Monthly Market Outlook July 2022 | ICICI Prudential Mutual Fund

MONTHLY
MARKET
OUTLOOK
JULY
2022

Global Indices Performance
2
• Major global indices plunged on
concerns of global slowdown
amidst rising inflation, interest
rates & crude prices
• China & Hong Kong gave positive
returns as Chinese economy
opened up and Govt. announced
stimulus measures
Germany - DAX Index; China - SSE Composite Index; France - CAC 40 Index; Japan - Nikkei; Eurozone - Euronext 100; Hong Kong - HangSeng; US - Dow Jones; Singapore - Strait Times; Russia - RTS Index; Indonesia - Jakarta
Composite Index; U.K. - FTSE; South Korea - Kospi; Brazil - Ibovespa Sao Paulo Index; Indonesia – Jakarta Composite Index; Switzerland – Swiss Market Index; Taiwan – Taiwan Stock Exchange Corporation; India – S&P BSE
Sensex; Data Source: MFI & ACEMF, Returns are absolute returns for the index calculated between May 31, 2022 – June 30, 2022. Past performance may or may not sustain in future. FPI – Foreign Portfolio Investors. MFI
Explorer is a tool providedby ICRA Online Ltd.For their standard disclaimer please visithttp://www.icraonline.com/legal/standard-disclaimer.html
7
2
-3 -3 -4 -5
-6 -6
-7 -8 -8
-11 -12 -12
-13
-16
-12
-8
-4
0
4
8
China
Hong
Kong
Japan
Indonesia
Singapore
India
UK
US
Switzerland
Europe
France
Germany
Brazil
Taiwan
South
Korea
Returns Performance - June 2022 (%)

India – Sectoral Indices Performance
3
All indices are of S&P BSE and carry the prefix of S&P BSE; Abbreviated CD - S&P BSE Consumer Durables; CG - S&P BSE Capital Goods; FMCG - S&P BSE Fast Moving Consumer Goods; HC - S&P BSE Health Care; Infra. -
S&P BSE India Infrastructure; IT - S&P BSE Information Technology, NBFC – Non-banking Finance Companies. Data Source: MFI, ACEMF ; Returns are absolute returns for the TRI variant of the index (except Infrastructure
Index) calculated between May 31, 2022 – June 30, 2022; Past performance may or may not sustain in future. The sector(s)/stock(s) mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual
Fundmay or may not have any future position in thissector(s)/stock(s).MFI Explorer is a tool provided by ICRA OnlineLtd.For theirstandard disclaimerplease visit http://www.icraonline.com/legal/standard-disclaimer.html.
• Sectoral indices largely
underperformed as negative
global & domestic sentiments
weighed on Indian markets
• Auto was an outperformer
mainly on account of decline in
input costs, strong demand and
good sales
2
-2 -2 -3 -4 -4 -4 -4
-5
-6 -6 -6 -6
-9
-10
-13
-15
-10
-5
0
5
Auto
Energy
FMCG
Oil
&
Gas
Power
HC
Telecom
CG
Infra
Bankex
IT
Finance
Realty
CD
Basic
Mat.
Metal
Returns Performance - June 2022 (%)

4
Markets hit Tipping Point
Maintain positive stance over long term
Equity Outlook:

5
PROLOGUE
Macrosare going to be challenging in the coming few months similar t0 2013taper tanturumsdue to :
1. US Fed scaling down their balance sheet
2. US Fed hiking rates
3. FPI Outflowsin response to rate hikes
4. Currency depreciation due to FPI outflows
5. Inflation moving higher
6. RBI hiking ratesdue to
MARKETS HIT TIPPING POINT
As a popular wall street adage goes by, “Tops are a process, bottoms are an event” – meaning that in stock markets, it
takes time for all moving parts to top out and head to the bottom. Uptrends are a gradual affair unlike bottoms that are
marked by sharp moves. Usually, smaller changes and shifts in market trends accumulate and before we realize it, we hit
a tipping point.
That is how we believe the current market phase is all about where quite a few changes and trends had begun
accumulating since our interim communication last year (Markets@60k) and before markets realized it, it hit a tipping point.
Key factors that contributed to the recent market corrections can be summed up as follows –
• High to low liquidity (Central Bank driven Bull Markets to Central Bank driven Bear Markets)
• Low to high inflation & interest rates
• Quantitative easing to taper
• Geo-political disturbances
We however believe despite global headwinds, domestic macros remain strong & hence maintain positive stance on
equities over long term

6
Analysing Equity Markets
through our ‘VCTS’ framework
(Market Checklist)

VCTS Framework
7
The framework is a market checklist which is used to determine market valuations/conditions
for investment at any given point in time. The framework can find application across asset classes
P/E – Price to Earnings, PBV – Price toBook Value
Market V aluations
P/E or PBV helps in
ascertaining whether the
market is expensive or
cheap
Business C ycle T riggers
Triggers are events
which can have impact
on the overall equity
market
S entiments
Sentiments helps in
understanding investors
affinity towards the
equity market
Buy – Valuations Cheap
Sell – Valuations
Expensive
Buy – Cycle is weak
Sell – Cycle is Strong
Triggers – Unpredictable
event like COVID-19,
Geo-Political Tensions
Buy – Negative Sentiments
Sell – Positive Sentiments
Indicators like capacity
utilization or credit growth
help in understanding the
strength of business cycle

Valuations
8
Valuations appear to be in ‘NEUTRAL’ zone wherein markets have cooled off from recent peaks
but are still not inexpensive as levels seen in March-20
Source – NSE. Data as of June 30, 2022
20
15
20
25
30
35
40
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Jun-20
Jun-21
Jun-22
Nifty 50 P/E (Long Term Average)
Average: 24
4.0
2.0
2.5
3.0
3.5
4.0
4.5
5.0
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Jun-20
Jun-21
Jun-22
Nifty 50 P/B (Long Term Average)
Average: 3.5

Valuations
9
Marketcap to GDP ratio too is indicating that valuations are above long term average despite correction
Source – Edelweiss Research.Data as of June 30, 2022. GDP estimate as on June 30, 2022 is calculated estimating 12.3%growth in Q1FY23 on a YoY basis from Q1FY22
109
96
0
20
40
60
80
100
120
Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Jun-21 Jun-22
Market Cap to GDP (%)
Average: 80

