Bajaj Finserv AMC Factsheet March 2024

BAJAJ FINSERV FLEXI CAP FUND
WITH MEGATRENDS STRATEGY.

An open ended equity scheme investing across large cap, mid cap, small cap stocks
FACTSHEET, MAR’24
Product label RISKOMETER

e Moder
erat ately
Mod High
This product is suitable for investors who are seeking*: to
w ate
Lo der
Hi
· Wealth creation/capital appreciation over long term

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o
M
· Investment in equity and equity related instruments across

Very
High
Low
large cap, mid cap and small cap stocks

SCHEME
*Investors should consult their financial advisers if in doubt about
Investors understand that their principal
whether the product is suitable for them will be at very high risk
Mutual Fund investments are subject to market risks, read all scheme related
documents carefully.
FROM THE CEO’s DESK
c) Our partnership with you: We have consciously chosen to

call our Sales teams in the field “Business-In-Charge” rather
than the more traditional “Relationship Manager”. This reflects
our belief that our relationship should be focused on helping
you build your business more effectively and sustainably. We
are working to see how we as a Group can contribute to your
long-term success by serving your investors better with all
their financial needs. This stems from our conviction that in
the asset management industry, the need for good quality
Distributors is extremely high and that investors experience
Ganesh Mohan
CEO, Bajaj Finserv AMC with our product is largely determined by the quality of advice
they receive. In my article in the Mint a few months back, I had
mentioned that the difference between folio returns and the
Dear friends: fund returns (typically 2.5-5% in most funds) is what we can
call “distributor alpha”. This alpha is completely in your hands
At the dawn of a new month, it gives me great pleasure to and can significantly benefit your investors if you handhold
inform you of a significant milestone that Bajaj Finserv AMC them correctly through difficult phases of the market.
has reached. In a short period of about 8 months since launch,
we have crossed a significant AUM threshold of Rs 10,000 Cr. Speaking of the market, I often get asked about the
This is an achievement that makes us the fastest growing AMC expectations given where the market is currently. While
in the country to date. Nimesh (our CIO) will share a detailed view, I must say that I
have never been more excited about the India story than I am
I would give credit for this achievement to our investors, our now. A lot of tailwinds are gathering which will benefit India
distribution partners as well as the strong brand that Bajaj significantly in the coming years. A lot of the infrastructure
Finserv has built with both retail and institutional investors. (both physical and financial) has either already been laid or is
The faith shown by our investors and distribution partners being laid; ecosystems like UPI, Aadhaar, and GST have been
inspires us to constantly do better. We look at this established and new regulatory constructs like Account
achievement as a foundation on build further upon. Aggregator (AA), Open Credit Enablement Network (OCEN) and
Open Network Digital Commerce (ONDC) are spurring new
Our aspiration as a new AMC has constantly been to bring innovative models. The future is very bright given the growth
something new and differentiated to the market. We are rates India is demonstrating and the geopolitical sweet spot it
attempting to do this along multiple dimensions: occupies currently. Earnings growth momentum is quite
strong. Domestic stories look stronger at this point than export
a) Investment philosophy & products: We have introduced a oriented ones and some uncertainty still remains in the
new investment philosophy (INQUBE) which for the first time US/European markets. While in the near term, corrections can
systematically utilises the principles of behavioural finance in happen for any number of reasons, the long term story is
the field of investing. Furthermore, in each of our active funds, compelling and very much worth investing in. Therefore any
we have brought strategies that can compete with passives. In correction becomes an opportunity to add to positions. SIPs
our Flexi Cap Fund, we introduced megatrends investing. In continue to be a good way to participate particularly for those
our Balanced Advantage Fund, we introduced a sentiment investors who may feel intimidated by stories of “market at
model in addition to a fundamental market model. In our Large all-time highs”.
& Midcap Fund, we introduced Moat-based investing as a
concept. We are constantly working to ensure that we launch I wish you all the very best as you close this financial year and
products that we are confident can compete with passives. lots of success for the coming one.
For us, the investment differentiator and strategy comes first,
product basket completion is always a secondary objective. Warm regards,
Ganesh
b) Use of technology: Starting with empanelment, where we
first utilized WhatsApp for a smooth onboarding of our
partners, we have now expanded the functionalities on
WhatsApp to include lumpsum, SIP and many other features.
Our goal is to enable our distribution partners to conduct
business anywhere using day-to-day technology. We are also
investing in technology tools to ensure that our sales teams in
the field are fully equipped to support our distribution partners
for all types of transactions (financial and non-financial).
*Source: ICRA
*Please refer to page 22 & 23 for Performance Data, page 24 for Potential Risk Class (PRC) and page 25 & 26 for Risk-o-meter and Product Label.
2
FROM THE CIO’s DESK
(inflation/deflation). However, US rate cuts, weakening USD,

and falling oil and commodity prices bode well for the Indian
economy and earnings growth of domestic-oriented
corporates. India's rising market share due to China +1 and
improving competitiveness could cushion any fall in exports
resulting from the global slowdown.
The equity market has witnessed unprecedented positive

returns for eight consecutive calendar years. While the Nifty
50 trades at fair value at 22400, small and mid-caps are
Nimesh Chandan
CIO, Bajaj Finserv AMC trading above long term average valuations. Behavioral
indicators remain bullish, suggesting the rally may continue in
the near term. However, geopolitical factors or volatility in
India's Q3 Gross Domestic Product (GDP) growth soared to international markets could trigger a market correction
8.4%, surpassing estimates of 6.7%, with Gross Value Added ranging 5-10% in FY25. With an anticipation of market
(GVA) growth in line at 6.5%. The divergence between GDP and corrections looming, the investments may pivot towards a
GVA growth was due to a significant increase in net indirect quality-centric approach, accentuating structural narratives
taxes, particularly notable at 32.0% in Q3. While GDP growth characterized by robust cash flows and formidable return
was driven by investments, consumption remained weak. ratios.
Additionally, GDP figures for the previous two years were
revised, impacting growth due to base changes. Nominal At Bajaj Finserv AMC, we identify quality businesses using
growth for the quarter stood at 10.1%. quantitative and qualitative parameters. These companies
exhibit a competitive advantage, allocate capital efficiently,
Looking ahead to FY24, GDP growth has been revised upwards and demonstrate high return on capital/assets and healthy
to 7.6% from the earlier estimate of 7.3%, while the FY23 GDP cash flow. Given the fair valuations and, in some cases, higher
estimate has been revised down to 7.0% from 7.2%. than average valuations, quality businesses offer resilience
Investments are expected to expand by 10.2%, but private and outperformance potential in the current market
consumption growth remains weak at 3.0%. On the supply environment.
side, agriculture is expected to grow sluggishly at 0.7%, while
industry is forecasted to expand solidly by 9.0% and services In the fixed income market, interest rates are likely to reverse
by 7.5%. Nominal growth for FY24 is estimated at 9.1%, higher after peaking. We expect the US and Europe to cut rates in
than the Budget Estimate of 8.9%. May/June 2024. India is well-placed on fundamentals and
flows, with a lower yield expected on 10-year GSecs going
India stands out among its peers in terms of macroeconomic forward. March 2024 presents an opportunity to lock in high
stability, political stability, healthy earnings growth, and strong prevailing yields with potential capital gains, with the chance
corporate balance sheets. We anticipate RBI to cut rates by 50 to move to the longer end of the curve (5-10 years). The
bps in CY2024, with the rupee expected to appreciate mildly inclusion of 34 Indian government bonds in the BBG EM local
against a weakening USD. The construction cycle is already currency index and the JP Morgan EM Index further reinforces
underway, supported by a rise in government infrastructure India's position, likely attracting USD 5bn from passive flows
spending and the real estate upturn. The Interim Budget has into India's debt market.
continued to focus on government capex. Rising private capex
may further accelerate the capex cycle. Corporate balance We remain committed to identifying opportunities and
sheets and banks are in excellent shape, laying a platform for navigating market uncertainties with prudence and resilience.
a private capex cycle. Consumer sentiment remains a key Let's continue this journey together with clarity and
monitorable in the near term. confidence. I urge you to consider augmenting your equity
allocation systematically and with discipline, leveraging tools
On the political front, the opposition’s inability to create a such as SIPs or regular investments during market downturns.
united front and the alignment of Bihar's Chief Minister with By doing so, we can harness the full potential of India's thriving
the NDA strongly suggest the incumbent government's market landscape and build a robust portfolio poised for
likelihood of returning to power in May, ensuring policy enduring prosperity.
consistency and continuity. This political landscape implies
that Indian markets are poised for sustained growth, providing Warm regards,
favourable conditions for investors in the long term, Nimesh
contingent upon the outcome of the impending central
elections.On the other hand, the slowing global economy is
expected to impact trade (exports), flows (FDI/FPI), and prices
Data Source: CSO, MoSPI, Internal Analysis.
3
Macro Insights & Market Outlook
US - Macro Factors
US UNEMPLOYMENT US INFLATION (%)

6.0
3.9 3.9
5.0 4.9
3.8
3.7 3.7 3.7 3.7 4.0
3.7 3.7
3.6 3.6 3.2 3.2 3.4
3.0 3.1 3.1
3.5 3.5
3.4
Jun-23
Nov-23
Dec-23
May-23
Aug-23
Oct-23
Jan-24
Feb-23
Mar-23
Apr-23
Sep-23
Jul-23
Jun-23
Dec-23
May-23
Aug-23
Oct-23
Nov-23
Jan-24
Mar-23
Sep-23
Feb-24
Apr-23
Jul-23
Total nonfarm payroll employment rose by 275,000 in Gross Domestic Product (GDP)
February, and the unemployment rate increased to 3.9%, the
U.S. Bureau of Labor Statistics reported today. Job gains Real gross domestic product (GDP) increased at an annual rate
occurred in health care, in government, in food services and of 3.2% in the fourth quarter of 2023, according to the
drinking places, in social assistance, and in transportation and "second" estimate released by the Bureau of Economic
warehousing. Analysis. In the third quarter, real GDP increased 4.9%.
Among the major worker groups, the unemployment rates for The latest released GDP estimate is based on more complete
adult women (3.5%) and teenagers (12.5%) increased over the source data than were available for the "advance" estimate
month. The jobless rates for adult men (3.5%), Whites (3.4%), issued earlier in Jan 2024. In the advance estimate, the
Blacks (5.6%), Asians (3.4%), and Hispanics (5.0%) showed increase in real GDP was 3.3%. The update primarily reflected a
little or no change in February. downward revision to private inventory investment that was
partly offset by upward revisions to state and local
The labor force participation rate, at 62.5%, was unchanged in government spending and consumer spending.
January, and the employment- population ratio, at 60.1%, was
little changed. The increase in real GDP reflected increases in consumer
spending, exports, state and local government spending,
Inflation non-residential fixed investment, federal government
spending, and residential fixed investment that were partly
The all items index rose 3.1% for the 12 months ending January, offset by a decrease in private inventory investment.
a smaller increase than the 3.4% increase for the 12 months
ending December. The all items less food and energy index Source: US Fed and US Bureau of Labour Statistics
rose 3.9% over the last 12 months, the same increase as for the
Purchasing Manager’s Index (PMI)
12 months ending December. The energy index decreased
4.6% for the 12 months ending January, while the food index The seasonally adjusted S&P Global US Manufacturing
increased 2.6% year on year. Purchasing Managers’ Index (PMI) posted 52.2 in February, up
from 50.7 in January and higher than the earlier released
Food: The food index rose 0.4% in January, and the food at
'flash' estimate of 51.5. The latest upturn indicated a modest
home index also increased 0.4% over the month. Four of the six
improvement in operating conditions that was the strongest
major grocery store food group indexes increased over the
since July 2022. Contributing to the upturn was a renewed rise
month.
in output during February.
Energy: The energy index fell 0.9% in January, as its Source: S&P Global
component indexes were mixed. The gasoline index decreased
3.3% in January Before seasonal adjustment, gasoline prices
fell 1.5% in January.
4
Consumer Sentiments Index
Feb Jan Feb M-o-M Y-o-Y

