Global Economic Growth and Central Bank Highlights

2
• United States (US) gross domestic product (GDP) increased at an annualised rate of 6.4% in the first quarter of 2021, which is the second-fastest GDP growth
sincethethirdquarterof2003andfollowsgrowthof4.3%inthefourthquarterof2020.
• EurozoneGDPshrank4.9%on-yearinthefourthquarterof2020,followingarevisedfallof4.2%inthepreviousquarter.
• United Kingdom (UK) GDP grew 1.3% sequentially in the fourth quarter of 2020, after expanding sharply by 16.9% in the previous quarter. Over 2020, GDP
contracted9.8%.
• Japan GDP grew 11.7% on an annualised basis in the fourth quarter of 2020, compared with the initial estimate of 12.7% and growth of 22.9% in the previous
quarter.
None ofthe aforesaid recommendations are based onany assumptions. These are purely for reference and the investors are requested toconsult their financial advisors before investing.
ECONOMIC
OVERVIEW
Growth trends of developed economies Growth projections for 2021
Source:Financialwebsites,IMFandOECD
Global Economic Growth
Global Central Bank Highlights
• The US Federal Reserve (US Fed) kept its benchmark federal funds rate unchanged at 0-0.25%, and said it would keep buying $120 billion in bonds each
month.
• The European Central Bank (ECB) Governing Council kept the main refinance rate unchanged at a record low of 0% and the deposit rate at -0.50%. It
maintainedthesizeofthepandemicemergencypurchaseprogramme(PEPP)at 1.85trillionuntilatleasttheendofMarch2022.
• The Bank of Japan maintained the interest rate at -0.1% on current accounts held by financial institutions at the central bank; the apex bank cut the inflation
forecastforfiscal2021tojust0.1%fromthepreviousforecastof0.5%.
• ThePeople'sBankofChinakepttheone-yearloanprimerate(LPR)unchangedat3.85%andthefive-yearLPRat4.65%.
• TheBankofEnglanddidnothaveamonetarypolicymeetinginMarch2021.
Source:Financialwebsites
Source:Financialwebsites,Note:^Eurozoneinterestratesare0%,*DataasofMarch2021
-34.0%
-24.0%
-14.0%
-4.0%
6.0%
16.0%
26.0%
36.0%
US Eurozone UK Japan
Annual
Growth
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
6.4
4.4
5.3
3.3
6.5
3.9
5.1
2.7
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
US Euro zone UK Japan
Growth
forecast
(%)
IMF World Economic Outlook, April 2021 OCED Economic outlook, March 2021
1.8%
0.3% 0.3%
0.8%
0.1% 0.1%
-0.1% -0.1% -0.1%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2019 2020 2021*
Policy
interest
rate
%
US UK Japan Eurozone^

3
• UStreasurypricesendedoffmid-monthhighs.Theyieldofthe10-yearbenchmarkbondsettledat1.63%onApril30,comparedwith1.75%onMarch31.
• Treasury prices rose on safe-haven buying after the US government imposed a wide array of sanctions on Russia, including curbs on its sovereign debt
market,forinterferingintheUS2020electionsandtakingothermaligningactions.
• MorebondbuyingwasseenamidreportsthatUSPresidentJoeBidenplannedtorollouttaxhikesforthewealthiestAmericans.
• Concerns about rising Covid-19 cases globally and its impact on the pace of economic recovery, and ECB President Christine Lagarde's comments added to
bond price gains. The ECB chief said policymakers had not discussed phasing out the ECB's bond-buying programme, adding that such a move would be
"premature."
• The US Fed's move to keep its benchmark short-term rate near zero in its end-April policy announcement and its decision to continue buying $120 billion in
bondseachmonthprovidedmorebondpricesupport.
• Somepositiveeconomiccues,however,dentedsafe-havendemandfortreasuries.BondpricesfellafterdatashowedthatUSGDPincreasedatanannualised
rateof6.4%inthefirstquarterof2021,whichisthesecond-fastestGDPgrowthsincethethirdquarterof2003andfollowsgrowthof4.3%inthefourthquarter
of2020.
• DemandforbondsalsodeclinedafterUScorecapitalgoodsordersrosestronglyinMarch2021.
ECONOMIC
OVERVIEW
Global Bond Yields
India Growth
Growth trend Growth projections for fiscal 2022
Source:Mospi.nic.in,IMF
-1
0
1
2
3
30-Apr-19
30-Jun-19
31-Aug-19
31-Oct-19
31-Dec-19
29-Feb-20
30-Apr-20
30-Jun-20
31-Aug-20
31-Oct-20
31-Dec-20
28-Feb-21
30-Apr-21
Yield
%
US 10-Year G-Sec Yield UK 10-Year G-Sec Yield Germany 10-Year G-Sec Yield Japan 10-Year G-Sec Yield
7 7.7 8.2 7.1 6.6 5.8 5.2 5.1 4.1 3.1
-23.9
-7.3
0.4
-30.00
-25.00
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
Q3:
FY
2017-18
Q4:
FY
2017-18
Q1:
FY
2018-19
Q2:
FY
2018-19
Q3:
FY
2018-19
Q4:
FY
2018-19
Q1:
FY
2019-20
Q2:
FY
2019-20
Q3:
FY
2019-20
Q4:
FY
2019-20
Q1:
FY
2020-21
Q2:
FY
2020-21
Q3:
FY
2020-21
Quarterly
GDP
-
Annualized
(%)
12.5 12.6
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
IMF World Economic Outlook,
April 2021 update
OECD Economic Outlook, Interim
Report March 2021 update

4
• After two consecutive quarters of contraction, India's GDP grew a marginal 0.4% in the December quarter (third quarter of fiscal 2021), compared with a
contractionof7.3%intheSeptemberquarter(secondquarter).
• Ingrossvalue-addedterms,theeconomygrew1%inthethirdquarter,againstacontractionof7.3%inthepreviousquarter.
• Theagriculturesectorgrew3.9%inthethirdquarter,comparedwith3.4%inthepreviousquarter.
• Manufacturing grew 1.6% in the third quarter, against a contraction of 1.5% in the preceding quarter. Mining contracted 5.9% in the third quarter, compared
withadeclineof7.6%inthepreviousquarter.
• The construction sector grew 6.2% in the third quarter, compared with a decline of 7.2% in the previous quarter. Electricity and other public utilities grew 7.3%
inthethirdquarter,against2.3%inthepreviousquarter.
• Growth in fiscal 2022 will be driven by a very weak base, some rub-off from the rising global growth-tide effect, a growth-supportive budget, and Covid-19
vaccinationrollout,whichshouldboostconfidenceandsupportstrongerrecovery.ThecurrentrapidspreadofCovid-19,however,posessomedownsiderisk.
AccordingtoCRISIL,GDPisexpectedtogrow11%infiscal2022.
ECONOMIC
OVERVIEW
Other Major Indicators
Consumer Price Index (CPI) rose to a four-month high of
5.52% in March compared with 5.03% in February, mainly
on account of higher food and fuel prices
Index of industrial production (IIP) witnessed a contraction of 3.6%
in February compared to a revised 0.9% contraction in January
2021 due to decline in manufacturing and mining sectors
Eight core infrastructure sectors grew 6.8% on-year in March
compared with 3.8% contraction in February following strong
growth in steel, cement and electricity output
Nikkei manufacturing Purchasing Managers' Index (PMI) for
March stood at 55.4 in March compared with 57.5 in. The
services PMI fell to 54.6 in March from 55.3 in February
Source:MOSPI,IHSMarkit
5.52
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Mar-15
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Real
Interest
rate
(%)
CPI
&
10
year
G
sec
yield
%
Real interest rate (RHS) CPI Inﬂation (LHS)
10-year G-sec yield (LHS)
-3.6
-70.00
-60.00
-50.00
-40.00
-30.00
-20.00
-10.00
0.00
10.00
Feb-19
Apr-19
Jun-19
Aug-19
Oct-19
Dec-19
Feb-20
Apr-20
Jun-20
Aug-20
Oct-20
Dec-20
Feb-21
Y-o-Y
growth
(%)
-9.00
-37.40
-22.00
-12.90
-8.00-7.30
-0.10
-2.50-2.60-1.30
0.90
-3.80
6.80
-45.00
-35.00
-25.00
-15.00
-5.00
5.00
15.00
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Core
sector
growth
(%)
51.8
27.4
30.8
47.2
46
52
56.8
58.9
56.3
56.4
57.7
57.5
55.4
49.3
5.4
12.6
33.7
34.2
41.8
49.8
54.1
53.7
52.3
52.8
55.3
54.6
-10
0
10
20
30
40
50
60
70
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Purchasing Managers' Index (PMI)
Manufacturing PMI Services PMI

5
ECONOMIC
OVERVIEW
Indicators Mar-21 Feb-21 Jan-21 Dec-20 Nov-20 Oct-20
Source:RBI,EAindustry,DGCA,CRISILResearch,Financialwebsites
Shadesingreendenotesthebestvaluewhileredtheworstvaluefortheindicator
Economic indicators heat map
Industrial Sector
Consumer Economy
Ease of Living
Inflation
Deficit Statistic
GST
Manufacturing PMI 55.4 57.5 57.7 56.4 56.3 58.9
Infra - Core 6.8% -3.8% 0.9% 0.2% -1.1% -0.5%
Rail Freight Traffic (Loading in million tonnes) 122.2 112.3 119.5 111.6 109.9 108.0
Rail Passenger Traffic (in million) NA NA 239.1 189.6 121.5 61.9
Passenger Vehicle Sales in thousands 290.9 281.4 276.6 276.1 288.0 333.4
Two Wheeler Sales in thousands 1443.3 1426.9 1429.9 1127.9 1600.4 2053.8
Tractor Sales in thousands 85.1 75.6 78.3 61.2 82.3 115.2
Domestic Air Passenger Traffic in thousands 7822.0 7827.0 7734.0 7327.0 6354.0 5271.0
Rural Wages (in Rs) NA NA NA NA 307.5 306.8
Consumer Confidence Index 53.1 NA 55.5 NA 52.3 NA
CPI inflation, % y/y 5.5% 5.0% 4.1% 4.6% 6.9% 7.6%
WPI inflation, % y/y 7.4% 4.2% 2.0% 1.2% 1.6% 1.5%
Trade Balance, USD billion -13.9 -12.6 -14.5 -15.4 -9.9 -8.8
Fiscal Deficit (Rs Billion) - 14050.0 12340.0 11584.7 10755.1 9531.5
GST collections (Rs Billion) 1239.0 1131.4 1198.5 1151.7 1049.6 1051.6

