IPRU

Insights
December 2014

Five things to keep in

mind while investing
in 2015
.............................Pg.2
How to make and keep
your financial resolutions
for the New Year
.............................Pg.4
Tax Planning is an
important part of
Investment Planning
.............................Pg.5

LETTER FROM THE CEO

Five things to keep in mind

while investing in 2015
Its been an encouraging year with equity markets topping and
making new all-time highs. With various leading indices delivering
between 30-70 percent returns, 2014 has created wealth for retail
investors (Source: BSE India). The year 2015 is conducive for
investing as the markets could consolidate and investors, big and
small, may find opportunities to make long-term investments.
Switch from physical assets to financial assets
Indian household savings have been over-invested in physical
assets like gold and real estate which failed to deliver returns for
investors over last two years. In 2015 we recommend investors to
incline their portfolios towards financial assets like equity and
fixed income, as they have the potential to create wealth for
investors over the longer term.
Current Indian economy expected to grow. Invest with a three
year view
The new Governments reforms have set the stage for moving
Indian economy from vicious to virtuous economic cycle & may
boost corporate earnings. Initiatives like Make in India, Digital and
Skill India could place India in high growth trajectory.
Further, Indias macro fundamentals like Current Account Deficit,
inflation, lower crude prices and growth impulses are improving.
The good news is that Indian economy is poised to clock a high
growth rate in 2016 & 2017, after consolidating for much of 2015.
With Niftys current one-year forward Price Earning of 14.9x,
market is also fairly valued. The beauty of market in 2015 is that it
could be a great year to make investments in first six-nine months
in a staggered manner to create wealth over next three-five years.

02

Invest in Domestic cyclicals to play Indias growth story

In equities, the attractive themes can be Banks because the
leverage cycle is expected and Utilities because we are positive
on interest rates coming down. There is also scope for capacity
utilization to pace up in many of the industrial and manufacturing
sectors. As the capacity utilization picks up, equities could deliver
reasonable returns
Fixed income looks attractive
Over the course of next year, debt is expected to do well. The
Reserve Bank of India has kept interest rate cuts on hold till now
but is expected to cut interest rates in 2015, which bodes very well
for debt next year. In fact, India can be among the few countries
that will see a drop in interest rates. Therefore, over next 15
months or so, it is attractive for investors to invest in long term
debt funds in 2015.
Take the benefit of volatility
The outlook for equity markets is good over 2016 to 2018, but
there could be brief periods of volatility in 2015 taking cues from
global factors. With the current price of crude and good growth
prospects, India is one of the attractive emerging markets in the
world and therefore, there lies an opportunity to invest in Indian
equities for the long term. To beat volatility, investors should
adhere to asset allocation which spreads the risks across asset
classes. Alternatively, investors could also invest in products that
offer the asset allocation strategy and benefit out of volatility.

IPRU Insights | December 2014

Getting on the right

side of 2015
We encourage investors to enter
the equity markets over the next 69 months with an aim to create
wealth over the next 3-5 years.

Mr. S. Naren, CIO, ICICI Prudential AMC

A gradual revival in domestic economy

signals better days for debt in the medium
term and equities in the long run.
For the long-term India remains one of the
attractive emerging markets in the world.
Therefore, we are convinced that financial
assets are where investors could be in
2015, rather than physical assets such as
gold and real estate. As we head into 2015,
the Indian market may take cues from the
volatile global environment and offer
investment opportunities. Investors, large
and small, should avoid worrying about
these short-term corrections.

the government. If the government

reduces the revenue deficit and raises the
fiscal deficit slightly to help boost spending
on infrastructure, it could give a boost to
some of the infrastructure products. Once
theres a little increase in the capex cycle,
sooner or later the private sector will step
in and this may turn into a virtuous cycle.
India positioned to withstand Global
headwinds
India is well placed to withstand this
volatility. The Reserve Bank of India has
been one step ahead, factoring in the fact
that interest rates in the US could be raised
and affect fund flows. Otherwise, interest
rates may have been lower today. We are
also seeing lower commodity prices,
especially that of crude oil. India is a huge
importer of crude oil and savings in foreign
exchange are quite substantial on this
front. Even Prices of base metals are down.
We believe that this could go a long way in
reviving the Indian economy.