Cycle
10
Credit Growth, Capacity Utilization & Corporate Profit to GDP though have picked up,
are in nascent stage and are expected to improve further.
Source: RBI, Motilal Oswal.GDP – Gross Domestic Product.Past performance may or may not sustain infuture
13.1%
4.0%
8.0%
12.0%
16.0%
20.0%
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Jun-20
Jun-21
Jun-22
CreditGrowth (YoY %)
Average: 10.2%
6.3
4.8
4.3 4.3
3.5
3.0
3.5
2.4
2.8
1.9
4.4
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
CorporateProfitto GDP (%)
72.4
40
50
60
70
80
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
India CapacityUtilizationRate
Average: 72

Sentiments
11
While FPIs have been net sellers since the start of CY2022, DIIs especially Mutual Fund houses
have been active buyers in equity markets due to which sentiments are in ‘NEUTRAL’ zone
Source: Kotak Institutional Equities.FPI – Foreign Portfolio Investors, DII – Domestic Institutional Investors.Pastperformance may or may not sustain in future
-4,817 -5,018
-3,693 -3,816
-4,871
-6,309
2,212
3,752
2,904 2,934
3,804
2,656
727
1,849 2,291
1,107
2,769
3,313
-8,000
-6,000
-4,000
-2,000
0
2,000
4,000
6,000
Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22
Monthly Flows for FPI, Mutual Fund Houses and DII
FPI Mutual fund Houses Other DII

Triggers
12
Going forward, markets may take a cue from following events
01
03
02
04
High crude oil prices may result in external sector imbalance in near term
High Crude Oil Prices
Stagflation fears persist as high inflation and interest rates may hinder Growth
Global growth slowdown
Soaring inflation & interest rates may be a catalyst for reduced consumer
confidence and affect Growth
Rising Inflation & Interest Rates
As the Russia-Ukraine war enters into 5th month, supply chains continue to
remain under stress
Longevity of geo-political tensions

13
Indian Economy amidst
Global Headwinds

Trends in Manufacturing & Services Space
14
Momentum in services appear to be improving while manufacturing maintains a healthy pace.
IIP too appears to be improving indicating continued improvement in economic activity
Source – Nirmal Bang. PMI – PurchasingManagers Index
54.6
58.9
40.0
45.0
50.0
55.0
60.0
65.0
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
PMI - Manufacturing & Services
PMI Manufacturing Index PMI Services Index
11.5
12.0
3.3
4.0
1.3
0.7
1.5 1.5
2.2
7.1
0.0
3.0
6.0
9.0
12.0
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
IIP (% YoY)

Healthy Demand
15
Demand in the Passenger Vehicle & 2 Wheeler sales is rising. Center’s expenditure (net of interest
payments) too is increasing which may bode well for demand
Source – Kotak Institutional Equities
185
255
-50
0
50
100
150
200
250
300
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Motorvehicle sales (% YoY)
PV sales (% YoY) 2W sales (% YoY)
20
26
7
-10
19
28
-15
-5
5
15
25
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Center's expenditure (net of interest payments)
(% YoY)

Rising FDI (stable) flows
16
Source – https://pib.gov.in.FDI Foreign Direct Investment
62
74
82 84
0
10
20
30
40
50
60
70
80
90
FY2019 FY2020 FY2021 FY2022
FDI Inflows (USD Bn)
• Improving business landscape & ease
of doing business led to highest ever
annual FDI inflow of USD 84 Bn in
FY2021-22
• FDI inflows have increased 20-fold in
last 20 years
• FDI equity inflows in Manufacturing
rose by 76% in FY 2021-22
• Top FDI equity inflows were from
Singapore (27%) followed by U.S.A
(18%)

Robust Tax Collections
17
Source – Morgan Stanley. GST – Goods & Services Tax
GST Collections have been resilient since economy re-opened and have been a major source of
revenue for the Govt. which is working towards reducing Fiscal Deficit
1,675
1,440
0
400
800
1200
1600
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
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
GST Collections (INR Bn)

Comfortable Forex Reserves
18
Source – Morgan Stanley. Forex – Foreign Exchange
598
602
596
578
591
588
565
570
575
580
585
590
595
600
605
Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22
Forex Reserves USD Bn)
India’s Forex reserves are
better placed compared to
2013 crisis when reserves
were ~290 USD Bn

Govt. Reforms
19
Source -https://www.indiabudget.gov.in/economicsurvey.GDP – Gross Domestic Product
KEY SUPPLY SIDE REFORMS
Production Linked Incentive
Scheme approved for 13 sectors Banking sector reforms:
Deposit insurance, introduction of
interim payments, etc.
National Monetization pipeline,
privatization of Public Sector
Enterprises
Retrospective tax repealed to
promote tax certainty
& foreign investment

Export as an opportunity / China +1
20
Source – Morgan Stanley,SparkCapital Research.The sector(s)/stock(s)mentionedin this slide do not constitute any recommendationand ICICI Prudential MutualFund may or maynot have any futureposition in this
sector(s)/stock(s).
Labour Cost is amongst the lowest
compared to peers in India
Post the pandemic, in a bid to diversify supply chains
from China, some key investment announcements by
global manufacturing include
1000 3000 5000 7000 9000 11000
Bangladesh
Indonesia
India
Vietnam
Philippines
Mexico
Malaysia
Brazil
China
Wages per employee (in US$, at current prices)
2019 2018 2005
Companies
Investment
Time Period
(Rs. bn)
• Gionee
12.5 FY16 - FY19
• Xiaomi
• Videocon
• Jivi Mobile
Lava 26.2 FY16 - FY22
Foxconn 340 FY18 onwards
Samsung 50 FY18 - FY20
Comio Intex 11.5 FY19
iVoomi 2.5 FY19

Summary & Outlook
21
• As per our ‘VCTS’ framework, Valuations have cooled-off in last one year, Cycle remains in Neutral
zone as recovery has just begun and Sentiments too appear Neutral as FII selling is off-setted by DII
buying
• Despite various global headwinds like stagflations risks, rising crude prices and geo-political
uncertainty, Indian economy appears to be doing better in terms of economic activity, flows, reserves
& reforms
• Our medium to long term outlook on equities continues to remain positive while recommending
staggered (SIP + STP) mode of investment
• We continue to recommend schemes which have the flexibility to manoeuvre across different Asset
classes, Marketcap & Themes to mitigate expected volatility in near term
• We remain positive on sectors which are closely linked to economy like Auto, Banks, Capital Goods,
Infrastructure, etc.

