HDFC Asset Allocator Fund of Funds


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Contact your Mutual Fund Distributor or Registered Investment Adviser today,
or give a missed call on 7397412345.

HDFC Asset Allocator Fund of Funds (An open ended Fund of Riskometer #
Funds scheme investing in equity oriented, debt oriented and
gold ETFs schemes) is suitable for investors who are seeking*

• Capital appreciation over long term

• Investment predominantly in equity oriented, debt oriented and
Gold ETF schemes.

*Investors should consult their financial advisers, if in

doubt about whether the product is suitable for them.

# The product labelling assigned during the NFO is based on internal assessment of the scheme characteristics
or model portfolio and the same may vary post NFO when the actual investments are made.
 
For latest Riskometer, investors may refer to the Monthly Portfolios disclosed on the website of the Fund viz.
www.hdfcfund.com
Refer disclaimers on page 29.
1
Why Asset Allocation ?

On an average, 90 percent of the

variability of returns and 100 percent
of the absolute level of return is
explained by Asset Allocation
- Roger Ibbotson

Refer disclaimers on page 29.

2
Equity : Offers Returns with Volatility
Equities create Long Term Wealth but the journey is volatile

NIFTY 50 - Wealth Creation Journey

16000

14000

12000

10000 12%
s ~
u rn
e t
8000 R R
G
CA
6000

4000

2000

0
Apr-98

Nov-02

Aug-05
Jan-01

Oct-03

Apr-09

Nov-13

Aug-16
Feb-00

Sep-04

Jan-12

Oct-14

Apr-20
Dec-01

Jul-06

May-08

Feb-11

Sep-15
Mar-99

Dec-12

Jul-17

May-19
Jun-07

Mar-10

Jun-18

Mar-21
Source:- MFI, Data from 1st April 1998 to 31st March 2021.

Refer disclaimers on page 29.

3
Asset Class winners change over time
100% 93%
90%
Equity Debt Gold
80%

70%

60%

50%
37%
40%

30%
16% 20% 19% 20%
20% 14%
11% 11%
Returns %

10% 8% 8%
7% 5% 5% 7% 5% 6%
10% 5% 4% 3%

0%
0%
-10%

-20% -14%

-30%

-40%
-38%
-50%
FY 98-00 FY 00-03 FY 03-08 FY 08-11 FY 11-17 FY 17-20* COVID-19 Post-Correction
(Tech Bubble) (Tech bubble (Economic (Sub-Prime Crisis (Post Crisis) (Market Correction$ Rally $
meltdown) Boom) /Eurozone crisis) Recovery)

Market Events

Source:- Bloomberg, World Gold Council, Data from 1st April 1998 to 31st March 2021. *Upto 14th January 2020. All returns are CAGR %, unless specified otherwise. $ Absolute Returns used as
period less than a year. COVID-19 Correction considered from 14th January 2020 to 23rd March 2020 as market bottomed that day & Post Correction Rally from 23rd March 2020 to 31st March 2021.
Classification of periods as per internal HDFC AMC classification. Data used for asset classes: Equity -NIFTY50, Debt-NIFTY 10 year benchmark G Sec, Gold-Spot Rate INR/10 Grams
The Scheme proposes to invest in gold ETF schemes and hence is impacted by the price of gold. Comparison with Gold has been given solely for the purpose of understanding and illustrative
purposes.

Refer disclaimers on page 29.

4
Even within Equities –
Different Market Caps perform at different times
Period Large Cap Mid Cap Small Cap Rank 1 Rank 2 Rank 3
2005-2006 65.1% 74.8% 78.7%
Large Cap 6 3 7
2006-2007 13.5% -1.1% 11.8%
2007-2008 23.9% 21.5% 31.3% Mid Cap 3 10 3
2008-2009 -36.6% -48.5% -54.9%
2009-2010 84.9% 135.8% 141.4% Small Cap 7 3 6
2010-2011 11.4% 4.7% 0.9%
2011-2012 -7.8% -4.6% -8.6%
2012-2013 8.8% 4.5% -5.3%
2013-2014 19.9% 18.0% 22.9%
2014-2015 30.8% 59.7% 62.8%
Out of 16 Fiscal years since FY06, Small cap
2015-2016 -6.9% -1.7% -5.9%
has been the best performing category in
2016-2017 22.6% 37.2% 40.6% 7 0ut of 16 instances. Large cap and Mid
2017-2018 12.2% 16.7% 12.9% cap have been the best performing asset
2018-2019 14.0% -0.6% -12.4% classes in 6 and 3 years respectively.
2019-2020 -24.9% -30.1% -40.2%
2020-2021 71.2% 101.6% 118.7%

Source: MFI 1st April 2005 to 31st March 2021.