Yes, there are a few concerns, especially in

terms of domestic growth rates. Industrial
production figures have come negative.
But thats a mere short-term phenomenon.
What the domestic economy perhaps
needs in 2015 is a little encouragement,
especially in capex. The Indian economy
has not had the kind of investment in
infrastructure that can lead to a decent
boost. Fortunately for India, a host of
commodity prices are lower and that will
benefit the country. On the other hand,
there arent many companies that are likely
to heavily invest in capacity expansions in
the short term as many are sitting on underutilized capacities.

The West has been signaling for some time

now that there may be a rate increase on
the cards. This could mean a phase of
volatility in 2015. Higher interest rates in
the US indeed could strengthen the dollar
further and affect global fund flows.

Therefore, perhaps the onus of raising

expenditure on domestic capex lies with

Nearly $10 billion has poured into the

Indian equities market since April 2014. We

IPRU Insights | December 2014

have also seen how news flows affect

sentiment. So, there are fears that, even on
small announcements, some of these
funds could be withdrawn, especially by
foreign investors looking at short-term
trades. These are legitimate concerns.
Market to offer opportunities
So heres a brief of how small investors can
take to the New Years batting crease. We
encourage investors to enter the equity
markets over the next 6-9 months with an
aim to create wealth over the next 3-5
years. The equity markets are poised for
the long run. If you can get into good equity
funds on correction, that would be a great
start to 2015. Investors could go in for debt
mutual funds over the next one year; as, the
coming year ought to be good for debt
funds, especially funds of a longer duration.
A fixed-income boom may happen before
economic growth strengthens and, for
leveraging to begin, the interest-rate cycle
has to turn. So, you may invest in debt
funds in the immediate future for the next
12- to 15-months, and buy into equity funds
on dips for the longer horizon.

03

LEAD STORY

Financial Resolutions 2015

How to make and keep your financial
resolutions for the New Year
Its that time of the year when everybody is
making year-end resolutions. For some the
priorities are losing weight, for others its
getting around to learning a new language
or skill. But for all, the one important
resolution should be to get a firmer handle
on your finances.
Investing is easier said than done, you say.
And like any New Year, when this one
comes to an end as well, we find that we
havent added any might or growth to our
financial savings kitty. That we are back to
square one making resolutions for the
New Year again. That again we begin the
next year without putting our best financial
foot forward, and the cycle continues
year after year.
Its time to change that in 2015.
Set your savings on autopilot, first
It is easy to make and keep your financial
resolutions. All one has to do is put your
savings plan on autopilot. These days its
so very easy due to technology.
The electronic clearing system that most
banks have been offering has been there
for some time now, and most of us who
have not got around making use of it
should walk over to the bank right now, and
start a new mandate.
Wherever you decide to save, the best way
to start is set up a standing order with your
bank, which puts the money straight into
your investment. Sure, you may have a little
less in your pocket and to splurge, but your
money will be directed towards and to
secure your financial future.
This way you are actually saving and investing
each month. Systematic investment plans of
mutual funds are tailored such that you make
a payment to the fund of your choice on a
particular date each month.

