CitiChoiceSnapshot: January to March 2021

Suitable for Investor Rating 3 and above

INVESTMENT PRODUCTS: NO BANK GUARANTEE: NOT GOVERNMENT INSURED: SUBJECT TO MARKET RISK: POSSIBLE LOSS OF PRINCIPAL: PLEASE READ THE OFFER DOCUMENT(S) BEFORE INVESTING.

India Economic News

ŸGDP deceleration moderated to -7.5% YoY in 2QFY21 (vs -23.9% YoY in 1Q), led by a rebound in the manufacturing sector, while lower government spending proved to be a drag on overall growth.

ŸEconomic activity plateaued 1-2% below pre-Covid levels in Dec’20, under the twin impacts of waning pent-up demand and sustained Covid-19 related disruptions in certain sectors.

ŸSEBI introduced a new ‘Flexi Cap’ category for Mutual Fund schemes under which funds may invest across Large/Mid/Small cap scrips without minimum floor limits for each category. Existing Mutual Funds schemes may be converted to Flexi Cap while maintaining a minimum 65% allocation to equity related instruments.

ŸGST collections averaged INR 1.08 lakh cr in 3QFY21 (vs INR 0.9 lakh cr in 2QFY21), while Gross tax revenue grew by ~20% YoY in the Oct-Nov’20 period, driven by 25% and 83% YoY growth in income tax and excise duty collections respectively.

ŸIndia’s headline inflation cooled more-than-expected to 4.59% in Dec’20 (vs 6.93% in Nov’20) led by seasonal deflation in vegetable prices (-10.4% YoY) and favorable base effects. Citi analysts expect headline inflation to remain between 4.5-5.0% for most of FY22.

ŸThe RBI left benchmark repo and reverse repo rates unchanged at 4% and 3.35% respectively in its Dec’20 monetary policy review, while maintaining the ‘accommodative’ stance. Citi analysts expect policy rates to remain on hold through 2021.

Quarter Update (3 FY21)Q

Sincerely,

Heading into the new-year, Citi analysts believe that large-scale vaccine availability may spur a broad based recovery in the global economy through 2HCY21 and 2022, supported by pent-up demand, easy monetary policy and continued fiscal stimulus. They expect global GDP growth to recover to 5% YoY in 2021 following an estimated contraction of 3.9% YoY in 2020. Developed Markets are estimated to grow 4.1% YoY in 2021 (vs -5.3% contraction in 2020), while Emerging Markets are expected to see a higher 6.2% YoY growth in 2021 (vs -2% YoY contraction in 2020).

We are delighted to bring to you our latest issue of CitiChoice. This issue includes an update on the markets along with the list of equity and fixed-income schemes that have been shortlisted using various qualitative and quantitative parameters.

We would like to thank you for continuing to place your trust in us and look forward to your continued patronage.

Sharad MohanMD & Head - Retail BankGlobal Consumer Bank, Citibank N.A., India

Nifty50 retuned over 24% between Oct-Dec’20, with both Nifty Midcap and Smallcap indices registering over 20% returns over the same period, amidst robust FII inflows (~INR 142,000cr), while Domestic Mutual Funds (DMF) remained net sellers with outflows of ~INR 70,000cr in 3QFY21. Sectors like Banking & Financial Services, Metal and Realty led the rally with over 40% gains, while Auto, Pharma and Oil & Gas indices lagged the benchmark. Citi analysts expect Nifty earnings to grow 4.4% YoY in 3QFY21 (7% QoQ) reflecting the post-lockdown recovery in economic activity and festive-season boost.

Headline inflation moderated to 4.59% YoY in Dec’20 led by seasonal deflation in vegetable prices and favorable base effects. The RBI left benchmark repo / reverse repo rates unchanged at 4% / 3.35% respectively during its Dec’20 monetary policy review while retaining the ‘accommodative’ stance. Citi analysts expect the RBI to leave policy rates unchanged in 2021, however, a benign inflation environment may keep chances of a rate-cut alive if growth recovery disappoints. Citi analysts expect to see strong returns from global mid/small cap stocks over the next 6-12 months amid a rotation from “Stay at Home” to “Leave your Home” equities in the New Economic Cycle . They expect India’s real GDP growth to rebound to 11% YoY in FY22, following the -7.8% YoY contraction (estimated) in FY21.

