HDFC BALANCED

ADVANTAGE FUND
Dynamic Allocation to Equity and Debt

Financial Markets are full of uncertainties and for an investor, managing one’s asset allocation mix
dynamically is a challenging task, which may also not be tax efficient.

HDFC Balanced Advantage Fund (the Scheme) invests dynamically in a combination of Equity and Debt
instruments wherein the allocation between equity and debt is based on following framework:

Investment Framework

Variation of
+/- 10%(max) on
equity* allocation
based on macro overlay

Macro Overlay
Trailing twelve month Price Positioning within the range
Detailed assessment of
to Earnings Ratio is based on bottom up
macro factors notably
growth, inflation, fiscal and assessment of investment
Earnings Yield/G-Sec Yield monetary policy and opportunities
Ratio external environment

Based on the above,

prevailing macro regime is
Valuations ascertained Positioning

Determines
range of equity*
allocation

Note: *The scheme maintains equity allocation (hedged + unhedged) at minimum 65% all points of time. The above framework is broadly indicative
and the fund manager may change the framework depending on the market conditions.

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 Debt Portfolio Construction

Portfolio Construction Framework

Equity Portfolio Construction Debt Portfolio Construction

 Active management of equity portfolio focusing on  Active management of debt portfolio focusing on

Positioning across Sectors / Market Capitalization Spreads across credits/asset classes/tenures

Risk mitigation through appropriate sizing of Modulation of duration, based on interest rate view
exposure
 To manage credit risk, our fixed income investment
 Stock selection would be based on troika of quality philosophy emphasizes on Safety, Liquidity and
assessment, earnings outlook and valuations, with Returns (SLR) in that order
equal importance to each criteria

Note: The portfolio construction is the purview of the Fund Manager and allocation may change depending on the market conditions.

The asset allocation is done with a medium to long term view. As of 30th November, 2022, net equity
exposure of the Scheme was ~66% of Total assets vs ~82% in March 2020.

65000 82 83 83 82 83 85
81

Unhedged Equity (Net Equity) %

81 80 81 80
60000 80
76 76
55000 74 75 74
75

in the scheme
SENSEX Levels

50000 70
67 68 68 70
45000 66 65 65 66 66
64 63 62 64
62 62 65
40000 60
59
57 60
35000
30000 55

25000 50
Jul-20

Jul-21
Jun-20

Jul-22
Apr-20

Jun-21
May-20

Nov-20

Apr-21

Jun-22
Mar-20

Aug-20
Sep-20

Dec-20

May-21

Aug-21

Nov-21

Apr-22
May-22
Jan-21
Feb-21
Mar-21

Sep-21

Dec-21
Jan-22
Feb-22
Mar-22

Aug-22
Sep-22
Oct-22
Nov-22
Oct-20

Oct-21

Unhedged Equity (Net Equity) % in the scheme(RHS) SENSEX (LHS)

As of 30th November, 2022, the Scheme’s NAV is up ~122 times since its inception on 1st February 1994 vs NIFTY
50 TRI, which is up ~ 21 times in the same period*. This amounts to returns of ~18% CAGR for the Scheme vs ~11%
CAGR for NIFTY 50 TRI during the same period^.
*Since September 2001 i.e. inception date of NIFTY 50 Hybrid Composite Debt 50:50 Index (Scheme's Benchmark), NAV of HDFC Balanced
Advantage Fund is up ~ 50 times vs ~ 12 times for the Scheme's Benchmark - NIFTY 50 Hybrid Composite Debt 50:50 Index. Inception date of
Scheme: 1st February, 1994.
^Past performance may or may not be sustained in the future. HDFC AMC / HDFC MF is not guaranteeing or assuring any returns on investments in
the Scheme. (For complete performance details, please refer page 3 & 4 of this document).

