Equity Market Overview

2

The Macro Picture
Interest rate, geo-politics, and inflation
adding to volatility in H1FY23
Strong bottom-up earnings can trigger over
the next 2-3 years:
Rebound in Credit Growth
Private Sector Investment demand
House-hold Capex demand
Beneficiaries of Govt. growth schemes and
China plus one demand
Market Insights
The Earnings & Valuation Picture
After years of downside, earnings are finally
looking up in 2HFY23
Incipient signs of pick-up in capex trends
look encouraging
National Elections in a couple of years
makes government pro-spending after years
of reforms
PLI/Growth schemes to add 1-2% of
structural growth over medium-term
Valuations have been corrected meaningfully
3
 Earnings growth on a strong footing

Nifty 50 EPS Growth – FY 23: expected to grow at a healthy double digit

40%
Nifty 50 EPS Growth Nifty 50 EPS

1002
864
19% 18% 733
11% 12%
10% 544
6% 480 457
4% 418 414
3% 2% 372 402 404 386
333
285 310
246 236
-1%
-5%
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23E

Source: Bloomberg estimates 4

 Valuations are more reasonable now

Market correction so far has been entirely

driven by valuation de-rating.

Hence, as a result, 1Y forward valuations

are now at 18x – 1Y forward – in line with
the last 5Y average.

Source: Edelweiss Research 5

 Corporate profit to GDP ratio at a decade high

The corporate profit to GDP ratio rebounded to a decade high of 4.3% for the Nifty-500 Universe.
GDP grew 19.5% YoY in FY22, while corporate profit rose at a faster rate of 48% YoY (for the Nifty-500 Universe)
Corporate profit to GDP

5.1
4.6 4.6 4.6
4.2 4.3
4 3.9
3.7 3.8 3.8
3.3 3.3 3.4
Average 3.7 3.2
2.9 2.8 2.8
2.7
2.2

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: Motilal Research 6

 Markets: More positive than negative years

Despite 10% declines every year, 3 out of 4 years have ended with positive returns

Only 9 years out of last 42 years market ended with negative returns

Data Source: ACE MF 7

 Investing during bad times has been rewarding

…the Next 5 year average CAGR were

less than -20% 20.37%

Between -20 to -10% 22.68%

Investing,
when Between -10 to 0% 22.36%
1 year
returns Between 0 to 10% 16.40%
were
Between 10 to 20% 13.22%

Between 20% and more 12.01%

Data Source: ACE MF, analysis based on rolling returns of Nifty 50 index starting from 1st Jan 2000 to 28th June 2022, Past Performance may or may not sustain in future 8
 Equity markets and interest rate cycles

Equity markets have performed well during interest rate hike cycles

Duration Nifty 50 Absolute

Interest Rate Change in Policy
Time frame (no of Policy Rate returns during the
Phase Rate(bps)
days) period
18-09-2004 11-10-2008 1484 Hike Repo 6% to 9% 300 89.2%

11-10-2008 13-02-2010 490 Easing Repo 9% to 4.75% -425 47.2%

13-02-2010 10-03-2012 756 Hike Repo 4.75% to 8.50% 375 10.5%

10-03-2012 20-09-2013 559 Easing Repo 8.50% to 7.25% -125 12.7%

20-09-2013 15-01-2015 482 Hike Repo 7.25% to 8.00% 75 41.3%

15-01-2015 06-06-2018 1238 Easing Repo 8% to 6% -200 25.8%

06-06-2018 07-02-2019 246 Hike Repo 6% to 6.50% 50 3.6%

07-02-2019 08-04-2022 1156 Easing Repo 6.5% to 4.00% -250 60.7%

08-04-2022 28-06-2022 81 Hike Ongoing 90 -10.9%

Source: Bloomberg and internal analysis, Past performance may or may not sustain in future 9
 Key trends in India

Rising income creating Shift towards organized

demand for better sector making strong
goods and services businesses stronger

India to see best Rise in internet users

decade of growth and enabling growth of
transformation innovative business models

10
“Diversification May Preserve Wealth, But Concentration Builds Wealth”
- Warren Buffett
Investment strategy

A focus portfolio of 25 to 30 stocks

with strong business models

Benchmark and sector agnostic

approach

Multi-cap portfolio

12
 Investing Ideology

3 timeless investing opportunities in 1 portfolio

Brands Market share gainers Innovators

Buy Established & Emerging Buy market-share leaders Buy Innovators, Adaptors and
brands across B2B and B2C and emerging market-share Enablers of change in business
segments gainers dynamics

