2Year7s 1

Get the titans

on your side.
HDFC TOP 100 FUND
(An open ended equity scheme predominantly investing in large cap stocks)

For disclaimer refer slide 31

January 2024
 1

Why
Large Caps?

For disclaimer refer slide 31

02
Why Large Caps?
1

Management Well
Stability across bandwidth is researched
business cycles wide and deep universe

Proven business Benefits Higher liquidity

models of scale than mid and
small caps

For disclaimer refer slide 31

03
Consistent Compounders
1

NIFTY 100 Returns

25000
21919

20000
t e rm
e l ong
o v er th
15000
C AGR
13. 6%
10000 8518 8405

5198
5000
2017

0
Mar'05 Mar'10 Mar'15 Mar'20 Sep'23

Large Caps have been consistent compounders over the long term
Source: MFI; Internal Calculations
Returns for the period 31st March 2005 to 29th December 2023
For disclaimer refer slide 31
04
Markets tend to follow Earnings and GDP growth
1

Nifty EPS (INR) Nifty

1000 24000 Nominal GDP (INR trillion) Nifty 24000

300

320.7
20000 20000

294.2
800

272.4
250
16000 16000
600 200

201.0
198.3
12000 12000

189.0

234.7
150

170.9
400

153.9
8000 8000

137.7
100

124.7
112.3
99.4
200

87.4
4000 50 4000

76.3
1140

49.0

63.7
24.9

42.5
36.3
23.2

27.9
21.4

31.9

55.1
405

996
348

483
369

807
542
478
184
236

416
169

728
281

451
247

427
397
315
251
131
92
78
73

0 0 0 0
08
04

06

08
09

06
04

09
05
03
02

20

05
03
02

20

FY E
07

FY 3
01

10

22
18

07

25E
FY 3
10
01

22
16
14

18
19

16
14

19
15
13
12

21

15
13
12

21
FY E
17
11

25E

17
11
2

24
2
24
FY
FY

FY

FY
FY
FY

FY

FY

FY
FY

FY

FY

FY
FY
FY

FY

FY
FY
FY

FY
FY
FY

FY

FY
FY
FY

FY
FY
FY

FY

FY
FY

FY

FY
FY
FY

FY
FY
FY

FY
FY
FY

FY

FY
FY
FY
Nifty EPS Nifty 50 Nominal
Index GDP
Growth Growth Growth Markets are volatile over the short term and are
driven by various events; while in the long run,
5 Year 12.3% 11.4% 9.8%
markets tend to follow earnings and GDP growth.
10 Year 8.1% 11.8% 10.6%

As of Mar’23
Source: MOSL
For disclaimer refer slide 31
05
India’s GDP estimates
1

India's GDP (in USD $ trillion)

8 8
7.5
7.3
7 7

4
3.4
3
Mar-23 2030 E 2030 E 2031 E 2032 E
Economic S&P Global Morgan CLSA
Survey - Stanley
CEA

Source: Bloomberg; CEA - Chief Economic Advisor; E - estimates

For disclaimer refer slide 31

06
Returns vs Volatility
1

3 year Rolling Returns 5 year Rolling Returns 10 year Rolling Returns

Nifty Nifty Nifty Nifty Nifty Nifty

Nifty 100 Nifty 100 Nifty 100
Midcap 150 Smallcap Midcap 150 Smallcap Midcap 150 Smallcap
TRI TRI TRI
TRI 250 TRI TRI 250 TRI TRI 250 TRI

Nos of
3900 3414 2167
observations

Minimum -6.5 -17.2 -17.5 -0.7 -2.3 -6.2 5.5 7.3 2.5

Maximum 40.7 40.6 44.7 24.4 29.1 27.7 18.3 23.3 21.5

Average 12.5 15.1 12.9 12.3 14.6 11.7 12.4 15.5 12.8

Std Dev 7.0 11.6 14.0 4.6 6.5 7.7 2.5 3.6 4.0

Risk Return
Ratio 1.8 1.3 0.9 2.7 2.2 1.5 4.8 4.2 3.2

Stable return is seen in large caps across horizons with relatively lower volatility