1. Performance Snapshot
1 Year % (Absolute) 3 Years % CAGR 5 Years % CAGR

Scheme 20.84 17.71 11.33

Benchmark@ 7.30 12.50 11.20

Category Average^^ 6.08 10.83 7.88

@As of 30th November, 2022, Benchmark - NIFTY 50 Hybrid Composite Debt 50:50 Index.
^^Number of schemes in the category: 1 year - 24, 3 years - 19, 5 years – 14.

Considering the performance of the Scheme, its dynamic equity allocation and portfolio positioning, the Scheme is
suited for investors looking for growth of equity and stability of debt, with a medium to long term view. For scheme
and benchmark riskometer, complete performance details, please refer page 3 to 5 of this document.

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2. HDFC Balanced Advantage 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 ` 34.60 lakh)
in HDFC Balanced Advantage Fund would have grown to ~ ` 9.90 crore by November 30, 2022 (refer below table).

Since Inception* 15 years SIP 10 years SIP 5 years SIP 3 years SIP 1 year SIP
Total Amount Invested ( ` in Lacs) 34.60$$ 18.00 12.00 6.00 3.60 1.20
Market Value as on November 30, 2022 (` in Lacs) 990.22$$ 59.16 25.66 9.35 5.20 1.36
Returns (%) 18.74 14.52 14.54 17.79 25.44 25.30
Benchmark Returns (%)# N.A. 11.02 11.49 12.53 13.48 12.15
Additional Benchmark Returns(%)## 13.72 13.38 14.62 17.54 22.41 19.66
Past performance may or may not be sustained in the future. CAGR returns are computed after accounting for the cash flow by using XIRR method
(investment internal rate of return). 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. Since Inception Date = Date of First allotment in the Scheme / Plan.

3. HDFC Balanced Advantage Fund- NAV as at November 30, 2022 ` 328.703 (per unit)
Performance-Regular plan-Growth Option Value of ` 10,000 invested
Scheme Scheme Benchmark Additional Benchmark Additional
Period Scheme (₹) Benchmark (₹)#
Returns (%) Returns (%)# Returns (%)## Benchmark (₹)##
Last 1 Year 20.84 7.30 11.93 12,084 10,730 11,193
Last 3 Years 17.71 12.50 17.22 16,323 14,246 16,123
Last 5 Years 11.33 11.20 14.32 17,105 17,009 19,529
Since Inception* 18.11$$ N.A. 11.12 1,216,517$$ N.A. 209,646
*Inception Date: February 01, 1994. The scheme is co-managed by Mr.Gopal Agrawal & Mr.Srinivasan Ramamurthy (Equity Assets), Mr. Arun Agarwal
(Arbitrage Assets) and Mr. Anil Bamboli (Debt Assets) # NIFTY 50 Hybrid Composite debt 50:50 Index . ## NIFTY 50 (Total Returns Index). $$ 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). As NIFTY 50 TRI data is not available since inception of the scheme, additional benchmark
performance is calculated using composite CAGR of NIFTY 50 PRI values from February 1, 1994 to June 29, 1999 and TRI values since June 30, 1999.
N.A.: Not Available.

4. Performance of Other Funds Managed by Mr. Gopal Agrawal, Co-Fund Manager of HDFC Balanced Advantage
Fund (who manages total 4 schemes which have completed 1 year) Returns (%) as on November 30, 2022
Scheme Managing scheme since Last 1 year (%) Last 3 year (%) Last 5 year (%)
HDFC Dividend Yield Fund 18-Dec-20 13.12 N.A. N.A.
Benchmark - NIFTY 500 (Total Returns Index) 10.20 N.A. N.A.
HDFC Capital Builder Value Fund 13-Jan-22 10.57 17.76 9.81
Benchmark - NIFTY 500 (Total Returns Index) 10.20 18.83 13.03
HDFC Large and Mid Cap Fund 16-Jul-20 12.06 20.95 13.19
Benchmark - NIFTY Large Midcap 250 (Total Returns Index) 9.94 21.24 13.31
On account of difference in type of scheme, asset allocation, investment strategy, inception dates, the performance of these schemes is strictly not
comparable. The above returns are of Regular Plan-Growth Option.

