Equity Debt Market Outlook

M September 2023
1
Content Page Numbers
Global Economy 4
US Economy 13
Indian Economy 25
Equity Market 50
Equity Investment Opportunity 64
Debt Market Outlook 82
Debt Investment Opportunity 92
Gold 99
Distributor Engagement 104
Annexure 108
Disclaimers & Disclosures 115
2
3
Global Economy
4
Supply-Chain Pressure Eases
Note: Business Supplies Deliveries Index is Inverse, reading below 50 indicates faster supplies
Source: Bloomberg, Nuvama Research 5

Global Interest Rates At Multi-year Highs
Source: Motilal Oswal 6

Inflation Is Showing Signs Of Easing
CPI YoY Change (%)

12
UK EUROZONE US Japan China
10
8 6.8
6
5.3
4 3.2
2 3.3
0 -0.3
-2
Apr-19
Apr-20
Apr-21
Apr-22
Apr-23
Jul-19
Jul-20
Jul-21
Jul-22
Jul-23
Jan-19
Jan-20
Jan-21
Jan-22
Jan-23
Oct-19
Oct-20
Oct-21
Oct-22
Source: Bloomberg, Elara Capital 7
Global Growth Is Slowing Down
Projections (%)
2022
2023 2024
World Output 3.5 3 3
Advanced Economies 2.7 1.5 1.4
United States 2.1 1.8 1
Euro Area 3.5 0.9 1.5
Germany 1.8 -0.3 1.3
France 2.5 0.8 1.3
Italy 3.7 1.1 0.9
Spain 5.5 2.5 2
Japan 1 1.4 1
United Kingdom 4.1 0.4 1
Emerging and Developing Asia 4.5 5.3 5
China 3 5.2 4.5
India* 7.2 6.1 6.3
Russia -2.1 1.5 1.3
Source: IMF | *Fiscal Year 8
100
120
140
160
0
20
60
80
40
Mar-00
Oct-00
May-01
Dec-01
Jul-02
Feb-03
Sep-03
Source: Bloomberg, KMAMC Internal

Albeit Grudgingly
Apr-04
Nov-04
Jun-05
Jan-06
Aug-06
Mar-07
FED Balance sheet as a % GDP

Oct-07
May-08
Dec-08
Jul-09
Feb-10
Sep-10
Apr-11
Nov-11
Jun-12
Central Banks Are Shrinking Balance Sheet
Jan-13
Aug-13
ECB Balance sheet as a % GDP
Mar-14
Balance sheet As a % GDP
Oct-14
May-15
Dec-15
Jul-16
Feb-17
Sep-17
Apr-18
Nov-18
Jun-19
Jan-20
Aug-20
Japan Balance sheet as a % GDP
Mar-21
Oct-21
May-22
9
Dec-22
129.2
31.1
Jul-23
52.1
Flows Moving From Cash To Equities
Net % FMS Overweight Equities – Net % FMS Overweight Cash
Source: BofA Global Fund Manager Survey 10

China Slowdown Is A Cause Of Concern
China’s Debt Ratio At Record Highs China’s Exports to Certain Countries
Russia 51.8
India (9.5)
South Korea (17.9)
Japan (18.4)
EU (20.6)
US (23.1)
Germany (24.1)
Canada (27.3)
-40 -20 0 20 40 60
Source: Bloomberg, Source: China’s Customs General Administration, YES Sec 11

FDI Inflows To China Fall
Source: State Administration of Foreign Exchange (SAFE) 12

US Economy
4
Fed Maintaining A Very Delicate Balancing
Rate hikes - Months since first increase US Federal Reserve - Total Assets
9.0
8.9
8.8
8.7
8.7
8.6
8.5
8.4
8.3
8.2 Fed Has added $ ~4.8 Tn, and

8.1
has withdrawn $ ~730 bn
8.1
8.0
Dec-21
Nov-22
Mar-22
Jul-22
Mar-23
Jul-23
Source: Federal Reserve Source: Bloomberg 14
US Inflation Steadily Trending Lower
Excluding The Lagged Shelter Data, Inflation Has Suddenly Disappeared
YoY Change In CPI Less Shelter, U.S. City Average

Source: BLS/ FRED 15
Core Services Inflation Still High

Last Decade’s US Inflation Mirrors 1966-1976
Consumer Price Index Y-o-Y Percent Change
Note: Monthly Data: Seasonally Adjusted
Source: US Bureau of Labor Statistic 17

US Government Debt-To-GDP Is Now At WWII Highs
Source: St. Louis Fed Economic Data, Nuvama Research 18

Fiscal Deficit Widening

Record High Debt Levels And Interest Rates
Debt/Loans Trillion($) Average Interest Rates
Household Debt 17.1 Credit Card 25%
Mortgages 12.0
Used Cars 14%
Auto Loans 1.6

New Cars 9%
Student Loans 1.6
Credit Card Debt 1.0 Mortgage Rates 7%
Source: The Kobeissi Letter 20

US Housing Remains A Concern
GS Housing Affordability Index US Home Mortgage Applications
Source: Goldman Sachs, BoFa Research 21

US Yield Curve Most Inverted Since 1929 And 1979
Source: Robert Shiller Online Data, Bloomberg, Nuvama Research 22

0
10
20
40
50
60
70
80
30
Feb-83
Feb-85
Feb-87
Source: NY Fed / Bloomberg

Mar-89
Mar-91
Mar-93
Apr-95
Apr-97
Apr-99
May-01
May-03
Fed’s Recession Fears Near 40-Year High
May-05
Jun-07
NY Fed recession gauge
Jun-09
Jun-11
Jul-13
Jul-15
Jul-17
Aug-19
Aug-21
23
Aug-23
Rising US Debt – A Burden On Future Generations?
Source: The Kobeissi Letter, Hedgeye 24

Indian Economy
Oasis In The Global Desert Till Now
But Sandstrom Is Blowing
25
Indian Economy Grows Fastest In Four Quarters
Year-on-Year GDP Growth (%) Breakdown Of April-June GDP Data

16 Q1 FY24 Q4 FY23
(%) (%)
14 13.5 Real GDP 7.8 6.1
Nominal GDP 8.0 10.4
12
Real GVA 7.8 6.5
10
Agriculture, Forestry, Fishing 3.5 5.5
8.4
7.8
8 Mining, Quarrying 5.8 4.3
6.3 6.1 Manufacturing 4.7 4.5
6 5.4
4.1 4.4 Electricity, Gas, Other Utilities 2.9 6.9
4
Construction 7.9 10.4
2 Trade, Hotels, Transport, etc. 9.2 9.1
0 Financial, Real Estate, Professional Services 12.2 7.1

Q2 FY22
Q3 FY22
Q4 FY22
Q1 FY23
Q2 FY23
Q3 FY23
Q4 FY23
Q1 FY24
Public Administration, Defence, Other

7.9 3.1
Services
Source: CMIE, MosPi, Money Control, Data as of 31st August 2023 26

India's GDP Growth Is The Highest Since COVID-19.
GDP since start of Covid-19 Pandemic, % cumulative growth, Q2 2023 versus Q4 2019 (SA)
Source: SBI 27
Headlines In August 2023
India’s remained the fastest growing large economy with Q1 GDP at one-year high of 7.8%
Moody's raises India's GDP forecast to 6.7% for 2023
Morgan Stanley upgrades India’s rating to overweight, downgrades China’s to equal weight
India’s Manufacturing PMI rises to 3 month high of 58.6
Retail inflation surges to 7.44% in July , a 15-month high
Corporation tax mop-up slips 14%; total tax collection in Q1 rises 3.38%
Source: Reuters.com, cnbctv18.com, moneycontrol.com, business-standard.com 28

Dark Clouds Are Gathering
Rising Oil prices Weak Monsoon
Rural recovery under clouds IT sector hiring expected to go down
29
Economic Activity Above Pre Covid Levels
Jefferies Economic Indicator (JEI) Power Demand in India
Source: Jefferies, Bloomberg 30

GST Collections – Rs 1.5+ Tn Is The New Normal
GST Collections (Rs. Lakh Cr)

2.2
1.9 1.87
1.65
1.6 1.61 1.59
1.6 1.56 1.57
1.52 1.5 1.5
1.48 1.46
1.44
1.3
59
1
Oct-22
Aug-22
Mar-23
Jun-23
Aug-23
Nov-22
Jul-23
Jan-23
Dec-22
May-23
Sep-22
Feb-23
Apr-23
Source: NSO 31
Capacity Utilization At 15-year Average,
While Corporate Leverage At 15-year Low
Capacity Utilisation At 15yr Avg. Levels Corporate Leverage At 15-Year Low
Source: CMIE, RBI, IIFL Research 32

Government Continues To Increase Capex
Source: CEIC, Standard Chartered Research, CMIE, INCRED RESEARCH 33

Listed Companies Capex Growth YoY Surpasses YoY
GDP Growth In Recent Years
Source: Bloomberg, CEIC, IIFL Research. Based on analysis of common 351 cos. in current BSE 500 index
34
New Pvt Sector Project Announcements Is Rising
Source: CMIE, IIFL Research 35

Pickup In Real Estate Cycle Positive For House Hold And
Pvt Capex
Source: IIFL , HH=House hold 36

Financial Sector Is Healthy And Sound
Banking sector soundness indicators have seen broad-based improvement
Source: RBI Financial stability report June 2023, Standard Chartered Research 37
Consumer Sentiments Rising
Source: CMIE, IIFL Research 38

India’s Trade Deficit Eases From Its Recent Peak
SOURCE: MINISTRY OF COMMERCE AND INDUSTRY, INCRED RESEARCH 39

Strong Support From Services Exports
A significant pick-up already seen in services sector Rising role of GCCs in India
exports
USD bn
Source: NASSCOM report “GCC 4.0 – India redefining the Globalization Blueprint-2023”, CEIC, World Bank, RBI, Standard Chartered Research 40
Rainfall Significantly Below Long-Term Average
Aug rain 30% below normal for first time, season close to ‘drought’ mark
Source: CMIE, IIFL Research. Note: Long term average is for the period Jun-Aug from 1950. 41
Monsoon Coverage Below Normal
Rainfall in August has brought the overall, national deficit to be 10%
Source: IMD 42
Kharif Sowing Same As Last Year, Pulses Lag
Source: CMIE, IIFL Research. 43

MNREGA Demand High, Surpassing Covid And Last Year
Source: MNREGA, IIFL Research 44

But Indian IT Sector Hiring Expected To Go Down
(In 000)
IT Service Firms – Aggregate Net Hiring
100 94
80 77 75
68 69
60 52 52
40 42 38
40 37
24 27
20
20 14 11
0
(8) (7) (9)
-20 (12)
(22)
-40
Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1
FY19 FY20 FY21 FY22 FY23 FY24
Source: Bloomberg 45
Oil Prices Have Risen ~20% In Last 3 Month
$/bbl
Crude Oil Price (US $ per barrel)
140
120
100 86.5
80
60 71.8
40
20
0
Dec-15
May-16
Oct-16
May-19
Oct-19
May-22
Oct-22
Mar-17
Mar-20
Mar-23
Aug-17
Aug-20
Aug-23
Jul-15
Jan-18
Nov-18
Nov-21
Jun-18
Jan-21
Jun-21
Source: Bloomberg. 46
US Petroleum Reserves Lowest Since 1983
US Strategic Petroleum Reserves (SPR)
Source: Kobeissi Letter 47

Birbal Ki Kahani : Our Line Looks Longer As Others Have
Become Smaller
48
India Is Expected To Deliver Strong Growth
Will Add As Much As EU
GDP($T)
Country Region 2030 Delta Remarks
2023
USA 27 35 8 Strong alignment
European Union 18 22 4 Ageing economy
China 19 31 12 Geo-Politics to determine growth
Japan 4 6 2 Ageing economy
India adds an India; as much as

India 3.5 7.5 4
EU to global GDP
United Kingdom 3 5 2 Brexit, energy crisis
Total 106 149 43
Source: IMF, OECD 49

Equity Markets
50
Q1FY24 Results Are In-line With Expectations
Number of cos Sales EBDITA PBT PAT

Above 13 15 21 19
In Line 32 23 20 18
Below 5 12 9 13
Nifty Universe 50 50 50 50
PAT (INR b) Growth (%) PAT

Sector Var. over Exp.
Jun-23 (actual) Est YoY Actual YoY QoQ Vs Exp
(%)
Universe (231) 2455 49.4 51.5 3.6 1.4 In Line
Ex Financials (185) 1647 49.9 47.6 5.1 -1.5 In Line
Ex Metals & Oil (206) 1625 46.1 55.8 0.7 6.7 Above
Ex OMCs (228) 2150 11.7 19.1 -0.6 6.6 Above
Nifty (50) 1786 25.1 32.1 -1.1 5.6 Above
Sensex (30) 1350 27.1 32.9 -7.7 4.6 In Line
Source: Motilal Oswal, 31st Aug-2023, Note : Actual Vs Expectation is taken In Line for +/- 5% Variance. 51
Earnings Expected To Remain Robust,
Will Market Cap Follow?
NIFTY 50
FY20-23
INR Trillion FY20 FY21 FY22 FY23 FY24E FY25E FY20-24E
CAGR
PAT 3.5 4.2 5.7 6.3 22% 7.6 8.7 21%
M-CAP 66.2 114.6 138.3 136.3 27% 152.3 23%
NSE 500
FY20-23
INR Trillion FY20 FY21 FY22 FY23 FY24E
CAGR
PAT 5.1 6.8 9.8 10.9 28%
M-CAP 106.9 193.2 244.6 240.5 31% 280.1