Source: MFI; Internal Calculations; Data for the period 1st April 2005 to 29th December 2023

For disclaimer refer slide 31

07
Large Caps vs Mid Caps vs Small Caps
1

Calendar year Nifty Midcap NIFTY Small Cap Nifty Nifty Small
Nifty 100 TRI Nifty 100
Returns 150 TRI 250 Index TRI Midcap Cap 250
TRI
2006 40.4 28.6 32.9 150 TRI Index TRI

2007 59.2 77.7 96.9 7 3 8

Rank 1
2008 - 53.0 -64.8 -68.5
2009 84.9 113.9 117.4 Rank 2 2 14 2
2010 19.3 20.1 17.6
Rank 3 9 1 8
2011 - 25.0 -31.1 -35.2
2012 32.3 46.4 40.1
2013 7.9 -1.3 -6.4
2014 34.9 62.7 71.7
2015 - 1.3 9.7 11.3
Large Cap index has outperformed mid
2016 5.0 6.5 1.4
and small cap indices in 7 out of 18 years
2017 33.0 55.9 58.6
2018 2.6 -12.6 -26.0
2019 11.8 0.6 -7.3
2020 16.0 25.5 26.4
2021 26.4 48.2 63.3
2022 5.0 3.9 -2.6
2023 21.3 44.7 49.2

For disclaimer refer slide 31 Source: MFI 08

Large Caps – NIFTY 100 Valuations
1

NIFTY 100 Valuations

25
Nifty forward P/E Avg Mean+1SD Mean-1SD

20.9
20 20.0

17.4

15 14.8

10

Dec-20

Dec-23
Dec-22
Dec-18
Dec-16
Dec-14

Dec-19
Dec-15
Dec-13
Dec-12

Dec-21
Source: Kotak Institutional Equities; As on 31st December 2023
Dec-17

For disclaimer refer slide 31

09
Large Caps – Relatively Attractive
1

Segment-wise market cap as a % of total market cap

100
5 5 5 4 5 6 7 7 6 7 8 8
8 10
90 13 13 13
14 15 15 16 17 16 16
18 18 17
80 19

70

60

50

40 82 83 81 83 80 79 77 74 76 78 77 75 75 71
30

20

10

0
2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023
Large Cap (%) Mid Cap (%) Small Cap (%)

Source: Jefferies; for bifurcation of market cap segments, top 100 stocks are considered as large caps, 101-250 as mid-caps, and remaining 250 stocks as small cap for every calendar year end.

For disclaimer refer slide 31

10
India: A shining star in emerging markets
1

MSCI Country-wise returns in USD - 10y Return(CAGR) MSCI Emerging Market Index Country Weights

10% 8.5% 8.3%

8% India
16.7%
6%
China 24.9%
4%
2.0%
1.4% Taiwan
2%
0.1%
0% 5.8% 23.8%
S. Korea
-2% -0.1%
-0.9% -1.3% 12.8%
-2.1% -2.4% Brazil
-4%
-6% Others 16.0%
-8% -6.8%
ia

sia

rea

nd

es

ina

zil

ca

sia
xic
iwa
Ind

pin

Bra

i
a
e

lay
Afr
Ch
Ko

ail
Me
on
Ta

ilip

Ma
Th

th
Ind

India weight in EM funds as compared to

u
Ph

So
5.0% benchmark weight
Average
4.0%

3.0%

2.0%

1.0%

Source: Jefferies, MSCI, Data as of 31st Dec’23; India’s active weight as of 30th Sep’23
0.0%
14 15 16 17 18 19 20 21 22 23