We provide a quick snapshot of the key events that influenced markets over the previous quarter.

Key Global Events

ŸCovid-19 vaccines developed by BioNTech/Pfizer, Moderna, and AstraZeneca obtained emergency use approval in various countries across Developed and Emerging markets.

ŸDemocratic Party nominee Joe Biden was declared US President-elect, securing 306 electoral votes (vs minimum requirement of 270 votes). Citi analysts expect higher focus on additional stimulus, infrastructure spending, taxation and regulation over the next 2 years.

ŸUS lawmakers agreed upon a USD 2.3tn spending package including USD 900bn towards Covid-19 relief. USD 300/week and USD 600 of direct stimulus are expected to be paid out to individuals in 1QCY21.

ŸThe European Central Bank further increased funding under the Pandemic Emergency Purchase Program by EUR 500bn (to EUR 1,850bn) and extended the purchase period to Mar’22, while leaving deposit rates unchanged at -0.50%.

31-Dec-2030-Sep-20

INDIA MARKET UPDATE

INDIA MARKET UPDATE

(Source: Citi Research)

Quarterly (Oct-Dec 2020)

USDINR Rate

10-Yr G-Sec

1-Yr Bank CD

3- Month Bank CD

73.05

5.9%

3.7%

3.4%

73.80

6.0%

3.9%

3.3%

MARKET RETURNS Quarter 3 FY 21

(Source: Bloomberg)

25.4%

24.3%

23.8%

22.7%

22.0%

21.7%

23.5%

23.2%

16.4%

47.4%

25.2%

35.5%

14.1%

9.5%

21.4%

39.7%

15.1%

24.8%

48.3%

Sensex

Nifty

BSE 100

Nifty Mid Cap

BSE Mcap

BSE Scap

BSE 200

BSE 500

Auto

Banks

Cons Dur

Cap Goods

FMCG

Healthcare

IT

Oil & Gas

Power

Realty

Metal

20%

I-SEC Gilt

Crisil STBEX

Crisil MIBEX

Crisil Liquifex

Crisil Compbex

Crisil BalancEx

Citi analysts estimate economic activity to have plateaued at 1-2% below pre-Covid levels in Dec’20, with indicators like mobility, air traffic and CMIE consumer sentiment trending well below pre-Covid levels. Citi analysts expect sequential improvement in economic activity to slow under the twin impacts of waning pent-up demand and sustained Covid-related disruptions in certain sectors. They estimate India’s GDP growth to recover to 11% YoY in FY22 (from -7.8% contraction in FY21) supported by resilient strength in manufacturing and rural sectors, with private consumption growth expected to recover to ~13% YoY in FY22E (vs -10% in FY21). Citi analysts however believe that much of the GDP growth recovery may be attributed to favorable base effects as sequential growth momentum may remain below pre-Covid levels.

Nifty50 continued on an upward trajectory, rising over 83% from Mar’20 lows in line with global indices (S&P500 up ~68% since Mar’20). FII flows totaled USD 30bn between Apr-Dec’20 (8 year high) amid ~12% depreciation in the USD through the same period. Earnings for BSE-100 companies grew 9% YoY in 2QFY21 (beating Citi analyst’s estimate of 12% YoY decline) driven by top-line growth of 3% YoY and EBIDTA growth of 12% YoY, supported by lower outsourcing, marketing and employee costs. Citi analysts expect Nifty earnings to grow 4.4% YoY in 3QFY21 (7% QoQ) benefiting from significant easing in lockdown-restrictions and festive-season sales. They expect increasing input & operating costs to offset improvement in pricing & operating leverage, keeping margins stable. Citi analysts revise their Dec’21 Nifty target upwards to 14,000 and raise their target multiple to 19x 1yr-forward P/E (from 13,000 and 18x earlier) amid strong FII inflows, EPS upgrades and weak USD. While FY21/22 Nifty EPS growth estimates have improved 9% / 6% since Oct’20, current Nifty valuations (1 year forward P/E) remain at a 15 year high. Citi analysts believe that recent plateauing of economic activity indicators may bear upon the upward earnings revision momentum.

