Bajaj Finserv AMC - Factsheet - June 2024

BAJAJ FINSERV
BALANCED ADVANTAGE FUND

WHERE BEHAVIOURAL SCIENCE
MEETS FINANCIAL INSIGHTS
FINANCIAL
INSIGHTS + BEHAVIOURAL
SCIENCE
Bajaj Finserv Balanced Advantage Fund

An Open Ended Dynamic Asset Allocation Fund FACTSHEET, JUNE’24
Product label RISKOMETER

This product is suitable for investors who are seeking*: Mod
erate
Mode
rately
High Mod
erate
Mode
rately
High
to e to e
· To generate wealth creation over long term w at
Lo der
w at
Lo der
H
H
ig
ig
o o
h
· Dynamic asset allocation between equity and equity related instruments including M M
Very
Very
derivatives, and fixed income instruments

Low
Low
High
High
SCHEME BENCHMARK
*Investors should consult their financial advisers if in doubt about whether the Investors understand that their NIFTY 50 Hybrid Composite
product is suitable for them principal will be at Very High risk debt 50:50 Index
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
Index
Content Page No.
CEO Letter 3
CIO Letter 4
Macro Insights & Market Outlook 5
How To Read a Mutual Fund Factsheet? 13

Fund Snapshot 14
Bajaj Finserv Flexi Cap Fund 15
Bajaj Finserv Large and Mid Cap Fund 17
Bajaj Finserv Arbitrage Fund 19
Bajaj Finserv Balanced Advantage Fund 20
Bajaj Finserv Liquid Fund 21
Bajaj Finserv Money Market Fund 22
Bajaj Finserv Overnight Fund 23
Bajaj Finserv Banking and PSU Fund 24
Bajaj Finserv Nifty 50 ETF 25
Bajaj Finserv Nifty Bank ETF 26
Performance 27
Potential Risk Class (PRC) 30

Risk-o-meter and Product Label. 31
FROM THE CEO’s DESK
giving them a good investing experience. We will also continue

to bring newer, more differentiated products as our
investment team continues to define innovative strategies
where active fund management can outperform the
underlying index in the long term. Watch this space!
Finally, I am also happy to share that we are launching a new

platform called EMPOWER that enables you to work with your
corporate or small & mid-sized business clients and collect SIP
mandates from the entire employee base. We believe this can
Ganesh Mohan
CEO, Bajaj Finserv AMC be a great tool for our distributor partners to significantly build
their SIP book while for corporate customers this can be a
helpful employee benefit. For further details, please speak to
Dear friends your Bajaj AMC Relationship Manager. I look forward to seeing
all of you benefit from the technology tools that we will
As I write this monthly newsletter, we are at a point where we continuously bring to the market.
have experienced significant volatility in the equity markets
around the exit polls and the final counting of votes. The event Happy investing!
once again highlights that equity investing is one which
comes with significant risk and investors must be prepared for Ganesh
episodes where corrections will happen. Equity investing is
not meant to be a smooth, one-way journey and there will be
bumps along the way. These bumps are hard to predict, but
they do happen regularly in equity markets and for the
seasoned investor, this volatility also becomes an opportunity.
It is important at these times to stay calm and not overreact. It

is critical to continue with your asset allocation strategy and
not stop the existing SIPs since they are appropriately
designed to utilize such opportunities.
Of late, many distributors have told me that investor

expectations have changed – long term is now closer to 1 year
rather than at least 3-5 years, and decent return expectations
are not 12-15%, but more along the lines of over 25% annual
returns. Many investors (particularly those who have entered
the market in the last 3-4 years) have not seen an extended
correction period. Recent events in the market will hopefully
help set some expectations both on returns and duration to
more appropriate levels. Stock market returns track earnings
and that should always be the North Star while investing.
Given India’s nominal GDP growth of 11-12%* growth, earnings
growth should be close to that or slightly more. This is what we
should anchor our investors to and ensure that they stay
invested to achieve this goal.
Secondly, the current volatility also highlights the importance

of asset allocation and also to diversify investments in
uncorrelated assets. We have recently launched a Multi Asset
Allocation fund precisely for this objective and funds like this
which have multiple assets like equity, fixed income and
commodities hold significant advantages for investors and
tend to become an all-weather investment vehicle.
I am glad to inform you that our Multi Asset Allocation Fund got
a very positive response from the market and we collected
around Rs 770 Cr from around 45000 folios. I would like to
thank all our distributors and investors who have reposed their
trust in us. We will strive to continue deserving this trust and
*RBI, IMF
Kindly refer to Page No. 27, 28 & 29 for Performance Data. | Kindly refer to Page No. 30 for Potential Risk Class (PRC). | Kindly refer to Page No. 31 & 32 for Risk-o-meter
and Product Label.
3
FROM THE CIO’s DESK
business is always a good investment, no matter how highly

priced. They also extrapolate the high growth of the past long
into the future
• Investors ignore reversion to the mean and reversal of the
cycle
Under-pricing and over-pricing of a security may persist for a