04

Make accountability an important factor

Another great tool that psychologists
advice to keep your savings goal on track is
to make accountability an important factor
when creating a savings goal. Either you
could get accountable to someone. Or you
could create a financial incentive or
disincentive around your targets that help
you keep your goals.
For a investment plan, create a structure
where every time you miss an investment,
you are going to lose a promise to your
friend or spouse. Make the promise huge,
twice or thrice your investment amount, so
that you cringe when you have to lose it.
Behavioral experts call it lose aversion that
drives behavior which drives you to avoid a
loss, at any cost. The very fact that you may
lose something drives you to take a
decision, which your savings plan is a
positive one. So use this technique this
New Year, and keep your savings on track.
Set bill payment alerts
One of the big causes of losing money is
late payments in credit cards, electricity
bills, and so on. Look closer, the monthly
interest payments amount to about 3
percent a month on credit cards. If you miss
your payment, it not only increases the
interest burden on you, the late fees, and
other charges add up to a significant sum.
If this adds up, it can get difficult to pay
your credit cards so much so that

sometimes people tend to roll-over their

outstanding by paying the minimum due.
Compounding works against you if you
underpay your credit cards.
So, the best thing is to set your bill payment
alerts. Make good use of the technology
that automatically prompt you to pay on
time. It will be a lot less costly than missing
a payment, and can save you thousands in
missed payments.
Keep a financial diary
Keep a master list and summary of each of
your investment separately, and how they
have done over a three-month period. Visit
this only once in three months to know
major progress.
But a more important thing to do this New
Year is to keep a tear down and account of
your financial journey not only for fun but
also to know the progress you have made.
Keep a financial diary. Not only note each
investment that you made every day, but
also each major expense.
Largely, use this diary to note and describe
your experience with investing, and your
learnings, your understanding or lack of
understanding of any investment and the
outcome of any financial decision. This will
help you gain insights on your
investments. You will also know why
certain investments are doing better than
others. A financial diary is your experience
of handling your own money. Note every
small detail of it. You could maintain the
diary on a daily, monthly or weekly basis.
Make your diary interesting by writing
nuggets of wisdom from the masters and
compare it with your own. However, you do
it, just keep doing it for a few months this
year at the beginning regularly, and it will
morph into a lovely habit for a lifetime.

IPRU Insights | December 2014

FUNDACLEAR

Tax Planning in 2015

Lower your taxes through smart tax planning
strategies.

axation is a necessity, one has to pay depending on their taxable income. But one can reduce the tax outflow. Section 80C of the
Income Tax Act, 1961 offers a wide range of investment avenues which can help in not just easing the tax burden but also in optimising
returns on investments. Further, the latest Union Budget announced an increase in the tax exemption limit from `1 lakh to `1.5 lakh under this
Section. Let us take a look at what is included in Section 80C:
Some of the Tax saving options under Section 80C of Income Tax Act, 1961

Equity Linked Saving Schemes (ELSS) offered by

mutual funds

United Linked Insurance Plans (ULIPs) offered by

insurance companies

Traditional - Public Provident Fund (PPF), National

Saving Certificate (NSC), five-year bank fixed
deposits (FDs), Senior Citizen Savings Scheme
(SCSS) Account

Premium paid towards traditional life insurance

plans, pension plans such as National Pension
Scheme (NPS), Employee Provident Fund (EPF)

ELSS are tax saving schemes offered by

mutual funds which predominantly invest
in a diversified portfolio of stocks. One
needs to hold the units for a minimum
period of three years to claim the tax

rebate. These schemes have the low lockin period.

ELSS also allows small amount
investments, as low as `500, at regular

intervals through Systematic Investment

Plans (SIP), thereby helping investors
benefit from disciplined long-term
investing.

Case study
Table 1: SIP in ELSS vs lump sum investment
Monthly SIP investment of `1,000
starting April FY 04-05

Annual lump sum investment of

`12,000 starting December 2004

Total investments for a 10-year period in ELSS*

120,000

120,000

Investment value as of March 2014

245,003

220,923

14%

12%

Annualised returns
*Represented by CRISIL AMFI ELSS Fund Performance Index
Past performance may or may not be sustained in future

Constituents of the Index

Mutual fund schemes ranked in the

CRISIL Mutual Fund Rankings have

been considered
Eligibility of funds are based on

minimum NAV history and a

minimum AUM
As on September 2014, the index

comprises of 22 schemes.
Table 1 compares the returns from SIP
(calculated by XIRR method) with that of
lump sum investment and it clearly
highlights the benefits of year-long
investments in mutual funds. As per the

06

study, a monthly SIP of `1,000 in ELSS over

a period of 10 years would have grown to
`2.45 lakh at an annualised growth rate of
14%. Compared with that, lump sum
investments of `12,000 annually would
have grown to `2.21 lakh (difference of
around `24,000) at an annualised growth
rate of 12%.

