SIP



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Traditionally, most of us have been harsh on the idea of being “average”
as we keep saying “that was an average movie”, “she is just an average
student”, etc.

Our argument is that, “average” is not just good enough, but is ‘the
thing’ one should strive to achieve as far as equity investing by
individual investors is concerned.

All I Knew Is That I Never Wanted To Be Average - Michael Jordan

Never settle for Average - Steve Jobs

Success and average don’t have anything to do with each other

- Eric Thomas

Warning: Getting inspired by these quotes can be harmful for individual investors
in the world of Equity Investing

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Rupee Cost Averaging :
Invest a particular amount in a mutual fund every month (or every day / week / quarter)
through the ups and downs of the market movement of a mutual fund's NAV. With
rupee cost averaging (or Systematic Investment Plan or SIP), an investor benefits by
buying more units when the market is down and less units when the market is up.

An example of a 36 month* SIP done in HDFC Flexi Cap Fund through

COVID crisis

HDFC Flexi Cap Fund - Rupee Cost Averaging Example

1100 24
Recover / Rally
Flattish period 22
1000

20
900

Units Purchased
18
Fund NAV

800
16
700
14
600
12

500 10
COVID led fall
400 8
01-Jan-21

01-Apr-21

01-Jul-21

01-Oct-21
01-Jan-19

01-Apr-19

01-Jul-19

01-Oct-19
01-Jan-18

01-Apr-18

01-Jul-18

01-Oct-18

01-Jan-22

01-Apr-22

01-Jul-22
01-Jan-20

01-Apr-20

01-Jul-20

01-Oct-20

Fund NAV Units Purchased each month

Monthly* Installment of `10,000 No. of units bought in May 2021 – 12

(*SIP Date-1st business day of every month)
No. of units bought in Apr 2020 – 23 Rupee Cost Averaging at its best

SIP - Systematic Investment Plan 3

Market Cycles:
Markets oscillate between high (overvalued) and low (undervalued) levels from time
to time.

Average
Line
Peak
Price

Bottom

Time

WHAT TO DO?

Buy Low and Sell High? But, this is Capture the average?
impossible to do on a consistent basis This is the smarter thing to do.

How to achieve this?

A Simple SIP is good enough to capture the average.

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 Average
Line
Peak
Price

Bottom

Time

Monthly installments through market cycle

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 
     
   
 

 
Factors in favour of India's growth over the next few decades :
Favourable demographics

Large availability of skilled, young, English speaking and competitive manpower

Rich in natural resources

Low penetration of consumer goods and improving affordability

Large unmet needs of infrastructure

Strong reforms momentum

Low global interest rates and ample liquidity

Shift underway in global manufacturing

Participate in India’s growth story with SIPs

Indian economy is expected to grow at a healthy rate over the next few decades

The healthy economic growth to reflect in terms of robust growth by business

The growth in business could have a positive impact on returns on equity

investments

The above is for illustrative purposes only to explain the Concept of Averaging. HDFC AMC / HDFC Mutual Fund is not guaranteeing any
returns on investments made in the scheme(s).
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HOWEVER...

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 

 


  ­

Greed: An investor who had invested in equity

NIFTY 50 Yearly Returns markets at the start of FY 2010 (when markets
jumped 74%) gets caught up in greed with a
desire to acquire as much wealth as
possible in the shortest time.

100%
81%
80% 74% 71%
67%
60%
42%
40%
300% 24% 27%
15% 18% 19% 15% 19%
20% 12% 11% 10%
7%
0%
-3% -2%
-20% -9% -9%
-13%
-25% -26%
-40%
-36%
-60%

Fear: Conversely, an investor who had invested

a large sum of money at one go, in equity
markets at the start of FY 2009 (when markets
corrected) would always perceive equity markets
as risky and would generally avoid equities.

Volatility in markets leads us to take emotional decisions.

Hence, SIP is a disciplined way to invest in equities for individual investors.

*Volatility refers to frequent and extreme upward and downward movements in stock prices. 8
 €    ‚
  
Greed and Fear in Market Cycles
Human beings are guided by 2 extreme emotions "Greed" and "Fear", which prevent them from
taking sound investment decisions.