5. Performance of Other Funds Managed/Co-managed by Mr. Srinivasan Ramamurthy, Co-Fund Manager of

HDFC Balanced Advantage Fund (who manages total 9 schemes which have completed 1 year)
Performance of Top 3 schemes managed by Srinivasan Ramamurthy Returns (%) as on November 30, 2022
Scheme Managing scheme since Last 1 year (%) Last 3 year (%) Last 5 year (%)
HDFC Hybrid Debt Fund 14-Dec-21 6.99 9.92 7.32
Benchmark - NIFTY 50 Hybrid Composite Debt 15:85 Index 3.90 8.25 8.32
HDFC Asset Allocator Fund of Funds 13-Jan-22 11.03 N.A. N.A.
Benchmark - 90% Nifty 50 Hybrid Composite Debt 65:35 Index (Total
Returns Index) and 10% Domestic Prices of Gold arrived at based on
London Bullion Market Association's (Lbma) Am Fixing Price 9.04 N.A. N.A.
HDFC Retirement Savings Fund - Hybrid Equity Plan 14-Dec-21 6.78 15.99 11.18
Benchmark - NIFTY 50 Hybrid Composite Debt 65:35 Index 8.72 14.10 12.27

Performance of Bottom 3 schemes managed by Srinivasan Ramamurthy Returns (%) as on November 30, 2022
Scheme Managing scheme since Last 1 year (%) Last 3 year (%) Last 5 year (%)
HDFC Multi - Asset Fund 13-Jan-22 5.98 15.19 10.28
Benchmark - 90% NIFTY 50 Hybrid Composite Debt 65:35
Index + 10% Domestic Price of Gold 9.04 14.08 12.47
HDFC Retirement Savings Fund - Hybrid Debt Plan 14-Dec-21 3.90 7.77 6.37
Benchmark - NIFTY 50 Hybrid Composite Debt 15:85 Index 3.90 8.25 8.32
HDFC Dynamic PE Ratio Fund of Funds 13-Jan-22 9.25 14.43 9.44
Benchmark - NIFTY 50 Hybrid Composite Debt 65:35 Index 8.72 14.10 12.27

Top 3 and bottom 3 schemes managed by the Fund Manager have been derived on the basis of since inception returns vis-à-vis the benchmark. In case
the benchmark is not available on the Scheme’s inception date, the returns for the concerned scheme is considered from the date the benchmark is
available. On account of difference in the type of the Scheme, asset allocation, investment strategy, inception dates, the performance of these schemes is
strictly not comparable. The above returns are of Regular Plan-Growth Option.

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6. Performance of Other Funds Managed/Co-managed by Mr. Anil Bamboli (Debt Assets), Co-Fund Manager of
HDFC Balanced Advantage Fund (who manages total 13 schemes which have completed 1 year)
Performance of Top 3 schemes managed by Anil Bamboli Returns (%) as on November 30, 2022
Scheme Managing scheme since Last 1 year (%) Last 3 year (%) Last 5 year (%)
HDFC Children’s Gift Fund 06-Oct-22 9.93 17.43 11.88
Benchmark - NIFTY 50 Hybrid Composite Debt 65:35 Index 8.72 14.10 12.27
HDFC Asset Allocator Fund of Funds 13-Jan-22 11.03 N.A. N.A.
Benchmark-90% NIFTY 50 Hybrid Composite Debt 65:35 Inde (Total
Returns Index) and 10% Domestic Prices of Gold arrived at based on
London Bullion Market Association's (LBMA) AM Fixing Price 9.04 N.A. N.A.
HDFC Arbitrage Fund 01-Feb-22 3.62 3.69 4.56
Benchmark - NIFTY 50 Arbitrage Index 3.97 3.49 4.35