Our Equity Valuation Index
22
Equity Valuation index is calculated by assigningequal weightsto Price-to-Earnings(PE),Price-to-Book(PB),G-Sec*PEandMarketCapto GDP ratio.G-Sec – GovernmentSecurities. GDP – Gross DomesticProduct,Data
as on June 30, 2022 has been considered.Equity Valuation Index(EVI)is a proprietarymodel ofICICI Prudential AMC Ltd.(theAMC) usedfor assessingoverallequity marketvaluations.The AMC mayalsousethismodel
for other facilities/features offeredby the AMC.
• Our Equity Valuation Index
highlights that overall
valuations have moderated
from recent peak amidst
rising global uncertainty
• We recommend equity
investing with a long term
perspective coupled with
Hybrid/FOF schemes
managing different asset
classes that may help
navigate market volatility
105.9
50
70
90
110
130
150
170
Jun-05
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Jun-20
Jun-21
Jun-22
AggressivelyInvest in Equities
Neutral
Incremental Money to Debt
Book Partial Profits
Invest in Equities

Investment Approach
Three bucket approach to manage volatility
The asset allocation and investment strategy will be as per Scheme Information Document. The above is only for illustration purpose
20
Flexibility to invest
in various asset
classes
• ICICI Prudential Balanced Advantage Fund
• ICICI Prudential Multi-Asset Fund
Flexibility to move
between
sectors/themes
• ICICI Prudential Dividend Yield Equity Fund
• ICICI Prudential Thematic Advantage Fund
(FOF)
Flexibility to move
between market-
caps
• ICICI Prudential Exports & Services Fund
• ICICI Prudential Bharat Consumption Fund
• ICICI Prudential Value Discovery Fund
• ICICI Prudential Flexi cap Fund
HYBRID
• ICICI Prudential Passive Multi-Asset Fund of
Funds
• ICICI Prudential Asset Allocator Fund (FOF)
FUND OF FUNDS

Asset Allocation Approach –
ICICI Prudential Asset Allocator Fund (FOF)
25
Data as of June 30, 2022.Past performance may or may not sustain in future. The asset allocation andinvestment strategy will be as per Scheme Information Document. Investors may please note that they will be bearingthe
recurringexpensesofthis Scheme in addition tothe expensesofthe underlyingSchemesin which thisScheme makesinvestment
ICICI Prudential Asset Allocator Fund (FOF) aims to allocate across
Equity oriented schemes, Debt oriented schemes& Gold ETFs/schemes basis relativevaluations
Current Allocation
Equity Schemes 34.4%
Debt Schemes 51.6%
Gold ETFs/Schemes 10.6%
41,254
29,468
60,701
53,019
36%
83%
31%
34%
10%
30%
50%
70%
90%
25,000
35,000
45,000
55,000
65,000
Dec-19
Apr-20
Aug-20
Dec-20
Mar-21
Jul-21
Nov-21
Mar-22
Jun-22
Scheme
Net
Equity
Exposure
S&P
BSE
Sensex
Levels
Scheme Net Equity Exposure Vs. S&P BSE Sensex Levels
S&P BSE Sensex Net Equity Level

ICICI Prudential Passive Multi-Asset Fund of Funds
26
* The exposure to different asset classes is through ETFs/Index schemes. Data as of June 30, 2022. The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the scheme.
Please refer to the SID for investment pattern,strategy andrisk factors. The asset allocation and investment strategy will be as per Scheme Information Document. For more scheme related details and disclosures, refer website
www.icicipruamc.com
The scheme provides exposure to Global equities along with different asset classes like Equity, Debt & Gold*
27%
28%
31%
11% 3%
Current Portfolio Allocation
Domestic Equity ETF
Foreign ETF
Domestic Debt ETF
Gold ETF
Short Term Debt and net current
assets

ICICI Prudential Multi-Asset Fund
27
Source: MFI Explorer. Data as of June 30, 2022, Equity portion is excluding the derivative exposure and including preference shares. *The portfolio has exposure of 8.61% to Gold ETCDs (Exchange Traded Commodity
Derivatives) & 2.44% to Silver ETCD. REITs – Real Estate Investment Trust, InvITs – Infrastructure Investment Trust. The sector(s)/stock(s) mentioned in this slide do not constitute any recommendation and ICICI Prudential
Mutual Fundmay or may not have any future position in these sector(s)/stock(s). The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the scheme. Please refer to the
SIDfor investmentpattern,strategy andriskfactors.Theasset allocation andinvestmentstrategywill be as per SchemeInformationDocument.
ICICI Prudential Multi-Asset Fund aims to allocate across various asset classes –
Equity, Debt, Gold, REITs & InvITs
 High Sector Deviation Fund
 Overweight: Power, Pharma, Telecom
 Underweight FMCG, Banks, Software
 Moderate equity exposure in absence
of incremental triggers
Portfolio Positioning
(excludes Gold ETCDs)
67%
4%
1%
28%
Portfolio as on June 30, 2022
Equity
Gold*
REITs & InvITs
Debt Holdings & Net
Current Assets

Value Outperforms
28
Universe considered is all listed stocks as of June 30, 2022. Stocks are arranged in descending order as per Marketcap. Source: Edelweiss Research. Past performance may or may not sustain in future
Post 2018 market fall, market rally was concentrated and led by Growth stocks.
However, post Sep-2020, we have seen a more broad based rally and
going forward we expect this rally to continue
60%
4%
-2%
2% 1%
-24%
-57%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
Top
10
Top
11-20
Top
21-50
Top
51-100
101-250
251-500
>=501
Marketcap Change (Since Feb'18 till Sep'20)
43%
95%
58% 56% 60%
66%
55%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Top
10
Top
11-20
Top
21-50
Top
51-100
101-250
251-500
>=501
Marketcap Change (Since Sep'20 till June'22)

ICICI Prudential Value Discovery Fund
29
The asset allocation and investment strategy will be as per Scheme Information Document
Fundamentally strong, low leveraged
companies with strong balance sheets
are looked at
Value in terms of business fundamentals
and viability is considered over price or
valuation ratios
The portfolio is placed at the center of
economic recovery i.e. it aims to perform
well during periods of economic turnaround
Overvalued companies/sectors are
substituted with reasonably valued ones
The portfolio is flexicap in Nature which
seeks value opportunities across market caps
FLEXICAP
ECONOMY
SUBSTITUTE
VALUE
STRONG