When there are excesses in the stock market, Greed sets in, which in turn results in major correction,
thereby triggering the Fear psychology. Most of the investors are trapped in the greed and fear cycles
by buying in greed and selling in fear, resulting in a bad investment experience.

Just made handsome gains Just made large losses An SIP Investor

I am sure I can repeat my I should never have made I am ready for the long
Approach to investing success these investments journey ahead

Urge to act Yes Yes No

Moves to increase exposure

Impact on asset No change; Maintains
to equities beyond optimal Exits equities
allocation levels
balance

The stock market is a device for transferring money from the

impatient to the patient. - Warren Buffett

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 ƒ  „­
Events that have impacted the markets :

1997 Asian Currency Crisis

1998 Pokhran Nuclear Test, US Sanctions

1999 Kargil War, NDA forms Central Government

2000 Dot Com Bubble

2001 9/11 Terror Attacks in US

2004 NDA loses Lok Sabha elections

2008 Collapse of Lehman Brothers,Global Financial Crisis
2009 Rulling UPA re-elected in India, Satyam Scam
2010 European Sovereign Debt Crisis

2011 USA’s Credit Rating downgraded

2013 Taper Tantrum ( Surge in US Yields), High Twindelicit in India (CAD and
Fiscal Deficit)
2014 NDA forms Central Government

2016 Demonetisation, Brexit

2017 GST Rollout

2018 Trade War, Surge in Crude Oil Price

2019 NDA forms Central Government

2020 COVID-19

2022 Ukraine Russia war

Relevance of these events for a long term SIP investor?

Nil
Let’s look at an example..
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 Long term SIP in HDFC Flexi Cap Fund
A Truly Rewarding Journey
Average Cost per Unit at year end ( ) HDFC Flexi Cap Fund - Regular Plan Growth NAV

1200
1047.592

1000

800

600

400

200
30.35

0
1995

1997

1998

1999

2000

2001

2002

2004

2005

2006

2007

2008

2009

2011

2012

2013

2014

2015

2016

2018

2019

2020

2021

2022

Source : MFI Explorer

Can you guess what is average cost of the units accumulated via SIP?
Answer - ` 30.35
The reason for lower average cost is the disciplined approach to investing where more
units were accumulated at lower NAV during the early stage of the SIP period.
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We can broadly divide two types of people who need
SIP for investing

Ones who understand Ones who do not

markets and basics of understand markets
investing and basics of investing

SIP is a basic need

of every individual.
Food, Clothing,
Shelter and SIP

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  ­   †  

HDFC MF SIP - Tenure chosen by investors

85% of investors
76% of investors

Most of our SIP investors

think long term

Over 5 Years Over 10 Years

Source: Internal
Based on tenure at the time of registration of all live SIPs during June 2022.
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 ‡ ˆ‰ ‚

No doubt laziness and forgetfulness are negative human traits,
but can prove useful in stock markets for individual investor for
“staying invested” for a long time.

Advantages in the “invest and forget” approach:

Risk in equities reduces with long term approach

No need to lose sleep over market movements

No need to track your investments every now and then

No urge to keep ‘doing something’

Do something today that your future self will thank you for
- Sean Patrick Flanery

You have to act and act now - Larry Ellison

Success is not easy and it is certainly not for the lazy - Anonymous

Warning: Getting inspired by these quotes can be harmful for individual investors
in the world of Equity Investing

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‰Š‹„ ‚‚
 

Start Early Stay invested

Invest Ensure asset

Regularly allocation

Let’s look at them in detail!

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  Œ ƒ
„­ Ž

The below illustration is to showcase how you need to invest larger

sums as you delay your retirement saving and how much it costs you
in the long run. The % change is reflected over the previous start age.
The calculations are done assuming a rate of return of 12% p.a. CAGR.