long time. Also, not all underperformers become
outperformers, but over time they do well as a basket.
Similarly, not all winners underperform but they underperform
Nimesh Chandan
CIO, Bajaj Finserv AMC over time as a portfolio. This brings us to the seminal work
done by Richard Thaler and Werner Debondt.
More important than ever to think contrarian They took the monthly prices of all the stocks in the New York
The fantastic run in the equity markets in the last three years stock exchange from January 1926 till December 1982. They
has created a lot of wealth for the investors. It has however, made two portfolios – A ‘Winner’ portfolio with 35 best
had a negative side effect too. New investors who have made performing stocks over a 3 year period and a ‘Loser’ portfolio
money quickly without experiencing a severe correction are with the 35 worst performing stocks over the same period.
holding high return expectations from equities and that too They repeated the study for a 5 year time frame as well. The
quickly. Investment horizons are shrinking, patience is falling. time periods were chosen keeping in mind that investors
Most of the investors want to buy the stocks which are popular would require that much amount of time to be overly
and glamorous. They are easy and comfortable to pick as optimistic or overly pessimistic about the companies. Their
everyone is owning them. There is a warmth being in the hypothesis was that, if the market has overreacting to the
middle of the crowd. No one will blame you if you go wrong by winner and losers, then in the subsequent period, the loser
buying something everyone is positive about. portfolio should outperform the winner portfolio. The test
results strongly supported the hypothesis. Over the three year
Unfortunately, this same comfort may be the reason for the and five-year period, the loser portfolio handsomely
stock to be already fairly priced and most likely overpriced. An outperformed the winner portfolio.
investor should be buying companies and businesses that are
underpriced to make a good return out of them. Warren Buffett Thaler found that companies that are doing well for a long
rightly said, “You can’t buy what is popular and do well”. The time, gather an aura of being a ‘good’ company and are
opportunities to buy underpriced companies comes when a expected to continue to grow rapidly. Expectations at some
good company is undergoing some short-term trouble or is point become quite extreme and valuations quite high. These
ignored for some market bias (size, name, industry etc.). These companies then become vulnerable to any negative news. The
are typically underperforming stocks! opposite is true for the underperformers. They become
vulnerable to any positive news.
In his book “The Intelligent Investor”, Benjamin Graham
highlights two reasons for underperformance of stocks and What about the risk of looking to invest in underperforming
hence an opportunity for investors. Graham writes, “The stocks? Let me ask you: When is the risk of a loss higher? The
market is fond of making mountains out of molehills and answer is: when investors are too optimistic, paying high
exaggerating ordinary vicissitudes into major setbacks”. He is prices and valuations, expecting high growth and return in the
highlighting that overreaction on part of the investors can future, having the fear of missing out, ignoring the cycle and
typically lead to sharp fall in the price of a company that is ignoring base rates. Unfortunately, when investors don’t worry
going through a cyclical downturn or a short-term issue. Also, about risk because it has not shown up for quite some time,
he writes, “Even a mere lack of interest or enthusiasm may the risk of loss is actually high. Underperformers as a basket
impel a price decline to absurdly low levels”. represent stocks where investors probably worry too much
about risk. They may have high uncertainty, but with a right
When a company or an industry is out of favour and the crowd investment analysis, risk can be lower.
is engrossed in the other parts of the market, the stock price
can decline to attractive levels. Such underperformance is an Contrarian thinking is important to outperform in the long run.
attractive opportunity for smart investors. As the cycle It doesn’t mean to always go against the market. It is about
normalizes, earnings and valuation revert towards the mean. identifying where the crowd has possibly overreacted in greed
The crowd takes notice of the same and rewards the bargain or in fear.
hunting investor by raising the prices of these select
underperformers.
There are many behavioral biases that lead to such

opportunities:
• Many a times, Investors and analysts suffer from recency
bias, giving too much weight to recent events and ignore base
rates
• Markets overreact to surprising and dramatic news flow and
hence sharply overvalue or undervalue certain securities
• Representativeness bias makes investors think a good
4
Macro Insights & Market Outlook
US - Macro Factors
US UNEMPLOYMENT (%) (-0.8% vs -3.7%). Also, cost rose faster for transportation
(11.2% vs 10.7%) and apparel (1.3% vs 0.4%).
Compared to the previous month, the CPI increased by 0.3%,

3.9 3.9 3.9 low 0.4% in each of the previous two months and forecasts of
3.8 3.8
3.7 3.7 3.7 3.7 0.4%.
3.6
3.5
3.4
US Real GDP (% change from preceding quarter)
Jun-23
Dec-23
Jan-24
May-23
Aug-23
Oct-23
Nov-23
Feb-24
Sep-23
Mar-24
Apr-24
Jul-23
Source: US Bureau of Labour Statistics
Total nonfarm payroll employment increased by 175,000 in

April, and the unemployment rate changed little at 3.9%, the
U.S. Bureau of Labor Statistics reported today. Job gains Source: US Bureau of Economic Analysis
occurred in health care, in social assistance, and in
transportation and warehousing.
Gross Domestic Product (GDP)
Both the unemployment rate, at 3.9%, and the number of
unemployed people, at 6.5 million, changed little in April. The Real gross domestic product (GDP) increased at an annual rate
unemployment rate has remained in a narrow range of 3.7% to of 1.6% in the first quarter of 2024, according to the "advance"
3.9% since Sep 2023. estimate released by the Bureau of Economic Analysis. In the
fourth quarter of 2023, real GDP increased 3.4%.
US INFLATION (%) The increase in real GDP primarily reflected increases in

consumer spending, residential fixed investment,
4.0 nonresidential fixed investment, and state and local
3.7 3.7 government spending that were partly offset by a decrease in
3.4 3.5 3.4
3.2 3.2 3.2 private inventory investment.
3.0 3.1 3.1
Purchasing Manager’s Index (PMI)
The S&P Global US Manufacturing PMI went up to 50.9 in May

2024, rebounding from 50 in April, and beating forecasts of 50,
preliminary estimates showed. The reading signaled an overall
modest improvement in business conditions in the
manufacturing sector, as both output and employment made
increasingly positive contributions while the drags from new
orders and stocks of purchases components moderated.
Source: S&P Global
Jun-23
Dec-23
Jan-24
May-23
Aug-23
Oct-23
Nov-23
Sep-23
Feb-24
Mar-24
Apr-24
Jul-23
Source: US Bureau of Labour Statistics
Inflation
Annual inflation rate in the US eased to 3.4% in April 2024 from

