 600.00 360.00 120.00 Mkt Value As on August 31, 2020 (` ‘000) 1,712.78 952.53 537.66 145.58 Returns (%) 10.55 18.54 27.85 41.78 Benchmark Returns (%) # 12.20 20.15 29.76 44.63 Additional Benchmark Returns (%) ## N.A. N.A. N.A. N.A.


CATEgORY OF SCHEME: FUND OF FUND (DOMESTIC)

KEY FACTS


To seek capital appreciation by investing in units of HDFC Gold Exchange Traded Fund (HGETF).


FUND MANAgER




November 01, 2011





TOTAL ExPENSE RATIO (As on August 31, 2020)No Investment Management and Advisory Fees will be charged to the Scheme


#BENCHMARK INDEX: Domestic Price of Physical Gold

EXIT lOAD

In respect of each purchase/switch-in of units-l An exit Load of 2% is payable if Units are redeemed/

switched-out within 6 months from the date of allotment.l An exit Load of 1% is payable if Units are redeemed/

switched-out after 6 months but within 1 year from the date of allotment.

l No exit Load is payable if Units are redeemed/switched-out after 1 year from the date of allotment.


PLANS & OPTIONS



Purchase: Under Growth Option : ` 5,000 and any amount thereafter.

Additional Purchase : Under Growth Option : ` 1,000 and any amount thereafter.

Face Value per Unit: ` 10, Data is as of August 31, 2020 unless otherwise specified. N.A. Not Available


l capital appreciation over long term

l investment in Units of HDFC Gold Exchange Traded Fund (HGETF). HGETF invests in gold bullion of 0.995 fineness

Riskometer



[An open ended Fund of Fund scheme investing in HDFC Gold Exchange Traded Fund]HDFC Gold Fund



OTHERS

MUTUAl FUND UNITS

HDFC Gold Exchange Traded Fund 99.90


Grand Total 100.00

PORTFOLIO



Benchmark Returns (%)#



Aug 30, 19 Last 1 Year 33.53 31.50 13,353 13,150Aug 31, 17 Last 3 Years 19.30 20.80 16,988 17,635Aug 31, 15 Last 5 Years 12.86 14.62 18,327 19,796Nov 01, 11 Since Inception 5.90 7.72 16,596 19,290

Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized (CAGR). N.A. Not Available. Performance of dividend option under the schemes for the investors would be net of distribution tax, if any. The investors will bear dual expenses i.e. the expenses charged, under the Scheme and underlying scheme (HDFC Gold Exchange Traded Fund) within the permissible limits. For performance of other schemes managed by Krishan Kumar Daga, please refer page 64. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. For Performance of Direct Plan, refer page no. 76.

HDFC Gold Fund

n Mutual Fund Units 99.90


Portfolio Classification by Asset Class (%) HDFC Gold Fund



August 2020 63

KEY FACTS


The investment objective of the Scheme is to provide investment returns that, before expenses, closely correspond to the total returns of the Securities as represented by the NIFTY Bank Index subject to tracking errors.


Exchange Listed

BSe/NSe

Exchange Symbol/Scrip Code

BSE/NSE: HBANKETF | 543224

ISIN

INF179KC1AN8

Creation Unit Size

12,500 units of HDFC Banking ETF

FUND MANAgER

Krishan Kumar Daga (since August 21, 2020)





August 21, 2020


HDFC Banking ETF 237.63




HDFC BANKING ETF 0.16%

#BENCHMARK INDEX: NIFTY Bank (Total Returns Index)


EXIT lOAD

For Creation Unit Size:l No exit load will be levied on redemptions made by


For other than Creation Unit Size:l N.A. The Units of the ETF in other than Creation Unit Size cannot

ordinarily be directly redeemed with the Fund. These Units can be redeemed (sold) on a continuous basis

on the exchange(s) where it is listed during the trading hours on all trading days.

Refer SID for further details.


PLANS & OPTIONS

Currently, there are no investment Plans/Options being offered under the Scheme.


Authorised Participants / large Investors: Application for subscription of the ETF Units in Creation Unit Size can be made either:

• in exchange of Cash* [as determined by the AMC equivalent to the cost incurred towards the purchase of predefined basket of securities that represent the underlying index (i.e. Portfolio Deposit)], Cash Component and other applicable transaction charges; or

• in exchange of Portfolio Deposit [i.e. by depositing basket of securities constituting NIFTY Bank Index] along with the cash component and applicable transaction charges.

Each Creation Unit Size will consist of 12,500 Units of the ETF and 1 Unit of the ETF will be approximately equal to 1/100th of the value of NIFTY Bank Index.

*Cash means payments shall be made only by means of payment instruction of Real Time Gross Settlement (RTGS) / National Electronic Funds Transfer (NEFT) or Funds Transfer Letter / Transfer Cheque of a bank where the Scheme has a collection account.

Redemption of Units of the ETF in Creation Unit Size will be allowed by means of exchange of Portfolio Deposit or in Cash.

Other investors (including Authorised Participants and large Investors): Units of the ETF can be subscribed (in lots of 1 Unit) during the trading hours on all trading days on the NSe and/ or BSe on which the Units will be listed.



l returns that are commensurate with the performance of the NIFTY Bank Index (Total Returns Index), subject to tracking error, over long term

l investment in equity securities covered by the NIFTY Bank Index

Riskometer

Investors understand that their principal will be at high risk


Issuer Industry+ % to NAV







• Indusind Bank Ltd. Banks 5.25

• Bandhan Bank Ltd. Banks 1.70

• The Federal Bank Ltd. Banks 1.52

• RBL Bank Ltd. Banks 1.25

• IDFC First Bank Ltd. Banks 0.93


Punjab National Bank Banks 0.64

Sub Total 99.87


Grand Total 100.00


PORTFOLIO

[An open ended scheme replicating / tracking NIFTY Bank Index]HDFC Banking Exchange Traded Fund

Face Value per Unit: ` 223.31, + Industry Classification as recommended by AMFI, Data is as of August 31, 2020 unless otherwise specified. N.A. Not Available

n Banks 99.87



n equity 99.87



64 August 2020

Performance details of Schemes managed by respective Fund Managers

Sr. No. Name of the Fund Manager Funds Managed Page no.1 Mr. Prashant Jain HDFC Equity Fund 10

HDFC Top 100 Fund 12HDFC Balanced Advantage Fund 18-19HDFC Hybrid Debt Fund (Co-managed scheme) 37-38

2 Mr. Chirag Setalvad HDFC Mid-Cap Opportunities Fund 13HDFC Small Cap Fund 14HDFC Long Term Advantage Fund 65HDFC Hybrid Equity Fund 20-21HDFC Children’s Gift Fund 29-30HDFC Retirement Savings Fund - Equity Plan (Co-managed scheme) 31HDFC Retirement Savings Fund - Hybrid Equity Plan (Co-managed scheme) 32-33HDFC Retirement Savings Fund - Hybrid Debt Plan (Co-managed scheme) 34