Start @ 25 Yrs Start

Start@ 35 Yrs
@ 35 Yrs Start @ 45 Yrs

Investment Amount Per Month 5,000 7,000 11,667

Amount Invested 21,00,000 21,00,000 21,00,000

Value of Retirement Corpus @ 60 Years of age 3,21,54,797 1,31,51,926 58,28,436

Delay by 10 years would reduce your corpus by NA 59.10% 55.68%

…A delay in 10 years cuts your retirement corpus by more than 50% at

every step even though you may invest the same amount over time.

Source: Internal Calculation

Calculations are based on assumed rates of return compounded monthly (XIRR), and actual returns on your
investment may be more, or less. This illustration is not intended to be indicative of the performance of any
specific investment and does not represent a guarantee of returns in this Scheme. The above is only a tool that
may help you to know benefit of early investment to reach your goal of retirement saving but it should not be
construed as providing any kind of investment advice or as a substitute for any kind of financial planning.

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 ‹


SIP helps to stay disciplined in your investment journey

A small sacrifice Skip 1 cigarette Skip 1 beer over Spend less on

per day i.e., 365 weekend i.e., 52 movies / dinner
cigarettes in a year beers over a year

Cost of 1 cigarette - Cost of 1 pint - Spend `1500 less

Cost `15 `200 on movies / dinner
every month

Amount Saved
5,475 10,400 18,000
per year (in `)

Invest the amount saved annually for next 35 years

Assumed Rate of
12% 12% 12%
Return (%)

Accumulated
amount at the end 26 Lakhs 50 Lakhs 87 Lakhs
of 35 years (in `)

Fight Back Your Temptations to Overspend with SIP!

Do not save what is left after spending, but spend what is left
after saving - Warren Buffet

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To benefit from SIP, one should invest on periodic basis and not allow
emotions to drive their investment decisions.
Below table shows example of two individuals, Mr. A and Mr. B, both started their SIP
journey in HDFC Flexi Cap Fund on 1st April 2018. During the beginning of COVID 19,
Mr A paused his SIP for 6 months (driven by fear of COVID 19 impact on markets) while
Mr. B continued with his disciplined approach of investing regularly. Here are the results:

A B

SIP Start Date 1st April 2018 1st April 2018

SIP Pause Yes No

Pause Period 6 months NA

Amount Invested 3,20,000 3,80,000

Market Value as on 4,29,597 5,29,721

31st May 2021

Difference 1,00,124

The trick is not to learn to trust your gut feelings, but rather to
discipline yourself to ignore them... - Peter Lynch

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‹ 
Channelize your SIP into three different asset classes

SIP

Equity Debt Gold

HDFC Flexi Cap Fund HDFC Corporate Bond Fund HDFC Gold Fund

HDFC Top 100 Fund HDFC Low Duration Fund

HDFC Mid-Cap
HDFC Medium Term Debt Fund
Opportunities Fund

HDFC Small Cap Fund

These are some of the funds offered by HDFC Mutual Fund.

These are not recommendations, investors should consider their risk profile or consult their advisors before investing. 19
  ‚  
 

 

Wealth creation Retirement

Children’s education

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  ‹   
‚‹‘’† 

What to do? How to Do?

How much do I need to The amount you need to invest is a
invest every month? result of the rate of return and time.

Illustration: Monthly Investment Amount to Retirement Planning

reach a target corpus of 1 Crore at age of 60 Retirement
Corpus
The earlier you start, the easier
you save money for retirement

Rate of Return (Compounded Monthly) ₹

Age
8% 10% 12% 15%

25
35

45

Key Takeaways

Start Early

Invest Regularly
Age 30 Age 40 Age 50 Retired at
Age 60
Stay Invested

Source: Internal Calculation

The above table is for illustration purpose only, purely to explain how much of monthly investment is required
to reach a corpus of R1 crore at the time of retirement and should not be construed as providing any kind of
investment advice or as a substitute for any kind of financial planning. HDFC Mutual Fund/HDFC AMC is not
guaranteeing any returns on investments made in the Scheme. Calculations are based on assumptions provided
above. All figures are indicative in nature and do not represent assured returns in any way.