Headline inflation declined to 4.59% YoY in Dec’20 (vs 6.93% in Nov’20 and 7.6% in Oct’20) largely led by seasonal deflation in vegetable prices (-10.4% YoY) and favorable base effects, while core CPI (ex-communication) remained largely stable at 5.6% YoY (up 13bps MoM). Petrol/Diesel prices rose 2.6% / 3.9% MoM respectively in Dec’20. Citi analysts expect headline inflation to remain between 4.5-5.0% for most of FY22.

Gross tax revenue collection grew 20% YoY in Oct-Nov’20 (vs -13% YoY decline in 2QFY21), supported by a 25% and 83% YoY growth in income tax and excise duty collections respectively over the same period, indicating a less challenging fiscal position than earlier feared. While stimulus related government expenditure waned, infrastructure ministries (like Railways, Road Transport, Water and Housing) saw improved spending momentum. Citi analysts revise their FY21 fiscal deficit estimate for the Centre to 6.9% of GDP (from 7.2% earlier) given the better-then-expected pick-up in tax collections, while fiscal deficit for States is projected at 4.9% of GDP in FY21.

The RBI left benchmark repo / reverse repo rates unchanged at 4% / 3.35% respectively during its Dec’20 monetary policy review and retained the ‘accommodative’ stance along expected lines, while extending the on-tap TLTROs (Targeted Long Term Repo Operations) to cover 26 stressed sectors as identified. The RBI also announced INR 2 lakh crores of variable rate reverse-repo operations in order to moderate the quantum of excess liquidity in the banking system (INR 7.5 lakh cr now vs INR 5.5 lakh cr in Sep-Nov’20). Citi analysts believe that this may push short-term rates closer to the reverse repo-rate and expect 10yr G-sec bond yields to stay within the 5.75%-6.0% range over the near-term, with risks skewed towards the upside. While Citi analysts expect the RBI to leave policy-rates unchanged in 2021, a benign inflation environment may keep chances of a rate-cut alive if growth recovery disappoints. INR remained one of the worst performing EM currency in 3QFY20, despite persistent weakness in USD, owing to significant FX interventions from the RBI. Continued portfolio inflows and expected depreciation in USD over the next 6-12 months may keep INR within the 72-74/USD range.

2.8%

2.4%

5.9%

0.9%

2.9%

-10.00% 0.00%

16.3%

10.00%

0% 40%

20.00%

60%

GLOBAL MARKET UPDATE

Citi analysts expect US GDP growth to rebound to 5.1% YoY in 2021 (following an estimated contraction of -3.4% YoY in 2020) supported by a vaccine-driven surge in activity in 2HCY21 and continued fiscal support from the newly elected Biden administration. While support from the US Fed and US Congress boosted equity markets following the sharp decline in Mar’20, S&P 500 rose over 11% in the Oct-Dec’20 period amid positive news flow around Covid-19 vaccines and a Democratic win in the US Presidential Elections.

Citi analysts believe that current equity market P/E valuations of 27.8x 2020 EPS may be expensive, even while pricing-in a post-Covid recovery. Following the largely tech-driven rally in equity markets (Nasdaq up 43% in 2020), Citi analysts remain ‘neutral’ on US Large Caps given elevated valuations, while preferring Small and Mid Cap stocks due to higher potential catch-up in performance. Citi analysts expect US GDP to reach pre-Covid levels by mid-2021, while unemployment is expected to decline to 4.2% (from 6.7% as of Nov’20) by end-2022 as per Fed estimates.

While only ~6% of the US Fed’s USD 750bn Corporate Credit Facility was utilized in 2020, the program was successful in calming bond markets by projecting the Fed as “buyer of last resort”. Citi analysts expect core PCE (Personal Consumption Expenditure) in the US to continue to rise over the next few months and settle close to 2% YoY by the end of 2021. Stronger inflation data may lead markets to price in a less-accommodative monetary policy path by the US Fed. Citi analysts expect the US Fed to commence tapering of asset purchase by Oct’21 and hike lending rates in 2HCY22.