Corporate Profit To GDP Ratio Above Long Term Average
5.1
4.5 4.6 4.6

4.2 4.3
4 4.1
3.7 3.8 3.8 3.7
3.5
3.3 3.2 3.1
Average- 3.7% 2.9 2.9 2.8
2.7
2.3
2006
2023
2003
2004
2005
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
10
15
20
25
8
13
18
23
28
Jul-18 Aug-08
Dec-18 Aug-09
Apr-19 Aug-10
Aug-19 Aug-11
Jan-20 Aug-12
Source: Motilal Oswal, Bloomberg

May-20 Aug-13
Average: 18.4x
Average : 15.6
Sep-20 Aug-14
Feb-21 Aug-15
Jun-21 Aug-16
Oct-21 Aug-17
Mar-22 Aug-18
Aug-19
NIFTY P/E (x) - 1 Year Forward
Jul-22
Aug-20
Dec-22
Aug-21
Apr-23
NIFTY Smallcap 250 P/E (x) - 1 Year Forward
Aug-22
Aug-23
Aug-23
17.8
18.4
10
15
20
25
30
35
Valuations – Marginally Above Fair Value
May-17
Nov-17
Apr-18
Sep-18
Mar-19
Aug-19
Average : 23.4
Jan-20
Jul-20
Dec-20
May-21
Oct-21
Apr-22
Sep-22
NIFTY Midcap 150 P/E (x) - 1 Year Forward
Feb-23
Aug-23
25.3
54
Market Capitalization-To-GDP Ratio Declines From Its
FY22 Highs
113
103 103 106
95 95
88 79
82 83 80
83 81
71
64 66 69
55 56
52
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24E
Indian Stocks Are Resilient
56
Source: RIMES, MSCI, Morgan Stanley Research
FPI’s Have Turned Aggressive Buyers In India
India Highest inflows among EM peers in Aug-23
(USD mn) India Indonesia Malaysia The Philippines South Korea Taiwan Thailand Brazil Turkey
Jan-22 (4,817) 425 80 (56) (3,275) (1,950) 432 4,277 (370)

Feb-22 (5,018) 1,220 679 141 418 (5,922) 1,931 3,960 (156)
Mar-22 (3,693) 584 783 (204) (3,640) (9,428) 1,006 4,319 (776)
Apr-22 (3,816) 2,783 193 (99) (4,963) (9,102) 321 (1,559) 119
May-22 (4,871) (243) 18 (350) 170 57 592 (1,144) (1,655)
Jun-22 (6,342) (501) (291) (207) (4,796) (7,724) (841) 118 (477)
Jul-22 836 (150) 28 (80) 1,363 (626) 128 347 (263)
Aug-22 6,791 508 460 (153) 3,012 (4,124) 1,603 3,186 692
Sep-22 (1,624) 209 (355) (216) (1,805) (5,748) (655) (34) (453)
Oct-22 1,026 730 (128) (12) 2,129 (3,031) 227 2,693 (380)
Nov-22 4,679 45 (61) 99 3,028 6,476 847 584 234
Dec-22 (167) (1,344) (309) (109) (1,305) (2,885) 369 2,637 (551)
Jan-23 (3,660) (204) (82) 122 5,240 6,893 545 2,450 (596)
Feb-23 (639) 377 (40) (142) 919 1,107 (1,273) (321) (29)
Mar-23 1,816 272 (301) (498) (689) (30) (917) (439) (302)
Apr-23 1,923 828 (56) 34 616 (2,553) (231) 542 (37)
May-23 5,008 109 (159) (81) 3,114 5,205 (967) (844) (586)
Jun-23 6,717 (293) (291) 97 (1,256) 625 (263) 2,085 523
Jul-23 4,148 182 313 334 627 (2,994) (361) 1,188 512
Aug-23 1,726 (1,263) 31 (131) (569) (4,549) (443) (2,636) (37)
Source: Bloomberg, Elara Securities Research 57
India Exit Is Easy But Entry Is Difficult
FPIs Investments
Period Nifty Index Nifty Change (%)
(Rs In Cr)
Oct 21 - Jun 22 17,532 – 15,780 -10% -2,55,879
Jun 22 – Aug 23 15,780 – 19,254 22% 2,27,230
Source : Bloomberg, KMAMC Research 58

Be Ready For Volatility
Events : US Fed Pivot, Election 24, Energy Prices, Monsoon & MSCI rebalancing
17K 19.5K 21K
• Uncertain Global Macros

• Global Liquidity Tightening • Yield Softening
• Risks to Earning trajectory • Favourable India Macros
• Supply of Paper • Election Results As per expectation
NIFTY
59
Mid And Small Caps Outperform Large Caps
Media And Tech Lead The Gainers Pack

Market Cap Contributions Of Mid And Small Caps
Continue To Expand From Their CY20 Lows
Market cap shares of mid and small caps near their Dec’17 highs while large caps near their previous lows (%)
Large companies: Top 100 companies, Midcap, companies: 101st-250th rank companies; Small cap companies: 251st rank onwards companies
61
Source: Motilal Oswal
Increase In Fund Raising Activity
01/07/2023 To 01/04/2023 To
(INR Crores)
31/08/2023 30/06/2023
Total Secondary Sale by Promoters / PE 54,859 54,939
Total Public / Preferential Issue 9,097 10,243
QIPs / OFS 19,389 11,430
TOTAL 83,345 76,612
Source: Antique Stock Broking Ltd. 62

Take Profit In A Rising Market / Cleanup Your Portfolio In
Rally
Neutral weight Equities
Marginal OW Large cap
Marginally UW Midcap & Smallcap
Build some Cash to buy in correction
63
Equity Investment Opportunity
Equity Investment Opportunity
64
SIP or STP With A Long Term View
65
Kotak Funds Have Added Value To Investors
Scheme Performance (%) Alpha ( Tier 1- %) Alpha ( Tier 2- %)

Scheme Name
(Rolling Returns Avg)
3 Yr. 5 Yr. 7 Yr. 10 Yr. 3 Yr. 5 Yr. 7 Yr. 10 Yr. 3 Yr. 5 Yr. 7 Yr. 10 Yr.
Kotak Small Cap Fund 22 18 20 22 6 6 6 5 9 9 9 9

Kotak India EQ Contra Fund 16 15 15 16 2 2 2 2 2 2 2 3
Kotak Emerging Equity Fund 21 18 19 22 3 2 3 3 5 5 5 5

Kotak Infra & Eco Fund 16 13 15 19 7 5 6 9 7 6 6 8
Kotak Equity Savings Fund 9 9 9 - 1 1 1 - 2 2 2 -
Kotak Bluechip Fund 14 13 14 15 1 1 1 1 1 1 1 1
Kotak EQ Opportunities Fund 17 15 16 18 1 1 1 1 3 2 3 4
Kotak Flexicap Fund 16 15 15 17 2 2 2 3 3 2 3 3
Kotak Focused Equity Fund 21 - - - 0 - - - 1 - - -
Source: Morning Star Direct. Data as on 31st Aug, 2023. The data given above is for Direct Plan - Growth option, Rolling returns are calculated from the inception of respective scheme.
Alpha is Difference between scheme and Benchmark. Past performances may or may not be sustained in future. For detailed scheme performance please refer disclaimer slides 66
section. Alpha % and Returns % are rounded to one nearest integer.
Scheme Performance (%) Alpha ( %)

Scheme Name
(Rolling Returns Avg)
3 Yr. 5 Yr. 7 Yr. 10 Yr. 3 Yr. 5 Yr. 7 Yr. 10 Yr.
Kotak Tax Saver Fund 16 15 16 17 3 2 2 3
Kotak Multi Asset Allocator Fund of

15 14 14 16 4 3 3 5
Fund - Dynamic
Kotak Equity Hybrid Fund 13 13 14 - 2 2 3 -
Kotak Balanced Advantage Fund 14 11 - - 1 2 - -
Source: Morning Star Direct. Data as on 31st Aug, 2023. The data given above is for Direct Plan - Growth option, Rolling returns are calculated from the inception of respective scheme .
Alpha is Difference between scheme and Benchmark. Past performances may or may not be sustained in future. For detailed scheme performance please refer disclaimer slides section.
Alpha % and Returns % are rounded to one nearest integer.
67
Scheme Performance (%) Tier 1 (Alpha %) Tier 2 (Alpha %)
Scheme Name
(Point to Point Returns)
3 Yr. 5Yr. 7Yr. 10Yr. S.I. 3 Yr. 5 Yr. 7 Yr. 10 Yr. S.I. 3 Yr. 5 Yr. 7 Yr. 10 Yr. S.I.
Kotak Small Cap Fund 40 23 20 26 21 3 7 5 5 5 9 12 8 8 8

Kotak India EQ Contra Fund 26 15 16 18 16 3 2 3 2 2 6 4 3 3 3
Kotak Emerging Equity Fund 33 19 18 26 21 0 2 0 3 2 -1 4 2 5 4

Kotak Infra & Eco Fund 39 19 16 22 18 14 4 4 9 8 9 6 5 8 8
Kotak Equity Savings Fund 12 10 10 -- 10 2 1 1 -- 1 3 3 2 -- 2
Kotak Bluechip Fund 22 13 13 17 15 2 2 1 2 1 1 1 0 2 1
Kotak Equity Opportunities
27 16 16 19 17 0 2 1 0 1 5 5 3 4 4
Fund
Kotak Flexicap Fund 22 12 14 19 16 -1 0 0 2 2 0 1 0 3 3
Kotak Focused Equity Fund 23 -- -- -- 18 0 -- -- -- 1 2 -- -- -- 2
Source: ICRA. As on 31st Aug, 2023. Returns are of Direct Growth Plan. Past Performance is not a guarantee for future return. Returns more than 1 year are expressed in terms of CAGR () –
Compounded Annual Gross Returns. Please refer to disclaimer slides for detailed performance & scheme information of the fund. TRI - Total Return Index, In terms of SEBI circular dated January 4,
2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with
benchmark return. As per SEBI Circular dated 27th October 2021 The first tier benchmark is reflective of the category of the scheme and the second tier benchmark is demonstrative of the
investment style / strategy of the Fund Manager within the category. Please refer to disclaimer slides for detailed performance & scheme information of the fund. Alpha % is rounded to one
decimal. S.I. represents Since Inception. 68
Scheme Performance (%) Alpha (%)

Scheme Name
(Point to Point Returns) 3 Yr. 5 Yr. 7 Yr. 10 Yr. S.I. 3 Yr. 5 Yr. 7 Yr. 10 Yr. S.I.
Kotak Multicap Fund -- -- -- -- 15 -- -- -- -- 5

Kotak Manufacture In India
-- -- -- -- 22 -- -- -- -- 4
Fund
Kotak Tax Saver Fund 26 16 15 20 16 3 3 2 3 2
Kotak Multi Asset Allocator

22 18 15 18 15 9 7 4 6 4
Fund of Fund - Dynamic
Kotak Equity Hybrid Fund 23 15 14 -- 13 8 4 2 -- 3

Kotak Balanced Advantage
13 -- -- -- 11 0 -- -- -- 1
Fund
Alpha % is rounded to one decimal.
Source: ICRA. As on 31st Aug, 2023. Returns are of Direct Growth Plan. Past Performance is not a guarantee for future return. Returns more than 1 year are expressed in terms of CAGR () –
Compounded Annual Gross Returns. Please refer to disclaimer slides for detailed performance & scheme information of the fund. TRI - Total Return Index, In terms of SEBI circular dated January 4,
2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with
benchmark return. As per SEBI Circular dated 27th October 2021 The first tier benchmark is reflective of the category of the scheme and the second tier benchmark is demonstrative of the
investment style / strategy of the Fund Manager within the category. Please refer to disclaimer slides for detailed performance & scheme information of the fund. S.I. represents Since Inception.
69
Kotak Funds SIP Have Added Value To Investors
Returns (%) Tier 1 (Alpha %) Tier 2 (Alpha %)

SIP Performance
3 Yr. 5Yr 7Yr. 10Yr. S.I. 3 Yr. 5Yr. 7Yr. 10Yr. S.I. 3 Yr. 5 Yr. 7 Yr. 10 Yr. S.I.
Kotak Small Cap Fund 27 31 24 23 23 -1 4 5 5 5 5 8 9 8 8

Kotak India EQ Contra Fund 19 20 18 17 17 4 3 3 2 2 7 5 4 3 3
Kotak Emerging Equity Fund 24 26 21 21 21 -2 0 0 1 2 -3 0 1 3 3