2024 2024 2023 Change Change
Index of Consumer Sentiment 76.9 79.0 66.9 -2.7% +14.9%
Current Economic Conditions 79.4 81.9 70.7 -3.1% +12.3%
Index of Consumer Expectations 75.2 77.1 64.5 -2.5% +16.6%
Consumer sentiment moved sideways this month, slipping just two index points below January, and holding the gains in
sentiment seen over the past three months. Expected business conditions remained substantially higher than last autumn, with
short-run expectations now 63% above and long-run expectations 46% above November 2023 readings. For all but one index
component, readings were higher than all values between mid-2021 and the end of 2023. Consumers perceived few changes in
the state of the economy since the start of the new year, and they appear to be assured that inflation will continue on a favorable
trajectory. Sentiment is currently 8 points shy of the historical average since 1978.
Source: University of Michigan
US Fed Rate Hike Probability
CME FEDWATCH TOOL - MEETING PROBABILITIES

MEETING DATE 325-350 350-375 375-400 400-425 425-450 450-475 475-500 500-525 525-550
20/03/2024 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 3.00% 97.00%
05/01/2024 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.60% 23.10% 76.30%
06/12/2024 0.00% 0.00% 0.00% 0.00% 0.00% 0.40% 12.90% 52.20% 34.50%
31/07/2024 0.00% 0.00% 0.00% 0.00% 0.20% 7.90% 36.50% 41.60% 13.80%
18/09/2024 0.00% 0.00% 0.00% 0.20% 6.00% 29.60% 40.40% 20.50% 3.30%
11/07/2024 0.00% 0.00% 0.10% 3.50% 19.30% 35.70% 29.20% 10.80% 1.40%
18/12/2024 0.00% 0.10% 2.50% 14.60% 30.80% 31.10% 16.30% 4.30% 0.40%
29/01/2025 0.00% 1.50% 9.60% 24.10% 31.00% 22.40% 9.30% 2.00% 0.20%
03/12/2025 0.60% 4.50% 15.00% 26.60% 27.80% 17.50% 6.60% 1.30% 0.10%
Source: CME
India - Macro Factors
GDP Inflation
Domestic economic activity remains strong. The first advance Annual retail inflation in India eased to 5.1% in January 2024,
estimates (FAE) placed the real gross domestic product (GDP) the lowest in three months, from 5.69% in December 2023,
growth at 7.3% for 2023-24, marking the third successive year matching market expectations.
of growth above 7%.
The slowdown is mostly due to an ease in food inflation and
Real GDP growth for 2024-25 is projected at 7.0% with Q1 at favourable base effects from last year as inflation rose in
7.2%; Q2 at 6.8%; Q3 at 7.0%; and Q4 at 6.9%. January 2023.
Quarterly Projection of Real GDP Quarterly Projection of In

Inflation
nfl
flatiion
5
Service PMI SERVICES PMI

62 61.2 62.3 61 61.8 60.6
February Services PMI slipped to 60.6 vs. 61.8 in the Feb 24 60.1
57.8 58.5 58.4 56.9 59
indicating slight softness in growth. The sector continued
growth as positive demand environment were supported sales
and business activity.
Dec-23
May-23
Jun-23
Aug-23
Oct-23
Nov-23
Jan-24
Mar-23
Apr-23
Sep-23
Feb-24
Jul-23
MANUFACTURING PMI
Manufacturing PMI 58.7 58.6
57.2 57.8 57.7 57.5
56.4 56.5 56.9
In February 2024, the S&P Global India Manufacturing PMI 55.5 56 54.9
increased to 56.9 from the previous month’s 56.5. This is the
strongest growth since September 2023.
May-23
Aug-23
Jun-23
Nov-23
Dec-23
Jan-24
Sep-23
Feb-24
Mar-23
Apr-23
Oct-23
Jul-23
High Frequency Data (Y-o-Y change in %)
Indicator Sep-23 Oct-23 Nov-23 Dec-23 Jan-24

Medium Commercial Vehicle Sales 1 13.7 -5.4 4.1 4.2
Heavy Commercial Vehicle Sales 11.8 20.7 0.7 1 2.7
Two Wheeler Sales 22.2 -12.2 21.5 27.5 15.1
Passenger Vehicle Sales 20.4 -0.4 20.1 1.9 14
Tractor Sales -8.5 6.5 -21.3 0.5 21.9
Construction Vehicles Sales 45.2 40.7 21.5 19.4 33
Non-Food Credit 15.3 15.4 16.3 15.8 16.2
Bank Deposits 12.4 12.7 12.9 12.6 12.6
Domestic Aviation Passenger Traffic 17.7 10.3 8.8 7.8 4.1
Electricity Generation 9.9 20.3 5.7 1.2 5.7
Merchandise Exports -2.6 6.2 -2.8 1 3.1
Merchandise Imports -15 12.3 -4.3 -4.8 3
Services Exports -2.7 10.6 4.1 1.7 10.8
Services Imports -10.3 -0.4 -11.1 -1.1 0.2
Total GST Collections 10.2 13.1 15.8 10.9 9.8
Central Government Expenditure 3.2 -14 -13.8 7.1 -14
EWay Bills Generated 9.7 30.9 8.8 15.4 16.7
Industrial Production 5.8 11.7 2.4 0 0
Core Industries Production 9.2 12.1 7.9 3.8 3.6
Cargo at All Ports 2.4 19.5 16.6 4 6.7
Broad Money Supply 11.5 11.4 11.8 11.5 11.5
Reserve Money 6.4 5.5 6.7 6 6.3
Retail Non-Cash Payments 13.4 22.3 22.1 17.5 22.9
Retail Non-Cash Transactions 41.5 42.4 44.1 42.1 42.4
Railway Freight 6.8 8.6 4.3 6.4 6.4
Low High
Source: NSO; MoSPI; RBI
6
Equity Market Insights
High Frequency Data (Y-o-Y change in %) Broad Market Indices (returns in %)
65 Feb-24 FYTD
Oil Gas
7.6
71.4
99.5 58.1
PSU
6.6
39.3
28.1
67.6
Auto
6.6
1.3 1.6
132.9
Realty
6.4 -0.2 -0.6
Nifty 50 TRI Nifty 500 TRI Nifty Midcap Nifty Smallcap
86.4 150 TRI 250 TRI
Power Index
4.8 Source: ICRA MFIE; Data as on 29th Feb 2024.
Indian markets ended February on a higher note with Nifty
59.2
Cons Discretionary 50 gaining 1.3%.
4
61.4 All sectoral indices ended positive, except for FMCG &
HC Commodities, which was down 1.7% and 1.4% respectively.
3.9
Oil & Gas (+7.6%), Auto (+6.6%) and PSU (+6.6%) were the top
37.7 gainers.
IT
2.8
Midcaps and Smallcaps underperfromed Nifty 50 by about
68.2 1.5% and 1.9% respectively.
CG
1.4
Most of the global markets ended positive. Shanghai (+8.1%),
14.9
Bankex
0.9
Japan (+7.9%) and Hong Kong (+6.6%) were the major
gainers; US SPX and Nasdaq soared to a record high and
33.3 were up 5.2% and 6.1% in February; the latest rally was
Commodities propelled by investor optimism about artificial intelligence.
-1.4
20
FMCG
-1.7
FPI Flows in Equities (in '000 crore)

Source: ICRA MFIE; Data as on 29th Feb 2024.
66.1
43.8 47.1 46.6

Fund Flows (FPI)
The foreign portfolio investors (FPIs) pulled out more than $3
billion from the Indian equity market in January 2024 after 11.6 12.3 9
lower-than-expected earnings from large private lenders 1.5
and rising treasury yields prompted them to reduce their risk
exposure. In fact, overseas investors had sold shares in the
January months of both 2023 and 2022 as well. While FPIs -14.8
withdrew $3.7 billion in January last year, they did the same -24.5 -25.7
in 2022 by withdrawing $4.8 billion from the Indian market.
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
However, the selling of stocks by foreign investors in
January comes after heavy buying witnessed in the
preceding two months
7
Yield Gap
12.00
10.00 Yield Gap

Earnings Yield
8.00 1Yr Govt Bond Yield
6.00
4.00
2.00
(2.00)
Sep-17
Sep-13
Sep-14
Sep-15
Sep-16
Sep-19
Sep-18
Jan-17
Jan-21
Sep-21
Jan-13
Jan-15
Jan-16
May-17
Jan-19
Jan-14
May-13
May-15
May-16
Jan-18
May-19
May-14
May-21
May-18
Jan-22
Sep-22
Jan-23
Jan-20
Sep-23
Jan-24
Sep-20
May-22
May-23
May-20
Source: Bloomberg; Internal Research; Data as on 29th Feb 2024.
Yield gap between 1 year G Sec Yield and 1 year forward Nifty Earnings Yield (Earning Yield = 1/1Year Fwd PE) remains higher than
the long term average.
Relative Valuations
MIDCAPS vs LARGE CAPS SMALL CAPS vs LARGE CAPS

2.2
2.0 1.0
0.9
1.8 0.8
1.6 0.7
1.4 0.6
1.2 0.5
0.4
1.0
0.3
Feb-06
Feb-08
Feb-22
Feb-12
Feb-14
Feb-20
Feb-18
Feb-04
Feb-10
Feb-16
Feb-24
Feb-06
Feb-08
Feb-22
Feb-12
Feb-14
Feb-20
Feb-04
Feb-10
Feb-16
Feb-18
Feb-24
Source: Bloomberg; Internal Research; Data as on 29th Feb 2024. Source: Bloomberg; Internal Research ; Data as on 29th Feb 2024.
The relative strength of Nifty Midcap 100 vis-à-vis Nifty 50 is at 2.2 and Nifty Small Cap 100 vis-à-vis Nifty 50 at 0.73. The trend has
been in an upward move, indicating that the midcap and small cap indices has been outperforming the large cap index.
Source: NSE and Internal Research; Data as on 29th Feb 2024.
Commodities Performance
Commodities 1 Month 3 month 6 Month 1 Year 3 Year 5 Year

Gold -0.45% -0.41% 5.86% 12.21% 10.15% 13.29%
Silver -2.50% -7.88% -5.59% 10.70% 0.46% 11.74%
Crude 1.28% 2.20% -1.59% 3.77% 12.50% 9.94%
WTI 2.84% 2.43% -2.16% 3.20% 8.84% 6.77%
Source: ICRA; Data as on 29th Feb 2024.
8
Fixed Income Market Insights
Key Policy Rates

7.5
7.0
6.5
6.0
Call Rate Repo Rate SDF Rate
5.5
Oct-23
Feb-23
Mar-23
Feb-24
Aug-23
Dec-22
Jul-23
Dec-23
Jan-23
Apr-23
May-23
Nov-22
Sep-23
Jan-24
Nov-23
Source: Bloomberg; Data as on 29th Feb 2024. Jun-23
During Feb 2024, the Call Money Rate remained above the RBI Repo Rate amidst the liquidity deficit in the system
Spread (in bps) 29-Feb-24 Week Ago Month Ago 3 Month Ago 6 Months Ago Year Ago
1 Y-AAA & G-Sec 81 85 95 85 78 56
3 Y-AAA & G-Sec 67 68 71 63 81 45
5 Y-AAA & G-Sec 59 63 66 40 42 43
10 Y-AAA & G-Sec 44 41 54 52 29 33
1 Y-AA & G-Sec 112 114 104 108 102 108
3 Y-AA & G-Sec 113 112 115 97 88 121
5 Y-AA & G-Sec 109 109 110 91 87 113
10 Y-AA & G-Sec 108 106 112 82 86 181
Broad Indices 29-Feb-24 Week Ago Month Ago 3 Month Ago 6 Months Ago Year Ago
Call Rate 6.67% 6.55% 6.78% 6.79% 6.75% 6.65%
T-Repo 6.68% 6.34% 6.76% 6.77% 6.75% 6.60%
Repo 6.50% 6.50% 6.50% 6.50% 6.50% 6.50%
Reverse Repo 3.35% 3.35% 3.35% 3.35% 3.35% 3.35%
3 Month CP 7.76% 7.85% 7.90% 7.40% 7.05% 7.62%
1 Year CP 7.85% 7.85% 7.93% 7.80% 7.50% 7.95%
3 Month CD 7.72% 7.77% 7.84% 7.36% 7.03% 7.52%
1 Year CD 7.79% 7.78% 7.86% 7.79% 7.38% 7.87%
Market Liquidity 4000 Liquidity