UNITED STATES SNAPSHOT

Dow Jones

S&P 500

NASDAQ

Brazil Bovespa

10.17%

11.69%

12.88%

25.81%

(Source: Bloomberg)

Actualized ReturnsOct - Dec 2020 (%)

America

(Source: Citi Research)

Citi analysts expect wide-spread lockdowns imposed across Europe to last through Feb’21 and believe that 20-25% of the population may be vaccinated by 2QCY21. While fiscal and monetary policy remains accommodative across Europe, recovering demand from Asian economies may also lend support to overall growth. Citi analysts expect GDP growth for the Euro area to rebound to 3.6% YoY in 2021, following an estimated -7.3% contraction in 2020. The European Union's EUR 750bn Recovery Fund is expected to play a pivotal role in economic recovery with EUR 390bn targeted towards grants for weaker periphery countries. The European Central Bank further increased funding under the Pandemic Emergency Purchase Program by EUR 500bn to EUR 1,850bn with duration extended to Mar’22, while leaving deposit rates unchanged at -0.50%.

UK and the EU agreed upon a free-trade Brexit deal in Dec’20, with the UK effectively leaving the EU Single Market and Customs Union. Citi analyst believe that the last minute agreement may result in some near-term disruption in trade, with UK’s trade deficit reaching 6.2% by 2022. Citi analysts expect UK’s GDP growth to rebound to 4.6% YoY in 2021 (vs an estimated contraction of -11.2% YoY in 2020).

While the European equity markets underperformed during the post-Mar’20 rebound due to small exposures towards technology sector, Citi analysts expect aggressively accommodative monetary policy, reasonable valuations and significant exposures towards Value, Mid Cap and high dividend-yielding stocks to help improve perceptions going forward.

SNAPSHOT

Actualized ReturnsOct - Dec 2020 (%)

FTSE 100

CAC 40

DAX

10.13%

15.57%

7.51%

(Source: Bloomberg)

Europe

EURO AREA

INVESTMENT PRODUCTS: NO BANK GUARANTEE: NOT GOVERNMENT INSURED: SUBJECT TO MARKET RISK: POSSIBLE LOSS OF PRINCIPAL: PLEASE READ THE OFFER DOCUMENT(S) BEFORE INVESTING.

GLOBAL MARKET UPDATE

JAPAN SNAPSHOT

(Source: Bloomberg)

Nikkei 18.37%

JapanCiti analysts expect Japan’s GDP growth to rebound to 1.3% YoY in 2021, following an expected contraction of 5% YoY in 2020, benefiting from a vaccine-led rise in activity. Revival in services consumption and goods exports is expected to support economic expansion in 2021, following a temporary pause in 1QCY21, necessitated by renewed surge in Covid-19 cases. Citi analysts however expect capital expenditure to remain stagnant for a longer period.

Citi analysts believe that the Japanese government may extend the state-of-emergency, currently imposed over Tokyo region, to six more prefectures taking the share of national economy under emergency restrictions to 56.2% (from 33.2% currently). Citi analysts see a growing risk that emergency restrictions may last beyond the 7th Feb’20 deadline.

Citi analysts believe that Japanese Large Cap equities likely to benefit from a global trade recovery and subsequent upwards revisions in EPS through 2021. Citi analysts expect the Bank of Japan (BoJ) to leave policy-rates unchanged at -0.10% at least until 2024. The Japanese government unveiled plans to achieve carbon neutrality by 2050, while focusing on re-building businesses & SMEs with a focus on digitization and innovation.

(Source: Bloomberg)

EMERGING MARKETS SNAPSHOT

Hang Seng

Strait Times

Shanghai Comp

16.08%

15.29%

7.92%

Asia Pacific

Citi analysts expect GDP growth for Emerging Markets to recover sharply to 6.2% YoY in 2021, following a -2% YoY estimated contraction in 2020. Citi analysts expect Asia to lead the global economic rebound with a GDP growth of 7.5% YoY in 2021 (vs -0.4% YoY decline in 2020). Higher oil prices are expected to support economic growth in Russia, while lower fiscal spending may drag growth in countries like Brazil and South Africa.

China’s GDP grew 2.1% YoY (estimated) in 2020 and is expected to be followed by another 8.2% YoY growth in 2021. Sharp recovery in tourism & leisure activities suggest strong consumption rebound, while investment trends remain encouraging. Though the Biden administration may be unable to reverse many of the China-focused executive orders enforced by the Trump administration, Citi analysts expect a less-volatile US-China relationship going forward.