3 Mr. Amit Ganatra HDFC Capital Builder Value Fund 11HDFC Dynamic PE Ratio Fund of Funds (Co-managed scheme) 69HDFC Multi-Asset Fund (Co-managed scheme) 22-23HDFC TaxSaver 28Closed ended schemes 69

4 Mr. Krishan Kumar Daga HDFC Arbitrage Fund (Co-managed scheme) 39-40HDFC Multi-Asset Fund (Co-managed scheme) 22-23HDFC Index Fund - SEnSEx Plan (Co-managed scheme) 27HDFC Index Fund - nIFTY 50 Plan (Co-managed scheme) 25HDFC SEnSEx ETF (Co-managed scheme) 26HDFC nIFTY 50 ETF (Co-managed scheme) 24HDFC Gold Exchange Traded Fund 61HDFC Gold Fund 62HDFC Equity Savings Fund (Co-managed scheme) 35-36HDFC Banking ETF (Co-managed scheme) 63

5 Mr. Shobhit Mehrotra HDFC Income Fund 49HDFC Medium Term Debt Fund 50HDFC Floating Rate Debt Fund (Co-managed scheme) 56HDFC Credit Risk Debt Fund 43-44HDFC Hybrid Debt Fund (Co-managed scheme) 37-38HDFC Retirement Savings Fund - Equity Plan (Co-managed scheme) 31HDFC Retirement Savings Fund - Hybrid Equity Plan (Co-managed scheme) 32-33HDFC Retirement Savings Fund - Hybrid Debt Plan (Co-managed scheme) 34Close ended schemes 65-66

6 Mr. Anil Bamboli HDFC Dynamic Debt Fund 48HDFC Short Term Debt Fund 51-52HDFC Gilt Fund 47HDFC Money Market Fund (Co-managed scheme) 55HDFC Ultra Short Term Fund 57HDFC Overnight Fund 60HDFC Banking and PSU Debt Fund 45-46HDFC Equity Savings Fund (Co-managed scheme) 35-36HDFC Multi-Asset Fund (Co-managed scheme) 22-23HDFC Dynamic PE Ratio Fund of Funds (Co-managed scheme) 69Close ended schemes 66-67

7 Mr. Anupam Joshi HDFC Liquid Fund 58-59HDFC Corporate Bond Fund 41-42HDFC Low Duration Fund 53-54Close ended schemes 67-69

8 Mr. Rakesh Vyas HDFC Infrastructure Fund 17Close ended scheme 69

9 Mr. Vikash Agarwal HDFC Floating Rate Debt Fund (Co-managed scheme) 56HDFC Money Market Fund (Co-managed scheme) 55

10 Mr. Gopal Agrawal HDFC Equity Savings Fund (Co-managed scheme) 35-36HDFC Focused 30 Fund 16HDFC Growth Opportunities Fund 15

11 Mr. Arun Agarwal HDFC Arbitrage Fund (Co-managed scheme) 39-40HDFC Equity Savings Fund (Co-managed scheme) 35-36HDFC Index Fund - SEnSEx Plan (Co-managed scheme) 27HDFC Index Fund - nIFTY 50 Plan (Co-managed scheme) 25HDFC SEnSEx ETF (Co-managed scheme) 26HDFC nIFTY 50 ETF (Co-managed scheme) 24HDFC Multi-Asset Fund (Co-managed scheme) 22-23HDFC Banking ETF (Co-managed scheme) 63

For performance details of Direct Plan, refer page 70-77

https://files.hdfcfund.com/s3fs-public/2020-07/FAQs%20on%20Stamp%20Duty.pdf

Exit Load : (i) no exit load shall be levied for switching between Options under the same Plan within a Scheme. (ii) Switch of investments to Direct Plan within the same Scheme shall be subject to applicable exit load, unless the investments were made without any distributor code. However, any subsequent switch-out or redemption of such investments from the Direct Plan will not be subject to any exit load. (iii) no exit load shall be levied for switch-out from Direct Plan to other Plan within the same Scheme. However, any subsequent switch-out or redemption of such investment from the other Plan shall be subject to exit load based on the original date of investment in the Direct Plan. (iv) Switch of investments between Plans under a Scheme having separate portfolios, will be subject to applicable exit load. (v) no exit load will be levied on Bonus Units and Units allotted on Dividend Re-investment. (vi) In case of Systematic Transactions such as SIP, GSIP, Flex SIP, STP, Flex STP, Swing STP, Flexindex; Exit Load, if any, prevailing on the date of registration / enrolment shall be levied.

Tax Benefits / Consequences : The Dividend Distribution Tax on distribution of income by equity oriented fund to all the investors shall be payable at the rate of 11.648%* and on distribution of income by other than equity oriented fund to an individual / HUF shall be payable at the rate of 29.12%* and at the rate of 34.944%* on distribution of income to any other investor. Such income distributed by the Scheme(s) is free from Income–tax in the hands of Investors. Units of the Scheme(s) are not subject to Wealth-tax and Gift-tax. Unit holders are required to pay Securities Transaction Tax (STT) at the rate of 0.001% at the time of redemption / switch-out of units of an equity-oriented fund. * including applicable surcharge, health and education cess.

Investors should be aware that the fiscal rules / tax laws may change and there can be no guarantee that the current tax position may continue indefinitely. In view of individual nature of tax consequences, each investor is advised to consult his / her own professional tax advisor.

Applicability of Stamp Duty : Effective July 1, 2020, in accordance with the amendment to the Indian Stamp Act, 1899, a stamp duty @ 0.005% of the transaction value would be levied on applicable mutual fund purchase transactions (including transactions carried through stock exchanges and depositories for units in demat mode). Thus, the number of units allotted on all the applicable mutual fund transactions would be reduced to the extent of levy of stamp duty.

Kindly refer to FAQs on Stamp Duty, for details on the nature of transactions and the rate of levy of stamp duty available on our website.

August 2020 65

SCHEME PERFORMANCE - REGULAR PLAN - GROWTH OPTION (FUND MANAGER-WISE)

Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized (CAGR). Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. Load is not taken into consideration for computation of performance. n.A.: not Available

Performance of close-ended schemes, being close-ended in nature, is not strictly comparable with that of open-ended schemes since the investment strategy for close-ended schemes is primarily buy-and-hold whereas open-ended schemes are actively managed.

CHIRAG SETALVAD

HDFC LONG TERM ADVANTAGE FUND NAV as on Aug 31, 2020 ` 344.602


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 1.42 4.58 4.31 10,142 10,458 10,431Aug 31, 17 Last 3 Years 2.55 8.03 6.01 10,786 12,612 11,915Aug 31, 15 Last 5 Years 8.59 9.38 8.75 15,106 15,663 15,214Jan 02, 01 Since Inception 19.71 13.99 13.38 344,602 131,382 118,205

# S&P BSE SEnSEx (Total Returns Index) ## nIFTY 50 (Total Returns Index). The scheme is managed by Mr. Chirag Setalvad since April 02, 2007.

