s Jain Sachin AnalystsResearch [email protected] Mutual Fund Activity crore) March (January Covid declined February with SIP March 3400 Inflows flows , crore April . : but sharp into | : - to March now the May May 14, 2021 compared 8350 | inflow Highlights a equity rise run inflow 8000 back 2020 crore, - rate • at in funds at trend to crore, | last at PRODUCT 1 of pre | 8590 April | declined 9100 | - four remain Covid 8600 7800 : February crore crore | months crore, levels . post 8600 to . In in | - - ICICI Securities – Retail Equity Research Source: ACE MF, MF, ACE Source: Top buy/sell across AMCs: Large Cap ICICI Direct Research. Note: Largecaps/Midcaps/Smallcaps Largecaps/Midcaps/Smallcaps Note: Research. Direct ICICI HDFC Asset Management Company Ltd. Company Management HDFC Asset Ltd. Gland Pharma Ltd. UPL Ltd. Enterprises Piramal Ltd. Investment & Holdings Bajaj Ltd. Laboratories Alkem Zone Ltd. Economic and Special Ports Adani Ltd. Steel Tata DLF Ltd. Bank National Punjab Top 10 Buys in Largecap Petronet LNG Ltd. Petronet Ltd. Products Godrej Consumer Ltd. Ltd. Ltd. Aviation Interglobe Ltd. Healthcare Cadila Ltd. Industries Britannia Ltd. Steel JSW Ltd. Vedanta Ltd. Towers Indus Top 10 Sells in Largecap ICICI Ltd. Securities Retail| MF Research a s defined by by defined s AMFI. Socks above above Socks AMFI. Market Value(crs) Market Value(crs) Apr-21 Apr-21 15290 4932 2259 2466 5764 1250 2122 1463 2308 5974 1953 3458 3585 3252 2859 681 636 780 445 179 | 50 crore crore 50 | Mar-21 Mar-21 11014 4141 2244 2288 5094 1296 2128 1656 2491 5400 2105 2907 4242 2591 3483 677 621 696 372 238 holding were considered were holding Apr-21 Apr-21 Shares(lakhs) Shares(lakhs) 1479 1276 1212 1111 177 372 790 506 885 211 429 119 605 104 453 25 38 23 89 71 Mar-21 Mar-21 1357 1014 1304 1523 167 350 725 452 947 227 461 129 659 117 553 23 35 21 83 97 2

ICICI Securities – Retail Equity Research Source: ACE MF, ICICI Direct Research. Note: Largecaps/Midcaps/Smallcaps Largecaps/Midcaps/Smallcaps Note: Research. Direct ICICI MF, ACE Source: Top buy/sell across AMCs: Midcap Ltd. Leyland Ashok Ltd. Labs Laurus Ltd. Institute Max Healthcare Ltd. India Pharma Astrazeneca Ltd. Company Finance Transport Shriram Ltd. Bank IDFC First Ltd. India Granules Ltd. Pharmaceuticals Glenmark Ltd. Ltd. Holdings Finance L&T Top 10 Buys in Midcap General Corporation of Ltd. Corporation India Insurance General Ltd. Capital Birla Aditya Ltd. and Retail Fashion Birla Aditya Ltd. Ltd. Services Mahindra Financial Mahindra & Ltd. Pathlabs Dr. Lal Ltd. Ltd. Projects Estate Prestige Ltd. Escorts Ltd. GMR Infrastructure Top 10 Sells in Midcap ICICI Ltd. Securities Retail| MF Research a s defined by by defined s AMFI. Socks above above Socks AMFI. Market Value(crs) Market