Feature Innovation
30
Booster SIP: The power of variable amount
Invests through an STP a variable amount in Target Scheme in the range of 0.1-10X of base installment amount depending
on market scenarios
The above is only for illustration purposes and is based on various technical/market related factors based on which the SIP amount is determined. These factors are not exhaustive and may undergo change as per market conditions from time to time. Past
performance may or may not sustain in future.
Booster SIP is an fixed SIP amount in the Source Scheme w hich is transferred through monthly STP to Target Schemes using a Equity Valuation Based (EVI) based multiplier on the base installment amount.
The multiplier is the extent to which the base installment amount may vary. In case of Booster SIP it will be within the range of 0.1X to 10X of the base installment. For eg, on a base installment of Rs. 10,000, the investment amount can be from
Rs. 1,000 (0.1X multiplier) to Rs. 1,00,000 (10X multiplier). The multiplier is decided based on the Equity Valuation Index , EVI is the Equity Valuation Index which is a proprietary model of ICICI Prudential AMC (Henceforth referred to as EVI). Equity
Valuation Index (EVI) is a proprietary model of ICICI Prudential AMC Ltd. (the AMC) used for assessing overall equity market valuations. The AMC may also use this model for other facilities/features offered by the AMC. This facility should not be
confused with Booster STP, Freedom SIP, Freedom STP or any other facilities offered by ICICI Prudential Asset Management Company Limited. These are different facilities offered by ICICI Prudential Asset Management Company Limited.

Feature Innovation
31
1
2
3
4
Option for those who are having lump-sum money to
invest and looking for optimal investment strategy to
invest for long term
Booster STP stagger the investment by dynamic
installment & dynamic tenure
Change installment amount based on market valuation
Rs. 10000 installment may vary in the range of Rs.1,000
to Rs.50,000 based on equity valuation index
ICICI Prudential Booster Systematic Transfer Plan (“Booster STP”) is a facility wherein unit holder(s) can opt to transfer variable amount(s) from designated open ended Scheme(s) of the Fund [hereinafter referred to as “Source Scheme”] to the designated open-ended
Scheme(s) of the Fund [hereinafter referred to as “Target Scheme”] at defined intervals. The Unitholder would be required to provide a Base Installment Amount that is intended to be transferred to the Target Scheme. This facility should not be confused with Booster
SIP, Freedom SIP, Freedom STP or any other facilities offered by ICICI Prudential Asset Management Company Limited. These are different facilities offered by ICICI Prudential Asset Management Company Limited. The variable amount(s) or actual amount(s) of
transfer to the Target Scheme will be linked to the Equity Valuation Index (hereinafter referred to as EVI). Equity Valuation Index (EVI) is a proprietary model of ICICI Prudential AMC Ltd. (the AMC) used for assessing overall equity market valuations. The AMC may
also use this model for other facilities/features offered by the AMC

32
FIXED INCOME OUTLOOK:
RBI Changing Gears

RBI Policy Journey So Far…
33
LAF – Liquidity AdjustmentFacility,SDF – StandingDepositFacility
Stopped Injecting
Liquidity
Narrowed LAF
Corridor
Hiked Cash
Reserve Ratio
Introduction
of SDF
Hiked Repo
Rate

RBI Policy Measures
34
Data as on June 30, 2022, Source – CRISIL Research,CRR – Cash ReserveRatio
The RBI hiked repo rates to 4.9% during recent policy meet & has continued to absorb excess liquidity
-12000
-10000
-8000
-6000
-4000
-2000
0
2000
4000
Jun-17
Jun-18
Jun-19
Jun-20
Jun-21
Jun-22
Banking liquidity (INR bn)
4.9
3
4
5
6
7
8
9
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Jun-20
Jun-21
Jun-22
Repo Rate and CRR Movement
CRR Repo Rate

Month Gone By – Yield Curve Movement
35
Data as on July 03,2022,CRISIL Research
RBI’s policy normalization phase is affecting the shorter-end of the yield curve
more compared to the longer-end
4
5
6
7
8
1M 3M 6M 1 Yr 2 Yrs 3 Yrs 5 Yrs 10 Yrs
Yield Curve – Gsec (%)
03-Jul-22 31-May-22
4
5
6
7
8
1M 3M 6M 1 Yr 2 Yrs 3 Yrs 5 Yrs 10 Yrs
Yield Curve – Corporate Bond (%)
03-Jul-22 31-May-22

Month Gone By – Yield Curve Movement
36
Data as on June 30,2022.Source – CRISIL Research
Term Spreads Compressed Marginally
due to Rise in Short-term Yields
7.1
7.3
7.5
7.7
6
6.2
6.4
6.6
1-Jun 30-Jun
Gsec 1-Year G-sec 10-Year (RHS)
Credit Spreads Compressed due to Fall in
Corporate Bond Yields
7.3
7.5
7.7
7.9
8.1
1-Jun 30-Jun
G-Sec 10-Year AAA CB - 10-Year

Yield Curve – Valuations
37
High valuations at the
short-end of the yield curve
have corrected. Long-end
term premium is reasonable
but needs to be managed
actively
KEY TAKEAWAYS
Data as on June 30,2022,CRISIL Research
High term premium but
follow tactical approach
due to rising interest-rate
cycle
Risk reward
benefit moderate
to low
More prone to policy
normalization
4.0
4.5
5.0
5.5
6.0
6.5
7.0
7.5
8.0
1M 3M 6M 1 Yr 2Yrs 3 Yrs 5 Yrs 10 Yrs
Gsec Yield Curve (%) Corporate Bond Yield Curve (%)

Our View
38
 We expect the RBI to intensify its battle against high inflation while putting growth on the back-burner
 We expect longer-end to remain volatile, but more protective compared to shorter-end
 The burden of the impact will be more visible in the extreme short end of the yield curve.
 We expect repo rate hikes in the upcoming meetings
 We expect withdrawal of surplus liquidity from the system and hiking CRR is a strong step towards it
 We believe floating-rate bonds (FRBs) has the ability to outperform all other fixed-rate instruments
 Invest in schemes which takes exposure in FRBs like ICICI Prudential Floating Interest Fund and ICICI
Prudential Savings Fund