SHOBHIT MEHROTRA

HDFC FMP 3360D MARCH 2014 (1) NAV as on Aug 31, 2020 ` 16.2892


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index. The scheme is managed by Mr. Shobhit Mehrotra since inception.

HDFC FMP 1430D JULY 2017 (1) NAV as on Aug 31, 2020 ` 12.5338


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 8.22 10.83 6.78 10,822 11,083 10,678Aug 31, 17 Last 3 Years 7.56 8.22 6.97 12,446 12,678 12,242Aug 01, 17 Since Inception 7.60 8.16 6.93 12,534 12,738 12,295

# CRISIL Composite Bond Fund Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Shobhit Mehrotra since inception.

HDFC FMP 1113D JUNE 2018 (1) NAV as on Aug 31, 2020 ` 12.1939


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 8.85 10.83 6.78 10,885 11,083 10,678Jun 14, 18 Since Inception 9.36 11.71 7.45 12,194 12,781 11,728




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 9.06 10.83 6.78 10,906 11,083 10,678Jul 04, 18 Since Inception 9.53 11.57 7.48 12,174 12,669 11,688




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1133D FEBRUARY 2019 (1) NAV as on Aug 31, 2020 ` 11.6707


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 10.07 10.83 6.78 11,007 11,083 10,678Mar 06, 19 Since Inception 10.92 12.80 7.05 11,671 11,966 11,069




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

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(`)##





(%)

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Scheme (`)

Benchmark (`)#


(`)##





(%)

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(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



66 August 2020


SHOBHIT MEHROTRA....CONTINUED



HDFC FMP 1100D APRIL 2019 (1) NAV as on Aug 31, 2020 ` 11.5077


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 9.97 10.83 6.78 10,997 11,083 10,678May 08, 19 Since Inception 11.24 13.08 7.17 11,508 11,759 10,955


ANIL BAMBOLI

HDFC FMP 1846D AUGUST 2013 (1) NAV as on Aug 31, 2020 ` 18.0995


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 10.93 10.83 6.78 11,093 11,083 10,678Aug 31, 17 Last 3 Years 7.85 8.22 6.97 12,549 12,678 12,242Aug 31, 15 Last 5 Years 7.85 9.13 6.95 14,598 15,486 14,001Aug 14, 13 Since Inception 8.78 9.84 7.44 18,100 19,380 16,591

# CRISIL Composite Bond Fund Index ## CRISIL 1 year T-Bill Index. The scheme is managed by Mr. Anil Bamboli since inception.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Aug 30, 19 Last 1 Year 8.55 10.83 6.78 10,855 11,083 10,678Apr 27, 18 Since Inception 8.99 10.93 7.21 12,240 12,759 11,777

# CRISIL Composite Bond Fund Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1434D MAY 2018 (1) NAV as on Aug 31, 2020 ` 12.4793


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

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(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

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(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1280D OCTOBER 2018 (1) NAV as on Aug 31, 2020 ` 12.1964


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 10.09 10.83 6.78 11,009 11,083 10,678Oct 11, 18 Since Inception 11.07 12.78 7.60 12,196 12,552 11,485




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

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(`)##





(%)

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(%)#


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Scheme (`)

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(`)##





(%)

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Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 10.11 10.83 6.78 11,011 11,083 10,678nov 01, 18 Since Inception 11.18 12.61 7.54 12,143 12,431 11,424


HDFC FMP 1246D NOVEMBER 2018 (1) NAV as on Aug 31, 2020 ` 12.0736


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



August 2020 67


ANIL BAMBOLI....CONTINUED





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1224D DECEMBER 2018 (1) NAV as on Aug 31, 2020 ` 11.9546


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 10.11 10.83 6.78 11,011 11,083 10,678Dec 06, 18 Since Inception 10.82 11.72 7.33 11,955 12,123 11,307




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 10.10 10.83 6.78 11,010 11,083 10,678Jan 03, 19 Since Inception 10.82 11.89 7.27 11,859 12,051 11,236


HDFC FMP 1190D JANUARY 2019 (1) NAV as on Aug 31, 2020 ` 11.8204


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 9.99 10.83 6.78 10,999 11,083 10,678Feb 13, 19 Since Inception 10.59 12.29 7.03 11,686 11,966 11,109




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



ANUPAM JOSHI



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Composite Bond Fund Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anupam Joshi since inception.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



68 August 2020







(%)

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(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

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(%)#


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Scheme (`)

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(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

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(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 8.37 10.83 6.78 10,837 11,083 10,678Apr 17, 18 Since Inception 8.35 10.21 7.17 12,100 12,598 11,788




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 9.80 10.83 6.78 10,980 11,083 10,678Aug 14, 18 Since Inception 8.04 11.66 7.56 11,718 12,536 11,611




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


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Scheme (`)

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(`)##





(%)

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(%)#


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Scheme (`)

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(`)##





(%)

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(%)#


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Scheme (`)

Benchmark (`)#


(`)##





(%)

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(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC FMP 1115D SEPTEMBER 2018 (1) NAV as on Aug 31, 2020 ` 12.0904


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



August 2020 69

ANUPAM JOSHI....CONTINUED



Performance of close-ended Scheme is not strictly comparable with that of open-ended schemes since the investment strategy for close-ended schemes is primarily buy and hold whereas open ended schemes are actively managed.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



AMIT GANATRA

HDFC EOF - II - 1126D MAY 2017 (1) NAV as on Aug 31, 2020 ` 8.9460


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year -7.93 4.31 4.58 9,207 10,431 10,458Aug 31, 17 Last 3 Years -3.65 6.01 8.03 8,944 11,915 12,612Jun 15, 17 Since Inception -3.41 6.92 8.36 8,946 12,400 12,945

# nIFTY 50 (Total Returns Index) ## S&P BSE SEnSEx (Total Returns Index). The Scheme is in existence for more than 1 year but less than 5 years. The scheme is managed by Mr. Amit B. Ganatra from May 21, 2020.

HDFC EOF - II - 1100D JUNE 2017 (1) NAV as on Aug 31, 2020 ` 8.4540


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year -11.83 4.31 4.58 8,817 10,431 10,458Aug 31, 17 Last 3 Years -5.54 6.01 8.03 8,428 11,915 12,612Jul 17, 17 Since Inception -5.23 5.83 7.38 8,454 11,938 12,494


RAKESH VYAS

HDFC HOF - I - 1140D NOVEMBER 2017 (1) NAV as on Aug 31, 2020 ` 7.9690


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year -8.98 -3.89 4.31 9,102 9,611 10,431Dec 06, 17 Since Inception -7.96 -0.36 6.05 7,969 9,902 11,744

# India Housing & Allied Businesses Index ## nIFTY 50 (Total Returns Index) The Scheme is in existence for more than 1 year but less than 3 years.