The above is the investment ideology which will be followed by the fund manager. However, this can change based on market dynamics, economic scenarios etc. For detailed
13
investment strategy, risk factors of the schemes please refer to SID available on website
 BRANDS

“Branding is simply a more efficient way to sell things”

- Al Ries
14
 India - A house of strong brands
$164 Bn Valuation of top 100 Brands in India
Sector Value In USD Bn.
Engineering & Construction 27.65
Top 10 Brands by their brand equity value
Banking 27.32

IT Services 20.48

Oil & Gas 19.72

Automobiles 14.59

Telecoms 12.07

Insurance 8.89

Food 6.89
$ 21.28 Bn $ 8.66 Bn $ 8.40 Bn $ 8.14 Bn
Retail 6.68

Other 20.58

Total 164.90

Brands exist across wide range of sectors (Top 100)

Sector Number of Brands
$ 6.59 Bn $ 6.07 Bn $ 5.84 Bn $ 5.52 Bn Banking 17

Engineering & Construction 8

Retail 7

IT Services 7

Automobiles 7

Oil & Gas 6

$ 5.38 Bn $ 4.81 Bn
Food 6

Tech 5

Mining 5
Data Source: Brand Finance report 2021, The representational logos used does not imply any affiliation or
Miscellaneous 32
endorsement by the brands. These are for illustration purpose only and does not indicate that the fund will buy this
Total 100 15
stocks.
 Strong brands create higher shareholder value

BRANDS

Distinguished
Product/Service

Pull from customers

01 03
Strong IP
Higher shareholder
Innovation Competitive value over time
02 advantage
Consistent delivery
standards Superior return ratios

High marketing Bargaining power

spends

16
 Strong brands are biggest wealth creators

Top 10 companies with strong brand value have 56% share amongst top 100 biggest wealth creators (by value) in last 5 years
Wealth Created (in Rs.
Rank Company Share%
Bn.)
1 Reliance Industries 9,661 14
2 TCS 7,294 10
3 HDFC Bank 5,182 7
4 Hindustan Unilever 3,427 5
5 Infosys 3,257 5
6 Bajaj Finance 2,592 4
7 ICICI Bank 2,475 4
8 HDFC 2,422 3
9 Kotak Mahindra 2,081 3
10 HCL Tech 1,613 2
Top 10 40,003 56
Top 100 70,815 100
17
Source: Motilal Oswal Research. Stocks are only for illustration purposes. Past performance may not sustain in future
 Stages in brand’s life-cycle
Movement of shareholder’s value across various stages

Core focus of Edelweiss

Focused Equity Fund

Emerging Brand Established Brand Losing Brand Turn-around Brand

• Slowly gaining market- • New product launch

share from leader • Management change
• Faster EPS growth • Rise in market-share
• Valuations re-rating
• Dominant position in the
sector
• High entry barrier
• Steady earnings growth
• Lack of innovation
• Shrinking margins
• Loss of market share

18
 Brands we will invest in

Emerging Brand

Established Brand Brands that are gaining prominence

Trying to capture brand journey
Potential of earning growth along with re-rating
Brands with dominant position
Eg: V-Guard, Persistent and Kansai Nerolac
Huge scope in the underpenetrated market
Have steady earnings growth
Eg: Havells, Infosys and HDFC

19
Stock names are only for illustration purpose. This is not a recommendation and fund may or may not invest in these stocks.
 Brands have strong return ratios

Market Cap Growth

Company ROE Revenue Growth (last 5 years)
(last 5 years)
HDFC Bank 13%

Britannia 9%

Pidilite 12%

Havells 18%

Titan 17%

Nifty 100 10%

Note : ROE, Revenue Growth and market cap are on CAGR basis. Market cap growth as of June 2022

20
Source : Motilal Oswal Research. Stock are only for illustration purpose. Past performance may not sustain in future
 0
5
10
15
20
25
30
35
40
45
Jan 2017
Mar 2017
Apr 2017
May 2017
Jul 2017
Aug 2017
Sep 2017
Nov 2017
Dec 2017
Jan 2018
Mar 2018
Apr 2018
May 2018
Jul 2018
Aug 2018
Sep 2018
Nov 2018
Dec 2018
Jan 2019
Mar 2019
Apr 2019
May 2019
Jun 2019
Aug 2019
Brands
Sep 2019
Oct 2019
Dec 2019
Nifty 100

