Potential capital appreciation & wealth accumulation through regular investments in long term
	Balances the risk of equity with investments in debt and derivative securities
	Flexible asset allocation feature in dynamic market scenarios

• A well-diversified portfolio that balances risk in equity through investments in debt and arbitrage
  
  
• The equity strategy will be guided by sector and market outlook for medium to long term
  
  
• The debt strategy will be guided by interest rate movements and change in term structure and credit spreads
  
  
• A portfolio structured to reduce the impact of market volatility or drawdowns making it an all season investment option
  

• Key Overweight sector/Industries includes Capital Goods, Automobile and Auto Components and Construction Materials vs the Scheme’s Benchmark
  
  
• Key Underweights sectors /Industries includes Banks, FMCG and IT vs the Scheme’s Benchmark.
  
  
• Portfolio is around 41% invested in Equities (unhedged)
  
  

Sector	MMESF	Nifty Equity Savings Index TRI
Financial Services	20.80%	37.68%
Construction Materials	7.77%	1.88%
Fast Moving Consumer Goods	7.21%	9.47%
Capital Goods	5.87%	-
Information Technology	5.80%	12.90%

^For the equity portion

Data as on July 31, 2023

Security	% to Net Assets
Ambuja Cements Limited*	6.17%
HDFC Bank Limited	3.94%
Bajaj Finance Limited*	3.88%
ICICI Bank Limited*	3.85%
Reliance Industries Limited	3.71%
ITC Limited*	3.44%
Tech Mahindra Limited*	2.34%
IndusInd Bank Limited*	2.11%
Kotak Mahindra Bank Limited*	1.82%
Sun Pharmaceutical Industries Limited*	1.78%
Total	33.05%

*Includes Fully/Partially hedged positions

Security	% to Net Assets
Small Industries Dev Bank of India (CB)	2.46%
7.06% GOI (MD 10/04/2028) (SOV)	2.46%
364 Days Tbill (MD 09/11/2023) (SOV)	2.42%
364 Days Tbill (MD 23/11/2023) (SOV)	2.42%
364 Days Tbill (MD 21/12/2023) (SOV)	2.41%
Total	12.17%

CP - Commercial Paper, CD - Certificate of Deposit, CB - Corporate Bond, SOV- Sovereign

Annualised Portfolio YTM*1^	7.13%3
Macaulay Duration^	1.47 Year3
Modified Duration^	1.413
Residual Maturity^	1.78 Years3
Portfolio Turnover Ratio (Last 1 year)	3.89
Standard Deviation	6.85%
Beta2	1.23
Sharpe Ratio##	0.85
Jenson’s Alpha3	0.0477
As on (Date)	July 31, 2023

*In case of semi annual YTM, it will be annualised
^For debt component
#Risk-free rate assumed to be 6.60% (MIBOR as on 31-07-23) - Source: www.mmda.org
¹Yield to maturity should not be construed as minimum return offered by the Scheme; ²Beta is calculated on the basis of average monthly rolling returns as of last day of the month since inception till July 31, 2023 and annualized. ³Calculated on amount invested in debt securities (including accrued interest), deployment of funds in TREPS and Reverse Repo and net receivable / payable.
Calculated for the period since inception till July 31, 2023. | Data Source: ICRA Analytics, Bloomberg | Data as on July 31, 2023 | N.A.: Net Assets

Fresh Additions	Complete Exits
Security	Security
Dabur India Limited	Tata Steel Limited
GAIL (India) Limited	Voltas Limited
ITC Limited	-
Kirloskar Oil Engines Limited	-
Persistent Systems Limited	-
Sanghvi Movers Limited	-
Tata Consumer Products Limited	-
Abbott India Limited	-
Max Financial Services Limited	-
RBL Bank Limited	-
SRF Limited	-
Steel Authority of India Limited	-
Titagarh Rail Systems Limited	-
-	-

Note: The companies/stock(s) referred above are only for the purpose of disclosure of significant portfolio changes during the month and should not be construed as recommendation to buy/sell/ hold. The fund manager may or may not choose to hold these companies/stocks, from time to time. Investors are requested to consult their financial, tax and other advisors before taking any investment decision(s). Data as on July 31, 2023

Investment Objective:
The Scheme seeks to generate long term capital appreciation and also income through investments in equity and equity related instruments, arbitrage opportunities and investments in debt and money market instruments. However, there can be no assurance that the investment objective of the Scheme will be achieved. The Scheme does not assure or guarantee any returns.