6
ECONOMIC
OVERVIEW
Dates Events
May 03, 2021
May 05, 2021
May 06, 2021
May 11, 2021
Key economic events in the upcoming month
India Nikkei Manufacturing PMI, April
India Nikkei Services PMI, April
Bank of England Interest Rate Decision
China Consumer Prices, April
UK GDP Estimate, Jan-Mar 2021
US Consumer Prices, April
India Consumer Prices, April
India Industrial Production, March
India Wholesale Inflation, April
Japan GDP, Q1 2021
Eurozone GDP, Q1 2021
UK Consumer Prices, April
Eurozone Consumer Prices, April
China Loan Prime Rate 1Y / 5Y
Japan Consumer Prices, April
US GDP, Q1 2021
India GDP, January - March 2021
Indian Core Sector Growth, April
India fiscal deficit, April 2020 - March 2021
May 12, 2021
May 14, 2021
May 18, 2021
May 19, 2021
May 20, 2021
May 21, 2021
May 27, 2021
May 31, 2021

7
MARKET
REVIEW
India Equity Market Performance
Index performance Institutional flows
Source:NSE,BSE,SEBI,NSDL
• Indian equity indices ended April on a disappointing note owing to weak domestic cues. Benchmarks S&P BSE Sensex and Nifty 50 fell 1.47% and 0.41%,
respectively.
• Markets fell sharply owing to a record rise in domestic Covid-19 cases and the implementation of localised lockdown restrictions to prevent the spread of the
infection.
• The release of weak domestic economic data, including a contraction of 3.6% in the February 2021 Index of Industrial Production (IIP) and a rise in the March
2021retailandwholesaleinflation,alsodentedsentiments.
• Selling by the foreign institutional investors (FIIs) for the first time since September 2020 amid economic uncertainties also impacted the benchmarks. FIIs
soldequitiesworthRs96.59billioncomparedwithnetbuyingofRs104.82billioninMarch2021.
• Further losses were prevented after the Indian government decided to provide emergency-use authorisation to global Covid-19 vaccines and the Reserve
BankofIndia(RBI)keptthereporateunchangedat4%andmaintainedanaccommodativestance.
• EncouragingdomesticcorporateearningsandshortcoveringaheadoftheAprilFuture&Optionscontractsexpiryalsosupportedthebenchmarks.
• Persistent buying by the domestic institutional investors also supported the market. DIIs bought equities worth Rs 110.89 billion in April 2021 compared to Rs
52.04billioninMarch2021. MutualfundsboughtequitiesworthRs59.26billiontillApril29,2021comparedtoRs47.73billioninMarch2021.
• Positive global cues, including US Fed's decision to keep interest rates unchanged and upbeat economic data from China and the US, also aided the local
indices.
-1.47%
-0.41%
-3%
-1%
-4%
-2%
-3%
10%
-1%
24%
1%
1%
0.4%
-8%
5%
-1%
45%
48%
62%
51%
66%
57%
16%
53%
85%
164%
69%
24%
41%
70%
95%
65%
-50.00% 0.00% 50.00% 100.00%150.00%200.00%
S&P BSE Sensex
Nifty 50
S&P BSE Auto
S&P BSE Bankex
S&P BSE Capital goods
S&P BSE Consumer durables
S&P BSE FMCG
S&P BSE Healthcare
S&P BSE IT
S&P BSE Metal
S&P BSE MidCap
S&P BSE Oil & Gas
S&P BSE PSU
S&P BSE Realty
S&P BSE SmallCap
S&P BSE Teck
1 year returns % 1 month returns %
-600
-400
-200
0
200
400
600
800
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
Net
flows
in
Rs
billion
FIIs, DIIs and MFs flows
FII - Equity Investment DII- Equity Investment
MF Flows - Equity Investment*

8
Global Indices rallied during the month except for India and Japan. Sustained strong pace of vaccination, lifting up of restrictions & re-opening, renewed economic recovery and better
than anticipated Q1 results in major global economies particularly in the US and Europe buoyed investor sentiments. Indian Equity Markets (Nifty 50 Index) fell 0.4% as the country
continues to struggle with rising COVID cases & fatality, shortage of vaccines & medical supplies and strict lockdowns. Concerns around an expected delay in economic recovery
contributedtomarketworries.
On the Global front, European markets performed well due to sustained recovery in the industrial sector. With many countries past the 2nd/3rd wave of COVID-19 infection and the
subsequent lift in restrictions and lockdowns, European markets are benefitting from the demand boom. In the US too, economic recovery seems underway with majority companies
having reported better than expected Q1 earnings so far, pick up in industrial and services sector, successful and swift vaccination rollouts. The FOMC i.e. Federal Open Market
Committee, in its meeting held during the month, kept policy rates and pace of asset purchases unchanged. However, it also acknowledged uptick in economic activity and re-iterated
thecontinuityofitscurrentstancetillemploymentandinflationnumbersimprovefurther.Japanunderperformedduetolacklustereconomicactivity.
Indian Markets fell on concerns of steep rise in COVID-19 cases across states, lack of medical infrastructure and vaccines and prospects of delayed economic recovery. India reported
19.2 Mn. confirmed COVID cases with active case load at 3.3 Mn. as of April 30, 2021. The key triggers for Indian markets going forward can be 1) any policy measures -
fiscal/monetary as core inflation and COVID continue to rise, 2) the pace and quality of vaccination drives, 3) further lockdowns in certain parts restricting mobility and economic
activitiesand4)paceofimplementationofGovt.reformsmeasuresmentionedinthebudgettoreviveeconomy.
On the macro front, March CPI inflation rose to 5.5% from 5.0% in February. March IIP rose 6.8% in March against -3.9% in February. GST collections in April came in at Rs. 1.41 Tn.
(Source: Kotak Institutional Equities). In sectoral trends, Metals, Healthcare, etc. were key contributors, while sectors like Consumer Discretionary, Auto and Realty were key laggards.
(Source:NSE)
We believe, economic recovery though delayed continues to remain on track as the Govt. and RBI are taking active measures to spur growth through structural reforms. With
developed economies reporting strong set of activity numbers, demand recovery is expected which may benefit Indian exports. The current macro-economic scenario is much more
conducive for a Business Cycle Recovery as we are at the bottom of economic cycle and sentiments too are not euphoric. We continue to remain positive on sectors which are closely
linked to the economy like Banks, Capital Goods, Infrastructure, Metals & Mining, etc. We believe Indian markets may recover and the following triggers play out - US acknowledging
inflation&inconclusionpausingstimulusandUSTreasuryYieldsreaching2%.
EQUITY
MARKET
OUTLOOK
MARKET
OUTLOOK
Equity Market Outlook
Our Recommendation
Allocationbetween Equity,Debt&Other AssetClasses ICICIPrudentialBalancedAdvantageFund
ICICIPrudentialMulti-AssetFund
ICICIPrudentialAssetAllocatorFund(FOF)
Our Recommendations
Long-TermSIP SchemeswithFreedomSIP* ICICIPrudentialValueDiscoveryFund
ICICIPrudentialSmallcapFund
ICICIPrudentialMidcapFund
ICICIPrudentialFocusedEquityFund
Core-LongTermInvestment ICICIPrudentialBluechipFund
ICICIPrudentialFocusedEquityFund
ICICIPrudentialBusinessCycleFund
GlobalDiversification ICICIPrudentialGlobalAdvantageFund(FOF)
Equity Valuation Index
Equity Valuation Index
EquityvaluationindexiscalculatedbyassigningequalweightstoPricetoEarnings(PE),Pricetobook(PB),G-Sec*PEandMarketCaptoGrossDomesticProduct(GDP)
50
70
90
110
130
150
170
Apr-05
Apr-06
Apr-07
Apr-08
Apr-09
Apr-10
Apr-11
Apr-12
Apr-13
Apr-14
Apr-15
Apr-16
Apr-17
Apr-18
Apr-19
Apr-20
Aggressively invest in Equities
Neutral
Incremental Money to Debt
Book Partial Profits
117.1
Invest in Equities

9
MARKET
REVIEW
India Debt Market Performance
Debt market indicators Corporate bond yields
DataSource–RBI,Mospi.Nic.in,CRISILFixedIncomeDatabase,
CP-CommercialPaper,CD–CertificateofDeposit,CB–CorporateBond,*WeightedAverageYield
Money market
Tenure CD Change CP Change
1M 3.25 -3 3.40 -10
3M 3.34 4 3.55 5
6M 3.56 12 3.95 0
12M 4.05 10 4.50 5
Bond market
Tenure G-Sec* Change AAACB Change
1Y 3.82 -10 4.18 3
3Y 4.77 -16 5.10 -10
5Y 5.42 -28 5.90 -30
10Y 6.04 -12 6.80 -15
G-secandcorporatebondsdataasofApr30*WeightedaverageyieldsforG-secdata
6 month G-sec: 182 day T-Bill rate; 1 year G-Sec: 5.09% GS 2022; 3 year G-Sec: 7.32%
GS2024;5yearG-Sec:5.15%GS2025;10yearG-Sec:5.85%GS2030
Liquidity in the banking system
Source:RBI
• InterbankcallmoneyratescontinuedtohoverbelowtheRBI'sreporateof4%inAprilassystemicliquidityconditionsremainedinsurplus.
• Notingtheseconditions,thecentralbankheld14-dayvariableratereverserepoauctionsonApril9andApril23foratotalnotifiedamountofRs4trillion.
• Giltsendedhigherwiththeyieldofthe10-yearbenchmark5.85%2030papersettlingat6.03%onApril30,comparedwith6.18%onMarch31.
• Sentiments were boosted earlier on expectation that the surge in domestic Covid-19 cases would prompt the central bank to keep the monetary policy stance accommodative for a
longertime.
• Prices advanced further after the RBI said it would conduct a secondary market government security (G-sec) acquisition programme, or G-SAP 1.0, under which it will commit
upfronttoaspecificamountofopenmarketpurchasesofG-secs.Forthefirstquarterofthecurrentfiscal,theRBIwillconductaG-SAPofRs1trillion.
• Furthergainsingiltswere,however,restrainedfollowinganaccelerationindomesticconsumerinflationinMarchandanuptickinglobalcrudeoilprices.
• Pricesalsofellafterthecentralbankpurchasedalower-than-expectedquantumofthe10-yearbenchmarknoteatthebondpurchaseauctionundertheG-SAP1.0.
• Gilts were weighed down to a certain extent by an intermittent rise in US benchmark treasury yields and as investors sought more clarity on the government's borrowing strategy
aftertherecentpartialcancellationofbondauctions.
Tenure 6M 1Y 2Y 3Y 5Y 7Y 10Y
AAA 0.40 0.57 0.04 0.27 0.41 0.56 0.67
AA+ 1.69 1.86 1.33 1.56 2.25 2.40 2.51
AA 3.02 3.19 2.66 2.89 3.58 3.73 3.84
AA- 3.62 3.79 3.26 3.49 4.18 4.33 4.44
A+ 4.40 4.57 4.04 4.27 5.21 5.36 5.47
A 4.96 5.13 4.60 4.83 5.77 5.92 6.03
A- 5.32 5.49 4.96 5.19 6.13 6.28 6.39
-8000
-7000
-6000
-5000
-4000
-3000
-2000
-1000
0
1000
2000
3000
30-Apr-16
30-Apr-17
30-Apr-18
30-Apr-19
30-Apr-20
30-Apr-21
Banking
liquidity
(INR
bn)

