IDFC Core Equity Fund is an open-ended equity scheme that invests in both large and mid-cap stocks. The fund aims to provide the steady returns of large caps along with the higher growth potential of mid caps. It uses a 3-factor model to identify quality stocks with strong cash generation, high returns on capital, and manageable debt levels. Currently, the fund focuses on analyzing financial track records, relative value, and sector outlooks. It has a larger allocation to cyclical sectors compared to its benchmark index and is overweight in sectors like cement and information technology.

1. IDFC Core Equity Fund
Large & Mid Cap Fund - An open ended
equity scheme investing in both large
cap and mid cap stocks

2. Why Large & Mid cap Fund – Where does it invests?
LARGE CAP
(Top 100 stocks)
MID CAP
(101st - 250th stocks)
SMALL CAP
(251st Stock and below)
Source: SEBI Circular on Categorization and Rationalization of Mutual funds, dated October 6, 2017 and December 4, 2017.
The market capitalization is subject to change on half yearly basis.
=
Large Caps tend to provide steady
returns and are less volatile
Mid Caps provide an opportunity for
higher capital appreciation
+
Better risk adjusted returns

3. Best of Both Worlds - Large Caps & Mid Caps
8 out of 13 times
Nifty Large
Midcap 250 TRI
outperformed
Nifty 50 TRI
Source : ICRA MFI Explorer
Calendar year (CY) returns in % provided for the price indices given above.
*CY 2021 data is as on 28 Feb 2021
Past performance may not be sustained in the future
78
19
-24
29
8
33
-3
4
30
6
13 16
4
100
17
-28
39
3
48
4 6
44
-5
6
21
8
-40
-20
0
20
40
60
80
100
120
CY2009 CY2010 CY2011 CY2012 CY2013 CY2014 CY2015 CY2016 CY2017 CY2018 CY2019 CY2020 CY2021*
Calendar year returns (%)
Nifty 50 TRI NIFTY Large Midcap 250 TRI

4. Stability of Large caps with Growth potential of Mid caps
% times positive returns generated by Nifty 50 TRI 98.8%
% times positive returns generated by Nifty Large Midcap 250 TRI 93.5%
% times positive returns generated by Nifty Midcap 150 TRI 89.9%
% times positive returns generated by Nifty Smallcap 250 TRI 77.1%
Source : ICRA MFI Explorer.
Data on 3 year rolling returns provided above is annualized and pertains to dates Jan’10 to Feb’21
Past performance may not be sustained in the future
-4.3 -6.3 -8.1
-17.5
28.8
34.3
39.6 38.6
10.6 12.5 14.0
10.5
5.7
8.2
10.7
12.9
-30.0
-20.0
-10.0
0.0
10.0
20.0
30.0
40.0
NIFTY 50 TRI NIFTY LARGE MIDCAP 250
TRI
NIFTY MIDCAP 150 TRI NIFTY SMALLCAP 250 TRI
3 YEAR ROLLING RETURNS (%)
Minimum Maximum Average Std.Deviation
Large & Mid cap –
perfect blend of
growth with lower
volatility

5. 2,082
227,695
31-Jul-10 31-Dec-20
57.1% CAGR
Bajaj Finance
3,108
27,911
31-Jul-10 31-Dec-20
23.5% CAGR
MRF
24,958
197,629
31-Jul-10 31-Dec-20
22.0% CAGR
Asian Paints
97,866
657,880
31-Jul-10 31-Dec-20
20.1% CAGR
HDFC Bank
291
9,085
31-Jul-10 31-Dec-20
39.2% CAGR
Minda Industries
1,249
23,479
31-Jul-10 31-Dec-20
32.6% CAGR
Page Industries
Large Caps -
Good to
Great
Mid Caps -
Tomorrow’s
Potential
Leaders
Market Cap Expansion
Data as on 31 Dec 2020. Source: Bloomberg and AMFI, Market capitalization data in INR cr;
The sectors/stocks mentioned herein are only for illustrative purposes and should not be construed as a recommendation from IDFC Mutual Fund or indicative portfolio of any scheme of IDFC Mutual Fund. IDFC Mutual Fund may or may not hold any position in
these sectors/stocks. Performance of the above sectors/stocks should not be construed as indicative yield of any of the schemes of IDFC Mutual Fund. Portfolio of the fund would depend on asset allocation and investment strategy as stated in Scheme Information
Document and market conditions at the time of investment.