Data used for asset classes: Large Cap – NIFTY 100 TRI, Mid Cap - NIFTY 150 TRI , Small Cap – NIFTY Small Cap 250 TRI

Refer disclaimers on page 29.

5
Different Asset Classes have different risk profile

Risk (Annualized Standard Deviation %)

25
20.2
Small Cap Equity returns are relatively more
20 volatile vis-à-vis debt and gold.

14.7
15

10

4.9
5

0
Equity Gold Debt

Source:- Bloomberg. World Gold Council Data for last 23 fiscal years. 1st April 1998 to March 31, 2021. Data used for asset classes: Equity -NIFTY 50, Debt-NIFTY 10 year benchmark G Sec,
Gold-Spot Rate INR/10 Grams. Standard Deviation % of Daily returns considered. The Scheme proposes to invest in gold ETF schemes and hence is impacted by the price of gold.
Comparison with Gold has been given solely for the purpose of understanding and illustrative purposes

Refer disclaimers on page 29.

6
Hence….. Asset Allocation

Asset Allocation may lead to better risk- adjusted returns

The most important key to

successful investing can be
summed up in just two
words – Asset Allocation
- Michael LeBoeuf

Refer disclaimers on page 29.

7
Asset Allocation and its Benefits

Asset Allocation refers to distributing your investible surplus across various asset classes
according to risk tolerance, risk appetite and investment time frame.

Why Asset allocation is crucial?

Each asset class behaves differently across different economic cycles
It reduces dependency on a single asset class to generate returns.
Mitigates volatility of portfolio returns

How can investors implement asset allocation?

Determine financial goals
Ascertain risk appetite 01
Determine optimal asset allocation
Invest in different asset classes directly and rebalance portfolio periodically

or

Invest in an Asset Allocation mutual fund

The difference between success and failure is not which stock you buy or which piece of real estate you buy,
its asset allocation- Tony Robbins

Refer disclaimers on page 29.

8
Correlation and diversification

Asset correlation is a measure of how asset classes Since April 1998

move in relation to one another over a period of time.
Correlation coefficient can range from -1 to +1. When Equity Debt Gold
assets move in the same direction at the same time, Equity 1 -0.25 -0.05
they are considered to be positively correlated. When
one asset tends to move up and when the another Debt -0.25 1 -0.09
goes down, the two assets are considered to be Gold -0.05 -0.09 1
negatively correlated.

Daily 1 year rolling returns since April 1998 exhibit

Combining assets with low
negative correlation between Equity, Debt and Gold.
correlation, could help investors in
reducing risk and may offer benefits
Low/negative correlation between these asset classes of optimal returns.
creates a strong case for diversification and thereby
reduce risk in the portfolio.

Source:- Bloomberg. Data for last 23 fiscal years. April 1998 to March 2021
Data used for asset classes: Equity -NIFTY 50, Debt-NIFTY 10 year benchmark G Sec, Gold-Spot Rate INR/10 Grams)
The Scheme proposes to invest in gold ETF schemes and hence is impacted by the price of gold. Comparison with Gold has been given solely for the purpose of understanding and
illustrative purposes.

Refer disclaimers on page 29.

9
Asset Class winners change
Power of Asset Allocation over time

Lets consider the CAGR growth ofFPIan investment

Flows Rs crs from 1st April 1998 to Outcome of the investment over ~2 decades?
31st March 2021, along with the volatility of returns over that period Individual Asset Classes
CAGR Returns % Volatility %
25%

How the numbers stack up? 20.2%

20%
Gold and Equity performed better than Debt in terms of returns 14.7%
15%
while debt had the lowest volatility. 11.61%
10.71%
10% 8.61%

4.9%
However, could you have got a better deal for your investments? 5%

Yes, a combination of Equity, Debt and Gold (60%,30%,10% 0%

Equity Debt Gold
respectively) would have yielded returns slightly lower than equity
returns but with much lower volatility , thereby underlining the
Asset Allocation
importance of asset class diversification.
CAGR Returns % Volatility %
25%