Banking system’s liquidity remained in deficit mode, 3000
however, the deficit narrowed compared to previous week’s
2000
average. The liquidity improved because of government
1000
spending, which was scheduled to begin in Mar 2024.
Dealers in the money market stated that the RBI might carry 0
on refining activities through variable rate reverse repo -1000
auctions and short-term variable rate repo auctions. Money -2000
market rates have been averaging around the Marginal
-3000
Standing Facility rate, which is close to the repo rate of
6.50%. According to market participants, if money market -4000
Dec-23
Nov-22
Dec-22
Jan-23
Jan-23
May-23
May-23
Jun-23
Oct-23
Nov-23
Jan-24
Mar-23
Aug-23
Apr-23
Feb-24
Sep-23
Jul-23
rates fall below the repo rate, the RBI may remove liquidity
from the system.
9
Foreign Exchange Foreign

n Exchange
e Reserves** (in
n USD
D mn)
India's foreign exchange reserves have sustained their Variation Over
elevated levels, as on 23rd Feb 2024 it stood at $619 billion. 26-Jan-24 Week Mar-23 Year
The foreign currency assets include the impact of the rise or 1 Total Reserves 619072 2975 40623 58131
fall in the value of non-US currencies, such as the euro, 1.1 Foreign Currency Assets # 548188 2405 38497 52282
pound, and yen, which are held within the foreign exchange 1.2 Gold 47848 472 2648 6097
reserves. 1.3 SDRs 18197 89 -195 10
1.4 Res Position in the IMF 4839 9 -326 -259
Source: RBI; *Difference, if any, is due to rounding off. # Excludes
(a) SDR holdings of the Reserve Bank, as they are included under
the SDR holdings; (b) investment in bonds issued by IIFC (UK); and
(c) amounts lent under the SAARC Currency swap arrangements.
Brent Crude Brent Crude (USD)

140
In Feb 2024, crude oil prices have exhibited a upward 120
trajectory after a correction in 2023. 100 83.62
80
60
Crude sustaining above the $90-level could be a downside 40
risk for core inflation. 20
0
Jun-23
Dec-23
Jun-22
Aug-22
Oct-22
Dec-22
Oct-23
Feb-22
Apr-22
Feb-23
Aug-23
Feb-24
Apr-23
Source: Bloomberg; Data as on 29th Feb 2024
Market Outlook
Equity
Amidst a backdrop of higher multi-decade growth, India stands buoyed by favorable economic conditions and inflation levels
hovering within an acceptable range. Presently, the prospect of rate cuts seems remote, contingent upon a slowdown in the US and
the maintenance of favorable growth-inflation dynamics. The transition from tighter monetary policy to fiscal measures gains
momentum, underscoring the urgency to narrow the fiscal deficit gap.
However, as we look ahead to CY24, potential risks emerge on the horizon. A global growth slowdown and heightened geopolitical
tensions threaten to disrupt the otherwise resilient domestic economy, especially impacting the exports front. External challenges,
including a shrinking money supply in the US impacting capital flows, demand vigilance. Additionally, the forthcoming national and
US elections in 2024 may contribute to heightened market volatility.
Despite these challenges, a bullish outlook prevails for the Manufacturing segment, propelled by initiatives like Production Linked
Incentives (PLI), Make in India, and the China + 1 strategy. Quality large-cap companies with robust balance sheets, particularly
those leading in key sectors, are poised for growth, contingent upon meeting earnings expectations. With strong macroeconomic
fundamentals and government efforts to stimulate capital expenditure growth, India stands poised to achieve robust growth in the
coming years. Therefore, while short-term expectations may need to be tempered, the long-term view remains constructive.
Given the significant surge in equities, particularly in mid and small-cap segments, investors are advised to manage return
expectations prudently. Near-term volatility, driven by both domestic and global events, necessitates a strategic investment
approach. Considering systematic investment plans (SIPs) or systematic transfer plans (STPs) for equity investments is advisable.
Diversified equity funds, including Flexi Cap, Large & Midcaps, and Hybrid funds, can serve as core components of a well-rounded
investment portfolio. In the current market scenario characterized by elevated valuation levels, prioritizing investments in
high-quality businesses presents a more prudent proposition.
Over the last one year, the mid and small cap mutual fund schemes have experienced healthy inflows vis-à-vis large caps mutual
fund schemes. With the regulators taking precautionary steps to moderate the fresh flows in these categories, the general
expectation is that these categories may experience some volatility in the near future. Valuations also appear in some pockets in
mid caps & small caps. However, the Q3-GDP growth rate at 8.4% exceeded the market estimates of 6.7%. Further the composite
PMI over 60 definitely increases confidence on the continuation of earning upcycle of corporate India in the medium term. An
approach of having a large cap tilt to the portfolio, would help tide the volatility better in the near term.
Source: MoSPI
10
Fixed Income:
The third-quarter GDP growth for FY24 surpassed market consensus, registering an impressive 8.4% increase. It was the subsidy
outlay for the Central government that witnessed a significant drop of ~54% year-on-year in Q3FY24 due to the incorporation of the
Free Foodgrain Program into the National Food Security Act and moderation in existing subsidy payments. Further, indirect taxes
experienced a modest growth of 0.7% year-on-year compared to a contraction of 0.9% in the corresponding quarter of the previous
year. Although Gross Value Added (GVA) that serves as a better indicator at 6.5%.
Inflationary pressures are expected to ease, with February 2024 inflation likely to be near 5% year-on-year, driven by lower food
prices and a slowdown in core inflation. The core inflation gauge, excluding food, fuel, and electricity, is anticipated to be range
bound between 3.5% from 3.7%, reflecting weakened demand attributed to the Reserve Bank of India's restrictive policy stance.
Looking ahead, inflation is projected to decelerate to 4.5% in fiscal 2025, with monthly Consumer Price Index (CPI) readings
returning to the RBI's 4% medium-term target by mid-2025.
Banking system liquidity remained in deficit in February but improved post-government spending, with a notable decline in the
deficit compared to January. However, systemic liquidity is expected to fluctuate, turning into deficit again in the second half of
March following tax outflows. The Reserve Bank of India reiterated its commitment to maintaining nimble and flexible liquidity
management, deploying appropriate instruments to modulate frictional liquidity during February.
Foreign Portfolio Investor (FPI) flows in the debt market were robust in February with positive inflows of about INR 20480 crore.
Inclusion in Bloomberg bond index in January 2024 provided incremental demand for Indian Government Bonds (IGBs). Important
to note that the inclusion in the indices is not in the larger Global Aggregate Index yet but in the Emerging Markets Local Currency
Government Index and related indices. However, the inclusion is expected to positively impact the market, attracting offshore
investors' attention and providing momentum to IGBs. Rebalancing of the Bloomberg EM Local Currency Government Index will
commence from January 2025 over a ten-month period.
The Reserve Bank of India's minutes from the February meeting indicate a cautious approach, unlikely to pivot to easing before the
Federal Reserve initiates rate cuts. The RBI emphasizes maintaining a restrictive policy stance to guide inflation toward the 4%
target. The long end curve may remain well bid as continued FPI inflows post-bond index inclusion and macroeconomic stability is
supporting rates in India. The timing and depth of the Fed rate cut cycle will influence potential rate cuts in India, with the RBI
expected to follow suit, albeit to a lower magnitude. Overall, the policy focus may gradually shift from inflation control to supporting
growth, contingent on synchronized global economic slowdown and contained inflation.
We advise investors with a 1 to 2-year investment horizon to consider increasing the duration of their fixed-income portfolios in line
with their risk appetite. On shorter end of the curve, money market funds appears to be favourable bet as the money market rates
are expected to fall in the coming quarters as the system liquidity improves.
Source: NSDL, MoSPI, Internal Research
11
HOW TO READ A MUTUAL FUND
FACTSHEET?
Fund Manager: An employee of an asset management company such mutual fund that aims at capital preservation by investing in debt
as mutual fund or life insurer, who manages investments of the markets is a debt fund or income fund. Each of these categories may
scheme. He is usually part of a larger team of fund managers and have sub-categories.
research analysts.
Rating Profile: Mutual funds invest in securities after evaluating their
Application amount for fresh subscription: This is the minimum credit worthiness as disclosed by the ratings. A depiction of the
investment amount for a new investor entering in a mutual fund mutual fund in various investments based on their rating becomes the
scheme. rating profile of the fund. Typically, this is a feature of debt funds.
Minimum Additional Amount: This is the minimum investment Macaulay Duration: Macaulay Duration is a measure of how long it
amount for an existing investor in a mutual fund scheme. takes for the price of a bond to be repaid by its internal cash flows.
Macaulay Duration is used only for an instrument with fixed cash flows.
SIP: Systematic Investment Plan (SIP) is an organized way of investing Modified Duration as the name suggests, is a modified version of the
in Mutual Fund. It helps in building long term wealth through a Macaulay model that accounts for changing interest rates.
disciplined approach of investing at pre-defined intervals ranging
from daily, weekly, monthly and quarterly. Modified Duration: Modified duration is the price sensitivity and the
percentage change in price for a unit change in yield.
NAV: Net asset value or NAV is the total asset value per unit of the
mutual fund after deducting all related and permissible expenses. The Average Maturity: A bond's maturity date indicates the specific future
NAV is calculated at the end of every business day and it is the value at date on which an investor gets his principal back i.e. the borrowed
which investors enter or exit the mutual fund. amount is repaid in full. Average Maturity is the weighted average of all
the current maturities of the debt securities held in the fund.
Benchmark: A group of securities, typically a market index, whose
performance is used as a standard or benchmark to assess the Yield to Maturity: The yield to maturity or the YTM is the rate of return
performance of mutual funds and other investments. A few common anticipated on a bond if held until maturity. It is expressed as an
benchmarks are the Nifty, Sensex, BSE 200, BSE 500, and 10-year annual rate. The YTM factors in the bond’s current market price, par
Gsec. value, couple interest rate and time to maturity
Entry Load: To compensate the distributor or agent, a mutual fund IDCW: Income Distribution cum Capital Withdrawal option or IDCW can
may impose a sales charge or load at the time of entry and/or exit. A be distributed out of investors’ capital (Equalization Reserve), which is
mutual fund's entry load is charged when an investor buys its units. part of the sale price that represents realized gains.
Note: SEBI Master Circular for Mutual Funds dated May 19, 2023 has
abolished entry load and mandated that the upfront commission to P/E Ratio: The price-earnings ratio (P/E Ratio) is the relation between
distributors will be paid by the investor directly to the distributor, a company’s share price and earnings per share (EPS). It denotes what
based on his assessment of various factors including the service the market is willing to pay for a company’s profits.
rendered by the distributor.
P/BV: The price-to-book ratio compares a company's market value to
Exit load: When an investor redeems mutual fund units, exit load is its book value. The market value of a company is its share price
charged. At redemption, the exit load is subtracted from the current multiplied by the number of outstanding shares.
NAV.
IDCW Yield: The dividend yield is a financial ratio that shows how much
Standard deviation: Standard deviation is statistical measure of the a company pays out in dividends each year relative to its stock price.
range of an investment’s performance. When a mutual fund has a high
standard deviation, it means its range of performance is wide, Interest Rate Swap (IRS): An interest rate swap is a forward contract
implying greater volatility. in which one stream of future interest payments is exchanged for
another based on a specified principal amount. Interest rate swaps
Sharpe Ratio: The Sharpe Ratio is measure of risk-adjusted returns. It usually involve the exchange of a fixed interest rate for a floating rate,
is calculated using standard deviation and excess return to determine or vice versa, to reduce or increase exposure to fluctuations in interest
reward per unit of risk. rates.
Beta: Beta is a measure of an investment’s volatility vis-à-vis the Potential Risk Class (PRC) Matrix: In reference to SEBI Master
market. A beta of greater than 1 implies that the security’s price will be Circular for Mutual Funds dated May 19, 2023, all debt schemes will be
more volatile than the market. Beta of less than 1 means that the classified in terms of a Potential Risk Class matrix which consists of
security will be less volatile than the market. parameters based on maximum interest rate risk (measured by
Macaulay Duration (MD) of the scheme) and maximum credit risk
AUM: Assets under management or AUM refers to the recent (measured by Credit Risk Value (CRV) of the scheme).
cumulative market value of investments managed by Mutual
fund or any investment firm.
Holdings: The holdings or the portfolio is a mutual fund’s latest or

