monthly product deck - hdfc securities

Monthly Product DeckMay 2021

2

Table of Content

Particulars Page Nos Particulars Page Nos

Long-only PMS / AIF Strategies 3 – 26 Direct Debt / Bond Offering 38 – 41

White Oak India Select Equity Fund (AIF) 4 – 7 Direct Debt / Bonds 39

White Oak India Pioneers Equity Portfolio (PMS) 8 – 11 Corporate Fixed Deposits 40

ASK India Entrepreneur Portfolio (PMS) 12 – 14 RBI Bonds 41

ASK India Select (PMS) 15 – 17

Helios India Rising (PMS) 18 – 20 Sovereign Gold Bond 42 – 44

Aditya Birla ISOP (PMS) 21 – 23

Ambit Good & Clean Midcap Fund (PMS) 24 - 26 Estate Planning Services 45 - 46

Long-only PMS / AIF Performance Summary 27 – 28

Long-only PMS / AIF Performance Summary 28

Mutual Funds 29 – 37

Equity Mutual Fund Performance Summary 30 – 33

Debt Mutual Fund Performance Summary 34 – 37

3

Long-only PMS / AIF Strategies

4

White Oak India Select Equity Fund (AIF) (1 of 4 slides)

Portfolio Strategy and Philosophy• White Oak India Select Equity Fund (WISE) is a close ended AIF that follows a long only investment strategy with a bottom up

stock selection approach• WISE follows an investment philosophy of investing in businesses based on stock selection, rather than betting on macros• White Oak believes outsized returns are earned over time by investing in great businesses at attractive values. The strategy

focuses on:• Great businesses - one that is well managed, scalable, and generates superior returns on incremental capital• Valuation – attractive values when the current market price is at a substantial discount to intrinsic value

• White Oak uses a proprietary OpcoFinco valuation framework instead of relying on traditional P/E or EV/EBIDTA valuationmeasures

Details as on 30-Apr-21. Returns are net of management fees and expenses; Returns < 1 yr are absolute. Returns > 1 yr are CAGR, Inception date – 21-May-2020

Indicative portfolio composition• Number of stocks: 30-50• Maximum 10% exposure to single stock at cost, 15% at market value• Maximum 40% exposure to single sector

1 M 3 M 6 MSince

Inception

WISE 2.5% 14.0% 36.6% 75.1%

BSE 500 TRI 0.5% 9.8% 29.9% 68.1%

Key Attributes Key factors for evaluation

Superior returns on incremental capitalIndustry competitive intensity

Sustainable competitive advantage

Scalable long-term opportunityIndustry potential versus current size

Expanding market share and scope

Strong execution and governanceDrive to create long term value

Interests aligned with minorityshareholders

Valuation Frameworks Derives insights

Intrinsic value = present value of cash flows

Economic free cash flow rather than accounting

Terminal value based on greatness of business

Value excess returns on capital vs. capital employed

Assess cash flows net of cost of capital

Asset lite free cash flow multiples for relative comps

5


Details as on 30-Apr-21. The M.Cap & Concentration matrix is prepared by HSL basis data provided by the AMC

Top 10 Stocks (%)

ICICI Bank Ltd 6.8

HDFC Bank Ltd 6.0

Infosys Ltd 5.9

Axis Bank Ltd 5.5

Coforge Limited 4.2

Nestle India Ltd 3.8

Bajaj Finserv Ltd 3.5

Cholamandalam Investment And 3.1

Cipla Ltd 3.0

Titan Co Ltd 2.8

Top Sectors (%)

Financials 31.8

Information Technology 18.0

Consumer Discretionary 11.9

Health Care 10.6

Materials 8.4

Consumer Staples 4.7

Industrials 3.9

Communication Services

1.2

Real Estate 0.4

Market Cap Break-up (%)

Large Cap 48

Mid Cap 29

Small Cap 15

Portfolio Metrics (Rs Cr)

Total AUM 166

Weighted Average Market Cap 1,73,875

Median Market Cap 28,138

Large CapMulti Cap

Mid & Small Cap

Concentrated( < 15 stocks)

Focused(15 - 30 stocks)

aWell Diversified

(> 30 stocks)

6


White Oak Capital

White Oak Capital is an investment management and investment advisory firm founded by Mr.Prashant Khemka in 2017. Mr Khemka was the former CIO and Lead Portfolio Manager for GoldmanSachs India since 2007 and Global Emerging Markets Equity since 2013. White Oak has a 65+ memberteam with offices in Mumbai, Singapore, Mauritius, UK and Switzerland. White Oak group, in a shortspan of 3 years has managed to garner over Rs. 24,000 crores in India dedicated assets.

Founder:Prashant Khemka

Prashant was the former CIO and Lead Portfolio Manager for Goldman Sachs India since 2007 andGlobal Emerging Markets Equity since 2013. He was a Senior PM and Co-Chair of the InvestmentCommittee on the US Growth Equity team which managed US$25 bn in 2004. He started the GSAMIndia business in 2006 and served as the CIO and CEO until 2013. Prashant and the funds managed byhim at GSAM earned several awards including Citywire AAA rating and FundCalibre Elite rating.Prashant has a BE in Mechanical Engineering from Mumbai University and an MBA in Finance fromVanderbilt University in the United States, where he received the Matt Wigginton Leadership Awardfor outstanding performance in Finance. He was awarded the CFA designation in 2001 and is a fellowof the Ananta Aspen Centre, India.

7


Structure AIF Category III (Close Ended)

Benchmark S&P BSE 500 TRI

TenureThe Fund shall have an initial tenure of 4 years extendable by an additional period of 1 year with the prior approval of 2/3rd of the Unitholders by value of their Net Capital Contributions

Drawdown Period 50% at the time of Investment and 50% before final close

Final Close 20th May 2021

Drawdown Contribution 50% of the Capital Commitment Amount

Investment Manager White Oak Capital Management Consultants LLP

Minimum Commitment Class A Unitholders - INR 1 Crore Class B Unitholders - INR 5 Crores

Management Fees 1.85% per annum 1.50% per annum

Hurdle RatePositive absolute return

Positive relative return vs the Benchmark

Performance Fee 20% on outperformance over the Benchmark Returns, without catch-up

NRI EligibilityNRIs can invest on a case to case basis and in consultation with fund house.

US and Canada based NRIs are not allowed to invest

Operating Expenses At actuals, capped at 0.20% per annum of the Net Capital Contribution

Set-Up Cost Up to 2% of Gross Capital Contribution

Exit The investors can exit only at the maturity of the fund.