CO-MANAGED BY ANIL BAMBOLI & AMIT GANATRA

HDFC DYNAMIC PE RATIO FUND OF FUNDS NAV as on Aug 31, 2020 ` 19.5588


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 7.54 8.25 4.31 10,754 10,825 10,431Aug 31, 17 Last 3 Years 3.99 7.52 6.01 11,246 12,431 11,915Aug 31, 15 Last 5 Years 7.71 9.32 8.75 14,503 15,619 15,214Feb 06, 12 Since Inception 8.14 10.38 10.57 19,559 23,326 23,666

# nIFTY 50 Hybrid Composite Debt 65:35 Index ## nIFTY 50 (Total Returns Index). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in equity instruments. The scheme is co-managed by Mr. Amit B. Ganatra from May 21, 2020 & Mr. Anil Bamboli from June 28, 2014.

70 August 2020

SCHEME PERFORMANCE - DIRECT PLAN - GROWTH OPTION (FUND MANAGER-WISE)

PRASHANT JAIN

HDFC EQUITY FUND NAV as on Aug 31, 2020 ` 624.176


(%)

Benchmark Returns

(%)#


Returns (%) ##

Value of ` 10,000 invested Scheme

(`)Benchmark

(`)#Additional

Benchmark (`)##


# nIFTY 500 (Total Returns Index) ## nIFTY 50 (Total Returns Index).

HDFC TOP 100 FUND NAV as on Aug 31, 2020 ` 464.393


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##


# nIFTY 100 (Total Returns Index) ## S&P BSE SEnSEx (Total Returns Index).

HDFC BALANCED ADVANTAGE FUND NAV as on Aug 31, 2020 ` 193.369


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##


# nIFTY 50 Hybrid Composite Debt 65:35 Index ## nIFTY 50 (Total Returns Index). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of balanced nature of the scheme where a portion of scheme’s investments are made in debt instruments. Refer to note on performance disclosure on Page no. 19.

CHIRAG SETALVAD

HDFC MID-CAP OPPORTUNITIES FUND NAV as on Aug 31, 2020 ` 57.488


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 9.61 7.48 4.31 10,961 10,748 10,431Aug 31, 17 Last 3 Years 1.42 -2.04 6.01 10,431 9,400 11,915Aug 31, 15 Last 5 Years 8.47 6.16 8.75 15,021 13,490 15,214Jan 01, 13 Since Inception 15.69 10.29 10.20 30,580 21,194 21,057

# nIFTY Midcap 100 (Total Returns Index) ## nIFTY 50 (Total Returns Index).

HDFC SMALL CAP FUND NAV as on Aug 31, 2020 ` 40.698


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 0.94 3.76 4.31 10,094 10,376 10,431Aug 31, 17 Last 3 Years 1.22 -9.37 6.01 10,371 7,443 11,915Aug 31, 15 Last 5 Years 9.17 2.61 8.75 15,512 11,377 15,214Jan 01, 13 Since Inception 13.03 6.47 10.20 25,582 16,176 21,057

# nIFTY Smallcap 100 (Total Returns Index) ## nIFTY 50 (Total Returns Index).

HDFC HYBRID EQUITY FUND NAV as on Aug 31, 2020 ` 55.886


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##


# nIFTY 50 Hybrid Composite Debt 65:35 Index ## nIFTY 50 (Total Returns Index). Refer to note on performance disclosure on Page no. 21.

HDFC CHILDREN’S GIFT FUND NAV as on Aug 31, 2020 ` 133.760


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY 50 Hybrid Composite Debt 65:35 Index ## nIFTY 50 (Total Returns Index). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of balanced nature of the scheme where a portion of scheme’s investments are made in debt instruments.

HDFC LONG TERM ADVANTAGE FUND NAV as on Aug 31, 2020 ` 359.993


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# S&P BSE SEnSEx (Total Returns Index) ## nIFTY 50 (Total Returns Index).

SHOBHIT MEHROTRA

HDFC INCOME FUND NAV as on Aug 31, 2020 ` 47.9105


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY Medium To Long Duration Debt Index ## CRISIL 10 year Gilt Index.

HDFC MEDIUM TERM DEBT FUND NAV as on Aug 31, 2020 ` 43.4874


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY Medium Duration Debt Index ## CRISIL 1 year T-Bill Index.

HDFC CREDIT RISK DEBT FUND NAV as on Aug 31, 2020 ` 18.0575


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY Credit Risk Bond Index ## CRISIL 10 year Gilt Index. Refer to note on performance disclosure on Page no. 43.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Composite Bond Fund Index ## CRISIL 10 year Gilt Index. The scheme is managed by Mr. Shobhit Mehrotra since inception.


August 2020 71




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 8.33 10.83 6.78 10,833 11,083 10,678Aug 31, 17 Last 3 Years 7.67 8.22 6.97 12,484 12,678 12,242Aug 01, 17 Since Inception 7.70 8.16 6.93 12,573 12,738 12,295




(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

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(`)##





(%)

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Scheme (`)

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(`)##





(%)

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(`)##





(%)

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(`)##





(%)

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(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



ANUPAM JOSHI

HDFC CORPORATE BOND FUND NAV as on Aug 31, 2020 ` 24.3204


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY Corporate Bond Index ## CRISIL 10 year Gilt Index. Refer to note on performance disclosure on Page no. 42.

HDFC LOW DURATION FUND NAV as on Aug 31, 2020 ` 46.0241


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Aug 30, 19 Last 1 Year 8.55 7.30 6.78 10,855 10,730 10,678Aug 31, 17 Last 3 Years 7.90 7.49 6.97 12,565 12,420 12,242Aug 31, 15 Last 5 Years 8.20 7.64 6.95 14,833 14,454 14,001Jan 01, 13 Since Inception 8.48 8.14 7.13 18,668 18,217 16,964

# nIFTY Low Duration Debt Index ## CRISIL 1 year T-Bill Index.



SHOBHIT MEHROTRA....CONTINUED

72 August 2020


HDFC LIQUID FUND NAV as on Aug 31, 2020 ` 3973.0504


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Aug 24, 20 Last 7 days 2.80 3.68 0.44 10,005 10,007 10,001Aug 16, 20 Last 15 days 3.05 3.97 1.79 10,013 10,016 10,007Jul 31, 20 Last 1 Month 3.28 4.08 2.69 10,028 10,035 10,023Aug 31, 19 Last 1 Year 4.98 5.34 6.78 10,498 10,534 10,678Aug 31, 17 Last 3 Years 6.41 6.65 6.97 12,052 12,133 12,242Aug 31, 15 Last 5 Years 6.80 6.90 6.95 13,902 13,963 14,001Dec 31, 12 Since Inception 7.60 7.61 7.14 17,540 17,555 16,971

Returns less than 1 year period are simple annualized. # CRISIL Liquid Fund Index ## CRISIL 1 year T-Bill Index.



(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Aug 30, 19 Last 1 Year 8.38 10.83 6.78 10,838 11,083 10,678Feb 27, 18 Since Inception 8.67 10.49 7.23 12,320 12,844 11,915




(%)

Benchmark Returns

(%)#


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Scheme (`)

Benchmark (`)#


(`)##Aug 30, 19 Last 1 Year 8.30 10.83 6.78 10,830 11,083 10,678Mar 07, 18 Since Inception 8.58 10.52 7.24 12,274 12,827 11,900




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August 2020 73




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ANIL BAMBOLI

HDFC DYNAMIC DEBT FUND NAV as on Aug 31, 2020 ` 69.9953


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Dynamic Debt Index ## CRISIL 10 year Gilt Index.