updated reported statement of investments/securities. These are
usually displayed in terms of percentage to net assets or the rupee
value or both. The objective is to give investors an idea of where their
money is being invested by the fund manager.
Nature of Scheme: The investment objective and underlying invest-

ments determine the nature of the mutual fund scheme. For instance,
a mutual fund that aims at generating capital appreciation by invest-
ing in stock markets is an equity fund or growth fund. Likewise, a
12
Bajaj Finserv Flexi Cap Fund
An open ended equity scheme investing across large cap, mid cap, small cap stocks.
INVESTMENT OBJECTIVE
To generate long term capital appreciation by investing predominantly in equity and equity related instruments across market capitalisation.
However, There is no assurance that the investment objective of the Scheme will be achieved.
SCHEME DETAILS
AUM (IN ` CRORE) FUND MANAGER:
NAV (IN `) (as on 29 February, 2024)
Month end AUM 2,340.20 Mr. Nimesh Chandan (Equity Portion) (Managing fund
Direct Growth 11.721 since inception & Overall experience of 22 years)
AAUM 2,294.22
Direct IDCW 11.721
Mr. Sorbh Gupta (Equity Portion) (Managing fund since
Regular Growth 11.632 DATE OF ALLOTMENT: 14th August 2023
inception & Overall experience of 15+ years)
Regular IDCW 11.632 BENCHMARK: S&P BSE 500 TRI Mr. Siddharth Chaudhary (Debt Portion) (Managing fund
since inception & Overall experience of 17 years)
FUND FEATURES PORTFOLIO (as on 29 February, 2024)

Scheme Category: Flexi Cap Fund Equity Futures Equity Futures
Plans: Regular Plan and Direct Plan Stock % of NAV % of NAV Stock % of NAV % of NAV
Options: Growth and Income Distribution ICICI Bank Ltd. 6.59% SRF Ltd. 1.03%
cum Capital Withdrawal (IDCW) option with
Reliance Industries Ltd. 6.55% Prataap Snacks Ltd. 1.02%
Payout of Income Distribution cum Capital
HDFC Bank Ltd. 3.64% IndusInd Bank Ltd. 0.98%
Withdrawal sub-option, Reinvestment of
Bharti Airtel Ltd. 3.63% Grindwell Norton Ltd. 0.98%
Income Distribution cum Capital Withdrawal
Sanofi India Ltd. 3.17% Siemens Ltd. 0.95%
sub-option and Transfer of Income
Distribution cum Capital Withdrawal Kotak Mahindra Bank Ltd. 3.12% Dixon Technologies (India) Ltd. 0.95%
sub-option. Nestle India Ltd. 3.04% Gillette India Ltd. 0.93%
Minimum Investment Amount: INR 500/- Zomato Ltd. 2.57% Indiamart Intermesh Ltd. 0.88%
and multiples of INR 1 GE T&D India Ltd. 2.50% The Jammu & Kashmir Bank Ltd. 0.85%
Multi Commodity Exchange of India Ltd. 2.24% -1.94% United Breweries Ltd. 0.84%
Minimum Additional Investment
Bharat Electronics Ltd. 2.12% Safari Industries (India) Ltd. 0.66%
Amount: INR 100/- and multiples of INR 1
Aarti Industries Ltd. 2.02% Nazara Technologies Ltd. 0.58%
Entry Load: NA Tata Consultancy Services Ltd. 2.01% Piramal Pharma Ltd. 0.57%
Exit Load: For each purchase of units SBI Life Insurance Company Ltd. 1.85% Sobha Ltd. 0.56%
through Lumpsum / switch-in / Systematic Havells India Ltd. 1.80% BEML Ltd. 0.55%
Investment Plan (SIP) and Systematic Hitachi Energy India Ltd. 1.79% Go Fashion (India) Ltd. 0.53%
Transfer Plan (STP), exit load will be as Bajaj Auto Ltd. 1.76% Suzlon Energy Ltd. 0.52%
follows: Mahindra & Mahindra Ltd. 1.75% Syngene International Ltd. 0.51%
If units are redeemed / switched out within UNO Minda Ltd. 1.61% Brigade Enterprises Ltd. 0.50%
6 months from the date of allotment: Bharat Heavy Electricals Ltd. 1.56% Sterling And Wilson Renewable Energy Ltd. 0.50%
if upto 10% of units allotted are redeemed Global Health Ltd. 1.51% Jubilant Foodworks Ltd. 0.49%
/ switched out – Nil Orchid Pharma Ltd. 1.45% AIA Engineering Ltd. 0.48%
any redemption / switch-out of units in TVS Motor Company Ltd. 1.42% VA Tech Wabag Ltd. 0.47%
excess of 10% of units allotted - 1% of Tata Motors Ltd. 1.41% Wipro Ltd. 0.44%
applicable NAV. FSN E-Commerce Ventures Ltd. 1.40% Sudarshan Chemical Industries Ltd. 0.38%
If units are redeemed/switched out after 6 Computer Age Management Services Ltd. 1.37% Landmark Cars Ltd. 0.34%
months from the date of allotment, no exit ABB India Ltd. 1.36% Westlife Foodworld Ltd. 0.31%
load is payable. REC Ltd. 1.35% Metro Brands Ltd. 0.29%
TOTAL EXPENSE RATIO (TER) Neuland Laboratories Ltd. 1.34% Vedant Fashions Ltd. 0.29%
Including Additional Expenses and GST on Honeywell Automation India Ltd. 1.31% Equities 97.01% -1.94%
Management Fees BSE Ltd. 1.25% 182 Days Tbill (MD 04/07/2024) 0.10%
Genus Power Infrastructures Ltd. 1.23% Treasury Bill 0.10%
Regular Plan 1.91%
Solar Industries India Ltd. 1.22% Reverse Repo / TREPS 0.42%
Direct Plan 0.09% Thomas Cook (India) Ltd. 1.21% Cash & Cash Equivalent 2.47%
Cera Sanitaryware Ltd. 1.16% Grand Total 100.00%
Market Cap Allocation Hindustan Unilever Ltd. 1.12%
Jio Financial Services Ltd. 1.09%
Kajaria Ceramics Ltd. 1.09%
51.58%
32.96%
Large Cap
Mid Cap
Small Cap
12.45%
COMPOSITION BY ASSET (%) COMPOSITION BY INDUSTRY (%)

Banks 15.18% Healthcare Services 2.02%
2.89% 0.10% Electrical Equipment 9.92% Leisure Services 2.01%
Automobiles 6.70% Insurance 1.85%
Petroleum Products 6.55% Auto Components 1.61%
Pharmaceuticals & Biotechnology 6.52% Industrial Products 1.46%
Consumer Durables 5.94% Industrial Manufacturing 1.31%
Retailing 5.67% Diversified FMCG 1.12%
Capital Markets 4.86% Realty 1.06%
Chemicals & Petrochemicals 4.65% Personal Products 0.93%
97.01% Food Products 4.07% Beverages 0.84%
Telecom - Services 3.63% Entertainment 0.58%
IT - Software 2.46% Agricultural, Commercial &
Equities Treasury Bill Finance 2.44% Construction Vehicles 0.55%
Reverse Repo/TREPS & Net Current Assets Aerospace & Defense 2.12% Construction 0.50%
Other Utilities 0.47%
Kindly refer to Page No. 24 for Potential Risk Class (PRC). | Kindly refer to Page No. 25 & 26 for Risk-o-meter and Product Label.
13
Bajaj Finserv Arbitrage Fund
An open ended scheme investing in arbitrage opportunities
The investment objective of the Scheme is to seek to generate returns by investing in arbitrage opportunities in the cash and derivatives
segments of the equity markets and by investing balance in debt and money market instruments.However, There is no assurance that the
investment objective of the Scheme will be achieved.
SCHEME DETAILS
NAV (IN `) (as on 29 February, 2024) AUM (IN ` CRORE) FUND MANAGER:
Direct Growth 10.342 Month end AUM 429.95 Mr. Chetan Chavan (Equity Portion) (Managing fund
since inception & Overall experience of over 20
Direct IDCW 10.342 AAUM 431.20 years)
Regular Growth 10.309 Mr. Ilesh Savla (Equity Portion) (Managing fund
Regular IDCW 10.309 DATE OF ALLOTMENT: 15th September 2023 since inception & Overall experience of over 23
years)
BENCHMARK: Nifty 50 Arbitrage Index Mr. Siddharth Chaudhary (Debt Portion) (Managing
(TRI) fund since inception & Overall experience of 17
years)