Traditional investment avenues

However, investors should note that

investment in ELSS is subject to market
risks and must take into consideration age
and the risk-taking ability. The investment
horizon should be more than five years for
higher risk-adjusted returns.

Senior Citizen Savings Scheme (SCSS)

Public Provident Fund (PPF)

National Saving Certificate (NSC)

Five-year bank fixed deposit (FD)

National Pension System (NPS)

Account

IPRU Insights | December 2014

PRODUCT OF THE MONTH

ICICI Prudential
Target Returns Fund
(There is no guarantee or assurance of returns.)

he fund primarily invests in select ongoing themes in the market and

focuses on 15-20 undervalued large-cap
stocks. But it allows the added advantage of
switching to other funds as and when your
targets are hit, thus allowing you an asset
allocation rebalancing tool that keeps
emotions out in decision making.
Stock markets have been buoyant for some
time now. A combination of good
fundamentals and low-valuations has been
instrumental in the stock markets delivering
good returns in the past year. However, the
market is now in fairly valued territory. There
are relatively fewer pockets of
undervaluation than there were a year ago.
ICICI Prudential Target Returns Fund is a
scheme that looks for themes that can
outperform in and benefits out of the
different market and economic cycles. It
seeks to invest in high-quality undervalued
stocks within the themes it identifies using
a top-down approach. The idea is to
identify two key prevalent themes. In its
primary theme, the fund will invest around
60-75 percent of its corpus and take

concentrated bets on these themes. In its

secondary theme, which again is identified
by the potential of various sectors, the fund
invests about 40-25 percent or the rest of
its corpus.
After identifying the various themes that
are likely to do well, the fund takes the
bottom-up approach to stock selection and
invests only in about 15-20 large-cap
companies in any particularly theme. This
way the fund takes a concentrated
approach based on the future potential of
the theme.
A salient feature of this scheme is that it
allows an investor to set targets on the kind
of returns he/ she is looking for and switch
out the gains into other ICICI Prudential
Mutual Fund schemes. The Scheme offers
investors to choose from a range of
potential returns that they are targeting
based on four exit triggers which are: 12%,
20%, 50% and 100%. As the target is met,
either the gains only or the full investment
amount, depending on choice of investor,
would be automatically switched to one of
the pre-selected schemes of ICICI

Prudential Mutual Fund. (As permitted

under the Scheme Information Document).
For now, the fund has been looking at two
themes in the market, one, domestic
cyclicals and the other exports. The fund is
looking at companies that are likely to
benefit from the economic cycle and
currently is looking at segments such as
banks, capital goods and auto. Exports is
the secondary theme that the fund is
currently looking at as this segment has
underperformed the market recently and
will benefit from the demand uptick
coming from developed economies.
However, this scheme is for investors
looking at taking concentrated bets but
would like to rebalance occasionally into
other funds. It keeps the emotions out of
the decision making to book profits, and it
will invest the proceeds in pre-selected
debt oriented funds within the ICICI
Prudential AMC.

