ICICI Prudential PMS Value Strategy

Investment Objective† Growth of 50 Lakhs

Current value: 172.36 138.93
ICICI Prudential PMS Value Strategy (the “Strategy”)
aims to follow a value investment style and intends to 200

offer a diversified portfolio of stocks that have high

163
potential but are quoting at a discount to their fair/

Figures in INR Lakhs

intrinsic value.
126
Snapshot
89
Portfolio Managers Name Anand Shah &
Anand Sharma
52
Inception Date^ 28 Jan 2004
15
Trailing Returns (30 Sep 2021) Strategy Benchmark Apr,14 Dec,15 Dec,17 Dec, 19 Sep, 21
1 Month 2.32 3.25 ICICI Prudential PMS Value Strategy Nifty 200 PR INR

3 Months 11.80 11.93

Calendar Returns 30 Sep 2021
6 Months 28.63 21.47
Returns YTD 2020 2019 2018 2017 2016
1 Year 63.25 59.32
2 Year 26.69 25.52 ICICI Prudential PMS Value Strategy 36.05 13.33 3.39 -7.77 38.93 -3.62
3 Years 17.81 17.56 Nifty 200 PR INR 28.86 15.62 8.68 -1.01 33.43 3.70
4 Years 13.32 15.08
5 Years 13.59 15.12 Financial Year Performance Quarterly Returns 1st qtr 2nd qtr 3rd qtr 4th qtr
YTD 36.05 28.86 01 Apr 21 01 Apr 20 01 Apr 19 01 Apr 18 01 Apr 17 %
Since Inception** 17.94 14.59 - - - - -
2021 5.77 15.05 11.80 -
30 Sep 21 31 Mar 21 31 Mar 20 31 Mar 19 31 Mar 18
2020 -21.55 13.10 6.48 19.97
28.63 52.80 -22.89 4.64 14.55 2019 5.18 0.08 -5.64 4.09
2018 -6.04 -1.85 -2.50 2.58
2017 13.59 3.95 4.89 12.18

Portfolio 30 Sep 2021 Risk Profile 30 Sep 2021

Portfolio Holding* % Weight Market Value Morningstar Equity Market Cap Strategy Benchmark
(Top 20) (mil) % Equity Return 17.81 17.56
Giant 34.2
Sun Pharmaceuticals 6.31 0.94 Std Dev 19 21.91
Large 15.5
Industries Ltd Downside Deviation 12.89 15.41
Mid 28.1
Bharti Airtel Ltd 5.86 0.87 Small 16.4 Alpha 2.91 -
Axis Bank Ltd 5.15 0.77 Micro 5.8 Beta 0.77 1.00
HCL Technologies Ltd 4.97 0.74 R2 81.86 100
Larsen & Toubro Ltd 4.76 0.71 Sharpe Ratio 0.78 0.69
UTI Asset Management Co 4.69 0.70 Sector Weightings % Equity Tracking Error 9.43 -
Ltd Based on 3yr performance.
h Cyclical 46.53
State Bank of India 4.45 0.66
r Basic Materials 9.98 Portfolio Statistics 30 Sep 2021
The Federal Bank Ltd 3.98 0.59
t Consumer Cyclical 9.46
Container Corporation of IndiaLtd 3.90 0.58 P/E Ratio (TTM) 21.72
y Financial Services 27.09
SBI Life Insurance Company 3.76 0.56 P/B Ratio (TTM) 2.98
u Real Estate -
Limited P/S Ratio (TTM) 2.81
j Sensitive 43.05
Birla Corp Ltd 3.72 0.56 P/C Ratio (TTM) 10.44
i Communication Services 9.71
Indian Hotels Co Ltd 3.66 0.55
o Energy - Asset Allocation % Long % Short % Net
Hindustan Aeronautics Ltd 3.66 0.55
p Industrials 24.49 Equity 92.17 0.00 92.17
Gujarat Pipavav Port Ltd 3.62 0.54
a Technology 8.85
AIA Engineering Ltd 3.47 0.52 Bond 0.00 0.00 0.00
k Defensive 10.42
Aster DM Healthcare Ltd 3.29 0.49 Cash 7.83 0.00 7.83
s Consumer Defensive -
ABB Power Products and 3.17 0.47 Other 0.00 0.00 0.00
Systems India Ltd d Healthcare 10.42
Schaeffler India Ltd 3.14 0.47 f Utilities -
INOX Leisure Ltd 3.08 0.46
Tata Steel Ltd 2.92 0.44
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Performance calculated using Time Weighted Rate of Return (TWRR) method for the aggregate portfolio. Returns for one year or less are on absolute basis, while returns more than one year are on annualized basis. All the returns calculated above are after
deduction of the applicable expenses. Past performance may or may not be sustained in future and is no guarantee of future results. The portfolio data and the statistical analysis mentioned above is of the oldest client of the Strategy. ^Inception Date of the
Strategy is the date of onboarding of first client of the Strategy. **Since inception return from April 1, 2014 or Inception Date, which ever is later. Investor’s may note that the entity level performance of the Portfolio Manager is disclosed in the Disclosure
Document and the same is available on the website of Portfolio Manager - www.iciciprupms.com. Performance data provided herein is not verified by SEBI.
†The details pertaining to the investment approach mentioned herein is a subset of details specified in the Disclosure Document. Kindly refer the Disclosure Document for the detailed investment approach, including specific risk factors, before investing.

