This product is suitable for investors who are seeking*: UTI Multi Asset Fund - Long term capital appreciation - Investment in equity, debt and Gold ETFs with a minimum allocation of 10% in each asset class

• Investors should consult their financial advisors if in doubt about whether the product is suitable for them is suitable for them

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY. Every asset class has a role & suitability in an investment portfolio 2

Role in one’s portfolio Potentially suitable for

Equity Growth & wealth creation Medium to Long term

Arbitrage Portfolio Hedge Short to medium term

Stability & Income potential Medium to long Term Debt

Hedge & Portfolio Medium to long Term Gold diversifier However, no asset class can go on performing year after year 3

Year Nifty 50 TRI Debt Gold Top performer 2009 77.6% 3.50% 24.25% Equity 2010 19.2% 4.96% 23.17% Gold 2011 -23.8% 6.90% 31.81% Gold 2012 20.4% 9.38% 12.27% Equity 2013 8.10% 3.79% -4.50% Equity 2014 32.9% 14.31% -7.91% Equity 2015 -3.0% 8.63% -6.65% Debt 2016 4.4% 12.93% 11.35% Debt 2017 30.3% 4.69% 5.12% Equity 2018 5.60% 5.90% 7.50% Gold 2019 13.48% 10.72% 24% Gold “The first thing is you should have strategic asset allocation mix that assumes that you don’t know what the future is going to hold ” Ray Dalio

Equity – Nifty 50 TRI , Debt - Crisil Composite Bond Fund Index, Gold - Gold prices in INR. Source : Mutual Funds Explorer. Past performance may or may not be sustained in future And hence the need for investor is … 4

1 To abstain from predicting the market winners

2 To choose right mix of Asset Allocation based on investment objective Asset allocation - the key driver of portfolio return 5

100.00% 91.50% 90.00%

80.00%

70.00%

60.00%

50.00%

40.00%

30.00%

20.00%

10.00% 4.60% 2.00% 2.10% 0.00% Market timing Other Stock Selection Asset Allocation

Source: www.KefferFinancialPlanning.com Investor needs to choose between view based or model based allocation 6

View based Asset Model based Asset allocation allocation ✓ Based on individual ✓ Based on respective market view model inputs ✓ Tactical orientation ✓ Strategical orientation ✓ Discretionary rebalancing ✓ Automatic rebalancing ✓ Extreme range of ✓ Range bound allocation allocation

✓ Suitable for aggressive ✓ Suitable for moderately investors Risk takers

Investor can choose based on his goal ,income, time horizon & risk tolerance Benefits of model based approach 7

Evidenced based Responsive to market Dynamic depending Guided allocation Eliminates the need of predictive allocation direction & valuation upon market behavior without biases manual market timing Advantage of a single fund for asset allocation 8

Allocation across asset classes

Eliminates hassle free market rebalancing temptations & cost- / biases efficient

Multi No strategies Operational for issues & optimized paper work result Debt

Equity + Arbitrage

Gold

Presenting A dynamically managed multi asset fund Product Positioning

Low risk Medium risk High risk Low returnLow UTI ArbitrageFund UTI Regular Savings Fund UTI Equity Savings Fund Medium ReturnMedium UTI ULIP UTI CCF UTI Multi Asset Fund - Savings UTI RBP UTI Hybrid Equity Fund High returnHigh UTI CCF - Investment Plan 10 3 factors in house model for dynamic equity allocation 11

Key factors analysis Dividend Yield , Price to Earnings & price to book 1

Linear regression Model to predict Weekly output & calculation of model future returns 2 equity weight

Portfolio weight is changed if model equity weight Finalization of portfolio equity weights 3 differs by 6% from current Portfolio Equity weight

When equity When Equity valuation Valuation goes up In house model facilitates “buying low & comes down selling high without emotional bias Exposure to Exposure to equity comes equity goes down up Model - Actual Return vs expected returns 12