Value(crs) Apr-21 Apr-21 3511 1205 1071 1891 1936 1173 1494 568 819 150 720 242 238 115 360 148 249 675 180 92 | 50 crore crore 50 | Mar-21 Mar-21 3219 2357 2619 1197 1696 405 967 746 935 113 440 189 184 121 404 169 315 930 244 62 holding were considered were holding Apr-21 Shares(lakhs) Apr-21 Shares(lakhs) 3116 1958 2899 1080 1196 125 531 125 273 314 786 61 45 56 30 40 52 92 60 2 Mar-21 Mar-21 2836 1679 2044 1171 1316 1005 112 470 192 339 103 52 37 95 61 32 44 58 72 2 3

ICICI Securities – Retail Equity Research Source: ACE MF, Note: Largecaps/Midcaps/Smallcaps Largecaps/Midcaps/Smallcaps Note: MF, ACE Source: Top buy/sell across AMCs: Smallcap Mrs. Bectors Foods Specialities Ltd. Specialities Foods Mrs. Bectors Ltd. Matrimony.Com Ltd. Estate Real Ltd. EPL Ltd. Industries & Engineering Triveni Ltd. Buildcon Dilip Ltd. Rasayan Bharat Ltd. Industries Lux Ltd. Datacom & Cable Copper Ltd. Hindustan Top 10 Buys in Smallcap Ingersoll-Rand (India) Ltd. (India) Ingersoll-Rand Ltd. Renewables Borosil Ltd. Technologies Dynamatic Ltd. The Cements India Ltd. Srichakra TVS Ltd. India PTC Ltd. Chemicals Amines Alkyl CoffeeTata Ltd. Top 10 Sells in Smallcap CG Power & Industrial Solutions Ltd. Solutions CG Industrial & Power Ltd. Seamless a s defined by AMFI. Socks above |50 crores holding were considered were holding crores |50 above Socks AMFI. by defined s ICICI Ltd. Securities Retail| MF Research Market Value(crs) Market Value(crs) Apr-21 Apr-21 115 291 601 154 600 325 390 222 401 113 135 190 77 64 89 47 46 55 66 50 Mar-21 Mar-21 244 505 468 211 198 449 100 123 171 162 90 66 80 36 60 51 67 80 61 4 Apr-21 Shares(lakhs) Apr-21 Shares(lakhs) 1663 100 268 126 110 143 576 32 31 17 31 15 20 83 82 38 1 4 3 5 Mar-21 Mar-21 214 772 671 102 103 27 25 82 95 81 12 36 18 25 51 0 3 5 4 7 4

ICICI Securities – Retail Equity Research Source: ACE MF, ICICI Direct Research. Note: Stock holding above | 50 crore is considered is crore 50 | above holding Stock Note: Research. Direct ICICI MF, ACE Source: AMC wise: Top Buys and Top Holdings Ltd. Finance Bajaj Ltd. ACC Company Finance Transport Shriram Ltd. Bank Finance Small Equitas Ltd. Ltd. Aviation Interglobe Ltd. Solar and Wilson Sterling Ltd. India Timken Ltd. Company Insurance Life ICICI Prudential Ltd. Healthcare Cadila Top 10 Buys Ltd. Mills Phoenix Ltd. Bank Union City Ltd. Industries Finolex Ltd. Biotech Rossari Ltd. Transmission Power Kalpataru Ltd. ACC Ltd. Axles Automotive Ltd. Healthcare Cadila OfBank Baroda Copper Ltd. Hindustan Top 10 Buys Market Value(crs) Market Value(crs) Apr-21 Apr-21 HDFC AMC SBI AMC 115 319 296 130 144 204 117 214 339 193 475 115 145 69 27 64 60 52 83 52 Mar-21 Mar-21 240 229 188 248 123 296 101 35 17 13 55 76 15 49 18 47 17 85 8 - Apr-21 Apr-21 234 204 128 14 78 75 22 21 15 