Performance of Bottom 3 schemes managed by Anil Bamboli Returns (%) as on November 30, 2022
HDFC Multi - Asset Fund 17-Aug-05 5.98 15.19 10.28
Benchmark - 90% NIFTY 50 Hybrid Composite Debt 65:35
Index + 10% Domestic Price of Gold 9.04 14.08 12.47
HDFC Dynamic Debt Fund 16-Feb-04 1.01 5.88 4.82
Benchmark - CRISIL Dynamic Bond Fund B-III Index 2.85 7.81 7.33
HDFC Dynamic PE Ratio Fund of Funds 13-Jan-22 9.25 14.43 9.44
Benchmark - NIFTY 50 Hybrid Composite Debt 65:35 Index 8.72 14.10 12.27

Top 3 and bottom 3 schemes managed by the Fund Manager have been derived on the basis of since inception returns vis-à-vis the benchmark. In
case the benchmark is not available on the Scheme’s inception date, the returns for the concerned scheme is considered from the date the benchmark
is available. On account of difference in the type of the Scheme, asset allocation, investment strategy, inception dates, the performance of these
schemes is strictly not comparable. The above returns are of Regular Plan-Growth Option.

7. Performance of Other Funds Managed/Co-managed by Mr. Arun Agarwal (Arbitrage Assets), Co-Fund
Manager of HDFC Balanced Advantage Fund (who manages total 12 schemes which have completed 1 year)
Performance of Top 3 schemes managed by Arun Agarwal Returns (%) as on November 30, 2022
Scheme Managing scheme since Last 1 year (%) Last 3 year (%) Last 5 year (%)
HDFC Arbitrage Fund 24-Aug-20 3.62 3.69 4.56
Benchmark - NIFTY 50 Arbitrage Index 3.97 3.49 4.35
HDFC S&P BSE SENSEX ETF 24-Aug-20 11.98 16.85 14.97
Benchmark - S&P BSE SENSEX (Total Returns Index) 12.04 16.98 15.07
HDFC Equity Savings Fund 24-Aug-20 7.47 10.77 7.96
Benchmark - NIFTY Equity Savings Index 6.75 9.72 9.07

Performance of Bottom 3 schemes managed by Arun Agarwal Returns (%) as on November 30, 2022
Scheme Managing scheme since Last 1 year (%) Last 3 year (%) Last 5 year (%)
HDFC NIFTY50 Equal Weight Index Fund 01-Feb-22 13.25 N.A. N.A.
Benchmark - NIFTY50 Equal Weight (Total Returns Index) 14.64 N.A. N.A.
HDFC Index Fund-NIFTY 50 Plan 24-Aug-20 11.39 16.51 13.72
Benchmark - NIFTY 50 (Total Returns Index) 11.93 17.22 14.32
HDFC Index Fund - S&P BSE Sensex Plan 24-Aug-20 11.52 16.28 14.45
Benchmark - S&P BSE SENSEX (Total Returns Index) 12.04 16.98 15.07

Top 3 and bottom 3 schemes managed by the Fund Manager have been derived on the basis of since inception returns vis-à-vis the benchmark. In
case the benchmark is not available on the Scheme’s inception date, the returns for the concerned scheme is considered from the date the benchmark
is available. On account of difference in the type of the Scheme, asset allocation, investment strategy, inception dates, the performance of these
schemes is strictly not comparable. The above returns are of Regular Plan-Growth Option.

RISKOMETER#
HDFC Balanced Advantage Fund (An open ended balanced advantage
fund) is suitable for investors who are seeking~:

• To generate long-term capital appreciation/income

• Investments in a mix of equity and debt instruments

~ Investors should consult their financial advisers, if in doubt about whether the product is suitable for them.
#For latest riskometer, investors may refer to the Monthly Portfolios disclosed on the website of the Fund viz. www.hdfcfund.com

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3/3
NAME OF BENCHMARK AND RISKOMETER NAME OF SCHEME RISKOMETER OF THE SCHEME

NIFTY 50 Hybrid Composite Debt 50:50 Index

Modera
oderate High tely
o M
w t erate Hi
Mo Lo

HDFC Balanced Advantage Fund

gh
d

Very
High
Low

RISKOMETER

NIFTY 100 (Total Returns Index)