11,000 70.0% Nifty Actual Return Expected Return 60.0% 10,000 50.0% 9,000 40.0%

8,000 30.0%

7,000 20.0%

10.0% 6,000 0.0% 5,000 -10.0%

4,000 -20.0%

Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jul-17 Jul-18

Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17

Nov-12 Nov-13 Nov-14 Nov-15 Nov-16 Nov-17

Mar-16 Mar-12 Mar-13 Mar-14 Mar-15 Mar-17 Mar-18

May-12 May-13 May-14 May-15 May-16 May-17 May-18 Model has been capturing direction of the market Net equity level vs Nifty & performance of In house model 13

Period Model Benchmark Alpha Date Nifty Model Equity Equity Market Result Portfolio level direction Weights Weights movement (From) (To) till next rebalancing CY 12 22.8% 18.8% 3.97% 28/01/18 11,070 Decrease 46.5 40.0 -2% Positive CY 13 9.0% 7.8% 1.24% 24/06/18 10,822 Increase 38.9 45.0 6% Positive CY 14 22.3% 21.1% 1.21%

CY 15 2.6% 0.7% 1.96% 12/08/18 11,430 Decrease 46.0 40.0 -10% Positive

CY 16 5.7% 4.1% 1.61% 07/10/18 10,316 Increase 38.8 47.5 7% Positive CY 17 18.5% 21.0% -2.53% 04/08/19 10,997 Increase 47.5 52.5 8.36% Positive CY 18 5.7% 4.4% 1.26%

CY 19 10.4% 10.1% 0.23% 05/11/19 11,917 Decrease 53.56 47.5 1% Negative

Std Deviation 1.2% 1.1% 02/12/19 12,048 Decrease 48.5 40.0 ? ? Model portfolio - Alpha ranges between 1% to 4% Periodic trigger by model based on market direction approx. on calendar year basis & success ratio in last 23 months

Data source: internal Fund’s Net equity level vs Nifty 14

60 12500 55.98 54.58 12000 55 52.44 11500 49 50 48.75 48.63 48 46.92 11000 45 43.29 43.68 42 42 42.22 42.13 10500 41 39.74 40 10000

35 9500

Unhedged Equity (LHS) NIFTY (RHS)

Exposure in net equity vis a vis Nifty level reflecting “buy low & sell high” Fund’s broad investment framework 15

No of stocks Investment Style Blend strategy with growth tilt ( Targeted) 35 - 45

Weighted avg Capitalization Atleast 75%-80% in L cap, balance in M cap & 0% in S cap M Cap Around 2.50 lac crs

Net equity range 40% - 80% Debt range 10% -25%

Arbitrage range 0% to 25% Gold range 10% to11%

L - Large , M - Mid , S - Small Investment Strategy across asset class 16

1 Top Down & Bottom UP approach for managing its stock & sector exposures. 2 Stock Selection will be fundamental driven.

Arbitrage positions by shorting Index futures / existing stocks and 3 through new opportunities

Focus on accrual strategy . Investment in shorter to medium duration 1 papers based on in-house views.

2 Focus on credit & liquidity across securities spectrum

1 Allocation to Gold as portfolio diversifier Portfolio commentary & Internal guidelines 17

Fund Digest Sector Weights* In the first week of December 2019, due to rise in the market with nifty trading closer to 12050, our in house quant model 35% or Benchmark 12% indicated decrease in the net equity weight to 40%. (Whichever is Lower) Accordingly, rebalancing was carried out by increasing the arbitrage position to reach the net equity weight to 40%. Stock Weights* Not more than 9.5% in a given stock The fund follows a blend of growth and value with a tilt and not more than 50% in the top 10 towards growth for its stock selection.The fund reduced its stocks position in Pharma and Energy sector in the month of Dec 2019. Company Exposure*

Fund exposure is more oriented towards private banks given Not more than 7% of company’s equity their better risk profile, earning visibility, strong capital position and ability to gain market share. Cash Limit The fund may continue to maintain underweight/neutral position in auto sector in view of volume slowdown in 5% of the portfolio 2W/PV/CVs.