23 11 30 39 31 6 4 7 9 8 5 ICICI Ltd. Securities Retail| MF Research Shares(lakhs) Shares(lakhs) Mar-21 Mar-21 127 159 16 24 97 29 23 17 5 3 4 3 7 4 4 2 5 3 4 0 %Change %Change 190% 205% 304% 501% 501% 283% 357% 25% 26% 36% 84% 88% 24% 28% 32% 35% 38% 45% 61% - Ltd. Airtel Bharti Ltd. Industries Reliance Ltd. Bank Axis Ltd. NTPC ITC Ltd. Toubro & Ltd. Larsen HDFC Ltd. Bank Ltd. Of Bank India State Ltd. ICICI Bank Top 10 Holdings Of Bank India State Ltd. Airtel Bharti Ltd. Bank Axis Ltd. Bank Mahindra Kotak Ltd. Services Consultancy Tata Ltd. Corporation Finance Housing Development Ltd. ICICI Bank Ltd. Infosys Ltd. Industries Reliance HDFC Ltd. Bank Top 10 Holdings Market Value(crs) Market Value(crs) HDFC AMC Apr-21 Apr-21 11557 15637 15902 16507 22714 SBI AMC 3400 4164 4182 4446 4952 5682 5716 7279 9175 9986 6581 6667 7128 8342 8452 Mar-21 Mar-21 11753 14983 15825 16396 23811 3278 3804 4002 4576 5451 6031 5946 8044 9221 9450 6742 6419 6846 8293 8778 Apr-21 Apr-21 4340 2444 2595 1663 1862 1242 2604 1174 1608 633 209 585 424 405 537 997 477 278 478 828 Shares(lakhs) Shares(lakhs) Mar-21 Mar-21 4295 2495 2531 1624 1851 1241 2575 1157 1594 634 190 574 425 398 588 982 473 276 470 819 %Change %Change 10% -2% -9% 0% 2% 1% 0% 2% 3% 2% 1% 0% 2% 1% 1% 2% 1% 2% 1% 1% 5

ICICI Securities – Retail Equity Research Source: ACE MF, ICICI Direct Direct ICICI MF, ACE Source: AMC wise: Top Buys and Top Holdings Hathway Cable & Datacom Ltd. Datacom & Hathway Cable Ltd. Supermarts Avenue Ltd. Energy JSW Ltd. Company Management Asset UTI Ltd. PVR Ltd. Enterprises Entertainment Zee Ltd. Cement Ultratech Ltd. MTAR Technologies Ltd. Company Insurance Life ICICI Prudential Ltd. Industries Lux Top 10 Buys Ltd. Laboratories Alkem EIH Ltd. Pharmaceuticals Glaxosmithkline Ltd. Jyothy Labs Ltd. DM Healthcare Aster Ltd. Ltd. Datacom & Hathway Cable Ltd. Leyland Ashok Ltd. Electricals Bajaj Copper Ltd. Hindustan Top 10 Buys Research. Note: Stock holding above |50 crore is considered is crore |50 above holding Stock Note: Research. ICICI Prudential AMC ICICI Prudential Market Value(crs) Market Value(crs) Nippon AMC Apr-21 Apr-21 131 149 104 235 232 594 183 189 144 207 266 85 60 91 90 96 94 59 51 57 Mar-21 Mar-21 100 152 128 417 98 56 76 59 36 42 27 60 31 90 95 66 51 2 - - Apr-21 Apr-21 885 236 560 136 108 125 132 16 21 32 10 17 22 19 37 3 4 5 4 4 Shares(lakhs) Shares(lakhs) ICICI Ltd. Securities Retail| MF Research Mar-21 Mar-21 382 390 86 10 12 18 15 64 66 69 45 2 2 4 6 0 2 9 0 0 %Change %Change 2656% 140% 184% 110% 127% 422% 47% 54% 58% 61% 68% 83% 94% 43% 69% 89% 89% 91% - - Bharti Airtel Ltd. Airtel Bharti Of Grid Corporation Power Ltd. India Ltd. Gas Corporation Natural & Oil Ltd. Industries Reliance Ltd. Bank Axis Ltd. NTPC Ltd. Infosys Of Bank India State