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 Œ †
‰
 
How much is enough?
With rising education costs across all professional degrees,
saving for education becomes even more imperative

Child care costs also include additional costs of housing,

transportation, clothing, food, health care, etc.

Long term equity investing is a suitable medium to

Cost of
combat ever increasing costs education

Cost of Education is rising

much faster than inflation

Inflation

The above chart is only an illustrative example to show rising cost of education and not based on actual data.

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 † 
 
HDFC Flexi Cap Fund (History of SIP)

1400

`11.66 cr
1200

1000

800
(INR Lakhs)

600

`3.92 Cr
400

200

`33.30 Lakh
0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Market Value in HDFC Flexi cap at year end Cumulative Amount Invested at year end

Market Value in Benchmark at year end (NSE 500)

SIP per Total Market Value as on Investment would Time

CAGR
Month Investment 30th September 2022 have grown Taken

` 10,000 ` 33.30 Lakh ` 11.66 Cr 20.61% 35 times 27 years

A SIP of `10,000 per month in HDFC Flexi cap Fund since Inception (January 01, 1995)
would have grown to `11.66 Cr as on 30th September 2022.

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SIP since inception* of `10,000 invested systematically on the first business day of every month (total investment `33.30 lakh) in HDFC Flexi Cap Fund
would have grown to ~`11.67 crore on September 30, 2022 (refer below table).

1. SIP Performance - HDFC Flexi Cap Fund - Regular plan - Growth Option

SIP Investments Since

Inception* 15 year SIP 10 year SIP 5 year SIP 3 year SIP 1 year SIP

Total Amount Invested (` in 000) 3,330.00 1,800.00 1,200.00 600.00 360.00 120.00

Market Value as on Sep 30, 2022 (` in 000) 1,16,682.62 5,805.30 2,575.86 923.44 518.99 127.18

Returns (%) 20.61 14.31 14.61 17.29 25.29 11.30

Benchmark Returns (%)# 14.76 13.10 14.12 15.56 20.01 2.76

Additional Benchmark Returns (%)## 13.64 12.42 13.24 14.48 17.36 0.69
#NIFTY 500 (Total Returns Index). ##NIFTY 50 (Total Returns Index). *Inception Date: January 01, 1995.

SIP since inception of `10,000 invested systematically on the first business day of every month (total investment ~`31.20 lakh) in HDFC Top 100 Fund
would have grown to `5.53 crore$$ on September 30, 2022 (refer below table).

2. SIP Performance - HDFC Top 100 Fund - Regular plan - Growth Option

SIP Investments Since

Inception* 15 year SIP 10 year SIP 5 year SIP 3 year SIP 1 year SIP

Total Amount Invested (` in 000) 3,120.00 1,800.00 1,200.00 600.00 360.00 120.00

Market Value as on Sep 30, 2022 (` in 000) $$ 55,306.17 4,950.12 2,276.00 833.13 470.48 122.12

Returns (%) $$ 18.21 12.46 12.30 13.10 18.20 3.31

Benchmark Returns (%)# N.A. 12.83 13.48 14.51 17.80 1.70

Additional Benchmark Returns (%)## 14.34 12.66 13.48 14.63 16.88 1.03

#NIFTY 100 (Total Returns Index). ##S&P BSE SENSEX (Total Returns Index). *Inception Date: October 11, 1996. N.A. - Not available
$$ 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).
Notes common for tables 1 & 2:
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. Load is
not taken into consideration for computation of above performance(s). Different plans viz. Regular Plan and Direct Plan have different expense structures.
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.
Returns as on September 30, 2022. The above returns are of Regular Plan - Growth Option.