Disclaimers: 1) The performance of the stock across Individual portfolios may vary significantly from the data depicted above. This is due to factors such as timing of entry and exit, timing of additional flows and redemptions, individual client mandates, specific portfolio construction
characteristics or structural parameters which may have a bearing on individual portfolio performance. No claims may be made or entertained for any variances between the above performance depictions and that of the stock within individual client portfolios. 2) There is no assurance
that the value may be unlocked during our holding period of the stock. 3) The stocks / sectors mentioned hereinabove should not be construed as an investment advice or a forecast of their expected future performance. These stocks / sectors may or may not form part of the portfolio
in future. * Top 10 holdings (by weight) or all the stocks in the portfolio, whichever is less by number are disclosed.

© 2020 Morningstar. All Rights Reserved. The information, data, analyses and opinions ("Information") contained herein (1) include Morningstar's confidential and proprietary information (2) may not be copied or redistributed, (3) do not constitute ®
investment advice (4) are provided solely for information purposes (5) are not warrented to be complete, accurate or timely and (6) are drawn from data published on various dates. The information is provided to you at your own risk. Morningstar
is not responsible for any trading decisions, damages or other losses related to the Information or its use. Please verify all of the Information before using it and don't make any investment decision except upon the advice of a professional financial ß
adviser. Past performance is no guarantee of future results. The value and income derived from investments can go up or down. Please refer to the disclaimer page for further disclosures.
 Disclosures
Investment Objective company trading at several times its book value tends to indicate a growth
The investment objective is the broad thought process for the Strategy and is stock where investors believe the book value will rise in the future.
a subset of the investment approach specified in the Disclosure Document.
P/S Ratio
Quarterly returns This is an indicator of the value placed on company’s sales/revenue. It is
Total Returns calculated for calendar quarters. calculated either by dividing the company’s market capitalization by its total
sales over a 12-month period, or on a per-share basis by dividing the stock
price by sales per share for a 12-month period.
Standard Deviation
Standard deviation of strategy’s return measures how much a strategy´s total
returns have fluctuated in the past. The more the strategy’s returns fluctuate, P/C Ratio
the riskier the strategy is likely to be. Strategies that have been more volatile A financial ratio calculated as current share price divided by cash flow per
in the past tend to be more volatile in the future as well. share - where cash flow is the spending and receiving of cash in a business.
This indicates the value that the market has assigned to every cash flows that
Downside Deviation flows through the company.
Calculated much like standard deviation, downside deviation focuses on the
variation of returns below a specific threshold. It ignores upside variation
because it adds value to the overall return and investors shouldn’t be Sector Weightings
concerned about it. It shows sectoral breakup of the portfolio on two levels. At 1st level is
Morningstar defined super sectors i.e. Cyclical, Defensive and Sensitive,
R2 which classifies industries based on their level of sensitivity to economic
A measure of the percentage of strategy’s movement that can be accounted cycles. At 2nd level industries are classified in to 11 sectors, as defined by
for by changes in its benchmark index. An R-squared of 100 indicates that a Morningstar, based on the products / services they offer.
strategy´s movement is perfectly correlated with its benchmark.