Redemption On maturity of the Fund

8

White Oak India Pioneers Equity Portfolio (PMS) (1 of 4 slides)

Portfolio Strategy and Philosophy• White Oak India Pioneers Equity Portfolio follows a long only investment strategy with a bottom up stock selection approach• White Oak follows an investment philosophy of investing in businesses based on stock selection, rather than betting on

macros• White Oak believes outsized returns are earned over time by investing in great businesses at attractive values. The strategy

focuses on:• Great businesses - one that is well managed, scalable, and generates superior returns on incremental capital• Valuation – attractive values when the current market price is at a substantial discount to intrinsic value

• White Oak uses a proprietary OpcoFinco valuation framework instead of relying on traditional P/E or EV/EBIDTA valuationmeasures

Details as on 30-Apr-21. Returns are net of management fees and expenses; Returns < 1 yr are absolute. Returns > 1 yr are CAGR, Inception date – 09-Apr-2019

Indicative portfolio composition• Number of stocks: 30-50• Maximum 10% exposure to single stock at cost, 15% at

market value• Maximum 40% exposure to single sector

1 M 3 M 6 M 1 Y 2 YSince

Inception

W.O.I. Pioneers Equity

1.8% 12.0% 31.0% 59.0% 24.7% 24.7%

BSE 500 TRI 0.5% 9.8% 29.9% 56.6% 14.9% 14.9%

Key Attributes Key factors for evaluation

Superior returns on incremental capitalIndustry competitive intensity

Sustainable competitive advantage

Scalable long-term opportunityIndustry potential versus current size

Expanding market share and scope

Strong execution and governance

Drive to create long term value

Interests aligned with minorityshareholders

Valuation Frameworks Derives insights

Intrinsic value = present value of cash flows

Economic free cash flow rather than accounting

Terminal value based on greatness of business

Value excess returns on capital vs. capital employed

Assess cash flows net of cost of capital

Asset lite free cash flow multiples for relative comps

9



Top 10 Stocks (%)

ICICI Bank Ltd 7.7

Infosys Ltd 7.6

HDFC Bank Ltd 6.7

Axis Bank Ltd 5.2

Nestle India Ltd 4.7

Coforge Ltd 4.5

Bajaj Finserv Ltd 4.1

Cholamandalam Invt & Fin Co 3.5

Intellect Design Arena Ltd 3.2

Navin Fluorine International Ltd 3.1

Top Sectors (%)

Financials 34.8

Information Technology 21.9

Health Care 11.3

Consumer Discretionary 10.1

Materials 8.9

Consumer Staples 6.1

Industrials 4.1

Communication Services

1.0

Real Estate 0.7


Large Cap 55

Mid Cap 32

Small Cap 12


Total AUM 2,210



Large CapMulti Cap

Mid & Small Cap



aWell Diversified

(> 30 stocks)

10


White Oak Capital

White Oak Capital is an investment management and investment advisory firm founded by Mr.Prashant Khemka in 2017. Mr Khemka was the former CIO and Lead Portfolio Manager for GoldmanSachs India since 2007 and Global Emerging Markets Equity since 2013. White Oak has a 65+ memberteam with offices in Mumbai, Singapore, Mauritius, UK and Switzerland. White Oak group, in a shortspan of 3 years has managed to garner over Rs. 24,000 crores in India dedicated assets.

Founder:Prashant Khemka

Prashant was the former CIO and Lead Portfolio Manager for Goldman Sachs India since 2007 andGlobal Emerging Markets Equity since 2013. He was a Senior PM and Co-Chair of the InvestmentCommittee on the US Growth Equity team which managed US$25 bn in 2004. He started the GSAMIndia business in 2006 and served as the CIO and CEO until 2013. Prashant and the funds managed byhim at GSAM earned several awards including Citywire AAA rating and FundCalibre Elite rating.Prashant has a BE in Mechanical Engineering from Mumbai University and an MBA in Finance fromVanderbilt University in the United States, where he received the Matt Wigginton Leadership Awardfor outstanding performance in Finance. He was awarded the CFA designation in 2001 and is a fellowof the Ananta Aspen Centre, India.

11


Benchmark S&P BSE 500 TRI

Investment Horizon More than 3 years

Minimum Initial Investment Amount Rs. 50 lakhs

Minimum Add-on Investment Amount Rs 5 lakhs

Fixed Management Fees (Annual)<Rs. 10 cr – 2.50% p.a

>Rs. 10 cr – 2.00% p.a

NRI EligibilityNRIs can invest on a case to case basis and in consultation with fund house


Exit Load NIL

12

Portfolio Strategy and Philosophy• ASK India Entrepreneur Portfolio (IEP) seeks to identify large and growing business opportunities• Identify businesses with competitive advantage that are significant in size (minimum PBT of 100 Crores) which enables

sustainable growth both from market share gains as well as the growth of the opportunity size• The portfolio filters companies that will have the ability to fund strong growth through internal cash generation

• over 20% compounded growth from each business that is bought and target over 25% growth from the portfolio• to fund such growth, the business ROCE should be over 25% so that growth can be funded internally

• The portfolio has an uncompromised focus on corporate governance and prefers companies with management who have skinin the game

• invest in businesses with an identifiable business house at helm with minimum 25% stake• Identify businesses at reasonable discount to value and accumulate gains by staying invested over the long term as EPS

compounds• The strategy is market cap agnostic

1 M 3 M 6 M 1 Y 2 Y 3 Y 5 Y Since

Inception

ASK IEP 1.3% 12.3% 31.4% 53.8% 18.5% 12.7% 16.4% 18.8%

BSE 500 0.4% 9.5% 29.4% 54.8% 13.4% 9.4% 13.6% 10.1%

Nifty -0.4% 7.3% 25.7% 48.4% 11.6% 10.8% 13.2% 10.0%

Rs. 1 Cr invested in ASK IEP in Jan 2010 is now worth Rs. 6.99 crs v/s Rs. 2.95 crs in BSE 500

Details as on 30-Apr-21. Returns are net of management fees and expenses; Returns < 1 yr are absolute. Returns > 1 yr are CAGR, Inception date – 25-Jan-2010

ASK India Entrepreneur Portfolio (PMS) (1 of 3 slides)

13


Top 10 Stocks (%) Top 10 Sector (%)

Bajaj Finserv Ltd 7.5 NBFC 12.5

Bajaj Finance Ltd 7.1 Pharma 10.4

Divi's Laboratories Ltd 6.6 Banks 9.1

Aarti Industries Ltd 5.8 Retail 7.6

Cholamandalam Invt & Fin Co 5.4 Insurance 7.5

PI Industries Ltd 4.9 Building Products 7.0

AU Small Finance Bank Ltd 4.6 FMCG 6.9

Kotak Mahindra Bank Ltd 4.4 Consumer durables 6.3

Havells India Ltd 4.3 Chemical 5.8

Page Industries Ltd 4.2 Agri Chemicals 4.9


Large Cap 71

Mid Cap 26

Small Cap 2


Total AUM 15,421



Beta (since inception) 0.82

Large Cap

Multi Cap

Mid & Small Cap


aFocused

(15 - 30 stocks)

Well Diversified(> 30 stocks)


14


ASK Investment Managers Ltd.