For disclaimer refer slide 31

11
India’s dependency on foreign capital has come down
1

40.0
FII Flows ($bn) 18000 Average Monthly SIP (Rs Crore)
29.3 16000 15539
30.0 24.5 23.4
18.5 19.8 20.7
20.0 17.6 16.2 14000
14.2 12278
8.0 12000
10.0 3.3 2.9 3.8
10017
0.0 10000
(0.5) 8340 8007
8000 7724
(10.0) (4.6)

(20.0) (12.9) 6000 5599

(17.0)
4000 3660
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2000

0
30.0 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
DMF Flows ($bn) 24.0
25.0
20.5
20.0 18.4 17.7

15.0 11.1 10.7

10.0 7.1 7.4
3.3 3.9
5.0 1.7 1.3
0.0
(5.0) (1.2)
(3.9)(3.7)
(10.0) (6.1) (7.3)
Source: Jefferies
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023

For disclaimer refer slide 31 12

NIFTY 100 composition changes over time
1

100 100
90
80

56

40

31/03/2005 31/03/2013 31/03/2023

Nos of Companies continued to be part of the Index Nos of Companies continued to be listed

Out of 100 stocks that were part of the index as of 2005,

only 40 continued to be part of the index as of 2023
Source: Bloomberg; Above analysis is based on constituents of NIFTY 100 as of 31st March 2005.
For disclaimer refer slide 31
13
Large Cap Category – Broader market rally
post Covid-19 pandemic brings back Alpha
1

As of 31-Dec-2023 As of 31-Dec-2022 As of 31-Dec-2021

1Y 2Y 3Y 1Y 2Y 3Y 1Y 2Y 3Y

Number of Schemes Outperforming NIFTY 100 24 12 9 4 4 3 14 7 8

Total Number of Schemes Outperforming NIFTY 100 by >2% 14 4 4 2 3 0 9 2 1

Total Number of Schemes under the Large Cap category 30 28 27 28 27 25 27 25 24

Source:: Bloomberg, MFI Explorer

For disclaimer refer slide 31

14
 1

HDFC Top
100 Fund

For disclaimer refer slide 19

02
15
Portfolio Strategy
1

Investment Style Blend of growth at reasonable price and value

Bottom up approach to stock picking blended with top down sector and macro trends
Portfolio Construction
While doing bottom up stock selection, pay attention to company’s positioning and
trends in business, sector and valuation cycles

Business models
Stock Selection –
Management
3 pronged framework
Financial metrics

Emphasis on valuations and to remain mindful of them throughout the

Valuations
investment journey

Aim to create Optimally Diversified Portfolio

Medium to Long Term Approach

For disclaimer refer slide 31

16
3 pronged framework
Business
Model
Companies with strong
moats
Strong processes and
systems which come with
scale and size
Long track record of riding
through business cycles
For disclaimer refer slide 31
1
Financial
Management Metrics
Experienced management Attractive ROE/ROCE
with strong track record
Strong cash flow
Demonstrated good generation
corporate governance
Healthy balance sheets
17
Risk Management
1

Sizing vs Benchmark (NIFTY 100 TRI)

Active positions in a controlled manner while ensuring

compliance with regulatory and internal risk guidelines

Any high conviction bets will be taken after a considered

evaluation of the company’s positioning in the industry and the
business cycle and regularly evaluated on a risk-reward basis

Diversification

Diversified in number of stocks and be measured on sector

deviations vs benchmark

For disclaimer refer slide 31

18
Diverse Performance across sectors
1

Rank 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

1 FMCG Metal Metal FMCG Metal Pharma FMCG Bank IT Bank Pharma Metal Realty IT Realty Pharma Metal Metal Realty
Index Index

2 Auto Infra Energy Pharma Auto Auto Pharma Realty Pharma Auto FMCG Energy Metal FMCG Bank IT IT Bank Auto
Index Index

3 Infra IT Infra Energy IT Bank IT FMCG FMCG Pharma IT Auto Bank Bank Energy Metal Realty FMCG Infra
Index Index Index

4 IT Bank Bank Bank Bank FMCG Auto Auto Auto Infra Auto Bank Energy Energy IT FMCG Infra Auto Pharma
Index Index Index Index Index

