 Our Equity Valuation Index highlights that Equities are available at attractive valuations  Our VCTS (Valuation, Cycle, Trigger, and Sentiments) framework indicates that the Valuations are attractive, we are in the low to mid-phase of business cycle and sentiments around the asset class is negative  Hence, we recommend to invest aggressively in equities at this juncture  Global crisis usually provided a good opportunity to invest in equities. We believe with a recent market correction due to concerns around COVID-19 spread outside China, the market has stepped into an oversold zone. This provides a good margin of safety for equity investments

1. Time to Invest in Equities – Valuations Attractive
Equity Valuation index is calculated by assigning equal weights to Price-to-Earnings (PE), Price-to-Book (PB), G-Sec*PE and Market Cap
to GDP ratio. G-Sec – Government Securities. GDP – Gross Domestic Product; Data as of Mar 31, 2020
 Our Equity Valuation Index highlights that Equities are available at attractive valuations
 Our VCTS (Valuation, Cycle, Trigger and Sentiments) framework indicates that the Valuations are
attractive, we are in the low to mid phase of business cycle and sentiments around the asset class
is negative
 Hence, we recommend to invest aggressively in equities at this juncture
 Global crisis usually provided a good opportunity to invest in equities. We believe with recent
market correction due to concerns around COVID-19 spread outside China, market has stepped into
an oversold zone. This provides a good margin of safety for equity investments
COVID-19 is Coronavirus disease 2019
 We believe few quality stocks are still expensive and the rest of the market is attractively priced.
Hence, we recommend investing in Value and Special Situations theme through schemes like ICICI
Prudential Value Discovery Fund and ICICI Prudential India Opportunities Fund
 We remain positive on the Smallcap space as valuations are reasonable and recommend investing
in ICICI Prudential Smallcap Fund
 We recommend adding equities through Asset allocation schemes and Fund of fund schemes like
ICICI Prudential Balanced Advantage Fund and ICICI Prudential Asset Allocator Fund (FOF)
50
70
90
110
130
150
170
Mar-06
Mar-07
Mar-08
Mar-09
Mar-10
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Mar-20
Invest in Equities
Aggressively invest in Equities
Neutral
Incremental Money to Debt
Book Partial Profits
78.9
Equity Valuation Index
Highlights
Our Recommendations

2. Time to Invest in Equities – Valuations Attractive
Scheme Name Type of Scheme
ICICI Prudential Smallcap Fund
An open ended equity scheme predominantly investing in small
cap stocks.
ICICI Prudential Value Discovery Fund
An open ended equity scheme following a value investment
strategy.
ICICI Prudential India Opportunities Fund
An Open Ended Equity Scheme following Special Situations
theme
ICICI Prudential Balanced Advantage Fund An open ended dynamic asset allocation fund
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.
*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.
Type of Scheme
Riskometers

3. Time to Invest in Equities – Valuations Attractive
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
In preparation of the material contained in this document, ICICI Prudential Asset Management Company Limited (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
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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
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and employees, shall not be liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive,
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any recommendation of the same and ICICI Prudential Mutual Fund may or may not have any future position in these debt
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