The world’s largest free-trade agreement, Regional Comprehensive Economic Partnership (RCEP), agreed between 10 ASEAN countries, China, New Zealand, Australia, Korea and Japan in Nov’20, removed duties on ~92% of traded goods among participant countries (representing around 30% of global trade). Citi analysts expect smaller open economies to benefit from better access to final markets.

While US and Chinese equity markets emerged as the largest beneficiaries of technology sector leadership in 2020, Citi analysts expect Emerging Markets to benefit from low US interest rates, USD depreciation and post pandemic recovery in activity going forward. Citi analysts expect South-East Asian economies to benefit from an estimated 8% YoY growth in global trade in 2021 (as per IMF estimates). Citi analysts expect Europe, the Middle East and Africa (EMEA) economies to benefit from higher oil prices and prolonged monetary easing by ECB and US Fed. Citi analysts see potential for catch-up by Latin America in 2021, led by Brazilian equities.

(Source: Citi Research)

INVESTMENT PRODUCTS: NO BANK GUARANTEE: NOT GOVERNMENT INSURED: SUBJECT TO MARKET RISK: POSSIBLE LOSS OF PRINCIPAL: PLEASE READ THE OFFER DOCUMENT(S) BEFORE INVESTING.

Actualized ReturnsOct - Dec 2020 (%)

Actualized ReturnsOct - Dec 2020 (%)

CITICHOICE SUMMARY

CitiChoice Summary of Changes (QoQ)

Category

Equity

Sub Category Inclusions Exclusions

Debt No Change

No Change

3-Aug-18

Aggressive Hybrid & Balanced Advantage

Kotak Balanced Advantage Fund - Growth

CRISIL Hybrid 35+65 - Aggressive Index

3 5,056.91 12.77 12.14%

10.66%

13.64%

17.98%

NA

2.84%

12,771 10.66% 5.92%

8.86%

0.68 0.21

0.58

1-Aug-05

11-Sep-09

UTI Equity Fund - Growth

Kotak Standard Multicap Fund - Growth

Nifty 500 TRI

3

3

12,993.21

31,716.35

200.00

41.78

11.73%

12.28%

8.97%

31.55%

11.79%

17.89%

3.52%

-0.88%

-2.14%

92,594

41,782

15.52%

13.47%

12.87%

13.28%

13.55%

0.88

0.96

0.23

0.08

-0.08

8-Oct-95

Mid Cap Funds

Nippon India Growth Fund - Growth

Nifty Midcap 100 TRI

3 7,526.19 1,395.29 22.05%

23.02%

6.78%

-3.40%

-10.90%

-14.60%

21.60% 13,95,289 14.47%

17.33%

0.80 -0.48

-0.80

16-May-00

9-Sep-04

Large & Mid Cap Funds

DSP Equity Opportunities Fund - Regular Plan - Growth

Kotak Equity Opportunities Fund - Growth

S&P BSE 200 TRI

3

3

5,212.40

4,185.80

267.73

148.96

14.24%

16.46%

17.92%

11.45%

13.16%

10.38%

-9.24%

-5.62%

0.82%

17.26%

18.00%

2,67,727

1,48,957

13.85%

12.87%

13.48%

0.98

0.91

-0.28

-0.09

0.08

Source: CRISIL Limited

8-Aug-07

4-Apr-08

Large Cap Funds

Nippon India Large Cap Fund - Growth

Mirae Asset Large Cap Fund - Regular - Growth

Nifty 50 TRI

3

3

10,215.30

20,369.49

37.43

61.71

4.91%

13.70%

16.14%

7.25%

12.73%

13.48%

-0.20%

-0.64%

4.64%

10.34%

15.34%

37,431

61,711

15.72%

13.53%

13.37%

1.08

0.98

-0.04

0.10

0.33

Volatility Measures (3 Years)

Scheme Name/Index Name

Suitablefor

MinimumInvestor

Rating (IR)

AUM (crs)as on

Dec 31,2020

NAV as onDec 31,2020

(`)