.5% in March which was the highest reading since September,
in line with market forecasts
Inflation steadied for food (2.2%) and slowed for shelter (5.5%
vs 5.7%) while prices continued to decline for new vehicles
(-0.4% vs -0.1%) and used cars and trucks (-6.9% vs -2.2%). On
the other hand, energy costs rose slightly more (2.6% vs 2.1% in
March), with gasoline increasing 1.1% (vs 1.3%) while a decline
was seen for utility gas service (-1.9% vs -3.2%) and fuel oil
5
Consumer Sentiments Index
Ma y Apr May M-o-M Y-o-Y

2 0 24 2024 2023 Change Change
Index of Consumer Sentiment 6 9. 1 77.2 59 -10.50% 17.10%
Current Economic Conditions 69.6 79 65.1 -11.90% 6.90%
Index of Consumer Expectations 6 8. 8 76 55.1 -9.50% 24.90%
Consumer sentiment fell back about 10% this May following three consecutive months of very little change. This 8.1 index-point
decrease is statistically significant and brings sentiment to its lowest reading in about five months. The year-ahead outlook for
business conditions saw a particularly notable decline, while views about personal finances were little changed. Consumers
expressed particular concern over labor markets; they expect unemployment rates to rise and income growth to slow. The
prospect of continued high interest rates also weighed down consumer views. These deteriorating expectations suggest that
multiple factors pose downside risk for consumer spending.
Source: University of Michigan
US Fed Rate Hike Probability

CME FEDWATCH TOOL - MEETING PROBABILITIES
MEETING DATE 375-400 400-425 425-450 450-475 475-500 500-525 525-550
12-Jun-24 0.00% 0.00% 0.00% 0.00% 0.10% 99.90%

31-Jul-24 0.00% 0.00% 0.00% 0.00% 0.00% 14.50% 85.50%
18-Sep-24 0.00% 0.00% 0.00% 0.00% 6.70% 47.20% 46.10%
7-Nov-24 0.00% 0.00% 0.00% 1.90% 18.40% 46.90% 32.80%
18-Dec-24 0.00% 0.00% 1.10% 11.10% 34.20% 39.00% 14.50%
29-Jan-25 0.00% 0.40% 4.60% 19.30% 35.90% 30.40% 9.40%
19-Mar-25 0.20% 2.40% 11.70% 27.30% 33.30% 20.30% 4.90%
30-Apr-25 0.90% 5.50% 16.80% 29.30% 29.00% 15.20% 3.30%
Source: CME
India - Macro Factors
Gross Domestic Product (GDP) India GDP Growth vs Asia and World (%)
12
India’s estimated GDP is more than 4.1 trillion dollars.
10
India is among the highest population-based economies. 8
6 6.5
The Economic Survey forecasted India to grow 6.5% in 4.9
2023-24. 4 4.2
3.2
2
Buoyant public investment and improved business confidence
are expected to propel India’s GDP growth. 0
-2
The global GDP growth is projected to be 3.2% in CY25, fueled
by stronger real income growth and lower policy interest rates. -4
-6
India is poised to play a defining role in shaping the future of
the global economy in 2024 and beyond. -8
CY1992
CY1995
CY2013
CY2022
CY2016
CY2019
CY1983
CY2001
CY2010
CY2025
CY1980
CY1986
CY1989
CY1998
CY2007
CY2004
With the expectation that the number of

middle-to-high-income segments will be one in two
households by 2030/31, up from one in four currently. India
Emerging and Developing Asia
Middle East and Central Asia
World
6
Inflation India Inflation (%)

7.79
The annual retail inflation rate in India eased slightly to 4.83% 7.41 7.44
in April of 2024 from 4.85% in the previous month, an
6.77
11-month low, and in line with market estimates of 4.8%. 6.95 6.71
Inflation Tolerance: 6%
5.72
It was the eighth straight month that Indian inflation remained 4.83
within the RBI’s tolerance band of 2 percentage points from 4.87
RBI’s Inflation Target: 4%
4%, indicating that the central bank is likely to hold its key rate 4.31
unchanged at the terminal level in upcoming decisions. Prices
slowed for housing (2.68% vs 2.77% in March) and clothing and Inflation Tolerance: 2%
footwear (2.85% vs 2.97%), while prices fell faster for fuel and
light (-4.24% vs -3.24%). On the other hand, inflation rose for
food and beverages (7.87% vs 7.68%), aligning with the RBI’s
Mar-22
Mar-24
Jan-23
Feb-23
Mar-23
May-23
Jan-24
Feb-24
Apr-22
May-22
Sep-22
Apr-23
Sep-23
Aug-22
Apr-24
Aug-23
Jul-22
Nov-22
Dec-23
Dec-22
Jul-23
Oct-23
Nov-23
Jun-22
Oct-22
Jun-23
warning that uncertain agricultural conditions underpin
inflation risks.
Source: RBI
Goods and Services Tax (GST)

GST (Rs. in Lakh Crore)
The Goods and Services Tax (GST) collections remained robust 2.5
in May 2024, reaching Rs 1.73 lakh crore ($21.1 billion USD).
2.0
This marks a 10% year-on-year increase compared to May 1.5 1.73
2023, signaling a positive trend in economic activity.
1.0
The growth in GST revenue was primarily fueled by a 0.5
significant 15.3% surge in domestic transactions. This
indicates a healthy uptick in consumer spending and business 0.0
activity within India. While imports saw a 4.3% decline, likely
Jun-23
Jan-18
Nov-18
Mar-22
Apr-19
Sep-19
Feb-20
Jun-18
Dec-20
Oct-21
Jan-23
Jul-20
May-21
Aug-22
Nov-23
Apr-24
due to softening global demand, the strong domestic
performance helped drive overall GST revenue upward.
Source: Ministry of Finance
Purchasing Managers Index (PMI) INDIA - MANUFACTURING AND

SERVICES PMI
India Manufacturing PMI came in at 57.5 in May 2024, below
62.3
preliminary estimates and market forecasts of 58.4, down

61.8
from 58.8 in the previous month. This signaled a slower but 61.2
60.8
60.6
61
60.2
60.1
still substantial improvement in the country’s manufacturing

sector, amid a softer rise in new orders and output. Looking
59.1
58.8
58.6
58.5
59
58.4
ahead, manufacturers expressed the highest level of positive

57.8
57.7
57.5
57.5
sentiment towards growth prospects in nearly 9-1/2 years,
56.9
56.9
56.5
buoyed by advertising and innovation, alongside expectations

56
55.5
that economic and demand conditions will remain favorable.