5 Energy Auto FMCG IT Realty IT Energy Pharma Energy FMCG Energy FMCG Infra Pharma Infra Infra Energy Energy FMCG

6 Bank Pharma Pharma Auto Energy Energy Bank Infra Infra IT Infra Infra Auto Infra FMCG Auto Auto Infra Energy
Index Index

7 Metal Energy Auto Infra Pharma Metal Infra Metal Bank Realty Bank Realty FMCG Metal Pharma Energy Bank Realty IT
Index Index Index

8 Pharma FMCG IT Metal FMCG Infra Metal Energy Metal Energy Realty IT IT Auto Auto Realty Pharma Pharma Metal

9 Infra Realty Realty IT Realty Metal Metal Pharma Pharma Realty Metal Bank FMCG IT Bank
Index Index

Source: MFI, Internal calculations; indices used are of NSE

Returns are for Calendar years.

For disclaimer refer slide 31

19
 1

Current
Positioning

For disclaimer refer slide 19

02
20
Current Portfolio Positioning – 31 December 2023 st
1

Overweights/ (Underweights) vs Benchmark

4
3
2
1
% of Total Assets

-
(1)
(2)
(3)
(4)
(5)
(6)

gy

ls

te

le r

na er

ls
re

ap e
ls

lo on
s
ic n

ria

ria
ta

St um

tio m
Ca

er
ie

ry
rv tio
ia

no ti
gy

re su
es

Es
t

En

st

e
nc

ili
th

ch ma

ns
Se ica

at
du

sc on
Ut

al
na
al

Co

M
un

Te for
Re
In

Di C
He

Fi

In
m
Co

As of 31st December 2023. For complete portfolio details refer www.hdfcfund.com

For disclaimer refer slide 31

21
HDFC Top 100 Fund – Portfolio Characteristics
1

Top 10 Holdings Key Portfolio Metrics

Company % to NAV Benchmark Active Weight Number of Stocks 48

Top 5 equity and equity related holdings (%)* 36.0

HDFC Bank Ltd.£ 9.2 11.3 -2.1
Top 10 equity and equity related holdings (%)* 57.5
ICICI Bank Ltd. 9.1 6.2 2.9
Total equity and equity related holdings (%)* 97.8
Reliance Industries Ltd. 6.7 7.7 -1.0
Large Cap (%) 93.0
NTPC Limited 5.6 1.3 4.3
Mid Cap (%) 4.8
Infosys Limited 5.4 4.9 0.5
Cash, Cash Equivalents and Net Current Assets (%)* 2.2
Larsen and Toubro Ltd. 4.9 3.7 1.2
Overlap with Benchmark % 64.9
ITC Ltd. 4.8 3.6 1.2 30261
AUM (₹ In crore)
Axis Bank Ltd. 4.3 2.7 1.6 Portfolio Turnover Ratio % ^ 17.60

Bharti Airtel Ltd. 4.1 2.3 1.8 Non benchmark Stocks % 5.7

Coal India Ltd. 3.4 0.8 2.7

As of 31st December 2023. £ Sponsor {Housing Development Finance Corporation Limited (HDFC Ltd) has merged with HDFC Bank Limited w.e.f. July 1, 2023, consequently HDFC Bank Limited is now the
Sponsor of HDFC Mutual Fund}.
* As a % of net assets
^ Computed for the 3-yr period ended 29th December 2023. Based on month-end NAV.
For complete portfolio details refer www.hdfcfund.com.
For disclaimer refer slide 31
22
HDFC Top 100 Fund – Portfolio Changes – Dec'23
1

As on As on OW/UW as on OW/UW as on
Sector Change Benchmark
31st Dec' 23 31st Jul'22 31st Dec’23 31st Jul'22