Jan 2020
Feb 2020
Apr 2020
May 2020
Jun 2020
Aug 2020
Sep 2020
Oct 2020
Dec 2020
Jan 2021
Top 15 Brands Model Portfolio Vs Nifty 100- Performance

Feb 2021
Mar 2021
May 2021
Jun 2021
Jul 2021
Sep 2021
Oct 2021
A portfolio of top 15 brands from Nifty 100 has outperformed significantly in last 5 years

Nov 2021
Jan 2022
Source : Bloomberg, Companies selected are based on internal analysis. This is only for illustration and past performance may not sustain in future. Data as of 28th June, 2022

Feb 2022
Mar 2022
May 2022
Jun 2022
Brands outperform significantly

21
 MARKET SHARE GAINERS

“Market leaders continually chart the changing waters”

- Peter Barron
22
 Market-share gain drives share-holder value

How market-share gainers benefit?

Increasing Higher Better Promising Higher

Market-share growth than operating return ratios share-holder
sector leverage & margins value
Gaining Sector Strong
Strategic MOAT Better Returns
Prominence Leadership Financials

23
 Market-share gainers we will invest in

Consistent Emerging
market-share gainers market-share gainers

Market-share leaders having a Businesses that are gaining

deep moat or recapturing prominence

Having a meaningful position Gain in Market share by

within the sector change agents like -
leadership change, product
Have higher revenue growth rate innovation, strategic
than peers over last business cycle investment, etc
.
Have better margins and return Change agents can lead to –
ratios than peers over the last Higher revenue growth rate,
business cycle better margins and return
ratios than peers

24
 Market share gainers are long-term compounders

Revenue Growth Market Cap Growth

Company Market Share
(last 5 years) (last 5 years)

Consistently gaining market share due to un-

18% 32%
organized to organized shift

Private Life insurance players have grown at 15%

16% 13%*
vs the industry average of 12% CAGR in last 5 years

Market share enhanced from 27% in FY16 to 50% in

FY21, led by a strong distribution network,
27% 40%
branding, offering of customized & innovative
products and capacity enhancement.

Note : ROE, Revenue Growth & Market cap growth are on CAGR basis.* Market cap growth for HDFC Life is for last 4 years.
Source: Bloomberg, Internal working. The representational logos used does not imply any affiliation or endorsement by the brands. These are for illustration purpose only and does not 25
indicate that the fund will buy this stocks. Past performance may not sustain in future. Market cap data is as of June 2022.
 15000
20000

0
10000
25000

5000
100
200
400
500
600
700
800
900

0
300
Apr-14
Apr-15
Sep-14
Sep-15
Jan-15
May-15 Jan-16
Sep-15 May-16
Jan-16 Sep-16
May-16 Jan-17
Sep-16 May-17

Change in CEO 2015

Jan-17 Sep-17
May-17 Jan-18
Sep-17
May-18
Jan-18
Sep-18

Nestle
May-18
Sep-18 Jan-19
ICICI Bank

New CEO appointed 2018

Jan-19 May-19
Jun-19 Sep-19
Oct-19 Jan-20
Feb-20 Jun-20
Jun-20 Oct-20
Oct-20 Feb-21
Feb-21
Jun-21
Jun-21
Oct-21
Oct-21
Feb-22
Feb-22
Jun-22 Jun-22
0
1000
2000
3000
5000
6000
7000

4000

500
0
1000
1500
2000
2500
3000
3500
4000

May-17 Apr-17
Jul-17 Jun-17
Sep-17 Aug-17
Nov-17 Oct-17
Jan-18 Dec-17
Apr-18 Feb-18
Jun-18 Apr-18
Jun-18
Aug-18
Aug-18
Oct-18
Oct-18
Dec-18
Dec-18
Jan-19
Feb-19
Apr-19
Apr-19
Jun-19
Jun-19
Source : Bloomberg, Internal working and only for illustration purpose. Past performance may not sustain in future, Data as of 28th June 2022

Aug-19 Aug-19
Coforge

Oct-19 Oct-19
Titan

Dec-19 Dec-19
Feb-20
Change in Management 2019

Feb-20
Apr-20 Apr-20
Shift from Unorganized to Organized

Jun-20 Jun-20
Aug-20 Aug-20
Oct-20 Oct-20
Dec-20 Dec-20
Feb-21 Feb-21
Apr-21 Apr-21
Jun-21 Jun-21
Aug-21 Aug-21
Oct-21 Oct-21
Dec-21 Dec-21
Feb-22 Feb-22
Apr-22 Apr-22
Jun-22 Jun-22
Change agents drive market-share and stock price