Investment Approach
39
Shifting
Sands
Shifting
Sands
We are here
Accrual Strategy
InterestRate Hike
Period:
Low duration funds
InterestRate Pause
Period:
Active Duration
Management
InterestRate Fall Period:
High Duration Funds and
Passive Long Duration
Funds
Interest Rate Pause Period:
Active Duration Management
Time
Interest
Rate
Current Interest rate-rise cycle & Product Strategy (Illustration)
Interest Rate Hike
Period:
Floating & Low
duration funds

Our Positioning of Portfolios to
mitigate Interest rate volatility
40
Shifting
Sands
Adding Natural
Floating Rate
Instruments
Managing
Duration
Actively
Holding onto
spread assets
We have deployed three strategies to buffer the interest-rate volatility

Higher Allocation to Natural Floating Rate Bonds
41
Data as on June 30, 2022
Shifting
Sands
Shifting
Sands
Scheme Name
Exposure to Natural Floating Rate
Instruments
ICICI Prudential Floating Interest Fund 83.4%
ICICI Prudential Gilt Fund 76.9%
ICICI Prudential Savings Fund 55.7%
ICICI Prudential Corporate Bond Fund 54.8%
ICICI Prudential All Seasons Bond Fund 38.9%
ICICI Prudential Short Term Fund 34.6%
ICICI Prudential Banking & PSU Debt Fund 28.5%
ICICI Prudential Bond Fund 25.9%
We have added exposure to Natural Floating Rate Bonds across our portfolios which has a
6 Months reset and gets adjusted with rising interest-rate cycle

Active Duration Approach
42
Shifting
Sands
Term premium has
moderated from its peak,
however remains above
Long Term Average
Source:CRISIL Research,Data as on June 30,2022.Past performance mayor may not sustain in future
Shifting
Sands
-2
-1
0
1
2
3
Jun-02
Jun-03
Jun-04
Jun-05
Jun-06
Jun-07
Jun-08
Jun-09
Jun-10
Jun-11
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Jun-20
Jun-21
Jun-22
Term Premium (10 Yr Gsec - 1 Yr Tbill) % Long Term Average Premium %
Average spread:
89 bps
Current spread:
121 bps KEY TAKEAWAY

Actively Managing Duration
43
Data as on June 30, 2022
Shifting
Sands
Shifting
Sands
Scheme
Modified Duration (Years)
June 2022 Dec 2021 Difference
ICICI Prudential Liquid Fund 0.1 0.1 0.0
ICICI Prudential Ultra Short Term Fund 0.4 0.3 0.1
ICICI Prudential Savings Fund 0.7 0.9 -0.2
ICICI Prudential Floating Interest Fund 0.6 1.5 -0.9
ICICI Prudential Money Market Fund 0.3 0.2 0.1
ICICI Prudential Corporate Bond Fund 1.1 2.8 -1.7
ICICI Prudential Banking & PSU Debt Fund 1.9 3.9 -2.0
ICICI Prudential All Seasons Bond Fund 3.5 3.7 -0.2
ICICI Prudential Short Term Fund 2.3 2.2 0.1
ICICI Prudential Medium Term Bond Fund 2.7 3.3 -0.6
ICICI Prudential Credit Risk Fund 1.7 1.9 -0.2
ICICI Prudential Bond Fund 4 4.9 -0.9
ICICI Prudential Constant Maturity Gilt Fund 6.6 7.0 -0.4
ICICI Prudential Gilt Fund 1.9 7.5 -5.6
ICICI Prudential Long Term Bond Fund 7.2 8.4 -1.2
ICICI Prudential Liquid Fund 0.1 0.1 0.0

Exposure to Spread Assets
44
Data as on June 30, 2022, Past performance may or may not be sustained in future, * Includes TREPS & Net Current Assets,^ Includes Treasury Bills, # - Excludes REITs and InvITs which stands at 2.4%
Shifting
Sands
Shifting
Sands
Scheme Name
Cash* +
Gsec^
AAA/A1+ AA Below AA-
Yield to
Maturity
Modified
Duration
(% Holding) (% Holding) (% Holding)
ICICI Prudential Overnight Fund 100.0% 0.0% 0.0% 0.0% 4.7% 1 Day
ICICI Prudential Liquid Fund 28.5% 71.5% 0.0% 0.0% 5.2% 40 Days
ICICI Prudential Money MarketFund 25.2% 74.8% 0.0% 0.0% 5.8% 117 Days
ICICI Prudential Ultra Short Term Fund 27.4% 53.3% 18.2% 1.1% 5.7% 133 Days
ICICI Prudential Savings Fund 69.0% 26.1% 4.9% 0.0% 6.1% 244 Days
ICICI Prudential Floating Interest Fund 72.3% 15.7% 12.0% 0.0% 6.4% 230 Days
ICICI Prudential Corporate Bond Fund 32.6% 67.4% 0.0% 0.0% 6.7% 1.1 Yrs
ICICI Prudential Short Term Fund 40.6% 42.2% 17.2% 0.0% 6.9% 2.3 Yrs
ICICI Prudential Banking & PSU Debt Fund 31.4% 59.5% 9.1% 0.0% 6.3% 1.9 Yrs
ICICI Prudential Medium Term Bond Fund 27.3% 15.1% 57.6% 0.0% 7.8% 2.7 Yrs
ICICI Prudential Credit Risk Fund#
23.2% 9.5% 59.7% 7.6% 8.1% 1.7 Yrs
ICICI Prudential All Seasons Bond Fund 51.2% 12.5% 36.3% 0.0% 7.3% 3.5 Yrs
Spread Assets

Scheme Positioning – Duration & YTM
45
Data as on June 30, 2022,Past performance may or may not be sustained in future, IPRU : ICICI Prudential
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5%
Mod Duration (In Yrs.) & YTM (%) Matrix
IPRU Overnight
Fund
IPRU Liquid Fund
IPRU Money
MarketFund
IPRU Ultra Short
Term Fund
IPRU Savings
Fund
IPRU Floating
InterestFund
IPRU Corporate
Bond Fund
IPRU Banking &
PSU DebtFund
IPRU ShortTerm
Fund
IPRU Medium
TermBond Fund
IPRU All Seasons
Bond Fund
IPRU CreditRisk
Fund
Modified
Duration
(Yrs.)
YTM (%)