HDFC SHORT TERM DEBT FUND NAV as on Aug 31, 2020 ` 24.1009


(%)

Benchmark Returns

(%)#


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Scheme (`)

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(`)##


# CRISIL Short Term Bond Fund Index ## CRISIL 1 year T-Bill Index.

HDFC ULTRA SHORT TERM FUND NAV as on Aug 31, 2020 ` 11.6421


(%)

Benchmark Returns

(%)#


Returns (%) ##


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Benchmark (`)#


(`)##


# CRISIL Ultra Short Term Debt Index ## CRISIL 1 year T-Bill Index. The Scheme is in existence for more than 1 year but less than 3 years. The scheme is managed by Mr. Anil Bamboli since inception.

HDFC GILT FUND NAV as on Aug 31, 2020 ` 43.5927


(%)

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Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Dynamic Gilt Index ## CRISIL 10 year Gilt Index.

HDFC BANKING AND PSU DEBT FUND NAV as on Aug 31, 2020 ` 17.6613


(%)

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(`)##


# nIFTY Banking & PSU Index ## CRISIL 1 year T-Bill Index.

HDFC OVERNIGHT FUND NAV as on Aug 31, 2020 ` 3005.5759


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 24, 20 Last 7 days 2.93 3.05 0.44 10,006 10,006 10,001Aug 16, 20 Last 15 days 2.95 3.07 1.79 10,012 10,013 10,007Jul 31, 20 Last 1 Month 3.02 3.11 2.69 10,026 10,026 10,023Aug 30, 19 Last 1 Year 4.01 4.07 6.78 10,401 10,407 10,678Aug 31, 17 Last 3 Years 5.38 5.41 6.97 11,703 11,714 12,242Aug 31, 15 Last 5 Years 5.78 5.82 6.95 13,248 13,274 14,001Dec 31, 12 Since Inception 6.57 6.65 7.14 16,295 16,387 16,971

Returns less than 1 year period are simple annualized. # CRISIL Overnight Index ## CRISIL 1 year T-Bill Index.



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(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 11.26 10.83 6.78 11,126 11,083 10,678Aug 31, 17 Last 3 Years 8.18 8.22 6.97 12,664 12,678 12,242Aug 31, 15 Last 5 Years 8.18 9.13 6.95 14,821 15,486 14,001Aug 14, 13 Since Inception 9.11 9.84 7.44 18,490 19,380 16,591

# CRISIL Composite Bond Fund Index ## CRISIL 1 year T-Bill Index. The scheme is managed by Mr. Anil Bamboli since inception.



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74 August 2020




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August 2020 75




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AMIT GANATRA

HDFC TAXSAVER NAV as on Aug 31, 2020 ` 492.512


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year -0.70 5.40 4.31 9,930 10,540 10,431Aug 31, 17 Last 3 Years -1.51 3.72 6.01 9,553 11,158 11,915Aug 31, 15 Last 5 Years 5.16 8.32 8.75 12,864 14,918 15,214Jan 01, 13 Since Inception 9.45 10.44 10.20 19,987 21,416 21,057


HDFC CAPITAL BUILDER VALUE FUND NAV as on Aug 31, 2020 ` 283.882


(%)

Benchmark Returns

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Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##



HDFC EOF - II - 1126D MAY 2017 (1) NAV as on Aug 31, 2020 ` 9.2250


(%)

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(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Aug 30, 19 Last 1 Year -7.70 4.31 4.58 9,230 10,431 10,458Aug 31, 17 Last 3 Years -2.79 6.01 8.03 9,186 11,915 12,612Jun 15, 17 Since Inception -2.48 6.92 8.36 9,225 12,400 12,945


HDFC EOF - II - 1100D JUNE 2017 (1) NAV as on Aug 31, 2020 ` 8.7500


(%)

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(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Aug 30, 19 Last 1 Year -11.54 4.31 4.58 8,846 10,431 10,458Aug 31, 17 Last 3 Years -4.51 6.01 8.03 8,705 11,915 12,612Jul 17, 17 Since Inception -4.18 5.83 7.38 8,750 11,938 12,494





76 August 2020


RAKESH VYAS

HDFC INFRASTRUCTURE FUND NAV as on Aug 31, 2020 ` 12.336


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Aug 30, 19 Last 1 Year -18.20 5.40 4.31 8,180 10,540 10,431Aug 31, 17 Last 3 Years -15.03 3.72 6.01 6,132 11,158 11,915Aug 31, 15 Last 5 Years -4.81 8.32 8.75 7,813 14,918 15,214Jan 01, 13 Since Inception 1.32 10.44 10.20 11,062 21,416 21,057


HDFC HOF - I - 1140D NOVEMBER 2017 (1) NAV as on Aug 31, 2020 ` 8.2190


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Aug 30, 19 Last 1 Year -8.50 -3.89 4.31 9,150 9,611 10,431Dec 06, 17 Since Inception -6.92 -0.36 6.05 8,219 9,902 11,744

# India Housing & Allied Businesses Index ## nIFTY 50 (Total Returns Index) The Scheme is in existence for more than 1 year but less than 3 years.

GOPAL AGRAWAL

HDFC FOCUSED 30 FUND NAV as on Aug 31, 2020 ` 73.187


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##

Aug 30, 19 Last 1 Year -2.44 5.40 4.58 9,756 10,540 10,458Aug 31, 17 Last 3 Years -2.96 3.72 8.03 9,137 11,158 12,612Aug 31, 15 Last 5 Years 4.27 8.32 9.38 12,325 14,918 15,663Jan 01, 13 Since Inception 8.09 10.44 10.78 18,160 21,416 21,930


HDFC GROWTH OPPORTUNITIES FUND NAV as on Aug 31, 2020 ` 110.774


(%)

Benchmark Returns

(%)#


Returns (%) ##


(`)Benchmark

(`)#Additional

Benchmark (`)##


# nIFTY Large Midcap 250 (Total Returns Index) ## S&P BSE SEnSEx (Total Returns Index). The Scheme, formerly a large cap fund, has undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a Large and Mid-cap Fund. Accordingly, the Scheme’s benchmark has also changed. Hence, the past performance of the Scheme may not strictly be comparable with that of the new benchmark.