Kotak Infra & Eco Fund 33 28 21 19 19 13 9 6 6 7 9 7 5 6 6
Kotak Equity Savings Fund 11 11 10 -- 10 3 2 1 -- 1 3 3 3 -- 3
Kotak Bluechip Fund 15 17 15 15 15 2 2 1 1 1 1 1 1 1 1
Kotak Equity Opportunities
21 21 18 17 18 1 1 1 1 1 6 5 4 4 4
Fund
Kotak Flexicap Fund 16 16 15 15 16 0 -1 -1 1 1 1 0 0 1 2
Kotak Focused Equity Fund 15 -- -- -- 18 0 -- -- -- 0 1 -- -- -- 1
Alpha % is rounded to one decimal. As on 31st Aug, 2023
Source: ICRA. Returns are of Direct Growth Plan. Past Performance is not a guarantee for future return. The returns are calculated by XIRR approach. XIRR helps in calculating
return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Alpha is difference of scheme
return with benchmark return. As per SEBI Circular dated 27th October 2021 The first tier benchmark is reflective of the category of the scheme and the second tier benchmark is
demonstrative of the investment style / strategy of the Fund Manager within the category. Please refer to disclaimer slides for detailed performance & scheme information of
the fund. S.I. represents Since Inception. 70
Kotak Funds SIP Have Added Value To Investors
Returns (%) Alpha (%)

SIP Performance
3 Yr. 5 Yr. 7 Yr. 10 Yr. S.I. 3 Yr. 5 Yr. 7 Yr. 10 Yr. S.I.
Kotak Tax Saver Fund 19 20 18 17 17 4 3 2 3 3
Kotak Multi Asset Allocator

19 20 18 16 16 9 8 6 5 5
FOF - Dynamic
Kotak Equity Hybrid Fund 17 18 16 -- 15 6 6 4 -- 3
Kotak Balanced Advantage

11 12 -- -- 12 2 1 -- -- 1
Fund
Alpha % is rounded to one decimal. As on 31st Aug, 2023
Source: ICRA. Returns are of Direct Growth Plan. Past Performance is not a guarantee for future return. The returns are calculated by XIRR approach. XIRR helps in calculating
return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Alpha is difference of scheme
return with benchmark return. As per SEBI Circular dated 27th October 2021 The first tier benchmark is reflective of the category of the scheme and the second tier
benchmark is demonstrative of the investment style / strategy of the Fund Manager within the category. Please refer to disclaimer slides for detailed performance & scheme
information of the fund. S.I. represents Since Inception. 71
Smart SIP
SMART SIP is a facility where investors can opt to invest variable amount systematically and periodically
based on valuation.
Based on Net Equity allocation of KBAF (%)
Net Equity Valuation Smart SIP*

Range (%)
>60 Cheap (2x) Cheap valuation = 2x of Base Smart SIP installment
Base Smart Neutral valuation= Base Smart SIP installment

40-60 Neutral
SIP (x)
Expensive valuation= 0.5x of Base Smart SIP

<40 Expensive (0.5x)
installment
* Investors also have an option to choose the Base, Minimum and Maximum Smart SIP (SSIP) instalment amount. In case the investor does not indicate the amount(s) then
the Eligible Fund will consider it under the Default options where the Base SSIP instalment shall be the amount as per the Eligible Scheme , minimum SSIP amount shall be
0.5 times of the Base SSIP amount and maximum SSIP amount shall be 2 times the Base SSIP amount.
Kotak Mahindra Asset Management Company is not guaranteeing or promising or forecasting any returns or performances. Smart SIP does not guarantee of any profit/loss in a
upward/declining markets. Returns may vary. KBAF is Kotak Balanced Advantage Fund. Net Equity Allocation is the equity and equity related securities net of hedged positions using
72
derivatives of KBAF. Source: https://www.kotakmf.com/mutual-funds/hybrid-funds/kotak-balanced-advantage-fund/reg-g
Performance Update : Smart SIP and SIP
3 Years Returns (%) 5 Years Returns (%)

Index Name
Smart SIP SIP Smart SIP SIP
Nifty 50 TRI 14% 13% 17% 15%
Nifty Midcap 100 TRI 29% 27% 28% 26%
NIFTY Smallcap 250 TRI 30% 28% 30% 27%
Nifty 500 TRI 17% 16% 19% 17%

To invest in Smart SIP : https://www.kotakmf.com/investor/SIP-PreLogin-Mobile-Submit
Kotak Mahindra Asset Management Company Limited (KMAMC) Internal Research. Data as on 31st August,2023. Index returns are calculated by XIRR approach. Assuming investment of Rs.1,00,000 for Base Smart SIP amount/SIP
amount on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. Smart SIP
Performance is based on back tested net equity allocation of KBAF. The above data is for illustrative purpose only and is used to explain the concept. Past performance may or may not be sustained in future. Broad based indices
have been used. The same shall not be considered as any kind of recommendation and is for information purpose only.The same should not be construed as a promise on minimum returns and safeguard of capital. KMAMC is not
guaranteeing or promising or forecasting any returns/performance. SIP/Smart SIP does not guarantee of any profit/loss in declining/ upward markets. Returns may vary.
73
Kotak Flexicap Fund - Elephant Can Dance
From Since
Returns (%) 1Year 2 Years 5 Years 7 Years 10 Years
(18-Oct-21) Inception
Kotak Flexicap Fund 6 14 9 12 14 19 16
Benchmark: Tier 1 5 11 9 12 14 16 14
Benchmark: Tier 2 4 9 8 12 13 16 13
Alpha: Tier 1 2 1 0 0 0 2 2
Alpha: Tier 2 3 4 1 1 1 3 3
As per SEBI circular, effective 1st Dec 2021, Nifty 500 TRI is Tier 1 Benchmark, Nifty 200 TRI is Tier 2 benchmark.
Data as on 31st August 2023. Market Peak refers to Nifty 500 recent peak. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). Inception date: 1-Jan-13.
Source: ICRA. Scheme Inception date is Sep 11, 2009. Returns are of Direct Growth Plan. Past Performance is not a guarantee for future return. Alpha is difference of scheme
return with benchmark return. As per SEBI Circular dated 27th October 2021 The first tier benchmark is reflective of the category of the scheme and the second tier benchmark is
demonstrative of the investment style / strategy of the Fund Manager within the category. Please refer to disclaimer slides for detailed performance & scheme information of the
fund. Alpha % and Returns % are rounded to one decimal.
74
Kotak Multicap Fund – Triveni Sangam
Kotak Multicap Fund is Triveni Sangam Risk & Return Go Together

Equity Markets
Since
Returns (%) 1 Year
Inception
Kotak Multicap Fund 15 25
Benchmark 10 17
Alpha 5 8
Largecap
Stable Returns
Low Volatility
Smallcap
High Returns
Midcap Higher Volatility
Moderate Returns
Moderate Volatility
Source: ICRA. As on 31st August, 2023. Returns are of Direct Growth Plan. Past Performance is not a guarantee for future return. Returns more than 1 year are expressed in terms of CAGR () – Compounded
Annual Gross Returns. Please refer to disclaimer slides for detailed performance & scheme information of the fund. TRI - Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of
the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return. As per SEBI Circular
dated 27th October 2021 The first tier benchmark is reflective of the category of the scheme and the second tier benchmark is demonstrative of the investment style / strategy of the Fund Manager within the
category. Please refer to disclaimer slides for detailed performance & scheme information of the fund. Benchmark name is NIFTY500 Multicap 50:25:25 Total Return Index
75
Kotak Equity Opportunities Fund – Mix Of Large & Midcap
Since
Returns (%) 1 Year 2 Years 5 Years 7 Years 10 Years
Inception
Kotak Equity Opportunities Fund 19 13 16 16 19 17
Benchmark: Tier 1 16 12 14 15 19 16
Benchmark: Tier 2 9 8 12 13 16 13
Alpha: Tier 1 3 1 2 1 1 1
Alpha: Tier 2 10 6 5 3 4 4
As per SEBI circular, effective 1st Dec 2021, NIFTY Large Midcap 250 TRI is Tier 1 Benchmark, Nifty 200 TRI is Tier 2 benchmark.
Source: MFI ICRA Explorer, Data as on 31st August 2023. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). Direct plan Inception date: 1-Jan-13. Scheme Inception date
is Sep 09, 2004. Returns are of Direct Growth Plan. Past Performance is not a guarantee for future return. Alpha is difference of scheme return with benchmark return. Please refer to
disclaimer slides for detailed performance & scheme information of the fund. Alpha % and Returns % are rounded off to nearest integer. 76
Kotak Multi Asset Allocator – FOF
Fill it, Shut it, Forget it
16.9x
10.7x
7.8x
5.6x 6.2x 5.9x
4.9x 5.1x 5.2x
4.5x
2.2x 2.3x 2.6x 2.8x 3.1x
2.0x
1.2x 1.3x 1.8x
.
Data as on 31st August, 2023; Source: ICRA MFI Explorer; “X” denotes number of times. Past Performance is not a guarantee for future return Please refer to disclaimer
slides for detailed performance & scheme information of the fund. Since Inception date: Aug 09, 2004. The above calculation is for Regular Growth Plan. S.I. stand for Since
Inception. 77
KOTAK MULTI ASSET ALLOCATION FUND
Load It, Latch It, Leave It….
Convenience of
Equity
buying multiple
assets
Taxation
Higher Risk Diversification

Adjusted Returns across asset
Potential classes
NFO Opens On : 31st August, 2023 Closes On: 14th September, 2023
How Is The Fund Different From Our Existing Offering?
Kotak Multi Asset Allocator Fund Of Fund- Dynamic

Kotak Multi Asset Allocation Fund
(KMAAF)
Debt Equity
Taxation Taxation
Directly
Fund Of Fund Invests In
Securities
Exposure to
Exposure to Commodity
Gold ETFs ETFs &
ETCDs*
*And any other mode of investment in commodities as permitted by SEBI from time to time.
Past performance may or may not be sustained in future.
The Scheme portfolio shall be constructed based on the provisions in the Scheme Information Document. The fund manager may make the changes, as per different market conditions and in the best interest of
the investors. The details and image mentioned do not constitute any kind of recommendation and are for presentation purpose only. The Scheme portfolio shall be constructed based on the provisions in the
Scheme Information Document. The fund manager may make the changes, as per different market conditions and in the best interest of the investors.
79
Get The Power Of 4
Equity Debt Commodity Overseas*

65-80% 10-25% 10-25% 0-15%
➢ Dynamic Asset
Allocation with ➢ Dynamic Duration ➢ ETCDs or ETFs with
~20-80% net equity management commodities as ➢ Tactical allocation
exposure underlying
➢ Medium term ➢ Diversification in
➢ Flexible approach in maturity ➢ Long term terms of markets
market cap investments Based and currency
allocation ➢ Mix of Sovereign & on Macro- economic
high quality factors
➢ Combination of corporate bonds
factors for asset ➢ Short term
allocation investment will be to
capture arbitrage or
➢ Portfolio filtered to other event based
~50-60 stocks opportunities
For detailed asset allocation, please refer to Scheme Information Document. The fund manager may make the changes, as per different market conditions and in the best interest of the
investors. * Overseas Mutual Funds schemes/ ETFs/Foreign Securities. Based on the availability of overseas limit. The Scheme portfolio shall be constructed based on the provisions in the
Scheme Information Document. The fund manager may make the changes, as per different market conditions and in the best interest of the investors. 80
Our Equity NFO Track Record
21.1
18.2
13.0 12.7 13.2

11.4 11.3
8.2
Jun-19 Oct-19
Nov -20
Jul-21 Sep-21 Feb-22 Sep-22 Feb-23
Kotak Focused Kotak Pioneer Kotak ESG Kotak Global Kotak Multicap Kotak Kotak Business Kotak BFSI
Equity Fund Fund Opportunities Innovation FoF Fund Manufacture in Cycle Fund
Fund India Fund
Fund Launch NAV 10

Source : ICRA MFI Explorer, Data as on 31st August’23. Open ended equity NFO Launches from 2018 onwards. The NAV is of Direct Growth option. Past Performance is not a
guarantee for future return. Mutual fund investments are subject to market risks, read all scheme related documents carefully. Please refer to the disclaimer slides for detailed
performance of the fund. 81
Debt Market Outlook
U.S. Economy Grew At Slower Pace In Second Quarter
US economy grew at 2.1% in the Apr-Jun quarter, compared to the estimate of 2.4%
U.S
Source: Seeking alpha, digitalmomblog, Data as of 31st August 2023 83

US Inflation Drivers Shifted From Energy To Housing And
Others
Source: Bloomberg. Data as of 31st August 2023 84

Domestic Food Prices Keeps Retail Inflation Elevated
Source: MOSPI, Care Edge, Data as of 31st August 2023 85

Skewed Rainfall, Pulses Sowing Lags
Deficit rainfall and Flood in certain parts of India can add to upside risks to inflationary pressures.
Source: Care Edge, Data as of 31st August 2023 86
RBI Opts For A Hawkish Pause
GDP Growth Forecasts (%) Inflation Projections (CPI %)
6.5 6.5 6.6 6.2

6 5.7
5.7 5.4
5.2 5.2
Q1FY24 Q2FY24 Q3FY24 Q4FY24 FY24 Q1FY25 Q2FY24 Q3FY24 Q4FY24 FY24 Q1FY25
Real GDP Figures retained
RBI raised I-CRR to effectively absorb systemic liquidity by ~1 Lakh Crore
Source: RBI Data as of 31st August 2023 87

600
-400
1600
2600
6600
3600
4600
5600
Inr Bn
May-2022
Jun-2022
Jun-2022
Jul-2022
Jul-2022
Aug-2022
Aug-2022
Sep-2022
Source: Bloomberg, Data as of 31st August 2023