31- -201931-Dec-2020

Absolute

DecSince Inception

CAGRCurrent Value

of ` 10,000Std

DeviationBeta Sharpe

Ratio

Inception Date^31- -201831-Dec-2019

Absolute

Dec 29- -201731-Dec-2018

Absolute

Dec

Multicap Funds

7-Mar-08

18-Jan-07

ELSS Funds

Aditya Birla Sun Life Tax Relief 96 - Regular Plan - Growth

DSP Tax Saver Fund - Regular Plan - Growth

Nifty 50 TRI

11,885.63

6,819.46

37.12

59.39

15.21%

15.05%

16.14%

4.27%

14.83%

13.48%

-4.54%

-7.64%

4.64%

10.77%

13.61%

37,120

59,387

12.06%

14.08%

13.37%

0.80

0.98

-0.41

-0.10

0.33

1-Feb-94

Value/Contra/Thematic/Sectoral Funds

HDFC Capital Builder Value Fund - Growth

S&P BSE 500 TRI

4,124.81 323.17 12.94%

18.41%

-0.01%

8.98%

-5.47%

-1.81%

13.78% 3,23,171 13.41%

13.51%

0.96 -0.55

-0.07

3

3

3

Disclaimer: CRISIL Research, a division of CRISIL Limited (CRISIL) has taken due care and caution in preparing this Report based on the information obtained by CRISIL from sources which it considers reliable (Data). However, CRISIL does not guarantee the

accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. This Report is not a recommendation to invest / disinvest in any entity covered in the

Report and no part of this report should be construed as an investment advice. CRISIL especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this Report. CRISIL Research operates independently

of, and does not have access to information obtained by CRISIL’s Ratings Division / CRISIL Risk and Infrastructure Solutions Limited (CRIS), which may, in their regular operations, obtain information of a confidential nature. The views expressed in this Report

are that of CRISIL Research and not of CRISIL’s Ratings Division / CRIS. No part of this Report may be published / reproduced in any form without CRISIL’s prior written approval.

Source: CRISIL Limited

3 yr Risk Free Rate: 5.37%

1 yr Risk Free Rate: 3.76%

^ Regular Plan, Growth Option

All details as on 31st Dec 2020

All Rights Reserved. Citibank, N.A.

*Notes:-

Risk Free Rate is the average of 91-day T-Bill for 1 year & 3 years.

Annualized Returns are point-to point returns calculated on a compounded annualised growth rate basis.

DRP measures the probability of the investment getting lower returns that short tenor risk free securities. DRP is the count of the number of times the fund's daily return falls below the risk free rate over the period of the analysis.

Portfolio beta is a measure of volatility of a portfolio vis-a-vis the respective benchmark. It is calculated as covariance(scheme,benchmark)/variance(benchmark) Volatility (Standard Deviation) is measured using daily rolling returns over the period of

analysis

Sharpe Ratio is calculated as difference between returns and risk free rate divided by standard deviation of returns.