Scheme Category: Arbitrage Fund Equity Futures Equity Futures
Options: Growth and Income Distribution HDFC Bank Ltd. 9.33% -9.40% Power Grid Corporation of India Ltd. 0.11% -0.12%
cum Capital Withdrawal (IDCW) option with Reliance Industries Ltd. 9.25% -9.32% Torrent Pharmaceuticals Ltd. 0.10% -0.10%
Payout of Income Distribution cum Capital ICICI Bank Ltd. 6.55% -6.60% DLF Ltd. 0.08% -0.08%
Withdrawal sub-option, Reinvestment of Indian Energy Exchange Ltd. 4.52% -4.55% United Spirits Ltd. 0.08% -0.08%
Income Distribution cum Capital Withdrawal Ambuja Cements Ltd. 3.42% -3.44% Axis Bank Ltd. 0.08% -0.08%
sub-option and Transfer of Income State Bank of India 3.14% -3.17% Hindalco Industries Ltd. 0.07% -0.07%
Distribution cum Capital Withdrawal Adani Ports and Special Economic Zone Ltd. 2.68% -2.70% Piramal Enterprises Ltd. 0.04% -0.04%
sub-option.
Tata Power Company Ltd. 2.64% -2.66% Escorts Kubota Ltd. 0.03% -0.03%
Minimum Investment Amount: INR 500/- Tata Communications Ltd. 2.60% -2.62% Bank of Baroda 0.03% -0.03%
and multiples of INR 1 Hindustan Unilever Ltd. 2.27% -2.28% Mahindra & Mahindra Ltd. 0.03% -0.03%
Minimum Additional Investment Aurobindo Pharma Ltd. 1.98% -1.98% Equities 69.63% -70.09%
Amount: INR 100/- and multiples of INR 1 Larsen & Toubro Ltd. 1.94% -1.95% Bajaj Finserv Liquid Fund - Direct Plan
Tata Consultancy Services Ltd. 1.36% -1.37% - Growth 19.08%
Entry Load: NA Tata Motors Ltd. 1.32% -1.33% Mutual Fund Units 19.08%
Exit Load: For each purchase of units The Federal Bank Ltd. 1.30% -1.31% Reverse Repo / TREPS 7.49%
through Lumpsum / switch-in / Systematic Bajaj Finance Ltd. 1.27% -1.27% Cash Receivables/Payable 3.80%
Investment Plan (SIP) and Systematic IndusInd Bank Ltd. 1.26% -1.27% Grand Total 100.00%
Transfer Plan (STP), exit load will be as Alkem Laboratories Ltd. 1.25% -1.26%
follows: Dalmia Bharat Ltd. 1.13% -1.14%
0.25% of applicable NAV if Glenmark Pharmaceuticals Ltd. 1.11% -1.11%
redeemed/switched out within 15 days from Kotak Mahindra Bank Ltd. 1.07% -1.07%
the date of allotment. The Ramco Cements Ltd. 1.03% -1.04%
Nil if redeemed/switched out after 15 days NTPC Ltd. 0.96% -0.97%
from the date of allotment. Shriram Finance Ltd. 0.89% -0.90%
TOTAL EXPENSE RATIO (TER) Maruti Suzuki India Ltd. 0.84% -0.84%
Including Additional Expenses and GST on PVR INOX Ltd. 0.58% -0.58%
Management Fees LIC Housing Finance Ltd. 0.51% -0.51%
Dabur India Ltd. 0.44% -0.44%
Regular Plan 0.98% Indus Towers Ltd. 0.44% -0.44%
Direct Plan 0.28% Lupin Ltd. 0.39% -0.39%
ITC Ltd. 0.37% -0.37%
OTHER PARAMETERS* (as on 29 February, 2024)
Vedanta Ltd. 0.21% -0.21%
Average Maturity 28 Days Infosys Ltd. 0.20% -0.20%
Modified Duration 28 Days Bharti Airtel Ltd. 0.20% -0.20%
Macaulay Duration 29 Days JSW Steel Ltd. 0.15% -0.15%
Yield to Maturity 7.19% Multi Commodity Exchange of India Ltd. 0.14% -0.14%
Note : YTM details should not be construed as indicative returns City Union Bank Ltd. 0.13% -0.13%
and the securities bought by the Fund may or may not be held till
the respective maturities.Performance, SIP & other parameters
ACC Ltd. 0.12% -0.12%
are not disclosed as fund has not completed 1 year.
*For the debt portion of the portfolio

11.29% Banks 22.88% Entertainment 0.58%
Petroleum Products 9.25% Personal Products 0.44%
Cement & Cement Products 5.70% Diversified Metals 0.21%
Pharmaceuticals & Ferrous Metals 0.15%
19.08% Biotechnology 4.83% Realty 0.08%
Capital Markets 4.66% Beverages 0.08%
Power 3.72% Non - Ferrous Metals 0.07%
Telecom - Services 3.24% Agricultural, Commercial &
69.63% Finance 2.71% Construction Vehicles 0.03%
Transport Infrastructure 2.68%
Diversified FMCG 2.64%
Automobiles 2.19%
Equities Mutual Fund Units Construction 1.94%
Reverse Repo/TREPS & Net Current Assets IT - Software 1.56%
14
Bajaj Finserv Balanced Advantage Fund
An Open Ended Dynamic Asset Allocation Fund
The investment objective of the scheme is to capitalize on the potential upside of equities while attempting to limit the downside by dynamically
managing the portfolio through investment in equity & equity related instruments and active use of debt, money market instruments and
derivatives. However, there is no assurance that the investment objective of the Scheme will be achieved.
SCHEME DETAILS
AUM (IN ` CRORE)
NAV (IN `) (as on 29 February, 2024) FUND MANAGER:
Month end AUM 963.52
Direct Growth 10.344 Mr. Nimesh Chandan and Mr. Sorbh Gupta
AAUM 948.73 (Equity Portion) (Managing fund
Direct IDCW 10.344
Regular Growth 10.309
since inception & Overall experience of 22 years)
DATE OF ALLOTMENT: 15th December 2023
Regular IDCW 10.309
Mr. Siddharth Chaudhary (Debt Portion)
BENCHMARK: NIFTY 50 Hybrid Composite
(Managing fund
debt 50:50 Index since inception & Overall experience of 17 years)

Scheme Category: Balanced Advantage Fund Equity Futures Equity Futures
Options: Growth and Income Distribution Reliance Industries Ltd. 6.25% -0.48% United Breweries Ltd. 0.66%
cum Capital Withdrawal (IDCW) option with ICICI Bank Ltd. 4.85% Jio Financial Services Ltd. 0.61%
Payout of Income Distribution cum Capital HDFC Bank Ltd. 4.47% Dr. Reddy's Laboratories Ltd. 0.50%
Bharti Airtel Ltd. 3.08% Hindalco Industries Ltd. 0.49%
ITC Ltd. 2.93% Wipro Ltd. 0.47%
State Bank of India 2.48% Bharat Petroleum Corporation Ltd. 0.36%
Distribution cum Capital Withdrawal
sub-option. Hindustan Unilever Ltd. 2.43% -0.47% Nifty 50 Index 4.89%
Kotak Mahindra Bank Ltd. 2.42% Equities 80.70% -1.04%
Minimum Investment Amount: INR 500/- Bajaj Auto Ltd. 2.37% Indian Railway Finance Corporation Ltd. 1.57%
and multiples of INR 1
Britannia Industries Ltd. 2.24% Bank of Baroda 1.05%
Minimum Additional Investment Larsen & Toubro Ltd. 2.22% -0.49% Corporate Bond 2.62%
Amount: INR 100/- and multiples of INR 1 Nestle India Ltd. 2.11% -0.51% 7.18% GOI (MD 14/08/2033) 8.36%
Entry Load: NA Apollo Hospitals Enterprise Ltd. 2.08% -0.46% Government Bond 8.36%
Exit Load: For each purchase of units Asian Paints Ltd. 2.02% 7.7% Maharashtra SDL (MD 15/11/2034) 1.06%
through Lumpsum / switch-in / Systematic Axis Bank Ltd. 2.00% State Government Bond 1.06%
Investment Plan (SIP) and Systematic Tata Power Company Ltd. 1.95% 182 Days Tbill (MD 04/07/2024) 0.25%
Transfer Plan (STP), exit load will be as SBI Life Insurance Company Ltd. 1.76% -0.73% Treasury Bill 0.25%
follows: Infosys Ltd. 1.75% Reverse Repo / TREPS 5.31%
if units are redeemed / switched out within 6 Mahindra & Mahindra Ltd. 1.74% -0.77% Cash & Cash Equivalent 1.69%
months from the date of allotment: Oil & Natural Gas Corporation Ltd. 1.71% Grand Total 100.00%
if upto 8% of units allotted are Tata Motors Ltd. 1.70%
redeemed/switched out – Nil TVS Motor Company Ltd. 1.60%
Titan Company Ltd. 1.60% -0.48%
any redemption / switch-out of units in
excess of 8% of units allotted - 1% of Sun Pharmaceutical Industries Ltd. 1.60%
applicable NAV. ABB India Ltd. 1.57%
Bharat Electronics Ltd. 1.52% -0.52%
if units are redeemed/switched out after 6
months from the date of allotment, no exit Cipla Ltd. 1.51%
load is payable. Grasim Industries Ltd. 1.50%
UltraTech Cement Ltd. 1.41%
TOTAL EXPENSE RATIO (TER)
Sanofi India Ltd. 1.38%
Including Additional Expenses and GST on Tata Consultancy Services Ltd. 1.34%
Management Fees
Tata Consumer Products Ltd. 1.29% -0.50%
Regular Plan 2.17% IndusInd Bank Ltd. 1.23%
Direct Plan 0.51% Maruti Suzuki India Ltd. 1.14% -0.51%
Zomato Ltd. 1.03%
OTHER PARAMETERS* (as on 29 February, 2024)
Bharat Heavy Electricals Ltd. 0.95%
Average Maturity 6.19 Years Procter & Gamble Hygiene and
Modified Duration 4.26 Years Health Care Ltd. 0.87%
Macaulay Duration 4.57 Years NTPC Ltd. 0.82%
Yield to Maturity 7.05% Divi's Laboratories Ltd. 0.70%
Note : YTM details should not be construed as indicative returns and the securities
bought by the Fund may or may not be held till the respective
maturities.Performance, SIP & other parameters are not disclosed as fund has not
completed 1 year.
*For the debt portion of the portfolio

0.25% 7.01%
1.06% Banks 17.45% Insurance 1.76%
2.62% Automobiles 8.55% Oil 1.71%
8.36% Petroleum Products 6.61% Aerospace & Defense 1.52%
Pharmaceuticals & Biotechnology 5.68% Agricultural Food & other Products 1.29%
Diversified FMCG 5.36% Retailing 1.03%
Food Products 4.36% Personal Products 0.87%
Consumer Durables 3.62% Beverages 0.66%
IT - Software 3.56% Finance 0.61%
80.70%
Telecom - Services 3.08% Non - Ferrous Metals 0.49%
Cement & Cement Products 2.90%
Power 2.77%
Equities Government Bond
Electrical Equipment 2.52%
Corporate Bond State Government Bond Construction 2.22%
Treasury Bill Reverse Repo / TREPS & Healthcare Services 2.08%
Net Current Assets
15
Bajaj Finserv Liquid Fund
An open ended Liquid scheme with Relatively Low Interest Rate Risk and Moderate Credit Risk
To provide a level of income consistent with the objectives of preservation of capital, lower risk and high liquidity through investments made
primarily in money market and debt securities with maturity of up to 91 days only.
Disclaimer: There is no assurance that the investment objective of the Scheme will be achieved.
SCHEME DETAILS
Direct Growth 1046.9475 Month end AUM 3,881.08 Mr. Siddharth Chaudhary (Managing fund since
inception & Overall experience of 17 years)
Regular Growth 1045.7807 AAUM 3,043.24
DATE OF ALLOTMENT: 5th July 2023 Mr. Nimesh Chandan (Managing fund since
BENCHMARK: NIFTY Liquid Index B-I