Sep-2022
Oct-2022
Oct-2022
Nov-2022
Nov-2022
Nov-2022
Dec-2022
Surplus Liquidity - RHS
Dec-2022
Jan-2023
Jan-2023
Feb-2023
Feb-2023
Mar-2023
Mar-2023
Apr-2023
Apr-2023
May-2023
System Liquidity Slipped Into Deficit First Time In FY24
May-2023
May-2023
Jun-2023
10-Year Government Bond Yield - LHS
Jun-2023
Jul-2023
Jul-2023
Aug-2023
Aug-2023
88
%
6.50
6.90
7.10
7.30
7.50
7.70
6.70
0
-1000
1000
2000
3000
4000
5000
6000
7000
8000
9000
Inr Bn
Apr-22
Apr-22
Apr-22
May-22
May-22
Jun-22
Jun-22
Jul-22
Jul-22
Source: Bloomberg Data as of 31st August 2023

Aug-22
Aug-22
Sep-22
Sep-22
Sep-22
Oct-22
Oct-22
Nov-22
System Liquidity
Nov-22
Dec-22
Dec-22
Jan-23
Jan-23
Feb-23
Feb-23
Mar-23
Mar-23
Overnight Rate
Mar-23
Apr-23
Apr-23
May-23
Short-Term Rate Hit Multi Month High As Liquidity Tightens
May-23
Jun-23
Jun-23
Jul-23
Jul-23
Aug-23
Aug-23
89
%
1.00
2.00
3.00
4.00
5.00
7.00
8.00
0.00
6.00
OIS Rates Curve Pricing In Further Rate Hike ?
7.1 Aug-22 Aug-23

6.9 7.0
6.9 6.9
6.7 6.7 6.8
6.7 6.6 6.7
6.7 6.6 6.6
6.6
6.5 6.6
Percentage (%)
6.5
6.3 6.4
6.4 6.4 6.4
6.3
6.1 6.2
5.9 6.0
5.7 5.8
5.7
5.5
5.4
5.3
1M 2M 3M 6M 9M 1Y 2Y 3Y 4Y 5Y 7Y 10Y
Source: Bloomberg, Data as of 31st August 2023 90

Opportunity In 3 to 7 Years Segment
8.0
7.5 1400
7.4 7.5
7.5
7.2 1200
7.1
7.0 7.3 7.3
7.0 6.8 7.3
7.1 7.1 7.1 7.2 7.2
7.0 1000
6.5 7.2
6.5 6.8
6.1 6.2 800
%
Bps
6.0
5.6 600
5.5 400
5.0 200
114 93 84
58 35 16 9
4.5 0
-2 -14 -13 -15
4.0 -200
3M 6M 1Y 2Y 3Y 5Y 7Y 10Y 14Y 25Y 30Y
Difference in Yields (bps) (RHS) August-2023 (LHS) August-2022 (LHS)
• Based on the current market scenario, we believe 3-7 years segment seems to be a good opportunity.
• A tactical call could be taken in the 10 year segment
Source: Bloomberg, RBI, Internal Research. Data as of 31st August 2023 91
Debt Investment
Opportunity
92
Kotak Debt Hybrid Fund – Get The Advantage Of 2 In 1
Equity : 10-25% Fixed Income: 75-90%
Since
Performance (%) 1 Year 3 Years 5 Years 7 Years 10 Years
Inception
Kotak Debt Hybrid Fund 10 13 11 10 12 11
Benchmark 7 7 9 8 10 9
Alpha 3 5 2 2 2 2
As per SEBI circular, effective 1st Dec 2021, CRISIL Hybrid 85 + 15 - Conservative Index is the Benchmark.
Alpha % is rounded to one decimal.
*Please consult your tax advisor for further details Source: ICRA. As on 31st Aug 2023. The performance is of Direct Growth Plan. Past Performance is not a guarantee for future
return. Mutual fund investments are subject to market risks, read all scheme related documents carefully. Please consult your financial advisor or other professionals before
acting on any information in this communication. Please refer to disclaimer slides for detailed performance & scheme information of the fund. 93
Cordial Invitation : EQUITY WEDS DEBT
Grand union of
Equity (Net Equity + Arbitrage) & Debt
In the auspicious bond of Kotak Equity Savings Fund.
94
Kotak Equity Savings Fund :
Stability of Debt/ Arbitrage & Power of Equity
Net Equity : Fixed Income: Arbitrage:

10-50% 10-35% 15-80%
Rolling Returns (%) 1 Year 2 Years 3 Years 4 Years 5 Years
Average 9 9 9 9 9
% times +ve returns 98 100 100 100 100
% times returns > 7% 70% 83% 89% 96% 95%
In the Long term i.e 3yrs & above, there have been no instances of Negative Rolling returns
As on 31st Aug ’23. Source: Scheme Information Document (SID) of Kotak Equity Savings Fund, MFI. Past Performance is not a guarantee for future return. Mutual fund
investments are subject to market risks, read all scheme related documents carefully. Please refer to the disclaimer slides for detailed performance of the fund. The above
performance is for Direct-Growth Option. Daily Rolling Returns Since Inception of the scheme i.e. 13-Oct-14
95
Kotak Dynamic Bond Fund Has Outperformed
Daily Average Rolling Returns For Different Time Frame Since Inception
Average Rolling Returns 1 year 3 year 5 year 7 year 10 year
Kotak Dynamic Bond Fund 9 10 11 12 13
NIFTY Composite Debt

8 9 9 11 11
Index B-III**
On a 5 year daily rolling basis

Returns Scheme Benchmark
Minimum 9 7
Maximum 13 11
Average 11 9
Source: ICRA. As on 31st Aug 2023. The performance is of Direct Growth Plan. The above returns are for 5 years period on daily frequency since inception. Inception date of
direct plan growth option: 1-Jan-13. Past Performance is not a guarantee for future return. Mutual fund investments are subject to market risks, read all scheme related
documents carefully. Please refer to the disclaimer slides for detailed performance of the fund 96
Hybrid Funds/FOF – Upside > Downside Participation
Net Equity Upside /

Average Market Current Equity
Fund Name Range as per Participation % Downside
Equity % Scenario (%)
SID Ratio
Upside 41%
Kotak Debt Hybrid 15%-25% 22% 4 25%
Downside 10%
Upside 40%
Kotak Equity Savings 10%-50% 29% 3 28%
Downside 13%
Kotak Multi Asset Upside 67%
Allocator FOF - 0%-90%* 48% 2 56%
Dynamic Downside 30%
Kotak Balanced Upside 56%

20%-100% 44% 2 46%
Advantage Fund Downside 33%
Source: ICRA, Data as on 31st Aug 2023. Average Equity allocation is from Since inception of Direct Plan. Direct (G) Inception date of Kotak Equity Savings Fund is 13th Oct 2014,
Direct (G) Inception date of Kotak Multi Asset Allocator FOF – Dynamic is 1st Jan 2013, Direct (G) Inception date of Kotak Balanced Advantage Fund is 3rd Aug 2018
Note: Month end frequency and Average returns considered. Upside and Downside Capture ratio is of Direct Plan Growth Option. *Includes Overseas ETF.
Period – Kotak Equity Savings Funds – 8 yrs, Kotak Multi Asset Allocator FoF – 18 Years, Kotak Balanced Advantage Fund – 4 years.
97
Rates To Remain Under Pressure Amid Inflation Surge
Events: Rupee Movement, Mystery Buyer & RBI Monetary Policy
10 Yr G-Sec
7.00% 7.25%
7.17%
• Fed Rate Hike

• Liquidity • Fiscal Slippage
• Debt FII Flow • Monsoon/Inflation
• Index Inclusion • Credit Pickup
BOND
MARKET
98
Gold
Period Gold Return (%)
Mar'20 To Dec'20 18%
Jan 21 To Dec'21 -6%
Jan'22 To Dec'22 14%
Jan’23 To Aug’23 8%
Gold Price Fall Offset By US Dollar Correction
Gold Prices Have Corrected As US Real Rates Have US Dollar Correction Have Marginally Off-set Fall In Gold
Moved Higher Prices
Source: Bloomberg and ICICI Bank Research 100

Slowing Central Bank Demand Has Been Offset By
Demand From “OTC & Others”
Metric Tonnes 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 2022 Q1 2023 Q2 2023 2023F
Total Demand 4713 1160 1177 1192 1226 4755 1205 1255 4861
Central Banks & other ins 450 82 159 459 382 1082 284 103 1114
Jewellery Fabrication 2230 517 493 583 602 2195 512 491 2248
Technology 330 81 78 77 72 309 70 70 318
Investment 1004 558 214 104 251 1127 276 256 1138
OTC and Other 699 -79 232 -30 -81 43 63 335 43
Total Supply 4713 1160 1177 1192 1226 4755 1205 1255 4861
Mine Production 3583 838 889 950 948 3627 857 923 3700
Net Producer Hedging -5 26 2 -27 -13 -12 36 9 -14
Recycled Gold 1136 296 285 269 291 1141 312 322 1175
Source: Bloomberg and ICICI Bank Research 101
Gold Remains Undervalued
US Treasury Gold holdings / Federal reserve Monetary base
Source: Bloomberg, US Treasury, US Federal Reserve 102

250
550
850
1150
1450
1750
2350
2050
USD
Aug-91
Aug-92
+170%
Source: Bloomberg
Aug-93
Aug-94
Aug-95
Aug-96
Aug-97
Aug-98
Aug-99
Aug-00
Aug-01
Aug-02
+272%
Gold (USD)
Aug-03
Aug-04
Aug-05
Aug-06
Falling Fed Rates Support Gold Prices
Aug-07
Aug-08
Aug-09
Aug-10
Aug-11
Gold
Aug-12
2000-2023
Aug-13
Aug-14
Fed Funds Target Rate - Upper Band
Aug-15
Aug-16
Aug-17
Aug-18
+153%
Aug-19
Aug-20
Aug-21
Aug-22
103
Aug-23
0
1
2
3
4
5
6
7
8
%
Distributor Engagement
We are Covering India
105
ProStart – Video Learning Platform
Distributor Training Coverage (FY 24)

210 KMAMC ProStart –
Trainings Conducted A YouTube Channel by the Training Team
6750+
Participants Covered
36
Training Modules
Connect & Subscribe on:
https://www.youtube.com/c/KMAMCProstart
10 64 videos
Languages Used
10 languages
81,000+ views
106
Text
Annexure
108
IIP Growth Subdued
Premature Deindustrialisation
Index of Industrial Production – Manufacturing sub - indices
Source: CMIE, RBI 109

Average Household Income Projected To Increase –
1.5x from 2019 - 2030
Source: CCI Proprietary Income Database, BCG analysis 110

Corporate Profit Growth Has Been Ahead Of GDP

Capital Flows Favoring Other Emerging Asian Markets
Over China
Source: Goldman Sachs 112

India - Best Performing Market Since Covid Lows
World indices (US $) Country % Rise

NIFTY SMALLCAP 100 India 234.9%
NIFTY MIDCAP 100 India 228.3%
NIFTY 50 India 133.4%
BSE SENSEX India 130.2%
NASDAQ Composite USA 104.3%
Bovespa Brazil 95.0%
CAC 40 France 90.0%
Jakarta Composite Indonesia 90.0%
DOW JONES USA 87.7%
DAX Germany 85.0%
Taiwan Weighted Taiwan 78.1%
FTSE 100 United Kingdom 64.1%
KOSPI Composite South Korea 64.0%
Straits Times Singapore 56.2%
Nikkei 225 Japan 47.3%
PSEi Philippines 17.6%
Shanghai Composite China 14.1%
KLSE Composite Malaysia 10.4%
Hang Seng Hong Kong -16.2%
Hang Seng China Ent Inx China-Hkg -28.5%
Source: Bloomberg, Data as on Aug 31, 2023 113
MSCI India’s Outperformance Continues Since Jan’22
Performance of the MSCI India index vs. MSCI US, MSCI World, MSCI Emerging Market, and MSCI China Indices, in USD terms
*Indices rebased to 100 114

Source: Motilal Oswal
Disclaimers & Disclosures
115
KOTAK FLEXICAP FUND
Flexicap fund - An open-ended dynamic equity scheme investing across large cap, mid cap, small cap stocks
PERFORMANCE
Kotak Flexi Cap Fund Nifty 500 TRI # (Tier ALPHA Nifty 200 TRI # (Tier ALPHA Kotak Flexi Cap Fund - Nifty 500 TRI # (Tier Nifty 200 TRI #
Jan 01, 2013 Nifty 50 TRI ## Nifty 50 TRI ##
- Direct Plan - Growth 1) (Tier 1) 2) (Tier 2) Direct Plan - Growth 1) (Tier 2)
Since Inception 16.35% 13.86% 2.49% 13.45% 2.90% 13.02% 50,315 39,951 38,446 36,916
Last 1 Year 13.88% 11.39% 2.49% 9.40% 4.48% 9.50% 11,392 11,142 10,943 10,953
Last 3 Years 21.63% 23.10% -1.47% 21.79% -0.16% 20.58% 17,996 18,655 18,065 17,532
Last 5 Years 12.30% 12.33% -0.04% 11.75% 0.55% 11.83% 17,864 17,893 17,433 17,495
Last 7 Years 13.66% 13.64% 0.02% 13.24% 0.42% 13.24% 24,512 24,477 23,885 23,882
Last 10 Years 18.72% 16.31% 2.41% 15.70% 3.02% 14.79% 55,701 45,362 43,045 39,760
Scheme Inception date is 11/09/2009. Mr. Harsha Upadhyaya has been managing the fund since 04/08/2012.
Different plans have different expense structure. The performance details provided herein are of direct plan
Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to
Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.
TRI - Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return.
SYSTEMATIC INVESTMENT PLAN (SIP)

