July 2021 - files.hdfcfund.com

Refer disclaimers on slide 32 July 2021

Refer disclaimers on slide 32 2

Table of Contents

• Why Equity ?

• Why Debt ?

• Why Gold ?

• Gold and Low Interest Rates

• Gold as a hedge against currency depreciation

• Different asset classes outperform at different times

• Asset Class winners change over time

• Different Asset classes have different risk profiles

• Correlation and diversification

• What is asset allocation and why is it needed ?

• Power of asset allocation

• Why Multi –Asset Fund?

• HDFC Multi Asset Fund : Current Investment Strategy

• HDFC Multi Asset Fund : Model driven Asset Allocation

• Portfolio disclosures


Why Equity?

• Equities, while being volatile over short periods of time, tend to be a prudent investment over longer time horizons

• In the long run, equity returns tend to track underlying fundamentals and are determined by thefollowing factors:

▫ Long term growth of the economy

▫ Growth in corporate earnings

▫ Stable financial & regulatory framework

These components explain nearly all of the stock market returns over extended holding periods.

• As can be seen from the table below, variability of equity returns reduces as time horizonincreases. In the below table, daily rolling returns of NIFTY 50 over the past 2 decades have beenconsidered. Based on past outcomes - for an investment horizon of 1 year, probability of negativereturns is 28%; however if investment horizon increases to 10 years – probability of negativereturns drops to 0.

Return Range % CAGR 1 Year 3 Year 5 Years 10 Years

<0% 28% 11% 5% 0%

0 to 5% 9% 15% 17% 11%

5% to 10% 9% 25% 24% 28%

10% to 15% 11% 21% 27% 33%

15% to 20% 8% 7% 10% 27%

>20% 34% 21% 17% 1%

Daily Rolling Returns of NIFTY 50 (% CAGR)

Source : MFI Explorer, Aug-00 to Jun-21


Why Debt?

• While Equities aim to provide capital appreciation over a longer time horizon, Debt aims to provide better stability to a portfolio

• Equities do generate higher returns than Debt over the long term. However, Debt is less volatileas compared to Equities (Refer chart below)

11.8

8.6

7

8

9

10

11

12

13

Equity Debt

Returns: % CAGR (Apr’98 to Jun’21)

Standard Deviation % of Daily returns considered.Proxies used for asset classes :Equity -NIFTY50, Debt-NIFTY 10 year benchmark G Sec

20.1

4.9

0

5

10

15

20

25

Equity Debt

Risk: Annualized Standard Deviation% (Apr’98 to Jun’21)


Interest Rates Outlook

Factors supporting lower yields Factors opposing lower yields

Yields likely to trade with an upward bias, RBI interventions likely to cap any significant rise

*G-SAP : Government Securities Acquisition Programme

• RBI and major Central banks likely to continue withaccommodative stance and low rates

• Unconventional tools used by RBI to improvetransmission of rate cuts (Operation TWIST, LTROs,Targeted LTROs, increasing HTM limit, OMOs for StateDevelopment Loans, G-SAP, etc.)

• Muted credit growth vs. deposit growth; Ample global anddomestic liquidity

• Risk of fiscal slippage in FY22 remains low as Centralgovernment has adequate cash buffer

• Inclusion in global bond indices can increase the demandfor Government securities

• CPI including core CPI likely to remain over 4%with risk skewed to upside

• Excess SLR securities holding of PSU banks

• Global economic recovery strengthening andoutlook remains optimistic supported by fast pacevaccination roll out

• Global commodity prices have rallied significantlyand prices are near multi-year high

• Domestic economic activity likely to improvesequentially


Why Gold ?

Low /Negative correlation with other asset classes.

Tool to effectively diversify portfolio.

Considered a hedge against inflation

Considered a hedge against currency devaluation


Gold and Low Interest Rates

• Economic fallout of COVID-19 hampered growth prospects globally

• To stimulate economic growth, Central banks around the world reduced policy rates in 2020, from already

subdued levels

• As can be seen from the chart to the left above, 82% of Major central Banks (covered by BIS) cut policy rates in

2020 – the highest level since global financial crisis

• Global economic slowdown and low interest rates increase the popularity of Gold as a safe haven asset.

