ICICI Securities Limited

Funds of the Month

July 1, 2011
Investment Profile
Investment Horizon Risk Profile : : More than 2 years Aggressive

Midcap Funds
Time to accumulate
The Indian equity markets have been under pressure since the start of 2011. Concerns over inflation, interest rates, and a slowdown in economic activity have made investors cautious. Negative global news flows regarding European sovereign concerns, geo-political tension in the Middle East and rising crude oil prices dented investors confidence. Due to increased risk aversion, many of the emerging markets have underperformed the developed markets. The Indian equity market is the most underperforming market among its global peers in the last six months. Due to rising risk aversion, many of the midcap stocks have corrected significantly in the last six to nine months. Many of the stocks in the midcap segment are trading at their multi-year low levels and are extremely attractive from a relative valuation perspective. An ideal investment strategy, therefore, should be to have a higher allocation to midcaps after they have underperformed and have seen a sharp correction, as is the current scenario. Midcaps discount at larger than historic average On a trailing basis, the benchmark BSE Sensex is trading at a P/E ratio of 19x, which is its long-term average. However, after the recent sharper correction in midcaps, the current valuation discount of midcaps, at around 25%, is higher than its long-term average of 20-22%. Many of the individual stocks are trading at a 30-50% discount to their large cap peers.
Exhibit 1: Slightly higher than its average... time to accumulate
60 50 40 30 20 10 0 -10 -20 Oct-06 Jul-06 Apr-06

Markets corrected and midcaps have been battered

110 100 90 80 70 Nov-10 Oct-10 Dec-10 Jan-11 Mar-11 May-11 Jun-11 Feb-11 Apr-11

BSE Sensex

BSE Midcap

Source : Crisil fund Analyser Index rebased to 100 as on October 1, 2010

Recommended Funds

HDFC Midcap Opportunities ICICI Prudential Discovery IDFC Premier Equity(only SIP allowed) DSP Black rock Small & Midcap
Returns data
Scheme HDFC Mid-Cap Opportunities ICICI Prudential Discovery Fund IDFC Premier Equity Fund - Plan A DSP BlackRock Small and Midcap CNX Midcap Index S&P CNX NIFTY 6m -1.2 -5.6 -7.1 -8.0 -10.0 -7.9 1yr 12.9 6.9 9.0 5.4 -2.0 6.3 3yr 24.6 26.7 21.3 23.0 15.0 11.8

Average: 22

24.3

(%)

Mar-11

Oct-07

Oct-08

Oct-09

Oct-10

Dec-10

Jan-07

Midcap discount
Source: Company, ICICIdirect.com Research

Data as on June 30, 2011, Returns above 1 year are CAGR returns

Strong investors appetite We have already seen the announcement of acquisitions of many midcap companies like Camlin by a Japanese company, Sabero Organics by Coromandel international, AP Paper by an international paper company, etc. This is due to cheap valuations and huge business potential reflecting strong investors appetite towards smaller quality companies.

Analysts name
Sachin Jain Sachin.ja@icicisecurities.com Sheetal Ashar Sheetal.ashar@icicisecurities.com

Recommendation
An ideal investment strategy should be to have higher allocation to midcaps after they have underperformed and seen a sharp correction as is the current scenario. Aggressive investors may put in lump sum amount at current levels in midcap funds while moderate to conservative investors may invest in midcap mutual funds in the next two or three months in a staggered manner with an investment horizon of more than two years.

ICICIdirect.com | Mutual Fund Research

Jun-11

Jul-07

Jan-08

Jul-08

Jan-09

Jul-09

Jan-10

Apr-07

Apr-08

Apr-09

Apr-10

Jul-10

ICICI Securities Limited

HDFC Mid-Cap Opportunities Fund Fund Objective
The aim of the fund is to generate long-term capital appreciation from a portfolio that is substantially constituted of equity and equity related securities of small and mid-cap companies.