Systematic Investment Plan (SIP) If you had invested `10,000 every month
Monthly SIP of Rs 10000 Since Inception 10 years 7 years 5 years 3 years 1 year
Total amount invested (Rs) 12,80,000 12,00,000 8,40,000 6,00,000 3,60,000 1,20,000
Total Value as on August 31, 2023 (Rs) 30,87,328 26,67,039 14,15,075 9,03,346 4,54,060 1,32,874
Scheme Returns (%) 15.66 15.26 14.64 16.38 15.68 20.52
Nifty 500 (TRI) Returns (%) 14.47 14.43 15.18 17.38 15.83 19.72
Alpha* 1.19 0.83 -0.54 -1.00 -0.15 0.80
Nifty 500 (TRI) (Rs)# 28,82,627 25,51,246 14,42,689 9,25,642 4,55,033 1,32,386
Alpha* 1.74 1.39 0.14 0.16 1.24 4.05
Nifty 200 (TRI) (Rs)# 27,91,980 24,75,763 14,08,001 8,99,856 4,46,092 1,30,387
Nifty 50 (TRI) (Rs)^ 27,25,298 24,26,957 13,98,760 8,82,928 4,39,508 1,28,539
Scheme Inception : - January 04, 2013. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and
taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception.
# Benchmark ; ^ Additional Benchmark. TRI – Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).
Alpha is difference of scheme return with benchmark return. *All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV.Returns >= 1 year:CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to
Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer.
116
KOTAK BALANCED ADVANTAGE FUND
An open ended dynamic asset allocation fund
PERFORMANCE
Kotak Balanced Advantage Fund - NIFTY 50 Hybrid Composite Debt Kotak Balanced Advantage NIFTY 50 Hybrid Composite Debt
Aug 03, 2018 ALPHA Nifty 50 TRI ## Nifty 50 TRI ##
Growth 50:50 Index # Fund - Growth 50:50 Index #
Since Inception 11.32% 10.60% 0.72% 12.28% 17,242 16,685 18,012
Last 1 Year 10.76% 8.27% 2.48% 9.50% 11,079 10,830 10,953
Last 3 Years 13.28% 12.91% 0.37% 20.58% 14,538 14,396 17,532
Last 5 Years 11.31% 10.44% 0.87% 11.83% 17,095 16,436 17,495
Last 7 Years NA NA NA NA NA NA NA
Scheme Inception date is 03/08/2018. Mr. Harish Krishnan and Mr. Abhishek Bisen have been managing the fund since 03/08/2018. Mr. Hiten Shah has been managing the fund since 03/10/2019.
Alpha is difference of scheme return with benchmark return.

Total amount invested (Rs) 6,10,000 NA NA 6,00,000 3,60,000 1,20,000
Total Value as on August 31, 2023 (Rs) 8,35,444 NA NA 8,18,489 4,24,996 1,29,013
Scheme Returns (%) 12.33 NA NA 12.38 11.09 14.24
NIFTY 50 Hybrid Composite Debt 50:50 Index Returns (%) 11.26 NA NA 11.29 9.44 10.61
Alpha* 1.07 NA NA 1.09 1.65 3.63
NIFTY 50 Hybrid Composite Debt 50:50 Index (Rs)# 8,13,209 NA NA 7,96,645 4,14,876 1,26,749
Nifty 50 (TRI) (Rs)^ 9,00,940 NA NA 8,83,347 4,39,482 1,28,539
Nifty 50 (TRI) Returns (%) 15.33 NA NA 15.47 13.41 13.48
Scheme Inception : - August 03,2018. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows
and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI - Total Return Index, In terms of SEBI circular dated January
4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). The debt component of the index is TRI since inception. *All payouts during the period have been reinvested in the units of the
scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of
Scheme Benchmark. ## Name of Additional Benchmark. Alpha is difference of scheme return with benchmark return.
117
KOTAK EQUITY OPPORTUNITIES FUND
Large & mid cap fund - An open-ended equity scheme investing in both large cap and mid cap stocks
PERFORMANCE
Kotak Equity Kotak Equity
NIFTY Large Midcap ALPHA Nifty 200 TRI # (Tier ALPHA NIFTY Large Midcap Nifty 200 TRI #
Jan 01, 2013 Opportunities Fund - Nifty 50 TRI ## Opportunities Fund - Nifty 50 TRI ##
250 TRI # (Tier 1) (Tier 1) 2) (Tier 2) 250 TRI # (Tier 1) (Tier 2)
Direct Plan - Growth Direct Plan - Growth
Since Inception 17.00% 15.91% 1.09% 13.45% 3.55% 13.02% 53,401 48,331 38,446 36,916
Last 1 Year 18.97% 15.68% 3.29% 9.40% 9.57% 9.50% 11,903 11,573 10,943 10,953
Last 3 Years 26.51% 26.64% -0.13% 21.79% 4.72% 20.58% 20,249 20,312 18,065 17,532
Last 5 Years 16.32% 14.06% 2.26% 11.75% 4.57% 11.83% 21,303 19,315 17,433 17,495
Last 7 Years 15.86% 15.22% 0.65% 13.24% 2.62% 13.24% 28,040 26,962 23,885 23,882
Last 10 Years 19.42% 19.02% 0.41% 15.70% 3.72% 14.79% 59,094 57,107 43,045 39,760
Scheme Inception date is 09/09/2004. Mr. Harsha Upadhyaya has been managing the fund since 04/08/2012.

Scheme Returns (%) 17.52 17.40 18.04 21.10 20.75 28.27
Nifty Large Midcap 250 (TRI) Returns (%) 16.63 16.54 17.32 20.47 19.55 26.98
Alpha* 0.88 0.86 0.73 0.63 1.20 1.28
Nifty Large Midcap 250 (TRI) (Rs)# 32,67,016 28,57,344 15,56,707 9,98,000 4,79,524 1,36,790
Alpha* 3.60 3.53 3.54 4.87 6.31 11.80
Nifty 200 (TRI) (Rs)# 27,92,167 24,75,763 14,08,001 8,99,856 4,46,092 1,30,387
Nifty 50 (TRI) (Rs)^ 27,25,437 24,26,957 13,98,760 8,82,928 4,39,508 1,28,539
Scheme Inception : - January 02, 2013. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows
4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).
Alpha is difference of scheme return with benchmark return. *All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to
118
KOTAK SMALL CAP FUND
Small cap fund - An open-ended equity scheme predominantly investing in small cap stocks
PERFORMANCE
Kotak Smallcap Fund NIFTY Smallcap 250 ALPHA NIFTY Smallcap 100 ALPHA Kotak Smallcap Fund - NIFTY Smallcap 250 NIFTY Smallcap
- Direct Plan - Growth TRI # (Tier 1) (Tier 1) TRI # (Tier 2) (Tier 2) Direct Plan - Growth TRI # (Tier 1) 100 TRI # (Tier 2)
Since Inception 20.77% 16.15% 4.62% 12.92% 7.85% 13.02% 74,866 49,370 36,549 36,916
Last 1 Year 20.46% 29.35% -8.89% 28.05% -7.59% 9.50% 12,052 12,944 12,814 10,953
Last 3 Years 39.75% 36.35% 3.41% 31.06% 8.69% 20.58% 27,295 25,347 22,512 17,532
Last 5 Years 22.58% 15.24% 7.34% 10.88% 11.69% 11.83% 27,687 20,328 16,767 17,495
Last 7 Years 19.57% 14.60% 4.97% 11.50% 8.07% 13.24% 34,962 25,975 21,431 23,882
Last 10 Years 26.24% 21.32% 4.92% 17.95% 8.29% 14.79% 1,02,999 69,189 52,181 39,760
Scheme Inception date is 24/02/2005. Mr. Pankaj Tibrewal has been managing the fund since 21/01/2010.
Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark

Scheme Returns (%) 22.65 22.62 24.33 30.70 26.87 37.16
NIFTY Smallcap 250 (TRI) Returns (%) 17.78 17.62 19.64 27.16 27.85 49.44
Alpha* 4.87 4.99 4.69 3.55 -0.97 -12.27
NIFTY Smallcap 250 (TRI) (Rs)# 34,92,201 30,28,805 16,91,099 11,72,043 5,37,373 1,49,962
Nifty Smallcap 100 (TRI) Returns (%) 14.45 14.32 15.82 22.46 22.30 48.61
Alpha* 8.20 8.30 8.51 8.24 4.57 -11.44
Nifty Smallcap 100 (TRI) (Rs)# 28,79,068 25,35,654 14,76,115 10,47,276 4,98,236 1,49,486
Nifty 50 (TRI) (Rs)^ 27,25,437 24,26,957 13,98,760 8,82,928 4,39,508 1,28,539
and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI – Total Return Index, In terms of SEBI circular dated January
4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return. *All payouts during the period have been reinvested in the units of the
scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer.
119
KOTAK INDIA EQ CONTRA FUND
An open-ended equity scheme following contrarian investment strategy
PERFORMANCE
Kotak India EQ Contra Fund - Nifty 500 TRI # ALPHA Nifty 100 TRI # ALPHA Kotak India EQ Contra Fund Nifty 500 TRI # Nifty 100 TRI #
Direct Plan - Growth (Tier 1) (Tier 1) (Tier 2) (Tier 2) - Direct Plan - Growth (Tier 1) (Tier 2)
Since Inception 16.07% 13.86% 2.21% 13.12% 2.96% 13.02% 49,051 39,951 37,245 36,916
Last 1 Year 18.77% 11.39% 7.38% 7.03% 11.74% 9.50% 11,883 11,142 10,705 10,953
Last 3 Years 26.24% 23.10% 3.14% 20.03% 6.21% 20.58% 20,117 18,655 17,292 17,532
Last 5 Years 14.70% 12.33% 2.36% 11.12% 3.58% 11.83% 19,857 17,893 16,948 17,495
Last 7 Years 16.27% 13.64% 2.63% 12.79% 3.48% 13.24% 28,740 24,477 23,232 23,882
Last 10 Years 17.91% 16.31% 1.60% 15.04% 2.88% 14.79% 52,026 45,362 40,627 39,760
Scheme Inception date is 27/07/2005. Ms. Shibani Kurian has been managing the fund since 09/05/2019.

Scheme Returns (%) 16.75 16.77 17.80 19.94 19.48 24.56
Alpha* 2.27 2.34 2.62 2.56 3.65 4.84
Nifty 500 (TRI) (Rs)# 28,82,833 25,51,246 14,42,689 9,25,642 4,55,033 1,32,386
Alpha* 3.44 3.54 4.14 5.13 6.95 12.05
Nifty 100 (TRI) (Rs)# 26,95,451 23,92,716 13,66,261 8,68,998 4,34,002 1,27,936
Nifty 50 (TRI) (Rs)^ 27,25,437 24,26,957 13,98,760 8,82,928 4,39,508 1,28,539
Scheme Inception : - January 02,2013. The returns are calculated by XIRR approach assuming investment of 10,000/- on the 1st working day of every month. XIRR ` helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and
taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI – Total Return Index, In terms of SEBI circular dated January 4,
2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return. *All payouts during the period have been reinvested in the units of the
120
KOTAK EMERGING EQUITY FUND
Mid cap fund - An open-ended equity scheme predominantly investing in mid cap stocks
PERFORMANCE
Kotak Emerging Kotak Emerging Equity
NIFTY Midcap 150 ALPHA Nifty Midcap 100 TRI ALPHA NIFTY Midcap 150 Nifty Midcap 100
Jan 01, 2013 Equity Fund- Direct Nifty 50 TRI ## Fund- Direct Plan - Nifty 50 TRI ##
TRI # (Tier 1) (Tier 1) # (Tier 2) (Tier 2) TRI # (Tier 1) TRI # (Tier 2)
Plan - Growth Growth
Since Inception 20.59% 18.47% 2.12% 16.52% 4.07% 13.02% 73,690 60,993 51,082 36,916
Last 1 Year 19.45% 24.56% -5.11% 25.05% -5.59% 9.50% 11,951 12,463 12,512 10,953
Last 3 Years 32.85% 33.31% -0.46% 34.08% -1.23% 20.58% 23,444 23,690 24,102 17,532
Last 5 Years 19.06% 16.87% 2.19% 15.51% 3.55% 11.83% 23,937 21,816 20,569 17,495
Last 7 Years 17.78% 17.43% 0.36% 15.41% 2.37% 13.24% 31,462 30,801 27,288 23,882
Last 10 Years 26.19% 22.74% 3.44% 20.72% 5.47% 14.79% 1,02,563 77,750 65,829 39,760
Scheme Inception date is 30/03/2007. Mr. Pankaj Tibrewal has been managing the fund since 27/05/2010.