Source:-Bloomberg, BIS. For 2020, Central Bank policy rates as of 31st May 2021have been consideredThe Scheme invests in gold related instruments and hence is impacted by the price of gold. Comparison with Gold has been given solely for the purpose of understanding and illustrative purposes.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Rate Cut No Change Rate Hike

1000

1200

1400

1600

1800

2000

2200

0

2

4

6

8

10

12

14

16

18

20

Gol

d Pr

ice

(USD

/Tr

oy O

unce

)

Mar

ket

Valu

e (U

SD T

rn)

Barclays Negative Yielding Debt (Market Value-USD Trn) (LHS)

Gold Price (USD/Troy Ounce) (RHS)

Refer disclaimers on slide 32

7.8%

10.9%

0%

2%

4%

6%

8%

10%

12%

Gold USD Gold INR

Gold Returns CAGR % (Apr'98 to Jun'21)

8

Gold as a hedge against currency depreciation

• Returns from Gold in domestic currency terms (INR) are a function of :

- Gold prices in USD

-Currency fluctuation of INR vs USD (INR Depreciation increases Returns from Gold and vice versa)

• Gold acts not only as a safe haven asset, but also as a hedge against currency depreciation and inflation.

Data from 1st April 1998 to 30th June 2021Source : Bloomberg, World Gold Council. To ensure that return are comparable, prices of Gold , excluding taxes/duties have been consideredThe Scheme invests in gold related instruments and hence is impacted by the price of gold. Comparison with Gold has been given solely for the purpose of understanding and illustrative purposes1


Different Asset Classes outperform at different times

• Historical returns tend to bias investors towards the asset class that has performed well recently.

• Recency bias could result in investors chasing momentum and picking an asset class at an inopportune time.

• Over the last 24 fiscal years equity, debt and gold have outperformed each other at different times.

Rank 1 Rank 2 Rank 3

Equity 12 4 8

Debt 5 10 9

Gold 7 10 7

Source:-Bloomberg. World Gold Council 1st Apr ‘98 to 30th June 21. * Up to 30th June 2021 (Absolute) Data used for asset classes :Equity -NIFTY50, Debt-NIFTY 10 year benchmark G Sec, Gold-Spot Rate INR/10 GramsThe Scheme invests in gold related instruments and hence is impacted by the price of gold. Comparison with Gold has been given solely for the purpose of understanding and illustrative purposes.

Out of 24 Fiscal years since FY99, Equity has been the best performing asset class in 12 years. Debt and Gold have been the best performing asset classes in 5 and 7 years respectively.


Asset Class winners change over time

Source:-Bloomberg, World Gold Council, Data from 1st Apr ‘98 to 30th June 2021. * Upto 14th Jan 2020. All returns are CAGR %, unless specified otherwise. $ Absolute Returns used as period less than a year. COVID-19 Correction considered from 14th Jan’20 to 23rd

Mar’20 & Post Correction Rally from 23rd March 20 to 30th June 21. Classification of periods as per internal HDFC AMC classification. Data used for asset classes :Equity -NIFTY50, Debt-NIFTY 10 year benchmark G Sec, Gold-Spot Rate INR/10 GramsThe Scheme invests in gold related instruments and hence is impacted by the price of gold. Comparison with Gold has been given solely for the purpose of understanding and illustrative purposes.

14%

-14%

37%

7% 8%11%

-38%

77%

16% 20%

5% 5%8%

5% 3%6%

0%

10%

19% 20%

4%

11%7%

10%

-45%-40%-35%-30%-25%-20%-15%-10%-5%0%5%

10%15%20%25%30%35%40%45%50%55%60%65%70%75%80%85%

FY 98-00(Tech Bubble )

FY 00-03(Tech bubblemeltdown)

FY 03-08 (Economic Boom)

FY 08-11(Sub-Prime

Crisis/Eurozonecrisis)

FY 11-17(Post Crisis)

FY 17-20 *(Market Recovery)

COVID-19Correction $

Post-Correction Rally

Equity Debt Gold


Different Asset Classes have different risk profile

• Equity returns are relatively more volatile vis-à-vis debt and gold.

• Debt is less volatile than both, Equity and Gold

Source:-Bloomberg. World Gold Council Data from Apr ‘98 to Jun’ 21 Data used for asset classes :Equity -NIFTY50, Debt-NIFTY 10 year benchmark G Sec, Gold-Spot Rate INR/10 Grams. Standard Deviation % of Daily returns considered. The Scheme invests in gold related instruments and hence is impacted by the price of gold. Comparison with Gold has been given solely for the purpose of understanding and illustrative purposes

20.1

14.7

4.9

0

5

10

15

20

25

Equity Gold Debt

Risk (Annualized Standard Deviation %)


Correlation and diversification

• Asset correlation is a measure of how asset classes move in relation to one another over a period of time. Correlation coefficient can range from -1 to +1. When assets move in the same direction at the same time, they are considered to be positively correlated. When one asset tends to move up when the another goes down, the two assets are considered to be negatively correlated.