In view of the gold prices increasing to $1575/ounce in the Indicative Market Cap Exposure* world market in the first week of Jan 2020, weight of the UTI Gold ETF increased to more than 11%. Biased towards Large caps Accordingly, the fund sold some quantity of gold as to reduce its weight below 11%. The fund would intend to maintain the exposure to gold in the range of 10% -11%.

* The weights and exposure refers to only equity portion of the scheme Portfolio (Equity Composition) 18

Equity Top 20 Holdings Act Weight % to NAV % to NAV (Rebased to Unique Stocks STOCK NAME SECTOR (Gross (Net equity) 100) (As compared to S&P BSE 200 – Equity benchmark) equity) HDFC BANK LTD. BANKS 6.51 3.4 -0.15 ICICI BANK LTD BANKS 6.12 3.95 4.20 STOCK NAME SECTOR % to NAV STATE BANKS 3.88 2.26 3.55 LTD. BANKS 3.67 2.1 2.43 SUNDRAM FASTENERS LTD AUTOMOBILE 1.72 PETROLEUM LTD. 3.63 2.13 -2.31 PRODUCTS TATA CONSULTANCY SERVICES SOFTWARE 3.42 2.34 2.14 Active Stock positions LTD. CONSTRUCTION (as compared to Benchmark) LARSEN & TOUBRO LTD. 3.33 1.77 1.84 PROJECT INFOSYS LTD. SOFTWARE 3.27 1.65 -0.26 Overweight (Top 5) Underweight (Top 5) BHARTI AIRTEL LTD. TELECOM - SERVICES 2.27 1.38 2.01 BAJAJ FINANCE LTD. FINANCE 1.9 1.29 1.52 ICICI BANK LTD HDFC LTD. MARUTI SUZUKI INDIA LTD. AUTO 1.89 1.06 1.04 CONSUMER NON DABUR INDIA LTD. 1.82 0.47 0.74 RELIANCE INDUSTRIES LTD. DURABLES INDUS IND BANK LTD. BANKS 1.75 1.02 1.07 MAHINDRA & MAHINDRA LTD. AUTO 1.57 0.44 0.28 AXIS BANK LTD. ITC LTD. CONSUMER NON ITC LTD. 1.49 0.74 -1.37 DURABLES GUJARAT GAS LTD ASIAN PAINTS (INDIA) LTD. CONSUMER NON MARICO LTD. 1.49 0.4 0.69 DURABLES LTD SOFTWARE 1.47 0.67 0.90 ADITYA BIRLA FASHION & RETAIL HCL TECHNOLOGIES LTD. ULTRATECH CEMENT LTD. CEMENT 1.35 0.71 1.02 SHREE CEMENT LTD. CEMENT 1.33 0.75 1.54 LTD. BANKS 1.31 0.89 -0.95 Portfolio above shows Top 20 equity holdings under the scheme based on Gross equity. For detailed portfolio visit www.utimf.com Act. Wt % - Active Weight % based on Net equity as compared to the S&P BSE 200 – Equity Benchmark. Data as of December, 2019. Unique stocks & Active stock positions based on Net Equity rebased to 100. Debt Portfolio (Key exposure) 19