20%
Source:- Bloomberg. Data for last 23 fiscal years. April 1998 to March 2021. Returns are CAGR. Data used for asset 16.2%
classes: Equity - NIFTY 50, Debt-NIFTY 10 year benchmark G Sec, Gold-Spot Rate INR/10 Grams. Monthly portfolio
15%
rebalancing assumed. Standard Deviation % of Daily returns considered. The above analysis is based on backtesting of 12.3% 11.9%
10.9% 11.5%
the above mentioned asset classes. HDFC Mutual Fund/AMC is not guaranteeing future returns of these asset classes. 8.7%
10%
The Scheme proposes to invests in gold ETF schemes and hence is impacted by the price of gold. Comparison with
Gold has been given solely for the purpose of understanding and illustrative purpose. The above combinations are for
illustrative purpose. Investors are requested to take professional advise while making investment decisions. 5%

0%
40E+50D+10G 60E+30D+10G 80E+10D+10G
Refer disclaimers on page 29.
10
Asset Allocation by Investors not always
determined by valuations
Financial
Financial Net Investments 1212
MM Next 22 Years
Next Years Valuation Cumulative Net Investments Average Next
Year
Year into Equity
into Equity MFs
MFs Trailing
TrailingPE
PE Returns
Returns Range into Equity MFs 2 years returns

FY: 05-06 50,880 20.26 17.96% PE<20 7,679 14.01%

FY: 06-07 28,716 18.40 -11.09%
FY: 07-08 49,360 20.63 5.29% PE>20 708,041 6.43%
FY: 08-09 4,084 14.29 38.96%
FY: 09-10 1,181 22.33 0.44%
FY: 10-11 (11,795) 22.14 -1.30%
FY: 11-12 504 18.71 12.52%
FY: 12-13 (14,371) 17.57 22.24% Investments made without considering
FY: 13-14 (11,254) 18.86 7.44% valuation may lead to suboptimal
FY: 14-15 80,793 22.70 3.94% future returns.
FY: 15-16 85,086 20.89 14.32%
FY: 16-17 93,502 23.26 12.56%
FY: 17-18 240,311 24.66 -7.80%
FY: 18-19 118,723 29.01 12.42%
11.91%
FY: 19-20 67,035 19.38
FY: 20-21* (75,088) 40.10
MF Industry Equity Sales based on AMFI
Returns Based on NIFTY 50 Index. Returns are CAGR as return period shown are more than 1 year.
*Data as on February 26, 2021

Refer disclaimers on page 29.

11
So what is the solution ?

Equity, Debt or Gold ?

Large cap, Mid Cap or

Small Cap ? Simple solution Systematic &
to all these Process Driven
investment Asset Allocation
Frequency of questions
Rebalancing ?

Whether Asset Allocation

is Tax Efficient ?

Refer disclaimers on page 29.

12
Presenting

HDFC
Asset Allocator
Fund of Funds
A Systematic & Process driven approach to
Asset Allocation

13
HDFC Asset Allocator Fund of Funds - Asset Allocation

Equity Oriented Schemes* (40-80%)

Units of Domestic
Mutual Funds
Schemes Debt Oriented Schemes** (10-50%)

95%-100%

Gold ETF Schemes*** (10-30%)

Equity Oriented schemes of HDFC Mutual Fund or other Domestic Mutual Funds having similar objectives, strategy, asset allocation and other attributes. **Debt Oriented schemes of HDFC
*Mutual Fund or other Domestic Mutual Funds having similar objectives, strategy, asset allocation and other attributes. *** HDFC Gold ETF and/or other schemes of HDFC Mutual Fund or other
Domestic Mutual Funds having similar objectives, strategy, asset allocation and other attributes. For complete details, please refer to Scheme Information Document

Refer disclaimers on page 29.