Key Information
NAV as on June 30, 2011 (|) Inception Date Fund Manager Minimum Investment (|) 16.1 June 25, 2007 Chirag Setalvad 5000.0 -2.0 1.0 1320.7 CNX Midcap
30 25 20 15 10 5 0 -5 -10 -15

Performance vs. Benchmark

24.6 15.1

12.9

Expense Ratio(%) Exit Load(%) AAUM(| Crores) as on May 31, 2011 Benchmark

Return%

Lumpsum SIP

-0.4

6 Month

-8.9

1 Year Fund

-2

3 Year

15

5 Year

Benchmark

Calendar Year-wise Performance 2010 2009 2008 2007 NAV as on Dec 31(|) 16.3 12.4 6.4 13.1 Return(%) 32.1 94.4 -51.5 31.2 Benchmark(%) 19.2 99.0 -59.4 76.9 Net Assets(| Cr) 1221.2 1280.9 767.1 1680.4

SIP Performance (Value if invested | 5000 per month (in'000)) 2006 --29.0 -300 250 200 150 62.5 57.2 100 50 60 180 283.2

Month Quarter Year

Best Return (%) Period Fund 10/05/09 to 10/06/09 30.6 10/03/09 to 10/06/09 71.7 11/03/09 to 11/03/10 142.6

Benchmark 41.7 91.3 153.3

1Yrs

3Yrs Total Investment Fund Value

242

5Yrs Benchmark Value

10Yrs

Month Quarter Year

Worst Return(%) Period 27/09/08 to 27/10/08 02/09/08 to 02/12/08 15/01/08 to 15/01/09

Dividend History Fund -30.4 -38.7 -53.7 Benchmark -31.2 -44.7 -61.3 Date Dividend(%)

Market Cycle Returns Market Phase Period Returns (%) Bull Phase 14/01/2006-08/01/2008 -Bear Phase 08/01/2008-09/03/2009 -60.32 Bull Phase 09/03/2009-06/01/2010 138.11 Data as on June 30, 2011

Benchmark 123.6 -68.8 160.6

Source: ACEMF ICICIdirect.com Mutual Fund Research

ICICI Securities Limited

Risk Parameters Standard Deviation (%) Beta Sharpe ratio R Squared Alpha(%) Portfolio Attributes Total Stocks Top 10 Holdings(%) FundP/E Ratio Benchmark P/E Ratio FundP/BV Ratio 15.4 0.8 0.1 0.9 11.7

58.0 35.7 22.0 17.6 5.6

Top 10 Holdings Net Current Asset Ipca Laboratories Ltd. Carborundum Universal Ltd. Lupin Ltd. Exide Industries Ltd. Bata India Ltd. Solar Industries (India) Ltd. Federal Bank Ltd. Vesuvius India Ltd. Union Bank Of India

% 6.7 5.1 4.1 3.4 2.9 2.8 2.8 2.7 2.7 2.7

Market Capitalisation Large Mid Small

% 32.6 34.2 26.5

Asset Allocation as on May 2011 Equity Debt Cash Data as on June 30, 2011

% 93.3 0.0 6.7

Top 10 Sectors Pharmaceuticals & Drugs Auto Ancillary Bank - Public Abrasives Consumer Food Air Conditioners Bearings Leather Chemicals Bank - Private

% 15.7 9.8 8.7 6.0 3.5 3.4 3.4 2.8 2.8 2.7

Source: ACEMF ICICIdirect.com Mutual Fund Research

ICICI Securities Limited

]

ICICI Prudential Discovery Fund Fund Objective

Primary objective is to generate returns through a combination of dividend income and capital appreciation by investing primarily in a well diversified portfolio of value stocks.

