UTI Asset Management Company Limited

Conviction. Capabilities. Commitment.

UTI Gilt Fund

March 2023
 Fixed Income Market Update

 FY23 of policy normalization was largely a period of repricing of bond yields, subpar returns & flattening of the yield curve.

 The global economy faced a concoction of high inflation, unexpected geo-political shocks, aggressive monetary policy
normalization and supply chain disruptions. In India, broader economic activity remained resilient.

 Global inflation expected to moderate in 2023 as base effects dropout, supply chain normalizes and economic
momentum slows down on tight global financial conditions

 The RBI hiked its policy rates by 250 bps during FY23 from 4% to 6.5% while retaining “Withdrawal of Accommodation”
stance.

 RBI could remain on an extended pause and expected to wait for a decisive moderation in the inflation and evaluate
effects of past rate hikes before it pivots.

 Central banks closer to their terminal policy rates; Timing and quantum of rate cuts still uncertain

 Supply of bonds in the new FY24 and an extended pause by the central banks may keep the rates range bound

With global conditions turning benign for fixed income and given the reasonable starting level of real yields,
investors may consider strategies that provide accruals.

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 UTI Gilt Fund – An Overview

 An open-ended debt scheme predominantly investing Government Securities issued by the Central
and/or State government

 Aims to generate reasonable returns with the possibility of capital appreciation over long term

 The Fund would seek to invest across maturities with the intent of optimizing returns commensurate
with the interest rate scenario

 Actively manages portfolio duration by investing across the yield curve in response to the change in
market environment

 Preferred Investment Horizon: 12 months & above

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 UTI Gilt Fund – Portfolio Update
Issuer Name Rating % NAV
Government Securities 57.63 Portfolio Quants
7.26% GSEC - 22/08/2032 SOV 17.60 AUM 566 Cr

7.38% GSEC - 20/06/2027 SOV 40.03 YTM* 7.31 %

State Development Loans 18.79 Average Maturity 5.93 yrs

7.97% PUNJAB SDL MAT - 29/03/2038 SOV 6.28 Modified Duration 4.16 Yrs

7.94% HR SDL 2034 - 29/06/2034 SOV 4.52 Macaulay Duration 4.31 Yrs
7.64% MADHYA PRADESH SDL - 08/02/2033 SOV 4.41
Maturity Profile (%)
7.89% WESTBENGAL SDL - 29/03/2040 SOV 3.58
40.03
Treasury Bills 15.71
91 DAYS T BILL - 25/05/2023 SOV 8.75 23.58 22.01
91 DAYS T BILL - 04/05/2023 SOV 4.39
14.38
182 DAYS T BILL - 14/09/2023 SOV 2.57
TREPS/ Repo/ Cash 7.87
Total 100.00 0-3Y 3-5Y 5-10Y >10Y

4 Portfolio details as of March 31, 2023. *Annualized Portfolio YTM – Yields of all securities are annualized
 UTI Gilt Fund – Portfolio Trend

Modified Duration (Years) Average Maturity (Years)

4.16
5.93 3.74
5.30 3.52 3.42
5.12 4.96 3.26
4.58

2.19
3.01

Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23

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 An Overview of Fund Performance

Returns (%) Growth of ₹10,000/

Period
B: CRISIL Dynamic AB: CRISIL 10 Year B: CRISIL Dynamic AB: CRISIL 10 Year
Scheme Scheme
Gilt Index Gilt Index Gilt Index Gilt Index

1 Year 4.88 4.28 3.43 10,488 10,428 10,343

3 Years 4.70 4.97 2.70 11,477 11,566 10,832

5 Years 6.74 7.06 5.81 13,858 14,067 13,265

Since Inception* 8.17 7.52 6.42 52,864 46,522 37,408

B - Benchmark, AB - Additional Benchmark
Assuming that all payouts during the period have been reinvested in the units of the scheme at the immediate ex-div NAV. Returns are computed on Compounded Annualized Growth
Returns (CAGR) basis as on March 31, 2023. . The performance details provided herein are of regular plan growth options. Different plans have different expense structures. Since Inception
returns calculated from Dec-2004 to Dec-2022..Mr. Sudhir Agrawal is managing the scheme since Dec-2021. Past performance may or may not be sustained in the future.

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 Performance of schemes managed by Fund Manager

Period – Compound Annualized

1 Year 3 Years 5 Years

Scheme Name Fund Benchmark
Scheme Benchmark Scheme Benchmark Scheme Benchmark

Funds Managed by Sudhir Agarwal

UTI Short Term Income CRISIL Short Duration

4.46 3.99 7.32 5.28 4.82 6.57
Fund Debt A-ll Index
UTI Dynamic Bond CRISIL Dynamic Bond A-III
12.08 3.29 9.97 5.31 5.44 7.18
Fund Index
CRISIL Low Duration Debt
UTI Floater Fund 4.73 5.59 4.78 5.51 - -
Index

• Mr. Sudhir Agarwal manages 4 open-ended schemes of UTI Mutual Fund.