Ltd. ICICI Bank HDFC Ltd. Bank Top 10 Holdings ITC Ltd. Of Bank India State Ltd. Industries Reliance Ltd. Industries Sun Pharmaceutical Ltd. NTPC Ltd. Bank Axis HDFC Ltd. Bank Ltd. Infosys Ltd. Airtel Bharti Ltd. ICICI Bank Top 10 Holdings ICICI Prudential AMC ICICI Prudential Market Value(crs) Market Value(crs) Nippon AMC Apr-21 Apr-21 11196 2615 2773 2849 3008 3350 3770 3964 4632 5980 5991 4168 4523 4991 5236 6629 6689 6954 8370 8641 Mar-21 Mar-21 10763 2658 2726 2648 2796 3081 3982 4121 4761 6109 6070 4547 4523 4922 4788 6897 5786 7130 8986 8305 Apr-21 Apr-21 1260 2634 3680 1310 2057 1280 6470 1610 1864 487 151 469 293 996 424 250 800 936 492 618 Shares(lakhs) Shares(lakhs) Mar-21 Mar-21 1264 2592 3737 1307 1049 2081 1241 6473 1605 1849 514 140 442 301 406 246 801 830 477 657 %Change %Change 13% -5% -2% -3% -5% -1% -6% 0% 2% 8% 6% 0% 4% 3% 2% 0% 0% 3% 0% 1% 6

ICICI Securities – Retail Equity Research Source: ACE MF, ICICI Direct Direct ICICI MF, ACE Source: AMC wise: Top Buys and Top Holdings Zydus Wellness Ltd. Wellness Zydus Ltd. Pharma Aurobindo Of Grid Corporation Power Ltd India SRF Ltd. Ltd. Company Aluminium National Ltd. Wipro Ltd. Bank National Punjab Bandhan Ltd. Bank Ltd. Enterprises Entertainment Zee Top 10 Buys Ltd. Tubes Apollo APL Ltd. Vedanta Ltd. Power & Steel Jindal Ltd. DLF Co Ltd. Insurance General ICICI Lombard Coforge Ltd. Bank Canara Ltd. Company Finance Transport Shriram DVR - Ordinary Motors Tata Ltd. Hospitality Barbeque-Nation Top 10 Buys Research. Note: Stock holding above |50 crore is considered is crore |50 above holding Stock Note: Research. Aditya Birla Sunlife AMC Sunlife Birla Aditya Market Value(crs) Market Value(crs) Apr-21 Apr-21 UTI AMC UTI 206 208 185 206 195 313 113 101 54 61 86 86 92 79 66 69 73 68 57 62 Mar-21 Mar-21 155 146 113 123 103 235 34 23 64 51 54 43 24 65 54 42 50 38 - - Apr-21 Apr-21 318 228 10 21 39 18 59 36 29 15 23 22 39 88 16 3 5 5 2 5 Shares(lakhs) Shares(lakhs) ICICI Ltd. Securities Retail| MF Research Mar-21 Mar-21 227 119 17 30 12 30 12 24 12 17 16 22 8 2 3 5 1 2 - - %Change %Change 207% 182% 25% 28% 32% 37% 40% 42% 67% 92% 94% 14% 21% 27% 32% 35% 67% 75% - - Bajaj Finance Ltd. Finance Bajaj Ltd. India Automation Honeywell Ltd. Airtel Bharti Ltd. Industries Reliance Ltd. Bank Axis Ltd. Bank Mahindra Kotak Ltd. Corporation Finance Housing Development HDFC Ltd. Bank Ltd. Infosys Ltd. ICICI Bank Top 10 Holdings Ltd. Bank Axis Ltd. Airtel Bharti Ltd. Finance Bajaj Ltd. Bank Mahindra Kotak Ltd. Services Consultancy Tata Ltd. Corporation Finance Housing Development Ltd. Industries Reliance Ltd. ICICI Bank Ltd. Infosys HDFC Ltd. Bank Top 10 Holdings Aditya Birla Sunlife AMC Sunlife Birla Aditya Market Value(crs) Market Value(crs) Apr-21 Apr-21 UTI AMC UTI 1770 1934 2083 