Key Information
NAV as on June 30, 2011(|) Inception Date Fund Manager Minimum Investment(|) 48.7 August 16, 2004 Mrinal Singh 5000.0 1000.0 1.9 1.0 1625.8 S&P CNX Nifty
30 25 20 15 10 5 0 -5 -10

Performance vs. Benchmark

26.7 17.3
10Yrs

Return%

6.9

Expense Ratio(%) Exit Load(%) AAUM(| Crores) as on March 31, 2011 Benchmark

-5

6 Month

-7.4

1 Year Fund

6.3

Lumpsum SIP

3 Year

11.8

5 Year

Benchmark

285.2

300 200 59.8 60 100 59.6 180

Month Quarter Year

Best Return (%) Period 02/05/09 to 02/06/09 10/03/09 to 10/06/09 09/03/09 to 09/03/10

Fund 35.3 88.2 186.6

Benchmark 23.8 77.9 98.3

1Yrs

3Yrs Total Investment Fund Value

227.7

300

Calendar Year-wise Performance 2010 2009 2008 NAV as on Dec 31(|) 51.5 40.4 17.2 Return(%) 27.7 134.3 -54.6 Benchmark(%) 18.0 75.8 -51.8 Net Assets(| Cr) 1582.8 566.2 205.0

SIP Performance (Value if invested | 5000 per month (in'000)) 2007 37.9 39.7 54.8 613.4 2006 27.1 28.7 39.8 1117.6
497.1 600 500 400

5Yrs Benchmark Value

Month Quarter Year

Worst Return(%) Period Fund 24/09/08 to 24/10/08 -36.9 20/08/08 to 20/11/08 -43.5 20/11/07 to 20/11/08 -55.3

Dividend History Benchmark -37.9 -42.2 -55.8 Date Mar-31-2011 Jun-29-2010 Dec-21-2009 Jun-22-2009 Jun-16-2008 Dec-17-2007 Dividend(%) 15.00 10.00 15.00 12.00 12.00 12.00

Market Cycle Returns Market Phase Period Returns (%) Bull Phase 14/01/2006-08/01/2008 74.2 Bear Phase 08/01/2008-09/03/2009 -61.21 Bull Phase 09/03/2009-06/01/2010 184.21 Data as on June 30, 2011

Benchmark 120.6 -59.1 105.3

Source: ACEMF ICICIdirect.com Mutual Fund Research

384.6

12.5

ICICI Securities Limited

Risk Parameters Standard Deviation (%) Beta Sharpe ratio R Squared Alpha(%) Portfolio Attributes Total Stocks Top 10 Holdings(%) FundP/E Ratio Benchmark P/E Ratio FundP/BV Ratio 15.0 0.6 0.1 0.8 12.1 Top 10 Holdings Short Term MMI Great Eastern Shipping Company Ltd. Power Finance Corpn. Ltd. United Phosphorus Ltd. Rain Commodities Ltd. Torrent Pharmaceuticals Ltd. Sterlite Industries (India) Ltd. Reliance Industries Ltd. Amara Raja Batteries Ltd. Oil & Natural Gas Corpn. Ltd. % 8.0 3.8 3.5 3.4 3.4 3.4 3.3 3.2 3.0 2.8

78.0 37.9 12.0 21.2 2.3

Market Capitalisation Large Mid Small

% 35.6 31.5 24.8

Asset Allocation as on May 2011 Equity Debt Cash Data as on June 30, 2011

% 92.0 0.0 8.0

Top 10 Sectors Pharmaceuticals & Drugs IT - Software Cement & Construction Materials Bank - Private Power Generation/Distribution Bank - Public Refineries Pesticides & Agrochemicals Shipping Finance Term Lending

% 12.3 8.3 7.5 5.9 5.6 4.9 4.3 3.8 3.8 3.5

Source: ACEMF ICICIdirect.com Mutual Fund Research

ICICI Securities Limited

IDFC Premier Equity Fund Fund Objective
The Scheme shall seek to generate long-term capital growth from an actively managed portfolio of predominantly equity and equity related instruments.