ASK Investment Managers Limited (ASKIM), is a leading asset and wealth management company, primarilycatering to the HNI and UHNI market in India. ASK is one of the first companies to obtain a portfoliomanagement services license in India and the third largest company in both discretionary listed equity portfoliomanagement services and discretionary equity overall portfolio management services

Fund Manager:Chetan Thacker

Chetan has a total work experience of more than 12 years with 9 years plus in equity research. He has sectorresearch expertise in agriculture, chemicals, metals & mining and midcaps. Previously Chetan has worked withMcKinsey & Co, HSBC InvestDirect, Emkay Global Financial Services.His educational qualification includes CFA (ICFAI University) and PGDBM from NMIMS. He is with ASK for thelast 4 years.

Benchmark BSE 500




Fixed Management Fees (Annual)2.50% p.a. (calculated on the average daily portfolio value payable on a quarterly basis at the end of each calendar quarter)

Exit Load 1% up to 36 months. NIL there after

15

Portfolio Strategy and Philosophy• Ask India Select Portfolio aims to invest in best ideas from each of the four business attributes:

• Size of Opportunity: Size of pond Vs. size of fish, Dominance, Resilience, Liquidity• Quality of Business: Superior Return on Capital Employed, Strong MOAT, Impregnability, Sustainability, Key pivot of

strong wealth creation• Earnings Growth: Quantum, consistency and durability of earnings, Compounding Power & Predating (Early vs Late)• Value: Price-value gap or margin of safety

• Any stock selection across any strategy has to pass a minimum defined threshold for all the attributes• Strategy focuses equally on 4 key business attributes to ensure true diversification within equity• In addition to the above, high quality of management is a given constant among all stocks• The portfolio has rigorous filters such as:

• Profit before tax (PBT) of at least INR 75 crores for trailing 4 quarters• Minimum 20% ROCE• Minimum 15% annual earnings growth

1 M 3 M 6 M 1 Y 2 Y 3 Y 5 Y Since

Inception

ASK India Select

1.9% 10.0% 24.6% 39.6% 14.5% 8.6% 12.9% 16.4%

BSE 500 0.4% 9.5% 29.4% 54.8% 13.4% 9.4% 13.6% 9.7%

Nifty -0.4% 7.3% 25.7% 48.4% 11.6% 10.8% 13.2% 9.5%

Details as on 30-Apr-21. Returns are net of management fees and expenses; Returns < 1 yr are absolute. Returns > 1 yr are CAGR, Inception date – 04-Jan-2010

Rs. 1 Cr invested in ASK India Select PMS in Jan 2010 is now worth Rs. 5.58 crs v/s Rs. 2.85 crs in BSE 500

ASK India Select (PMS) (1 of 3 slides)

16


Top 10 Stocks (%) Top 10 Sector (%)

Bajaj Finance Ltd 7.1 Insurance 12.9

Bajaj Finserv Ltd 6.5 Banks 10.0

Aarti Industries Ltd 5.7 Pharma 9.4

Divi's Laboratories Ltd 5.7 Consumer durables 8.1

PI Industries Ltd 5.0 Retail 7.8

Dixon Technologies Ltd 5.0 FMCG 7.3

Infosys Ltd 4.9 NBFC 7.1

Reliance Industries Ltd 4.5 Chemical 5.7

ICICI Bank Ltd 4.4 Agri Chemicals 5.0

APL Apollo Tubes Ltd 4.4 IT 4.9


Large Cap 75

Mid Cap 19

Small Cap 4


Total AUM 4,092



Beta (since inception) 0.82

Large CapMulti Cap

Mid & Small Cap


aFocused

(15 - 30 stocks)



17


ASK Investment Managers Ltd.

ASK Investment Managers Limited (ASKIM), is a leading asset and wealth management company, primarilycatering to the HNI and UHNI market in India. ASK is one of the first companies to obtain a portfoliomanagement services license in India and the third largest company in both discretionary listed equity portfoliomanagement services and discretionary equity overall portfolio management services

Fund Manager:Chetan Thacker

Chetan has a total work experience of more than 12 years with 9 years plus in equity research. He has sectorresearch expertise in agriculture, chemicals, metals & mining and midcaps. Previously Chetan has worked withMcKinsey & Co, HSBC InvestDirect, Emkay Global Financial Services.His educational qualification includes CFA (ICFAI University) and PGDBM from NMIMS. He is with ASK for thelast 4 years.

Benchmark BSE 500*




Fixed Management Fees (Annual)2.50% p.a. (calculated on the average daily portfolio value payable on a quarterly basis at the end of each calendar quarter)

Exit Load 1% up to 36 months. NIL there after

*The benchmark for ASK India Select has been changed from S&P BSE 100 to S&P BSE 500 w.e.f. October 1, 2019.

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Helios India Rising (PMS) (1 of 3 slides)

Portfolio Strategy and Philosophy• Helios India Rising PMS will invest in 3 major themes characterized by “non-zero sum” competition, backed by rigorous

bottom up research and rich experience of the investment team in the Indian equity markets• Private sector companies competing with government-owned companies (mostly in financial /healthcare and infrastructure

sectors)• Companies benefiting from demographic / lifestyle changes in India (mostly in urban or middle class focused under

penetrated sectors)• Companies benefiting from durable factor cost advantages (mostly in export-oriented software/pharmaceuticals/chemicals

and auto ancillaries’ sectors)• Helios believes that bottom up research works best in sectors/themes that have strong tailwinds• It is currently envisaged that the portfolio will generally be underweight in the following areas:

• Commodities sector• “One Billion consumer” stories• State owned companies• Indian companies owning “difficult to analyze” foreign businesses

• 10-15% of the portfolio may not be in preferred themes but should offer value/trigger

Details as on 30-Apr-21. Returns are net of management fees and expenses; Returns < 1 yr are absolute. Returns > 1 yr are CAGR, Inception date – 16-Mar-2020

Indicative portfolio composition• Number of stocks: 30-40• Maximum 10% exposure to single stock• Maximum 35% exposure to single sector

1 M 3 M 6 M 1 YSince

Inception

Helios India Rising PMS 1.2% 8.8% 26.0% 55.3% 48.3%

NSE 500 0.4% 9.4% 29.0% 54.3% 44.6%

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Top 10 Stocks (%)

ICICI Bank Ltd 6.5%

HDFC Bank Ltd 5.9%

Dixon Technologies 5.3%

State Bank Of India 4.9%

Infosys Ltd 4.1%

Tata Consultancy Services Ltd 4.1%

SRF Ltd 3.2%

Apollo Hospitals Enterprises Ltd 3.2%

Bharti Airtel Ltd 3.1%

Dr Reddys Laboratories Ltd 2.9%

Top Sectors (%)

Banks 22.9%

Software / I.T. 17.7%

Consumer 15.7%

Pharma / Healthcare 11.9%

Non Banks 8.7%

Insurance 5.9%

Infrastructure 2.2%


Large Cap 85

Mid Cap 7

Small Cap 2


Total AUM 242



Large CapMulti Cap

Mid & Small Cap



aWell Diversified

(> 30 stocks)