14
Equity Allocation: Model driven asset allocation

Historical Asset Allocation range indicated by the model

Alloca�on to Equity (% of Net Assets) (LHS) NIFTY 50 (RHS)
85% 16,000
Post GFC trough
Factors considered by the 80% COVID led correc�on
14,000
model include 1) TTM PE, 2)
75%

% of Net Assets
1 Year Forward PE, 3)TTM PB 12,000

NIFTY 50 Levels
4) Earnings Yield/ G-Sec Yield 70%
10,000
65%
8,000
Model will indicate the % of 60%
equity allocation on the basis 55%
6,000

of back testing results 4,000

50%

2,000
Portfolio will be rebalanced 45%
Pre GFC peak
on a monthly basis 40% 0

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HDFC Mutual Fund/AMC is not guaranteeing returns on investments made in this scheme. The proposed investment strategy is subject to change depending on the market conditions. TTM- Trailing
12 Months, PE – Price/ Earnings, PB – Price/ Book Value, Earnings Yield = Trailing 12 M Earnings per share/ Market price per share, G Sec Yield = 10 Yr G Sec. Depending on the market and other
conditions, the asset allocation may or may not be based on the model.

Refer disclaimers on page 29.

15
Equity Allocation % indicated by model during
key market events

Based on valuations, the financial model indicated an reasonably optimal equity allocation
during key events as under:

NIFTY 50 Equity Next 1 Year

Events Month end Level Allocation % NIFTY Returns

Pre GFC peak Nov’07 5763 47% -52%

Post GFC trough Oct’08 2886 80% 63%

Post GFC recovery Oct’09 4712 46% 28%

Eurozone Debt Crisis Sep’11 4943 80% 15%

Mid and Small Cap Rally Sep’18 10930 46% 5%

COVID-19 led correction Apr’20 9860 78% 49%*

GFC – Global Financial Crisis

*Period upto 31 March, 2021. HDFC Mutual Fund/AMC is not guaranteeing returns on investments made in this scheme. The proposed investment strategy is subject to change depending on the
market conditions. The above data is just to indicate the key market events and resultantly higher and lower end of the equity allocation indicated by the model. For illustrative purposes only.

Refer disclaimers on page 29.

16
Debt Allocation Strategy

Background:
Debt portfolio aims to play the role of reducing volatility while generating reasonable returns

Strategy:
To invest, predominantly, in schemes with exposure, mostly, to issuers with high credit quality
Controlled interest rate risk
Generally debt portfolio duration would be in the range of 1 - 3 years
However, in case the interest rates are very low or very high in the judgement of the fund manager,
then the duration may be beyond this range

Duration based allocation (75%-100%)*# Sectoral/Thematic allocation (0-25%)*#

Overnight, Liquid, Ultra Short, Low Duration, Short All other categories of Debt oriented MF
Duration, Medium duration, Medium to long duration, Schemes
Long Duration categories of MF Schemes

* Of the Debt allocation. #Debt Oriented schemes of HDFC Mutual Fund. For complete details, please refer to Scheme Information Document. The proposed investment strategy is subject to
change depending on the market conditions.

Refer disclaimers on page 29.

17
Interest Rate Outlook

Factors supporting lower yields Factors opposing lower yields

RBI and major Central banks likely to continue Large supply of dated securities by Central and
with accommodative stance and low rates State Governments

Continued intervention by RBI through Excess SLR securities holding of PSU banks
unconventional tools like Operation TWIST,
LTROs, Targeted LTROs, increasing HTM limit, Average inflation likely to remain above RBI’s
OMOs for State Development Loans, etc. target of 4%

Muted credit growth vs. deposits growth; Improvement in global growth outlook and rise
Ample global and domestic liquidity in commodity prices

Risk of 2nd / 3rd wave of Covid-19 which can Domestic economic activity has improved
impact the economic recovery significantly and outlook remains optimistic

Long end yields are likely to remain range-bound in the near term while yields at short end could rise over time

Refer disclaimers on page 29.

18
Gold Allocation to act as hedge

Returns from Gold in domestic currency terms (INR)

are a function of :

Gold prices in USD

Currency fluctuation of INR vs USD (INR Depreciation

increases Returns from Gold and vice versa)

Taxes & duties as levied by government

Gold acts not only as a safe haven asset, but also as

a hedge against currency depreciation and inflation.

The Scheme will invest in Gold ETFs, which invest in gold.

Refer disclaimers on page 29.

19
Allocation within Equities

Equity Oriented Schemes* (40%-80%)

Base Allocation#$ Tactical Allocation#

75%-100% 0-25%

Large Cap, Mid Cap, All other categories

Small cap and Flexi of MF Schemes
Cap categories of
MF Schemes

*investment
Equity Oriented schemes of HDFC Mutual Fund. #of the Equity Allocation. $Market Cap Based. For complete details, please refer to Scheme Information Document. The proposed
strategy is subject to change depending on the market conditions.