• Daily 1 year rolling returns since Apr’98 exhibit negative correlation between Equity, Debt and Gold.

• Low/negative correlation between these asset classes creates a strong case for diversification.

Since April’ 98

Equity Debt Gold

Equity 1 -0.26 -0.06

Debt -0.26 1 -0.09

Gold -0.06 -0.09 1

By combining negatively correlated assets, investors can reduce risk significantly without compromising on returns.

Source:-Bloomberg. Data from Apr ‘98 to Jun’21Data used for asset classes :Equity -NIFTY50, Debt-NIFTY 10 year benchmark G Sec, Gold-Spot Rate INR/10 Grams)The Scheme invests in gold related instruments and hence is impacted by the price of gold. Comparison with Gold has been given solely for the purpose of understanding and illustrative purposes

By combining negatively correlated assets, investors can reduce risk significantly without compromising on returns.


What is Asset Allocation and why is it needed?

Asset Allocation refers to distributing your investible surplus across various asset classes according to risk tolerance, risk appetite and investment time frame.

Why Asset allocation is crucial ?

Each asset class behaves differently across different economic cycles (Refer Slide 10)

It reduces dependency on a single asset class to generate returns.

Mitigates volatility of portfolio returns (Refer Slide 14)

How can investors implement asset allocation?

Determine financial goals

Ascertain risk appetite

Determine optimal asset allocation

Invest in different asset classes directly and rebalance portfolio periodically

or

Invest in a hybrid mutual fund


Power of Asset Allocation

Let’s consider CAGR Returns of an Investment from 1st April 1998 to 30th Jun 2021, along with the volatility of returns over that period

Outcome of the investment over ~2 decades?

Source:-Bloomberg. Data from Apr ‘98 to Jun’21Data used for asset classes :Equity -NIFTY50, Debt-NIFTY 10 year benchmark G Sec, Gold-Spot Rate INR/10 Grams.Monthly portfolio rebalancing assumed. Standard Deviation % of Daily returns considered. The above analysis is based on backtesting of the above mentioned asset classes. HDFC Mutual Fund/AMC is not guaranteeing future returns of these asset classes. The Scheme invests in gold related instruments and hence is impacted by the price of gold. Comparison with Gold has been given solely for the purpose of understanding and illustrative purpose.The above combinations are for illustrative purpose. Investors are requested to consult their financial advisors /tax advisors before investing.

How the numbers stack up?

Gold and Equity performed better than Debt in terms of returns while debt had the lowest volatility

However, could you have got a better deal for your investments ?

Yes, a combination of Equity, Debt and Gold (65%,25%,10% respectively) would have yielded returns in line with individual asset class returns and that too, with lower volatility, thereby underlining the importance of asset class diversification.

11.8%

8.6%10.8%

20.1%

4.9%

14.7%

0%

5%

10%

15%

20%

25%

Equity Debt Gold

Individual Asset ClassesReturns (CAGR %) Volatility %

11.8% 12.3% 12.1%13.2% 13.4%

16.1%

0%

5%

10%

15%

20%

25%

65E+25D+10G 65E+10D+25G 80E+10D+10G

Asset AllocationReturns (CAGR %) Volatility %


Why Multi Asset Fund ?

• Asset class returns vary over economic cycles

• Investors exhibit a recency bias and invest in recent outperformers

• Timing the market for various asset classes is difficult

• Lack of diversification leads to higher volatility of returns

• Combining negatively correlated/ less correlated asset classes reduces portfolio risk

• Multi Asset Fund could be considered as an option to meet diversified asset allocation needs of investors.

“You should have a strategic asset allocation mix that assumes that you don't know what the future is going to hold”- Ray Dalio


Presenting HDFC Multi-Asset Fund


HDFC Multi Asset Fund

HDFC Multi Asset Fund

EquityLong term Growth

Allocation:

65%-80% of total assets of which

40%-80% (Unhedged)

0-25% (Hedged)

Ensuring tax efficiency of equity schemes

DebtStability to portfolio

Allocation :

10%-30% of total assets

Gold Related instrumentsHedge against market

uncertainties and inflation

Allocation:

10%-30% of total assets

HDFC Multi-Asset Fund aims 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.