20


Helios Capital Management

Helios Capital Management Pte. Ltd is a largely India focused alternative asset management company,incorporated in Singapore in Jan 2005. It holds capital markets service license from the MonetaryAuthority of Singapore and is registered as foreign portfolio investor with SEBI. Founder’s experienceas a manager of India dedicated funds is one of the longest in the industry (24+ years). Helioscurrently manages an India focused long/short fund and a global long only equity fund

Fund Manager:Dinshaw Irani

Dinshaw Irani has total investment experience of 28 years (of which 15 years have been at HeliosIndia & Artemis Advisors - Indian advisor to Helios SG). Previously Dinshaw was the Vice Presidentand Analyst at Asian Emerging Markets at Alliance Capital Management, Mumbai.He has an MBA from I.R.M.A

Benchmark Nifty 500




Fixed Management Fees (Annual)Fixed fee of 2.50% p.a. calculated on the average daily portfolio value and will be charged quarterly in arrears



Exit Load NIL

21

Aditya Birla ISOP (PMS) (1 of 3 slides)

Portfolio Strategy and Philosophy• Birla ISOP (India special opportunities portfolio) is a diversified, multi cap portfolio of 15-25 stocks• Core focus on companies that are primed to benefit from micro and macro catalysts• Endeavors to exploit the inefficiencies in the market that lead to mispricing of stocks that are fundamentally strong• Focus on strong quantitative filters and qualitative factors• Quantitative factors include:

• Strong balance sheet• Good capital allocation track record• High return on capital over long time frame

• Qualitative factors include:• High corporate governance• Established business model• Prominent market share• Skilled management

Details as on 30-Apr-21. Returns are net of management fees and expenses; Returns < 1 yr are absolute. Returns > 1 yr are CAGR, Inception date – 15-Jun-2018

1 M 3 M 6 M 1 Y 2 Y Since

Inception

ISOP 1.7% 15.6% 34.0% 51.7% 20.2% 12.8%

Nifty 500 0.4% 9.4% 29.0% 54.3% 13.1% 10.0%

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Details as on 30-Apr-21. (* as of March-21)The M.Cap & Concentration matrix is prepared by HSL basis data provided by the AMC

Top 10 Stocks (%)

HDFC Bank Ltd 7.7%

Trent Ltd 6.1%

ICICI Bank Ltd 5.8%

Fortis Healthcare Ltd 4.7%

Container Corporation of India Ltd

4.6%

Axis Bank Ltd 4.5%

Torrent Power Ltd 4.3%

Multi Commodity Exchange of India Ltd

4.2%

Persistent Systems Ltd 4.1%

Kotak Mahindra Bank Ltd 4.0%

Top Sectors (%)

Financials 26.1%

Industrials 18.2%

Consumer Discretionary 14.7%

Consumer Staples 14.2%

Health Care 8.1%

Communication Services 6.9%

Utilities 4.3%

Information Technology 4.1%


Large Cap 47

Mid Cap 31

Small Cap 19


Total AUM 513

Weighted Average Market Cap 1,65,181*

Median Market Cap 31,567*

Large CapMulti Cap

Mid & Small Cap


aFocused

(15 - 30 stocks)


23


Aditya Birla Sun LifeAMC

Founded in 1994, Aditya Birla Sun Life (ABSL) Asset Management Co. is a joint venture (since 2001) betweentwo pioneering companies – Aditya Birla Group, a $ 44 billion corporation and one of the largest Indianconglomerates and Sun Life Financial, a leading financial services company in Canada which manages AUM ofCAD $ 979 billion. ABSL Portfolio Management Services offer investment solutions to HNIs and Institutionsand currently manages / advices appx Rs. 15,000 Crores of assets.

Fund Manager:Vishal Gajwani

Vishal Gajwani has total experience of 12 years in the field of equity research and portfolio management.Previously Vishal was a part of Reliance portfolio management services (a part of Reliance capital assetmanagement ltd.), where he was designated as an assistant fund manager and was responsible for managingequity portfolios.He is a gold medalist CA (ICAI, India), holds a master’s degree in commerce and a CFA charter holder from CFAinstitute (The Global Association of Investment Professionals) USA

Benchmark Nifty 500




Fixed Management Fees (Annual)Fixed fee of 2.50% p.a. calculated on the average daily portfolio value and will be charged monthly in arrears


US based NRIs are allowed for investment

Exit Load 1% up to 1 year. NIL there after

24

Ambit Good & Clean Mid Cap (PMS) (1 of 3 slides)

Portfolio Strategy and PhilosophyThe strategy aims to invest in firms which are:• Good: on the basis of capital allocation track record and quality of improvement in financial metrics over the past six years• Clean: based on the quality of accounts and corporate governance• The focus on 'good' helps generate upside while not compromising on 'clean' reduces down-side risk• The strategy uses Ambit's proprietary 'forensic accounting' framework to weed out firms with poor quality accounts whereas

the 'greatness framework' helps identify efficient capital allocators with a holistic approach to consistent growth• Essentially, while the objective is to generate returns, the even bigger goal is to manage drawdowns

Portfolio Composition & Characteristics• Stellar track record of capital allocation in terms of RoE• Low debt companies - median portfolio company is cash positive• Reasonable valuation for quality stocks

Indicative Portfolio Composition• <20 stocks, maximum 10% exposure to single stock and 25% exposure to single sector• Low churn (<15-50% of the portfolio in any year, amounting to 2-3 holdings being replaced)

Details as on 30-Apr-21. Returns are net of management fees and expenses; Returns < 1 yr are absolute. Returns > 1 yr are CAGR, Inception date – 12-Mar-2015

1 M 3 M 6 M 1 Y 2 Y 3 Y 5 Y Since Inception

Ambit G&C Midcap Portfolio -0.1% 10.6% 30.3% 57.1% 17.2% 16.2% 17.7% 14.2%

Nifty Midcap 100 2.1% 15.7% 41.8% 79.2% 17.4% 6.0% 12.9% 10.2%

Nifty 50 -0.4% 7.3% 25.7% 48.4% 11.6% 10.9% 13.3% 8.7%

25



Top 10 Stocks (%)

P I Industries Ltd 7.0%

Bata India Ltd 7.0%

Tvs Motor Company Ltd 6.0%

Axis Bank Ltd 6.0%

Kajaria Ceramics Ltd 6.0%

Icici Lombard General Insurance Co Ltd

6.0%

Page Industries Ltd 6.0%

Au Small Finance Bank Ltd 6.0%

Cholamandalam Investment And Finance Company Ltd

6.0%

Torrent Pharmaceuticals Ltd 6.0%

Top Sectors (%)

Financials 29.0%

Cons Discretionary 23.0%

Pharmaceuticals 11.0%

Homebuilding 11.0%

Specialty Chemicals 7.0%

Automobile 6.0%

Industrials 5.0%


Large Cap 23

Mid Cap 69

Small Cap -


Total AUM 505

Weighted Average Market Cap 38,332


Large CapMulti Cap

Mid & Small Cap


aFocused

(15 - 30 stocks)


26


Ambit Capital

Founded in 1997 as a boutique M&A Advisory firm, Ambit added various offerings over two decades tobecome a full service India focused Investment Bank. Ambit Capital has a stable experienced team of over 450employees and has global presence with offices in Mumbai, Delhi, Bangalore, London, New York andSingapore.