26
 Market-share gainers outperform significantly

Top 20 market-share gainers across various sectors have generated significant

outperformance over broader market
Top 20 market share gainers Model Portfolio vs Nifty 100 performance
60

50

40

30

20

10

0
Mar 2017

Jun 2017

Oct 2017

Mar 2018
Apr 2018
Jun 2018

Apr 2019

Oct 2019

Mar 2020

Oct 2020

Mar 2021
Apr 2021
Jun 2021

Apr 2022
Jan 2017

Feb 2022

Jun 2022
May 2017

Aug 2017

Nov 2017
Jan 2018

Aug 2018
Sep 2018
Nov 2018
Jan 2019
Feb 2019

Feb 2020
May 2019
Jul 2019
Sep 2019

May 2020
Jul 2020
Aug 2020

Jan 2021

Aug 2021
Sep 2021
Nov 2021
Jan 2022
Dec 2019

Dec 2020
Market Share Gainers Nifty 100

Note: 20 market share gainers are used to calculate the above returns. Past performance may not sustain. Market-share gainers are selected
based on internal analysis

27
Source : Bloomberg, Internal working and only for illustration purpose. Past performance may not sustain in future, Data as of 28th June, 2022
 Innovators

“Innovation distinguishes between a leader and a follower”

- Steve Jobs
28
 Innovators are new wealth creators

No business is immune to
disruption by new age business
models today
Innovators, adaptors and
enablers of innovation can be
big wealth creators

Innovators disrupt old

business models and create
new eco-system

29
 Fertile eco-system for innovators
UPI PAYMENTS SHARE
Digital payment
adoption on rise
Future market potential for innovators
80%
Revenue Revenue
INTERNET USERS Sector
DATA COST /GB 2020 USD Bn 2030 USD Bn
Digital Shopping, food One of the
delivery, e-pharmacy
and e-learning adaption
700mn Rs 10 cheapest data in
on rise the world Ed – Tech 1.0 19.7

Renewable
10.0 30.0
Power
Population aged USAGE PER Ecommerce
<34y 2.0 15.4
850mn 12GB USER/MONTH Logistics
Large addressable Smart phone users
population Online Food
1.0 10.0
Delivery
550mn Shared
0.7 1.8
Mobility
Online
SMART PHONE USERS 0.9 9.2
Large and still rising Gaming
smartphone user base

30
Source : Research Report and internal analysis
 What kind of businesses we will buy
End of Innovator

New business
model fails or turns
out to be a FAD

Innovator Company which innovated new

Innovative business model
business
model
Companies which are enabling
Enablers innovation

New business
model turns
successful Companies which are adapting to
Adaptors
innovation

Buy these businesses

Disrupted Companies which failed to adapt
Business
Ignore these businesses
31
 Case study – Innovator and disruptor
JIO – The Disruptor
1250

1200
Pre Jio Launch Post Jio Launch Reduced cost of data in India
Led to rise of smartphone users
Operators Airtel acquires Increased internet userbase
1150 1. Airtel Videocon
2. Vodafone India spectrum in six Enabled rise of many digital
3. Idea Cellular circles in businesses in India
4. Rcom Mar’16 Existing Operators
1100 5. Tata Tele
1. Airtel
(Subscribers in Mn)

6. Aircel
7. Unitech 2. Vodafone Idea
8. MTS 3. Jio Jio Subscribers (Mn)
1050 4. MTNL
9. Videocon
10. Loop 5. BSNL 2018-19 306.7
11. HFCL
1000 12. Stel 2019-20 387.5
13. MTNL Rcom Filed for
14. BSNL bankruptcy and
15. Etisalat closed telecom
2020-21 426.2
950 Airtel acquires
Telenor operations business in Feb’19
in seven circles in
Feb’17 Airtel acquired Vodafone India
900 consumer business merged with Idea Revenue EBITDA
Rcom announces of TATA Tele in Cellular to form VIL
merger with Sisterma Oct’17 in Aug’18 Rs 90,287 Crs Rs 34,035 Crs
800 (MTS) in Nov’15