KRISHAN KUMAR DAGA

HDFC GOLD FUND NAV as on Aug 31, 2020 ` 17.0879


Benchmark Returns

(%)#


Scheme (`)

Benchmark (`)#

Aug 30, 19 Last 1 Year 34.06 31.50 13,406 13,150Aug 31, 17 Last 3 Years 19.80 20.80 17,201 17,635Aug 31, 15 Last 5 Years 13.36 14.62 18,729 19,796Jan 01, 13 Since Inception 5.84 7.28 15,452 17,143

# Domestic Price of Physical Gold. The scheme is managed by Mr. Krishan Kumar Daga since October 19, 2015.

CO-MANAGED BY CHIRAG SETALVAD & SHOBHIT MEHROTRA

HDFC RETIREMENT SAVINGS FUND - EQUITY PLAN

NAV as on Aug 31, 2020 ` 18.238


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##Aug 30, 19 Last 1 Year 7.78 5.40 4.31 10,778 10,540 10,431Aug 31, 17 Last 3 Years 4.13 3.72 6.01 11,292 11,158 11,915Feb 25, 16 Since Inception 14.23 12.54 12.98 18,238 17,056 17,356

# nIFTY 500 (Total Returns Index) ## nIFTY 50 (Total Returns Index). The Scheme is in existence for more than 1 year but less than 5 years

HDFC RETIREMENTSAVINGS FUND - HYBRID EQUITY PLAN

NAV as on Aug 31, 2020 ` 18.313


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#



# nIFTY 50 Hybrid Composite Debt 65:35 Index ## nIFTY 50 (Total Returns Index). The Scheme is in existence for more than 1 year but less than 5 years

HDFC RETIREMENT SAVINGS FUND - HYBRID DEBT PLAN

NAV as on Aug 31, 2020 ` 15.1120


(%)

Benchmark Returns

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Benchmark (`)#



# nIFTY 50 Hybrid Composite Debt 15:85 Index ## CRISIL 10 Year Gilt Index. The Scheme is in existence for more than 1 years but less than 5 years

CO-MANAGED BY AMIT GANATRA, ANIL BAMBOLI, KRISHAN KUMAR DAGA & ARUN AGARWAL

HDFC MULTI - ASSET FUND NAV as on Aug 31, 2020 ` 37.3090


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#



# 90% NIFTY 50 Hybrid Composite Debt 65:35 Index + 10% Domestic Price of Gold ## nIFTY 50 (Total Returns Index). The Scheme formerly, a debt oriented hybrid fund, has undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a multi asset fund investing in equities, debt and gold related instruments. Accordingly, the Scheme’s benchmark and additional benchmarks have also changed. Hence, the past performance of the Scheme since inception till May 22, 2018 may not strictly be comparable with those of the new benchmark and the additional benchmark. Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in debt instruments and gold related instruments.



August 2020 77


CO-MANAGED BY GOPAL AGRAWAL, ARUN AGARWAL, KRISHAN KUMAR DAGA & ANIL BAMBOLI

HDFC EQUITY SAVINGS FUND NAV as on Aug 31, 2020 ` 39.8970


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

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# 40% NIFTY 50 Arbitrage Index, 30% CRISIL Short Term Bond Fund Index and 30% NIFTY 50 (Total Returns Index) ## nIFTY 50 (Total Returns Index). Scheme performance may not strictly be comparable with that of its Additional Benchmark, since a portion of scheme’s investments are made in equity instruments.

CO-MANAGED BY PRASHANT JAIN & SHOBHIT MEHROTRA

HDFC HYBRID DEBT FUND NAV as on Aug 31, 2020 ` 50.2635


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY 50 Hybrid Composite Debt 15:85 Index ## CRISIL 10 year Gilt Index. Refer to note on performance disclosure on Page no. 38.

CO-MANAGED BY ANIL BAMBOLI & AMIT GANATRA

HDFC DYNAMIC PE RATIO FUND OF FUNDS NAV as on Aug 31, 2020 ` 20.815


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# nIFTY 50 Hybrid Composite Debt 65:35 Index ## nIFTY 50 (Total Returns Index). Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme’s investments are made in equity instruments. The scheme is co-managed by Mr. Amit B. Ganatra from May 21, 2020 & Mr. Anil Bamboli from June 28, 2014.

CO-MANAGED BY SHOBHIT MEHROTRA & VIKASH AGARWAL

HDFC FLOATING RATE DEBT FUND NAV as on Jul 31, 2020 ` 36.9432


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# CRISIL Liquid Fund Index ## CRISIL 1 year T-Bill Index. The Scheme is co-managed by Shobhit Mehrotra & Vikash Agarwal from July 01, 2020.

CO-MANAGED BY ANIL BAMBOLI & VIKASH AGARWAL

HDFC MONEY MARKET FUND NAV as on Aug 31, 2020 ` 4372.3045


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 7.56 5.91 6.78 10,756 10,591 10,678Aug 31, 17 Last 3 Years 7.81 6.83 6.97 12,532 12,196 12,242Aug 31, 15 Last 5 Years 7.64 7.10 6.95 14,458 14,098 14,001Dec 31, 12 Since Inception 8.14 7.80 7.14 18,224 17,787 16,971

# nIFTY Money Market Index ## CRISIL 1 year T-Bill Index. The Scheme is co-managed by Anil Bamboli & Vikash Agarwal from July 01, 2020.

CO-MANAGED BY KRISHAN KUMAR DAGA & ARUN AGARWAL

HDFC ARBITRAGE FUND - WHOLESALE PLAN NAV as on Aug 31, 2020 ` 15.078


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##

Aug 30, 19 Last 1 Year 4.70 2.98 4.31 10,470 10,298 10,431Aug 31, 17 Last 3 Years 5.82 4.65 6.01 11,850 11,463 11,915Aug 31, 15 Last 5 Years 6.20 5.06 8.75 13,513 12,805 15,214Apr 07, 14 Since Inception 6.62 5.85 10.04 15,078 14,395 18,458

# nIFTY 50 Arbitrage Index ## nIFTY 50 (Total Returns Index). Scheme performance is not strictly comparable with that of its Additional Benchmark since the scheme does not take directional call in equity markets but is limited to availing arbitrage opportunities, etc.

HDFC INDEX FUND - SENSEX PLAN NAV as on Aug 31, 2020 ` 349.8240


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##


# S&P BSE SEnSEx (Total Returns Index) ## nIFTY 50 (Total Returns Index). Refer to note on performance disclosure on Page no. 27.

HDFC INDEX FUND - NIFTY 50 PLAN NAV as on Aug 31, 2020 ` 105.4661


(%)

Benchmark Returns

(%)#


Returns (%) ##


Scheme (`)

Benchmark (`)#


(`)##





78 August 2020

Managing Portfolio Since

Returns (%) (As on August 31, 2020)

Last 1 year (%) Last 3 years (%) Last 5 years (%)

Permitted Category FPI Portfolio (managed under a bilateral agreement under Regulation 24(b) and subject to applicable laws)

March 22, 2016 -2.30 3.59 n.A.

Benchmark- MSCI India (Total Returns) 5.85 5.39 n.A.

Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualised (CAGR). The above returns are computed using the Time Weighted Rate of Return (TWRR) methodology, to make them more comparable with the mutual fund scheme's returns. Inception date is March 22, 2016. The performance is not comparable with the performance of the aforementioned scheme(s) of HDFC Mutual Fund due to differing investment objective/s and fundamental differences in asset allocation, investment strategy and the regulatory environment. The said disclosure is pursuant to SEBI Circular no. Cir/IMD/DF/7/2012 dated February 28, 2012 pertaining to Regulation 24(b) of SEBI (Mutual Funds) Regulations, 1996. FPI - Foreign Portfolio Investor.

PERFORMANCE OF PERMITTED CATEGORY FPI PORTFOLIO (MANAGED BY PRASHANT JAIN)

August 2020 79

DIVIDEND HISTORY ^

^ Past performance may or may not be sustained in the future. There is no assurance or guarantee to Unit holders as to rate/quantum of dividend distribution nor that the dividends will be paid regularly. After payment of the dividend, the per Unit nAV falls to the extent of the payout and statutory levy, if any. Please log on to www.hdfcfund.com for Record Date-wise listing of dividends declared.

HDFC Equity Fund (Past 3 years) Dividend Option

Record Date Regular Plan Direct Plan

Cum Div NAV (`)

Dividend per Unit (`) For Cum Div NAV (`)

Dividend per Unit (`) For

Individuals & HUF Others Individuals & HUF Others

Mar 22, 18 55.480 5.50 5.50 58.320 5.50 5.50Mar 20, 19 56.417 5.25 5.25 60.153 5.25 5.25Mar 19, 20 33.678 4.250 4.250 36.364 4.250 4.250

HDFC Top 100 Fund (Past 3 years) Dividend Option


Cum Div NAV (`)




Mar 06, 18 54.454 6.00 6.00 56.705 6.00 6.00Mar 07, 19 52.212 5.50 5.50 55.052 5.50 5.50Mar 12, 20 43.674 5.00 5.00 46.622 5.00 5.00

HDFC Capital Builder Value Fund (Past 3 years) Dividend Option


Cum Div NAV (`)




Feb 22, 18 31.809 3.50 3.50 33.423 3.50 3.50Feb 21, 19 26.710 2.75 2.75 28.618 2.75 2.75Feb 20, 20 24.565 2.75 2.75 26.809 2.75 2.75

HDFC Focused 30 Fund (Past 3 years) Dividend Option


Cum Div NAV (`)




Feb 22, 18 21.508 2.25 2.25 22.914 2.25 2.25Feb 21, 19 16.853 1.75 1.75 18.257 1.75 1.75Feb 20, 20 16.110 1.75 1.75 17.776 1.75 1.75

HDFC Arbitrage Fundnormal Dividend Option (Past 3 months)

Record Date Wholesale Plan Direct Plan

Cum Div NAV (`)




May 21, 20 10.367 0.040 0.040 10.763 0.045 0.045Jun 18, 20 10.328 0.036 0.036 10.723 0.040 0.040 Jul 23, 20 - - - 10.692 0.020 0.020

Monthly Dividend Option (Past 3 months)

Record Date Wholesale Plan Wholesale Plan - Direct Plan

Cum Div NAV (`)




May 21, 20 10.835 0.040 0.040 10.514 0.045 0.045Jun 18, 20 10.796 0.036 0.036 10.475 0.040 0.040 Jul 23, 20 - - - 10.444 0.020 0.020

HDFC Growth Opportunities Fund (Past 3 years) Dividend Option


Cum Div NAV (`)




Mar 01, 18 22.901 2.25 2.25 25.854 2.25 2.25Feb 28, 19 19.807 2.00 2.00 22.663 2.00 2.00Feb 27, 20 18.745 2.00 2.00 21.836 2.00 2.00

HDFC Mid-Cap Opportunities Fund (Past 3 years) Dividend Option


Cum Div NAV (`)




Mar 01, 18 34.912 3.00 3.00 41.189 3.00 3.00Feb 28, 19 28.574 2.50 2.50 34.574 2.50 2.50Feb 27, 20 28.084 2.50 2.50 34.848 2.50 2.50

HDFC Small Cap Fund (Past 3 years) Dividend Option


Cum Div NAV (`)




Mar 01, 17 22.892 2.00 2.00 24.040 2.00 2.00Mar 22, 18 28.810 2.75 2.75 30.776 1.00 1.00Mar 27, 19 25.955 2.50 2.50 30.135 0.99 0.99

HDFC Hybrid Equity Fund (Past 3 quarters) Dividend Option


Cum Div NAV (`)




Jun 25, 19 12.104 0.320 0.320 12.845 0.320 0.320Sep 25, 19 11.4670 0.3200 0.3200 12.2080 0.3200 0.3200Dec 26, 19 11.4030 0.3200 0.3200 12.1830 0.3200 0.3200

HDFC Balanced Advantage Fund (Past 3 months) Dividend Option


Cum Div NAV (`)




Jun 25, 20 21.281 0.230 0.230 - - -Jul 27, 20 21.547 0.230 0.230 - - -Aug 25, 20 22.709 0.230 0.230 24.489 0.230 0.230

HDFC TaxSaver (Past 3 years) Dividend Option(An open-ended equity linked savings scheme with a lock-in period of 3 years)


Cum Div NAV (`)




Mar 15, 18 66.562 7.00 7.00 69.256 7.00 7.00Mar 14, 19 59.483 6.00 6.00 62.638 6.00 6.00Mar 12, 20 39.950 5.00 5.00 42.588 2.37 2.37

HDFC Infrastructure Fund (Past 3 years) Dividend Option


Cum Div NAV (`)




Mar 23, 17 14.388 1.500 1.500 17.736 1.500 1.500Mar 15, 18 14.630 1.750 1.750 18.570 1.750 1.750Mar 27, 19 11.308 1.000 1.000 14.899 1.000 1.000

HDFC Hybrid Debt Fund Monthly Dividend Option (Past 3 months)


Cum Div NAV (`)




Apr 27, 20 11.5677 0.0800 0.0800 12.1844 0.0800 0.0800May 26, 20 11.3387 0.0800 0.0800 11.9517 0.0800 0.0800Aug 25, 20 - - - 12.9204 0.0800 0.0800

Quarterly Dividend Option (Past 3 quarters)


Cum Div NAV (`)




Sep 25, 19 13.5635 0.2400 0.2222 14.1999 0.2400 0.2222Dec 26, 19 13.5463 0.2400 0.2222 14.2144 0.2400 0.2222Mar 18, 20 12.2732 0.2400 0.2222 12.9046 0.2400 0.2222

HDFC Equity Savings Fund (Past 3 quarters) Dividend Option


Cum Div NAV (`)




Jun 25, 19 11.273 0.2210 0.2210 12.153 0.2210 0.2210 Sep 25, 19 10.845 0.2210 0.2210 11.733 0.2210 0.2210Dec 26, 19 10.790 0.2210 0.2210 11.715 0.2210 0.2210

80 August 2020

DIVIDEND HISTORY ^

^ Past performance may or may not be sustained in the future. There is no assurance or guarantee to Unit holders as to rate/quantum of dividend distribution nor that the dividends will be paid regularly. After payment of the dividend, the per Unit nAV falls to the extent of the payout and statutory levy, if any. Please log on to www.hdfcfund.com for Record Date-wise listing of dividends declared.