3. HDFC Flexi Cap Fund - Performance - Regular plan - Growth Option

NAV as on Sep 30, 2022 ` 1,066.171 (per unit)

Value of ` 10,000 invested

Scheme Benchmark
Period Returns (%) Returns (%) # Benchmark Scheme Benchmark
Returns (%) ## Benchmark
(`) (`)# (`)##

Last 1 year 8.57 -0.22 -1.64 10,857 9,978 9,836

Last 3 years 18.36 17.95 15.57 16,589 16,417 15,443
Last 5 years 13.02 12.79 13.19 18,453 18,270 18,590
Since Inception* 18.31 11.95 11.36 1,066,171 229,795 198,466
*Inception Date: January 01, 1995. The scheme is managed by Ms. Roshi Jain w.e.f July 29, 2022. # NIFTY 500 (Total Returns Index) ## NIFTY 50 (Total
Returns Index). 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 January 1, 1995 to June 29, 1999 and TRI values since June 30, 1999.
(Please turn overleaf)
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 4. HDFC Top 100 Fund - Performance - Regular plan - Growth Option

NAV as on Sep 30, 2022 ` 701.322 (per unit)

Value of `10,000 invested

Scheme Benchmark
Period Returns (%) # Benchmark
Returns (%)$$ Returns (%) ## Scheme$$ Benchmark Benchmark
(`) (`)# (`)##
Last 1 year 1.32 -0.95 -1.64 10,132 9,905 9,836
Last 3 years 13.67 15.83 15.39 14,691 15,548 15,370
Last 5 years 10.58 12.80 14.22 16,540 18,271 19,456
Since Inception* 18.67 N.A. 13.59 855,127 N.A. 274,000
*Inception Date: October 11, 1996. The scheme is managed by Mr. Rahul Baijal w.e.f July 29, 2022. # NIFTY 100 (Total Returns Index) ## S&P BSE SENSEX
(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). N.A.: Not Available.

5. Performance of Other Funds Managed By Roshi Jain, Fund Manager of HDFC Flexi Cap
Fund who manages total 3 schemes

Managing Returns (%) as on September 30, 2022

Scheme scheme since
Last 1 year (%) Last 3 years (%) Last 5 years (%)

HDFC Focused 30 Fund 13-Jan-2022 17.86 18.33 10.70

Benchmark - NIFTY 500 (Total Returns Index) -0.22 17.95 12.79

HDFC Taxsaver 13-Jan-2022 7.06 15.95 9.48

Benchmark - NIFTY 500 (Total Returns Index) -0.22 17.95 12.79

Notes common for tables 3-5:

Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualised (CAGR). Load is not taken
into consideration for computation of above performance(s). Different plans viz. Regular Plan and Direct Plan have different expense structures. 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. Returns
as on September 30, 2022. The above returns are of Regular Plan - Growth Option. Since Inception Date = Date of First allotment in the Scheme / Plan.

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PRODUCT LABELING:
THIS PRODUCT IS SUITABLE FOR
NAME OF SCHEME RISKOMETER#
INVESTORS WHO ARE SEEKING*

HDFC Flexi Cap Fund • To generate long-term capital

An open ended dynamic equity appreciation / income
scheme investing across large cap, • Investment predominantly in equity &
mid cap, small cap stocks
equity related instruments

HDFC Top 100 Fund • To generate long-term capital

An open ended equity scheme
appreciation / income
predominantly investing in large • Investment predominantly in
cap stocks
Large-Cap companies

HDFC Mid Cap • To generate long-term capital

Opportunities Fund appreciation / income
An open ended equity scheme • Investment predominantly in
predominantly investing in mid
Mid-Cap companies
cap stocks

HDFC Small Cap Fund • To generate long-term capital

An open ended equity scheme appreciation / income
predominantly investing in • Investment predominantly in
small cap stocks
Small-Cap companies

HDFC Focused 30 Fund • To generate long-term capital

[An open ended equity scheme
appreciation / income
investing in maximum 30 stocks in • Investments in equity & equity related
large-cap, mid-cap and small-cap instruments of up to 30 companies
category (i.e. Multi-Cap)]

HDFC TaxSaver • To generate long-term capital

An open ended equity linked
appreciation / income
savings scheme with a statutory • Investment predominantly of equity &
lock in of 3 years and tax benefit)
equity related instruments

HDFC Gold Fund • Capital appreciation over long term

An open ended Fund of Fund scheme • Investment in Units of HDFC Gold
investing in HDFC Gold Exchange Exchange Traded Fund (HGETF). HGETF
Traded Fund invests in gold bullion of 0.995 fineness

Investors in the Scheme shall bear the

recurring expenses of the Scheme in
addition to the expenses of other
schemes in which this Fund of Funds
scheme makes investment (subject to
regulatory limits).