53.85

30.99

36.89

3,858.44

11.78%

11.50%

10.94%

12.29%

10.39%

10.89%

9.13%

10.72%

6.59%

4.58%

6.26%

5.95%

8.57%

9.57%

7.75%

53,846

30,986

36,890

4.69%

4.73%

3.48%

4.23%

0.45

0.42

0.38

1.66

1.60

2.00

1.95

45.71

44.58

40.91

3,880.70

10.65%

9.68%

10.00%

10.42%

9.67%

9.74%

9.57%

9.53%

5.85%

6.48%

6.32%

6.69%

8.24%

7.74%

7.83%

45,705

44,578

40,912

3.07%

3.29%

2.79%

2.68%

0.36

0.37

0.39

2.18

1.76

2.18

2.41

14-Jul-00

18-Aug-08

8-Jul-03

Medium to Long & Medium Duration Bond Funds

IDFC Bond Fund - Income Plan - Regular Plan - Growth

ICICI Prudential Bond Fund - Growth

IDFC Bond Fund - Medium Term Plan - Regular Plan - Growth

Crisil Composite Bond Fund Index

697.83

4,191.33

4,030.37

25-Oct-01

14-Dec-00

2-May-02

Short Duration Funds

ICICI Prudential Short Term Fund - Growth

IDFC Bond Fund - Short Term - Regular Plan - Growth

Kotak Bond Short Term Plan - Growth

Crisil Short Term Bond Fund Index

21,821.38

13,538.81

17,783.13

43.90

77.90

10,144.70

10.75%

12.63%

12.32%

8.56%

10.82%

10.19%

5.36%

6.77%

6.87%

7.90%

10.08%

43,896

77,898

3.50%

5.41%

4.07%

0.44

0.42

1.94

1.59

2.03

25-Jul-01

19-Aug-99

Gilt Funds

HDFC Gilt Fund - Growth

ICICI Prudential Gilt Fund - Growth

CRISIL Dynamic Gilt Index

2,359.43

4,345.73

3

3

300.74

4,109.79

3,390.05

4.27%

4.12%

4.61%

6.60%

6.48%

6.86%

7.43%

7.41%

7.61%

7.55%

7.19%

30,074

32,935

0.34%

0.41%

0.25%

0.55

0.57

1.23

0.66

2.91

17-Nov-05

4-Nov-03

Liquid Funds*

ICICI Prudential Liquid Fund - Growth

Kotak Liquid - Regular Plan - Growth

Crisil Liquid Fund Index

45,059.80

30,865.17

1

1

3

3

3

2

2

2

Volatility Measures (1 Year)

Scheme Name/Index Name

Suitablefor

MinimumInvestor

Rating (IR)

AUM (crs)as on Dec31, 2020

NAVas on Dec31, 2020

(`)

31- -2019-31-Dec-2020

Absolute

DecSince Inception

CAGRCurrent Value

of ` 10,000Std

DeviationBeta Sharpe

Ratio

Inception Date^31- -2018-31-Dec-2019

Absolute

Dec 29- -2017-31-Dec-2018

Absolute

Dec

Disclaimer: CRISIL CRISIL Research, a division of CRISIL Limited (CRISIL) has taken due care and caution in preparing this Report based on the information obtained by CRISIL from sources which it considers reliable (Data). However, CRISIL does not

guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. This Report is not a recommendation to invest / disinvest in any entity

covered in the Report and no part of this report should be construed as an investment advice. CRISIL especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this Report. CRISIL Research operates

independently of, and does not have access to information obtained by CRISIL’s Ratings Division / CRISIL Risk and Infrastructure Solutions Limited (CRIS), which may, in their regular operations, obtain information of a confidential nature. The views

expressed in this Report are that of CRISIL Research and not of CRISIL’s Ratings Division / CRIS. No part of this Report may be published / reproduced in any form without CRISIL’s prior written approval.

Source: CRISIL Limited

3 yr Risk Free Rate: 5.37%

1 yr Risk Free Rate: 3.76%

^ Regular Plan, Growth Option

INDIA MODEL PORTFOLIOS

Asset Class Mix:

INVESTMENT PRODUCTS: NO BANK GUARANTEE: NOT GOVERNMENT INSURED: SUBJECT TO MARKET RISK: POSSIBLE LOSS OF PRINCIPAL: PLEASE READ THE OFFER DOCUMENT(S) BEFORE INVESTING.

Disclaimer: Citibank’s Model Portfolio is not a program or offering, but is a diversification tool that is meant for your reference purposes only and not to be construed as any

advice. Model Portfolios are: (i) not binding on part of the customer; (ii) not monitored by Citibank with respect to customer individual investment holdings; and (iii) not

personalized to the specific needs of an individual customer.

a. Model Portfolios are subject to change by Citibank.

b. Allocation to cash is a function of individual needs.

c. In order to keep the portfolios well-positioned for changing macroeconomic and market environment, the Asset Allocation in the Model Portfolios are reviewedperiodically basis Citi’s research views.

Asset Class/Sub-Asset Class IP3 Allocation

Equity

Fixed Income

Long-Term India Fixed Income

Short-Term India Fixed Income

Onshore Large Cap Equity

Onshore SMID Cap Equity

Global Equity

Cash

Cash

Alternates

Gold

40.00%

56.00%

4.00%

0.00%

0.00%

30.00%

0.00%

10.00%

14.00%

42.00%

4.00%

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Source: CRISIL Fund Analyzer, Asset Management Company, Bloomberg and Citi Research.