ITI LARGE CAP FUND

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

Product Review Note 29th December 2023

Inception Date 24-Dec-20
Category Large Cap Fund
Benchmark Index Nifty 100 TRI
Monthly AAUM
AUM		 ₹ 219.26 Crores
₹ 225.97 Crores
Minimum Application Amount: ₹ 5,000/- & in multiples of ₹ 1/- thereafter
Load Structure Entry Load: Nil
Exit Load: 1% if redeemed or switched out on or before completion of 3 months from the date of allotment of units · Nil, if redeemed or switched out after completion of 3 months from the date of allotment of units.
Fund Manager

Mr. Alok Ranjan*
(Since 03-October-2023)
Total Experience:
25 years

Mr. Rohan Korde
(Since 01-Jan-2024)
Total Experience:
15 years
*The fund manager Mr Alok Ranjan shall cease to manage the fund from 1st Jan 2024 and same shall be managed by Mr Rajesh Bhatia, Mr Rohan Korde and Mr Vishal Jajoo with effect from 1st January 2024
  1. The fund shall predominantly invest in stocks from large cap universe defined by AMFI
  2. Normally, the fund would be invested 90% at any given point of time
  3. At least 80% of portfolio will be of core stocks & tactical bets will not be more than 20%.
  4. The fund has the ability to withstand economic downturns & still have good prospects
  5. The stock range envisaged in the fund is 30-50

Long-term outlook remains intact:

  1. Going forward while all eyes are on the General Elections, all the three elements of the capex cycle (Housing, Corporate Capex & Govt Capex) are now firing and hence the potential global slowdown should have limited impact on India. A combination of a strong pent-up demand for housing, above average affordability and 12-year low unsold inventory should drive a multi-year virtuous housing cycle. Ditto for corporate capex with all time low D/E ratio for Indian corporate, along with a decade high capacity utilisation level and well capitalised banking system should drive corporate capex. Govt Capex could slowdown but private capex pick-up should more than offset.
  2. Unlike every year, the budget would be a Vote on Account in this financial year. However, considering election year, one cannot rule out a populist measures being announced in the budget. During 2019-20, the first interim budget of the incumbent government saw various measures being implemented like PM Kisan Yojana – transferring Rs.6000 per annum x ~12 crore farmers entailing an outlay of Rs.75,000 crore per annum. These sort of measures are expected to not only provide spending impetus at the lower strata of the society but is also expected to reinforce the positioning of the incumbent Government with a strong majority.

Dec-23
Nov-23
Oct-23
Large Cap
89.05%
93.49%
95.83%
Mid Cap
3.04%
1.95%
1.81%
Small Cap
5.70%
3.52%
0.92%
  Market cap classification as per AMFI.

Sector
Dec-23
Nov-23
Oct-23
Financial Services
33.10%
33.63%
33.91%
Information Technology
9.76%
8.39%
8.36%
Oil, Gas & Consumable Fuels
9.00%
9.07%
9.11%
Automobile And Auto Components
5.62%
6.81%
8.71%
Fast Moving Consumer Goods
5.62%
7.55%
7.85%
The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the scheme. Please refer to the SID for investment pattern, strategy, risk factors & the asset allocation. Please refer to the factsheet for more details.

The Top 10 Holdings are after adjusting for derivative exposures. Debt Holdings, Units of Mutual Fund schemes, cash, cash equivalents are not considered. Please refer to the factsheet for more details.

 
Dec-23
Nov-23
Oct-23
Average P/E
42.27
33.66
30.94
Average P/B
6.86
6.99
6.47
No. of stocks:
50
49
47
% of top 5 holdings
31.22
32.06
32.59
% of top 10 holdings
45.93
46.99
47.08
The portfolio of the scheme is subject to changes within the provisions of the Scheme Information Document (SID) of the scheme. Please refer to the SID for investment pattern, strategy, risk factors & the asset allocation. Please refer to the factsheet for more details.

This product is suitable for investors who are seeking*:
  • Capital appreciation over long term
  • Investment in equity and equity related instruments of large cap companies
Scheme Riskometer
Benchmark Riskometer
Nifty 100 TRI

Disclaimer The investment strategy of the scheme may change from time to time and shall be in accordance with the strategy as mentioned in the Scheme Information Document of the scheme. The views contained herein are not to be taken as an advice or recommendation to buy or sell any particular stock. The above information must be read along with the scheme features & riskometer for better understanding of the product. This should not be construed as an investment advice. Investors may consult their Mutual Fund Distributor for other details. It should be noted that value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements. Past performance may or may not be sustained in future.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.