Alpha Morningstar Equity Market Cap

It is the amount by which a strategy has out-performed its benchmark, taking Stocks are divided into five market-capitalization groups: Giant, Large, Mid,
into account the strategy´s exposure to market risk (as measured by Beta). Small, and Micro. Morningstar uses a flexible system that isn't adversely
Alpha is also known as the residual return. affected by overall movements in the market. The stocks are organized in
descending order by size. Giant-cap stocks are defined as the group that
Beta accounts for the top 40% of the capitalization of total sample capitalization;
A measure of a strategy’s sensitivity to market movements. The beta of the Large-cap stocks represent the next 30%; Mid-cap stocks represent the next
market is 1.00 by definition. A beta of 1.10 shows that the strategy has 20%, and Small-cap stocks represent the next 7%, and Micro-cap stocks
performed 10% better than its benchmark index in up markets and 10% worse represent the balance.
in down markets, assuming all other factors remain constant.
Direct Option
Sharpe Ratio Investor’s may invest with us directly as well. To invest in any of our PMS
This is a measure of risk-adjusted return calculated by using standard strategies directly, kindly write to us at PMS@icicipruamc.com.
deviation and excess return to determine reward per unit of risk. The higher
the Sharpe Ratio, the better the strategy´s historical risk-adjusted
performance.

Tracking Error
This indicates the volatility of the difference in returns between a strategy and
its benchmark. Also known as active risk. In the context of a passively managed
strategy, tracking error describes how well the strategy has tracked its
benchmark.

P/E Ratio
It compares how the market values a company to the company’s earnings. It
can be either historic earnings or projected earnings. It is calculated as current
share price divided by earnings. A higher P/E typically indicates that investors
expect to see strong growth in the company.

P/B Ratio
It compares how the market values a company to the value on the company’s
books. It is calculated as current share price divided by book value per share.A

