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 Healthcare vs the Scheme’s Benchmark
  
  
• Key Underweights sectors /Industries includes Banks, FMCG and Consumer Durables vs the Scheme’s Benchmark.
  
  
• Portfolio is around 41% invested in Equities (unhedged)
  

Sector	MMESF	Nifty Equity Savings Index TRI
Financial Services	23.86%	37.59%
Construction Materials	7.12%	1.89%
Oil Gas & Consumable Fuels	6.64%	11.99%
Information Technology	5.64%	12.65%
Capital Goods	4.94%	-

^For the equity portion

Data as on June 30, 2023

Security	% to Net Assets
Reliance Industries Limited*	6.13%
Ambuja Cements Limited*	5.53%
HDFC Bank Limited	4.48%
Bajaj Finance Limited*	3.70%
Housing Development Finance Corporation Limited*	3.05%
ICICI Bank Limited*	3.04%
Tech Mahindra Limited*	2.31%
Sun Pharmaceutical Industries Limited*	2.00%
IndusInd Bank Limited*	1.99%
Kotak Mahindra Bank Limited*	1.76%
Total	34.01%

*Includes Fully/Partially hedged positions

Security	% to Net Assets
7.26% GOI (MD 06/02/2033) (SOV)	2.43%
Small Industries Dev Bank of India (CB)	2.40%
364 Days Tbill (MD 09/11/2023) (SOV)	2.35%
364 Days Tbill (MD 23/11/2023) (SOV)	2.34%
Bajaj Housing Finance Limited (CB)	2.34%
Total	11.86%

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)	3.82
Standard Deviation	7.10%
Beta2	1.25
Sharpe Ratio##	0.88
Jenson’s Alpha3	0.0616
As on (Date)	June 30, 2023

*In case of semi annual YTM, it will be annualised
^For debt component
#Risk-free rate assumed to be 6.90% (MIBOR as on 30-06-23) - 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 June 30, 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 June 30, 2023. | Data Source: ICRA Analytics, Bloomberg | Data as on June 30, 2023 | N.A.: Net Assets

Fresh Additions	Complete Exits
Security	Security
AIA Engineering Limited	Bharat Heavy Electricals Limited
Archean Chemical Industries Limited	Bosch Limited
Asahi India Glass Limited	CRISIL Limited
Bharat Forge Limited	Jubilant Ingrevia Limited
Birlasoft Limited	Kaynes Technology India Limited
ICRA Limited	Mankind Pharma Limited
Indus Towers Limited	Maruti Suzuki India Limited
L&T Finance Holdings Limited	RHI Magnesita India Limited
LG Balakrishnan & Bros Limited	Tata Communications Limited
Nitin Spinners Limited	Tata Power Company Limited
Shree Cement Limited	Vedant Fashions Limited
Syrma SGS Technology Limited	-
TD Power 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 June 30, 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 6 months (Managing since December 21, 2020)

Ms. Fatema Pacha (Equity)^##
Total Experience : 18 years,
Experience in managing this fund: 2 years and 8 months (managing since October 16, 2020)

Mr. Rahul Pal (Debt)
Total Experience : 22 years,
Experience in managing this fund: 6 years and 5 months (managing since February 1, 2017)

Ms. Alpha Negi^$ (Hybrid)^##
Total Experience : 15 years
Experience in managing this fund: 5 months (managing since February 6, 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 June 30, 2023 (Rs. in Cr.): 413.23

Quartely AAUM as on June 30, 2023 (Rs. in Cr.): 413.09

Monthly AUM as on June 30, 2023 (Rs. In Cr.): 415.23

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. Ms. Fatema Pacha is managing this fund since October 16, 2020 and Ms. Alpha Negi$ is managing this fund since February 6, 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, Ms. Fatema Pacha manages 9 schemes and Ms. Alpha Negi^$ manage 2 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.