10
Giltspricesendedhigherwiththeyieldofthe10-yearbenchmark5.85%2030papersettlingat6.03%onApril30,comparedwith6.18%onMarch31.(Source:CRISIL)
In its first monetary policy review for financial year 2021-22, RBI kept the key lending rates unchanged amid a surge in COVID-19 cases across the country. The central bank's
decision was on expected lines. Post RBI policy benchmark 10 year G-Sec yields dropped 11 basis points from an intraday high of 6.19 % to 6.08% and is currently inching towards
the6%mark.(Source:CRISIL)
Over the long term, there is conscious effort from the RBI for the yield curve to gradually lose its steepness. This can be inferred from the fact that the RBI has extended its Variable
Rate Reverse Repo (VRRR) operations to longer tenures and made the quantum of VRRR flexible based on evolving market conditions. This is aimed at removing surplus liquidity
fromthebankingsystemandnormalizingshort-termmoneymarketrates.
At the same time, the newly announced G-Sec Acquisition Program (GSAP 1.0) worth Rs 1 lakh crore is expected to ensure the increase in interest rates is not transmitted towards
the longer end of the yield curve. RBI's guidance may foster an orderly normalization and smoother transition between the shorter and longer end of the yield curve, albeit it may
bringalongbondmarketvolatility.(Source:RBI)
The above evolving conditions points towards a more nimble and active duration management strategy which may help in navigating higher interest rate sensitive period. Also, as
communicated earlier, we believe that we are at the fag end of interest rate cycle and the above mentioned strategy would provide better accrual (active strategy which may take
advantage of higher term premium) and would help in mitigating mark-to-market impact (active strategy of having adequate short duration instruments). It may be an opportune
timetoinvestinfloatingratebondsinthisinterestratescenariowithexpectedvolatility.
In our Outlook 2021*, we have highlighted that the capital gains strategy has played out meaningfully and going forward return expectations need to be rationalized. RBI is
expectedtocontinuegradualnormalizationofliquiditymanagementoperationsasthegrowth&economicactivitypicks-up.
In the coming years, we recommend following strategies: Accrual Strategy and Active Duration strategy. Accrual strategy due to high spread premium which is still prevalent
between the spread assets and AAA & MMI instruments, as going forward capital appreciation strategy may take a back seat due to limited rate cuts. Term premiums (spread
between longer and shorter end of the yield curve) remains one of the highest seen historically, because of which active duration strategy is recommended to benefit from the high
term premium. In our portfolios, we may follow barbell strategy i.e having high exposure to extreme short-end instruments with an aim to protect the portfolio from interest rate
movementsandhighexposuretolong-endinstrumentswithanaimtobenefitfromhighercarry.
OMO - Open Market Operations; MMI - Money Market instruments, (*https://www.icicipruamc.com/docs/default-source/default-document-library/icici-prudential-outlook-
2021---investor-ppt.pdf?sfvrsn=f9a51a98_2)
Fixed
Income
Outlook
MARKET
OUTLOOK
Fixed Income Outlook
Approach
Arbitrage ICICIPrudentialEquityArbitrageFund Investwith3Months&abovehorizon
Fixed Income Recommendations
Scheme Name Call to Action Rationale
Spreadsatreasonablelevels
ShortDuration ICICIPrudentialSavingsFund
ICICIPrudentialUltraShortTermFund
ICICIPrudentialFloatingInterestFund
Investforparkingsurplusfunds Accrual+ModerateVolatility
AccrualSchemes ICICIPrudentialCreditRiskFund
ICICIPrudentialMediumTermBondFund
CorePortfoliowith>1Yrinvestmenthorizon BetterAccrual
DynamicDuration ICICIPrudentialAllSeasonsBondFund LongTermApproachwith>3Yrsinvestmenthorizon ActiveDurationandBetterAccrual
Debt Valuation Index
Debt Valuation Index for duration risk management
None of the aforesaid recommendations are based on any assumptions. These are purely for reference and the investors are requested to consult their financial advisors before
investing.
Note: The Macaulay duration is the weighted average term to maturity of the cash flows from a bond. The weight of each cash flow is determined by dividing the present value of
thecashflowbytheprice.
Data as on Apr 30, 2021. Debt Valuation Index considers WPI, CPI, Sensex returns, Gold returns and Real estate returns over G-Sec yield, Current Account Balance and Crude Oil
Movementforcalculation.
2.00
0
1
2
3
4
5
6
7
8
9
10
Very Cautious
Cautious
Moderate
Aggressive
Highly Aggressive

11
Rupee fell 1.3% to settle at Rs 74.06 per dollar on April 30, as
against Rs 73.11 per dollar on March 31
Bank deposit and credit growth rose 10.9% and 5.3% on year
respectively in April 2021*, compared with 12.1% and 6.5%,
respectively in March 2021
Brent crude prices declined nearly 6% to close at $67.25 per
barrel on April 30, 2021, vis-à-vis $63.54 per barrel on March
31, 2021
Indian gold prices rose 8% in March to close at Rs 47569 per 10
grams on April 30, 2021, vis-à-vis Rs 43994 per 10 grams on
March 31, 2021
Other Market Indicators
Source:RBI,MCX,Financialwebsite
*DataasofMarch12,2021
Fixed
Income
Outlook
MARKET
OUTLOOK
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
11.0%
12.0%
13.0%
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
Y-oY
growth
(%)
Deposits growth Credit growth
60.00
65.00
70.00
75.00
80.00
Apr-16
Oct-16
Apr-17
Oct-17
Apr-18
Oct-18
Apr-19
Oct-19
Apr-20
Oct-20
Apr-21
Rupees per unit of USD
20000
30000
40000
50000
60000
Apr-16
Oct-16
Apr-17
Oct-17
Apr-18
Oct-18
Apr-19
Oct-19
Apr-20
Oct-20
Apr-21
Indian
gold
prices
per
10
gms
Indian Gold prices per 10 grams
10
30
50
70
90
Apr-16
Oct-16
Apr-17
Oct-17
Apr-18
Oct-18
Apr-19
Oct-19
Apr-20
Oct-20
Apr-21
Oil
Price
($
per
barrel)
Oil Price ($ per barrel)

12
Based on our framework, accrual scheme have moved into buy territory due to:
1. Valuations being attractive - YTM's at an elevated levels over repo rate ( refer below index)
2. Industry flows slowing down in accrual category mainly due to credit concerns
3. Narrative associated with the category is negative
Data as on 30-Apr-2021, YTM values taken since scheme inception
Data as on 30-Apr-2021, YTM values taken for the last 10 years
Debt Accrual Scheme – Yield to Maturity (YTM) Valuation Index
The above are to highlight the valuations of the schemes and does not in any case is an indication of the performance of the respective Schemes.
THE MARKET
OVERVIEW
ICICI Prudential Credit Risk Fund – Spread [YTM* (%) – Repo Rate (%)]
ICICI Prudential Medium Term Bond Fund – Spread [YTM* (%) – Repo Rate (%)]
Average Spread :
3.21
Current Spread :
3.37
0
1
2
3
4
5
6
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Average : 2.34
Current Spread :
2.96
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21