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© 2020 Morningstar. All Rights Reserved. The information, data, analyses and opinions ("Information") contained herein (1) include Morningstar's confidential and proprietary information (2) may not be copied or redistributed, (3) do not constitute ®
investment advice (4) are provided solely for information purposes (5) are not warrented to be complete, accurate or timely and (6) are drawn from data published on various dates. The information is provided to you at your own risk. Morningstar
is not responsible for any trading decisions, damages or other losses related to the Information or its use. Please verify all of the Information before using it and don't make any investment decision except upon the advice of a professional financial ß
adviser. Past performance is no guarantee of future results. The value and income derived from investments can go up or down. Please refer to the disclaimer page for further disclosures.
 Disclaimer
Disclaimers and Risk Factors
Investing in securities including equities and derivatives involves certain risks and considerations associated generally with making investments in securities.
The value of the portfolio investments may be affected generally by factors affecting financial markets, such as price and volume, volatility in interest rates,
currency exchange rates, changes in regulatory and administrative policies of the Government or any other appropriate authority (including tax laws) or other
political and economic developments. Consequently, there can be no assurance that the objective of the Portfolio would be achieved. The value of the portfolios
may fluctuate and can go up or down. Prospective investors are advised to review the Disclosure Document, Client Agreement, and other related documents
carefully and in its entirety and consult their legal, tax and financial advisors to determine possible legal, tax and financial or any other consequences of
investing under this Portfolio, before making an investment decision. The stock(s)/Sector(s) mentioned in this material do not constitute any recommendation
of the same and the portfolios may or may not have any future positions in these Stock(s)/Sector(s). The composition of the portfolio is subject to changes
within the provisions of the disclosure document. The benchmark of the portfolios can be changed from time to time in the future. Trading volumes, settlement
periods and transfer procedures may restrict the liquidity of investments in portfolios. Different segments of the Indian financial markets have different
settlement periods and such periods may be extended significantly by unforeseen circumstances. The inability of the Portfolio Manager to make intended
securities purchases due to settlement problems could cause the portfolio to miss certain investment opportunities. By the same rationale, the inability to sell
securities held in the portfolio due to the absence of a well-developed and liquid secondary market for debt securities would result, at times, in potential
losses to the portfolio. Individual returns of Clients for a particular portfolio type may vary significantly from the data on performance of the portfolios depicted
in this material. This is due to factors such as timing of entry and exit, timing of additional flows and redemptions, individual client mandates, specific portfolio
construction characteristics or structural parameters, which may have a bearing on individual portfolio performance. No claims may be made or entertained
for any variances between the performance depictions and individual portfolio performance. Neither the portfolio manager nor ICICI Prudential Asset
Management Company Limited (the AMC) its Directors, Employees or Sponsors shall be in any way liable for any variations noticed in the returns of individual
portfolios. The Client shall not make any claim against the Portfolio Manager against any losses (notional or real) or against any loss of opportunity for gain
under various PMS Strategies, on account of or arising out of such circumstance/ change in market condition or for any other reason which may specifically
affect a particular sector or security, including but not limited to disruption/prohibition/ discontinuation/ suspension of trading in a particular Security including
any index or scrip specific futures/ options or due to any act of Company, Market Intermediary by SEBI or any other regulatory authority which may result in
trading in such security (ies) being completely or partially affected, to which the Portfolio Manager has taken exposure/ proposed to take exposure and is
unable to take additional exposure/ restrain him from taking any position in a particular equity or related derivative instruments etc. due to any reason
beyond the control of the Portfolio Manager resulting in unhedged positions or losses due to unwinding of certain positions or losses due to any reason or
related to any of the aforesaid circumstances. By their nature, certain market risk disclosures are only estimates and could be materially different from what
actually occurs in the future. As a result, actual future gains or losses could materially differ from those that have been estimated. The recipient(s) alone shall
be fully responsible/are liable for any decision taken on the basis of this material. All recipients of this material should before dealing and/or transacting in
any of the strategies referred to in this material make their own investigation, seek appropriate professional advice. The investments discussed in this may
not be suitable for all investors. Financial strategies and instruments are subject to market risks and yields may fluctuate depending on various factors affecting
capital/debt markets. Please note that past performance of the financial strategies, instruments and the portfolio does not necessarily indicate the future
prospects and performance thereof. Such past performance may or may not be sustained in future. Portfolio Manager’s investment decisions may not be
always profitable, as actual market movements may be at variance with anticipated trends. The investors are not being offered any guaranteed or assured
returns. The Portfolio Manager may be engaged in buying/selling of such securities. Please refer to the Disclosure Document and Client Agreement for portfolio
specific risk factors. In the preparation of this material the Portfolio Manager has used information that is publicly available, including information developed
in-house. Some of the material used herein may have been obtained from members/persons other than the Portfolio Manager and/or its affiliates and which
may have been made available to the Portfolio Manager and/ or to its affiliates. Information gathered and material used herein is believed to be from reliable
sources. The Portfolio Manager however does not warrant the accuracy, reasonableness and/or completeness of any information. For data reference to any
third party in this material no such party will assume any liability for the same. We have included statements/opinions/recommendations in this material,
which contain words, or phrases such as “will”, “expect”, “should”, “believe” and similar expressions or variations of such expressions, that are “forward
looking statements”. Actual results may differ materially from those suggested by the forward looking statements due to risk or uncertainties associated with
our expectations with respect to, but not limited to, exposure to market risks, general economic and political conditions in India and other countries globally,
the monet and interest policies of India, inflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices, the performance of the
financial markets in India and globally, changes in domestic and foreign laws, regulations and taxes and changes in competition in the industry. All data/
information used in the preparation of this material is as on Sep 30, 2021 and may or may not be relevant any time after the issuance of this material i.e. Sep
30, 2021. The portfolio manager/ the AMC takes no responsibility of updating any data/information in this material from time to time. The portfolio manager
and the AMC (including its affiliates), and any of its officers directors, personnel, sponsors and employees, shall not liable for any loss, damage of any nature,
including but not limited to direct, indirect, punitive, exemplary, consequential, as also any loss of profit in any way arising from the use of this material in any
manner.
ICICI Prudential Asset Management Company Limited is registered with SEBI as a Portfolio Manager vide registration number INP000000373.

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© 2020 Morningstar. All Rights Reserved. The information, data, analyses and opinions ("Information") contained herein (1) include Morningstar's confidential and proprietary information (2) may not be copied or redistributed, (3) do not constitute ®
investment advice (4) are provided solely for information purposes (5) are not warrented to be complete, accurate or timely and (6) are drawn from data published on various dates. The information is provided to you at your own risk. Morningstar
is not responsible for any trading decisions, damages or other losses related to the Information or its use. Please verify all of the Information before using it and don't make any investment decision except upon the advice of a professional financial ß
adviser. Past performance is no guarantee of future results. The value and income derived from investments can go up or down. Please refer to the disclaimer page for further disclosures.