32
Only for illustration and not a recommendation
 Case study – Enabler and adaptor of disruption

Indian IT Industry - Infosys Ltd Indian Telecom Industry - Bharti Airtel Ltd

Infosys : % of Revenue from Digital Bharati adapted the strong disruption form Jio
50% 45% It reduced data cost and maintained strong Balance Sheet
and kept war-chest ready to spend
40% 36%
28% Focused on 4G adaption aggressively
30% 24%
20% Share of Telecom Industry
10%
0% BSNL 10%

% of Revenue from Digital Jio 37%

Vodafone
FY18 FY19 FY20 FY21
23%
Fall in data cost driven by JIO disruption and rising internet
penetration led to surge in digital business

Infosys enabled large scale digital transformation in India

It benefited as an enabler to disruption from Jio Airtel 30%
33
Only for illustration and not a recommendation
 Disruptor-Enabler-Adapter - All 3 created wealth

Stock price of Reliance, Infosys and Bharati Airtel in last 5 years

Stock Price Movement (Normalised)
60
50 Infosys Ltd Reliance Bharti Airtel
40
30
20
10
0
Nov 2017

Sep 2018
Nov 2018

Sep 2019

Sep 2021
Nov 2021
Mar 2017

Jun 2017

Mar 2018

Jun 2018

Mar 2020

Mar 2021

Jun 2021

Jun 2022
Oct 2017

Feb 2019

Oct 2019
Dec 2019
Feb 2020

Oct 2020
Dec 2020

Feb 2022
Apr 2018

Apr 2019

Apr 2021

Apr 2022
Jan 2017

Aug 2017

Jan 2018

Aug 2018

Jan 2019

Jul 2019

Jul 2020
Aug 2020

Jan 2021

Aug 2021

Jan 2022
May 2017

May 2019

May 2020
34
Source : Bloomberg. Stock price performance rebased to 10. This is only for illustration purpose. Past performance may not sustain in future
 Sectors that may see innovation and disruption

Sector Innovator Enabler Adaptor

Battery and
Electric Vehicle Existing car manufacturers that adapt new
Automobiles Manufacturers
accessories
technology and strong partnership.
manufacturers

Renewable energy Existing power manufacturers shifting to

Energy Players
Grid providers
renewables.

Pharma
Brick & Mortar chemist adopting to e-
Pharmacy E-pharmacy players manufacturers and
pharmacy business model
diagnostic chains

Existing car fleet providers adopting to new

Shared Mobility Ride sharing players Vehicle manufacturers
age transportation

35
 Why Now?
Unorganized to Organized: In the post- covid era, the market share of companies in the
unorganized sector is likely to shrink further
Brands Rising Income: As Income rises, Indian consumers are now becoming brand conscious
and are willing to pay premium for better alternatives

To drive growth: India’s thriving start-up ecosystem has helped to drive innovation with
new offerings and pioneering new business models

Innovators Disruption is Inevitable: Disruptive growth is an opportunity for investors to capture

significant value creation over time

Under penetration in many sectors will help market leaders to continue to create new
markets

Market Share Rise of Middle class: Nearly 55% of the Indian population is expected to be in the
Gainers middle class by 2025

Strong becoming stronger: Weak businesses have suffered due to pandemic-related

demand disruption resulting in market share gain by stronger businesses.
36
 What are the risks in this fund
1. Being a Benchmark Agnostic portfolio, the strategy may
underperform the benchmark in the short term

2. Focused funds may suffer from concentration

induced volatility

3. The fund may be more volatile than broad based

indices or diversified funds

4. Strategy may underperform during prolonged

economic slow down

For detailed risk factors, pls refer SID of the scheme 37

 Summary

Portfolio Strategy Investing Ideology Why Now?

3 timeless investing opportunities India is set to see one of the

A focus portfolio with 25 to in 1 portfolio best decades of business
30 stocks with strong
Brands – Buy established growth and transformation
business models
and emerging brands
across B2B and B2C Rising income is changing
Benchmark, Sector and
segment consumer preference towards
Market-cap agnostic
better brands
approach
Market-share Gainers – Buy
market-share leaders and Strong businesses are
emerging market-share becoming stronger due to shift
gainers towards organized sector

Innovators – Buy Rise in internet users is

innovators, adaptors and enabling innovation and
enablers of new business disruption across many
models sectors

38
Investment Philosophy

39
 Our philosophy while managing your money
Our FAIR investment framework helps in identifying Robust and clean businesses available at acceptable price and also
keeps us informed on their ESG standings