Financials 35.5 37.2 -1.7 32.7 2.9 3.3

Energy 10.9 16.5 -5.6 10.0 0.9 4.8
Information Technology 9.7 12.0 -2.3 11.4 -1.7 -1.5
Consumer Staples 8.5 6.1 2.4 10.4 -1.9 -3.9
Industrials 7.5 6.3 1.2 7.5 0.0 1.5
Health Care 6.7 5.2 1.5 3.7 3.0 1.1
Utilities 5.6 5.6 0.0 4.2 1.5 1.8
Consumer Discretionary 5.5 4.1 1.4 9.0 -3.4 -2.6
Communication Services 4.4 2.6 1.8 2.7 1.8 0.1
Materials 3.5 1.9 1.6 8.2 -4.7 -6.9
Real Estate 0.0 0.0 0.0 0.4 -0.4 -0.3

For complete portfolio details refer www.hdfcfund.com; OW/UW – Overweight/Underweight,

For disclaimer refer slide 31

23
HDFC Top 100 Fund – Entry and Exits
1

Entry Exits
Security Industry Security Industry

Kotak Mahindra Bank Ltd. Finance REC Ltd. Finance

Jan’23 to
Apollo Hospitals Enterprise Ltd. Healthcare Services Hindustan Petroleum Corp. Ltd. Petroleum Products
Dec’23
Mankind Pharma Ltd. Pharmaceuticals & Biotechnology HDFC Life Insurance Co Ltd. Insurance

Titan Consumer Discretionary Tata Communications Telecom - Services

United Spirits Consumer Discretionary ABB Ltd. Industrials

Container Corporation of India Ltd. Industrials

Hero Motocorp Consumer Discretionary

SBI Cards and Payment Services Ltd Finance

Security Industry Security Industry

SRF Ltd. Chemicals & Petrochemicals Dr Reddys Laboratories Ltd. Pharmaceuticals & Biotechnology
Aug’22 to Bank of India Banks
Cholamandalam Investment &
Dec’22 Finance Company Ltd. Finance ICICI Prudential Life Insurance
Company Ltd. Insurance
Indusind Bank Ltd. Banks Indian Oil Corporation Ltd. Petroleum Products
Tata Consumer Products Ltd. Agricultural Food & other Products Power Grid Corporation Of India Ltd. Power
Tech Mahindra Ltd. IT – Software
Zee Entertainment Enterprises Ltd. Entertainment
CESC Ltd. Power
GAIL (India) Ltd. Gas
ICICI Lombard General Insurance
Company Ltd. Insurance

For complete portfolio details refer www.hdfcfund.com

For disclaimer refer slide 31 24
HDFC Top 100 Fund – Positioning Rationale
1

Positioning
Remarks
Sector HDFC Top 100 Fund

With falling slippages and increasing resolution of NPAs provisioning costs are expected to fall sharply
Financials Overweight resulting in sharp increase in profitability of corporate books in banks. ROE outlook is improving for
Banks.

Multiple tailwinds being faced currently in US generics ; complex generics and specialty formulations in
Health Care Overweight US and domestic formulation businesses have a healthy outlook.

Consumer Staples ex Tobacco Underweight Valuations above long term averages while demand environment remains subdued.

Underweight given the expensive valuations and subdued demand outlook. However, within
Consumer Discretionary Underweight
discretionary, we are positive on select stocks

There seems to be broadening of capex cycle (govt + private), however the valuations are expensive
Industrials Neutral in certain pockets

HDFC Mutual Fund/AMC is not guaranteeing any returns on investments made in this Fund. The above statements / analysis should not be construed as an investment advice or a research report or a
recommendation to buy or sell any security covered under the respective sector/s . In view of the individual circumstances and risk profile, each investor is advised to consult his / her professional advisor
before making a decision to invest in the Scheme. Sectors referred above are illustrative and are not recommended by HDFC Mutual Fund/AMC. The Fund may or may not have any present or future
positions in these sectors. For Compete portfolio please visit www.hdfcfund.com

For disclaimer refer slide 31

02
25
HDFC Top 100 Fund – Positioning
1

Positioning
Remarks
Sector HDFC Top 100 Fund

Materials Underweight Global growth slowdown and risk of fall in commodity prices.