* 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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 THIS PRODUCT IS SUITABLE FOR
NAME OF SCHEME RISKOMETER#
INVESTORS WHO ARE SEEKING*

HDFC Medium Term • Income over medium term

Debt Fund • To generate income / capital appreciation
[An open ended medium term debt through investments in Debt and Money
scheme investing in instruments such Market Instruments
that the Macaulay Duration of the
portfolio is between 3 years and 4 years.
A Relatively High Interest Rate Risk and
Relatively High Credit Risk]

Potential Risk Class (Maximum risk the Scheme can take)

Credit Risk  Relatively Moderate Relatively High
Interest Rate Risk  Low (Class A) (Class B) (Class C)
Relatively Low (Class I)
Moderate (Class II)
Relatively High (Class III) C-III
C-III - A Scheme with Relatively High Interest Rate Risk and Relatively High Credit Risk.

HDFC Corporate Bond Fund • Income over short to medium term

(An open ended debt scheme
• To generate income/capital appreciation
predominantly investing in AA+ and
above rated corporate bonds. through investments predominantly in
A Relatively High Interest Rate Risk and AA+ and above rated corporate bonds
Moderate Credit Risk)

Potential Risk Class (Maximum risk the Scheme can take)

Credit Risk  Relatively Moderate Relatively High
Interest Rate Risk  Low (Class A) (Class B) (Class C)
Relatively Low (Class I)
Moderate (Class II)
Relatively High (Class III) B-III
B-III - A Scheme with Relatively High Interest Rate Risk and Moderate Credit Risk.

HDFC Low Duration Fund • Income over short term

[An open ended low duration debt • To generate income / capital appreciation
scheme investing in instruments such through investment in debt securities and
that the Macaulay Duration of the
portfolio is between 6 months and 12
money market instruments
months. A Relatively High Interest Rate
Risk and Moderate Credit Risk]

Potential Risk Class (Maximum risk the Scheme can take)

Credit Risk  Relatively Moderate Relatively High
Interest Rate Risk  Low (Class A) (Class B) (Class C)
Relatively Low (Class I)
Moderate (Class II)
Relatively High (Class III) B-III
B-III - A Scheme with Relatively High Interest Rate Risk and Moderate Credit Risk.

* 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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BENCHMARK AND SCHEME RISKOMETERS:
NAME AND RISKOMETER
NAME OF SCHEME(S) RISKOMETER OF THE SCHEME(S)
OF BENCHMARK

NIFTY 500 (Total Returns Index)

• HDFC Flexi Cap Fund

• HDFC Focused 30 Fund

• HDFC TaxSaver Fund

NIFTY 100 (Total Returns Index)

• HDFC Top 100 Fund

NIFTY Midcap 150 (Total Returns Index)

• HDFC Mid Cap Opportunities Fund

S&P BSE 250 SmallCap Index

(Total Returns Index)
• HDFC Small Cap Fund

Domestic Price of Physical Gold

• HDFC Gold Fund

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 NAME AND RISKOMETER
NAME OF SCHEME(S) RISKOMETER OF THE SCHEME(S)
OF BENCHMARK

NIFTY Medium Duration Debt Index C-III

• HDFC Medium Term Debt Fund

NIFTY Corporate Bond Index B-III

Modera
oderate High tely
to te M Hi
w era • HDFC Corporate Bond Fund
Mo Lo

gh
d

Very
Low

High

RISKOMETER

NIFTY Low Duration Debt Index B-I

Modera
oderate High tely
to te M Hi
w era
• HDFC Low Duration Fund
Mo Lo

gh
d

Very
Low

High

RISKOMETER

Benchmark and Scheme Riskometer as on September 30, 2022

Release Date: October 21, 2022

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS,

READ ALL SCHEME RELATED DOCUMENTS CAREFULLY. 29
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