Debt Mutual Fund Strategy

Classification - Restricted Sectoral rotation has been the trend in last one year.... Sectors like Banking, Auto and Infra seems to be generating alpha in the near term. MoM changes Nifty Metal Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 -1.8% -0.9% -6.5% 6.2% -0.9% 7.7% BSE Power 9.5% 4.3% 3.6% 0.7% 13.1% -2.1% Nifty IT 1.3% -1.8% 1.8% 10.4% -10.0% -2.8% Nifty Realty 32.8% -2.9% -2.2% -0.7% -0.8% -9.1% 6.2% -4.3% BSE Cons Durable 10.7% 4.5% -0.3% 3.9% -6.4% 2.8% -1.9% 0.9% BSE Telecom 10.6% -2.6% 6.7% -0.8% 0.4% -7.7% 9.5% -4.3% Nifty Infra 6.7% 0.4% -1.7% -0.2% 2.2% -5.1% 4.6% 2.2% Nifty Media 33.5% 5.0% -3.3% 2.2% 0.7% -10.1% 18.3% -9.7% BSE Oil & Gas 7.1% -0.9% -3.5% 0.0% 6.6% -7.3% 8.2% 4.0% -4.6% Nifty 50 2.8% 0.3% -3.9% 2.2% -0.1% -3.1% 4.0% -2.1% -3.0% BSE Sensex 2.7% 0.3% -3.8% 2.1% -0.4% -3.0% 4.1% -2.6% Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 8.9% -1.5% -15.7% -12.6% 17.7% 8.2% -2.8% 2.2% 4.9% 18.1% -11.5% -3.8% 12.0% 14.7% -9.2% 2.5% 7.3% -12.9% -6.1% -6.2% 4.7% -2.6% -7.2% -6.4% 17.0% 2.7% -8.5% 3.5% -10.9% -8.7% 14.0% 7.9% -0.5% 0.4% -7.1% -4.3% 4.1% 5.6% 1.4% -4.9% -5.3% 5.9% 4.8% -3.3% -4.5% -7.6% 9.6% -0.5% -3.1% 5.4% 6.8% -4.8% -2.6% -4.6% 8.6% 3.4% -5.0% -0.9% 2.2% 5.6% -0.3% 0.0% -8.5% 5.0% 8.7% 3.5% -3.7% 5.4% -3.5% 5.8% Nifty Auto 5.6% 6.6% -6.1% 3.1% 7.0% -7.5% -2.5% 5.0% 4.6% 1.0% 7.2% 5.4% -3.9% 5.4% Nifty Finan Sev 1.3% 2.7% -6.7% -1.2% 2.9% -5.0% 1.2% -3.0% -1.0% Nifty Bank 2.7% 4.5% -8.7% -0.6% 7.0% -4.7% 0.5% -0.8% Nifty Pharma 0.8% -4.1% -1.6% 4.1% -7.3% -1.9% 5.1% -0.9% NIFTY FMCG 2.3% -5.5% -2.2% 0.5% -3.0% -2.6% 2.2% 5.3% -6.1% 12.7% 4.6% -4.0% -1.7% -5.8% 12.2% 5.5% -2.3% -6.4% -3.5% 5.1% -0.6% 2.1% 1.9% 1.3% -2.7% 12.8% 3.1% 1.3% -0.2% 5.9% 6.9% Source: ACEMF 24 Confidential/Restricted HDFC BANK HDFC BANK RESEARCH We understand your world Classification - Restricted

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