Scheme Returns (%) 21.37 21.03 21.07 25.70 24.40 32.47
Nifty Midcap 150 (TRI) Returns (%) 19.75 19.65 20.78 26.04 26.53 42.29
Alpha* 1.62 1.38 0.28 -0.34 -2.13 -9.81
Nifty Midcap 150 (TRI) (Rs)# 39,17,594 33,77,828 17,60,792 11,41,059 5,27,836 1,45,833
Nifty Midcap 100 (TRI) Returns (%) 18.11 18.09 19.66 25.64 26.96 43.29
Alpha* 3.26 2.94 1.41 0.06 -2.56 -10.81
Nifty Midcap 100 (TRI) (Rs)# 35,59,618 31,04,850 16,91,782 11,30,222 5,30,934 1,46,414
Nifty 50 (TRI) (Rs)^ 27,25,338 24,26,466 13,99,101 8,83,347 4,39,482 1,28,539
Scheme Inception : - January 03, 2013. The returns are calculated by XIRR approach assuming investment of 10,000/- on the 1st working day of every month. XIRR helps in ` calculating return on investments given an initial and final value and a series of cash inflows and outflows
and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI – Total Return Index, In terms of SEBI circular dated January
121
KOTAK INFRASTRUCTURE & ECONOMIC REFORM FUND
An open ended equity scheme following infrastructure & Economic Reform theme
PERFORMANCE
Kotak Infrastructure and India Infrastructure Index Kotak Infrastructure and India Infrastructure Index
Nifty Infrastructure ALPHA ALPHA Nifty Infrastructure
Jan 01, 2013 Economic Reform Fund - (Customised Index by Nifty 50 TRI ## Economic Reform Fund - (Customised Index by IISL) Nifty 50 TRI ##
TRI # (Tier 1) (Tier 1) (Tier 2) TRI # (Tier 1)
Direct Plan - Growth IISL) # (Tier 2) Direct Plan - Growth # (Tier 2)
Since Inception 17.95% 9.63% 8.32% 10.41% 7.54% 13.02% 58,192 26,665 28,766 36,916
Last 1 Year 27.11% 16.64% 10.48% 19.89% 7.23% 9.50% 12,720 11,669 11,995 10,953
Last 3 Years 38.93% 25.08% 13.85% 30.15% 8.79% 20.58% 26,818 19,570 22,045 17,532
Last 5 Years 18.59% 14.36% 4.23% 13.06% 5.53% 11.83% 23,468 19,569 18,478 17,495
Last 7 Years 16.21% 12.37% 3.84% 11.61% 4.60% 13.24% 28,639 22,632 21,581 23,882
Last 10 Years 22.28% 13.42% 8.86% 14.21% 8.07% 14.79% 74,845 35,257 37,793 39,760
Scheme Inception date is 25/02/2008. Mr. Harish Krishnan has been managing the fund since 01/02/2015.

Scheme Returns (%) 19.38 19.33 21.37 28.21 32.75 36.09
Nifty Infrastructure (TRI) Returns (%) 12.54 12.85 15.67 19.50 19.36 24.40
Alpha* 6.84 6.48 5.70 8.72 13.38 11.69
Nifty Infrastructure (TRI) (Rs)# 25,79,018 23,44,120 14,68,184 9,74,704 4,78,288 1,35,234
India Infrastructure Index Returns (%) 13.09 13.37 15.94 21.10 23.77 31.12
Alpha* 6.29 5.96 5.43 7.11 8.98 4.97
India Infrastructure Index (Rs)# 26,61,320 24,10,615 14,82,244 10,13,415 5,08,407 1,39,266
Nifty 50 (TRI) (Rs)^ 27,25,437 24,26,957 13,98,760 8,82,928 4,39,508 1,28,539
and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark Alpha is difference of scheme return with benchmark return. *All
payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available.
Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer.
122
KOTAK BLUECHIP FUND
Large cap fund - An open-ended equity scheme predominantly investing in large cap stocks
PERFORMANCE
Kotak Bluechip Fund Nifty 100 TRI # (Tier ALPHA ALPHA S&P BSE SENSEX Kotak Bluechip Fund - Nifty 100 TRI # (Tier Nifty 50 TRI # (Tier S&P BSE
Jan 01, 2013 Nifty 50 TRI # (Tier 2)
- Direct Plan - Growth 1) (Tier 1) (Tier 2) TRI ## Direct Plan - Growth 1) 2) SENSEX TRI ##
Since Inception 14.50% 13.12% 1.39% 13.02% 1.48% 13.38% 42,415 37,245 36,916 38,180
Last 1 Year 11.77% 7.03% 4.74% 9.50% 2.27% 10.31% 11,180 10,705 10,953 11,034
Last 3 Years 21.70% 20.03% 1.68% 20.58% 1.12% 20.30% 18,026 17,292 17,532 17,410
Last 5 Years 13.10% 11.12% 1.98% 11.83% 1.27% 12.24% 18,516 16,948 17,495 17,823
Last 7 Years 13.40% 12.79% 0.60% 13.24% 0.16% 13.85% 24,118 23,232 23,882 24,806
Last 10 Years 16.93% 15.04% 1.90% 14.79% 2.15% 14.75% 47,856 40,627 39,760 39,643
Since inception date of Kotak Bluechip Fund - Reg Plan Growth option is 04/02/2003. Mr. Harish Krishnan has been managing the fund since 01/01/2014
Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available.
Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.
TRI - Total Return Index, In terms of SEBI circular dated January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI).
Scheme Inception date of Kotak Bluechip Fund is 29/12/1998. Alpha is difference of scheme return with benchmark return.

Scheme Returns (%) 14.67 14.58 15.14 16.94 14.68 17.34
Alpha* 1.36 1.35 1.48 2.14 2.14 4.83
Nifty 100 (TRI) (Rs)# 26,95,451 23,92,716 13,66,261 8,68,998 4,34,002 1,27,936
Alpha* 1.17 1.08 0.82 1.49 1.27 3.86
Nifty 50 (TRI) (Rs)# 27,25,437 24,26,957 13,98,760 8,82,928 4,39,508 1,28,539
S&P BSE SENSEX (TRI) (Rs)^ 27,71,869 24,65,392 14,19,599 8,84,530 4,40,100 1,28,491
S&P BSE SENSEX (TRI) Returns (%) 13.80 13.79 14.73 15.53 13.50 13.40
and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark. TRI – Total Return Index, In terms of SEBI circular dated January
scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. Alpha is
difference of scheme return with benchmark return.
123
KOTAK FOCUSED EQUITY FUND
An open ended equity scheme investing in maximum 30 stocks in large-cap, mid-cap and small-cap category
PERFORMANCE
Kotak Focused Equity Kotak Focused Equity
Nifty 500 TRI # (Tier ALPHA Nifty 200 TRI # (Tier ALPHA Nifty 500 TRI # (Tier Nifty 200 TRI #
Jul 16, 2019 Fund - Direct Plan - Nifty 50 TRI## Fund - Direct Plan - Nifty 50 TRI ##
1) (Tier 1) 2) (Tier 2) 1) (Tier 2)
Growth Growth
Since Inception 17.58% 16.22% 1.36% 15.12% 2.46% 14.29% 19,513 18,601 17,881 17,357
Last 1 Year 11.73% 11.39% 0.34% 9.40% 2.33% 9.50% 11,176 11,142 10,943 10,953
Last 3 Years 23.31% 23.10% 0.21% 21.79% 1.52% 20.58% 18,752 18,655 18,065 17,532
Last 5 Years NA NA NA NA NA NA NA NA NA NA
Scheme Inception date is 16/07/2019. Ms. Shibani Kurian has been managing the fund since 16/07/2019.
Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available.
Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.

Total amount invested (Rs) 5,00,000 NA NA NA 3,60,000 1,20,000
Total Value as on August 31, 2023 (Rs) 7,28,179 NA NA NA 4,52,626 1,31,266
Scheme Returns (%) 18.25 NA NA NA 15.46 17.89
Nifty 500 TRI (%) 18.73 NA NA NA 15.83 19.72
Alpha* -0.47 NA NA NA -0.37 -1.83
Nifty 500 TRI (Rs)# 7,35,060 NA NA NA 4,55,033 1,32,386
Nifty 200 (TRI) Returns (%) 17.37 NA NA NA 14.44 16.46
Alpha* 0.89 NA NA NA 1.02 1.43
Nifty 200 (TRI) (Rs)# 7,15,397 NA NA NA 4,46,092 1,30,387
Nifty 50 (TRI) (Rs)^ 7,00,929 NA NA NA 4,39,508 1,28,539
Scheme Inception : - July 16,2019. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and
taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI - Total Return Index, In terms of SEBI circular dated January 4,
2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). The debt component of the index is TRI since inception.
Alpha is difference of scheme return with benchmark return. *All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available.
124
KOTAK TAX SAVER FUND
An open-ended equity linked saving scheme with a statutory lock in of 3 years and tax benefits
PERFORMANCE
Kotak Tax Saver Fund - Kotak Tax Saver Fund -
Jan 01, 2013 Nifty 500 TRI # ALPHA Nifty 50 TRI ## Nifty 500 TRI # Nifty 50 TRI ##
Since Inception 15.91% 13.86% 2.05% 13.02% 48,336 39,951 36,916
Last 1 Year 16.99% 11.39% 5.60% 9.50% 11,704 11,142 10,953
Last 3 Years 26.46% 23.10% 3.35% 20.58% 20,222 18,655 17,532
Last 5 Years 15.68% 12.33% 3.34% 11.83% 20,719 17,893 17,495
Last 7 Years 15.40% 13.64% 1.77% 13.24% 27,268 24,477 23,882
Last 10 Years 19.61% 16.31% 3.30% 14.79% 60,042 45,362 39,760
Scheme Inception date is 23/11/2005. Mr. Harsha Upadhyaya has been managing the fund since 25/08/2015

Scheme Returns (%) 17.03 17.01 17.52 20.23 19.46 23.75
Alpha* 2.56 2.57 2.34 2.85 3.63 4.03
Nifty 500 (TRI) (Rs)# 28,82,833 25,51,246 14,42,689 9,25,642 4,55,033 1,32,386
Nifty 50 (TRI) (Rs)^ 27,25,437 24,26,957 13,98,760 8,82,928 4,39,508 1,28,539
and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark. TRI – Total Return Index, In terms of SEBI circular dated January
125
KOTAK EQUITY HYBRID FUND
An open-ended hybrid scheme investing predominantly in equity and equity related instruments
PERFORMANCE
Kotak Equity Hybrid NIFTY 50 Hybrid Composite NIFTY 50 Hybrid Composite Debt
Nov 05, 2014 ALPHA Nifty 50 TRI ## Kotak Equity Hybrid Fund - Growth Nifty 50 TRI ##
Fund - Growth Debt 65:35 Index # 65:35 Index #
Since Inception 13.03% 10.44% 2.59% 11.31% 29,464 24,013 25,737
Last 1 Year 13.49% 8.67% 4.81% 9.50% 11,353 10,870 10,953
Last 3 Years 23.16% 15.22% 7.94% 20.58% 18,680 15,296 17,532
Last 5 Years 14.63% 10.99% 3.64% 11.83% 19,800 16,849 17,495
Last 7 Years 13.54% 11.47% 2.07% 13.24% 24,336 21,393 23,882
Scheme Inception date is 25/11/1999 and Kotak Equity Hybrid Fund - Regular plan growth option inception date is 3rd November 2014. Mr. Abhishek Bisen has been managing the fund since 15/04/2008. Mr. Pankaj Tibrewal has been managing the fund since 25/08/2015.

Total amount invested (Rs) 10,60,000 NA 8,40,000 6,00,000 3,60,000 1,20,000
Total Value as on August 31, 2023 (Rs) 20,85,450 NA 14,70,580 9,46,481 4,59,545 1,32,425
Scheme Returns (%) 14.81 NA 15.72 18.29 16.53 19.78
NIFTY 50 Hybrid Composite Debt 65:35 Index Returns (%) 11.72 NA 12.08 12.62 10.64 11.49
Alpha* 3.09 NA 3.64 5.67 5.89 8.30
NIFTY 50 Hybrid Composite Debt 65:35 Index (Rs)# 18,07,285 NA 12,91,508 8,23,380 4,22,220 1,27,296
Nifty 50 (TRI) (Rs)^ 19,71,102 NA 13,99,101 8,83,347 4,39,482 1,28,539
Nifty 50 (TRI) Returns (%) 13.59 NA 14.32 15.47 13.41 13.48
Scheme Inception : - November 03, 2014. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows
126
KOTAK MULTI ASSET ALLOCATOR FUND OF FUND - DYNAMIC
An open ended fund of fund scheme investing in units of Kotak Mahindra Mutual Fund schemes & ETFs / Index schemes
(Domestic & Offshore Funds including Gold ETFs schemes).
PERFORMANCE
Kotak Multi Asset Allocator 90% Nifty 50 Hybrid Composite Debt 50:50 90% Nifty 50 Hybrid Composite Debt 50:50
Kotak Multi Asset Allocator Fund
Jan 01, 2013 Fund of Fund - Dynamic - Index + 5% price of Physical Gold +5 % ALPHA Nifty 50 TRI ## Index + 5% price of Physical Gold +5 % MSCI Nifty 50 TRI ##
of Fund - Dynamic - Growth
Growth MSCI World Index # World Index #
Since Inception 15.37% 10.90% 4.47% 13.02% 45,970 30,157 36,916
Last 1 Year 20.68% 9.26% 11.42% 9.50% 12,074 10,928 10,953
Last 3 Years 21.98% 12.61% 9.37% 20.58% 18,149 14,278 17,532
Last 5 Years 17.70% 10.91% 6.79% 11.83% 22,603 16,789 17,495
Last 7 Years 15.13% 10.84% 4.29% 13.24% 26,814 20,557 23,882
Last 10 Years 17.89% 11.80% 6.09% 14.79% 51,938 30,534 39,760
Scheme Inception date is 09/08/2004. Mr. Devender Singhal & Mr. Arjun Khanna has been managing the fund since 09/05/2019. Mr. Abhishek Bisen has been managing the fund since 15/11/2021.