Revenue growth of IT cos. is linked to growth of companies in EU and US and with growth slowdown and
Information Technology Underweight recession risk ahead, topline may get impacted.
Valuations still above pre COVID averages.

Tobacco Overweight Attractive valuations.

Utilities Overweight Overweight due to one bottom up stock pick, however, sector needs reforms for value unlocking.

Energy valuations appear high due to one company. Excluding these, the multiples are close to 6x-7x and
Energy Overweight Dividend Yields are at high single digit.

Telecommunication Services Overweight Post consolidation in the sector, pricing power outlook has improved.

HDFC Mutual Fund/AMC is not guaranteeing any returns on investments made in this Fund. The above statements / analysis should not be construed as an investment advice or a research report or a
recommendation to buy or sell any security covered under the respective sector/s . In view of the individual circumstances and risk profile, each investor is advised to consult his / her professional
advisor before making a decision to invest in the Scheme. Sectors referred above are illustrative and are not recommended by HDFC Mutual Fund/AMC. The Fund may or may not have any present or
future positions in these sectors. For Compete portfolio please visit www.hdfcfund.com

For disclaimer refer slide 31

26
Know your Fund Manager
1

Mr. Rahul Baijal

Senior Fund Manager - Equities

Rahul has an experience spanning over 22 years in Equity Research and Fund Management.

He joined HDFC Asset Management Company Limited in July’22. Prior to joining HDFC Asset Management
Company Limited, Rahul spent 6 years with Sundaram Mutual Fund as Senior Equity Fund Manager, where he
was managing schemes in the large cap, large & midcap, focused, hybrid equity and thematic categories. He has
won various accolades from different research agencies for his performance in the above categories. He has
also worked with Bharti AXA Life Insurance, TVF Capital (First Voyager Advisors), HSBC Securities and Credit
Suisse Securities in the past.

Mr. Rahul earned his PGDM (MBA) from Indian Institute of Management, Calcutta in 1999. He has also completed
his B.E. Electronics & Communication from Delhi College of Engineering, University of Delhi.

27
 1

SOUND INVESTMENT + TIME + PATIENCE =

WEALTH CREATION
A SIP of ₹ 10,000@ invested in HDFC Top 100 Fund would be ~ ₹ 7.74 crore today^

HDFC Top 100 Fund

(An open ended equity scheme predominantly investing in large cap stocks)

^ As on 29th December 2023. @Assuming ` 10,000 invested systematically on the first Business Day of every
month since October 11, 1996 (Scheme Inception Date). All Distributions declared prior to the splitting of
the Scheme into IDCW & Growth Options are assumed to be reinvested in the units of the Scheme at the
then prevailing NAV (ex-distribution NAV). Past performance may or may not be sustained in future and is
not a guarantee of any future returns. HDFC AMC/MF is not guaranteeing any returns on investments in
the Scheme.
For disclaimer refer slide 31

28
Performance
1

A. HDFC Top 100 Fund - SIP Performance - Regular Plan - Growth Option
SIP since inception* of ` 10,000@ invested systematically on the first business day of every month (total investment ` 32.70 Lacs) in HDFC Top 100 Fund would have grown to
~ ` 7.74$$ crores by December 29, 2023 (refer below table).