Moder
oderate Highately
o M
w t erate Hi
Mo Lo

HDFC Top 100 Fund

gh
d

Very
High
Low

RISKOMETER

NIFTY 500 (Total Returns Index)

Moder
oderate Highately
o M HDFC Dividend Yield Fund
w t erate Hi
HDFC Retirement Savings Fund - Equity Plan
Mo Lo

gh
d

HDFC Capital Builder Value Fund

Very
High
Low

RISKOMETER

NIFTY Large Midcap 250 (Total Returns Index)

M
rate oderately
o Mode High
w t erate Hi
Mo Lo

HDFC Large and Mid Cap Fund

gh
d

Very
High
Low

RISKOMETER

S&P BSE SENSEX (Total Returns Index)

M
rate oderately
o Mode High
w t erate Hi
HDFC S&P BSE SENSEX ETF
Mo Lo

gh
d

HDFC Index Fund - S&P BSE SENSEX Plan

Very
High
Low

RISKOMETER

NIFTY Equity Savings Index

Moder
oderate Highately
to te M Hi
w era
Mo Lo

gh

HDFC Equity Savings Fund

d

Very
High
Low

RISKOMETER

NIFTY50 Equal Weight (Total Returns Index)

Moder
oderate Highately
to te M Hi
w era
Mo Lo

gh

HDFC NIFTY50 Equal Weight Index Fund

d

Very
High
Low

RISKOMETER

NIFTY Large Midcap 250 (Total Returns Index)

Moder
oderate Highately
to te M Hi
w era
Mo Lo

gh

HDFC Index Fund-NIFTY 50 Plan

d

Very
High
Low

RISKOMETER

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 NAME OF BENCHMARK AND RISKOMETER NAME OF SCHEME RISKOMETER OF THE SCHEME
NIFTY 50 Hybrid Composite Debt 65:35 Index
Modera
oderate High tely
to te M Hi
w era
HDFC Retirement Savings Fund - Hybrid Equity Plan
Mo Lo

gh
d

Very
High
Low

RISKOMETER

90% NIFTY 50 Hybrid Composite Debt 65:35 Index +

10% Domestic Price of Gold
Modera
oderate High tely
o M
w t erate Hi
HDFC Multi - Asset Fund
Mo Lo

gh
d

Very
High
Low

RISKOMETER

NIFTY 50 Hybrid Composite Debt 65:35 Index

Modera
oderate High tely
to te M Hi
w era
Mo Lo

HDFC Children’s Gift Fund

gh
d

Very
High
Low

RISKOMETER

NIFTY 50 Hybrid Composite Debt 15:85 Index

Moder
oderate Highately
o M
w t erate Hi
HDFC Retirement Savings Fund - Hybrid Debt Plan
Mo Lo

gh
d

HDFC Hybrid Debt Fund

Very
High
Low

RISKOMETER

NIFTY 50 Hybrid Composite Debt 65:35 Index

Modera
oderate High tely
o M
w t erate Hi
Mo Lo

gh

HDFC Dynamic PE Ratio Fund of Funds

d

Very
High
Low

RISKOMETER

90% NIFTY 50 Hybrid Composite Debt 65:35 Index

(Total Returns Index) and 10% Domestic Prices of Gold
arrived at based on London Bullion Market Association’s
(LBMA) AM Fixing Price
Modera
oderate High tely
o M
w t erate Hi HDFC Asset Allocator Fund Of Funds
Mo Lo

gh
d

Very
High
Low

RISKOMETER

NIFTY 50 Arbitrage Index

Moder
oderate Highately
to te M Hi
w era
Mo Lo

gh
d

HDFC Arbitrage Fund

Very
High
Low

RISKOMETER

CRISIL Dynamic Bond Fund B-III Index

Moder
oderate Highately
o M
w t erate Hi
Mo Lo

gh

HDFC Dynamic Debt Fund

d

Very
High
Low

RISKOMETER

Benchmark and Scheme Riskometer As on November 30, 2022

Date of Release: December 20, 2022

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.
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