The current investment strategy is subject to change depending on the market conditions


HDFC Multi Asset Fund : Current Investment Strategy

Equity Strategy

•Diversified Portfolio. •Dominant

businesses with strong balance sheets

Arbitrage

• Index/Stock spot vs Index/Stock futures

•Futures of same stock with different expiry months

•ADR/GDR vs underlying shares

•Hedging certain equity positions in the portfolio

Debt Strategy

• Investment in Debt securities (including securitized debt) and money market instruments

•Maturity profile depends on interest rate outlook

Gold Related Instruments

Strategy•Can invest in Gold

ETFs

HDFC Mutual Fund/AMC is not guaranteeing returns on investments made in this scheme. The current investment strategy is subject to change depending on the market conditions.


HDFC Multi Asset Fund : Model driven asset allocation

HDFC Mutual Fund/AMC is not guaranteeing returns on investments made in this scheme. The current investment strategy is subject to change depending on the market conditions. TTM- Trailing 12 Months , PE – Price/ Earnings, PB – Price/ Book Value, Earnings Yield = Earnings per share/ Market Price per share. Depending on the market and other conditions, the asset allocation may or may not be based on the proprietary model. In view of distortion in Trailing 12 month Price/earnings ratio (TTM P/E) and Earnings Yield/G-Sec Yield, owing to Covid-19 pandemic, TTM P/E and Earnings Yield/G-Sec yield have not been considered in the model computation for the period Jun-20 to Jun-21.

- Proprietary financial model, devised on the basis of extensive back testing

- Model indicates the % of unhedged equity allocation

- Factors considered by the model include 1) TTM PE, 2) 1 Year Forward PE, 3)TTM PB 4) Earnings Yield/ G-Sec Yield

- To retain equity taxation benefit of the scheme, wherever % of unhedged equity allocation indicated by model is less than 65%, use of arbitrage will be considered to bridge the differential allocation to equities.

Historical Asset Allocation range indicated by the model

-1000

1000

3000

5000

7000

9000

11000

13000

15000

17000

40%

45%

50%

55%

60%

65%

70%

75%

80%

85%

Jun-

06

Dec

-06

Jun-

07

Dec

-07

Jun-

08

Dec

-08

Jun-

09

Dec

-09

Jun-

10

Dec

-10

Jun-

11

Dec

-11

Jun-

12

Dec

-12

Jun-

13

Dec

-13

Jun-

14

Dec

-14

Jun-

15

Dec

-15

Jun-

16

Dec

-16

Jun-

17

Dec

-17

Jun-

18

Dec

-18

Jun-

19

Dec

-19

Jun-

20

Dec

-20

Jun-

21

NIF

TY 5

0 Le

vels

% o

f N

et A

sset

s

Equity Allocation (% of Net Assets) (LHS) NIFTY 50 (RHS)

Post GFC trough

Pre GFC peak

Eurozone Debt crisisCOVID led correction


Asset Allocation % indicated by model during key market events

GFC – Global Financial CrisisHDFC Mutual Fund/AMC is not guaranteeing returns on investments made in this scheme. The current investment strategy is subject to change depending on the market conditions.

- Based on valuations, the financial model has indicated an optimal equity allocation during key events as under:

Events Month NIFTY 50 Level

Unhedged Equity %

Next 1 Year

NIFTY Returns

Pre GFC peak Nov’07 5763 47% -52%

Post GFC trough

Oct’08 2886 80% 63%

Post GFC recovery

Oct’09 4712 46% 28%

Eurozone Debt Crisis

Sep’11 4943 80% 15%

Mid and Small Cap

RallySep’18 10930 46% 5%

COVID-19 led correction

Apr’20 9860 78% 48%


Asset Allocation

21

As of 30th June 2021, Source MFI ExplorerREIT – Units issued by Real Estate Investment Trust, InvIT- Units issued by Infrastructure Investment Trust*Includes cash, cash equivalents and net current assetsThe current investment strategy is subject to change depending on the market conditions. For complete portfolio, please refer ourwebsite www.hdfcfund.com.