2104 2220 2266 2398 4631 4813 5720 2440 2446 2505 2746 3327 4750 5009 5196 6731 7182 Mar-21 Mar-21 1608 2130 2010 2182 2103 2395 2546 4853 4821 5570 2348 2420 2308 2673 3443 4855 4914 5107 6772 7485 Apr-21 Apr-21 388 105 311 130 328 355 953 341 456 157 110 196 251 865 497 509 32 99 46 4 Shares(lakhs) Shares(lakhs) Mar-21 Mar-21 388 109 301 137 102 325 352 957 337 468 152 108 194 245 878 495 501 31 45 4 %Change %Change -3% -5% -3% -3% -1% 4% 0% 0% 3% 1% 1% 0% 1% 3% 3% 1% 1% 2% 0% 1% 7

ICICI Securities – Retail Equity Research Source: ACE MF, ICICI Direct Direct ICICI MF, ACE Source: AMC wise: Top Buys and Top Holdings Nestle India Ltd. India Nestle Ltd. Steel Tata Ltd. Finserv Bajaj Ltd. Company Finance Transport Shriram Ltd. Pharmaceuticals Glenmark Ltd. Gas Corporation Natural & Oil Ltd. Nitrite Deepak Ltd. Holdings Finance L&T Ltd. Tyres Apollo Ltd. Vedanta Top 10 Buys Ltd. Bank Finance Small Suryoday Ltd. Pharma Aurobindo Ltd. Corporation Tourism & Catering Railway Indian Ltd. Wipro Ltd. India Ltd. Systems Persistent Ltd. Industries Sun Pharmaceutical Ltd. KPIT Technologies Ltd. Motors Tata Ltd. Steel Tata Top 10 Buys Research. Note: Stock holding above |50 crore is considered is crore |50 above holding Stock Note: Research. Kotak Mahindra AMCMahindra Kotak Market Value(crs) Market Value(crs) Apr-21 Apr-21 Axis AMC Axis 1582 191 560 135 861 228 114 227 151 79 51 84 79 96 91 55 64 70 54 51 Mar-21 Mar-21 1017 369 102 182 114 121 112 79 38 55 39 22 22 25 15 34 38 43 25 36 Apr-21 Apr-21 321 12 26 29 54 83 16 51 80 25 89 48 13 18 1 1 7 3 5 9 Shares(lakhs) Shares(lakhs) ICICI Ltd. Securities Retail| MF Research Mar-21 Mar-21 246 45 21 26 15 39 10 12 14 12 14 0 0 4 8 1 7 4 6 7 %Change %Change 142% 160% 210% 276% 498% 142% 294% 80% 83% 83% 86% 90% 20% 23% 23% 31% 45% 49% 69% 86% Jindal Steel & Power Ltd. Power & Steel Jindal Toubro & Ltd. Larsen Ltd. Cement Ultratech Of Bank India State Ltd. Services Consultancy Tata Ltd. Bank Axis Ltd. Industries Reliance Ltd. Infosys HDFC Ltd. Bank Ltd. ICICI Bank Top 10 Holdings Ltd. ICICI Bank Ltd. Laboratories Divis Info Ltd. Edge (India) Ltd. Corporation Finance Housing Development Ltd. Infosys Ltd. Supermarts Avenue Ltd. Bank Mahindra Kotak Ltd. Services Consultancy Tata HDFC Ltd. Bank Ltd. Finance Bajaj Top 10 Holdings Kotak Mahindra AMCMahindra Kotak Market Value(crs) Market Value(crs) Apr-21 Apr-21 Axis AMC Axis 1826 2022 2430 2774 2823 3071 3686 3711 4989 6049 3249 3643 3648 4594 4786 5664 6433 6485 6549 8497 Mar-21 Mar-21 1418 2082 2489 2882 3107 3014 3551 3897 5378 6261 2842 3024 2896 4721 4979 5756 6172 6652 6961 7915 Apr-21 Apr-21 1007 414 151 785 430 185 274 353 541 190 353 199 368 214 464 156 39 93 90 74 Shares(lakhs) Shares(lakhs) Mar-21 Mar-21 1076 413 147 791 432 177 285 360 488 189 364 201 352 209 466 154 37 98 83 68 %Change %Change 11% 10% -1% -5% -1% -4% -2% -6% -3% -1% 0% 3% 5% 4% 7% 0% 4% 2% 0% 1% 8