54.9
India Services PMI declined marginally to 60.2 in May 2024

from 60.8 in the previous month. This was the 34th
consecutive month of expansion in services activity although
at the slowest pace since December 2023. Despite the
deceleration, new orders continued to rise substantially,
supported by favorable economic and demand conditions and
successful advertising, though growth was tempered by fierce
Jun-23
Dec-23
Oct-23
Nov-23
Jan-24
May-24
Aug-23
Sep-23
Feb-24
Mar-24
Apr-24
Jul-23
competition and a severe heatwave.
Manufacturing PMI Services PMI
Source: S&P Global
7
Equity Market Insights
Global Indices – 1 M Returns (local currency)

UK
FTSE 100 China
USA CSI 300
S&P 500 1.9% Germany 0.68% Japan
5.16% DAX NIKKEI225
3.16% 3.16%
Spain
IBEX 35 S. Korea
4.31% KOSPI
-2.06%
India
Nifty 50
France -0.32% HK Taiwan
CAC 40 Hang Seng TAIEX
0.1% 1.78% 3.81%
Brazil
IBOVESPA
-3.04% Source: Bloomberg; Data as on 31st May 2024.
Indian Indian Indices – 1 M Returns 11.2
6.7
Broader Indian indices posted flattish returns during May 2024
4.4 4.2 3.8
on the back of election related volatility.
0.8 0.8 0.2
The performance in May 2024 was largely tilted towards
Capital Goods, Power, Realty and PSU sectors that registered -0.3
-1.2 -1.4 -1.9
strong performances.
Capital Goods
Power Index
Realty
PSU
Auto
Commodities
Cons
Discretionary
Bankex
Fast Moving Cons

Goods
Oil Gas
Healthcare
Information
Technology
IT, Healthcare and Oil & Gas sectors were laggards during the
month.
Source: ICRA MFIE; Data as on 31st May 2024.
Brief Earnings Summary on Key Sectors:
Banks: The banking sector reported a healthy performance in 4QFY24, fueled by robust business growth and controlled provisions.
Net Interest Margins performance was mixed, with many banks reporting margin improvements. Opex was high for most of the
banks. Credit growth was healthy, supported by strong traction in the retail and MSME segments. PSBs continued to report strong
improvements in operating performance. NII growth also remained strong, which, along with steady fee income and treasury gains,
led to healthy growth in PAT.
Autos: Volumes (ex-tractors) in 4QFY24 grew 20% YoY, led by a healthy recovery in 2 Wheelers and a sustained growth in the SUV
segment. 2 Wheelers witnessed the highest growth of ~26% YoY during the quarter, driven by a low base and strong demand for the
125cc+ segment.
Consumer: The demand trends were largely stable, but most companies witnessed rural recovery, primarily towards the end of
4QFY24. After a lackluster demand trend in FY24, the commentaries from most management teams look promising, backed by a
volume recovery in FY25.
8
Yield Gap
12.00
10.00 Yield Gap

Earnings Yield
8.00 1Yr Govt Bond Yield
Yield (%)
6.00
4.00
2.00
(2.00)
Sep-19
Sep-13
Sep-14
Sep-15
Sep-16
Sep-17
Sep-18
May-24
May-20
May-22
May-23
May-13
May-14
May-21
May-16
May-17
May-18
May-19
Jan-20
Jan-21
Jan-22
Sep-22
Jan-23
Jan-24
Sep-20
Jan-13
Jan-14
Jan-15
May-15
Jan-16
Jan-17
Jan-18
Jan-19
Sep-21
Sep-23
Source: Bloomberg; Internal Research; Data as on 31st May 2024.
Yield gap between 1 year G Sec Yield and 1 year forward Nifty Earnings Yield (Earning Yield = 1/1Year Fwd PE) remains higher than
the long term average.
Relative Valuations
2.3 SMALL CAPS vs LARGE CAPS
MIDCAPS vs LARGE CAPS 1
2.2
0.9
2 0.8 0.7
1.8 0.7
1.6 0.6
1.4 0.5
1.2 0.4
1
0.3
Mar-22
Mar-20
Mar-08
Mar-24
Mar-06
Mar-04
Mar-14
Mar-12
Mar-18
Mar-10
Mar-16
Mar-12
Mar-04
Mar-10
Mar-16
Mar-18
Mar-06
Mar-22
Mar-24
Mar-08
Mar-14
Mar-20
Source: Bloomberg; Internal Research; Data as on 31st May 2024. Source: Bloomberg; Internal Research ; Data as on 31st May 2024.
The relative strength of Nifty Midcap 100 vis-à-vis Nifty 50 is at 2.3 and Nifty Small Cap 100 vis-à-vis Nifty 50 at 0.7. The trend has
been in an upward move, indicating that the midcap and small cap indices has been outperforming the large cap index.
Commodities Performance
Commodities 1 Month 3 month 6 Month 1 Year 3 Year 5 Year

Gold 0.49% 16.16% 15.51% 19.89% 13.79% 17.59%
Silver 15.28% 32.85% 21.59% 30.10% 8.91% 20.46%
Crude -5.74% -0.20% 0.19% 13.05% 10.22% 10.47%
WTI -5.32% -0.33% 4.37% 15.87% 5.96% 8.09%
Source: ICRA; Data as on 31st May 2024.
9
Fixed Income Market Insights
Key Policy Rates