55

1210

4

19

0

10

20

30

40

50

60

Unhedged Equity Hedged Equity Gold ETF ReIT/InvIT Debt *

% o

f N

et A

sset

sAsset Allocation (% of Net Assets)

As of 30th June 2021, portfolio had unhedged equity exposure of ~55% of Net AssetsExposure to Gold ETF and Debt was 10% and 19%* of Net Assets respectively.

http://www.hdfcfund.com/


4

3

2 2 2

0.04

-0.4

(3)

(4)

(6)

(8)

(6)

(4)

(2)

-

2

4

6%

of

Net

Ass

ets

Overweight/(Underweight)

Sector-Wise Overweight/Underweight

As of 30th June 2021. GICS Sectors. Scheme Benchmark is 90% NIFTY 50 Hybrid Composite Debt 65:35 Index +10% Domestic Price of Gold. The NIFTY 50 Hybrid Composite Debt 65:35 Index is designed to measure the performance of hybrid portfolio having 65% exposure to NIFTY 50 and 35% exposure to NIFTY Composite Debt Index. Consequently Equity exposure of HDFC Multi Asset Fund has been rebased to 100% and compared with NIFTY 50 for above comparison. The Fund may or may not have any present or future positions in these stocks/sectors. The above statements / analysis should not be construed as an investment advice or a research report or a recommendation to buy or sell any security covered under the respective sector/s .The same has been prepared on the basis of information which is already available in publicly accessible media. For complete portfolio, please refer our website www.hdfcfund.com

22


Large/Mid/Small Cap breakup

As of 30th June 2021Source MFI ExplorerEquity exposure of the Scheme rebased to 100% for computation of Large/Mid/Small Cap breakupThe current portfolio and strategy is based on current market conditions and is subject to change

23

• The Scheme currently has a Large Cap bias

• As of Jun’21, the Scheme has ~76% of its equity assets in Large Cap companies

76

159

0

10

20

30

40

50

60

70

80

Large Cap Mid Cap Small Cap

% of Equity Assets


Portfolio Statistics

24

Data is As of 30th June 2021For complete portfolio, please refer www.hdfcfund.comSource MFI Explorer.£ SponsorThe Fund may or may not have any present or future positions in these stocks/sectors. The above statements / analysis should notbe construed as an investment advice or a research report or a recommendation to buy or sell any security covered under therespective sector/s .

Company Name % to NAV

HDFC Bank Ltd. 6.19

Infosys Limited 5.00

ICICI Bank Ltd. 4.01

Housing Development Fin. Corp. Ltd.£ 3.70

Axis Bank Ltd. 3.45

Reliance Industries Ltd. 3.21

Hindustan Unilever Ltd. 2.76

Tata Steel Ltd. 2.43

Maruti Suzuki India Limited 1.56

Bharti Airtel Ltd. 1.39

Top 10 Equity Holdings (Jun’ 21)

Top 5 Holding % (Equity) 22.4%

Top 10 Holding %. (Equity) 33.7%

AUM (Rs Cr.) 905.13

Portfolio Turnover Ratio(Last 1 Year)

29.86%

Portfolio Statistics

Rating Classification of debt component (% of Net Assets)

AAA/AAA(SO)/A1+/A1+(SO) &Equivalent

11.4%

AA/AA- 2.2%

A+ and below 0.6%

Cash, Cash Equivalents and NetCurrent Assets

4.7%

http://www.hdfcfund.com/


Fund Facts

Type of SchemeAn open ended scheme investing in equity and equity related instruments, debt and money marketinstruments and gold related instruments

Inception Date

(Date of allotment)August 17, 2005

Investment ObjectiveThe objective of the scheme is to generate long term capital appreciation/income by investing in adiversified portfolio of equity and equity related instruments, debt and money market instruments andGold related instruments

Fund Manager$ Mr. Amit Ganatra (Equities), Mr Anil Bamboli (Debt), Mr Krishan Kumar Daga (Gold Related instruments) ,Mr Arun Agarwal (Arbitrage), Dedicated Fund Manager for Overseas Investments: Mr Sankalp Baid

PlansDirect PlanRegular Plan

OptionsUnder Each Plan: Growth & Income Distribution cum Capital Withdrawal (IDCW) Option. TheIDCW Option offers following Sub-Options: Payout of Income Distribution cum Capital Withdrawal (IDCW) Option; and Reinvestment of Income Distribution cum Capital Withdrawal (IDCW) Option.

Minimum ApplicationAmount (Under EachPlan/Option)

Purchase: Rs 5,000 and any amount thereafter

Additional Purchase: Rs 1,000 and any amount thereafter

Load Structure

Entry Load:Not Applicable.Exit Load:

• 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.

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

Exit Load of 1.00% is payable if units are redeemed / switched out within 12 monthsfrom the date of allotment.