Company Rating Exposure

DDB Hero Fincorp Ltd ICRA-AA+ 4.43%

NCD CRISIL-AA+ 3.53% NCD Ltd ICRA-A 2.38% NCD FITCH-AA 2.12%

NCD TATA Capital Financial Services Ltd CRISIL-AAA 2.00%

TOTAL 14.48%

Data as of December 2019 Asset wise exposure over the last one year 20

11 12 12 12 13 13 13 13 11 11 12 13 10 10 10 11

40 41 42 42 42 43 44 42 49 47 49 49 48 52 55 56

25 23 24 24 24 24 24 27 17 21 17 17 21 13 14 14

24 22 21 22 21 21 21 21 22 22 22 21 21 20 20 21

Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19

Debt Arbitrage Unhedged Equity Gold ETF

Numbers in % Source - Internal Fund Snapshot 21

Type of scheme Investment Objective An open-ended Multi Asset The objective of the Scheme is to achieve long term capital Allocation appreciation by investing predominantly in a diversified portfolio of equity and equity related instruments along with Fund Inception investments in Gold ETFs and Debt and Money Market Instruments. However, there can be no assurance that the November 19,2008 investment objective of the Scheme will be achieved. Benchmark Fund Manager S&P BSE 200 - Equity ; CRISIL Bond Fund Index - Debt and Money Market Mr. Sanjay Dongre Instruments ; Managing Since: May-2019 Price of Gold - Gold ETFs Total Experience: 25 Years Asset Allocation Indicative Allocation Risk Minimum Investment Instruments (% of total assets) Profile ` 5,000/- and in multiples of `1/- Equity & Equity Related Medium 65% 80% Subsequent min. investment, Instruments to High `1,000/- and in multiples of `1/- Debt* Instruments and Low to 10% 25% Money Market Instruments Medium

Gold ETFs 10% 25% High

Medium Units issued by REITs & InvITs 0% 10% to High

*Debt instruments will also include Securitized Debt which may go up to 50% of the Debt portfolio.

Refer Scheme Information Document for more details Fund Facts (contd.) 22

Fund Snapshot Portfolio Composition# Fund Size: Monthly Avg. AuM : ` 710.54 Crores OCF ROCE Last Day AuM : ` 705.73 Crores C1 : 84% R1 : 49% No. of Unit Folios : 58,631 C2 : 9% R2 : 40% C3 : 7% R3 : 11% Market Capitalisation (%) Price to Fund BM Book 5.85 Large : 83 88 5.68 Mid : 17 12 Price to Small : 0 0 Earnings 32.55 34.35 Quantitative Indicators Return on Equity Fund BM 17.12 Beta : 0.71 1 16.01 SD (3 Years) : 6.16% 7.89% UTI Multi Asset Fund S&P BSE 200 PTR (Annual) : 3.17% - Active Share : 47.93% Sharpe Ratio : 0.21% - Top 5 / Top10 Stocks No. of Stocks 34.27% / 54.22% 37 Outside Benchmark Top 5 / Top 10 Sectors 1.72% 80.25% / 98.76%

Avg. AuM – Average Asset under Management, SD – Standard Deviation, PTR – Portfolio Turnover Ration. PB – Price to Book, PE – Price to Earnings, RoE – Return on Equity, Wtd. Avg. Mcap – Weighted Average Market Capitalisation, ROCE – Return on Capital Employed. # Cash flow Tiers (C)- 3 Tiers based on the number of years in which they have generated positive operating cash flows in the previous 5 years (for manufacturing cos). ROCE/implied ROE Tiers (R) - 3 Tiers based on the previous 5 year average return on capital (for manufacturing cos) & consistency in implied ROE (RoA X Leverage) for financials over 5 years All data as of December 2019. Data based on Net Equity rebased to 100 Performance Track Record 23

Fund Performance Vs Benchmark (as on 31/12/2019)

Fund Performance Vs Benchmark Growth of ` 10,000/- Period NAV Benchmark@ Nifty 50 NAV Benchmark@ Nifty 50 (%) (%) (%) (`) (`) (`) 1 Year 3.87 11.99 13.48 10387 11199 11348

3 Years 6.55 12.50 15.65 12097 14238 15468

5 Years 4.57 9.33 9.38 12505 15624 15660

Since Inception 11.86 14.53 16.15 34777 45208 52851

Investment Value Yield Value Yield Fund Yield Period Amount Benchmark Nifty Nifty 50 Fund (`) (%) Benchmark(`) (`) (`) (%)