Use forensic framework to check accounting quality, board governance standards and ownership
background

Focus on reasonably priced businesses with medium term earnings power rather than short term and be
value/ growth style agnostic

Be informed on ESG factors for businesses that we like to invest and its impact on the environment and
humans at large

Pick well managed businesses having scalable opportunities and superior return on capital employed

40
40
 Our investment process
Listed Universe

Quantitative Screening Filter

(1) 5 yr average ROIC > 10% (2) Current year Sales, EBITDA, PAT > 5 yr.
average Sales, EBITDA, PAT. (3) Revenue growth > Av. Sector growth Robust businesses

Fundamental
Framework
Analyse quality using
Be ESG Informed
Forensic
Forensics
ESG
Analysis
Framework
Framework

Attractive investment Value = Arrive at

discounted investment value +
compounding investment value Acceptable price 41
 Risk Management at each level of investment process
Risk management is core to our strategy at each level of investment process

Investment Idea Generation/ Portfolio Construction/

Trading
Process Research Monitoring

Risk
Management
• Quality • Reg. Guidelines • Best Price Monitoring
• Corp. Governance • Sell Discipline • Liquidity Monitoring
• Price • Portfolio Risk
• Liquidity • Residual Macro Bets

42
 What we won’t do in the fund

Benchmark 1 Macro calls Cash calls

hugging 2 3

The fund will not replicate its The fund will not follow top- Timing the market is difficult
benchmark in terms of sectoral down approach on sectors and and hence, the fund will always
allocation and market cap themes. Focus will be on pure stay fully invested.
allocation. bottom-up stock ideas.

43
 Fund features

Scheme Type An open-ended equity scheme investing in maximum 30 stocks across market capitalization

The investment objective of the fund is to generate long term capital appreciation by investing in
equity and equity related instruments of upto 30 companies across market capitalisation.
Investment objective
However, there is no assurance that the investment objective of the Scheme will be realized and the
Scheme does not assure or guarantee any returns.

Instruments Indicative Asset Allocation

Equity and Equity related instruments 65% - 100%
Asset Allocation
Debt and money market instruments 0% - 35%
Units of REITs & InvITs 0% - 10%

Fund Managers Mr. Trideep Bhattacharya and Mr. Abhishek Gupta

Exit Load 1% upto 365 days. NIL after completion of 365 days

Benchmark Nifty 500 TRI

44
 Our Investment Team

Trideep Bhattacharya Abhishek Gupta Sahil Shah Ashwani Agarwalla Mehul Dalmia
CIO - Equities Fund Manager Fund Manager Fund Manager Research Analyst
Years of experience Years of experience Years of experience Years of experience Years of experience
22 Years 17 Years 14 Years 17 Years 5 Years

Coverage Coverage Coverage Coverage Coverage

Technology, Capital Automobiles, Consumer BFSI, Consumer Staples, Pharmaceuticals, ESG and
Macro, Pharmaceuticals
Goods & Industrials, Discretionary, Chemicals, Real Estate Forensic Analysis
Construction, Cement, Miscellaneous sectors
Metals.
45
 Disclaimers

This document is for information purposes and private circulation only

and is not an offer to sell or a solicitation to buy any mutual fund
units/ securities or to have business relations with Sponsor/ AMC/
Trustee Company and its associates or Edelweiss Mutual Fund.
These views alone are not sufficient and should not be used for the
development or implementation of an investment strategy. All
opinions, figures and estimates included in this document (unless as
specified in the document) are as of this date and are subject to
change without notice. It should not be construed as investment
advice to any party. Neither Sponsor/ AMC/ Trustee Company and its
associates nor Edelweiss Mutual Fund or any person connected with
it, accepts any liability arising from the use of this information. Utmost
care has been exercised while preparing the document, and Sponsor/
AMC/ Trustee Company and its associates or Edelweiss Mutual Fund
does not warrant the completeness or accuracy of the information
and disclaims all liabilities, losses and damages arising out of the use
of this information. The recipient of this material should rely on their
investigations and take their own professional advice. Investment
decisions of the AMC may not always be profitable.

The above is the investment ideology which will be followed by the fund manager. However, this can change based on market dynamics, economic scenarios etc.
For detailed investment strategy, risk factors of the schemes please refer to SID available on website. The representational logos used does not imply any
affiliation or endorsement by the brands. These are for illustration purpose only.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully. 46
www.edelweissmf.com