Key Information
NAV as on June 30, 2011 (|) Inception Date Fund Manager Minimum Investment (|) 32.3 September 28, 2005 Kenneth Andrade 25000.0 2000.0 2.5 1.0 2239.0 BSE-500
30 25 20 15 10 5 0 -5 -10

Performance vs. Benchmark

21.3 27.1 11.7

Return%

Expense Ratio(%) Exit Load(%) AAUM(| Crores) as on May 31, 2011 Benchmark

-6.3

6 Month

-8

1 Year Fund

2.4

Lumpsum SIP

3 Year

5 Year

Benchmark

268.3

300 200 59.5 60 100 58.6 180

Month Quarter Year

Best Return (%) Period 02/05/09 to 02/06/09 11/03/09 to 11/06/09 10/03/09 to 10/03/10

Fund 31.2 76.2 145.5

Benchmark 29.2 91.4 123.5

1Yrs

3Yrs Total Investment Fund Value

230.9

300

Calendar Year-wise Performance 2010 2009 2008 NAV as on Dec 31(|) 34.8 26.4 13.0 Return(%) 32.1 102.1 -53.1 Benchmark(%) 16.4 90.2 -58.1 Net Assets(| Cr) 1985.9 1222.3 538.2

SIP Performance (Value if invested | 5000 per month (in'000)) 2007 27.8 110.5 63.0 818.3 2006 13.2 31.9 38.9
512.9 600 500 400

5Yrs Benchmark Value

383.2

10Yrs

Month Quarter Year

Worst Return(%) Period 14/05/06 to 14/06/06 02/09/08 to 02/12/08 15/01/08 to 15/01/09

Dividend History Fund -36.8 -40.3 -56.5 Benchmark -28.1 -44.9 -60.6 Date Mar-29-2011 Mar-29-2010 Apr-28-2009 Dividend(%) 24.00 24.00 15.00

Market Cycle Returns Market Phase Period Returns (%) Bull Phase 14/01/2006-08/01/2008 167.28 Bear Phase 08/01/2008-09/03/2009 -59.99 Bull Phase 09/03/2009-06/01/2010 141.11 Data as on June 30, 2011

Benchmark 128.6 -66.1 134.5

Source: ACEMF ICICIdirect.com Mutual Fund Research

12.5

ICICI Securities Limited

Risk Parameters Standard Deviation (%) Beta Sharpe ratio R Squared Alpha(%) Portfolio Attributes Total Stocks Top 10 Holdings(%) FundP/E Ratio Benchmark P/E Ratio FundP/BV Ratio 17.0 0.8 0.1 0.9 13.7

23.0 69.6 22.6 18.9 6.8

Top 10 Holdings Other Equities Cash & Cash Equivalent Coromandel International Ltd. Asian Paints Ltd. Glaxosmithkline Consumer Healthcare Ltd. Shriram Transport Finance Company Ltd. Bata India Ltd. Page Industries Ltd. Net Current Asset Floating Rate Instruments

% 23.6 13.1 4.9 4.8 4.4 4.2 3.8 3.8 3.5 3.5

Market Capitalisation Large Mid Small

% 29.4 17.8 2.5

Asset Allocation as on May 2011 Equity Debt Cash Data as on June 30, 2011

% 73.3 10.1 16.7

Top 10 Sectors Textile TV Broadcasting & Software Production Fertilizers Paints Consumer Food Finance - NBFC Leather Industrial Gases & Fuels Courier Services Engineering - Construction

% 6.3 5.2 4.9 4.8 4.4 4.2 3.8 3.4 2.8 2.7

Source: ACEMF ICICIdirect.com Mutual Fund Research

ICICI Securities Limited

DSP Black Rock Small and Mid Cap Fund Fund Objective
An Open ended equity growth scheme, primarily seeking to generate long term capital appreciation from a portfolio substantially constituted of equity and equity related securities, which are not part of top 100 stocks by market capitalization. From time to time, the Investment Manager will also seek participation in other equity and equity related securities to achieve optimal portfolio construction.