Scheme Recommendations
46
Shifting
Sands
Shifting
Sands
Approach Scheme Name Call to Action Rationale
Short Duration
ICICI Prudential Savings Fund
ICICI Prudential Ultra Short Term Fund
ICICI Prudential Floating Interest Fund
Invest for parking
surplus funds
Accrual + Moderate
Volatility
Accrual Schemes
ICICI Prudential Credit Risk Fund
ICICI Prudential Medium Term Bond Fund
Core Portfolio with >1 Yr
investment horizon
Better Accrual
Dynamic Duration ICICI Prudential All Seasons Bond Fund
Long Term Approach with
>3 Yrs investment
horizon
Active Durationand
Better Accrual

Our guiding light for Duration Risk Management
47
Our Debt Valuation
Index suggests
caution on high
duration as the
interest rates are
expected to
remain volatile
Data as onJune 30, 2022. Debt Valuation Index considersWPI,CPI,Sensex returns,GoldreturnsandReal estatereturns over G-Secyield,CurrentAccount Balance,Fiscal Balance,CreditGrowth andCrude Oil Movementfor
calculation.
Shiftin
g
Sands
Shiftin
g
Sands
Very Cautious
Aggressive
Highly Aggressive
Cautious
Moderate
Highly Aggressive
Aggressive
Moderate
Cautious
Very Cautious
Very Cautious
Aggressive
Highly Aggressive
Cautious
Moderate
Very Cautious
Aggressive
Highly Aggressive
Cautious
Moderate
3.64
0
1
2
3
4
5
6
7
8
9
10
Highly Aggressive
Aggressive
Moderate
Cautious
Very Cautious

ICICI Prudential Floating Interest Fund
48
Shifting
Sands
Shifting
Sands
Floating Rate Bonds (FRB) are bonds that have a variable coupon, equal to a
money market reference rate, like MIBOR or T-bill, plus a quoted spread.
These bonds aim to hedge against rising interest rate risk and provide market linked returns
5% 5% 5%
0%
1%
2%
3%
4%
5%
6%
1 Year 2 Year 3 Year
Normal Bonds
5.0%
5.5%
6.0%
4%
5%
6%
1 Year 2 Year 3 Year
Floating Rate Bonds
MIBOR – Mumbai Interbank offer rate

49
Shifting
Sands
Shifting
Sands
ICICI Prudential Equity Savings Fund
(Illustration: Layered Portfolio Break-up )
LAYER
1
~66% ~49% ~34%
GROSS EQUITIES STOCK ARBITRAGE DEBT/CASH
(For Hedging) (Incl. Margin Money)
LAYER
2 ~16% NET EQUITIES#
(Concentrated exposure to handful of stocks)
LAYER
3
WRITING CALL OPTION^ ~ 4.5%
(30% of net equity)
Data as on June 30, 2022. The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the Scheme. The asset allocation and investment strategy will be as per the Scheme Information
Document. ^ An option strategy, usually deployed in a range boundmarket. It helps in generatingincome in the form of premiums. A coveredcall is constructed by holding a long position in a stock and then selling(writing) call options on
that same asset.# - These are openequity positionwhich are not hedged through arbitrage.
The Scheme may also take exposureto derivative instrumentsfrom timeto time.The exposure to the derivative instruments shallbe computed in accordancewith the SEBI prescribed norms..

Year 2022 – Avoid Investing Mistakes
50
Reacting to temporary under-
performance due to active management
Not following Asset Allocation
Not giving due respect to valuations
Investing based on past
returns
Investing in IPOs without
understanding the business
Not opting for debt as a capital
preservation tool
01
06 02
04
05 03

Our Equity Schemes
52
Scheme Name Type of Scheme
ICICI Prudential Bluechip Fund An open ended equity scheme predominantly investing in large cap stocks
ICICI Prudential Large &Mid Cap Fund An open ended equity scheme investing in both large cap and mid cap stocks.
ICICI Prudential Midcap Fund An open ended equity scheme predominantly investing in mid cap stocks.
ICICI Prudential SmallcapFund An open ended equity scheme predominantly investing in small cap stocks.
ICICI Prudential Value Discovery Fund An open ended equity scheme followinga value investmentstrategy.
ICICI Prudential Multicap Fund An open ended equity scheme investing acrosslarge cap, mid cap, small cap stocks.
ICICI Prudential India Opportunities Fund An Open Ended Equity Scheme following Special Situationstheme
ICICI Prudential BusinessCycle Fund An open ended equity scheme following BusinessCyclesbased investing theme
ICICI Prudential Focused Equity Fund
An open ended equity scheme investing in maximum 30 stocks across market-capitalization i.e.
focus on multicap
ICICI Prudential Dividend Yield Equity Fund An open ended equity scheme predominantly investing in dividend yielding stocks
ICICI Prudential Infrastructure Fund An open ended equity scheme following infrastructure theme
ICICI Prudential Flexicap Fund An open ended dynamic equity schemeinvesting acrosslarge cap, mid cap & small cap stocks

Our Hybrid Schemes / Fund of Funds Scheme
53
ICICI Prudential Asset Allocator Fund (FOF)*
An open ended fund of funds scheme investing in equity oriented
schemes, debt oriented schemes and gold ETFs/schemes.
ICICI Prudential Passive Multi-Asset Fund Of
Funds*
An open ended fund of funds scheme investing in equity, debt, gold &
global index funds/exchange traded funds
ICICI Prudential Balanced Advantage Fund An open ended dynamic asset allocationfund
ICICI Prudential Regular Savings Fund An open ended hybrid scheme investing predominantlyin debt instruments
ICICI Prudential Equity Savings Fund An open ended scheme investing in equity, arbitrage and debt.
ICICI Prudential Equity & Debt Fund
An open ended hybrid scheme investing predominantlyin equity and equity related
instruments
ICICI Prudential Multi-AssetFund An open ended scheme investing in multi assets
*Investors may please note that they will be bearing the recurring expenses of this Scheme in addition to the expenses of the underlying Schemes in which this Scheme makes investment.