Fund Manager:Aishvarya Dadheech

Aishvarya Dadheech has work experience over 12 years in Indian equities. He has been managing Ambit’sG&C Mid cap and Emerging Giants portfolios for last 2 years. Prior to that he was managing Ambit’sproprietary book for nearly 1.5 years. Previously Aishvarya has worked with Reliance Life Insurance and Crisil.He is a CFA charter holder, CA (ICAI, India) and has done his MBA in finance.

Benchmark Nifty Midcap 100



Minimum Add-on Investment Amount Rs 2.5 lakhs

Fixed Management Fees (Annual)Fixed fee of 2.50% p.a. calculated on the average daily portfolio value and will be charged quarterly in arrears



Exit Load 1% up to 1 year. NIL there after

27

PMS/AIF Performance Summary

28

PMS/AIF Performance Summary

Performance as on 30-Apr-21. Returns <1 year are in absolute terms & >1 year are CAGR. Portfolio details as of April’21.(*as of March-21)

**Founder

Scheme NameFund Manager Corpus

(in Crs)1 Month 3 Months 6 Months 1 Year 2 Years 3 Years 5 Years Large Cap Mid Cap Small Cap # Stocks

Median M.CapName

Multi Cap Funds

Aditya Birla iSOP Vishal Gajwani 513 1.7 15.6 34.0 51.7 20.2 - - 47 31 19 24 31,567*

ASK: IEP Chetan Thacker 15,421 1.3 12.3 31.4 53.8 18.5 12.7 16.4 71 26 2 23 83,071

ASK: India Select Chetan Thacker 4,092 1.9 10.0 24.6 39.6 14.5 8.6 12.9 75 19 4 23 95,167

Helios India Rising Fund Dinshaw Irani 242 1.2 8.8 26.0 55.3 - - - 85 7 2 31 85,857

White Oak India Select Equity Prashant Khemka** 166 2.5 14.0 36.6 75.1 - - - 48 29 15 50 28,138

White Oak India Pioneers Equity Prashant Khemka** 2,210 1.8 12.0 31.0 59.0 24.7 - - 55 32 12 48 33,710

Mid & Small Cap Funds

Ambit G&C Aishvarya Dadheech 505 -0.1 10.6 30.3 57.1 17.2 16.2 17.7 23 69 - 18 17,743

Indices

Nifty 50 TRI -1.4 7.6 26.1 49.9 12.9 12.2 14.7

S&P BSE 500 TRI -0.1 9.8 29.9 56.6 14.9 10.7 15.0

S&P BSE MID CAP TRI 0.8 12.8 37.1 71 18.2 7.3 14.2

S&P BSE SMALL CAP TRI 5.5 20.7 46 96.6 23 6.7 15.5

29

Equity MF Performance Summary

30

Equity Mutual Funds Performance Summary

Performance Market Cap Allocation

Scheme Name Fund Manager NameCorpus

1 Month 3 Months 6 Months 1 Year 2 Years 3 Years 5 Years Large Cap Mid Cap Small CapOthers &

Cash(in Crs)

Large Cap Funds

Axis Bluechip Fund-Reg(G) Shreyash Devalkar 24,598 -0.9 6.2 21.2 37.4 15.9 13.7 15.5 93 1 6

Canara Rob Bluechip Equity Fund-Reg(G) Shridatta Bhandwaldar 2,477 -0.9 7.2 24.6 44.5 18.7 14.7 15.9 89 7 4

UTI Mastershare-Reg(D) Swati Kulkarni 7,739 -1.0 8.1 27.0 48.4 14.1 10.1 12.8 86 8 4 2

Multi Cap/Flexi Cap Funds

Canara Rob Flexi Cap Fund-Reg(G) Shridatta Bhandwaldar 3,818 -0.1 8.7 24.6 46.1 17.0 13.4 16.1 73 21 3 4

Kotak Flexicap Fund(G) Harsha Upadhyaya 34,115 -0.6 8.3 26.3 47.7 12.2 10.5 14.8 74 24 1 1

UTI Flexi Cap Fund-Reg(G) Ajay Tyagi 16,717 -1.0 8.6 30.2 62.1 21.9 14.9 16.5 62 30 6 2

Large & Mid Cap Funds

Canara Rob Emerg Equities Fund-Reg(G) Miyush Gandhi 8,381 0.6 10.0 28.3 54.5 17.5 10.3 17.2 56 40 2 2

Kotak Equity Opp Fund(G) Harsha Upadhyaya 5,781 0.7 11.0 29.0 52.9 16.6 12.2 15.6 51 39 6 4

Tata Large & Mid Cap Fund(G) Chandraprakash Padiyar 2,153 -2.1 10.6 28.0 49.5 16.3 11.1 13.4 54 37 5 4

Mid Cap Funds

Axis Midcap Fund-Reg(G) Shreyash Devalkar 10,432 1.3 12.6 28.9 52.7 23.5 15.5 18.0 25 65 3 6

DSP Midcap Fund-Reg(G) Vinit Sambre 10,916 1.7 9.4 25.6 52.9 19.5 9.8 16.3 18 66 11 5

Kotak Emerging Equity Fund(G) Pankaj Tibrewal 11,430 1.2 15.8 39.4 73.6 23.2 11.7 17.0 14 65 18 3

Indices

NIFTY 50 - TRI -1.4 7.6 26.1 49.9 12.9 12.2 14.7

S&P BSE 500 - TRI -0.1 9.8 29.9 56.6 14.9 10.7 15.0

S&P BSE Mid-Cap - TRI 0.8 12.8 37.1 71.0 18.2 7.3 14.2

S&P BSE Small-Cap - TRI 5.5 20.7 46.0 96.6 23.0 6.7 15.5

Performance as on 30th April. Returns <1 year are in absolute terms & >1 year are CAGR. Portfolio details as of Mar end

31



Scheme Name Fund Manager NameCorpus (in Crs)


Cash

Small Cap Funds

Axis Small Cap Fund-Reg(G) Anupam Tiwari 4,485 5.4 17.4 36.1 70.4 28.4 17.0 18.2 21 68 11

Kotak Small Cap Fund(G) Pankaj Tibrewal 3,712 3.3 21.6 51.9 109.2 32.1 14.1 18.1 5 24 62 9