Refer disclaimers on page 29.

20
Base Allocation within Equity : Model driven asset
allocation
Historical Asset Allocation range indicated by the model

Alloca�on to Midcap & Smallcap (% of Net Assets) (LHS) NIFTY Midcap (RHS)
Factors considered by the 90.0% 25,000
Post GFC Recovery COVID led correc�on
model include 1) TTM PE, 80.0%
2) 1 Year Forward PE 20,000

% of Net Assets

NIFTY Midcap Levels

70.0%

60.0%
Model will indicate the % of 15,000
50.0%
Midcap & Smallcap
allocation, devised on the 40.0%
10,000
basis of back testing results 30.0%

20.0% 5,000
Portfolio will be rebalanced 10.0%
Midcap & Smallcap Rally

on a quarterly basis (In 0.0% 0

Respect of Market Cap)

Sep-12

Sep-13

Sep-14

Sep-15

Sep-16

Sep-17

Sep-18

Sep-19

Sep-20
Dec-11

Dec-12

Dec-13

Dec-14

Dec-15

Dec-16

Dec-17

Dec-18

Dec-19

Dec-20
Mar-12
Jun-12

Mar-13
Jun-13

Mar-14
Jun-14

Mar-15
Jun-15

Mar-16
Jun-16

Mar-17
Jun-17

Mar-18
Jun-18

Mar-19
Jun-19

Mar-20
Jun-20

Mar-21
HDFC Mutual Fund/AMC is not guaranteeing returns on investments made in this scheme. The proposed investment strategy is subject to change depending on the market conditions.
TTM- Trailing 12 Months, PE – Price/ Earnings. Depending on the market and other conditions, the asset allocation may or may not be based on the model.

Refer disclaimers on page 29.

21
Base Equity Allocation % indicated by model during
key market events

Based on valuations, the financial model has indicated an optimal equity allocation during
key events as under:

Outperformance
Midcap & Smallcap
Events Month end of average returns of Midcap & Smallcap over
Allocation %
NIFTY 50 in Next 3 Years

Post GFC Recovery Dec’11 80% 4.6%

Mid and Small Cap Rally Apr’17 20% -15.7%

COVID-19 led correction* Apr’20 80% 38.2%*

GFC – Global Financial Crisis

*Period upto 31 March 2021. HDFC Mutual Fund/AMC is not guaranteeing returns on investments made in this scheme. The current investment strategy is subject to
change depending on the market conditions. The above data is just to indicate the key market events and resultantly higher and lower end of the base allocation
indicated by the model. For illustrative purposes only.

Refer disclaimers on page 29.

22
Protection during Market Corrections

Based on valuations, the financial model indicated a reasonably optimal asset allocation
Resultantly during periods of market correction, downside was protected.

3 Month Cumulative Returns

Downside
Month End
Model based Asset Difference Capture Ratio
Allocation (A) Nifty (B) (A/B)
(A-B)
May-12 -5.7% -8.7% 3.1% 65%
Aug-13 -10.4% -8.8% -1.5% 118%
Apr-15 -2.8% -7.2% 4.4% 39%
May-15 -1.3% -5.2% 3.9% 25%
Aug-15 -2.3% -5.4% 3.1% 42% Whenever 3 month cumulative
Oct-15 -1.2% -5.4% 4.2% 23% returns of NIFTY 50 corrected more
Jan-16 -3.6% -6.3% 2.7% 58% than 5%, model based returns fall in
Feb-16 -7.9% -12.3% 4.4% 64%
Nov-16 -4.3% -6.5% 2.1% 67% most of the instances was lower.
Dec-16 -5.3% -5.0% -0.3% 106%
Oct-18 -2.0% -8.5% 6.5% 23% Out of 18 downward periods under
Nov-18 -3.0% -6.7% 3.7% 45%
Jul-19 0.0% -5.3% 5.3% 1%
consideration, the asset allocation
Aug-19 -0.2% -7.7% 7.4% 3% model in 16 instances managed to
Feb-20 1.3% -7.1% 8.5% NA offer protection.
Mar-20 -20.0% -31.3% 11.3% 64%
Apr-20 -11.4% -14.9% 3.5% 77%
May-20 -10.2% -11.4% 1.2% 90%

HDFC Mutual Fund/AMC is not guaranteeing returns on investments made in this scheme. The proposed investment strategy is subject to change depending on the market conditions. Period of
cumulative 3 months with negative returns of less than -5% for NIFTY 50 has been considered to show the downward protection via proposed asset allocation model. Returns are absolute
Refer disclaimers on page 29.
23
 Why HDFC Asset Allocator Fund of Funds ?