Fund Manager:

Mr. Manish Lodha (Equity)
Total Experience : 23 years
Experience in managing this fund: 2 years and 7 months (Managing since December 21, 2020)

Mr. Renjith Sivaram (Equity) ^##
Total Experience : 13 years
Experience in managing this fund: 1 month (managing since July 03, 2023)

Mr. Rahul Pal (Debt)
Total Experience : 22 years,
Experience in managing this fund: 6 years and 6 months (managing since February 1, 2017)

Mr. Kush Sonigara^$ (Hybrid)^##
Total Experience : 10 years,
Experience in managing this fund: 1 month (Managing since July 03, 2023)

^$Dedicated Fund Manager for Overseas Investments
Date of allotment: February 1, 2017

Benchmark: Nifty Equity Savings Index TRI

Option: IDCW (IDCW Option will have IDCW Reinvestment (D) & IDCW Payout facility) and Growth (D)
D-Default

Minimum Application Amount: 1,000/- and in multiples of Re. 1/- thereafter

Minimum Additional Purchase Amount: Rs. 1,000/- and in multiples of Re. 1/- thereafter

Minimum Repurchase Amount:Rs. 1,000/- or 100 units or account balance, whichever is lower

Minimum Weekly & Monthly SIP Amount: Rs 500 and in multiples of Re. 1/- thereafter

Minimum Weekly & Monthly SIP Installments: 6

Minimum Quarterly SIP Amount: Rs 1,500 and in multiples of Re. 1/- thereafter

Minimum Quarterly SIP installments: 4

Monthly AAUM as on July 31, 2023 (Rs. in Cr.): 409.03

Monthly AUM as on July 31, 2023 (Rs. In Cr.): 404.98

Entry Load: Not applicable

Exit Load: 10% of the units allotted shall be redeemed without any exit load, on or before completion of 15 calendar days from the date of allotment of Units.

Any redemption in excess of the above limit shall be subject to the following exit load:

• An exit load of 1% is payable if Units are redeemed / switched-out on or before completion of 15 calendar days from the date of allotment of Units;

• Nil - If Units are redeemed / switched-out after completion of 15 calendar days from the date of allotment of Units.

Note: The Exit Load structure of the scheme has been modified with effect from July 3, 2023

^Benchmark ^^Additional Benchmark. CAGR – Compounded Annual Growth Rate. Inception/Allotment date: 1-Feb-17.
Past performance may or may not be sustained in future and should not be used as a basis of comparison with other investments. Since inception returns of the scheme is calculated on face value of Rs. 10 invested at inception. The performance details provided above are of Growth Option under Regular Plan. Different Plans i.e Regular Plan and Direct Plan under the scheme has different expense structure. *Based on standard investment of Rs. 10,000 made at the beginning of the relevant period. Mr. Manish Lodha is managing this fund since December 21, 2020. Mr. Renjith Sivaram is managing this fund since July 03, 2023. Mr. Rahul Pal is managing this fund since Feb 01, 2017. Mr. Kush Sonigara is managing this fund since July 03, 2023.(^$Dedicated Fund Manager for Overseas Investments)

^Benchmark ^^Additional Benchmark. CAGR – Compounded Annual Growth Rate. Inception/Allotment date: 1-Feb-17.
Past performance may or may not be sustained in future and should not be used as a basis of comparison with other investments. Returns greater than 1 year period are compounded annualized. For SIP returns, monthly investment of equal amounts invested on the 1st business day of every month has been considered. CAGR Returns (%) are computed after accounting for the cash flow by using the XIRR method (investment internal rate of return).

^Benchmark CAGR – Compounded Annual Growth Rate.
Past performance may or may not be sustained in future and should not be used as a basis of comparison with other investments. The performance details provided above are of Growth Option under Regular Plan Different Plans i.e Regular Plan and Direct Plan under the scheme has different expense structure. Mr. Rahul Pal manages 10 schemes, Mr. Manish Lodha manages 10 schemes, Mr. Renjith Sivaram manages 1 schemes and Mr. Kush Sonigara^$ manage 3 schemes (^$Dedicated Fund Manager for Overseas Investments) each of Mahindra Manulife Mutual Fund. The performance data for the schemes which have not completed one year has not been provided.
Note: ^##Pursuant to change in Fund Management Responsibilities, the scheme shall be co-managed by Mr. Manish Lodha, Mr. Renjith Sivaram, Mr. Rahul Pal and Mr. Kush Sonigara (Dedicated Fund Manager for Overseas Investments)effective July 3, 2023.
Note: ^##Pursuant to change in Fund Management Responsibilities, the scheme shall be managed by Mr. Kush Sonigara (Dedicated Fund Manager for Overseas Investments) and Mr. Amit Garg effective July 3, 2023.