ICICI Prudential Target Returns Fund

Particulars

December 31, 2013 to

December 31, 2014

December 31, 2012

to December 31,
2013

December 30, 2011

to December 31,
2012

Since inception

Absolute Returns (%)

Absolute Returns
(%)

Absolute Returns
(%)

Current Value of
Investment of
`10000

CAGR (%)

Scheme

39.59

9.22

30.90

22990.00

16.04

Benchmark

32.28

5.87

29.96

19371.87

12.54

CNX NIFTY Index

31.39

6.76

27.70

19097.32

12.25

NAV (`) Per Unit (as

on Dec 31,
2014:22.99)

16.47

15.08

11.52

10.00

Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. Date of inception: 28May-09. Performance of dividend option would be Net of Dividend distribution tax, if any. Benchmark is S&P BSE 100 Index. For computation of since inception returns (%)
the allotment NAV has been taken as `10.00. Load is not considered for computation of returns. In case, the start/ end date of the concerned period is a nonbusiness date
(NBD), the NAV of the previous date is considered for computation of returns. The NAV per unit shown in the table is as on the start date of the said period.
ICICI Prudential Target Return Fund is managed by Vinay Sharma (Managing this fund since Apr, 2014 & Overall 10 years of experience)

IPRU Insights | December 2014

07

ICICI Prudential Target Returns Fund

This Product is suitable for investors who are seeking*:
Long term wealth creation solution

High Risk
(BROWN)

An equity fund that aims to generate capital appreciation by investing in equity and equity related
securities of large market capitalization companies, with an option to withdraw investment periodically
based on triggers
* Investors should consult their financial advisers if in doubt about whether the product is suitable for them

Note - Risk may be represented as:

(BLUE) investors understand that
their principal will be at low risk

Scheme Name

(YELLOW) investors understand that

their principal will be at medium risk

(BROWN) investors understand that

their principal will be at high risk

December 31,
2013 to
December 31,
2014

December 31,
2012 to
December 31,
2013

December 30,
2011 to
December 31,
2012

Since
inception

Absolute
Returns (%)

Absolute
Returns (%)

Absolute
Returns (%)

Current Value
of Investment
of `10000

CAGR (%)

Inception
Date

31-Mar-99

Funds Managed by Vinay

Sharma
ICICI Prudential FMCG Fund

32.46

9.27

40.81

153920.00

18.94

CNX FMCG-Index(Benchmark)

18.22

12.18

48.53

63083.76

12.39

CNX NIFTY Index

31.39

6.76

27.70

76830.39

13.81

116.20

106.34

75.52

ICICI Prudential Target Returns

Fund

39.59

9.22

30.90

22990.00

16.04

S&P BSE-100(Benchmark)

32.28

5.87

29.96

19371.87

12.54

CNX NIFTY Index

31.39

6.76

27.70

19097.32

12.25

NAV (`) Per Unit (as on Dec 31,

2014 : 22.99)

16.47

15.08

11.52

NAV (`) Per Unit (as on Dec 31,

2014 : 153.92)

10.00
28-May-09

10.00

Scheme count for the total schemes managed by the Fund Managers does not include all Capital Protection Oriented Funds, Multiple Yield
Funds, Interval Funds and Fixed Maturity Plans.

08

IPRU Insights | December 2014

HAPPENINGS AT ICICI PRUDENTIAL MUTUAL FUND

A low down on
ICICI Prudential Mutual Fund
Pru Tracker
D

o you want a single window to see all

your mutual funds at one place? Do
you want to buy or redeem mutual funds
easily with the click of a button? Or even
set triggers of entering and exiting a fund?
Or switch and invest in a new fund? Then
you must check out the ICICI Prudential
Mutual Fund Pru Tracker.
Many of our investors are using the Pru
Tracker to easily navigate through a host of
mutual fund functions and make the most

of their investments. In fact, Pru Tracker

allows you to do to more than just transact
in mutual funds. It gives you a complete
picture of your investments with us and
makes mutual fund investing with us a
good investment experience.
Investors can not only have a look at their
account statements, but also set multiple
triggers and set up their limits for
automatic investments. In fact, if you have
not yet seen the Pru Tracker, then you are

probably missing a vital tool that can help

you to connect with us regularly and stay in
touch with your investments with us.
In fact, we think you must check out the link
now:
https://www.icicipruamc.com/PruTracker/
APP/ASPX/frmLogin.aspx
Enjoy!