• No Exit Load is payable if units are redeemed / switched out after 12 months from the

date of allotment.

In case of Systematic Transactions such as SIP, GSIP, STP, Flex STP, Swing STP, Flex index; Exit Load, ifany, prevailing on the date of registration / enrolment shall be levied.

Benchmark Index 90% NIFTY 50 Hybrid Composite Debt 65:35 Index + 10% Domestic Price of Gold

25


Asset Allocation

Type of Instruments Minimum Allocation

(% of Total Assets)

Maximum Allocation (% of Total Assets)

Risk Profile of the Instrument

Type of InstrumentsEquity and equity related instruments

65 80 High

Debt Securities (including securitizeddebt) and money market instruments

10 30 Low to Medium

Gold related instruments* 10 30 Medium to High

Units issued by REITs and InvITs 0 10 Medium to High

Non-convertible preference shares 0 10 Low to Medium

Under normal circumstance, the asset allocation of the scheme’s portfolio will be as follows

* includes Gold ETFs and other Gold related instruments^ which may be permitted by Regulator from time to time. ^ The Scheme mayinvest in Gold Monetization Scheme of banks notified by RBI as per SEBI vide Circular No. CIR/IMD/DF/11/2015 dated December 31,2015 subject to the guidelines provided by SEBI, which may be amended from time to time.The Scheme may invest up to 100% of its total assets in Derivatives.The Scheme may invest up to 50% of its total assets in foreign securities.For complete details, please refer to our website www.hdfcfund.com


Scheme Performance Summary – HDFC Multi Asset Fund

27

Value of Rs 10,000 invested

Scheme Returns (%)

Benchmark Returns (%) #

Additional Benchmark

Returns (%)## Scheme

Benchmark(Rs)

Additional Benchmark

(Rs)

Last 1 Year 37.00 31.41 54.58 13,700 13,141 15,458

Last 3 Years 12.77 14.41 15.00 14,349 14,987 15,220

Last 5 Years 10.49 12.88 15.08 16,474 18,331 20,191

Since Inception 9.79 N.A. 13.95 44,083 N.A. 79,554

# 90% NIFTY 50 Hybrid Composite Debt 65:35 Index + 10% Domestic Price of Gold. ## NIFTY 50 (Total Returns Index). Past performance may or may not be sustained in the future. 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. 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. The scheme is co-managed by Mr. Amit Ganatra (Equities) since June 12, 2020, Mr. Anil Bamboli (Debt) since August 17, 2005, Mr. Krishan Kumar Daga(Gold) since May 23, 2018 and Mr. Arun Agarwal (Arbitrage) since August 24, 2020. Returns as of 30th June 2021


Performance Summary of other Scheme(s) managed by Fund Managers

28

Scheme

Managing scheme since

Returns (%)

1 year 3 year 5 yearCAGR (in %) CAGR (in %)

Amit Ganatra manages total 6 schemes

HDFC DYNAMIC PE RATIO FUND OF FUNDS ^ 21-May-20 37.8 13.0 11.9

NIFTY 50 Hybrid Composite Debt 65:35 Index 35.8 14.1 13.2

HDFC Capital Builder Value Fund 21-May-20 61.9 10.1 13.0NIFTY 500 TRI 60.8 15.0 15.4HDFC Tax Saver 24-Aug-20 52.0 9.2 10.9NIFTY 500 TRI 60.8 15.0 15.4HDFC EOF - II - 1126D May 2017 (1) 21-May-20 47.5 8.5 47.5NIFTY 50 TRI 54.6 15.0 54.6HDFC EOF - II - 1100D June 2017 (1) 21-May-20 42.3 8.0 42.3NIFTY 50 TRI 54.6 15.0 54.6

Past performance may or may not be sustained in the future. 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 is co-managed by Mr. Amit Ganatra from May 21, 2020 & Mr. Anil Bamboli from June 28, 2014. On account of difference in type of scheme, asset allocation, investment strategy, inception dates, the performance of these schemes is strictly not comparable. Performance of close-ended Schemes 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. 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. The above returns are of Regular Plan - Growth Option as on June 30, 2021.