13
INDEX
Category Description Page No
Fund Name
Equity Schemes
Hybrid Category
Fund Of Funds Schemes
Debt Schemes
ICICI Prudential Liquid Fund Liquid Fund Investment in Debt and money market securities with maturity of upto 91 days only 44
ICICI Prudential Money Market Fund Money Market Fund An open ended debt scheme investing in money market instruments 45
ICICI Prudential Ultra Short Term Fund Ultra Short An open ended debt scheme with Macaulay Duration between 3-6 months 46-47
Duration Fund
ICICI Prudential Savings Fund Low Duration Fund An open ended debt scheme with Macaulay Duration between 6 - 12 months 48-49
ICICI Prudential Floating Interest Fund Floater Fund An open ended debt scheme predominantly investing in floating rate instruments 50-51
ICICI Prudential Short Term Fund Short Duration An open ended debt scheme with Macaulay Duration between 1 – 3 years 52-53
Fund
ICICI Prudential Corporate Bond Fund Corporate Bond An open ended debt scheme predominantly investing in AA+ or above rated 54-55
Fund securities.
ICICI Prudential Banking & PSU Debt Fund Banking & PSU An open ended debt scheme predominantly investing in Debt instruments of banks, 56-57
Fund Public Sector Undertakings, Public Financial Institutions
ICICI Prudential Credit Risk Fund Credit Risk Fund An open ended debt scheme predominantly investing in AA and below rated
corporate bonds. 58-59
ICICI Prudential Medium Term Bond Fund Medium Duration An open ended debt scheme with Macaulay Duration between 3 – 4 years 60-61
Fund
ICICI Prudential All Seasons Bond Fund Dynamic Bond An open ended dynamic debt scheme investing across duration 62
ICICI Prudential Bluechip Fund Large Cap Fund An open ended equity scheme predominantly investing in large cap stocks 15
ICICI Prudential Large & Mid Cap Fund Large & Mid Cap An open ended equity scheme investing in both large cap and mid cap stocks 16
Fund
ICICI Prudential Multicap Fund Multicap Fund An open ended equity scheme investing across large cap, mid cap, small cap stocks 17-18
ICICI Prudential Value Discovery Fund Value Fund An open ended equity scheme following a value investment strategy 19
ICICI Prudential Long Term Equity Fund Equity Linked An open Ended Equity Scheme with Tax Saving advantage 20
(Tax Saving) Savings Scheme
(ELSS)
ICICI Prudential Focused Equity Fund Focused Fund An open ended equity scheme investing in maximum 30 stocks 21
ICICI Prudential India Opportunities Fund Thematic An open ended equity scheme following special situations theme 22
ICICI Prudential Midcap Fund Mid Cap Fund An open ended equity scheme predominantly investing in mid cap stocks 23-24
ICICI Prudential Smallcap Fund Small Cap Fund An open ended equity scheme predominantly investing in small cap stocks 25
ICICI Prudential Business Cycle Fund Thematic An open ended equity scheme following business cycles based investing theme 26
ICICI Prudential ESG Fund Thematic (An open ended equity scheme investing in companies identified based on the 27
Environmental, Social and Governance (ESG) theme)
ICICI Prudential Dividend Yield Equity Fund Dividend Yield An open ended equity scheme predominantly investing in dividend yielding stocks 28
ICICI Prudential Infrastructure Fund Thematic An open ended equity scheme following infrastructure theme 29
ICICI Prudential Equity & Debt Fund Aggressive An open ended hybrid scheme investing predominantly in equity and equity 30-31
Hybrid Fund related instruments
ICICI Prudential Multi-Asset Fund Multi Asset An open ended scheme investing in multi assets 32-33
Allocation
ICICI Prudential Balanced Advantage Fund Dynamic Asset An open ended dynamic asset allocation fund 34-35
Allocation/Balanced
Advantage Fund
ICICI Prudential Equity Savings Fund Equity Savings An open ended scheme investing in equity, arbitrage and debt 36-37
Fund
ICICI Prudential Regular Savings Fund Conservative An open ended hybrid scheme investing predominantly in debt instruments 38-39
Hybrid Fund
ICICI Prudential Equity Arbitrage Fund Arbitrage Fund An open ended scheme investing in arbitrage opportunities 40-41
ICICI Prudential Asset Allocator Fund (FOF) Other Scheme An open ended fund of funds scheme investing in equity oriented schemes,
debt oriented schemes and gold ETFs/schemes. 42
ICICI Prudential Global Advantage Fund (FOF) Other Scheme An open ended Fund of Funds scheme predominantly investing in mutual fund
schemes / ETFs that invest in international markets.) 43

14
INDEX
Category Description Page No
Fund Name
Other Details
Fund Details Annexure 63-72
Annexure for Returns of all the Schemes 73-89
Systematic Investment Plan (SIP) of Select Schemes 90-92
Performance of Select Schemes
Annexure - I 93
Annexure - II 94
IDCW History for all Schemes 94-99
Investment Objective of all the schemes 100-101
Schedule 1: One Liner Definitions 102
Schedule 2: How To Read Factsheet 103-104
Statutory Details & Risk Factors 105

15
Style Box
Notes:
1. Differentplansshallhavedifferentexpensestructure.TheperformancedetailsprovidedhereinareofICICIPrudentialBluechipFund.
2. The scheme is currently managed by Anish Tawakley, Rajat Chandak and Vaibhav Dusad. Mr. Anish Tawakley has been managing this fund since Sep 2018. Total Schemes managed by the Fund Manager is 7 (6
arejointlymanaged).
Mr.RajatChandakhasbeenmanagingthisfundsinceJul2017.TotalSchemesmanagedbytheFundManageris7(6arejointlymanaged).
Mr. Vaibhav Dusad has been managing this fund since Jan 2021. Total Schemes managed by the Fund Manager is 3 (3 are jointly managed). Refer annexure from page no. 74 for performance of other schemes
currentlymanagedbyAnishTawakley,RajatChandakandVaibhavDusad.
3. Dateofinception:23-May-08.
4. Pastperformancemayormaynotbesustainedinfutureandthesamemaynotnecessarilyprovidethebasisforcomparisonwithotherinvestment.
5. Loadisnotconsideredforcomputationofreturns.
6. Incase,thestart/enddateoftheconcernedperiodisanonbusinessdate(NBD),theNAVofthepreviousdateisconsideredforcomputationofreturns.TheNAVperunitshowninthetableisasonthestartdateof
thesaidperiod
7. TheperformanceoftheschemeisbenchmarkedtotheTotalReturnvariantoftheIndex.ThebenchmarkoftheschemehasbeenrevisedfromNifty50TRItoNifty100TRIw.e.f.May28,2018.
Returns of ICICI Prudential Bluechip Fund - Growth Option as on April 30, 2021
1 Year 3 Years 5 Years Since inception
Particulars
36.23 40.56
Scheme
Nifty 100 TRI (Benchmark)
Nifty 50 TRI (Additional Benchmark)
NAV (Rs.) Per Unit (as on April 30,2021 : 53.77)
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
28.38
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
10.00
Portfolio as on April 30, 2021
Fund Details
Monthly AAUM as on 30-Apr-21 : Rs. 26,047.04 crores
Closing AUM as on 30-Apr-21 : Rs. 26,082.64 crores `
Fund Managers** :
Anish Tawakley (Managing this fund since Sep, 2018
& Overall 24 years of experience)
Rajat Chandak (Managing this fund since Jul, 2017
Mr. Vaibhav Dusad (Managing this fund since Jan, 2021
Indicative Investment Horizon: 5 years & above
Inception/Allotment date: 23-May-08 Exit load for Redemption / Switch
out :- Lumpsum & SIP / STP / SWP Option
Upto 1 Year from allotment - 1% of applicable NAV,
more than 1 Year - Nil
Total Expense Ratio @@ :
Other : 1.75% p. a.
Direct : 1.16% p. a.
48.41 14841.29 9.84 13256.90 13.62 18946.44 13.88 53770.00
49.23 14923.21 11.20 13755.86 14.62 19798.29 10.56 36664.80
49.89 14989.10 12.22 14134.81 14.70 19869.04 10.05 34538.83
Thefiguresarenotnettedforderivativetransactions.
Risk-freeratebasedonthelastOvernightMIBORcut-offof3.43%
**In addition to the fund manager managing this fund, overseas investment is
managedbyMs.PriyankaKhandelwal.
@@TotalExpenseRatioisasonthelastbusinessdayofthemonth.
Refer page no 63 to 73 for details on option, entry load, SWP, STP/Flex STP/Value STP &
minimumredemptionamountpertainingtothescheme.
For IDCW History : Refer page no. from 95 to 100, For SIP Returns : Refer page no. from
92to93,ForInvestmentObjective:Referpageno.from101to102
Quantitative Indicators
ICICI Prudential Bluechip Fund
(An open ended equity scheme predominantly investing in large cap stocks.)
Value Blend Growth
Large
Mid
Small
Diversified
Style
Size
Large Cap Fund
Category
Application Amount for fresh Subscription :
Rs.100 (plus in multiples of Re.1)
Min.Addl.Investment :
NAV (As on 30-Apr-21): Growth Option : 53.77 IDCW Option : 22.41 Direct Plan Growth Option : 57.58 Direct Plan IDCW Option : 36.93 `
` `
`
` `
`
Average P/E :
27.60
Average P/B :
4.97
Average
Dividend Yield :
0.94
Std Dev
(Annualised) :
20.99%
Sharpe Ratio :
0.39
Portfolio Beta :
0.96
Annual Portfolio Turnover Ratio :
Equity - 0.17 times
Top 10 Sectors
Riskometer
This Product is suitable for investors who
are seeking*:
•LongTermWealthCreation
• An open ended equity scheme predominantly
investinginlargecapstocks.
*Investors should consult their financial advisers if in doubt about whether the
product is suitable for them.
Investors understand that their principal
will be at Very High risk
Company/Issuer Rating % to % to NAV
NAV Derivatives
NAV Derivatives
• Top Ten Holdings
Securities and the corresponding derivative exposure with less than 1%
to NAV, have been clubbed together with a consolidated limit of 10%.
Derivatives are considered at exposure value.
Equity Shares 96.26% -3.08%
Auto 4.47%
• TVS Motor Company Ltd. 2.51%
Maruti Suzuki India Ltd. 1.96%
Banks 25.56%
• ICICI Bank Ltd. 9.16%
• HDFC Bank Ltd. 7.88%
• Axis Bank Ltd. 6.12%
Kotak Mahindra Bank Ltd. 1.32%
State Bank Of India 1.08%
Cement & Cement Products 2.00%
Grasim Industries Ltd. 1.21%
Ultratech Cement Ltd. 0.79%
Construction Project 4.28%
• Larsen & Toubro Ltd. 4.28%
Consumer Non Durables 2.94%
ITC Ltd. 1.78%
United Breweries Ltd. 1.16%
Ferrous Metals 1.35%
Tata Steel Ltd. 1.35%
Finance 4.17% -0.32%
• HDFC Ltd. 4.17% -0.32%
Insurance 2.46%
• SBI Life Insurance Company Ltd. 2.46%
Non - Ferrous Metals 2.71%
Hindalco Industries Ltd. 1.60%
Vedanta Ltd. 1.11%
Oil 1.15%
Oil & Natural Gas Corporation Ltd. 1.15%
Petroleum Products 8.23%
• Reliance Industries Ltd. 5.81%
Bharat Petroleum Corporation Ltd. 1.56%
Indian Oil Corporation Ltd. 0.86%
Pharmaceuticals 2.76%
Sun Pharmaceutical Industries Ltd. 1.45%
Cipla Ltd. 1.31%
Power 2.09%
NTPC Ltd. 2.09%
Retailing 2.35%
Avenue Supermarts Ltd. 2.35%
(D-Mart)
Software 14.05%
• Infosys Ltd. 8.90%
HCL Technologies Ltd. 2.38%
Tech Mahindra Ltd. 1.64%
Wipro Ltd. 1.14%
Telecom - Services 5.50%
• Bharti Airtel Ltd. 5.50%
Transportation 0.81%
Interglobe Aviation Ltd. 0.81%
Index Futures/Options -2.76%
Nifty 50 Index - Futures -2.76%
Treasury Bills 0.31%
91 Days Treasury Bill 2021 SOV 0.31%
Equity less than 1% of corpus 9.36%
Short Term Debt and net current assets 6.52%
Total Net Assets 100.00%
25.95%
14.56%
8.23%
5.62%
5.25%
5.04%
4.40%
4.28%
4.03%
3.10%
Banks
Software
Petroleum Products
Telecom - Services
Auto
Finance
Consumer Non Durables
Construction Project
Pharmaceuticals
Insurance