1 Year 120000 124016 128522 128918 6.26 13.42 14.05

3 Years 360000 380793 417121 426800 3.68 9.80 11.38

5 Years 600000 678594 775428 801211 4.87 10.20 11.51

7 Years 840000 1032566 1239789 1288217 5.81 10.93 12.01

10 Years 1200000 1673785 2094780 2196446 6.48 10.73 11.63

Since Inception@ 1320000 1991141 2494180 2633209 7.23 11.06 11.97 @S&P BSE 200, Gold ETF & Crisil Bond Fund Index The above value is calculated on the basis of the return from regular plan growth option of the scheme. Past performance may or may not be sustained in future. All returns are in CAGR - Compounded Annualized Growth Rate. N.A. - Not Available. Inception of UTI Multi Asset Fund : Nov 19, 2008. The loads have not been taken into account. The current fund manager is managing the fund since May 2019. For performance details of Top 3 and Bottom 3 Schemes managed by the Fund Manager, please refer the Slide No. 29. Source : MFIE. Relative Performance against Balanced Adv Fund & Dynamic asset allocation funds 24

Fund Crores 1DAY 5 DAY 1 MONTH 3 MONTH 6 MONTH

Motilal Oswal Dynamic Fund 1279.4 0.02 -0.52 0.19 4.59 6.62 3246.1 -0.03 -0.33 0.79 5.48 6.12 Kotak Balanced Advantage Fund ICICI Prudential Balanced Advantage Fund 28383.0 -0.05 -0.63 0.93 5.75 5.90 1025.8 0.19 -0.05 0.67 3.82 5.73 DSP Dynamic Asset Allocation Fund BNP Paribas Dynamic Equity Fund 94.5 -0.05 -0.53 0.34 4.32 5.53 Baroda Dynamic Equity Fund 407.9 0.00 -0.63 0.72 5.40 5.40 IDFC Dynamic Equity Fund 977.1 0.07 -0.28 0.72 5.09 5.09 2739.4 -0.13 -0.56 1.00 5.42 4.49 Aditya Birla Sun Life Balanced Advantage Fund Union Balanced Advantage Fund 493.2 #N/A -0.53 0.36 3.81 4.29 UTI Multi Asset Fund 724.5 0.25 0.62 1.24 5.27 4.19 Edelweiss Balanced Advantage Fund 1481.6 0.29 -0.65 0.74 4.43 4.07 126.8 0.12 -0.32 0.61 2.75 4.06 BOI AXA Equity Debt Rebalancer Fund L&T Dynamic Equity Fund 680.4 -0.09 -0.32 0.81 4.23 3.85 676.8 -0.23 -1.17 0.63 3.95 3.01 SBI Dynamic Asset Allocation Fund Axis Dynamic Equity Fund 2046.0 0.00 -0.53 0.00 1.99 2.92 Tata Balanced Advantage Fund 1099.3 -0.05 -0.57 0.10 3.75 2.85 Invesco India Dynamic Equity Fund 894.1 0.10 -0.53 -0.53 4.11 2.57 Reliance Balanced Advantage Fund 2611.8 -0.06 -0.75 0.65 4.46 2.43 Principal Balanced Advantage Fund 197.8 0.00 -0.05 0.19 2.07 1.42 HDFC Balanced Advantage Fund 44497.5 -0.44 -1.80 0.83 6.17 -1.42

Note: Returns of Regular growth plan Returns as on 8/01/2020 Source: Bloomberg Performance of UTI Multi Asset Fund in Balanced advantage category 25

1 month 3 months 6 months

Returns of UTI Multi Asset Fund 1.24 5.27 4.19

Rank 1/20 6/20 10/20

Note: Peer contains 20 funds from balanced advantage/dynamic asset allocation category. Returns of Regular growth plan Returns as on 8/01/2020 Source: Bloomberg Dividend Distribution 2019-20 26