Scheme Category: Liquid Fund Stock Rating Total
Plans: Regular Plan and Direct Plan Certificate of Deposit 34.76%
Options: Growth and Income Distribution Canara Bank CRISIL A1+ 8.84%
cum Capital Withdrawal (IDCW) option with Bank of Baroda CARE A1+ / FITCH A1+ 6.25%
Payout of Income Distribution cum Capital Union Bank of India ICRA A1+ / FITCH A1+ 5.67%
Withdrawal sub-option, Reinvestment of HDFC Bank Ltd. CRISIL A1+ / CARE A1+ 3.79%
Income Distribution cum Capital Withdrawal Punjab National Bank CRISIL A1+ / ICRA A1+ 3.17%
sub-option and Transfer of Income Small Industries Dev Bank of India CARE A1+ 2.62%
Distribution cum Capital Withdrawal Kotak Mahindra Bank Ltd. CRISIL A1+ 2.54%
sub-option Axis Bank Ltd. CRISIL A1+ 1.25%
Indian Bank CRISIL A1+ 0.62%
Minimum Investment Amount: INR 100/-
Commercial Paper 42.10%
Kotak Mahindra Investments Ltd. CRISIL A1+ 4.45%
Aditya Birla Finance Ltd. ICRA A1+ 4.41%
Reliance Industries Ltd. CRISIL A1+ 3.81%
Entry Load: NA
Grasim Industries Ltd. CRISIL A1+ / CARE A1+ 3.81%
Exit Load: For each purchase of units Export Import Bank of India CRISIL A1+ 3.77%
through Lumpsum / switch-in / Systematic National Bank For Agriculture and Rural Development CRISIL A1+ 3.77%
Investment Plan (SIP) and Systematic
Tata Capital Housing Finance Ltd. CRISIL A1+ 3.67%
Transfer Plan (STP), exit load will be as
HDFC Securities Ltd. CRISIL A1+ 3.15%
follows:as a % of redemption proceeds
Reliance Retail Ventures Ltd. CRISIL A1+ 2.51%
(including systematic transactions) Up to
L&T Finance Holdings Ltd. CRISIL A1+ 1.87%
Units redeemed/switched-out Exit load as a % Units redeemed/switched-out Exit load as a %
within “X” days from the date of redemption within “X” days from the date of redemption Tata Capital Ltd. CRISIL A1+ 1.87%
of allotment proceeds of allotment proceeds
Day 1 0.0070% Day 5 0.0050% HDFC Bank Ltd. CRISIL A1+ / CARE A1+ 1.27%
Day 2 0.0065% Day 6 0.0045% ICICI Securities Ltd. CRISIL A1+ 1.26%
Day 3 0.0060% Day 7 onwards Nil
Deutsche Investments India Pvt Ltd. CRISIL A1+ 1.25%
Day 4 0.0055%
Aditya Birla Housing Finance Ltd. CRISIL A1+ 1.25%
Note 1: For the purpose of levying exit load, if subscription
(application & funds) is received within cut-off time on a day,
Corporate Bond 2.15%
Day 1 shall be considered to be the same day, else the day after National Bank For Agriculture and Rural Development ICRA AAA 1.90%
the date of allotment of units shall be considered as Day 1.
Bharat Petroleum Corporation Ltd. CRISIL AAA 0.25%
The Scheme will not levy exit load in case the timelines for
rebalancing portfolio as stated in SEBI Circular dated March Corporate Debt Market Development Fund 0.09%
30, 2022 is not complied with. Corporate Debt Market Development Fund Class A2 0.09%
TOTAL EXPENSE RATIO (TER) Treasury Bill 9.84%
Including Additional Expenses and GST on 91 Days Tbill (MD 09/05/2024) Sovereign 2.51%
Management Fees 91 Days Tbill (MD 25/04/2024) Sovereign 1.64%
Regular Plan 0.27% 91 Days Tbill (MD 11/04/2024) Sovereign 1.51%
Direct Plan 0.1% 364 Days Tbill (MD 14/03/2024) Sovereign 1.14%
364 Days Tbill (MD 29/03/2024) Sovereign 1.01%
OTHER PARAMETERS (as on 29 February, 2024)
Average Maturity 38 Days 182 Days Tbill (MD 11/04/2024) Sovereign 0.63%
Modified Duration 38 Days 364 Days Tbill (MD 07/03/2024) Sovereign 0.51%
Macaulay Duration 40 Days 91 Days Tbill (MD 02/05/2024) Sovereign 0.25%
Yield to Maturity 7.38% Reverse Repo / TREPS 14.54%
Note : YTM details should not be construed as indicative returns Cash & Cash Equivalent -3.48%
and the securities bought by the Fund may or may not be held till Grand Total 100.00%
the respective maturities.Performance, SIP & other parameters
are not disclosed as fund has not completed 1 year.
COMPOSITION BY RATING (%) COMPOSITION BY ASSET CLASS (%)

0.09% 9.84%
11.06% Certificate of Deposit 34.76%
Reverse Repo / TREPS 14.54%
Treasury Bill 9.84%

79.02%
Corporate Debt Market
Sovereign Development Fund 0.09%
Development Fund Cash & Cash Equivalent -3.48%
Reverse Repo / TREPS & Net AAA/A1+
Current Assets -10% 0% 10% 20% 30% 40% 50%
Kindly refer to Page No. 22 & 23 for Performance Data. | Kindly refer to Page No. 24 for Potential Risk Class (PRC). | Kindly refer to Page No. 25 & 26 for Risk-o-meter and Product Label.
16
Bajaj Finserv Money Market Fund
An open ended debt scheme investing in money market instruments with Relatively
Low Interest Rate Risk and Moderate Credit Risk.
The investment objective of the scheme is to generate regular income through investment in a portfolio comprising of money market
instruments.
However, There is no assurance that the investment objective of the Scheme will be achieved.
SCHEME DETAILS
Direct Growth 1047.4128 Month end AUM 1,416.54 Mr. Siddharth Chaudhary (Managing fund since
Regular Growth 1043.9415 AAUM 1,437.41
BENCHMARK: NIFTY Money Market Index
B-I

Stock Rating Total
Scheme Category: Money Market Fund
Certificate of Deposit 64.68%
Plans: Regular Plan and Direct Plan Small Industries Dev Bank of India CRISIL A1+ / CARE A1+ 11.61%
National Bank For Agriculture and Rural Development CRISIL A1+ / FITCH A1+ 11.52%
Options: Growth and Income Distribution HDFC Bank Ltd. CRISIL A1+ / CARE A1+/ ICRA A1+ 11.42%
Axis Bank Ltd. CRISIL A1+ 8.39%
ICICI Bank Ltd. CRISIL A1+ / ICRA A1+ 8.33%
Kotak Mahindra Bank Ltd. CRISIL A1+ 6.82%
sub-option and Transfer of Income Bank of Baroda FITCH A1+ 3.24%
Distribution cum Capital Withdrawal Canara Bank CRISIL A1+ 1.72%
sub-option. Punjab National Bank CRISIL A1+ 1.62%
Minimum Investment Amount: INR HDFC Securities Ltd. CRISIL A1+ 3.48%
1,000/- and multiples of INR 1
ICICI Securities Ltd. CRISIL A1+ 3.47%
Minimum Additional Investment Reliance Retail Ventures Ltd. CRISIL A1+ 3.47%
Amount: INR 1,000/- and multiples of INR 1 Birla Group Holdings Private Ltd. CRISIL A1+ 3.21%
Cholamandalam Investment and Finance Company Ltd CRISIL A1+ 1.61%
Entry Load: NA Muthoot Finance Ltd. CRISIL A1+ 1.61%
Exit Load: Nil Standard Chartered Capital Ltd. CRISIL A1+ 1.60%
Kotak Mahindra Investments Ltd. CRISIL A1+ 0.68%
TOTAL EXPENSE RATIO (TER) Corporate Debt Market Development Fund 0.27%
Including Additional Expenses and GST on Corporate Debt Market Development Fund Class A2 0.27%
Management Fees Treasury Bill 3.67%
Regular Plan 0.77% 364 Days Tbill (MD 14/11/2024) Sovereign 3.32%
Direct Plan 0.22%
OTHER PARAMETERS (as on 29 February, 2024) Reverse Repo / TREPS 15.55%
Cash & Cash Equivalent -3.31%
Average Maturity 193 Days
Grand Total 100.00%
Modified Duration 183 Days
Macaulay Duration 190 Days
Yield to Maturity 7.63%
Note : YTM details should not be construed as indicative
returns and the securities bought by the Fund may or may
not be held till the respective maturities.
Performance, SIP & other parameters are not disclosed as

fund has not completed 1 year.

0.27% 3.67%
Certificate of Deposit 64.68%
12.24%
Treasury Bill 3.67%

83.81%
Development Fund 0.27%
Corporate Debt Market Sovereign
Development Fund Cash & Cash Equivalent -3.31%
Reverse Repo / TREPS & Net AAA/A1+ -10% 0% 10% 20% 30% 40% 50% 60% 70%
Current Assets
17
Bajaj Finserv Overnight Fund
An open ended debt scheme investing in overnight securities with Relatively Low
Interest Rate Risk and Relatively Low Credit Risk.
The Scheme aims to provide reasonable returns commensurate with low risk and high level of liquidity, through investments made primarily in
overnight securities having maturity of 1 business day.
There is no assurance that the investment objective of the Scheme will be achieved.
SCHEME DETAILS
Direct Growth 1044.2505 Month end AUM 145.39 Mr. Siddharth Chaudhary (Managing fund since
Regular Growth 1043.9083 AAUM 264.46
BENCHMARK: CRISIL Liquid Overnight
Index

Stock Rating Total
Scheme Category: Overnight Fund
Plans: Regular Plan and Direct Plan REC Ltd. CRISIL A1+ 2.17%
Options: Growth and Income Distribution Cash & Cash Equivalent 0.23%
Grand Total 100.00%
Distribution cum Capital Withdrawal
sub-option.
Minimum Investment Amount: INR 100/-

Entry Load: NA
Exit Load: Nil

Including Additional Expenses and GST on
Management Fees
Regular Plan 0.13%
Direct Plan 0.08%

Average Maturity 1 Days
Modified Duration 1 Days
Macaulay Duration 1 Days


2.17%
97.83%
Cash & Cash Equivalent 0.23%
A1+ Reverse Repo / TREPS & Net

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Current Assets
18
Bajaj Finserv Banking and PSU Fund
An open ended debt scheme predominantly investing in Debt instruments of banks, Public Sector Undertakings,
Public Financial Institutions and Municipal Bonds with relatively high interest rate risk and moderate credit risk.
To generate income by predominantly investing in debt & money market securities issued by Banks, Public Sector Undertaking (PSUs), Public Financial Institutions
(PFI), Municipal Bonds and Reverse repos in such securities, sovereign securities issued by the Central Government and State Governments, and / or any security
unconditionally guaranteed by the Govt. of India. There is no assurance that or guarantee that the investment objective of the scheme will be achieved.
SCHEME DETAILS
Direct Growth 10.2832 Month end AUM 100.21 Mr. Siddharth Chaudhary (Managing fund since
Regular Growth 10.2664 AAUM 102.41
DATE OF ALLOTMENT: 13th November 2023 Mr. Nimesh Chandan (Managing fund since
BENCHMARK: Nifty Banking and PSU
Debt Index

Stock Rating Total
Scheme Category: Banking and PSU Fund
Plans: Regular Plan and Direct Plan Indian Railway Finance Corporation Ltd. CRISIL AAA 10.34%
REC Ltd. CRISIL AAA 10.33%
Options: Growth and Income Distribution Power Finance Corporation Ltd. CRISIL AAA 10.00%
Small Industries Dev Bank of India CRISIL AAA 9.99%
National Housing Bank CRISIL AAA 9.94%
National Bank For Agriculture and Rural Development CRISIL AAA 9.90%
sub-option and Transfer of Income Food Corporation Of India CRISIL AAA(CE) 6.35%
Distribution cum Capital Withdrawal Power Grid Corporation of India Ltd. CRISIL AAA 5.34%
sub-option. National Highways Auth Of Ind CRISIL AAA 5.15%
Corporate Debt Market Development Fund 0.23%
Minimum Investment Amount: INR
Corporate Debt Market Development Fund Class A2 0.23%
1,000/- and multiples of INR 1
Government Bond 14.97%
Minimum Additional Investment 7.37% GOI (MD 23/10/2028) Sovereign 10.02%
Amount: INR 1,000/- and multiples of INR 1 7.06% GOI (MD 10/04/2028) Sovereign 4.95%
State Government Bond 3.92%
Entry Load: NA
7.11% Maharashtra SDL (MD 31/07/2029) Sovereign 3.92%
Exit Load: Nil Reverse Repo / TREPS 1.11%
Cash & Cash Equivalent 2.44%
TOTAL EXPENSE RATIO (TER) Grand Total 100.00%
Management Fees
Regular Plan 0.89%
Direct Plan 0.34%

Average Maturity 4.9 Years
Modified Duration 3.86 Years
Macaulay Duration 4.1 Years


0.23% 3.55%
18.89%
Government Bond 14.97%
State Government Bond 3.92%
77.33% Cash & Cash Equivalent 2.44%

Corporate Debt Market Sovereign Corporate Debt Market
Development Fund 0.23%
Development Fund
Reverse Repo / TREPS & Net AAA
Current Assets 0% 10% 20% 30% 40% 50% 60% 70% 80%
19
Bajaj Finserv Nifty 50 ETF
An open ended exchange traded fund tracking NIFTY 50 Index
The investment objective of the Scheme is to provide returns that are corresponding with the performance of the NIFTY 50 Index, subject to tracking errors.
However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved
SCHEME DETAILS
Bajaj Finserv Nifty 50 Month end AUM 53.00 Mr. Sorbh Gupta (Managing fund since inception &
219.8508 Overall experience of 15+ years)
ETF AAUM 55.62
Mr. Ilesh Savla (Managing fund since inception &
DATE OF ALLOTMENT: 19th January 2024 Overall experience of over 23 years)
BENCHMARK: Nifty 50 TRI