29

Past performance may or may not be sustained in the future. 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 is co-managed by Mr Gopal Agrawal from July 16, 2020, Mr Krishan Kumar Daga from Jan 08, 2016, Mr Arun Agarwal from August 24, 2020 and Mr Anil Bamboli from September 17, 2004. $ The scheme is co-managed by Mr. Amit Ganatra from May 21, 2020 & Mr. Anil Bamboli from June 28, 2014. On account of difference in type of scheme, asset allocation, investment strategy, inception dates, the performance of these schemes is strictly not comparable. Top 3 and bottom 3 schemes managed by the Fund Manager have been derived on the basis of since inception returns vis-à-vis the benchmark. In case the benchmark is not available on the Scheme’s inception date, the returns for the concerned scheme is considered from the date the benchmark is available. On account of difference in the type of the Scheme, asset allocation, investment strategy, inception dates, the performance of these schemes is strictly not comparable. 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. The above returns are of Regular Plan - Growth Option as on June 30, 2021.

Scheme


Performance

1 year (in %)3 year 5 year

CAGR (in %) CAGR (in %)Anil Bamboli manages total 35 other schemes which have completed 1 year

Performance of Top 3 schemes managed by Mr. Anil Bamboli

HDFC Short Term Debt Fund Jun 25, 10 6.2 5.7 4.1

CRISIL Short-Term Bond Fund Index 8.8 8.7 9.6HDFC Equity Savings Fund # Sep 17, 04 28.5 9.6 10.440% Nifty 50 Arbitrage Index + 30% CRISIL Short Term Bond Fund Index + 30% Nifty 50 TRI

17.8 9.5 9.1

HDFC Banking & PSU Debt Fund Mar 26, 14 6.0 8.9 8.1NIFTY Banking & PSU Debt Index 5.5 8.6 7.6

Performance of Bottom 3 schemes managed by Mr. Anil BamboliHDFC Dynamic PE Ratio FoF $ Jun 28, 14 37.8 13.0 11.9NIFTY 50 Hybrid Composite Debt 65:35 Index

35.8 14.1 13.2

HDFC FMP 1119D June 2018 (1) (40) Jun 08, 18 4.3 7.9 NACRISIL Composite Bond Fund Index 4.9 9.8 NAHDFC FMP 1134D May 2018 (1) (40) May 24, 18 4.2 7.9 NACRISIL Composite Bond Fund Index 4.9 9.8 NA



30

Past performance may or may not be sustained in the future. 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. Top 3 and bottom 3 schemes managed by the Fund Manager have been derived on the basis of since inception returns vis-à-vis the benchmark. In case the benchmark is not available on the Scheme’s inception date, the returns for the concerned scheme is considered from the date the benchmark is available. #The scheme is co-managed by Krishan Kumar Daga since September 10, 2015 and Arun Agarwal since August 24, 2020. ^The scheme is co-managed by Gopal Agrawal (Equities) since July 16, 2020, Krishan Kumar Daga (Arbitrage) since January 08, 2016, Arun Agarwal (Arbitrage) since August 24, 2020 and Anil Bamboli (Debt) since September 17, 2004. @The scheme is co-managed by Krishan Kumar Daga since December 09, 2015 And ArunAgarwal since August 24, 2020. ~The scheme is co-managed by Krishan Kumar Daga since October 19, 2015 and Arun Agarwal since August 24, 2020. On account of difference in type of scheme, asset allocation, investment strategy, inception dates, the performance of these schemes is strictly not comparable. 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. The above returns are of Regular Plan - Growth Option as on June 30, 2021.

Scheme


Performance


CAGR (in %) CAGR (in %)Krishan Kumar Daga manages total 10 schemes which have completed 1 year

Performance of Top 3 schemes managed by Mr. Krishan Kumar Daga

HDFC Arbitrage Fund $ Aug 24, 2020 3.4 4.8 5.2

NIFTY 50 Arbitrage Index 3.5 4.7 4.7HDFC Equity Savings Fund * Aug 24, 2020 28.5 9.6 10.440% NIFTY 50 Arbitrage Index + 30% CRISIL Short Term Bond Fund Index +30% NIFTY 50 TRI

17.8 9.5 9.1

HDFC SENSEX ETF + Aug 24, 2020 52.2 15.2 15.5S&P BSE SENSEX TRI 52.4 15.3 15.6

Performance of Bottom 3 schemes managed by Mr. Krishan Kumar DagaHDFC Gold Fund Nov 01, 2011 -5.0 14.0 7.5Domestic Price of Physical Gold -3.7 15.4 8.1HDFC Index Fund – NIFTY 50 Plan ^^ Aug 24, 2020 53.8 14.3 14.4NIFTY 50 TRI 54.6 15.0 15.1HDFC Index Fund – SENSEX Plan ^^ Aug 24, 2020 51.6 14.6 15.0S&P BSE SENSEX TRI 52.4 15.3 15.6