Value/Contra Funds

Invesco India Contra Fund(G) Taher Badshah 6,477 -0.5 7.1 26.8 50.5 14.8 9.3 15.7 70 14 13 3

UTI Value Opp Fund-Reg(G) Vetri Subramaniam 5,515 -0.4 7.6 30.1 55.0 16.0 11.0 13.3 69 20 9 2

Focused Funds

Axis Focused 25 Fund-Reg(G) Jinesh Gopani 15,007 1.0 8.2 25.4 46.5 17.4 11.3 17.1 89 7 5

SBI Focused Equity Fund-Reg(G) R. Srinivasan 14,253 1.9 11.9 29.8 46.5 16.2 11.3 15.0 50 31 3 17

ELSS Funds

Axis Long Term Equity Fund-Reg(G) Jinesh Gopani 27,870 0.5 9.4 26.6 43.5 17.4 12.0 15.5 82 13 3 2

Canara Rob Equity Tax Saver Fund-Reg(G) Cheenu Gupta 2,044 -0.1 9.3 28.4 54.9 20.2 15.7 16.6 76 20 2 2

Kotak Tax Saver Fund(G) Harsha Upadhyaya 1,866 0.4 10.6 28.7 52.7 15.6 12.5 15.1 57 31 11 1

Index Funds

HDFC Index Fund-NIFTY 50 Plan(G) Krishan Daga 2,750 -1.4 7.4 25.8 49.2 12.2 11.6 14.1 100

UTI Nifty Index Fund-Reg(G) Sharwan Kumar 3,592 -1.4 7.5 26.0 49.5 12.5 11.8 14.3 100

Indices

NIFTY 50 - TRI -1.4 7.6 26.1 49.9 12.9 12.2 14.7

S&P BSE 500 - TRI -0.1 9.8 29.9 56.6 14.9 10.7 15.0

S&P BSE Mid-Cap - TRI 0.8 12.8 37.1 71.0 18.2 7.3 14.2



32





Cash

Aggressive Hybrid Funds

Canara Rob Equity Hybrid Fund-Reg(G) Shridatta Bhandwaldar 4,982 -0.2 6.6 19.1 35.1 15.4 12.0 13.8 58 15 27

DSP Equity & Bond Fund-Reg(G) Atul Bhole 6,396 0.5 7.1 23.1 39.9 15.8 11.1 13.3 48 19 8 25

SBI Equity Hybrid Fund Rahul Baijal 37,727 0.6 7.8 22.9 36.1 13.7 10.8 12.6 53 12 2 34

Dynamic Asset Allocation Funds

ICICI Pru Balanced Advantage Fund (G) Arpit Kapoor 30,281 0.4 5.2 15.9 32.8 11.8 9.6 11.2 56 7 2 35

L&T Balanced Advantage Fund-Reg(G) Vihang Naik 1,685 0.3 2.4 6.6 18.4 9.2 7.3 8.4 59 9 1 31

Equity Savings Funds

Axis Equity Saver Fund-Reg(G) Anupam Tiwari 725 -0.7 3.3 10.6 20.5 8.5 7.7 8.8 62 5 33

Arbitrage Funds

Tata Arbitrage Fund-Reg(G) Sailesh Jain 4,270 0.5 1.2 1.8 3.8 5.2 - - 52 15 33

Kotak Equity Arbitrage Fund(G) Hiten Shah 18,952 0.4 1.2 1.8 3.5 4.8 5.4 5.7 50 17 1 32

L&T Arbitrage Opp Fund-Reg(G) Venugopal Manghat 3,924 0.4 1.2 1.8 3.7 5.0 5.4 5.7 51 17 1 32

Indices

NIFTY 50 - TRI -1.4 7.6 26.1 49.9 12.9 12.2 14.7

S&P BSE 500 - TRI -0.1 9.8 29.9 56.6 14.9 10.7 15.0

S&P BSE Mid-Cap - TRI 0.8 12.8 37.1 71.0 18.2 7.3 14.2



33





Cash

Other Recommended Funds

Aditya Birla SL Mfg. Equity Fund-Reg(G)

Anil Shah 609 3.3 11.2 28.0 51.7 16.5 6.0 12.5 44 29 15 12

Nippon India Power & Infra Fund(G) Sanjay Doshi 1,353 -0.8 14.8 39.3 63.3 11.1 1.0 11.4 53 21 24 2

ICICI Pru Multi-Asset Fund(G) Sankaran Naren 11,015 1.6 11.5 31.7 41.2 12.5 9.0 13.1 67 4 6 23

DSP US Flexible Equity Fund-Reg(G) Laukik Bagwe 373 7.3 15.3 31.0 52.0 25.6 20.5 18.7

Gold Funds

Kotak Gold Fund(G) Abhishek Bisen 897 5.3 -4.8 -8.3 -3.1 19.8 13.2 8.3

HDFC Gold Fund(G) Krishan Daga 1,062 5.1 -4.7 -8.4 -4.1 19.9 13.4 7.9

Indices

NIFTY 50 - TRI -1.4 7.6 26.1 49.9 12.9 12.2 14.7

S&P BSE 500 - TRI -0.1 9.8 29.9 56.6 14.9 10.7 15.0

S&P BSE Mid-Cap - TRI 0.8 12.8 37.1 71.0 18.2 7.3 14.2



34

Debt MF Performance Summary

35

Debt Mutual Funds Performance Summary

Performance Credit Allocation Portfolio Metrics


1 Month 3 Months 6 Months 1 Year 2 Years 3 Years 5 Years AAA & EqAA &

BelowYTM (%)

Avg. Maturity

(Yrs)

Liquid / Overnight Funds

Axis Liquid Fund-Reg(G) Devang Shah 25,040 3.2 3.2 3.1 3.4 4.7 5.7 6.2 100 3 0

Kotak Liquid Fund-Reg(G) Deepak Agrawal 33,474 3.1 3.2 3.0 3.4 4.6 5.5 6.1 100 3 0

SBI Liquid Fund(G) R. Arun 49,743 3.1 3.3 3.1 3.4 4.6 5.5 6.1 100 3 0

Money Market / Floater Funds

Aditya Birla SL Money Manager Fund(G) Kaustubh Gupta 14,499 4.5 4.5 3.9 5.6 6.6 7.2 7.1 100 4 0

ICICI Pru Money Market Fund(G) Rahul Goswami 13,633 4.2 4.1 3.7 5.4 6.3 6.9 6.9 100 4 0

Kotak Money Market Fund(G) Deepak Agrawal 9,803 4.0 4.1 3.7 4.7 6.0 6.7 6.8 100 4 0

Ultra Short Duration / Low Duration Funds

DSP Low Duration Fund-Reg(G) Kedar Karnik 4,307 5.8 4.6 3.8 5.9 6.9 7.2 7.2 100 4 1

Tata Treasury Advantage Fund(G) Akhil Mittal 2,195 6.0 4.5 3.9 6.5 4.1 5.3 6.1 100 4 1