HDFC Multi-Asset Fund (Past 3 years) Dividend Option


Cum Div NAV (`)




Mar 03, 16 11.9008 0.7223 0.6692 12.5570 0.7223 0.6692Mar 09, 17 12.3216 0.7945 0.7361 13.1369 0.7945 0.7361Mar 01, 18 12.2077 0.7945 0.7361 13.1690 0.7945 0.7361

HDFC Income Fund (Past 3 quarters) Quarterly Dividend Option


Cum Div NAV (`)




Dec 26, 19 11.2480 0.1000 0.0926 11.9377 0.1000 0.0926Mar 18, 20 - - - 11.9807 0.1500 0.1389 Jun 25, 20 11.4735 0.2000 0.2000 12.2291 0.2000 0.2000

HDFC Dynamic Debt FundQuarterly Dividend Option (Past 3 quarters)


Cum Div NAV (`)




Dec 26, 19 11.7795 0.1500 0.1389 12.4639 0.1500 0.1389Mar 18, 20 11.6268 0.1500 0.1389 12.3423 0.1500 0.1389 Jun 25, 20 11.8846 0.2000 0.2000 12.6560 0.2000 0.2000

Half-yearly (Dividend Option) (Past 2 years)


Cum Div NAV (`)




Mar 25, 19 11.4552 0.2500 0.2315 - - -Sep 25, 19 11.2879 0.1500 0.1389 - - -Mar 18, 20 11.3908 0.4000 0.3704 - - -

Yearly (Dividend Option) (Past 3 years)


Cum Div NAV (`)




Mar 26, 18 13.0626 0.4000 0.3706 13.6262 0.4000 0.3706Mar 25, 19 12.9184 0.3500 0.3241 13.5824 0.3500 0.3241Mar 18, 20 12.9884 0.5500 0.5093 13.7778 0.5500 0.5093

HDFC Corporate Bond FundQuarterly Dividend Option (Past 3 quarters)


Cum Div NAV (`)




Dec 26, 19 10.5041 0.1324 0.1226 10.4495 0.1304 0.1207Mar 18, 20 10.3846 0.1145 0.1060 10.3360 0.0348 0.0322 Jun 25, 20 10.8564 0.3810 0.3810 10.9295 0.3650 0.3650

HDFC Gilt Fund(Dividend Option) (Past 3 quarters)


Cum Div NAV (`)




Dec 26, 19 11.5364 0.0500 0.0463 11.9447 0.0500 0.0463Mar 18, 20 11.7454 0.1500 0.1389 12.1762 0.1500 0.1389 Jun 25, 20 12.0405 0.2500 0.2500 12.5041 0.2500 0.2500

HDFC Liquid FundMonthly Dividend Option (Past 3 months)


Cum Div NAV (`)




Jun 29, 20 1029.4480 3.1480 3.1480 1029.5440 3.2440 3.2440 Jul 27, 20 1028.7982 2.4982 2.4982 1028.8770 2.5770 2.5770 Aug 31, 20 1029.4002 3.1002 3.1002 1029.4989 3.1989 3.1989

HDFC Floating Rate Debt FundMonthly Dividend Option (Past 3 months)


Cum Div NAV (`)




Jun 29, 20 10.2550 0.1109 0.1109 10.2566 0.1125 0.1125 Jul 27, 20 10.2419 0.0978 0.0978 10.2440 0.0999 0.0999 Aug 31, 20 10.1880 0.0439 0.0439 10.1904 0.0463 0.0463

HDFC Low Duration FundMonthly Dividend Option (Past 3 months)


Cum Div NAV (`)




Jun 29, 20 10.2428 0.1028 0.1028 10.2510 0.1085 0.1085 Jul 27, 20 10.2326 0.0926 0.0926 10.2398 0.0973 0.0973 Aug 31, 20 10.1897 0.0497 0.0497 10.1982 0.0557 0.0557

HDFC Credit Risk Debt FundQuarterly Dividend Option (Past 3 quarters)


Cum Div NAV (`)




Dec 26, 19 - - - 10.6246 0.1845 0.1708Mar 18, 20 10.3566 0.0785 0.0727 10.4831 0.0846 0.0783 Jun 25, 20 10.5083 0.1970 0.1970 10.6425 0.2110 0.2110

HDFC Ultra Short Term FundMonthly Dividend Option (Past 3 months)


Cum Div NAV (`)




Jun 29, 20 10.2206 0.0706 0.0706 10.1227 0.0727 0.0727 Jul 27, 20 10.2053 0.0553 0.0553 10.1071 0.0571 0.0571 Aug 31, 20 10.1920 0.0420 0.0420 10.0946 0.0446 0.0446

Disclaimer: The views expressed herein are based on internal data, publicly available information and other sources believed to be reliable, but involve uncertainties that could cause actual events to differ materially from those expressed or implied in such statements. The document is given for general and information purpose and is neither an investment advice nor an offer to sell nor a solicitation. While due care has been exercised while preparing this document, HDFC Asset Management Company Limited (“HDFC AMC”) does not warrant the completeness or accuracy of the information. neither HDFC AMC, nor any person connected with it, accepts any liability arising from the use of this material. The recipient of this material should rely on their investigations and take their own professional advice.

HDFC SEnSEx ETF, HDFC Index Fund - SEnSEx Plan (“Schemes”) is based on the S&P BSE SEnSEx Index. S&P® is a registered trademark of S&P Financial Services Limited (S&P). BSE® and SEnSEx® are registered trademarks of BSE Limited. The Schemes is not sponsored, endorsed marketed or promoted by S&P, BSE or their respective affiliates. Please refer to the Scheme Information Document for disclaimers w.r.t. S&P BSE SENSEX Index.

For HDFC nIFTY 50 ETF & HDFC Index Fund - nIFTY 50 Plan: The Scheme of HDFC Mutual Fund (the “Product(s)”) are not sponsored, endorsed, sold or promoted by nifty Indices Limited [formerly India Index Services & Products Limited] (“nIL”). nIL does not make any representation or warranty, express or implied, to the owners of the Product(s) or any member of the public regarding the advisability of investing in securities generally or in the Product(s) particularly or the ability of the nIFTY Indices to track general stock market performance in India. The relationship of nIL with HDFC Asset Management Company Limited (“the Issuer/Licensee”) is only in respect of the licensing of the Indices and certain trademarks and trade names associated with such Indices which is determined, composed and calculated by nIL without regard to the Issuer /Licensee or the Product(s). nIL does not have any obligation to take the needs of the Issuer/Licensee or the owners of the Product(s) into consideration in determining, composing or calculating the nIFTY Indices. nIL is not responsible for or has participated in the determination of the timing of, prices at, or quantities of the Product(s) to be issued or in the determination or calculation of the equation by which the Product(s) is to be converted into cash. nIL has no obligation or liability in connection with the administration, marketing or trading of the Product(s).

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august 31, 2020

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