16
Style Box
Notes:
1. Differentplansshallhavedifferentexpensestructure.TheperformancedetailsprovidedhereinareofICICIPrudentialLarge&MidCapFund.
2. The scheme is currently managed by Sankaran Naren and Prakash Gaurav Goel. Mr. Sankaran Naren has been managing this fund since Feb 2012. Total Schemes managed by the Fund Manager is 24 (24 are
jointlymanaged).
Mr. Prakash Gaurav Goel has been managing this fund since October 2017. Total Schemes managed by the Fund Manager is 5 (4 are jointly managed). Refer annexure from page no. 74 for performance of other
schemescurrentlymanagedbySankaranNarenandPrakashGauravGoel.
3. Dateofinception:09-Jul-98.
thesaidperiod
7. The performance of the scheme is benchmarked to the Total Return variant of the Index. The benchmark of the scheme has been revised from Nifty 50 TRI to Nifty LargeMidcap 250 TRI w.e.f. May 28, 2018. As
TRI data for the earlier benchmark is not available since inception of the scheme, benchmark performance is calculated using composite CAGR of Nifty 50 PRI values from 09-Jul-98 to 30-Jun-99 and TRI values
from30-Jun-99.Forbenchmarkperformance,valuesofearlierbenchmarkhasbeenusedtill27thMay2018andrevisedbenchmarkvalueshavebeenconsideredthereafter.
Returns of ICICI Prudential Large & Mid Cap Fund - Growth Option as on April 30, 2021
Particulars
264.98 324.75
Scheme
Nifty LargeMidcap 250 TRI (Benchmark)
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
229.52
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
10.00
Fund Details
Fund Managers** :
Sankaran Naren
(Managing this fund from Feb 2012, earlier
managed from Aug 2009 to Feb 2011
& has Overall 29 Years of experience)
Mr Prakash Gaurav Goel
(Managing this fund since October, 2017 &
Overall 16 years of experience)
Inception/Allotment date: 09-Jul-98 Exit load for Redemption / Switch
Within 1 month from allotment - 1% of
applicable NAV, more than 1 month - Nil
(w.e.f. 1st Jan 2019)
Other : 2.03% p. a.
56.01 15600.80 8.37 12729.48 12.47 18011.07 17.71 413390.00
63.42 16341.98 11.76 13961.71 14.42 19625.72 14.08 202201.38
49.89 14989.10 12.22 14134.81 14.70 19869.04 14.14 204708.29
ICICI Prudential Large & Mid Cap Fund
(An open ended equity scheme investing in both large cap and mid cap stocks.)
Value Blend Growth
Large
Mid
Small
Diversified
Style
Size
Large & Mid Cap Fund
Category
Rs.5,000 (plus in multiples of Re.1)
` `
`
` `
`
Average P/E :
22.86
Average P/B :
3.87
Average
Dividend Yield :
1.03
Std Dev
(Annualised) :
23.91%
Sharpe Ratio :
0.32
Portfolio Beta :
0.97
Equity - 0.93 times
Equity Shares 94.91%
Auto 1.84%
Ashok Leyland Ltd. 0.99%
Banks 13.00%
• The Federal Bank Ltd. 2.28%
HDFC Bank Ltd. 1.88%
City Union Bank Ltd. 1.68%
Bank Of Baroda 0.97%
Capital Markets 1.16%
Computer Age Management Services Ltd. 1.16%
JK Cement Ltd. 0.66%
Chemicals 2.49%
Atul Ltd. 1.69%
Aarti Industries Ltd. 0.80%
Construction 1.07%
The Phoenix Mills Ltd. 1.07%
Larsen & Toubro Ltd. 1.07%
Consumer Durables 1.35%
Voltas Ltd. 1.35%
• ITC Ltd. 2.15%
Zydus Wellness Ltd. (Subsidiary of Cadila Healthcare
Limited) 0.99%
Bajaj Consumer Care Ltd. 0.99%
Entertainment 0.68%
PVR Ltd. 0.68%
Finance 6.55%
• Cholamandalam Financial Holdings Ltd. 2.78%
Mahindra & Mahindra Financial Services Ltd. 1.34%
LIC Housing Finance Ltd. 1.27%
Cholamandalam Investment And Finance Company
Ltd. 1.15%
Industrial Products 1.85%
AIA Engineering Ltd. 0.96%
Cummins India Ltd. 0.90%
Insurance 3.42%
• Max Financial Services Ltd. 3.42%
Leisure Services 1.43%
The Indian Hotels Company Ltd. 1.43%
Minerals/Mining 0.67%
Coal India Ltd. 0.67%
• Hindalco Industries Ltd. 4.07%
Oil 1.46%
• Sun Pharmaceutical Industries Ltd. 4.69%
IPCA Laboratories Ltd. 2.04%
Natco Pharma Ltd. 0.91%
Power 11.16%
• NTPC Ltd. 7.91%
CESC Ltd. 1.79%
Tata Power Company Ltd. 1.46%
Software 7.36%
Mphasis Ltd. 1.45%
COFORGE Ltd. 1.35%
Tata Communications Ltd. 1.37%
Company/Issuer % to
NAV
Company/Issuer % to
NAV
•Top Ten Holdings
Top 10 Sectors
Riskometer
are seeking*:
• LongTermWealthCreation
• An open ended equity scheme investing in
bothlargecapandmidcapstocks.
13.00%
11.16%
10.93%
7.65%
7.61%
7.20%
5.98%
5.08%
4.08%
4.07%
Banks
Power
Telecom - Services
Pharmaceuticals
Software
Finance
Cash,Cash Equivalents and Net Current Assets
Chemicals
Non - Ferrous Metals

17
Style Box
Notes:
1. Differentplansshallhavedifferentexpensestructure.TheperformancedetailsprovidedhereinareofICICIPrudentialMulticapFund.
2. The scheme is currently managed by Rajat Chandak. Mr. Rajat Chandak has been managing this fund since Jul 2020. Total Schemes managed by the Fund Manager is 7 (6 are jointly managed). Refer annexure
frompageno.74forperformanceofotherschemescurrentlymanagedbyRajatChandak.
3. Dateofinception:01-Oct-94
thesaidperiod
7. Astheschemewaslaunchedbeforethelaunchofthebenchmarkindex,benchmarkindexfiguressinceinceptionortherequiredperiodarenotavailable.
8. The performance of the scheme is benchmarked to the Total Return variant of the Index. As TRI data is not available since inception of the scheme, the additional benchmark performance is calculated using
composite CAGR of Nifty 50 PRI values from 01-Oct-94 to 30-Jun-99 and TRI values since 30-Jun-99. The benchmark of the scheme has been revised from S&P BSE 500 TRI to Nifty500 Multicap 50:25:25 TRI
w.e.f.Jan29,2021.Forbenchmarkperformance,valuesofearlierbenchmarkhasbeenusedtill28thJanuary2021andrevisedbenchmarkvalueshavebeenconsideredthereafter.
Returns of ICICI Prudential Multicap Fund - Growth Option as on April 30, 2021
Particulars
235.39 278.50
Scheme
Nifty500 Multicap 50:25:25 TRI (Benchmark)
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
199.71
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
10.00
Fund Details
Fund Managers** :
Rajat Chandak
(Managing this fund since Jul, 2020 &
Inception/Allotment date: 01-Oct-94 Exit load for Redemption / Switch
Up to 12 Months from allotment - 1% of
applicable NAV, More than 12 Months - Nil
(w.e.f. 24 August, 2018)
Other : 1.96% p. a.
52.57 15257.23 8.84 12895.51 12.44 17983.08 14.41 359140.00
61.15 16115.22 11.82 13985.12 15.67 20722.57 NA NA
49.89 14989.10 12.22 14134.81 14.70 19869.04 10.79 152445.04
ICICI Prudential Multicap Fund
(An open ended equity scheme investing across large cap, mid cap, small cap stocks)
Value Blend Growth
Large
Mid
Small
Diversified
Style
Size
Multicap Fund
Category
` `
`
` `
`
Average P/E :
28.78
Average P/B :
4.77
Average
Dividend Yield :
0.47
Std Dev
(Annualised) :
23.50%
Sharpe Ratio :
0.34
Portfolio Beta :
1.01
Equity - 0.70 times
Auto 3.99%
• TVS Motor Company Ltd. 3.99%
Auto Ancillaries 4.54%
• Motherson Sumi Systems Ltd. 2.58%
Minda Industries Ltd. 1.21%
Sundaram Clayton Ltd. 0.74%
Banks 23.99%
• State Bank Of India 3.08%
• City Union Bank Ltd. 2.52%
Axis Bank Ltd. 1.55%
The Federal Bank Ltd. 1.44%
UTI Asset Management Co Ltd 1.31%
Angel Broking Ltd. 1.11%
Chemicals 1.07%
Tata Chemicals Ltd. 1.07%
Construction 5.08%
KNR Constructions Ltd. 1.21%
PNC Infratech Ltd. 0.91%
Mahindra Lifespace Developers Ltd. 0.79%
Capacite Infraprojects Ltd. 0.74%
Voltas Ltd. 1.81%
Orient Electric Ltd. 1.63%
Bajaj Electricals Ltd. 0.78%
Zydus Wellness Ltd. (Subsidiary of Cadila
Healthcare Limited) 1.17%
Hindustan Unilever Ltd. 1.02%
Balrampur Chini Mills Ltd. 0.84%
Britannia Industries Ltd. 0.77%
Entertainment 1.30%
PVR Ltd. 1.30%
Finance 3.30%
Cholamandalam Financial Holdings Ltd. 1.74%
Industrial Capital Goods 1.65%
GMM Pfaudler Ltd. 1.65%
Bharat Forge Ltd. 1.20%
Insurance 1.26%
Max Financial Services Ltd. 1.26%
Pesticides 1.08%
Astec LifeSciences Ltd. 1.08%
J.B.Chemicals & Pharmaceuticals Ltd. 0.94%
Sanofi India Ltd. 0.81%
Gland Pharma Ltd. 0.72%
Power 0.86%
CESC Ltd. 0.86%
Retailing 3.72%
• Avenue Supermarts Ltd. (D-Mart) 2.89%
V-Mart Retail Ltd. 0.82%
Software 8.54%
Company/Issuer % to
NAV
Company/Issuer % to
NAV