PRU TRACKER

IPRU Insights | December 2014

09

Contact Us
Ahmedabad: 307, 3rd Floor, Zodiac Plaza, Beside Nabard Vihar, Near
St. Xaviers College Corner, H.L. Collage Road, Off C. G. Road,
Ahmedabad 380009, Gujarat
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Amritsar - 143001, Punjab
Anand: 109-110, Maruti Sharnam Complex, Opp. Nandbhumi Party
Plot, Anand Vallabh Vidyanagar Road, Anand - 388001, Gujarat
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Adalat Road, Aurangabad - 431001, Maharashtra
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No 46, Ulsoor Road, Bangalore 560042, Karnataka
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Road, Off MG Road, Ravipuram , Kochi 682015, Kerala
Coimbatore: Shylaja Complex, First Floor, No 575 C, D.B. Road,
Near Post Office Signal, R. S. Puram, Coimbatore 641002, Tamil Nadu
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road, Dehradun 248001, Uttaranchal
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Sarani, CityCentre, Durgapur 713216, West Bengal
Gurgaon: M.G. Road, Vipul Agora Bulding, Unit no 109, 1st Floor,
Opp. JMD Regedt Sq, Gurgaon - 122001
Guwahati: Jadavbora Complex, M.Dewanpath, Ullubari, Guwahati
781007, Assam

Lucknow: 1st Floor Modern Business Center,19 Vidhan Sabha Marg,

Lucknow 226001, Uttar Pradesh
Ludhiana: SCO 121, Ground Floor, Feroze Gandhi Market, Ludhiana
141001, Punjab
Mumbai-Borivli: ICICI Prudential Mutual Fund, Ground Floor,
Suchitra Enclave Maharashtra Lane, Borivali (West), Mumbai 400092,
Maharashtra
Mumbai - Fort: ICICI Prudential Asset Management Co Ltd, 2nd Floor,
Brady House, 12/14 Veer Nariman Road Fort, Mumbai 400001,
Maharashtra
Mumbai - Ghatkopar: Ground Floor, Unit No 4 & 5, Platinum Mall,
Opposite Ghatkopar Railway Station, Jawahar Road, Ghatkopar East,
Mumbai 400077
Mumbai - Goregaon: 2nd Floor, Block B-2, Nirlon Knowledge Park,
Western Express Highway, Goregaon, Mumbai 400013, Maharashtra
Mumbai-Khar: ICICI Prudential Mutual Fund, 101, 1st Floor, Abbas
Manzil, Opposite Khar Police Station, S. V. Road, Khar (W), Mumbai
400052, Maharashtra
Mumbai-Thane: ICICI Prudential Mutual Fund, Ground Floor, Mahavir
Arcade,Ghantali Road, Naupada, Thane West, Thane 400602,
Maharashtra
Mumbai-Vashi: ICICI Prudential AMC Ltd, Devavrata Co-op Premises,
Plot No 83, Office No 26, Gr Floor, Sector 17, Vashi, Navi Mumbai
400703, Maharashtra
Nagpur: 1st Floor, Mona Enclave, WHC Road, Near Coffee House
Square, Above Titan Eye Showroom, Dharampeth, Nagpur 440010,
Maharashtra
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New Pandit Colony, Nashik 422002, Maharashtra
New Delhi: 12th Floor Narain Manzil,23 Barakhamba Road, New Delhi
110001, New Delhi
Noida: F-25, 26 & 27, First Floor,Savitri market, Sector-18, Noida
201301, Uttar Pradesh
Panjim: Sandeep Apts, Shop No. 5 & 6, Grond Floor, Next to Hotel
Samrat, Dr. Dada Vaidya Road, Panaji 403001, Goa

Hyderabad-Begumpet: Gowra Plaza, 1st Floor, No: 1-8-304307/381/444,S.P. Road, Begumpet, Secunderabad, Hyderabad
500003, Andhra Pradesh