6. Strategy of IDFC Core
Equity Fund

7. 3
2
3
1
1
3
2
Financial Track
Record
Earnings
Trajectory
Relative Value
Competitive
Positioning
Scalability
Sector
Benchmark focus
Management
IDFC Core Equity Fund
A fund positioned in the “Large-Mid” category with large and mid cap bias currently
• A diversified fund with 3-factor filter to identify
Quality Stocks:
✓ Ability to generate cash
✓ Reasonable return on capital
✓ Ability to repay debt
• Underlying bias towards Relative Value
CURRENT STRATEGY
FITMENT WITHIN IDFC’S 7-FACTOR EQUITY
FRAMEWORK
Focus on:
• Analyzing Financial Track Record and Relative Value
• Benchmark alignment and hence sector outlook
3=Very Important, 1=Least Important.
The 7-factors considered for each schemes are rated on a relative basis to highlight their respective significance. The numbers do not have any significance in absolute terms.
(Previously known as IDFC Classic Equity Fund)

8. The “3-Factor” model
Cash Generating
• Greater flexibility in
responding to emerging
dilemmas
Earning Superior Return
on Capital
• Sustainably create value
for shareholders by
earning Return on
Capital greater than the
Cost of Capital
Ability to repay Debt
• Fixed cost of debt poses
a burden on cash flows
that are cyclically
impacted and therefore
debt needs to be at a
level that can sustain
downturns
Companies selected on the basis of following factors
(PAT + non Cash Charges –
Increase in Working Capital) /
EBITDA > 33%
Return on Net Worth > 15%
OR
EBITDA / Net Operating
Assets > 30%
Debt / EBITDA < 3

9. Holdings M-o-M
Company Industry (%) NAV
ICICI Bank Limited Banks 7.19%
Infosys Limited Software 6.90%
HDFC Bank Limited Banks 6.40%
State Bank of India Banks 3.43%
Bharti Airtel Limited Telecom - Services 3.21%
Reliance Industries Limited Petroleum Products 3.12%
Deepak Nitrite Limited Chemicals 2.46%
Jindal Steel & Power Limited Ferrous Metals 2.40%
Axis Bank Limited Banks 2.33%
ACC Limited Cement 2.26%
Supreme Industries Limited Industrial Products 2.24%
Mahindra & Mahindra Limited Auto 2.24%
Larsen & Toubro Limited Construction Project 2.03%
MRF Limited Auto Ancillaries 1.98%
The Ramco Cements Limited Cement 1.95%
Top 15 Equity Total 50.17%
Top 15 Holdings as on Feb’21 Top 15 Holdings as on Jan’21
Company Industry (%) NAV
Infosys Limited Software 7.35%
ICICI Bank Limited Banks 7.26%
HDFC Bank Limited Banks 6.48%
Bharti Airtel Limited Telecom - Services 3.35%
State Bank of India Banks 2.45%
ACC Limited Cement 2.43%
Reliance Industries Limited Petroleum Products 2.36%
Axis Bank Limited Banks 2.24%
Supreme Industries Limited Industrial Products 2.20%
Deepak Nitrite Limited Chemicals 2.10%
MRF Limited Auto Ancillaries 2.07%
Larsen & Toubro Limited Construction Project 1.97%
Jindal Steel & Power Limited Ferrous Metals 1.96%
The Indian Hotels Company Limited
Hotels/ Resorts and
Other Recreational
Activities
1.95%
ICICI Securities Limited Finance 1.94%
Top 15 Equity Total 48.10%
Source: ICRA MFI

10. Industry Allocation M-o-M
Construction
Project
3.2%
Power
3.7%
Consumer Non
Durables
4.0%
Petroleum
Products
4.7%
Cement
6.1%
Auto Ancillaries
6.1%
Industrial
Products
6.9%
Pharmaceuticals
9.0%
Software
10.9%
Banks
22.4%
Top 10 as on Feb’21 Top 10 as on Jan’21
Telecom - Services
3.3%
Power
3.4%
Petroleum
Products
3.7%
Consumer Non
Durables
4.3%
Cement
5.9%
Auto Ancillaries
6.4%
Industrial
Products
7.0%
Pharmaceuticals
10.4%
Software
12.2%
Banks
21.8%
Source: ICRA MFI