18
Cyient Ltd. 1.70%
Wipro Ltd. 1.51%
ICICI Prudential Multicap Fund
(An open ended equity scheme investing across large cap, mid cap, small cap stocks) Multicap Fund
Category
Top 10 Sectors
Company/Issuer % to
NAV
Riskometer
are seeking*:
• An open ended equity scheme investing
across large cap, mid cap and small cap
stocks.
24.94%
9.37%
7.59%
5.87%
5.60%
4.66%
4.64%
4.53%
3.99%
3.91%
Banks
Software
Pharmaceuticals
Construction
Auto Ancillaries
Consumer Durables
Finance
Auto
Retailing

19
Style Box
Notes:
1. Differentplansshallhavedifferentexpensestructure.TheperformancedetailsprovidedhereinareofICICIPrudentialValueDiscoveryFund.
2. The scheme is currently managed by Sankaran Naren and Dharmesh Kakkad. Mr. Sankaran Naren has been managing this fund since Jan 2021. Total Schemes managed by the Fund Manager is 24 (24 are jointly
managed).
Mr. Dharmesh Kakkad has been managing this fund since Jan 2021. Total Schemes managed by the Fund Manager is 10 (8 are jointly managed). Refer annexure from page no. 74 for performance of other
schemescurrentlymanagedbySankaranNarenandDharmeshKakkad.
3. Dateofinception:16-Aug-04.
5.Loadisnotconsideredforcomputationofreturns.
thesaidperiod
7.ThebenchmarkofthisschemehasbeenrevisedfromS&PBSE500TRItoNifty500Value50TRIw.e.f.February17,2020.
8.Astheschemewaslaunchedbeforethelaunchofthebenchmarkindex,benchmarkindexfiguressinceinceptionortherequiredperiodarenotavailable.
Returns of ICICI Prudential Value Discovery Fund - Growth Option as on April 30, 2021
Particulars
122.67 145.90
Scheme
Nifty 500 Value 50 TRI (Benchmark)
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
112.20
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
10.00
Auto 7.74%
• Mahindra & Mahindra Ltd. 7.74%
Exide Industries Ltd. 2.06%
Amara Raja Batteries Ltd. 1.54%
Banks 11.50%
ICICI Bank Ltd. 3.26%
• ITC Ltd. 3.34%
• Tata Steel Ltd. 3.41%
Finance 1.23%
Gas 2.61%
GAIL (India) Ltd. 2.61%
Insurance 2.03%
Vedanta Ltd. 1.87%
Oil 2.62%
Pesticides 2.15%
PI Industries Ltd. 2.15%
• Bharat Petroleum Corporation Ltd. 3.76%
Cipla Ltd. 0.87%
Power 7.58%
• NTPC Ltd. 5.92%
Software 10.38%
• HCL Technologies Ltd. 3.53%
Persistent Systems Ltd. 1.45%
Container Corporation Of India Ltd. 1.04%
Top 10 Sectors
Riskometer
are seeking*:
• An open ended equity scheme following a
valueinvestmentstrategy.
Fund Details
Fund Managers** :
Mr. Sankaran Naren (Managing this fund
since January 2021 & Overall 29 years
of experience)
Mr. Dharmesh Kakkad (Managing this fund
since January 2021 & Overall 9 years of
experience)
Inception/Allotment date: 16-Aug-04 Exit load for Redemption / Switch
Upto 12 Months from allotment - 1%
of applicable NAV, more than 12
Months - Nil
Other : 1.80% p. a.
60.85 16085.43 10.58 13524.33 11.94 17586.45 19.53 197320.00
87.23 18722.83 -0.04 9988.39 9.79 15956.78 NA NA
49.89 14989.10 12.22 14134.81 14.70 19869.04 15.61 112974.42
ICICI Prudential Value Discovery Fund
(An open ended equity scheme following a value investment strategy.)
Value Blend Growth
Large
Mid
Small
Diversified
Style
Size
Investors are requested to take note of proposed changes in fundamental attributes of
the scheme and proposed merger with ICICI Prudential Value Fund - Series 18 w.e.f.
May17,2021.
Value Fund
Category
` `
`
` `
`
Average P/E :
31.39
Average P/B :
3.62
Average
Dividend Yield :
1.37
Std Dev
(Annualised) :
19.93%
Sharpe Ratio :
0.43
Portfolio Beta :
0.55
Equity - 0.31 times
Company/Issuer % to
NAV
Company/Issuer % to
NAV
11.68%
11.63%
10.95%
8.40%
7.58%
6.02%
4.33%
4.09%
4.05%
3.65%
Banks
Pharmaceuticals
Software
Auto
Power
Telecom - Services
Petroleum Products
Auto Ancillaries

20
Style Box
Notes:
1. Differentplansshallhavedifferentexpensestructure.TheperformancedetailsprovidedhereinareofICICIPrudentialLongTermEquityFund(TaxSaving).
2. The scheme is currently managed by Harish Bihani. Mr. Harish Bihani has been managing this fund since Nov 2018. Total Schemes managed by the Fund Manager is 2 (1 are jointly managed). Refer annexure
frompageno.74forperformanceofotherschemescurrentlymanagedbyHarishBihani.
3. Dateofinception:19-Aug-99.
thesaidperiod
7. TheperformanceoftheschemeisbenchmarkedtotheTotalReturnvariantoftheIndex
Returns of ICICI Prudential Long Term Equity Fund (Tax Saving) - Growth Option as on April 30, 2021
Particulars
314.74 362.39
Scheme
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
263.96
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
10.00
Top 10 Sectors
Riskometer
are seeking*:
• Long term wealth creation solution
• AnEquityLinkedSavingsSchemethataimsto
generatelongterm capital appreciation by
primarily investing in equity and related
securities and provides tax benefit under
section80CofIncome TaxAct,1961.
Fund Details
Fund Managers** :
Harish Bihani
(Managing this fund since Nov, 2018 &
Overall above 11 Years of experience)
Inception/Allotment date: 19-Aug-99 Exit load for Redemption / Switch out
:- Lumpsum & SIP / STP Option
Nil
Other : 2.00% p. a.
52.61 15260.85 9.84 13254.23 12.70 18196.70 19.52 480320.00
55.74 15574.35 10.45 13477.75 14.77 19926.33 14.19 178263.92
49.89 14989.10 12.22 14134.81 14.70 19869.04 13.15 146118.90
ICICI Prudential Long Term Equity Fund (Tax Saving)
(An open ended Equity Linked Savings Scheme with a statutory lock in of 3 years and tax benefit)
Value Blend Growth
Large
Mid
Small
Diversified
Style
Size
Equity Linked Savings
Scheme (ELSS)
Category
Auto 3.76%
Mahindra & Mahindra Ltd. 0.99%
Ashok Leyland Ltd. 0.87%
Banks 19.05%
Construction 0.84%
Mahindra Lifespace Developers Ltd. 0.84%
Blue Star Ltd. 1.71%
Dixon Technologies (India) Ltd. 1.55%
ITC Ltd. 2.27%
Hindustan Unilever Ltd. 1.58%
Zydus Wellness Ltd. 0.81%
(Subsidiary of Cadila Healthcare Limited)
Entertainment 0.99%
Inox Leisure Ltd. 0.99%
Finance 4.03%
• HDFC Ltd. 3.18%
SBI Cards & Payment Services Ltd. 0.86%
Gas 2.08%
Insurance 4.20%
SBI Life Insurance Company Ltd. 2.02%
ICICI Lombard General Insurance Company Ltd. 0.96%
Oil 1.09%
Other Services 0.85%
Quess Corp Ltd. 0.85%
Cipla Ltd. 0.98%
Dr. Reddy's Laboratories Ltd. 0.86%
Power 2.97%
• NTPC Ltd. 2.97%
Retailing 3.24%
Avenue Supermarts Ltd. 2.08%
(D-Mart)
V-Mart Retail Ltd. 1.16%
Software 12.41%
Larsen & Toubro Infotech Ltd. 1.78%
Birlasoft Ltd. 0.93%
Company/Issuer % to
NAV
Company/Issuer % to
NAV
Rs.500 & in multiples thereof
` `
`
` `
`
Average P/E :
25.91
Average P/B :
5.12
Average
Dividend Yield :
0.96
Std Dev
(Annualised) :
22.80%
Sharpe Ratio :
0.38
Portfolio Beta :
0.99
Equity - 0.42 times
19.67%
12.41%
7.54%
6.26%
5.96%
5.93%
4.59%
4.51%
4.20%
3.63%
Banks
Software
Finance
Pharmaceuticals
Telecom - Services
Petroleum Products
Auto
Insurance
Retailing

21
Style Box
Notes:
1. Differentplansshallhavedifferentexpensestructure.TheperformancedetailsprovidedhereinareofICICIPrudentialFocusedEquityFund.
2. The scheme is currently managed by Prakash Gaurav Goel and Mittul Kalawadia. Mr. Prakash Gaurav Goel has been managing this fund since Jan 2021. Total Schemes managed by the Fund Manager is 5 (4 are
jointlymanaged).
Mr. Mittul Kalawadia has been managing this fund since Jan 2018. Total Schemes managed by the Fund Manager is 8 (6 are jointly managed). Refer annexure from page no. 74 for performance of other schemes
currentlymanagedbyPrakashGauravGoelandMittulKalawadia.
3. Dateofinception:28-May-09.
thesaidperiod
7. The performance of the scheme is benchmarked to the Total Return variant of the Index. The benchmark of the scheme has been revised from S&P BSE 100 Index to S&P BSE 500 TRI w.e.f. May 28, 2018. For
benchmarkperformance,valuesofearlierbenchmarkhasbeenusedtill27thMay2018andrevisedbenchmarkvalueshavebeenconsideredthereafter.
Returns of ICICI Prudential Focused Equity Fund - Growth Option as on April 30, 2021
Particulars
25.98 29.24
Scheme
S&P BSE 500 TRI (Benchmark)
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
21.89
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
10.00
Top 10 Sectors
Riskometer
are seeking*:
• Long Term Wealth Creation
• An open ended equity scheme investing in
maximum 30 stocks across market-
capitalisation.
Fund Details
Fund Managers** :
Prakash Gaurav Goel
(Managing this fund since Jan, 2021 &
Mittul Kalawadia
(Managing this fund since Jan, 2018 &
Inception/Allotment date: 28-May-09 Exit load for Redemption / Switch
out :- Lumpsum Investment Option
Within 1 Year from allotment - 1% of
applicable NAV, more than 1 Year - Nil
Other : 2.38% p. a.
52.46 15246.34 10.64 13546.51 12.58 18095.02 12.23 39610.00
56.56 15656.35 11.07 13705.75 14.49 19690.26 12.37 40223.65
49.89 14989.10 12.22 14134.81 14.70 19869.04 12.07 38954.94
ICICI Prudential Focused Equity Fund
(An open ended equity scheme investing in maximum 30 stocks across market-capitalisation i.e. focus on multicap.)
Value Blend Growth
Large
Mid
Small
Diversified
Style
Size
Note:Defaulttriggerisnowsetat50%oftheappreciationofNAV.
Focused Fund
Category
Auto 5.26%
• Mahindra & Mahindra Ltd. 5.26%
Banks 18.69%
Chemicals 1.86%
Camlin Fine Sciences Ltd. 1.86%
• ITC Ltd. 5.70%
Finance 7.41%
SBI Cards & Payment Services Ltd. 2.94%
Gas 3.34%
Insurance 6.46%
ICICI Lombard General Insurance Company Ltd. 1.85%
SBI Life Insurance Company Ltd. 1.76%
Divi's Laboratories Ltd. 3.27%
Alkem Laboratories Ltd. 1.95%
Power 4.88%
NTPC Ltd. 3.54%
CESC Ltd. 1.34%
Software 10.26%
Gujarat Pipavav Port Ltd. 2.20%
Company/Issuer % to
NAV
Company/Issuer % to
NAV
` `
`
` `
`
Average P/E :
30.01
Average P/B :
4.12
Average
Dividend Yield :
1.37
Std Dev
(Annualised) :
18.83%
Sharpe Ratio :
0.45
Portfolio Beta :
0.77
Equity - 0.53 times
19.67%
11.84%
10.26%
7.41%
6.46%
6.33%
5.70%
5.26%
4.88%
4.69%
Banks
Pharmaceuticals
Software
Finance
Insurance
Telecom - Services
Auto
Power