Timing the market for various asset classes is difficult

Lack of diversification leads to higher volatility of returns

Combining negatively correlated/ less correlated asset classes

reduces portfolio risk

HDFC Asset Allocator Fund of Funds could be considered as an

option to meet diversified asset allocation needs of investors

Active asset allocation with periodic review and rebalancing

Aims to generate better risk adjusted returns

Debt taxation with indexation benefits

You should have a strategic asset allocation mix that assumes that you don't know what the future is
going to hold- Ray Dalio

Note: Investors in the Scheme shall bear the recurring expenses of the Scheme in addition to the expenses of other schemes in which Fund of Funds scheme makes
investment (subject to regulatory limits). For complete risk factors and Scheme details, refer Scheme Information Document

Refer disclaimers on page 29.

24
 Macroeconomic Update: Recovery on track
Real GDP to contract by ~8% in FY21
15.0%
10.5%
10.0%

5.0%
0.4%
0.0%

Growth Outlook remains positive -5.0% -1.4%

FPI Flows Rs crs -10.0% -7.3%

GDP likely to improve sequentially -15.0%

-20.0%

Strong Global economic recovery should -25.0%

-24.4%

support exports -30.0%

Q1FY21 Q2FY21 Q3FY21 Q4FY21E FY22E

Source: Kotak Institutional Equities

FY22 likely to register double digit real growth
^

due to low base and fast pace normalisation

of economic activity USD bn FY20 FY21E FY22E

Trade deficit -158 -101 -157

Outlook on External sector comfortable As % of GDP -5.5% -3.8% -5.2%
supported by large foreign exchange reserves Invisibles (net) 133 123 129
and likely stable capital flows given ample
Current Account -25 22 -28
global liquidity
As % of GDP -0.9% 0.8% -0.9%
^ The information here in is based on the assumption that disruption due to Capital Account 84 67 76
Covid-19, if any, will be limited in FY22. However, if impact of Covid-19 is significant in
FY22 also, various scenarios presented in this slide may not hold good. Balance of Payment 59 89 48

Refer disclaimers on page 29. Foreign Exchange Reserves 476 580 NA

25
 Macroeconomic Update: Recovery on track
Centre's Fiscal deficit as % of GDP
11.0 9.5

9.0
6.8
Union Budget 2021-22 announced slew of measures to 7.0
FPI Flows Rs crs 4.6
support growth 5.0 4.1 3.9
3.5 3.5 3.4

3.0
Sharp increase in the capital and revenue spending
1.0
Setting up Development Financial Institution to
fund infrastructure -1.0

E
E

B
20

R
18
16

19
15

17

22
21
FY

FY

FY
FY

FY

FY

FY

FY
Setting up of “Bad Bank”, push for privatization, etc.
Fiscal deficit set to widen, partly due to transfer of
FCI’s liability on government books 800,000
Interbank Liquidity (INR Cr)

600,000

400,000
RBI to maintain liquidity at adequate levels to keep
easy financial conditions; should provide fillip to 200,000

growth and limit significant rise in yields -

-200,000

Aug/20
May/20

Dec/20
Nov/20
Sep/20
Mar/20
Feb/20

Jun/20
Apr/20

Oct/20
Jan/20
Aug/19
May/19

Dec/19
Nov/19
Sep/19

Mar/21
Feb/21
Jun/19
Apr/19

Oct/19

Jul/20

Jan/21
Jul/19
Refer disclaimers on page 29.
26
Fund Facts
Type of Scheme An open ended Fund of Funds scheme investing in equity oriented, debt oriented and gold ETF schemes

To seek capital appreciation by managing the asset allocation between equity oriented, debt oriented and gold ETF schemes.
Investment Objective
There is no assurance that the investment objective of the Scheme will be realized.