Scheme Returns (%) 16.20 16.18 17.60 20.02 19.12 23.70
90% Nifty 50 Hybrid Composite Debt 50:50 Index + 5% price
11.09 11.09 11.33 11.60 9.64 11.31
of Physical Gold +5 % MSCI World Index (%)
Alpha* 5.11 5.09 6.27 8.41 9.48 12.39
23,73,096 21,34,465 12,57,512 8,02,887 4,16,069 1,27,188
of Physical Gold +5 % MSCI World Index (Rs)#
Nifty 50 TRI (Rs)^ 27,25,048 24,26,466 13,99,101 8,83,347 4,39,482 1,28,539
Nifty 50 TRI Returns (%) 13.50 13.50 14.32 15.47 13.41 13.48
Scheme Inception : - January 09,2013. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows
4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). The debt component of the index is TRI since inception.
127
KOTAK MULTICAP FUND
An open ended equity scheme investing across large cap, mid cap, small cap stocks
PERFORMANCE
Kotak Multicap Fund - Direct Nifty 500 Multicap 50:25:25 Kotak Multicap Fund - Nifty 500 Multicap
Sep 29, 2021 ALPHA Nifty 50 TRI ## Nifty 50 TRI ##
Plan - Growth TRI # Direct Plan - Growth 50:25:25 TRI #
Since Inception 14.99% 10.15% 4.83% 5.75% 13,076 12,041 11,134
Last 1 Year 24.81% 16.83% 7.99% 9.50% 12,489 11,688 10,953
Scheme Inception date is 29/09/2021. Mr. Harsha Upadhyaya, Mr. Devender Singhal & Mr. Abhishek Bisen has been managing the fund since 29/09/2021.

Total amount invested (Rs) 2,40,000 NA NA NA NA 1,20,000
Total Value as on August 31, 2023 (Rs) 3,04,638 NA NA NA NA 1,42,474
Scheme Returns (%) 24.94 NA NA NA NA 36.54
NIFTY500 MULTICAP 50:25:25 TRI (%) 17.36 NA NA NA NA 28.67
Alpha* 7.58 NA NA NA NA 7.87
NIFTY500 MULTICAP 50:25:25 TRI (Rs)# 2,84,430 NA NA NA NA 1,37,803
Nifty 50 (Rs)^ 2,65,562 NA NA NA NA 1,28,539
Nifty 50 (%) 10.11 NA NA NA NA 13.48
128
KOTAK DEBT HYBRID FUND
An open-ended hybrid scheme investing predominantly in debt instruments
PERFORMANCE
CRISIL Hybrid 85+15 - CRISIL 10 Year Gilt Kotak Debt Hybrid Fund - CRISIL Hybrid 85+15 -
Jan 01, 2013 Kotak Debt Hybrid Fund - Growth ALPHA CRISIL 10 Year Gilt ##
Conservative Index # ## Growth Conservative Index #
Since Inception 10.71% 8.92% 1.78% 6.31% 29,595 24,888 19,203
Last 1 Year 10.38% 7.39% 2.99% 6.88% 11,040 10,741 10,689
Last 3 Years 12.75% 7.45% 5.30% 3.70% 14,335 12,405 11,151
Last 5 Years 10.98% 8.67% 2.31% 6.70% 16,839 15,159 13,834
Last 7 Years 10.02% 8.15% 1.87% 5.49% 19,523 17,311 14,541
Last 10 Years 11.84% 9.72% 2.12% 6.77% 30,632 25,300 19,255
Scheme Inception date is 02/12/2003. Mr. Abhishek Bisen has been managing the fund since 01/04/2008. Mr. Devender Singhal has been managing the fund since 25/08/2015.
Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark
The performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark. Alpha is difference of scheme return with benchmark return.
KOTAK DYNAMIC BOND FUND

An open ended dynamic debt scheme investing across duration. A relatively high interest rate risk and moderate credit risk.
PERFORMANCE
Kotak Dynamic Bond NIFTY Composite Kotak Dynamic Bond
NIFTY Composite Debt ALPHA ALPHA NIFTY Composite Debt NIFTY Composite CRISIL 10 Year Gilt
Jan 01, 2013 Fund - Direct Plan - Debt Index # CRISIL 10 Year Gilt ## Fund - Direct Plan -
Index B-III # (Tier 1) (Tier 1) (Tier 2) Index B-III # (Tier 1) Debt Index # (Tier 2) ##
Growth (Tier 2) Growth
Since Inception 8.74% 8.00% 0.74% 7.77% 0.96% 6.31% 24,440 22,728 22,227 19,203
Last 1 Year 6.70% 7.39% -0.68% 6.77% -0.07% 6.88% 10,672 10,741 10,679 10,689
Last 3 Years 5.63% 6.32% -0.70% 5.21% 0.41% 3.70% 11,784 12,020 11,647 11,151
Last 5 Years 8.13% 7.90% 0.23% 7.88% 0.25% 6.70% 14,782 14,627 14,613 13,834
Last 7 Years 7.77% 7.19% 0.57% 6.98% 0.79% 5.49% 16,883 16,263 16,039 14,541
Last 10 Years 8.83% 8.48% 0.35% 8.29% 0.54% 6.77% 23,317 22,586 22,181 19,255
Scheme Inception date is 26/05/2008. Mr. Deepak Agrawal has been managing the fund since 25/11/2012 & Mr. Abhishek Bisen has been managing the fund since 01/11/2022
129
KOTAK EQUITY SAVINGS FUND
An open-ended scheme investing in equity, arbitrage and debt
PERFORMANCE
75% NIFTY 50 75% NIFTY 50 ARBITRAGE
Kotak Equity Savings NIFTY Equity ALPHA ALPHA CRISIL 10 Year Kotak Equity Savings Fund - NIFTY Equity CRISIL 10 Year
Oct 13, 2014 ARBITRAGE + 25% Nifty + 25% Nifty 50 TRI #
Fund - Growth Savings # (Tier 1) (Tier 1) (Tier 2) Gilt ## Growth Savings # (Tier 1) Gilt ##
50 TRI # (Tier 2) (Tier 2)
Since Inception 9.58% 8.66% 0.92% 7.24% 2.34% 6.79% 22,541 20,915 18,611 17,932
Last 1 Year 11.22% 7.77% 3.45% 7.73% 3.49% 6.88% 11,125 10,779 10,775 10,689
Last 3 Years 12.30% 10.50% 1.80% 8.81% 3.49% 3.70% 14,162 13,493 12,883 11,151
Last 5 Years 9.50% 8.48% 1.02% 6.96% 2.54% 6.70% 15,747 15,025 14,001 13,834
Last 7 Years 9.65% 8.81% 0.84% 7.16% 2.49% 5.49% 19,063 18,065 16,230 14,541
Scheme Inception date is 13/10/2014. Mr. Devender Singhal has been managing the fund since 01/04/2021. Mr. Abhishek Bisen has been managing the fund since 17/09/2014. Mr. Hiten Shah has been managing the fund since 03/10/2019.Different plans have different expense
structure. The performance details provided herein are of direct plan

Total amount invested (Rs) 10,70,000 NA 8,40,000 6,00,000 3,60,000 1,20,000
Total Value as on August 31, 2023 (Rs) 16,90,228 NA 12,11,391 7,91,876 4,24,170 1,28,114
Scheme Returns (%) 9.97 NA 10.29 11.05 10.96 12.80
Nifty Equity Savings Index (%) 8.92 NA 9.04 9.25 8.30 9.49
Alpha* 1.05 NA 1.24 1.80 2.66 3.31
Nifty Equity Savings Index (Rs)# 16,09,726 NA 11,58,768 7,57,225 4,07,935 1,26,045
75% NIFTY 50 ARBITRAGE + 25% Nifty 50 Returns (%) 7.34 NA 7.45 7.73 7.62 9.17
Alpha* 2.62 NA 2.84 3.32 3.34 3.63
75% NIFTY 50 ARBITRAGE + 25% Nifty 50 (Rs)# 14,96,388 NA 10,94,732 7,28,996 4,03,888 1,25,843
CRISIL 10 Year Gilt Index (Rs)^ 13,80,948 NA 10,08,742 6,77,620 3,84,181 1,25,136
CRISIL 10 Year Gilt Index (%) 5.60 NA 5.15 4.81 4.27 8.05
Scheme Inception : - October 13, 2014. The returns are calculated by XIRR approach assuming investment of 10,000/- on the 1st working day of every ` month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows
and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark Alpha is difference of scheme return with benchmark return. *All
payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/-
investment made at inception. Source: ICRA MFI Explorer.
130
KOTAK MANUFACTURE IN INDIA FUND
An open ended equity scheme following manufacturing theme
PERFORMANCE
Kotak Manufacture In India Fund- Direct Nifty India Manufacturing Kotak Manufacture In India Fund-
Feb 22, 2022 ALPHA Nifty 50 TRI ## Nifty India Manufacturing TRI # Nifty 50 TRI ##
Plan - Growth TRI # Direct Plan - Growth
Since Inception 21.83% 17.96% 3.87% 9.56% 13,502 12,855 11,490
Last 1 Year 17.70% 16.45% 1.25% 9.50% 11,776 11,650 10,953
Scheme Inception date is 22/02/2022. Mr. Harish Krishnan & Mr. Abhishek Bisen has been managing the fund since 22/02/2022.

NIFTY INDIA MANUFACTURING TRI (%) 23.26 NA NA NA NA 29.32
NIFTY INDIA MANUFACTURING TRI (Rs)# 2,26,919 NA NA NA NA 1,38,189
Nifty 50 (%) 12.62 NA NA NA NA 13.48
Scheme Inception : - February 22,2022. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows
131
KOTAK PIONEER FUND
Thematic - An open ended equity scheme investing in pioneering innovations theme.
PERFORMANCE
Kotak Pioneer Fund - Direct 85% Nifty 500 TRI + 15% MSCI ACWI Kotak Pioneer Fund - Direct 85% Nifty 500 TRI + 15% MSCI ACWI
Oct 31, 2019 ALPHA Nifty 50 TRI ## Nifty 50 TRI ##
Plan - Growth Information Technology Index TRI # Plan - Growth Information Technology Index TRI #
Since Inception 23.46% 18.37% 5.09% 14.74% 22,443 19,094 16,946
Last 1 Year 19.08% 14.55% 4.53% 9.50% 11,914 11,459 10,953
Last 3 Years 25.49% 22.23% 3.26% 20.58% 19,761 18,260 17,532
Scheme Inception date is 31/10/2019. Mr. Harish Krishnan & Mr. Arjun Khanna has been managing the fund since 31/10/2019.

Total amount invested (Rs) 4,70,000 NA NA NA 3,60,000 1,20,000
Total Value as on August 31, 2023 (Rs) 7,34,928 NA NA NA 4,76,007 1,40,764
Scheme Returns (%) 23.38 NA NA NA 19.03 33.65
85% Nifty 500 TRI + 15% MSCI ACWI Information
19.18 NA NA NA 16.11 23.24
Technology Index
Alpha* 4.19 NA NA NA 2.92 10.40
85% Nifty 500 TRI + 15% MSCI ACWI Information
6,80,193 NA NA NA 4,56,813 1,34,531
Technology Index (Rs)#
Nifty 50 (TRI) (Rs)^ 6,45,588 NA NA NA 4,39,482 1,28,539
Scheme Inception : - October 31, 2019. The returns are calculated by XIRR approach assuming investment of `10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows
4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). The debt component of the index is TRI since inception. Alpha is difference of scheme return with benchmark return. *All payouts
during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). N.A stands for data not available.
132
KOTAK ESG OPPORTUNITIES FUND
An open-ended Equity Scheme following Environment, Social and Governance (ESG) theme
PERFORMANCE
Kotak ESG Opportunities Fund - Nifty 100 ESG Index TRI Kotak ESG Opportunities Fund - Direct Nifty 100 ESG Index
Dec 11, 2020 ALPHA Nifty 50 TRI ## Nifty 50 TRI ##
Direct Plan - Growth # Plan - Growth TRI #
Since Inception 12.04% 13.91% -1.87% 15.32% 13,625 14,253 14,737
Last 1 Year 13.27% 5.37% 7.89% 9.50% 11,331 10,539 10,953