22
Style Box
Notes:
1. Differentplansshallhavedifferentexpensestructure.TheperformancedetailsprovidedhereinareofICICIPrudentialIndiaOpportunitiesFund.
2. The scheme is currently managed by Sankaran Naren & Roshan Chutkey. Mr. Sankaran Naren has been managing this fund since Jan 2019. Total Schemes managed by the Fund Manager is 24 (24 are jointly
managed).
Mr. Roshan Chutkey has been managing this fund since Jan 2019. Total Schemes managed by the Fund Manager is 6 (3 are jointly managed). Refer annexure from page no. 74 for performance of other schemes
currentlymanagedbySankaranNaren&RoshanChutkey.
3. Dateofinception:15-Jan-19.
4. AstheSchemehascompletedmorethan1yearbutlessthan3years,theperformancedetailsofonlysinceinceptionand1yearareprovidedherein.
thesaidperiod
Returns of ICICI Prudential India Opportunities Fund - Growth Option as on April 30, 2021
Particulars
8.30 -
Scheme
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
-
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
10.00
Top 10 Sectors
Riskometer
are seeking*:
• An equity scheme that invests in stocks
basedonspecialsituationstheme.
Fund Details
Fund Managers** :
Mr. Sankaran Naren
(Managing this fund since Jan 2019 &
Mr. Roshan Chutkey
(Managing this fund since Jan 2019 &
Inception/Allotment date: 15-Jan-19 Exit load for Redemption / Switch out
:- Lumpsum & SIP / STP Option:
1% of applicable NAV if the amount, sought to be redeemed/
switch out in invested for a period of upto 12 months from the date
of allotment.
Nil - if the amount, sought to be redeemed/switch out in invested
for a period of more than 12 months from the date of allotment.
Other : 1.92% p. a.
62.29 16228.92 - - - - 13.89 13470.00
55.74 15574.35 - - - - 15.26 13845.37
49.89 14989.10 - - - - 15.09 13798.11
ICICI Prudential India Opportunities Fund
(An open ended equity scheme following special situations theme)
Value Blend Growth
Large
Mid
Small
Concentrated
Style
Size
Thematic
Category
Note : - “Portfolio Beta, Standard Deviation, R Squared, Sharpe Ratio and Tracking
Error of the Scheme is not computed owing to the short time frame since launch
of the Scheme.”
@@ Total Expense Ratio is as on the last business day of the month.
managed by Ms. Priyanka Khandelwal.
Benchmark
Nifty 500 TRI
NAV (As on 30-Apr-21): Growth Option : Rs. 13.47 IDCW Option : 12.80 Direct Plan Growth Option : Rs. 13.98 Direct Plan IDCW Option : 13.31 `
` `
`
` `
`
Average P/E :
18.91
Average P/B :
2.51
Average
Dividend Yield :
2.01
Equity - 0.52 times
Equity Shares 94.75% 1.41%
Auto 2.05%
Tata Motors Ltd. - DVR 2.05%
Banks 11.82%
ICICI Bank Ltd. 1.69%
United Spirits Ltd. 2.33%
Gas 6.69%
• GAIL (India) Ltd. 6.69%
Healthcare Services 0.98%
Aster DM Healthcare Ltd. 0.98%
Insurance 1.85%
Minerals/Mining 2.77%
Coal India Ltd. 2.77%
Vedanta Ltd. 1.08%
Oil 5.22%
• Oil & Natural Gas Corporation Ltd. 5.22%
Pesticides 1.62%
UPL Ltd. 1.62%
Indian Oil Corporation Ltd. 2.07%
Hindustan Petroleum Corporation Ltd. 1.20%
Shilpa Medicare Ltd. 0.98%
Power 19.42%
• NTPC Ltd. 9.05%
• CESC Ltd. 3.45%
• Tata Power Company Ltd. 3.24%
Kalpataru Power Transmission Ltd. 1.88%
Power Grid Corporation Of India Ltd. 1.80%
Software 1.26%
Cyient Ltd. 1.26%
Equity less than 1% of corpus 9.83% 1.41%
Company/Issuer % to % to NAV
NAV Derivatives
Company/Issuer % to % to NAV
NAV Derivatives
19.42%
14.45%
9.57%
8.28%
7.29%
6.40%
5.97%
4.91%
4.05%
3.83%
Power
Banks
Telecom - Services
Pharmaceuticals
Gas
Oil
Petroleum Products

23
Style Box
Notes:
1. Differentplansshallhavedifferentexpensestructure.TheperformancedetailsprovidedhereinareofICICIPrudentialMidcapFund.
2. The scheme is currently managed by Prakash Gaurav Goel. Mr. Prakash Gaurav Goel has been managing this fund since May 2020. Total Schemes managed by the Fund Manager is 5 (4 are jointly managed).
Referannexurefrompageno.74forperformanceofotherschemescurrentlymanagedbyPrakashGauravGoel.
3. Dateofinception:28-Oct-04.
thesaidperiod
7. Astheschemewaslaunchedbeforethelaunchofthebenchmarkindex,benchmarkindexfiguressinceinceptionortherequiredperiodarenotavailable.
8. TheperformanceoftheschemeisbenchmarkedtotheTotalReturnvariantoftheIndex.ThebenchmarkoftheschemehasbeenrevisedfromNiftyMidcap100IndextoNiftyMidcap150TRIw.e.f.May28,2018.
Returns of ICICI Prudential Midcap Fund - Growth Option as on April 30, 2021
Particulars
72.46 104.26
Scheme
Nifty Midcap 150 TRI (Benchmark)
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
66.87
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
10.00
Fund Details
Fund Managers** :
Mr Prakash Gaurav Goel
(Managing this fund since May, 2020
Inception/Allotment date: 28-Oct-04 Exit load for Redemption / Switch out
:- Lumpsum & SIP / STP / SWP Option
Within 1 Year from allotment - 1% of
applicable NAV, more than 1 Year -
Nil
Other : 2.26% p. a.
77.12 17711.84 7.17 12309.61 13.91 19192.46 16.71 128340.00
78.70 17869.75 9.82 13249.87 17.06 22003.54 NA NA
49.89 14989.10 12.22 14134.81 14.70 19869.04 14.95 99842.30
ICICI Prudential Midcap Fund
(An open ended equity scheme predominantly investing in mid cap stocks.)
Value Blend Growth
Large
Mid
Small
Diversified
Style
Size
ReferDisclaimerofNSEIndicesLimited(NSEIndices)onpageno.93.
Mid Cap Fund
Category
` `
`
` `
`
Average P/E :
29.48
Average P/B :
4.57
Average
Dividend Yield :
0.55
Std Dev
(Annualised) :
26.14%
Sharpe Ratio :
0.27
Portfolio Beta :
0.94
Equity - 0.93 times
Auto 4.05%
• Ashok Leyland Ltd. 2.66%
TVS Motor Company Ltd. 1.39%
Wabco India Ltd. 1.17%
Minda Industries Ltd. 0.99%
Banks 6.66%
• The Federal Bank Ltd. 3.86%
• City Union Bank Ltd. 2.80%
• Computer Age Management Services Ltd. 2.79%
Motilal Oswal Financial Services Ltd. 1.33%
• JK Cement Ltd. 2.65%
Chemicals 7.05%
Camlin Fine Sciences Ltd. 2.54%
Atul Ltd. 1.91%
SRF Ltd. 1.57%
Sudarshan Chemical Industries Ltd. 1.03%
Construction 2.49%
• Voltas Ltd. 3.10%
Entertainment 1.68%
Inox Leisure Ltd. 0.84%
PVR Ltd. 0.84%
Finance 10.18%
Cholamandalam Investment And Finance Company
Ltd. 1.93%
Muthoot Finance Ltd. 1.70%
Jm Financial Ltd. 1.47%
• Metropolis Healthcare Ltd. 3.57%
Fortis Healthcare Ltd. 2.62%
Syngene International Ltd. 1.12%
AIA Engineering Ltd. 2.08%
Insurance 5.88%
• Max Financial Services Ltd. 5.88%
Leisure Services 3.47%
• The Indian Hotels Company Ltd. 3.47%
Pesticides 0.93%
PI Industries Ltd. 0.93%
Sanofi India Ltd. 1.01%
Power 2.49%
CESC Ltd. 1.04%
Retailing 2.02%
Matrimony.com Ltd. 1.07%
Aditya Birla Fashion and Retail Ltd. 0.95%
Software 5.99%
• Persistent Systems Ltd. 2.62%
Mphasis Ltd. 2.15%
COFORGE Ltd. 1.21%
Tata Communications Ltd. 1.81%
Company/Issuer % to
NAV
Company/Issuer % to
NAV

