US BLUECHIP EQUITY FUND
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1 NFO Period: June 18, 2012 to July 02, 2012 Introducing US BLUECHIP EQUITY FUND An Open Ended Equity Scheme
2 Contents 1 Why investing in US is a big opportunity? 2 Why invest now in US? 3 Presenting ICICI Prudential US Bluechip Equity Fund 2
3 Why investing in US is a big opportunity? 3
4 I. Access to established Industries and Global Leaders that may not be available in India Industries: Defense / Aerospac Semiconducto Internet and Ecommerce Services Global Leaders: Some of the world s biggest public companies are from USA Source: Forbes 2012, Global 2000, world s biggest public companies Listed companies in the US represent 62 different industries. Most of these industries are not available or poorly represented in the listed space in India. Source: Credit Suisse. Sectors and Industries forming part of S&P 500 Index 4
5 II. US offers Diversification Benefits Indian and US markets, signifying potential diversification benefits to Indian investors Correlation between Nifty and S&P 500 (Daily returns) 1 Year 3 Year 5 Year 10 Year Correlation the US equity market as compared to the Indian equity market in years of high volatility Source: Credit Suisse. Correlation is a statistical measure of how two securities/indices move in relation to each other. Data as on May 31, 2012 Performance of S&P500 in years of high volatility in Nifty Year Nifty S&P 500 (in USD terms) S&P 500 * (in INR terms) Relative Performance % % % 26.05% % -0.00% 18.70% 42.58% Only the years where NIfty has been most volatile in past 10 years are considered. In other years Nifty might have outperformed S&P 500. per the rate on the 1st day of 2008 & 2011 respectively and as per the last date of 2008 & 2011 respectively. Source: Bloomberg. Past performance may or may not be sustained in future. 5
6 III. Size, Scale and Depth USA has highest share of world s GDP & the world s largest Equity Market US % of the world s total market capitalisation. California - largest US state is as big as India in GDP terms India % of the world s total market capitalisation. With such size, scale and depth, the movement of US market to a great extent influences global markets. Source: International Monetary Fund, World Economic Outlook April 2012, Bloomberg. GDP is Gross Domestic Product. 6
7 IV. US A country of Global Brands US brands are a part of your daily life 10:00 PM 6:00AM 7:00PM Shopping Credit Card Entertainment Sports channel Daily Chores Toothpaste Shaving Cream 7:00AM Gym / Jog Running Shoes Track suit 2:00PM Presentation/Client Call Laptop Mobile Phone 1:00PM Lunch meeting Burger French Fries 9:00AM Daily update News paper Magazine 8:00AM Breakfast Cereal Juice 7
8 VI. Concluding points - Why invest in the US? depth and breadth of the market half of the MSCI World index 16 of the 20 largest companies in the world^ more investible companies than any other single country market diversification across industries innovative and entrepreneurial fewer challenges in the US than in other parts of the world, and solutions to key macroeconomic issues Source: Bloomberg, Data as on 03/06/12 ^Forming part of the MSCI World Index as on 31/05/2012 8
9 Why invest now in US? 9
10 I. Lead Economic Indicators positive 12% US Unemployment Rate 7000 Continuing Jobless claims(in 000s) 10% % 6% 4% 2% % 0 Mar-48 Mar-52 Mar-56 Mar-60 Mar-64 Mar-68 Mar-72 Mar-76 Mar-80 Mar-84 Mar-88 Mar-92 Mar-96 Mar-00 Mar-04 Mar-08 Mar-12 Mar-67 Mar-70 Mar-73 Mar-76 Mar-79 Mar-82 Mar-85 Mar-88 Mar-91 Mar-94 Mar-97 Mar-00 Mar-03 Mar-06 Mar-09 Mar-12 Unemployment rate fast falling from post crisis high ISM Manufacturing PMI Sep- 02 Mar- 03 Sep- 03 Mar- 04 Sep- 04 Mar- 05 Sep- 05 Mar- 06 Sep- 06 Mar- 07 Sep- 07 Mar- 08 Sep- 08 Mar- 09 Sep- 09 Mar- 10 Sep- 10 Mar- 11 Sep- 11 Mar- 12 A PMI (Purchasing Managers Index) reading of greater than 50 is indication of healthy growth in manufacturing business confidence Jobless claims already reaching pre-crisis levels CEO confidence index (range of 1 to 10) Sep-02 Mar -03 Sep-03 Mar -04 Sep-04 Mar -05 Sep-05 Mar -06 Sep-06 Mar -07 Sep-07 Mar -08 Sep-08 Mar -09 Sep-09 Mar -10 Sep-10 Mar -11 Sep-11 Mar -12 Confidence levels in the country is expected to soon reach pre-crisis levels Source: Bloomberg 10
11 II (a). Corporate America is Healthy S&P 500 use of free cash flow (% of total) 60 Russell 1000 announced and completed deals % of FCF 125% 100% 75% 50% 25% % Acquisitions Share Repurchases Dividends Source: Bank of America Merrill Lynch as of 09/11/11. Companies are redeploying cash, signaling confidence in the economy P Source: Mergerstat; Russell Investment Group; Bank of America; Merrill Lynch Small Cap Research as of 09/11. Merger & acquisition activity is healthy 11
12 II (b). Corporate America is Healthy companies have started to redeploy it 12
13 III. Triggers for structural growth in US (a) The Next Middle East US Natural Gas Prices are lowest on earth 18 Natural gas ( / MMBtu) 16 Japan Europe 10 8 UK 6 4 US 2 Jan-07 Nov-07 Sep-08 Jul-09 May-10 Mar-11 Jan-12 5,500 5,000 4,500 4,000 3,500 3,000 2,500 2,000 US Annual Crude Oil imports (mm barrels) Source: BofA Merrill Lynch Global Research, Bloomberg Source: EIA, BofA Merrill Lynch Global Research of the source for US manufacturers 13
14 III. Triggers for structural growth in US (b) A Manufacturing Powerhouse Global GDP comparisons (2010, nominal U.S.$, billions) 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 U.S. China Japan Germany France U. K. Italy Source: International Monetary Fund, BofA ML research. U.S. Mfg. India Canada Spain Mexico South Korea were a country 2010 and the 2008 crisis has helped realign labor costs 14