ICICI Securities – Retail Equity Research Source: ACE MF, ICICI Direct Direct ICICI MF, ACE Source: AMC wise: Top Buys and Top Holdings Jindal Steel & Power Ltd. Power & Steel Jindal Ltd. Bank Union City Ltd. (India) GAIL Of Bank India State Ltd. Steel Tata Ltd. India Polycab Of Ltd. India Authority Steel Ltd. Bharat Dalmia Zone Ltd. Economic and Special Ports Adani Corp Ltd. Welspun Top 10 Buys Ltd. India Co Ltd. Insurance General ICICI Lombard Ltd. Bank Mahindra Kotak Ltd. Healthcare Fortis Ltd. Motors Tata MRF Ltd. Ltd. Cements Ambuja Ltd. Industries Greenply Ltd. EPL Ltd. Atul Top 10 Buys Research. Note: Stock holding above |50 crore is considered is crore |50 above holding Stock Note: Research. Market Value(crs) Market Value(crs) Apr-21 Apr-21 AMC Mirae DSP AMCDSP 1093 489 225 253 428 159 594 246 104 235 147 417 462 510 241 212 127 63 55 90 Mar-21 Mar-21 168 339 130 487 655 157 158 379 372 378 154 144 211 46 84 35 83 - - - Apr-21 Apr-21 158 256 116 168 106 114 57 17 87 16 20 44 42 33 29 72 28 40 0 3 Shares(lakhs) Shares(lakhs) ICICI Ltd. Securities Retail| MF Research Mar-21 Mar-21 218 134 49 96 81 11 58 10 12 26 36 26 22 77 48 68 0 - - - %Change %Change 132% 17% 18% 21% 26% 31% 47% 49% 57% 67% 73% 17% 26% 35% 48% 52% 56% - - - Dr. Reddys Laboratories Ltd. Dr. Laboratories Reddys Ltd. Bank Axis Ltd. Cement Ultratech Ltd. Steel Tata Ltd. Airtel Bharti Ltd. Laboratories Ipca Ltd. Atul HDFC Ltd. Bank Ltd. Infosys Ltd. ICICI Bank Top 10 Holdings Ltd. Dr. Laboratories Reddys Ltd. India Suzuki Maruti Of Bank India State Ltd. Services Consultancy Tata Ltd. Airtel Bharti Ltd. Bank Axis Ltd. Industries Reliance Ltd. Infosys Ltd. ICICI Bank HDFC Ltd. Bank Top 10 Holdings Market Value(crs) Market Value(crs) Mirae AMC Mirae Apr-21 Apr-21 DSP AMCDSP 1093 1108 1206 1207 1956 2623 2887 1341 1571 1857 2006 2120 2928 3166 4564 4651 4904 926 927 999 Mar-21 Mar-21 1058 1093 1073 1084 2076 2666 2701 1344 1524 1814 2091 2034 2834 3153 4666 4364 5138 826 846 655 Apr-21 Apr-21 130 106 206 138 194 481 525 395 410 159 337 774 347 18 16 57 15 26 24 66 Shares(lakhs) Shares(lakhs) Mar-21 Mar-21 121 211 139 195 464 498 393 406 157 341 750 344 18 16 81 56 15 30 22 66 %Change %Change -13% 31% 10% -2% -2% -2% -1% -1% 7% 1% 2% 0% 4% 6% 0% 0% 1% 1% 3% 1% 9

ICICI Securities – Retail Equity Research Pankaj Pandey [email protected] (East) Andheri Road no.7, MIDC 1 Limited,Securities ICICI Desk,Research Direct ICICI Head st Floor, AkrutiTrade Centre, – ICICI Ltd. Securities Retail| MF Research Research – 400 400 093 [email protected] 10

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ICICI Securities – Retail Equity Research