Patna: 1st Floor, Kashi Place, Dak Bungalow Road, Patna 800001,
Bihar

Indore: 310-311 Starlit Tower,29/1 Y N Road, Indore 452001, Madhya

Pradesh

Pune: 1205 /4/6 Shivaji Nagar, Chimbalkar House, Opp Sambhaji

Park, J M Road, Pune 411004, Maharashtra

Jaipur: Building No 1, Opp Amrapura Sthaan, M.I. Road, Jaipur

302001, Rajasthan

Raipur: 3rd Floor, Tank Business Tower, Near Fafadih Chowk, Raipur 492001

Jalandhar: 102, 1st Floor, Arora Prime Tower, G T Road, Jalandhar 144001, Punjab

Rajkot: Office no 201, 2nd Floor, Akshar X, Jagannath-3, Dr. Yagnik

Road, Rajkot 360001, Gujarat

Jamshedpur: Office # 7, II Floor, Bharat Business Centre, Holding # 2,

Ram Mandir Area, Bistupur, Jamshedpur 831001, Jharkhand

Siliguri: Ganapati Plaza, 2nd Floor, Sevoke Road, Siliguri 734001,

West Bengal

Kalyani: B- 9/14 (C.A), 1st Floor, Central Park, Dist- Nadia, Kalyani
741235, West Bengal

Surat: HG 30, B Block, International Trade Center, Majura Gate, Surat

395002, Gujarat

Kanpur: 516-518, Krishna Tower, 15/63, Civil Lines,Opp. U.P. Stock

Exchange, Kanpur 208001, Uttar Pradesh

Udaipur: Shukrana, 6 Durga Nursery Road, Near Sukhadia Memorial,

Udaipur 313001, Rajasthan

Kolhapur: 1089, E Ward, Anand Plaza, Rajaram Road, Kolhapur

416001, Maharashtra

Varanasi: D-58/2, Unit No.52 & 53,Ist Floor, Kuber Complex,Rath

Yatra Crossing, Varanasi 221010, Uttar Pradesh

Kolkata - Dalhousie: Room No. 409, 4th Floor, Oswal Chambers, 2,

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Email:trxn@icicipruamc.com

Kolkata - Lords: 227, AJC Bose Road, Anandalok, 1st Floor, Room
No. 103/103 A, Block - B, Kolkata 700020, West Bengal

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IPRU Insights | December 2014

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IPRU Insights | December 2014

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
The sector(s)/ stock(s) mentioned in this presentation do not constitute any recommendation/ opinion of the same and ICICI Prudential Mutual Fund
may or may not have any future position in these sector(s)/stock(s). Past performance may or may not be sustained in the future. Please refer to the
SID for investment pattern, strategy and risk factors. This material is circulated only to the empanelled Advisors/ Distributors of ICICI Prudential
Asset Management Company Limited (the AMC). The information contained herein is only for the reading/ understanding of the registered Advisors/
Distributors.
In the preparation of the material contained in this document, the AMC has used information that is publicly available, including information
developed in-house. Some of the material used in the document may have been obtained from members/ persons other than the AMC and/or its
affiliates and which may have been made available to the AMC and/ or to its affiliates. Information gathered and material used in this document is
believed to be from reliable sources. The AMC however does not warrant the accuracy, reasonableness and/ or completeness of any information.
We have included statements in this document, 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, which have an impact on our services and/ or investments, the
monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other
rates or prices etc.
All data/ information used in the preparation of this material is specific to a time and may or may not be relevant in future post issuance of this
material. The AMC takes no responsibility of updating any data/ information in this material from time to time. The AMC (including its affiliates), the
Mutual Fund, The Trust and any of its officers, directors, personnel and employees, shall not liable for any loss, damage of any nature, including but
not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of this material in
any manner. The recipient alone shall be fully responsible/ are liable for any decision taken on this material.

IPRU Insights | December 2014

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