Stock Industry % of NAV
Scheme Category: Exchange Traded Fund
HDFC Bank Ltd. Banks 10.96%
Options: There are no options under the Reliance Industries Ltd. Petroleum Products 10.28%
Scheme. ICICI Bank Ltd. Banks 7.67%
Infosys Ltd. IT - Software 6.21%
Minimum Investment Amount: Tata Consultancy Services Ltd. IT - Software 4.32%
On Exchange: Investors can buy/sell units Larsen & Toubro Ltd. Construction 4.27%
of the Scheme in round lot of 1 unit and in ITC Ltd. Diversified FMCG 3.74%
multiples thereof. Axis Bank Ltd. Banks 3.10%
State Bank of India Banks 2.98%
Directly with the Mutual Fund: In creation Bharti Airtel Ltd. Telecom - Services 2.95%
unit size viz.50,000 units and in multiples Kotak Mahindra Bank Ltd. Banks 2.58%
thereof Hindustan Unilever Ltd. Diversified FMCG 2.24%
Entry Load: NA Bajaj Finance Ltd. Finance 1.88%
HCL Technologies Ltd. IT - Software 1.83%
Exit Load: Nil Mahindra & Mahindra Ltd. Automobiles 1.80%
Sun Pharmaceutical Industries Ltd. Pharmaceuticals & Biotechnology 1.77%
Tata Motors Ltd. Automobiles 1.74%
NTPC Ltd. Power 1.66%
Management Fees
Titan Company Ltd. Consumer Durables 1.57%
Bajaj Finserv Nifty 50 ETF 0.04% Maruti Suzuki India Ltd. Automobiles 1.55%
Power Grid Corporation of India Ltd. Power 1.34%
Asian Paints Ltd. Consumer Durables 1.32%
Tata Steel Ltd. Ferrous Metals 1.20%
COMPOSITION BY INDUSTRY (%) UltraTech Cement Ltd. Cement & Cement Products 1.19%
Oil & Natural Gas Corporation Ltd. Oil 1.07%
Coal India Ltd. Consumable Fuels 1.04%
IndusInd Bank Ltd. Banks 1.01%
Adani Ports and Special Economic Zone Ltd. Transport Infrastructure 1.01%
Nestle India Ltd. Food Products 0.96%
Bajaj Auto Ltd. Automobiles 0.93%
Bajaj Finserv Ltd. Finance 0.90%
Adani Enterprises Ltd. Metals & Minerals Trading 0.89%
Grasim Industries Ltd. Cement & Cement Products 0.84%
Tech Mahindra Ltd. IT - Software 0.83%
Dr. Reddy's Laboratories Ltd. Pharmaceuticals & Biotechnology 0.82%
Cipla Ltd. Pharmaceuticals & Biotechnology 0.81%
Banks 28.32% JSW Steel Ltd. Ferrous Metals 0.79%
IT - Software 14.45%
Petroleum Products 10.87% Tata Consumer Products Ltd. Agricultural Food & other Products 0.78%
Automobiles 7.16% Hindalco Industries Ltd. Non - Ferrous Metals 0.77%
Diversified FMCG 5.98% Wipro Ltd. IT - Software 0.76%
Construction 4.27%
SBI Life Insurance Company Ltd. Insurance 0.73%
Pharmaceuticals & Biotechnology 3.86%
Power 3.00% Apollo Hospitals Enterprise Ltd. Healthcare Services 0.64%
Telecom - Services 2.95% HDFC Life Insurance Company Ltd. Insurance 0.64%
Consumer Durables 2.89% Britannia Industries Ltd. Food Products 0.61%
Finance 2.78%
Cement & Cement Products 2.03% Hero MotoCorp Ltd. Automobiles 0.60%
Ferrous Metals 1.99% Bharat Petroleum Corporation Ltd. Petroleum Products 0.60%
Food Products 1.57% Eicher Motors Ltd. Automobiles 0.54%
Insurance 1.36%
LTIMindtree Ltd. IT - Software 0.51%
Oil 1.07%
Consumable Fuels 1.04% Divi's Laboratories Ltd. Pharmaceuticals & Biotechnology 0.46%
Transport Infrastructure 1.01% UPL Ltd. Fertilizers & Agrochemicals 0.25%
Metals & Minerals Trading 0.89% Equities 99.92%
Agricultural Food & other Products 0.78%
Non - Ferrous Metals 0.77% Cash & Cash Equivalent 0.08%
Healthcare Services 0.64% Grand Total 100.00%
Fertilizers & Agrochemicals 0.25%
20
Bajaj Finserv Nifty Bank ETF
An open ended exchange traded fund tracking Nifty Bank Index
The investment objective of the Scheme is to provide returns that are corresponding with the performance of the Nifty Bank Index, subject to tracking errors.
However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.
SCHEME DETAILS
Bajaj Finserv Nifty Bank Month end AUM 81.73 Mr. Sorbh Gupta (Managing fund since inception &
46.0504 Overall experience of 15+ years)
ETF AAUM 84.08
Mr. Ilesh Savla (Managing fund since inception &
DATE OF ALLOTMENT: 19th January 2024 Overall experience of over 23 years)
BENCHMARK: Nifty Bank TRI

Stock Rating Total
Scheme Category: Exchange Traded Fund
HDFC Bank Ltd. Banks 25.27%
Options: There are no options under the ICICI Bank Ltd. Banks 24.96%
Scheme. State Bank of India Banks 12.04%
Axis Bank Ltd. Banks 10.09%
Minimum Investment Amount: Kotak Mahindra Bank Ltd. Banks 9.20%
IndusInd Bank Ltd. Banks 6.21%
On Exchange: Investors can buy/sell units
Bank of Baroda Banks 3.15%
of the Scheme in round lot of 1 unit and in
Punjab National Bank Banks 2.31%
multiples thereof.
The Federal Bank Ltd. Banks 2.14%
Directly with the Mutual Fund: In creation IDFC First Bank Ltd. Banks 1.97%
unit size viz. 50,000 units and in multiples AU Small Finance Bank Ltd. Banks 1.75%
thereof Bandhan Bank Ltd. Banks 0.94%
Equities 100.02%
Entry Load: NA Cash & Cash Equivalent -0.02%
Exit Load: Nil Grand Total 100.00%

Management Fees
Bajaj Finserv Nifty Bank
0.12%
ETF
21
Performance
Bajaj Finserv Overnight Fund Value of Investment of Rs.10,000

Benchmark
PERFORMANCE DATA Additional Benchmark Additional
Period Fund Returns (%) Returns (%) Fund (Rs) Benchmark (Rs)
Returns (%) Benchmark (Rs)
Bajaj Finserv Overnight Fund - Regular - Growth
Last 7 days 6.50% 6.61% 7.62% 10,012 10,013 10,015

Last 15 days 6.48% 6.58% 7.39% 10,025 10,025 10,028
Last 30 days 6.48% 6.57% 7.15% 10,051 10,052 10,057
Last 3 Months 6.65% 6.74% 6.95% 10,166 10,168 10,173
Last 6 Months 6.71% 6.82% 7.00% 10,335 10,340 10,349
Since Inception 6.71% 6.80% 6.70% 10,439 10,445 10,439
Bajaj Finserv Overnight Fund - Direct - Growth
Last 7 days 6.55% 6.61% 7.62% 10,013 10,013 10,015

Last 15 days 6.53% 6.58% 7.39% 10,025 10,025 10,028
Last 30 days 6.53% 6.57% 7.15% 10,052 10,052 10,057
Last 3 Months 6.70% 6.74% 6.95% 10,167 10,168 10,173
Last 6 Months 6.76% 6.82% 7.00% 10,337 10,340 10,349
Since Inception 6.76% 6.80% 6.70% 10,443 10,445 10,439
Returns as on 29 February 2024

th
Past performance may or may not be sustained in future. Different Plans i.e. Regular Plan and Direct Plan under the scheme have different expense structure. Benchmark: CRISIL Liquid Overnight Index
Additional Benchmark: CRISIL 1 Year T-Bill Index. Inception Date: 05th July 2023
Returns less than 1 year period are simple annualized. Face Value per unit: Rs. 1000.
Other Schemes Managed by Fund Manager

Name of Fund Manager: Mr. Nimesh Chandan and Mr. Siddharth Chaudhary
1 Year 3 Year 5 Year Since Inception
Fund Name Regular Direct Benchmark Regular Direct Benchmark Regular Direct Benchmark Regular Direct Benchmark
Bajaj Finserv Banking and PSU Fund* NA NA NA NA NA NA NA NA NA 9.00% 9.57% 7.96%
Bajaj Finserv Money Market Fund #

NA NA NA NA NA NA NA NA NA 7.29% 7.87% 7.29%
Bajaj Finserv Liquid Fund## NA NA NA NA NA NA NA NA NA 6.99% 7.17% 7.31%
Disclaimer : Past performance may or may not be sustained in the future. Performance is for Regular Plan Growth Option. Different plans have different expense structure. Period for which scheme’s
performance has been provided is computed basis last day of the previous month preceding the date of advertisement. Different plans shall have a different expense structure. Mr. Nimesh Chandan also
manages Bajaj Finserv Flexi Cap Fund, Bajaj Finserv Balanced Advantage Fund & Bajaj Finserv Large and Mid Cap Fund. However, since these funds have not completed 1 year, the performance are not
disclosed.
Benchmark: *Nifty Banking and PSU Debt Index, #NIFTY Money Market Index B-I & ##Nifty Liquid Index B-I
Bajaj Finserv Liquid Fund Value of Investment of Rs.10,000
Benchmark
Bajaj Finserv Liquid Fund - Regular - Growth
Last 7 days 7.27% 7.62% 7.62% 10,014 10,015 10,015

Last 15 days 7.47% 7.96% 7.39% 10,029 10,031 10,028
Last 30 days 7.28% 7.69% 7.15% 10,058 10,061 10,057
Last 3 Months 7.21% 7.50% 6.95% 10,180 10,187 10,173
Last 6 Months 7.05% 7.37% 7.00% 10,352 10,367 10,349
Since Inception 6.99% 7.31% 6.70% 10,458 10,479 10,439
Bajaj Finserv Liquid Fund - Direct - Growth
Last 7 days 7.44% 7.62% 7.62% 10,014 10,015 10,015

Last 15 days 7.64% 7.96% 7.39% 10,029 10,031 10,028
Last 30 days 7.45% 7.69% 7.15% 10,059 10,061 10,057
Last 3 Months 7.39% 7.50% 6.95% 10,184 10,187 10,173
Last 6 Months 7.23% 7.37% 7.00% 10,360 10,367 10,349
Since Inception 7.17% 7.31% 6.70% 10,469 10,479 10,439
Returns as on 29th February 2024
Past performance may or may not be sustained in future. Different Plans i.e. Regular Plan and Direct Plan under the scheme have different expense structure. Benchmark: NIFTY Liquid Index B-I Additional
Benchmark: CRISIL 1 Year T-Bill Index. Inception Date: 05th July 2023
MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.
22
Performance

Bajaj Finserv Money Market Fund #

NA NA NA NA NA NA NA NA NA 7.29% 7.87% 7.29%
Bajaj Finserv Overnight Fund** NA NA NA NA NA NA NA NA NA 6.71% 6.76% 6.80%
disclosed.
Benchmark: *Nifty Banking and PSU Debt Index, #NIFTY Money Market Index B-I & **CRISIL Liquid Overnight Index
Bajaj Finserv Money Market Fund Value of Investment of Rs.10,000
Benchmark
Bajaj Finserv Money Market Fund - Regular - Growth
Last 7 days 6.66% 8.22% 7.62% 10,013 10,016 10,015