8
Call Rate Repo Rate SDF Rate
7.5
6.5
5.5
Mar-24
Mar-23
Oct-23
Feb-24
May-23
Jul-23
Dec-22
Feb-23
Aug-23
Apr-24
May-24
Apr-23
Jan-24
Nov-22
Jan-23
Jun-23
Sep-23
Nov-23
Dec-23
Source: Bloomberg; Data as on 31st May 2024.
Broad Indices 30-Apr-24 Week Ago Month Ago 3 Month Ago 6 Months Ago Year Ago
Call Rate 6.69% 6.72% 6.67% 6.67% 6.78% 6.33%
T-Repo 6.67% 6.62% 6.63% 6.68% 6.76% 6.24%
Repo 6.50% 6.50% 6.50% 6.50% 6.50% 6.50%
Reverse Repo 3.35% 3.35% 3.35% 3.35% 3.35% 3.35%
3 Month CP 7.18% 7.16% 7.34% 7.76% 7.42% 7.00%
1 Year CP 7.68% 7.70% 7.73% 7.85% 7.82% 7.50%
3 Month CD 7.26% 7.31% 7.28% 7.72% 7.39% 6.94%
1 Year CD 7.62% 7.46% 7.54% 7.79% 7.82% 7.34%
Spread (in bps) 30-Apr-24 Week Ago Month Ago 3 Month Ago 6 Months Ago Year Ago
1 Y-AAA & G-Sec 90 90 97 81 77 96
3 Y-AAA & G-Sec 66 67 66 66 62 65
5 Y-AAA & G-Sec 56 55 56 58 40 49
10 Y-AAA & G-Sec 59 57 52 43 48 40
1 Y-AA & G-Sec 136 136 137 112 106 117
3 Y-AA & G-Sec 123 123 119 112 100 122
5 Y-AA & G-Sec 105 103 102 108 95 108
10 Y-AA & G-Sec 116 115 109 108 82 82
Market Liquidity 4000

Liquidity
3000
Banking system’s liquidity remained in deficit mode, 2000
however, the liquidity deficit narrowed compared to previous 1000
week’s average. With regard to managing liquidity, the RBI
0
has demonstrated flexibility and agility by utilizing both
-1000
reverse and repo operations. According to the annual report
-2000
of the RBI, it has been implementing a ‘judicious mix’ of
instruments to control both short- and long-term liquidity, -3000
making sure that money market interest rates change -4000
Dec-22
Jun-23
Dec-23
Jan-24
Nov-22
Jan-23
Jan-23
May-23
May-23
Aug-23
Oct-23
Nov-23
Apr-23
Feb-24
May-24
Mar-23
Sep-23
Mar-24
Apr-24
Jul-23
steadily while preserving financial stability.
Source: Bloomberg; Data as on 31st May 2024
10
Foreign Exchange Foreign Exchange Reserves* (in USD mn)

Variation Over
India's foreign exchange reserves have sustained their
24-May-24 W eek Mar-24 Year
elevated levels, as on 24th May 2024 it stood at $646 billion.
The foreign currency assets include the impact of the rise or 1 Total Reserves 646673 -2027 254 57535
fall in the value of non-US currencies, such as the euro, 1.1 Foreign Currency Assets # 567499 -1510 -3451 46568
pound, and yen, which are held within the foreign exchange 1.2 Gold 56713 -482 4038 11811
reserves. 1.3 SDRs 18135 -33 3 -56
1.4 Res Position in the IMF 4326 -1 -336 -787
Source: RBI; *Difference, if any, is due to rounding off. # Excludes (a) SDR holdings of
the Reserve Bank, as they are included under the SDR holdings; (b) investment in
bonds issued by IIFC (UK); and (c) amounts lent under the SAARC Currency swap
arrangements.
Brent Crude 150

Brent Crude (USD)
CYTD, the Brent Crude has been range bound between USD 100
75 per barrel and USD 90 per barrel. As of 31st May 2024, the
rate per barrel was USD 79.79. 50
Crude sustaining within the USD 90-level could be a a 0
Mar-24
Mar-22
Mar-23
May-22
Jul-22
Jan-23
May-23
Jul-23
Jan-24
May-24
Sep-22
Sep-23
Nov-23
Nov-22
comfortable number to keep our core inflation under control.
Source: Bloomberg; Data as on 31st May 2024
Market Outlook
Equity Market Outlook

Globally, the major markets and economies showcased varied performance in May 2024. In the United States, the S&P 500 gained
over 5% largely driven by the technology sector, utilities and communication services while energy stocks corrected. In terms of
market capitalization the smaller-cap stocks outpaced large caps. In the Euro Zone, the STOXX Europe 600 Index declined by 0.46%,
affected by higher-than-expected inflation, which raised doubts about the European Central Bank's (ECB) potential policy easing.
Inflation rose to 2.6% in May from 2.4% in previous months, breaking a five-month trend of stability. The Chinese equities remained
flat due to weak manufacturing data, indicating growth challenges. The manufacturing PMI in China fell to 49.5 in May from 50.4 in
April, marking a contraction. Hang Seng Index in Hong Kong gained 1.78%. In Japan, stock markets returned 3.16% in May 2024, with
focus on potential monetary policy normalization by the Bank of Japan (BoJ).
Turning to India, the broader indices, Nifty 50 and BSE Sensex 30, posted near-flat returns for May, shedding 0.30% and 0.70%,
respectively. The Nifty Midcap 100 gained 1.6%, while the Nifty Small Cap 100 lost 1.9% as market turned more volatile in the run up
to the general election outcomes.
June began with even higher volatility. As exit poll data suggested clear victory for the incumbent regime. The markets moved up
sharply on June 3 but experienced a sharp correction on June 4 following the disappointing election results. Subsequently it erased
gains of the past two and a half months. Markets as of now seems to be in wait n watch mode as political slugfest unfolds in the next
few days.
Despite political volatility, India's economic prospects remain robust. Almost all key indicators are showcasing positive growth
outlook for India.
Robust Economic Growth: India's GDP growth for FY24 was at 8.2% compared to 7.0% in FY23. Real GVA has grown by 7.2% in FY24
over 6.7% in FY23.
Strong Forex Reserves: Foreign exchange reserves in May 2024 stands at historical peak ($647 billion) compared to a bottom ($
525 billion) in Oct 2022.
Controlled Inflation: Inflation remains within the RBI's target zone.
Softening Global Oil Prices: Lower oil prices are beneficial for the economy.
Expected RBI Rate Cuts: Anticipated rate cuts by the RBI could boost growth.
Upgraded Ratings: Rating agencies have improved their outlook for India.
Positive Monsoon Forecast: Above-normal monsoons are expected, crucial for agriculture and to boost the rural consumption.
These factors highlight the resilience of the Indian economy and are expected to drive corporate earnings growth, a key stock
market driver.
India's monthly economic indicators continue to show relentless growth. Key metrics such as PMI indices, GST collections, E-way
bill volumes, auto sales, electricity demand, and rail and cargo volumes consistently register impressive gains, reaffirming India's
11
status as a thriving economic powerhouse.