11. Fund Positioning :
IDFC Core Equity Fund Nifty LargeMidcap 250 TRI Index
Weight Stable Cyclical Total Weight Stable Cyclical Total
Large Cap 25.0% 27.7% 52.6% Large Cap 29.8% 21.7% 51.5%
Mid Cap 12.9% 25.4% 38.3% Mid Cap 21.5% 23.9% 45.4%
Small Cap 5.6% 3.5% 9.1% Small Cap 1.4% 1.7% 3.1%
Total 43.5% 56.5% Total 52.7% 47.1%
Sector Allocation :
Sector
Weight in
Fund
Weight in Nifty
LargeMidcap 250
Financials 25.3% 30.7%
Information Technology 10.9% 8.6%
Health Care 9.0% 6.8%
Auto 9.7% 8.7%
Cement / Building Mat 8.3% 3.8%
Industrials 7.4% 7.2%
Consumer Discretionary 5.7% 9.2%
Utilities 4.7% 4.6%
Commodities 5.5% 7.2%
Consumer Staples 4.5% 5.8%
Energy 4.7% 5.6%
Telecommunication
Services
3.2% 1.8%
Source: Bloomberg
Sectoral allocation is basis Bloomberg industry classification
Data as on 28th Feb 2021
Portfolio Details
▪ The fund continues to hold a relatively higher weight (57%) in Cyclical sectors as
compared to Nifty LargeMidcap 250 TRI Index (47%).
▪ The fund is overweight in Cement / Building materials, Information Technology and
Health Care sectors.
▪ Financials, Consumer Discretionary and Commodities are the three sectors with the
highest underweight position in the fund.
Stable Sectors: Retail Banks & NBFC’s, IT, Consumer Staple & Discretionary, Auto, HealthCare
Cyclical Sectors: Corp Banks & NBFC’s, Energy & Utilities, Industrials, Cement, Commodities, Telecom

12. Way Forward
▪ Our focus on Relative Value as a strategy which did not work in CY18 and CY19; however post Q1 CY20, this has
worked.
▪ Currently, since the rally is broad based and not narrow; accordingly we believe that it benefits the fund which
usually avoids benchmark heavy weights.
▪ Focus on small cap picks which underperformed since CY19 till Q1 CY20 and have now outperformed.
▪ Sector allocation a mix of Aggressive and Defensive – Overweight on sectors such as Automobiles which is played
mainly through ancillaries, IT services and Pharmaceuticals, while being underweight on Consumer Staples.
▪ Significant allocation towards domestic facing sectors – Cement, Industrials, Automobiles, Telecom which we
believe are well placed to benefit from a revival in the economy.

13. Fund Features
Fund Manager Month End AUM Date of Inception
Benchmark Exit Load
Mr. Anoop Bhaskar
(w.e.f. 30th April 2016)
INR 2,193.87 crores 9th August 2005
NIFTY LargeMidcap 250 TRI
Market Cap
Rs. 213,011 Crores
Data as on 28th Feb 2021
1) If redeemed/switched out within 365 days from the date of allotment:
a) Upto 10% of investment: Nil, b) For remaining investment: 1%
2) If redeemed / switched out after 365 days from date of allotment: Nil.

14. Performance of the Fund
Performance based on NAV as on 26/02/2021. Past performance may or may not be sustained in future. The performances given are of regular plan
growth option. Regular and Direct Plans have different expense structure. Direct Plan shall have a lower expense ratio excluding distribution expenses,
commission expenses etc. #Benchmark Returns. ##Alternate Benchmark Returns.
Performance Table
Scheme Name
CAGR Returns (%) Current Value of Investment of Rs 10,000
1 Year 3 Years 5 Years
Since Inception
Aug 09, 2005
1 Year 3 Years 5 Years
Since Inception
Aug 09, 2005
IDFC Core Equity Fund 25.89% 7.28% 15.82% 11.70% 12,581 12,345 20,830 55,960
NIFTY Large Midcap 250 TRI# 36.62% 11.01% 18.54% 14.55% 13,650 13,674 23,391 82,790
Nifty 50 TRI## 31.37% 12.88% 17.29% 13.91% 13,127 14,378 22,189 75,867