Last 15 days 7.78% 8.43% 7.39% 10,030 10,032 10,028
Last 30 days 7.18% 8.16% 7.15% 10,057 10,065 10,057
Last 3 Months 6.86% 7.56% 6.95% 10,171 10,189 10,173
Last 6 Months 6.64% 7.37% 7.00% 10,331 10,367 10,349
Since Inception 7.29% 7.29% 6.82% 10,439 10,440 10,411
Bajaj Finserv Money Market Fund - Direct - Growth
Last 7 days 7.21% 8.22% 7.62% 10,014 10,016 10,015

Last 15 days 8.33% 8.43% 7.39% 10,032 10,032 10,028
Last 30 days 7.73% 8.16% 7.15% 10,061 10,065 10,057
Last 3 Months 7.42% 7.56% 6.95% 10,185 10,189 10,173
Last 6 Months 7.21% 7.37% 7.00% 10,359 10,367 10,349
Since Inception 7.87% 7.29% 6.82% 10,474 10,440 10,411
Returns as on 29th February 2024

Past performance may or may not be sustained in future. Different Plans i.e. Regular Plan and Direct Plan under the scheme have different expense structure. Benchmark: NIFTY Money Market Index B-I
Additional Benchmark: CRISIL 1 Year T-Bill Index. Inception Date: 24th July 2023

Bajaj Finserv Liquid Fund ## NA NA NA NA NA NA NA NA NA 6.99% 7.17% 7.31%
Bajaj Finserv Overnight Fund** NA NA NA NA NA NA NA NA NA 6.71% 6.76% 6.80%
disclosed.
Benchmark: *Nifty Banking and PSU Debt Index, **CRISIL Liquid Overnight Index & ##Nifty Liquid Index B-I
Note: Fund Managers are managing these three schemes since inception. For other schemes, performance disclosures are not applicable.
23
Potential Risk Class (PRC)

POTENTIAL RISK CLASS MATRIX
(Maximum risk the scheme can take)
Credit Risk → Relatively Low Moderate Relatively High
Interest Rate Risk↓ (Class A) (Class B) (Class C)
Relatively Low (Class I) B-I
Moderate (Class II)
Relatively High (Class III)
B-I – A Scheme with Relatively Low Interest Rate Risk and Moderate Credit Risk

Relatively Low (Class I) B-I
Moderate (Class II)
B-I – A Scheme with Relatively Low Interest Rate Risk and Moderate Credit Risk

Relatively Low (Class I) A-I
Moderate (Class II)
A-I – A Scheme with Relatively Low Interest Rate Risk and Relatively Low Credit Risk.

Relatively Low (Class I)
Moderate (Class II)
Relatively High (Class III) B-III
B-III – A Scheme with Relatively High Interest Rate Risk and Moderate Credit Risk.
24
Risk-o-meter and Product Label.
Bajaj Finserv Flexi Cap Fund

An open ended equity scheme investing across large cap, mid cap, small cap stocks.
SCHEME RISK-O-METER BENCHMARK RISK-O-METER
This product is suitable for investors who are seeking*:
 Wealth creation/capital appreciation over long term
 Investment in equity and equity related instruments across large cap, mid
cap and small cap stocks
RISK - O - METER RISK - O - METER
*Investors should consult their financial advisers if in doubt about whether the
product is suitable for them will be at Very High Risk
S&P BSE 500 TRI
Bajaj Finserv Large and Mid Cap Fund

An open ended equity scheme investing in both large cap and mid cap stocks
 Wealth creation over long term
 Open ended equity scheme investing in both large cap and mid cap stocks
*Investors should consult their financial advisers if in doubt about whether the RISK - O - METER RISK - O - METER
product is suitable for them
Investors understand that their
Nifty Large Midcap 250 TRI
principal will be at Low risk
Bajaj Finserv Arbitrage Fund

An open ended scheme investing in arbitrage opportunities
 Short term income generation
 income through arbitrage opportunities in the cash and derivatives

segments of the equity markets
product is suitable for them Investors understand that their
Nifty 50 Arbitrage Index (TRI)
principal will be at low risk

An open ended Liquid scheme with Relatively Low Interest Rate Risk and Moderate Credit Risk
 Regular income over short term.
 Investment in money market and debt instruments, with maturity up to 91 days
product is suitable for them
Investors understand that their principal Nifty Liquid Index B-I
will be at Low to Moderate Risk

An open ended debt scheme investing in money market instruments with Relatively Low Interest Rate Risk and Moderate Credit Risk.
 Income over short term.
 Investment in money market instruments that seeks to provide reasonable

returns, commensurate with low risk while providing a high level of liquidity
product is suitable for them will be at Low to Moderate Risk
NIFTY Money Market Index B-I

An open ended debt scheme investing in overnight securities with Relatively Low Interest Rate Risk and Relatively Low Credit Risk.
 Regular income over short term that may be in line with the overnight call
rates.
 Investment in money market and debt instruments, with overnight maturity

product is suitable for them will be at Low Risk
CRISIL Liquid Overnight Index
25
Risk-o-meter and Product Label.

An open ended debt scheme predominantly investing in Debt instruments of banks, Public SectorUndertakings, Public Financial
Institutions and Municipal Bonds with relatively high interest rate risk and moderate credit risk.

 Income over short to medium term
 Investment primarily in securities issued by Scheduled Commercial Banks

(SCBs), Public Sector undertakings (PSUs), Public Financial Institutions
(PFIs), Municipal Corporations and such other bodies RISK - O - METER RISK - O - METER
*Investors should consult their financial advisers if in doubt about whether the Investors understand that their principal
Nifty Banking and PSU Debt Index
product is suitable for them will be at Moderate Risk
Bajaj Finserv Balanced Advantage Fund

An Open Ended Dynamic Asset Allocation Fund

 To generate wealth creation over long term
 Dynamic asset allocation between equity and equity related instruments

including derivatives, and fixed income instruments
product is suitable for them Investors understand that their principal

Nifty 50 Hybrid Composite debt 50:50 Index
will be at Very High Risk
Bajaj Finserv Nifty 50 ETF

An open ended exchange traded fund tracking NIFTY 50 Index

 An exchange traded fund that seeks to provide returns that correspond to

the returns provided by Nifty 50 Index, subject to tracking error
*Investors should consult their financial advisers if in doubt about whether the RISK - O - METER RISK - O - METER
product is suitable for them Investors understand that their principal Nifty 50 TRI
Bajaj Finserv Nifty Bank ETF

An open ended exchange traded fund tracking Nifty Bank Index

 An exchange traded fund that seeks to provide returns that correspond to

the returns provided by Nifty Bank Index, subject to tracking error
product is suitable for them Investors understand that their principal Nifty Bank TRI
DISCLAIMER
This document should not be treated as endorsement of the views/opinions or as an investment advice. This document should not be construed as a
research report or a recommendation to buy or sell any security. This document alone is not sufficient and should not be used for the development or
implementation of an investment strategy. The recipient should note and understand that the information provided above may not contain all the material
aspects relevant for making an investment decision. The decision of the Investment Manager may not always be profitable; as such decisions are based on
the prevailing market conditions and the understanding of the Investment Manager. Actual market movements may vary from the anticipated trends.
Neither Bajaj Finserv Mutual Fund / Bajaj Finserv Mutual Fund Trustee Limited / Bajaj Finserv Asset Management Limited nor its Directors or employees shall
be liable for any damages whether direct or indirect, incidental, punitive special or consequential including lost revenue or lost profits that may arise from or
in connection with the use of the information. Investors are advised to consult their own investment advisor before making any investment decision in light
of their risk appetite, investment goals and horizon. This information is subject to change without any prior notice.
Disclaimer of NSE
It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Scheme Information Document
has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Draft Scheme Information Document.
The investors are advised to refer to the Scheme Information Document for the full text of the 'Disclaimer Clause of NSE.
Disclaimer of BSE
It is to be distinctly understood that the permission given by BSE limited should not in any way be deemed or construed that the SID has been cleared or
approved by BSE limited nor does it certify the correctness or completeness of any of the contents of the SID. The investors are advised to refer to the SID
for the full text of the Disclaimer clause of the BSE limited.
26
WHATSAPP: A YEAR OF
TRANSFORMATIVE CHANGES
Here's a list of the features that make
your transactions seamless and easy
Empanelment for
individual partners
Generate custom QR
Check transaction status
Download account statement
Partner services
Initiate purchase Say ‘Hi’ on
Initiate SIP
9765296666
Initiate STP
Initiate switch
Instant redemption
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

Bajaj Finserv AMC Factsheet March 2024

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BAJAJ FINSERV FLEXI CAP FUND

WITH MEGATRENDS STRATEGY.

Product label RISKOMETER

· Wealth creation/capital appreciation over long term

· Investment in equity and equity related instruments across

large cap, mid cap and small cap stocks

c) Our partnership with you: We have consciously chosen to

(inflation/deflation). However, US rate cuts, weakening USD,

The equity market has witnessed unprecedented positive

Data Source: CSO, MoSPI, Internal Analysis.

US UNEMPLOYMENT US INFLATION (%)

Consumer Sentiments Index

Feb Jan Feb M-o-M Y-o-Y

Current Economic Conditions 79.4 81.9 70.7 -3.1% +12.3%

Index of Consumer Expectations 75.2 77.1 64.5 -2.5% +16.6%

US Fed Rate Hike Probability

CME FEDWATCH TOOL - MEETING PROBABILITIES

India - Macro Factors

Quarterly Projection of Real GDP Quarterly Projection of In

Service PMI SERVICES PMI

Indicator Sep-23 Oct-23 Nov-23 Dec-23 Jan-24

Equity Market Insights

High Frequency Data (Y-o-Y change in %) Broad Market Indices (returns in %)

FPI Flows in Equities (in '000 crore)

43.8 47.1 46.6

10.00 Yield Gap

MIDCAPS vs LARGE CAPS SMALL CAPS vs LARGE CAPS

Commodities 1 Month 3 month 6 Month 1 Year 3 Year 5 Year

Source: ICRA; Data as on 29th Feb 2024.

Fixed Income Market Insights

Key Policy Rates

Market Liquidity 4000 Liquidity

Foreign Exchange Foreign

Brent Crude Brent Crude (USD)

Source: NSDL, MoSPI, Internal Research

Holdings: The holdings or the portfolio is a mutual fund’s latest or

Nature of Scheme: The investment objective and underlying invest-

FUND FEATURES PORTFOLIO (as on 29 February, 2024)

COMPOSITION BY ASSET (%) COMPOSITION BY INDUSTRY (%)

FUND FEATURES PORTFOLIO (as on 29 February, 2024)

COMPOSITION BY ASSET (%) COMPOSITION BY INDUSTRY (%)

FUND FEATURES PORTFOLIO (as on 29 February, 2024)

COMPOSITION BY ASSET (%) COMPOSITION BY INDUSTRY (%)

FUND FEATURES PORTFOLIO (as on 29 February, 2024)

COMPOSITION BY RATING (%) COMPOSITION BY ASSET CLASS (%)

11.06% Certificate of Deposit 34.76%

Reverse Repo / TREPS 14.54%

Treasury Bill 9.84%

FUND FEATURES PORTFOLIO (as on 29 February, 2024)

Performance, SIP & other parameters are not disclosed as

COMPOSITION BY RATING (%) COMPOSITION BY ASSET CLASS (%)

Reverse Repo / TREPS 15.55%

Treasury Bill 3.67%

FUND FEATURES PORTFOLIO (as on 29 February, 2024)

Minimum Investment Amount: INR 100/-

TOTAL EXPENSE RATIO (TER)

OTHER PARAMETERS (as on 29 February, 2024)

Performance, SIP & other parameters are not disclosed as

COMPOSITION BY RATING (%) COMPOSITION BY ASSET CLASS (%)