Retail investor participation in Indian equities is at historic highs, with over 15 crore demat accounts and monthly additions of about
30 lakh accounts. Monthly SIPs in mutual funds have reached Rs. 20,000 crore in May 2024, up from Rs. 8,500 crore in March 2020.
This surge in domestic participation helps absorb the impact of foreign institutional investor (FII) selling.
Given current market volatility, investors should view this as an opportunity for long-term wealth creation. Those waiting on the
sidelines might consider investing now, as the market has reverted to mid-February levels. The Indian market offers abundant
prospects for investors seeking to participate in its growth story.
To manage potential risks and maximize returns, a cautious and diversified investment strategy is recommended. This might include
systematic investment plans (SIPs) across flexi-cap funds or large and mid-cap funds. Investors with lower risk appetite may
consider balanced advantage funds and multi-asset allocation funds, helping navigate short-term volatility while capturing
long-term equity benefits.
Fixed Income Market
In May 2024, the banking system liquidity continued to be in the negative zone. Last month after a bout of spending, the
government’s cash surplus has risen to~ INR 3.0tn. This was on expected lines as government cash balances swelled due to lack of
spending ahead of the General Elections. RBI turned its focus on system liquidity through Variable Repo Rate auctions. In addition
to these VRRs RBI offered three buy backs totaling INR 1.6 trn however offers accepted were only ~0.18 trn due aggressive prices
offered. Then the weekly T-bill auction size was halved. The intention as of now is not to give any yield signal but liquidity
management.
10Y G-sec yield (Old benchmark) fell to 7.03% from 7.08% after RBI declared record dividend to the Government. During the month
it traded in the range of 7.03% to 7.16%.In the money markets March 25 CD rates dropped a bit to 7.50%-55% levels. 3 Month CD level
fell to 7.13% -7.15% from 7.30% -7.35% level after RBI curtailed the T bill issuances. 3 Month CP AAA NBFC rates remained elevated at
7.75% to 7.85% after dropping to 7.55% in April. We expect these rates to ease out a bit only in June. Post election outcome 10 year
yield went up by 10 bps and settled at 7.04%.
RBI announced a higher-than-budgeted dividend payment of INR 2.1tn, due to this the government cash position has bolstered
further. In the coming weeks, as and when the government spends cash, it should lead to an injection of INR liquidity into the
banking system. In addition, the phasing in IGBs’ index inclusion from end-June, expectations of persistent foreign investor inflows
to IGBs are rife.
In such a situation, we expect the RBI to manage liquidity using only tactical tools such as reverse-repo auctions and sell/buy FX
forwards. As of now we see a low probability of a cash reserve ratio (CRR) hike, government issuance of market stabilization
bonds/bills and OMO sales of IGBs by the RBI to manage INR liquidity.
The recent General Election outcome has given rise to speculation of potential change in Fiscal consolidation plans. Any regime
change has implications for priorities of Fiscal policy however in this case we feel that current set up allows the government to
manage the fiscal consolidation plan as forecasted earlier. The central government's target is to bring the fiscal deficit down to 5.1%
of GDP in FY25 and to 4.5% of GDP in FY26. If the incumbents had managed a better tally, then there was a possibility that the pace
of the fiscal consolidation would have accelerated from FY25 itself. However, due to the coalition nature of government there will be
pressures to provide more for subsidies and welfare schemes to cater to the lower-income and rural sector of the economy. We
believe the fiscal deficit target will be kept unchanged at 5.1% of GDP for FY25. Further it is unlikely that the FY26 target of 4.5% of
GDP will be missed.
In India, on long end of the curve, we have been pointing out the two factors supporting the rates. The continued FPI inflows post
bond index inclusion and expectation of shallow rate cut cycle, along with continued macroeconomic stability. The latter
expectation may see some adjustments with stronger economic data in India and US but overall rates in India should remain well
bid.
We still believe the timing and depth of the Fed rate cut cycle will have a bearing on the probable rate cuts in India. Considering the
low policy rate differential, RBI is only expected to follow rate cuts by the Fed and to a lower magnitude.
As a result, we maintain our positive outlook on IGBs even though the timing of rate cuts remains uncertain.
Source: RBI, CDSL, NSDL, Bloomberg, MOSPI, AMFI
12
HOW TO READ A MUTUAL FUND
FACTSHEET?
Fund Manager: An employee of an asset management company such mutual fund that aims at capital preservation by investing in debt
as mutual fund or life insurer, who manages investments of the markets is a debt fund or income fund. Each of these categories may
scheme. He is usually part of a larger team of fund managers and have sub-categories.
research analysts.
Rating Profile: Mutual funds invest in securities after evaluating their
Application amount for fresh subscription: This is the minimum credit worthiness as disclosed by the ratings. A depiction of the
investment amount for a new investor entering in a mutual fund mutual fund in various investments based on their rating becomes the
scheme. rating profile of the fund. Typically, this is a feature of debt funds.
Minimum Additional Amount: This is the minimum investment Macaulay Duration: Macaulay Duration is a measure of how long it
amount for an existing investor in a mutual fund scheme. takes for the price of a bond to be repaid by its internal cash flows.
Macaulay Duration is used only for an instrument with fixed cash flows.
SIP: Systematic Investment Plan (SIP) is an organized way of investing Modified Duration as the name suggests, is a modified version of the
in Mutual Fund. It helps in building long term wealth through a Macaulay model that accounts for changing interest rates.
disciplined approach of investing at pre-defined intervals ranging
from daily, weekly, monthly and quarterly. Modified Duration: Modified duration is the price sensitivity and the
percentage change in price for a unit change in yield.
NAV: Net asset value or NAV is the total asset value per unit of the
mutual fund after deducting all related and permissible expenses. The Average Maturity: A bond's maturity date indicates the specific future
NAV is calculated at the end of every business day and it is the value at date on which an investor gets his principal back i.e. the borrowed
which investors enter or exit the mutual fund. amount is repaid in full. Average Maturity is the weighted average of all
the current maturities of the debt securities held in the fund.
Benchmark: A group of securities, typically a market index, whose
performance is used as a standard or benchmark to assess the Yield to Maturity: The yield to maturity or the YTM is the rate of return
performance of mutual funds and other investments. A few common anticipated on a bond if held until maturity. It is expressed as an
benchmarks are the Nifty, Sensex, BSE 200, BSE 500, and 10-year annual rate. The YTM factors in the bond’s current market price, par
Gsec. value, couple interest rate and time to maturity
Entry Load: To compensate the distributor or agent, a mutual fund IDCW: Income Distribution cum Capital Withdrawal option or IDCW can
may impose a sales charge or load at the time of entry and/or exit. A be distributed out of investors’ capital (Equalization Reserve), which is
mutual fund's entry load is charged when an investor buys its units. part of the sale price that represents realized gains.
Note: SEBI Master Circular for Mutual Funds dated May 19, 2023 has
abolished entry load and mandated that the upfront commission to P/E Ratio: The price-earnings ratio (P/E Ratio) is the relation between
distributors will be paid by the investor directly to the distributor, a company’s share price and earnings per share (EPS). It denotes what
based on his assessment of various factors including the service the market is willing to pay for a company’s profits.
rendered by the distributor.
P/BV: The price-to-book ratio compares a company's market value to
Exit load: When an investor redeems mutual fund units, exit load is its book value. The market value of a company is its share price
charged. At redemption, the exit load is subtracted from the current multiplied by the number of outstanding shares.
NAV.
IDCW Yield: The dividend yield is a financial ratio that shows how much
Standard deviation: Standard deviation is statistical measure of the a company pays out in dividends each year relative to its stock price.
range of an investment’s performance. When a mutual fund has a high
standard deviation, it means its range of performance is wide, Interest Rate Swap (IRS): An interest rate swap is a forward contract
implying greater volatility. in which one stream of future interest payments is exchanged for
another based on a specified principal amount. Interest rate swaps
Sharpe Ratio: The Sharpe Ratio is measure of risk-adjusted returns. It usually involve the exchange of a fixed interest rate for a floating rate,
is calculated using standard deviation and excess return to determine or vice versa, to reduce or increase exposure to fluctuations in interest
reward per unit of risk. rates.
Beta: Beta is a measure of an investment’s volatility vis-à-vis the Potential Risk Class (PRC) Matrix: In reference to SEBI Master
market. A beta of greater than 1 implies that the security’s price will be Circular for Mutual Funds dated May 19, 2023, all debt schemes will be
more volatile than the market. Beta of less than 1 means that the classified in terms of a Potential Risk Class matrix which consists of
security will be less volatile than the market. parameters based on maximum interest rate risk (measured by
Macaulay Duration (MD) of the scheme) and maximum credit risk
AUM: Assets under management or AUM refers to the recent (measured by Credit Risk Value (CRV) of the scheme).
cumulative market value of investments managed by Mutual
fund or any investment firm.
Holdings: The holdings or the portfolio is a mutual fund’s latest or