UTI Multi Asset Fund - Regular Plan- Dividend option

Individual Record Date Monthly Dividend Record Date Gross Dividend Per Unit - Net of tax per unit NAV Yield(%) 23-Dec-2019 0.0850 0.08 17.5253 0.49% 25-Nov-2019 0.0850 0.08 17.6186 0.48% 22-Oct-2019 0.0850 0.08 17.3207 0.49% 19-Sep-2019 0.0850 0.08 17.8921 0.48% 19-Aug-2019 0.0850 0.08 17.1360 0.50% 16-Jul-2019 0.0850 0.08 17.4653 0.49% 13-Jun-2019 0.0850 0.08 17.5100 0.49% 13-May-2019 0.0850 0.08 17.1813 0.49% 11-Apr-2019 0.0850 0.08 17.7150 0.48% 13-Mar-2019 0.0850 0.08 17.6576 0.48% 12-Feb-2019 0.0850 0.08 17.3674 0.49% 10-Jan-2019 0.0850 0.08 17.8389 0.48% Note: Data for dividend option - Regular plan ( Distribution of dividend is subject to availability of distributable surplus in the scheme as on record date and trustee’s approval . Dividend payment to the investor will be lower to the extent of Dividend Distribution Tax) .Pursuant to payment of dividend ,the NAV of the dividend option of the scheme would fall to the extent of pay out and statutory levy if applicable. Face value of units - Rs. 10/- Why invest in this fund & what not to expect from this fund 27

-Single route access to a diversified portfolio -This fund cant produce an aggressive returns like a spreading across equity , debt & gold regular diversified equity fund. -This may tend to underperform during sudden -Dynamic Equity allocation based on model circumvent market rise investor‘s emotions of fear & greed -This fund will not aid you to time the market.

-Potential to limit the portfolio down side risk in a falling -It is not advisable to invest in this fund for a period less than 3 years . market

Suitable for :

Those who could not manage asset Those who can stay put longer for Those who are looking allocation allocation on their own in the past wealth their wealth creation to multi assets About Our Equity Investment Team 28

Swati Kulkarni, CFA Ajay Tyagi, CFA V Srivatsa Sanjay Dongre Rajeev Kumar Ankit Agarwal Fund Manager Fund Manager Fund Manager Fund Manager Gupta Fund Manager Fund Manager Vetri Subramaniam Head Equity & Fund Manager

Collective Work Experience of Investment Team Over 260 Years Sachin Trivedi, CFA Amit Premchandani, CFA Sharwan Goyal, CFA Kamal Gada, CFA Vishal Chopda, CFA Nitin Jain Head of Research & Fund Manager Fund Manager Fund Manager Fund Manager Research Analyst Fund Manager Banks, NBFCs, Cement Overseas Investment FMCG, QSR, Retail, IT, Internet Sector, Energy, Fertilizer, Media, Consumer Durable, Telecom Oil & Gas Average Work Chemicals, Pharma Experience of Fund Managers Over 21 Years

Average Work Experience of Analysts Parag Chavan, CFA Preethi R S Deepesh Agarwal Akash Shah Ayush Research Analyst Research Analyst Research Analyst Research Associate Harbhajanka Over 10 Years Metals & Mining, Utilities, Auto Ancillaries, Capital Goods, Textiles Research Associate Building Materials, Sugar, Insurance, HFC & Infra - Construction Healthcare, Hotels NBFCs

FMCG – Fast-Moving Consumer Goods; QSR – Quick Service Restaurants; IT – Information Technology; HFC – Housing Finance Company; NBFC – Non-banking Finance Company Performance details of other schemes managed by the Fund manager – 29 Mr Sanjay Dongre

1 Year (%) 3 Years (%) 5 Years (%) Managing the Scheme Inception Date Benchmark Fund Since Fund Benchmark Fund Benchmark Fund Benchmark

NIFTY UTI Infrastructure Fund 7-April-04 June-16 6.71 4.49 8.39 8.16 4.57 2.99 INFRASTRUCTURE TRI