24
ICICI Prudential Midcap Fund
(An open ended equity scheme predominantly investing in mid cap stocks.) Mid Cap Fund
Category
Top 10 Sectors
Company/Issuer % to
NAV
Riskometer
are seeking*:
• An open-ended equity scheme that aims for
capital appreciation by investing in
diversified mid cap companies.
10.40%
7.45%
7.31%
7.05%
5.99%
5.88%
4.86%
4.62%
4.61%
4.61%
Finance
Banks
Healthcare Services
Chemicals
Software
Insurance
Capital Markets
Industrial Products
Auto
Leisure Services

25
Style Box
Notes:
1. Differentplansshallhavedifferentexpensestructure.TheperformancedetailsprovidedhereinareofICICIPrudentialSmallcapFund.
2. The scheme is currently managed by Sankaran Naren and Harish Bihani. Mr. Sankaran Naren has been managing this fund since Feb 2015. Total Schemes managed by the Fund Manager is 24 (24 are jointly
managed).
Mr. Harish Bihani has been managing this fund since Nov 2018. Total Schemes managed by the Fund Manager is 2 (1 are jointly managed). Refer annexure from page no. 74 for performance of other schemes
currentlymanagedbySankaranNarenandHarishBihani.
3. Dateofinception:18-Oct-07.
thesaidperiod
7. TheperformanceoftheschemeisbenchmarkedtotheTotalReturnvariantoftheIndex.Thebenchmarkoftheschemehasbeenrevisedfrom65%Nifty50+35%MSCIAsiaex-JapanIndextoNiftySmallcap250
TRI w.e.f.May28,2018.Forbenchmarkperformance,valuesofearlierbenchmarkhasbeenusedtill27thMay2018andrevisedbenchmarkvalueshavebeenconsideredthereafter.
Returns of ICICI Prudential Smallcap Fund - Growth Option as on April 30, 2021
Particulars
19.14 29.09
Scheme
Nifty Smallcap 250 TRI (Benchmark)
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
19.32
CAGR
(%)
Current
Value of
Investment
of Rs. 10000
10.00
Top 10 Sectors
Riskometer
are seeking*:
• An open ended equity scheme that seeks to
generate capital appreciation by
predominantly investing in equity and equity
related securities of small cap companies.
Fund Details
Fund Managers** :
Sankaran Naren
(Managing this fund from Feb, 2015 &
Harish Bihani
(Managing this fund since Nov, 2018 &
Overall above 11 Years of experience)
Inception/Allotment date: 18-Oct-2007 Exit load for Redemption / Switch
Upto 1 Year from allotment - 1% of
applicable NAV, more than 1 Year - Nil
Other : 2.22% p. a.
93.73 19373.04 8.42 12746.65 13.91 19192.55 10.16 37080.00
102.54 20254.43 6.14 11958.85 11.58 17302.90 8.16 28933.38
49.89 14989.10 12.22 14134.81 14.70 19869.04 8.98 32043.05
ICICI Prudential Smallcap Fund
(An open ended equity scheme predominantly investing in small cap stocks.)
Value Blend Growth
Large
Mid
Small
Diversified
Style
Size
Risk-freeratebasedonthelastOvernightMIBORcut-offof3.43%.
Small Cap Fund
Category
` `
`
` `
`
Average P/E :
22.32
Average P/B :
5.53
Average
Dividend Yield :
0.65
Std Dev
(Annualised) :
29.67%
Sharpe Ratio :
0.32
Portfolio Beta :
0.92
Equity - 0.48 times
• Minda Industries Ltd. 2.58%
Jamna Auto Industries Ltd. 1.16%
Multi Commodity Exchange Of India Ltd. 2.00%
Motilal Oswal Financial Services Ltd. 1.08%
Heidleberg Cement India Ltd. 2.19%
Birla Corporation Ltd. 1.30%
Chemicals 5.57%
• Sudarshan Chemical Industries Ltd. 2.95%
• Camlin Fine Sciences Ltd. 2.62%
Commercial Services 1.11%
Teamlease Services Ltd. 1.11%
Construction 9.11%
• Mahindra Lifespace Developers Ltd. 4.17%
• Brigade Enterprises Ltd. 2.62%
PNC Infratech Ltd. 2.33%
• Dixon Technologies (India) Ltd. 3.61%
Blue Star Ltd. 2.08%
Jyothy Laboratories Ltd. 1.90%
CCL Products (India) Ltd. 1.23%
Entertainment 3.35%
• Inox Leisure Ltd. 3.35%
Tata Metaliks Ltd. 0.94%
Finance 7.97%
Jm Financial Ltd. 2.25%
Can Fin Homes Ltd. 2.14%
Equitas Holdings Ltd. 1.13%
Metropolis Healthcare Ltd. 2.06%
Aster DM Healthcare Ltd. 1.32%
KEI Industries Ltd. 2.56%
Prince Pipes And Fittings Ltd. 2.49%
EPL Ltd. 2.12%
Finolex Cables Ltd. 0.97%
J.B.Chemicals & Pharmaceuticals Ltd. 2.18%
Indoco Remedies Ltd. 1.98%
Retailing 5.85%
• V-Mart Retail Ltd. 3.59%
Matrimony.com Ltd. 2.26%
Software 7.61%
• Birlasoft Ltd. 2.91%
• Persistent Systems Ltd. 2.56%
Cyient Ltd. 2.14%
Gateway Distriparks Ltd. 2.11%
Company/Issuer % to
NAV
Company/Issuer % to
NAV
10.17%
8.74%
8.13%
7.61%
6.98%
6.44%
6.15%
5.78%
5.57%
5.26%
Construction
Finance
Industrial Products
Software
Consumer Durables
Retailing
Capital Markets
Chemicals
Cement & Cement Products

26
Riskometer
are seeking*:
• Longtermwealthcreation
• An equity scheme that invests in Indian
markets with focus on riding business cycles
through dynamic allocation between various
sectors and stocks at different stages of
businesscycles.
ICICI Prudential Business Cycle Fund
(An open ended equity scheme following business cycles based investing theme) Thematic
Category
Note : - “Portfolio Beta, Standard Deviation, R Squared, Sharpe Ratio and Tracking
Error of the Scheme is not computed owing to the short time frame since launch
of the Scheme.”
@@ Total Expense Ratio is as on the last business day of the month.
Disclaimer
The Global Industry Classification Standard (“GICS”) was developed by and is the
exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s
Financial Services LLC (“S&P”) and is licensed for use by ICICI Prudential Asset
Management Company Ltd. Neither MSCI, S&P nor any other party involved in
making or compiling the GICS or any GICS classifications makes any express or
implied warranties or representations with respect to such standard or classification
(or the results to be obtained by the use thereof), and all such parties hereby
expressly disclaim all warranties of originality, accuracy, completeness,
merchantability and fitness for a particular purpose with respect to any of such
standard or classification. Without limiting any of the foregoing, in no event shall
MSCI, S&P, any of their affiliates or any third party involved in making or compiling
the GICS or any GICS classifications have any liability for any direct, indirect,
special, punitive, consequential or any other damages (including lost profits) even if
notified of the possibility of such damages.
managed by Ms. Priyanka Khandelwal.
Benchmark
NIFTY 500 TRI
Average P/E :
26.48
Average P/B :
3.15
Average
Dividend Yield :
1.13
Equity - 0.08 times
Style Box
Value Blend Growth
Large
Mid
Small
Diversified
Style
Size
Fund Details
Fund Managers** :
Anish Tawakley (Managing this fund since Jan, 2021 &
Ihab Dalwai (Managing this fund since Jan, 2021 &
overall 8 years of experience)
Manish Banthia (Managing this fund since Jan, 2021
Lalit Kumar (Managing this fund since Jan, 2021
Inception/Allotment date: 18-Jan-21
NAV (As on 30-Apr-21): Growth Option : 10.68 IDCW Option : 10.68 Direct Plan Growth Option : 10.73 Direct Plan IDCW Option : 10.73
Rs. 5,000/- (plus in multiple of Re. 1)
Rs.1,000/- (plus in multiple of Re.1)
Exit load for Redemption / Switch out
:- Lumpsum & SIP / STP Option:
• 1% of applicable Net Asset Value - If the amount, sought to be redeemed or
switch out is invested for a period upto twelve months from the date of allotment
• Nil - If the amount, sought to be redeemed or switch out is invested for a period
of more than twelve months from the date of allotment
The AMC shall not charge entry and/or exit load on units allotted on reinvestment
of dividend.
The Trustees shall have a right to prescribe or modify the exit load structure with
prospective effect subject to a maximum prescribed under the Regulations.
Other : 1.89% p. a.
`
` `
`
` `
`
Top 10 Sectors
Equity Shares 89.28% -2.82%
Auto 5.81%
• Maruti Suzuki India Ltd. 3.27%
TVS Motor Company Ltd. 1.62%
Tata Motors Ltd. - DVR 0.93%
Banks 21.79%
City Union Bank Ltd. 0.93%
Ambuja Cements Ltd. 0.76%
Chemicals 1.03%
Tata Chemicals Ltd. 1.03%
Entertainment 0.83%
Sun TV Network Ltd. 0.83%
Finance 0.81%
Gas 1.48%
Insurance 2.62% -0.17%
SBI Life Insurance Company Ltd. 2.62% -0.17%
Oil 2.62%
• Bharat Petroleum Corporation Ltd. 4.34%
Alkem Laboratories Ltd. 0.78%
Power 3.00%
NTPC Ltd. 2.32%
Foreign Equity 3.26%
Banks 1.74%
Bank of America Corp 1.74%
Oil 1.52%
ConocoPhillips Co 1.52%
NAV Derivatives
NAV Derivatives
Index Futures/Options -2.65%
Nifty 50 Index - Futures -2.61%
Hindalco Industries Ltd.-CALL-380-27
May 2021 (Covered Call) -0.01%
Hindalco Industries Ltd.-CALL-390-27
Tata Steel Ltd.-CALL-1100-27
Tata Steel Ltd.-CALL-1090-27
Grasim Industries Ltd.-CALL-1420-27
Treasury Bills 3.21%
• 364 Days Treasury Bill 2021 SOV 3.21%
23.86%
10.84%
9.40%
6.14%
5.42%
4.94%
4.24%
4.14%
3.26%
3.21%
Banks
Petroleum Products
Auto
Telecom - Services
Oil
Cement & Cement Products
Government Securities

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