15 III. Triggers for structural growth in US (c) FDI destination 4.0 Foreign direct investment (stock), annual, France Germany Netherlands Russia UK U.S. 15
16 IV. US market is trading at a discount 29.0x P/E E arget 24.0x 19.0x 14.0x 9.0x 13.7x 13.0x 14.3x 4.0x 1/00 1/01 1/02 1/03 1/04 1/05 1/06 1/07 1/08 1/09 1/10 1/11 1/12 1/13. valuations debt Source: J.P. Morgan, FactSet, and Dataquery 16
17 V. Valuations are more attractive than in 2004 Stocks cheap Stocks expensive std dev -1 std dev /87 1/89 1/91 1/93 1/95 1/97 1/99 1/01 1/03 1/05 1/07 1/09 1/11 1/ standard average is even larger than in 2004 Source: J.P. Morgan, FactSet, and Dataquery 17
18 VI. A compelling long term investment opportunity US Large Cap Common Stock 10 Year Compounded Returns Annualized (1835 to 31/03/11) 25% bullish equity sentiment 20% 15% 10% 5% 0% bearish equity sentiment -5% strong performance and increased their equity allocation after 10 years of weak performance Source: Empirical Research and FactSet 18
19 VII. Resilience of US markets rewards long-term investors A look at historical events in the US equity market (S&P 500) between and the corresponding compounded return generated shows that: and financial crisis level issues Past performance may or may not be sustained in future. Source: Bloomberg 19
20 Presenting US Bluechip Equity Fund An Open Ended Equity Scheme 20
21 I. About the Scheme exchanges of the United States of America for research services on US stock selection 21
22 II. Stock Selection Process Broad universe of stocks listed on NYSE & Equity research from Morningstar Independent internal research (quantitative and qualitative) and inputs from other external research agencies to arrive at final concentrated portfolio of bluechip stocks 22
23 III. Use Rupees to buy shares in US companies Indian mutual fund ICICI Prudential US Bluechip Equity Fund for a high conviction US Bluechip portfolio 23
24 V. The Investment Process Flow India Day T 9.00 A 3.00 PM Investors submit request for purchase or redemption of units at official acceptance points India Day T and T PM 2.30 AM (NASDA / NYSE Market ours) Based on available funds / investment report, the Fund Manager (FM) shall place purchase / sell orders with broker(s). Orders then will be queued for execution India Day T A 3.00 PM FX rate will be fixed by the FM for purchase orders and accordingly funds will be remitted to the custodian for wire to USD account India Day T + 3 and T PM 2.30 AM (NASDA / NYSE Market ours) Settlement of deals based on the purchase / sell trades executed in US market. FX rate will be fixed by the FM for sell orders and accordingly funds will be wired from USD account to INR account India Day T A 3.00 PM Monies for redemption request will be credited to Investor Account 24
25 VI. Scheme Features Options Minimum Application Amount Minimum Additional Application Amount Regular option with Growth & Dividend sub-option with Dividend payout and Dividend reinvestment facility ` 5,000 (plus in multiples of ` 1) ` 1,000 (plus in multiples of ` 1) Minimum Redemption Amount ` 500 (plus in multiples of ` 1) Entry Load Exit Load Benchmark Index Not Applicable For redemption/switch-out of units within 3 months (including the last day of the third month) from the date of allotment For redemption/switch-out of units after 3 months but before 1 year (including the last day of a year) from the date of allotment For redemption/switch-out of units after 1 year from the date of allotment S&P 500 3% of the applicable NAV 1% of the applicable NAV Nil 25
26 Risk Disclosures and Disclaimers Disclaimer: ICICI Prudential Mutual Fund (the Fund) has used information that is publicly available, including information developed in-house. Some of the material used in the document may have been obtained from members/persons other than the Fund and/or its affiliates and which may have been made available to the Fund and/or to its affiliates. Information gathered and material used in this document is believed to be from any third party in this material no such party will assume any liability for the same. We have included statements/opinions/recommendations in this document, which contain words, or phrases such as will, expect, should, believe and similar expressions or variations of such expressions, which are forward looking statements. Actual results may differ materially from those suggested by the forward looking statements due to risk or uncertainties associated with our expectations with respect to, but not limited to, 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 monitory and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices, the performance of the financial markets in India and globally, changes in domestic and foreign laws, regulations and taxes and changes in competition in the industry. All data/information used in the preparation of this material is specific to a time and may or may not be relevant in future post issuance of Document and Key Information Memorandum, contact your financial advisor or log onto or visit any of the branches of the of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of this material in any material. Mutual Fund in them. Mutual Fund investments are subject to market risks, read all scheme related documents carefully. 26
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