31

Past performance may or may not be sustained in the future. 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. Top 3 and bottom 3 schemes managed by the Fund Manager have been derived on the basis of since inception returns vis-à-vis the benchmark. In case the benchmark is not available on the Scheme’s inception date, the returns for the concerned scheme is considered from the date the benchmark is available. $ The scheme is co-managed by Krishan Kumar Daga since September 10, 2015 and Arun Agarwal since August 24, 2020. +The scheme is co-managed by KrishanKumar Daga since December 09, 2015 and Arun Agarwal since August 24, 2020. ^^The scheme is co-managed by Krishan Kumar Daga since October 19, 2015 and Arun Agarwal since August 24, 2020. *The scheme is co-managed by Gopal Agrawal (Equities) since July 16, 2020, Krishan Kumar Daga(Arbitrage) since January 08, 2016, Arun Agarwal (Arbitrage) since August 24, 2020 and Anil Bamboli (Debt) since September 17, 2004. On account of difference in type of scheme, asset allocation, investment strategy, inception dates, the performance of these schemes is strictly not comparable. 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. The above returns are of Regular Plan - Growth Option as on June 30, 2021.

Scheme


Performance


CAGR (in %) CAGR (in %)Arun Agarwal manages total 7 schemes which have completed 1 year

Performance of Top 3 schemes managed by Mr. Arun Agarwal

HDFC Arbitrage Fund $ Aug 24, 2020 3.4 4.8 5.2

NIFTY 50 Arbitrage Index 3.5 4.7 4.7HDFC Equity Savings Fund * Aug 24, 2020 28.5 9.6 10.440% NIFTY 50 Arbitrage Index + 30% CRISIL Short Term Bond Fund Index +30% NIFTY 50 TRI

17.8 9.5 9.1

HDFC SENSEX ETF + Aug 24, 2020 52.2 15.2 15.5S&P BSE SENSEX TRI 52.4 15.3 15.6

Performance of Bottom 3 schemes managed by Mr. Arun AgarwalHDFC NIFTY 50 ETF + Aug 24, 2020 54.4 14.8 14.9NIFTY 50 TRI 54.6 15.0 15.1HDFC Index Fund – NIFTY 50 Plan ^^ Aug 24, 2020 53.8 14.3 14.4NIFTY 50 TRI 54.6 15.0 15.1HDFC Index Fund – SENSEX Plan ^^ Aug 24, 2020 51.6 14.6 15.0S&P BSE SENSEX TRI 52.4 15.3 15.6


Disclaimer & Risk Factors

32

This presentation dated 30th July 2021 has been prepared by HDFC Asset Management Company Limited (HDFC AMC)based on internal data, publicly available information and other sources believed to be reliable. Any calculations made areapproximations, meant as guidelines only, which you must confirm before relying on them. The information contained inthis document is for general purposes only and not an investment advice. The document is given in summary form anddoes not purport to be complete. The document does not have regard to specific investment objectives, financial situationand the particular needs of any specific person who may receive this document. The information/ data herein alone arenot sufficient and should not be used for the development or implementation of an investment strategy. The statementscontained herein are based on our current views and involve known and unknown risks and uncertainties that could causeactual results, performance or events to differ materially from those expressed or implied in such statements. Theinformation herein is based on the assumption that Covid-19 would be behind us by March 2021 and the economy wouldbounce back by FY22. However, if impact of Covid-19 continues after March 2021, various scenarios presented in thisdocument may not hold good. Past performance may or may not be sustained in future. Stocks/Sectors referred in thepresentation are illustrative and should not be construed as an investment advice or a research report or a recommendedby HDFC Mutual Fund / AMC. The Fund may or may not have any present or future positions in these sectors. HDFCMutual Fund/AMC is not guaranteeing / offering / communicating any indicative yield on investments made in thescheme(s). The data/statistics are given to explain general market trends in the securities market, it should not beconstrued as any research report/research recommendation. Neither HDFC AMC and HDFC Mutual Fund nor any personconnected with them, accepts any liability arising from the use of this document. The recipient(s) before acting on anyinformation herein should make his/her/their own investigation and seek appropriate professional advice and shall alonebe fully responsible / liable for any decision taken on the basis of information contained herein.

Mutual fund investments are subject to market risks, read all scheme related documents carefully.

Thank You

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