SIP Investments Since Inception* 15 year SIP 10 year SIP 5 year SIP 3 year SIP 1 year SIP
Total Amount Invested (` in Lacs) 32.70 18.00 12.00 6.00 3.60 1.20
Market Value as on December 29, 2023 (` in Lacs)$$ 774.16 59.61 26.84 10.25 5.05 1.46
Returns (%) 18.90 14.62 15.39 21.62 23.35 43.50
Benchmark Returns (%)# N.A. 14.18 14.87 18.71 17.48 36.49
Additional Benchmark Returns (%)## 14.77 14.12 15.03 18.35 16.84 30.46
CAGR returns are computed after accounting for the cash flow by using XIRR method (investment internal rate of return) for Regular Plan - Growth Option. The above investment simulation is for illustrative purposes only
and should not be construed as a promise on minimum returns and safeguard of capital. SIP - Systematic Investment Plan. @Assuming `10,000 invested systematically on the first Business Day of every month since October
11, 1996 (Scheme Inception Date).

B. HDFC Top 100 Fund - Performance - Regular Plan - Growth Option NAV as at December 29, 2023 ₹ 979.336 (per unit)

Period Scheme Scheme Additional Value of investment of (₹) 10,000

Returns (%) Benchmark Benchmark
Returns (%)# Returns (%)## Scheme (₹) Benchmark (₹)# Additional Benchmark (₹)##
Last 1 Year 30.02 21.24 20.33 12,993 12,117 12,027
Last 3 Years 22.78 17.21 16.23 18,486 16,087 15,687
Last 5 Years 16.10 15.88 16.29 21,086 20,882 21,258
Since Inception* 19.20$$ N.A. 13.95 11,94,112$$ N.A. 3,49,957

Common notes for above table A & B: Past performance may or may not be sustained in future and is not a guarantee of any future returns. # NIFTY 100 (Total Returns Index). ## S&P BSE SENSEX (Total Returns
Index). *Inception Date: October 11, 1996. The Scheme is managed by Mr. Rahul Baijal (since July 29, 2022). Mr. Rahul Baijal manages total 3 schemes of which only 1 scheme has completed 1 year. $$ All
Distributions declared prior to the splitting of the Scheme into IDCW & Growth Options are assumed to be reinvested in the units of the Scheme at the then prevailing NAV (ex-distribution NAV). Since Inception
Date = Date of First allotment in the Scheme / Plan. Returns greater than 1 year period are compounded annualised (CAGR). N.A. Not Available. The above returns are for Regular Plan - Growth Option. Load
is not taken into consideration for computation of performance. Returns greater than 1 year period are compounded annualized (CAGR). Returns as on 29th September 2023. Different plans viz. Regular Plan
and Direct Plan have different expense structure. The expenses of the Direct Plan under the scheme will be lower to the extent of the distribution expenses/commission charged in the Regular Plan.

For others fund managed by the Fund Manager, please click here.
For disclaimer refer slide 31
29
Benchmark and Scheme Riskometers
1

HDFC Top 100 Fund is suitable for investors who are seeking*: Riskometer # Name of Benchmark and Riskometer#
NIFTY 100 (Total Returns Index)

• To generate long-term capital appreciation / income

• Investment predominantly in Large-Cap companies

*Investors should consult their financial advisers if in doubt

about whether the product is suitable for them. Investors understand that their principal will be at
very high risk

#For latest riskometer, investors may refer to the Monthly Portfolios disclosed on the website of the Fund viz. www.hdfcfund.com

For disclaimer refer slide 31

30
Disclaimer
1

The views expressed herein are as of January 11, 2024 and are 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. Past performance may or may not be sustained in future. Stocks/Sectors referred are illustrative and should not be construed as an
investment advice or a research report or a recommendation by HDFC Mutual Fund (“the Fund”) / HDFC AMC to buy or sell the stock or any other
security covered under the respective sector/s. The Fund may or may not have any present or future positions in these sectors. HDFC AMC / HDFC
Mutual Fund is not guaranteeing / offering / communicating any indicative yield on investments made in the scheme(s). Neither HDFC AMC and
HDFC Mutual Fund (the 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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