Our Fixed Income Schemes
54
Scheme Name Typeof Scheme
ICICI PrudentialUltra Short Term Fund
An open ended ultra-short term debt schemeinvesting in instrumentssuchthat the Macaulay duration of the portfolio is between 3 months and 6
months.A moderate interest rate risk and moderate credit risk.
ICICI Prudential Short Term Fund
An open ended short term debt schemeinvesting in instruments suchthat theMacaulay duration of theportfolio is between 1 Year and 3
Years. A relatively high interest rate risk and moderatecredit risk.
ICICI Prudential Medium Term Bond Fund An open ended medium term debt schemeinvestingin instruments suchthat the Macaulay duration of the portfolio is between 3 Years and 4 Years. The
Macaulay duration of the portfolio is 1 Year to 4 years under anticipated adverse situation.A relatively high interest rate risk and moderatecredit risk.
ICICI PrudentialCredit Risk Fund
An open ended debt schemepredominantly investingin AA and below rated corporate bonds. A relatively high interest rate risk and relatively high credit
risk.
ICICI PrudentialFloating InterestFund
An open ended debt schemepredominantly investingin floatingrate instruments (including fixedrate instruments converted tofloating rate
exposures usingswaps/derivatives).A relatively highinterest rate riskand moderate credit risk.
ICICI PrudentialAll Seasons Bond Fund An open ended dynamic debt schemeinvestingacross duration. A relatively high interest rate risk and moderate credit risk.
ICICI PrudentialSavings Fund
An open ended low duration debt schemeinvesting in instruments suchthat theMacaulay duration of the portfolio is between 6 months and 12
months.A relatively high interest rate risk and moderate credit risk.
ICICI Prudential Banking & PSU Debt Fund
An open ended debt schemepredominantly investingin Debt instruments of banks, Public Sector Undertakings,Public Financial Institutions and
Municipal Bonds.A relatively high interest rate risk and moderate credit risk.
ICICI PrudentialCorporate Bond Fund
An open ended debt schemepredominantly investingin AA+ and above rated corporate bonds. A relatively high interest rate risk and moderate credit
risk.
ICICI Prudential Money MarketFund An open ended debt schemeinvestingin money market instruments.A relatively low interest rate risk and moderate credit risk.
ICICI Prudential Liquid Fund An open ended liquid scheme.A relatively lowinterest rate risk and moderatecredit risk.
ICICI Prudential Bond Fund
An open ended medium tolong term debt schemeinvestingin instruments suchthat the Macaulay duration of the portfoliois between4 Years and 7
Years. TheMacaulay duration of the portfoliois 1 Year to7 years under anticipated adversesituation.A relatively high interest rate risk and moderate
credit risk.
ICICI Prudential Gilt Fund An open ended debt schemeinvestingin government securities across maturity.A relatively high interest rate risk and relatively lowcredit risk.
ICICI Prudential Overnight Fund An open ended debt schemeinvestingin overnight securities.A relatively lowinterest rate riskand relatively lowcredit risk.
ICICI Prudential Long Term Bond Fund An open ended debt schemewithMacaulay duration greater than7 years.A relatively high interest rate riskand relatively lowcredit risk.
Macaulay duration is the weightedaverage termto maturityofthe cash flows from a bond.The weight ofeach cash flowis determinedby dividingthe presentvalueofthe cash flowby the price

Riskometer
55
ICICI PrudentialMulti-AssetFund is suitable for investors whoare seeking*:
 Longterm wealthcreation
 Anopen ended scheme investingacross asset classes.
*Investors should consulttheir financial advisers if in doubt about whether the product is suitable for them
ICICI PrudentialEquity & DebtFundis suitable for investors who are seeking*:
 Longterm wealthcreation solution
 A balancedfundaimingfor longterm capital appreciation andcurrent income by investinginequity as well as fixedincome
securities.
ICICI PrudentialBalancedAdvantageFundis suitable for investors who are seeking*:
 Longterm capital appreciation/income
 Investinginequity and equity related securities anddebt instruments.
ICICI Prudential BluechipFund is suitable for investors who are seeking*:
 Long term wealthcreation
 Anopen ended equity scheme predominantly investinginlarge cap stocks.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them

Riskometer
56
ICICI Prudential ValueDiscovery Fund is suitable for investors who areseeking*:
 Anopen ended equity scheme followinga value investment strategy
ICICI Prudential Large &Mid Cap Fundis suitable for investors who are seeking*:
 Anopen ended equity scheme investinginbothlargecapand midcap stocks
ICICI Prudential Regular Savings Fundis suitable for investors who are seeking*:
 Medium to long term regular income solution
 A hybrid fund that aims togenerate regular income throughinvestments primarily indebt andmoney market instrumentsand
long term capital appreciationby investinga portioninequity.
ICICI Prudential CreditRisk Fundis suitable for investors who are seeking*:
 Medium term savings
 A debt scheme that aims to generate income through investingpredominantly inAA and below rated corporate bonds
while maintainingthe optimum balance of yield, safety andliquidity

Riskometer
57
ICICI Prudential MediumTermBond Fund is suitablefor investors whoare seeking*:
 Medium term savings
 A debt scheme that invests indebt and money market instruments witha view tomaximize income while maintaining
optimum balance of yield,safety and liquidity
ICICI Prudential Smallcap Fundis suitable for investors who are seeking*:
 LongTerm wealthcreation
 Anopen ended equity scheme that seeks togenerate capital appreciationby predominantly investinginequity andequity
related securities of small capcompanies.
ICICI Prudential ShortTermFund is suitable for investors who areseeking*:
 Short term income generationand capital appreciationsolution
 A debt fund that aims togenerate income by investingina range of debt andmoney market instruments of various
maturities.
ICICI Prudential All Seasons Bond Fund is suitable for investors who are seeking*:
 All durationsavings
 A debt scheme that invests indebt and money market instruments witha view to maximize income while maintaining
optimum balance of yield, safety and liquidity

Riskometer
58
ICICI Prudential Floating InterestFund is suitable for investors who areseeking*:
 Short term savings
 Anopen ended debt scheme predominantly investinginfloatingrate instruments
ICICI Prudential Ultra ShortTermFund is suitable for investors who are seeking*:
 Short term regular income
 Anopen ended ultra-short term debt scheme investingina range of debt and money market instruments
ICICI Prudential MidcapFund is suitable for investors who areseeking*:
 Anopen-ended equity scheme that aims for capital appreciationby investingindiversifiedmidcapcompanies.
ICICI Prudential India Opportunities Fund(The scheme is suitable for investors who are seeking*)
 Long term wealthcreation
 Anequity scheme that invests instocks basedon special situations theme.