• Period of which scheme’s performance has been provided is computed basis last day of the month end preceding the date of advertisement.
• Different plans shall have a different expense structure. The performance details provided herein are of Growth Option (Regular Plan as of March 31,2023).
• UTI Floater Fund has been in existence for more than 3 years but less than 5 years.

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 Why invest in UTI Gilt Fund?

Minimum exposure to
credit risk as investments

2 are made in highest rated

instruments (government
securities)
Aims to capitalize from
a falling interest rate
environment through 1
active duration
management

3 No Lock In period
– investors can
buy or sell anytime (not available
in traditional debt investments)
Who should invest in UTI Gilt Fund?

Investors with a higher risk Investors who do not wish Investors seeking to
appetite with an investment to take on credit risk make tactical allocation
horizon of above 12 months to their core portfolios
 Product Labeling

This product is suitable for investors who are

Scheme & Benchmark (B) Scheme Riskometer# Benchmark Riskometer
seeking*
• Credit risk free return over the medium to long term
• Investment in sovereign securities issued by the
UTI Gilt Fund
Central Government and/or a State Government
B – CRISIL Dynamic Gilt Index
and/or any security unconditionally guaranteed by
the Central Government and/or a State Govt.

• To generate reasonable returns

UTI Floater Fund • To invest predominantly in floating rate instruments
B – CRISIL Low Duration Debt Index (including fixed rate instruments converted to
floating rate exposures using swaps/ derivatives)

UTI Short Term Income Fund • Reasonable income with low risk and high level of
B – CRISIL Short Duration Debt A-ll liquidity over short-term
Index • Investment in Debt & Money Market instrument

• Optimal returns with adequate liquidity over medium

UTI Dynamic Bond Fund
to long term
B – CRISIL Dynamic Bond A-III Index
• Investment in Debt & Money Market Instruments

*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

#Risk-o-meter for the fund is based on the portfolio ending March 31, 2023. The Risk-o-meter of the fund/s is/are evaluated on monthly basis
and any changes to Risk-o-meter are disclosed vide addendum on monthly basis, to view the latest addendum on Risk-o-meter, please
10 visit the addenda section on https://utimf.com/forms-and-downloads/
 Potential Risk Class Matrix

Credit Risk → Relatively Low Moderate Relatively High

Interest Rate Risk ↓ (Class A) (Class B) (Class C)

Relatively Low
A-I - B-I - C-I -
(Class I)

Moderate
A-II - B-II - C-II -
(Class II)

UTI Short Term Income Fund

Relatively High UTI Gilt Fund
A-III B-III UTI Floater Fund C-III -
(Class III)
UTI Dynamic Bond Fund

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 Disclaimer

REGISTERED OFFICE: UTI Tower, ‘GN’ Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400051. Phone: 022 – 66786666. UTI Asset Management
Company Ltd (Investment Manager for UTI Mutual Fund) Email: invest@uti.co.in. (CIN-U65991MH2002GOI137867). For more information, please
contact the nearest UTI Financial Centre or your AMFI/NISM certified UTI Mutual Fund Independent Financial Advisor (IFA) for a copy of the
Statement of Additional Information, Scheme Information Document, and Key Information Memorandum cum Application Form.

Disclaimers: The information on this document is provided for information purposes only. It does not constitute any offer, recommendation, or
solicitation to any person to enter into any transaction or adopt any hedging, trading, or investment strategy, nor does it constitute any prediction
of likely future movements in rates or prices or any representation that any such future movements will not exceed those shown in any illustration.
Users of this document should seek advice regarding the appropriateness of investing in any securities, financial instruments, or investment
strategies referred to in this document and should understand that statements regarding future prospects may not be realized. The recipient of this
material is solely responsible for any action taken based on this material. Opinions, projections, and estimates are subject to change without
notice.

UTI AMC Ltd is not an investment adviser and is not purporting to provide you with investment, legal, or tax advice. UTI AMC Ltd or UTI Mutual Fund
(acting through UTI Trustee Company Pvt. Ltd) accepts no liability and will not be liable for any loss or damage arising directly or indirectly
(including special, incidental, or consequential loss or damage) from your use of this document, howsoever arising, and including any loss,
damage or expense arising from, but not limited to, any defect, error, imperfection, fault, mistake or inaccuracy with this document, its contents or
associated services, or due to any unavailability of the document or any part thereof or any contents or associated services.

The fund Strategy shown is subject to change with respect to peer-set and benchmark. Limits mentioned are internal prudential norms. For asset
allocation and related details, please refer to the Scheme Information Document of the respective schemes.

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

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