Fund Manager Mr. Amit Ganatra (Equity oriented schemes), Mr Anil Bamboli (Debt oriented Schemes), Mr Krishan Kumar Daga (Gold ETFs)

Direct Plan
Plans
Regular Plan

Under Each Plan: Growth & Payout of Income Distribution Cum Capital Withdrawal (IDCW) option and Re-investment of
Options
Income Distribution Cum Capital Withdrawal (IDCW) Option

During NFO - Purchase: Rs 5,000 and any amount thereafter

Minimum Application
During continuous offer period (after scheme re-opens for repurchase and sale):
Amount (Under Each Plan/
Option) Purchase: Rs. 5,000/- and any amount thereafter
Additional Purchase: Rs 1,000 and any amount thereafter

Entry Load Not Applicable.

Load Structure In respect of each purchase / switch-in of Units, 15% of the units (“the limit”) may be
redeemed without any Exit Load from the date of allotment.
Any redemption in excess of the above limit shall be subject to the following exit load:
Exit Load
Exit Load of 1.00% is payable if units are redeemed / switched out within 1 year from the date of allotment.
No Exit Load is payable if units are redeemed / switched out after 1 year from the date of allotment.
In case of Systematic Transactions such as SIP, GSIP, STP, Flex STP, Swing STP, Flex index; Exit Load, if any, prevailing on the date of
registration / enrolment shall be levied.

Benchmark Index 90% NIFTY 50 Hybrid Composite Debt 65:35 TR Index + 10% Domestic Price of Gold arrived at based on London Bullion Market
Association's (LBMA) AM fixing price
27
Asset Allocation

Under normal circumstance, the asset allocation of the scheme’s portfolio will be as follows

Minimum Allocation Maximum Allocation Risk Profile of

Type of Instruments (% of Total Assets) (% of Total Assets) the Instrument

Units of domestic Mutual Fund Schemes as under: 95 100

Equity Oriented Schemes* 40 80 Low to High

Debt Oriented Schemes** 10 50 Low to Medium

Gold ETF Schemes*** 10 30 Medium to High

Debt Securities & Money Market Instruments 0 5 Low to Medium

*Equity Oriented schemes of HDFC Mutual Fund or other Domestic Mutual Funds having similar objectives, strategy, asset allocation and other attributes.
** Debt Oriented schemes of HDFC Mutual Fund or other Domestic Mutual Funds having similar objectives, strategy, asset allocation and other attributes.
*** HDFC Gold ETF and/or other schemes of HDFC Mutual Fund or other Domestic Mutual Funds having similar objectives, strategy, asset allocation and other attributes
For complete details, please refer to Scheme Information Document

Refer disclaimers on page 29.

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Disclaimer & Risk Factors

This presentation dated 9th April 2021 has been prepared by HDFC Asset Management Company Limited (HDFC AMC) based on internal data, publicly available
information and other sources believed to be reliable. Any calculations made are approximations, meant as guidelines only, which you must confirm before relying
on them. The information contained in this document is for general purposes only and not an investment advice. The document is given in summary form and does
not purport to be complete. The document does not have regard to specific investment objectives, financial situation and the particular needs of any specific person
who may receive this document. The information/ data herein alone are not sufficient and should not be used for the development or implementation of an
investment strategy. The statements contained herein are based on our current views and involve known and unknown risks and uncertainties that could cause
actual results, performance or events to differ materially from those expressed or implied in such statements. The information herein is based on the assumption
that disruption due to Covid-19, if any, will be limited in FY22. However, if impact of Covid-19 is significant in FY22 also, various scenarios presented in this slide may
not hold good. Past performance may or may not be sustained in future. Stocks/Sectors referred in the presentation are illustrative and should not be construed as
an investment advice or a research report or a recommended by HDFC Mutual Fund / AMC. The Fund may or may not have any present or future positions in these
sectors. HDFC Mutual Fund/AMC is not guaranteeing / offering / communicating any indicative yield on investments made in the scheme(s). The data/statistics are
given to explain general market trends in the securities market, it should not be construed as any research report/research recommendation. Neither HDFC AMC and
HDFC Mutual Fund nor any person connected with them, accepts any liability arising from the use of this document. The recipient(s) before acting on any
information herein should make his/her/their own investigation and seek appropriate professional advice and shall alone be fully responsible / liable for any
decision taken on the basis of information contained herein.

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS,

READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.

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Thank
you