Assuming that all payouts during the period have been reinvested in the units of the scheme at the immediate ex-div NAV. Past performance may or may not be sustained in future. N.A. - Not Available, *Compounded annualized Growth Rate. Past performance may or may not be sustained in the future. Returns : as on 31/12/2019. N.A. – Not Available. Returns less than or equal to 1 year are absolute returns. Offshore Funds where the Fund manager is with an advisory arrangement has not been considered. In case of offshore Funds performance is based on INR NAVs gross of fees. a) The fund manager is managing 2 open ended schemes of UTI Mutual Fund. b) Different plans have different expense structure. The performance details provided herein are of regular plans. About our Investment Manager 30

Portfolio Manager Sanjay Ramdas Dongre With UTI: 25 Years Mr. Sanjay is an Executive Vice President & Senior Fund Manager –Equity at UTI AMC Ltd.

He is a B.E and has a PGDM from IIM, Kolkata. He has been with UTI AMC since 1994.

He started as a Debt Analyst acting as a support service for fund management activity. He has experience in Investments & Investment Monitoring from August, 1994 till April, 1998. He also worked for a year as Equity Research Analyst covering wide range of corporate and industries. Subsequently, he worked as Equity Dealer for another year, wherein he was involved in handling all the activities relating to secondary equity market operations.

Prior to joining UTI he has worked with Reliance Petrochemicals Ltd. as an officer in-charge of the Instrumentation Department. Since July, 2000, he has been working as Fund Manager-Equity with Funds Management. Thank You

STATUTORY: The information contained in this document is for general purposes only and is not an offer to sell or a solicitation to buy/ sell any mutual fund units / securities. The information / data here in alone are not sufficient and should not be used for the development or implementation of an investment strategy. The same should not be construed as investment advice to any party.

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: [email protected] . (CIN-U65991MH2002PLC137867). 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 on 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. Mutual Fund Investments are subject to market risks, read all scheme related documents carefully. Asset allocation & Market capitalization of net equity exposure

Asset Allocation

Equity Debt Gold NCA

68.23% 20.01% 10.92% 0.84% (Net equity – 41.11%, (NCDs - 14.48%, Arbitrage – 27.12%) Bank Deposit - 5.53%)

Market capitalization Large Cap Mid Cap of net equity (83.07%) (16.93%) exposure (100%)

Data as of Dec 2019 NCA- Net Current Assets Equity Portfolio

Sector Company Name Gross Exposure Net Exposure AUTOMOBILE MARUTI SUZUKI INDIA LTD 1.89% 1.06% MAHINDRA & MAHINDRA AUTOMOBILE 1.57% 0.44% LTD AUTOMOBILE SUNDRAM FASTENERS LTD 0.71% 0.71% AUTOMOBILE EXIDE INDUSTRIES LTD 0.69% 0.31% 4.86% 2.52% CEMENT SHREE CEMENT LTD 1.33% 0.75% CEMENT ULTRATECH CEMENT LTD 1.35% 0.72% CEMENT ACC LTD 1.13% 0.60% CEMENT RAMCO CEMENTS LTD/THE 0.88% 0.77% 4.69% 2.84% Chemicals PI INDUSTRIES LTD 0.57% 0.57% 0.57% 0.57% CONSTRUCTION LARSEN & TOUBRO LTD 3.33% 1.77% 3.33% 1.77% CONSUMER GOODS DABUR INDIA LTD 1.82% 0.47% CONSUMER GOODS ITC LTD 1.49% 0.74% CONSUMER GOODS MARICO LTD 1.49% 0.40% CONSUMER GOODS HINDUSTAN UNILEVER LTD. 1.25% 0.83% ADITYA BIRLA FASHION CONSUMER GOODS 0.98% 0.98% AND RET CONSUMER GOODS VOLTAS LTD 0.85% 0.85% CONSUMER GOODS UNITED BREWERIES LTD 0.99% 0.46% 8.87% 4.73% ENERGY RELIANCE INDUSTRIES LTD 3.63% 2.14% ENERGY TORRENT POWER LTD 0.91% 0.91% ENERGY GUJARAT GAS LTD 1.00% 1.00% 5.54% 4.05%