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

ments determine the nature of the mutual fund scheme. For instance,
a mutual fund that aims at generating capital appreciation by invest-
ing in stock markets is an equity fund or growth fund. Likewise, a
13
Fund Snapshot
Inception AUM Average Macaulay Modified

Fund Name Scheme Category Benchmark ( Rs. in
Top 3 Industry Market Cap Allocation YTM Fund Manager
Date Maturity Duration Duration
crore)
Banks 17.63% Large Cap 52.35% Mr. Nimesh Chandan and Mr. Sorbh
Bajaj Finserv Flexi Cap Flexi Cap Fund S&P BSE 500 TRI 14-Aug-23 2,765.47
Electrical Equipment 10.51% Mid Cap 12.09% - - - - Gupta (Equity portion), Mr. Siddharth
Fund
Pharmaceuticals & Biotechnology 7.69% Small Cap 32.66% Chaudhary (Debt portion)
Banks 12.78% Large Cap 50.16% Mr. Nimesh Chandan and Mr. Sorbh
Bajaj Finserv Large Large and Mid Cap Nifty Large 27-Feb-24 995.87
Pharmaceuticals & Biotechnology 8.82% Mid Cap 37.55% - - - - Gupta (Equity portion) Mr. Siddharth
and Mid Cap Fund Fund Midcap 250 TRI
Auto Components 6.00% Small Cap 8.17% Chaudhary (Debt portion)
Mr. Ilesh Savla (Equity portion),