15. Other Funds managed by the Fund Manager
Performance based on NAV as on 26/02/2021. Past Performance may or may not be sustained in future. The performance details provided herein
are of regular plan growth option. Regular and Direct Plans have different expense structure. Direct Plan shall have a lower expense ratio excluding
distribution expenses, commission expenses etc. 1The fund has been repositioned from a Mid cap fund to a value fund w.e.f. May 28, 2018. 4The
fund has been repositioned from Balanced category to Aggressive Hybrid category w.e.f. April 30, 2018. £“IDFC Multi Cap Fund” has been re-
categorized from the Multi Cap Fund Category to the Flexi Cap Fund category and has been renamed as “IDFC Flexi Cap Fund“ with effect from
February 09, 2021.
Period 1 Year 3 Years 5 Years
Managing
Since
Benchmark Index
Scheme
Return (%)
Benchmark
Returns (%)
Scheme
Return (%)
Benchmark
Returns (%)
Scheme
Return (%)
Benchmark
Returns (%)
Fund Manager Name: Mr. Anoop Bhaskar
IDFC Core Equity Fund 30/04/2016 Nifty LargeMidcap 250 TRI 25.89% 36.62% 7.28% 11.01% 15.82% 18.54%
IDFC Flexi Cap Fund£ 30/04/2016 S&P BSE 500 TRI 14.64% 34.42% 5.02% 11.12% 11.76% 17.54%
IDFC Sterling Value Fund@1 30/04/2016 S&P BSE 400 MidSmallCap TRI ## 37.74% 43.89% 4.02% 6.75% 16.89% 17.67%
IDFC Hybrid Equity Fund4 30/12/2016
65% S&P BSE 200 TRI + 35% NIFTY
AAA Short Duration Bond Index *
23.48% 26.53% 6.83% 11.22% NA NA
IDFC Equity Opportunity - Series 5 16-03-2018 S&P BSE 500 TRI 25.10% 34.42% NA NA NA NA
IDFC Equity Opportunity - Series 6 27-07-2018 S&P BSE 500 TRI 33.78% 34.42% NA NA NA NA
IDFC Emerging Businesses Fund 25/02/2020 S&P BSE 250 SmallCap TRI 61.60% 45.20% NA NA NA NA
Mr. Anoop Bhaskar manages 7 schemes of IDFC Mutual Fund

16. Disclaimer:
MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME
RELATED DOCUMENTS CAREFULLY.
The Disclosures of opinions/in house views/strategy incorporated herein is provided solely to enhance
the transparency about the investment strategy / theme of the Scheme and should not be treated as
endorsement of the views / opinions or as an investment advice. This document should not be
construed as a research report or a recommendation to buy or sell any security. This document has
been prepared on the basis of information, which is already available in publicly accessible media or
developed through analysis of IDFC Mutual Fund. The information/ views / opinions provided is for
informative purpose only and may have ceased to be current by the time it may reach the recipient,
which should be taken into account before interpreting this document. The recipient should note and
understand that the information provided above may not contain all the material aspects relevant for
making an investment decision and the stocks may or may not continue to form part of the scheme’s
portfolio in future. The decision of the Investment Manager may not always be profitable; as such
decisions are based on the prevailing market conditions and the understanding of the Investment
Manager. Actual market movements may vary from the anticipated trends. This information is subject
to change without any prior notice. The Company reserves the right to make modifications and
alterations to this statement as may be required from time to time. Neither IDFC Mutual Fund / IDFC
AMC Trustee Co. Ltd./ IDFC Asset Management Co. Ltd nor IDFC, its Directors or representatives shall
be liable for any damages whether direct or indirect, incidental, punitive special or consequential
including lost revenue or lost profits that may arise from or in connection with the use of the
information.
The sectors / stocks mentioned herein should not be construed as an investment advice from IDFC
Mutual Fund and IDFC Mutual Fund may or may not have any future position in these sectors / stocks.
IDFC Core Equity Fund
(Large & Mid Cap Fund - An open
ended equity scheme investing in
both large cap and mid cap stocks)

17. THANK YOU