As of December 2019 Equity Portfolio (continued)

Sector Company Name Gross Exposure Net Exposure FINANCIAL SERVICES HDFC BANK LIMITED 6.51% 3.41% FINANCIAL SERVICES ICICI BANK LTD 6.12% 3.94% FINANCIAL SERVICES STATE BANK OF INDIA 3.88% 2.26% FINANCIAL SERVICES AXIS BANK LTD 3.67% 2.11% FINANCIAL SERVICES INDUSIND BANK LTD 1.75% 1.02% FINANCIAL SERVICES BAJAJ FINANCE LTD 1.90% 1.30% KOTAK MAHINDRA BANK FINANCIAL SERVICES 1.31% 0.89% LTD. FINANCIAL SERVICES SBI LIFE INSURANCE CO LTD 0.87% 0.87% FINANCIAL SERVICES RBL BANK LTD 0.54% 0.51% 26.01% 15.80% INDUSTRIAL SIEMENS LTD 1.17% 0.50% MANUFACTURING 1.17% 0.50% TATA CONSULTANCY SVCS IT 3.41% 2.33% LTD IT INFOSYS LTD 3.27% 1.64% IT TECH MAHINDRA LTD 1.47% 0.68% IT MPHASIS LTD 0.43% 0.43% 8.58% 5.08% PHARMA DIVI'S LABORATORIES LTD 0.97% 0.53% SUN PHARMACEUTICAL PHARMA 0.83% 0.83% INDUS 1.80% 1.36% TELECOM BHARTI AIRTEL LTD 2.27% 1.38% 2.27% 1.38%

EQUITY 68.23% Gross 41.11% Net

As of December 2019 Fund Manager’s view on sectors

Sectors View Financial Services Fund exposure is more oriented towards private banks given their better risk profile, earning visibility, strong capital position and ability to gain market share. The fund would be looking to invest in the banks having higher loan growth in the current environment Energy In view of favourable demand supply environment in LNG in future, companies involved in gas supply chain are expected to be big beneficiary. The fund has overweight on the gas distribution companies. Automobiles Fund exposure is more towards Cars and Tractors. The fund may continue to maintain underweight position in view of volume slowdown in 2W/PV/CVs IT Initiatives to transform business models, as digitization of businesses leads to higher spend around big data, analytics, mobile, social media and Internet-of-Things. Traditional services are getting commoditised and are facing pricing pressure. Ramp up of few large clients coupled with cost optimisation measures may lead to similar earnings growth in FY20 compared to FY19. Cement In the near term, profitability of the cement sector is likely to be positively impacted on account of lower fuel and freight cost and higher realisation. In the medium term, lower supply additions and revival in demand on the back of recovery in growth in the economy may lead to reduction in supply–demand gap which augers well for pricing environment in sector.

Consumer Goods The fund has underweight position in consumer staples in view of the slowdown faced in the rural as well as urban economy. The fund has an overweight position in the consumer discretionary segment as lifestyle changes, aspiration levels and increase in disposable income is resulting into Indian consumer trading up in the various discretionary segment.

As of December 2019 Multi Asset Quant Model In the latest reading on Dec 30, 2019, Quant Model Equity weight (MEW) has remained at 40.00%, while current Multi Asset Portfolio drifting Weight (PEW) is at 40.27%. Since difference is not more than 6% (40.00% vs 40.27%), there is no change in weight.

Last change in net equity position was carried out on Dec 2, 2019 when the net equity position of the fund was reduced to 40% at Nifty level of 12050 ( approximately)

As of December 2019 Sectoral Breakdown

PHARMA 3

TELECOM 3

CONSTRUCTION 3

AUTOMOBILE 5

CEMENT PRODS 5

ENERGY 8

CONS GOODS 9

IT 10

OTHERS 21

FINANCIAL SERVICES 31

0 5 10 15 20 25 30 35

As of December 2019