Riskometer
59
ICICI Prudential Multicap Fundis suitable for investors who are seeking*:
 Anopen ended equity scheme investingacrosslargecap,midcapandsmall capstocks.
ICICI Prudential Savings Fundis suitable for investors who are seeking*:
 Anopen ended low durationdebt scheme that aims tomaximize income by investingindebt and money market instruments
while maintainingoptimum balance of yield,safety andliquidity
ICICI Prudential Banking &PSU DebtFundis suitable for investors who are seeking*:
 Anopen ended debt scheme predominantly investinginDebt instruments of banks,Public Sector Undertakings,Public
Financial Institutions andMunicipal Bonds
ICICI Prudential Corporate BondFund is suitable for investors who are seeking*:
 Anopen ended debt scheme predominantly investinginhighest rated corporate bonds

Riskometer
60
ICICI Prudential Equity Savings Fundis suitable for investors who areseeking*:
 Anopen ended scheme that seeks togenerate regular income through investments infixedincome securities,arbitrage and
other derivative strategies andaim for longterm capital appreciationby investinginequity andequity relatedinstruments.
ICICI Prudential AssetAllocator Fund (FoF)is suitable for investors who are seeking*:
 Anopen ended fund of funds scheme investinginequity orientedschemes,debt orientedschemes andgoldETF/schemes.
ICICI Prudential FocusedEquity Fund is suitablefor investors whoare seeking*:
 Anopen ended equity scheme investinginmaximum 30 stocksacross market-capitalisation.
ICICI Prudential GiltFund is suitable for investors who are seeking*:
 Long term wealth creation
 A Gilt scheme that aims to generate income through investment inGilts of various maturities.
Investorsmay pleasenote thatthey will be bearingthe recurringexpensesofthis Scheme in addition tothe expensesofthe underlying Schemesin which thisScheme makes investment.

Riskometer
61
ICICI Prudential LiquidFund is suitable for investors who areseeking*:
 Short term savings solution
 A liquidfund that aims toprovide reasonable returns commensurate withlow risk andprovidinga highlevel of liquidity
ICICI Prudential OvernightFund is suitable for investors who are seeking*:
 Short term savings solution
 Anovernight fund that aims to provide reasonable returns commensurate withlow riskandprovidinga highlevel of liquidity
ICICI Prudential LongTermBond Fund is suitable for investors who areseeking*:
 Longterm wealth creation
 A debt scheme that invests indebt and money market instruments withanaim tomaximise income while maintainingan
optimum balance of yield,safety and liquidity
ICICI Prudential BondFund is suitable for investors who are seeking*:
 Medium to Longterm savings
 A debt scheme that invests indebt and money market instruments withanaim to maximise income while maintainingan
optimum balance of yield, safety andliquidity.

Riskometer
62
ICICI Prudential Business Cycle Fundis suitable for investors who areseeking*:
 Anequity scheme that invests inIndianmarkets withfocus onridingbusiness cyclesthroughdynamic allocationbetween
various sectors andstocks at different stagesof businesscycles
ICICI Prudential Equity Arbitrage Fund is suitable for investors who are seeking*
 Short Term Income Generation
 A hybrid scheme that aims togenerate low volatility returns by usingarbitrage andother derivative strategiesinequity
markets andinvestmentsindebt and money market instruments
ICICI Prudential Infrastructure Fundis suitable for investors who are seeking*
 LongTerm WealthCreation
 Anopen ended equity scheme that aims for growthby primarily investingincompanies belongingtoinfrastructure & allied
sectors
ICICI Prudential DividendYield Equity Fund is suitable for investors who are seeking*:
 Long Term wealthcreation
 Anopen ended equity scheme that aims for growth by primarily investinginequity and equity relatedinstruments of
dividendyieldingcompanies.

Riskometer
63
ICICI Prudential Flexicap Fundis suitable for investors who are seeking*:
 Anopen ended dynamic equity scheme investingacrosslarge cap,midcapand small capstocks
ICICI Prudential Passive Multi-AssetFund ofFunds is suitable for investors who are seeking*:
 Anopen ended fund of funds scheme investinginequity,debt,gold and global index funds/exchange tradedfunds
Please note thatthe Risk-o-meter(s) specifiedabove willbe evaluatedandupdatedon a monthly basis.The above riskometersare as on May 31,2022Please refer to https://www.icicipruamc.com/news-and-updates/all-news
for more details.

Potential Risk Class Matrix
64
Sr No Scheme Name Position in the Matrix
1 ICICIPrudential Medium TermBond Fund
2 ICICIPrudential All Seasons Bond Fund
3 ICICIPrudential Savings Fund
4 ICICIPrudential Floating Interest Fund
5 ICICIPrudential Corporate Bond Fund
6 ICICIPrudential Banking & PSU Debt Fund
7 ICICIPrudential Short TermFund
8 ICICIPrudential Bond Fund
9 ICICIPrudential Long Term Bond Fund
10 ICICIPrudential Gilt Fund
11 ICICIPrudential Ultra Short TermFund

Potential Risk Class Matrix
65
Sr No Scheme Name Position in the Matrix
12 ICICIPrudential Overnight Fund
13 ICICIPrudential Liquid Fund
14 ICICIPrudential Money Market Fund
15 ICICIPrudential CreditRisk Fund
Disclaimer:
As per SEBI Circular dated , June 07, 2021; the potential risk class (PRC) matrix basedon interest rate risk and credit risk ,is as above

Mutual Fund Disclaimer
66
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
All figures and other data given in this document are dated. The same may or may not be relevant at a future date. The AMC takes no responsibility of updating
any data/information in this material from time to time. The information shall not be altered in any way, transmitted to, copied or distributed, in part or in whole, to
any other person or to the media or reproduced in any form, without prior written consent of ICICI Prudential Asset Management Company Limited. Prospective
investors are advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial implication or consequence of
subscribingto the units of ICICI Prudential Mutual Fund. Past Performance may or
Disclaimer: In the preparation of the material contained in this document, ICICI Prudential Asset Management Company Ltd. (the AMC) has used information that is
pub- licly available, including Budget speech and information developed in-house. The stock(s)/sector(s) mentioned in this slide do not constitute any
recommendation and ICICI Prudential Mutual Fund may or may not have any future position in this stock(s). Some of the material used in the document may have
been obtained from mem- bers/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 / opinions / recommendations 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. ICICI Prudential Asset Management Company Lim- ited (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. Further, the information contained herein
shouldnot be construed as forecast or promise or investment advice. The recipient alone shallbe fully responsible/are liable for any decision taken on this material.

Monthly Market Outlook July 2022 | ICICI Prudential Mutual Fund

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