IDFC Low Duration Fund-Reg(G) Anurag Mittal 8,588 5.6 4.5 3.8 5.9 6.9 7.2 7.3 100 4 1

Corporate Bond Funds

HDFC Corp Bond Fund(G) Anupam Joshi 26,670 9.8 3.3 4.2 9.3 9.8 9.3 8.6 100 5 5

ICICI Pru Corp Bond Fund(G) Anuj Tagra 19,706 6.7 4.0 4.2 8.9 9.1 8.7 8.1 100 5 3

Banking and PSU Funds

Aditya Birla SL Banking & PSU Debt(G) Kaustubh Gupta 14,539 9.6 3.3 3.7 8.7 9.5 8.9 8.4 93 7 5 3

DSP Banking & PSU Debt Fund-Reg(G) Vikram Chopra 3,626 7.7 4.2 3.8 8.0 9.4 8.8 8.1 100 5 2

Kotak Banking and PSU Debt Fund(G) Deepak Agrawal 9,675 7.4 1.6 3.1 8.6 9.4 9.0 8.3 72 28 5 3

Performance as on 30th April. Returns <1 year are in simple annualised terms & >1 year are CAGR. Portfolio details as of Mar end

36





BelowYTM (%)

Avg. Maturity

(Yrs)

Medium Duration / Short Duration Funds

ICICI Pru Short Term Fund(G) Manish Banthia 22,193 8.1 3.7 4.4 9.2 9.2 8.6 8.1 83 17 5 4

IDFC Bond Fund - Short Term Plan-Reg(G) Suyash Choudhary 13,792 8.6 4.3 3.7 7.9 8.6 8.4 7.7 100 5 2

Kotak Bond Short Term Fund(G) Deepak Agrawal 17,020 8.2 2.5 3.1 7.7 8.6 8.3 7.6 100 5 3

Dynamic Bond Funds

IDFC Dynamic Bond Fund-Reg(G) Suyash Choudhary 3,302 12.2 -1.4 0.8 5.9 10.6 9.9 8.6 100 6 6

Kotak Dynamic Bond Fund-Reg(G) Deepak Agrawal 2,260 6.9 -1.2 2.0 8.5 9.7 9.5 8.9 93 7 5 5

SBI Dynamic Bond Fund-Reg(G) Dinesh Ahuja 3,158 5.6 1.1 1.4 5.2 10.2 9.3 8.7 98 2 5 5

Long Duration / Medium to Long Duration Funds

ICICI Pru Bond Fund(G) Manish Banthia 3,366 10.3 2.5 2.6 8.8 10.0 9.0 8.1 100 6 8

IDFC Bond Fund - Income Plan-Reg(G) Suyash Choudhary 690 11.5 -1.7 0.5 5.3 9.7 9.2 8.1 100 6 6

ICICI Pru Long Term Bond Fund(G) Manish Banthia 799 11.8 -2.3 0.0 4.8 10.1 9.7 8.7 93 7 7 12

Gilt

DSP G-Sec Fund-Reg(G) Vikram Chopra 472 11.1 0.5 2.0 6.4 11.5 10.8 9.1 100 5 5

ICICI Pru Constant Maturity Gilt Fund(G) Rahul Goswami 323 13.0 -0.9 1.4 6.9 12.2 11.5 9.8 100 6 10

IDFC G-Sec-Invest-Reg(G) Suyash Choudhary 1,621 12.4 -1.2 1.0 6.3 11.8 11.2 9.5 100 6 6


37





BelowYTM (%)

Avg. Maturity

(Yrs)

Conservative Hybrid

Canara Rob Conservative Hybrid Fund-Reg(G) Avnish Jain 524 12.4 13.2 14.9 17.1 11.9 10.1 9.0 76 5 2

Kotak Debt Hybrid Fund(G) Devender Singhal 499 13.4 11.2 20.0 20.8 12.4 9.6 9.5 68 7 6 5

Others

HDFC Credit Risk Debt Fund-(G) Shobhit Mehrotra 7,368 11.4 6.5 7.9 12.8 9.7 8.6 8.2 41 59 8 3


38

Direct Debt / Bond Offering

39

Direct Debt/Bond Offerings

Bond Rating Coupon Maturity IP Date Yield ISIN

Tax Free Bonds

HUDCO Tax Free 2034 AAA 8.76% 13-Jan-34 13th Jan 4.36% INE031A07980

IRFC Tax free 2028 AAA 8.48% 27-Nov-28 15th Apr 4.36% INE053F07645

PSU Bonds

PFC Ltd. 2031 (Secured) AAA by CARE, CRISIL & ICRA 7.00% 23-Jan-31 23rd Jan 6.71% INE134E07AN1

FCI Ltd. 2030 (Unsecured, GOI Guaranteed) AAA (CE) by CARE, CRISIL 7.60% 09-Jan-30 9th Jan 6.90% INE861G08068

Private Bonds

Shriram Transport Finance Company Ltd 2023 (Secured)

AA+ by CRISIL 8.72% 22-Mar-23 22nd Mar 8.20% INE721A07NL0

Muthoot Finance Ltd 2024 (Secured) AA+ by CRISIL & AA by ICRA 7.40% 05-Jan-24 05th Nov 6.95% INE414G07FF7

Tata Capital Financial Services Ltd 2021 (Secured)

AAA by CRISIL & CARE 8.80% 27-Sep-21 MMY4.20%

INE306N07KD6

Bond quotes as of 10th May 2021. These are indicative in nature and subject to market change. Above quotes are being shared only for information and should not be construed as arecommendation or advice.The quotes mentioned above are from the OTC market where institutions trade and thus there can be a variance with the quotes shared from the exchanges in the secondary market dueto low volumes and lower demand/supply.Effective 1st Nov’20 the trading lots for all new issuances of Bank Perpetual bonds will be Rs 1 crore.Bond quotes listed above serve as a sample and are an indicator of the prevailing yields. The actual availability could be more exhaustive and have many more papers. Yields on thepapers will vary depending on the day/time of the transaction.

40

Corporate Fixed Deposits

Regular Deposit Cumulative Option ROI (p.a.)Additional for Senior

Citizen

Credit Rating 1 Yr 2 Yr 3 Yr 4 Yr 5 YrSenior Citizen

W.e.f

HDFC Limited CRISIL- FAAA & ICRA - MAAA 5.70% 5.85% 6.05% 6.05% 6.40% 0.25% 30-Mar-21

ICICI Home Finance CRISIL- FAAA & ICRA - MAAA 5.70% 5.85% 6.05% 6.30% 6.45% 0.25% 15-Apr-21

Mahindra Finance Ltd CRISIL- FAAA & ICRA - MAAA 5.70% 6.20% 6.30% 6.45% 6.45% 0.25% 24-Aug-20

Bajaj Finance Ltd. CRISIL- FAAA & ICRA - MAAA 6.15% 6.60% 7.00% 7.00% 7.00% 0.25% 1-Feb-21

LIC Housing Finance CRISIL – FAAA & ICRA - MAAA 5.10% 5.50% 5.60% - 5.60% 0.25% 1-Apr-21

Quotes as on 10th May 2021The above quotes are indicative in nature and subject to market change. Above quotes are being shared only for information and should not be construed as a recommendation or advice.