Key Information
NAV as on June 30, 2011 (|) Inception Date Fund Manager Minimum Investment (|) 17.6 November 14, 2006 Apoorva Shah 5000.0 1000.0 2.0 1.0 1217.5 CNX Midcap
25 20 15 10 5 0 -5 -10 -15

Performance vs. Benchmark

23 15 15.1

Return%

Lumpsum SIP

Expense Ratio(%) Exit Load(%) AAUM(| Crores) as on May 31, 2011 Benchmark

5.4 -6.7

6 Month

-8.9

1 Year Fund

-2

3 Year Benchmark

5 Year

Calendar Year-wise Performance 2010 2009 2008 NAV as on Dec 31(|) 19.1 14.8 6.7 Return(%) 29.6 119.1 -58.5 Benchmark(%) 19.2 99.0 -59.4 Net Assets(| Cr) 1229.2 739.7 474.2

SIP Performance (Value if invested | 5000 per month (in'000)) 2007 16.2 54.5 76.9 1506.0 2006 10.5 4.9 29.0
300 250 200 150 59.3 57.2 100 50 60 180 274.7

Month Quarter Year

Best Return (%) Period 02/05/09 to 02/06/09 10/03/09 to 10/06/09 09/03/09 to 09/03/10

Fund 43.8 83.1 163.6

Benchmark 37.2 91.3 157.5

1Yrs

3Yrs Total Investment Fund Value

242

5Yrs Benchmark Value

10Yrs

Month Quarter Year

Worst Return(%) Period 24/09/08 to 24/10/08 02/09/08 to 02/12/08 07/01/08 to 07/01/09

Dividend History Fund -30.2 -41.1 -60.5 Benchmark -34.6 -44.7 -62.2 Date Mar-21-2011 Mar-15-2010 Dividend(%) 12.50 12.50

Market Cycle Returns Market Phase Period Returns (%) Bull Phase 14/01/2006-08/01/2008 -Bear Phase 08/01/2008-09/03/2009 -64.83 Bull Phase 09/03/2009-06/01/2010 163.2 Data as on June 30, 2011

Benchmark 123.6 -68.8 160.6

Source: ACEMF ICICIdirect.com Mutual Fund Research

ICICI Securities Limited

Risk Parameters Standard Deviation (%) Beta Sharpe ratio R Squared Alpha(%) Portfolio Attributes Total Stocks Top 10 Holdings(%) FundP/E Ratio Benchmark P/E Ratio FundP/BV Ratio 17.5 0.9 0.1 0.9 8.9

69.0 27.9 27.0 17.6 4.9

Top 10 Holdings Trent Ltd. CBLO EID-Parry (India) Ltd. Hindustan Petroleum Corporation Ltd. Gujarat Mineral Devp. Corpn. Ltd. Bayer Cropscience Ltd. Chambal Fertilisers & Chemicals Ltd. Arvind Ltd. Tata Chemicals Ltd. Godrej Properties Ltd.

% 3.3 3.0 2.9 2.9 2.8 2.7 2.7 2.6 2.6 2.4

Market Capitalisation Large Mid Small

% 9.5 63.7 22.6

Asset Allocation as on May 2011 Equity Debt Cash Data as on June 30, 2011

% 95.7 0.0 4.3

Top 10 Sectors Fertilizers Pharmaceuticals & Drugs IT - Software Textile Tea/Coffee Pesticides & Agrochemicals Electric Equipment Retailing Sugar Refineries

% 6.8 6.4 5.1 4.7 3.6 3.5 3.5 3.3 2.9 2.9

Source: ACEMF ICICIdirect.com Mutual Fund Research

ICICI Securities Limited

Pankaj Pandey

Head Research ICICIdirect.com Research Desk, ICICI Securities Limited, 7th Floor, Akruti Centre Point, MIDC Main Road, Marol Naka Andheri (East) Mumbai 400 093 research@icicidirect.com

pankaj.pandey@icicisecurities.com

Disclaimer
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While due care has been taken in preparing this mail, I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any inaccurate, delayed or incomplete information nor for any actions taken in reliance thereon. The securities/funds discussed and opinions expressed in this mail may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific investor. Please be informed that past performance is not necessarily a guide to future performance. Actual results may differ materially from those set forth in projections. The information provided may not be taken in substitution for the exercise of independent judgement by any investor. The investor should independently evaluate the investment risks and make independent judgment with regard suitability, profitability, and fitness of any product or service offered herein above. 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The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This report may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Actual results may differ materially from those set forth in projections. I-Sec may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. 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ICICIdirect.com | Mutual Fund Research