Nifty 100 ESG (%) 8.83 NA NA NA NA 12.88
Nifty 100 ESG (Rs)# 3,72,752 NA NA NA NA 1,28,168
Nifty 50 (%) 11.68 NA NA NA NA 13.48
Scheme Inception : - December 11,2020. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and
outflows and taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI - Total Return Index, In terms of SEBI circular dated
January 4, 2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). The debt component of the index is TRI since inception.
133
PERFORMANCE
Kotak Multi Asset Allocator 90% Nifty 50 Hybrid Composite Debt 50:50 90% Nifty 50 Hybrid Composite Debt 50:50
Kotak Multi Asset Allocator Fund
Aug 09, 2004 Fund of Fund - Dynamic - Index + 5% price of Physical Gold +5 % ALPHA Nifty 50 TRI ## Index + 5% price of Physical Gold +5 % MSCI Nifty 50 TRI ##
of Fund - Dynamic - Growth
Growth MSCI World Index # World Index #
Since Inception 15.99% 11.40% 4.59% 15.23% 1,69,369 78,392 1,49,397
Last 1 Year 19.72% 9.26% 10.46% 9.50% 11,978 10,928 10,953
Last 3 Years 21.04% 12.61% 8.43% 20.58% 17,732 14,278 17,532
Last 5 Years 16.88% 10.91% 5.97% 11.83% 21,822 16,789 17,495
Last 7 Years 14.26% 10.84% 3.43% 13.24% 25,442 20,557 23,882
Last 10 Years 17.20% 11.80% 5.40% 14.79% 48,966 30,534 39,760
Scheme Inception date is 09/08/2004. Mr. Devender Singhal & Mr. Arjun Khanna has been managing the fund since 09/05/2019. Mr. Abhishek Bisen has been managing the fund since 15/11/2021.
Different plans have different expense structure. The performance details provided herein are of regular plan

Total Value as on August 31, 2023 (Rs) 1,02,30,214 26,86,702 15,25,982 9,66,455 4,70,290 1,34,226
Scheme Returns (%) 13.93 15.40 16.76 19.15 18.17 22.74
NA 11.09 11.33 11.60 9.64 11.31
of Physical Gold +5 % MSCI World Index (%)
Alpha* NA 4.31 5.42 7.55 8.53 11.43
NA 21,34,465 12,57,512 8,02,887 4,16,069 1,27,188
of Physical Gold +5 % MSCI World Index (Rs)#
Nifty 50 TRI (Rs)^ 90,99,954 24,26,466 13,99,101 8,83,347 4,39,482 1,28,539
Nifty 50 TRI Returns (%) 12.92 13.50 14.32 15.47 13.41 13.48
Scheme Inception : - August 09,2004. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows
134
KOTAK GLOBAL INNOVATION FUND OF FUND
An open ended fund of fund investing in units of Wellington Global Innovation Fund or any other similar overseas mutual fund schemes/ETFs
PERFORMANCE
Kotak Global Innovation Fund of MSCI All Country World Kotak Global Innovation Fund MSCI All Country World Index
Jul 29, 2021 ALPHA Nifty 50 TRI ## Nifty 50 TRI ##
Fund - Growth Index TRI # of Fund - Growth TRI #
Since Inception -7.92% 4.06% -11.98% 11.31% 8,416 10,868 12,510
Last 1 Year 19.87% 17.98% 1.89% 9.50% 11,993 11,804 10,953
Scheme Inception date is 29/07/2021. Mr. Arjun Khanna has been managing the fund since 29/07/2021.

MSCI AC World TRI (%) 9.36 NA NA NA NA 20.42
Alpha* -4.22 NA NA NA NA 6.07
MSCI AC World TRI (Rs)# 2,87,848 NA NA NA NA 1,32,812
Nifty 50 TRI (Rs)^ 2,90,519 NA NA NA NA 1,28,519
Nifty 50 TRI (%) 10.24 NA NA NA NA 13.45
Scheme Inception : - July 22,2021. The returns are calculated by XIRR approach assuming investment of Rs. 10,000/- on the 1st working day of every month. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and
taking the time of investment into consideration. Since inception returns are assumed to be starting from the beginning of the subsequent month from the date of inception. # Benchmark ; ^ Additional Benchmark TRI - Total Return Index, In terms of SEBI circular dated January 4,
2018, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). The debt component of the index is TRI since inception.
135
KOTAK BUSINESS CYCLE FUND
An open ended equity scheme following business cycles based investing theme
PERFORMANCE
Kotak Business Cycle Fund - Kotak Business Cycle Fund -

Sep 28, 2022 Nifty 500 TRI # ALPHA Nifty 50 TRI ## Nifty 500 TRI # Nifty 50 TRI ##
Since Inception
16.68% 18.15% -1.47% 16.66% 11,531 11,664 11,529
(simple annualized)
Last 6 Months
35.22% 34.36% 0.86% 24.10% 11,643 11,606 11,150
(simple annualized)
Scheme Inception date is 28/9/2022. Mr. Pankaj Tibrewal & Mr. Abhishek Bisen have been managing the fund since 28/9/2022.
Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Simple annualized returns have been provided as per the extant guidelines since the scheme has completed 6 months
but not 1 year. N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.
KOTAK BANKING & FINANCIAL SERVICES FUND

An open ended equity scheme investing in the Banking and Financial Services sectors
PERFORMANCE
Kotak Banking & Financial Kotak Banking & Financial
Feb 27, 2023 Services Fund - Direct Plan - Nifty Financial Services TRI # ALPHA Nifty 50 TRI ## Services Fund - Direct Plan - Nifty Financial Services TRI # Nifty 50 TRI ##
Growth Growth
Since Inception
28.27% 19.45% 8.83% 22.84% 11,345 10,942 11,099
(simple annualized)
Last 6 Months
28.43% 19.69% 8.73% 24.10% 11,344 10,949 11,150
(simple annualized)
Scheme Inception date is 27/2/2023. Ms. Shibani Kurian, Mr. Abhishek Bisen & Mr. Arjun Khanna have been managing the fund since 27/2/2023.
Past performance may or may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Simple annualized returns have been provided as per the extant guidelines since the scheme has completed 6 months
but not 1 year. N.A stands for data not available. Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer. # Name of Scheme Benchmark. ## Name of Additional Benchmark.
136
KOTAK TAX SAVER FUND
An open-ended equity linked saving scheme with a statutory lock in of 3 years and tax benefits
The above risk-o—meter is based on the scheme portfolio as on 31st August 2023. An addendum may be issued or updated on the website for new riskometer.
KOTAK FLEXICAP FUND

Flexicap fund - An open-ended dynamic equity scheme investing across large cap, mid cap, small cap stocks
137
KOTAK MANUFACTURE IN INDIA FUND
An open ended equity scheme following manufacturing theme
KOTAK BALANCED ADVANTAGE FUND

An open ended dynamic asset allocation fund
138
KOTAK MULTICAP FUND
An open ended equity scheme investing across large cap, mid cap, small cap stocks
KOTAK EQUITY OPPORTUNITIES FUND

Large & mid cap fund - An open-ended equity scheme investing in both large cap and mid cap stocks
139
KOTAK SMALL CAP FUND
Small cap fund - An open-ended equity scheme predominantly investing in small cap stocks

140
KOTAK INDIA EQ CONTRA FUND
An open-ended equity scheme following contrarian investment strategy
KOTAK FOCUSED EQUITY FUND

An open ended equity scheme investing in maximum 30 stocks in large-cap, mid-cap and small-cap category
141
KOTAK EMERGING EQUITY FUND
Mid cap fund - An open-ended equity scheme predominantly investing in mid cap stocks
KOTAK EQUITY HYBRID FUND

An open-ended hybrid scheme investing predominantly in equity and equity related instruments
142
KOTAK ESG OPPORTUNITIES FUND
An open-ended Equity Scheme following Environment, Social and Governance (ESG) theme
KOTAK INFRASTRUCTURE & ECONOMIC REFORM FUND

An open ended equity scheme following infrastructure & Economic Reform theme
143
KOTAK BLUECHIP FUND
Large cap fund - An open-ended equity scheme predominantly investing in large cap stocks
KOTAK PIONEER FUND

Thematic - An open ended equity scheme investing in pioneering innovations theme.
144
KOTAK DYNAMIC BOND FUND
An open ended dynamic debt scheme investing across duration. A relatively high interest rate risk and moderate credit risk.
145
KOTAK DEBT HYBRID FUND
An open-ended hybrid scheme investing predominantly in debt instruments
KOTAK EQUITY SAVINGS FUND

An open-ended scheme investing in equity, arbitrage and debt
146
KOTAK GLOBAL INNOVATION FUND OF FUND
An open ended fund of fund investing in units of Wellington Global Innovation Fund or any other similar overseas mutual
fund schemes/ETFs
KOTAK BUSINESS CYCLE FUND

An open ended equity scheme following business cycles based investing theme
The above risk-o—meter is based on the scheme portfolio as on 31st August 2023. An addendum may be issued or updated on the website for new riskometer. 147
KOTAK BANKING & FINANCIAL SERVICES FUND
An open ended equity scheme investing in the Banking and Financial Services sectors
KOTAK MULTI ASSET ALLOCATION FUND

An Open Ended Scheme investing in Equity, Debt & Money Market Instruments, Commodity ETFs and Exchange Traded Commodity
Derivatives.
(The product labelling assigned during the New Fund Offer is based on internal assessment of the Scheme Characteristics or model portfolio and the same may vary post NFO
when actual investments are made) 148
Disclaimers & Risk Factors
The document/video includes statements/opinions which contain words or phrases such as "will" , "believe", "expect" and similar
expressions or variations of such expressions, that are forward looking statements. Actual results may differ materially from those
suggested by the forward looking statements due to risk or uncertainties associated with the statements mentioned with respect to but
not limited to exposure to market risks, general and exposure to market risks, general economic and political conditions in India and other
countries globally, which have an impact on our services and/or investments, the monetary and interest policies of India, inflation,
deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices etc.
The information contained in this (document) is extracted from different public sources. All reasonable care has been taken to ensure
that the information contained herein is not misleading or untrue at the time of publication. This is for the information of the person to
whom it is provided without any liability whatsoever on the part of Kotak Mahindra Asset Management Co Ltd or any associated
companies or any employee thereof.We are not soliciting any action based on this material and is for general information only. Investors
should consult their financial advisors if in doubt about whether the product is suitable for them before investing.
The views expressed in this presentation are subject to change at any time based on market and other conditions. This is not an offer or
solicitation for the purchase or sale of any security and should not be construed as such. References to specific securities and issuers
are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such
securities.
These materials are not intended for distribution to or use by any person in any jurisdiction where such distribution would be contrary to
local law or regulation. The distribution of this document in certain jurisdictions may be restricted or totally prohibited and accordingly,
persons who come into possession of this document are required to inform themselves about, and to observe, any such restrictions.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
149
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Stay Safe, Stay Healthy and Stay Invested
150

Equity Debt Market Outlook

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M September 2023

Source: Bloomberg, Nuvama Research 5

Source: Motilal Oswal 6

CPI YoY Change (%)

Source: Bloomberg, KMAMC Internal

FED Balance sheet as a % GDP

Net % FMS Overweight Equities – Net % FMS Overweight Cash

Source: BofA Global Fund Manager Survey 10

China’s Debt Ratio At Record Highs China’s Exports to Certain Countries

South Korea (17.9)

Source: Bloomberg, Source: China’s Customs General Administration, YES Sec 11

Source: State Administration of Foreign Exchange (SAFE) 12

8.2 Fed Has added $ ~4.8 Tn, and

Excluding The Lagged Shelter Data, Inflation Has Suddenly Disappeared

YoY Change In CPI Less Shelter, U.S. City Average

Source: Bloomberg, Nuvama Research 16

Consumer Price Index Y-o-Y Percent Change

Note: Monthly Data: Seasonally Adjusted

Source: US Bureau of Labor Statistic 17

Source: St. Louis Fed Economic Data, Nuvama Research 18

Source: Bloomberg, Nuvama Research 19

Debt/Loans Trillion($) Average Interest Rates

Household Debt 17.1 Credit Card 25%

Auto Loans 1.6

Credit Card Debt 1.0 Mortgage Rates 7%

Source: The Kobeissi Letter 20

GS Housing Affordability Index US Home Mortgage Applications

Source: Goldman Sachs, BoFa Research 21

Source: Robert Shiller Online Data, Bloomberg, Nuvama Research 22

Source: NY Fed / Bloomberg

Source: The Kobeissi Letter, Hedgeye 24

Year-on-Year GDP Growth (%) Breakdown Of April-June GDP Data

0 Financial, Real Estate, Professional Services 12.2 7.1

Public Administration, Defence, Other

Source: CMIE, MosPi, Money Control, Data as of 31st August 2023 26

Moody's raises India's GDP forecast to 6.7% for 2023

India’s Manufacturing PMI rises to 3 month high of 58.6

Retail inflation surges to 7.44% in July , a 15-month high

Source: Reuters.com, cnbctv18.com, moneycontrol.com, business-standard.com 28

Rural recovery under clouds IT sector hiring expected to go down

Jefferies Economic Indicator (JEI) Power Demand in India

Source: Jefferies, Bloomberg 30

GST Collections (Rs. Lakh Cr)

Source: CMIE, RBI, IIFL Research 32

Source: CEIC, Standard Chartered Research, CMIE, INCRED RESEARCH 33

Source: CMIE, IIFL Research 35

Source: IIFL , HH=House hold 36

Banking sector soundness indicators have seen broad-based improvement

Source: CMIE, IIFL Research 38

SOURCE: MINISTRY OF COMMERCE AND INDUSTRY, INCRED RESEARCH 39

Rainfall in August has brought the overall, national deficit to be 10%

Source: CMIE, IIFL Research. 43

Source: MNREGA, IIFL Research 44

US Strategic Petroleum Reserves (SPR)

Source: Kobeissi Letter 47

European Union 18 22 4 Ageing economy

China 19 31 12 Geo-Politics to determine growth

Japan 4 6 2 Ageing economy

India adds an India; as much as

United Kingdom 3 5 2 Brexit, energy crisis