41

RBI Bonds

Issue By Reserve Bank of India

Who can investResident individuals (including joint holdings) & HUF

NRIs are not eligible to invest

Issue price At par (Rs 1,000 per unit)

Minimum amount Rs 1,000/- (face value) in multiples thereof

Maximum amount No maximum limit

Maturity/ Repayment of principal7 year (lock in period) from the date of issue. Premature redemption shall be allowed forspecified categories of senior citizens, subject to minimum lock in period

Interest rate & periodicity

Currently, the bonds have a floating interest rate of 7.15% p.a.

Floating Interest is payable semi annually on 1st January & 1st July

Coupon rate payable next half would be reset every 1st January & 1st July

Tax treatment Income from the bonds is taxable

Transferability/liquidity Not transferable, not tradable in secondary market

42

Sovereign Gold Bonds (SGB)

43


Issued by Sovereign gold bonds are issued by RBI on behalf of Government of India

Minimum application criteria 1 unit (i.e. 1 gram of gold)

Maximum application limitNot be more than 4kg for individuals/HUFs and 20kgs for trusts/similar entities per fiscal year (April-March). Theannual ceiling includes bonds subscribed under different tranches during initial issuance by government and thosepurchased from the secondary market

TenorThe tenor of the Bond will be for a period of 8 years with exit option after the 5th year of the date of issue andsuch redemptions shall be made on the next interest payment dates.

Issue pricePrice of Bond will be fixed in Indian Rupees on the basis of simple average of closing price of gold of 999purity published by the India Bullion and Jewelers Association Limited for the last 3 working days of theweek preceding the subscription period

Redemption price

The sovereign gold bonds will be redeemed for cash at the end of the investment tenure. Redemption will takeplace at the prevailing gold price (simple average of closing price of gold of 999 purity of previous 3 working dayspublished by IBJA), giving the investor the value of the bond plus capital appreciation/depreciation fromincrease/fall in gold price.

Interest RateThe Sovereign Gold Bonds offer an interest rate of 2.50% per annum payable semi-annually. Interest will becredited semi-annually to the bank account of the investor.

Taxation The interest on Gold Bonds shall be taxable as per the provision of Income Tax Act, 1961 (43 of 1961). The capitalgains tax arising on redemption of SGB to an individual has been exempted. The indexation benefits will beavailable to long term capital gains arising to any person on transfer of bond

44


Key Benefits

• Sovereign Gold Bonds deliver two streams of returns. One in the form of regular interest of (2.50% p.a.) on invested capital

every six months and the other in the form of capital gains at the time of redemption in case the price at the time of

redemption is higher.

• During primary issuance, the online mode offers a discount of Rs 50/- per gram

• Bonds are freely tradable on stock exchanges within a fortnight of the issuance on a date notified by the RBI

• Exempt from capital gains tax, if held till maturity

45

Estate Planning Services

46

Estate Planning Services – Wills & Trusts

• Estate & Succession Planning is provided through Vistra ITCL (India) Ltd.

• Vistra ITCL (India) Ltd. is managed by a team of professionals from the field of banking, law, taxation, accounting andmanagement.*

• Trusts help in creating protection with respect to encumbrance risk, financial risk, family risk, etc.

• Client needs are met through:

Prudent succession & estate planning Efficient tax planning Smooth distribution & transfer of assets to identified beneficiaries Dependable Trustees / Escrow agents / Managers to handle and preserve family fortune Uninterrupted management of assets Trust management & wills Confidentiality

About Vistra ITCL India:Vistra ITCL is part of Vistra. Vistra is globally the third largest fiduciary service provider present in 46 jurisdictions with 78 offices.Vistra has over 4,300 professionals working across 46 jurisdictions throughout the Americas, Asia Pacific, Europe and the MiddleEast. Vistra ITCL (India) Limited is the largest independent non-bank trustee in India with over two decades of presence in theIndian trusteeship space. Vistra ITCL is regulated by Indian Capital Markets Regulator Securities and Exchange Board of India (SEBI)as a Bond / Debenture Trustee. Vistra ITCL currently has significant market share in each market segment and its clients includeBanks, Financial Institutions, Asset managers, Corporates, Governments, Insurance companies and High-Net Worth Individuals.

47

Disclaimer

Investment in securities market are subject to market risks, read all the related documents carefully before investing.

This note has been prepared exclusively for the benefit and internal use of the recipient and does not carry any right of reproduction or disclosure. Neither this note nor anyof its contents maybe used for any other purpose without the prior written consent of HDFC Securities Ltd (HSL)

Information herein is believed to be reliable however HDFC Securities Ltd. does not warrant its completeness or accuracy. Although HDFC Securities Ltd. tries to ensure thatall information and materials in relation to the products, services, facilities, offerings or otherwise provided as part of its website or through any other source ofcommunication, is correct at the time of inclusion on the communication, it does not guarantee the accuracy of the information.

Use of this presentation /note is at the sole risk of the user / client. The data and information provided on the website or in any presentation / note is not professionaladvice and should not be relied upon as such. HDFC Securities Ltd. may at any time edit, alter and or remove any information in whole or in part that may be available andthat it shall not be held responsible for all or any actions that may subsequently result into any loss, damage and or liability. Nothing contained herein is to be construed asa recommendation to use any product or process, and HDFC Securities Ltd. makes no representation or warranty, express or implied that, the use thereof will not infringeany patent, or otherwise

HDFC Securities Ltd. would have an exclusive discretion to decide the clients who would be entitled to its investing services. HDFC Securities Ltd. also reserves the right todecide on the criteria based on which clients would be chosen to participate in these services. HDFC Securities Ltd. is incorporated under the regulatory laws of India andhence adheres to the same laws for entering into or executing an agreement with the client

This note does not purport to contain all the information that the recipient may require. Recipients should not construe any of the contents herein as advice relating tobusiness, financial, legal, taxation, or investment matters and are advised to consult their own business, financial, legal, taxation and other advisors concerning thecompany.

This note does not constitute an offer for sale, or an invitation to subscribe for, or purchase equity shares or other assets or securities of the company and the informationcontained herein shall not form the basis of any contract. It is also not meant to be or to constitute any offer for any transaction.

As a distributor, HDFC Securities Ltd. does not assume any responsibility or liability arising from the sale of any product and the investor's contract for purchase/sale isdirectly with the product provider. HDFC Securities Ltd. may earn a distribution fee from the product provider on completion of sale of such products. To reiterate, HDFCSecurities Ltd. only acts as a Distributor. There is no element of advisory involved.

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