*Bajaj Finserv Arbitrage Fund Nifty 50 Arbitrage 15-Sep-23 428.34 - - 7.05% 38 Days 37 Days 35 Days
Mr. Siddharth Chaudhary (Debt portion)
Arbitrage Fund Index (TRI)
NIFTY 50 Hybrid Banks 19.39% Large Cap 75.96% Mr. Nimesh Chandan and Mr. Sorbh
*Bajaj Finserv Balanced Balanced Advantage 15-Dec-23 1,117.97 6.99% 6.16 4.58 4.41
Composite debt Automobiles 5.97% Mid Cap 2.10% Gupta (Equity portion), Mr. Siddharth
Advantage Fund Fund Years Years Years
50:50 Index Pharmaceuticals & Biotechnology 5.70%
Chaudhary (Debt portion)
Small Cap 1.19%
Mr. Siddharth Chaudhary, Mr. Nimesh

Bajaj Finserv Overnight Fund CRISIL Liquid 5-Jul-23 426.53 - - 6.70% 1 Days 1 Days 1 Days
Chandan
Overnight Fund Overnight Index
7.16% 47 Days 46 Days 43 Days Mr. Siddharth Chaudhary, Mr. Nimesh

Bajaj Finserv Liquid Liquid Fund NIFTY Liquid 5-Jul-23 2,594.90 -
- Chandan
Fund Index A-I
7.55% 234 Days 233 Days 217 Days Mr. Siddharth Chaudhary, Mr. Nimesh
Bajaj Finserv Money Money Market Fund NIFTY Money 24-Jul-23 2,145.04 -
- Chandan
Market Fund Market Index A-I
Mr. Siddharth Chaudhary, Mr. Nimesh

Bajaj Finserv Banking Banking and PSU Fund Nifty Banking & 13-Nov-23 97.44 7.48% 4.6 Years 3.9 Years 3.7 Years
- - Chandan
and PSU Fund PSU Index A-II
Mr. Sorbh Gupta and Mr. Ilesh Savla

Bajaj Finserv Nifty 50 Exchange Traded Fund Nifty 50 TRI 19-Jan-24 54.50
- - - - - -
ETF
Bajaj Finserv Nifty Exchange Traded Fund Nifty Bank TRI 19-Jan-24 162.45 - - - - - - Mr. Sorbh Gupta and Mr. Ilesh Savla
Bank ETF
Bajaj Finserv Nifty 1D Exchange Traded Fund Nifty 1D Rate 28-May-24 10.00 - - - - - - Mr. Siddharth Chaudhary
Rate Liquid ETF Index
*Debt Quants: For the debt portion of the portfolio.

Data as on 31st May 2024
MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.
14
Bajaj Finserv Flexi Cap Fund
An open ended equity scheme investing across large cap, mid cap, small cap stocks.
INVESTMENT OBJECTIVE
To generate long term capital appreciation by investing predominantly in equity and equity related instruments across market capitalisation.
However, There is no assurance that the investment objective of the Scheme will be achieved.
SCHEME DETAILS
AUM (IN ` CRORE) FUND MANAGER:
NAV (IN `) (as on 31 May, 2024)
Month end AUM 2,765.47 Mr. Nimesh Chandan (Equity Portion) (Managing fund
Direct Growth 12.783 since inception & Overall experience of 23 years)
AAUM 2,681.88
Direct IDCW 12.783
Mr. Sorbh Gupta (Equity Portion) (Managing fund since
Regular Growth 12.630 DATE OF ALLOTMENT: 14th August 2023
inception & Overall experience of 15+ years)
Regular IDCW 12.630 BENCHMARK: S&P BSE 500 TRI Mr. Siddharth Chaudhary (Debt Portion) (Managing fund
since inception & Overall experience of 17 years)
FUND FEATURES PORTFOLIO (as on 31 May, 2024)

Scheme Category: Flexi Cap Fund
Plans: Regular Plan and Direct Plan Stock % of NAV Stock % of NAV
Options: Growth and Income Distribution HDFC Bank Limited 7.01% Kajaria Ceramics Limited 1.09%
cum Capital Withdrawal (IDCW) option with
ICICI Bank Limited 5.52% FSN E-Commerce Ventures Limited 1.05%
Payout of Income Distribution cum Capital
Reliance Industries Limited 4.88% Jubilant Foodworks Limited 1.03%
Withdrawal sub-option, Reinvestment of
Bharti Airtel Limited 3.87% TVS Motor Company Limited 1.02%
Income Distribution cum Capital Withdrawal
State Bank of India 3.03% Orchid Pharma Limited 0.96%
sub-option and Transfer of Income
Distribution cum Capital Withdrawal GE T&D India Limited 3.03% Sterling And Wilson Renewable Energy Limited 0.94%
sub-option. Sanofi India Limited 2.99% Sobha Limited 0.92%
Minimum Investment Amount: INR 500/- Tata Consultancy Services Limited 2.79% Cera Sanitaryware Limited 0.91%
and multiples of INR 1 Hitachi Energy India Limited 2.49% VA Tech Wabag Limited 0.89%
Divi's Laboratories Limited 2.39% Neuland Laboratories Limited 0.77%
Minimum Additional Investment
Aarti Industries Limited 2.26% Tata Motors Limited 0.73%
Amount: INR 100/- and multiples of INR 1
Sudarshan Chemical Industries Limited 2.17% Syngene International Limited 0.71%
Entry Load: NA SRF Limited 2.10% Nazara Technologies Limited 0.70%
Exit Load: For each purchase of units Kotak Mahindra Bank Limited 2.07% KSB Limited 0.63%
through Lumpsum / switch-in / Systematic Nestle India Limited 1.98% Schneider Electric Infrastructure Limited 0.63%
Investment Plan (SIP) and Systematic UNO Minda Limited 1.97% Suzlon Energy Limited 0.59%
Transfer Plan (STP), exit load will be as Havells India Limited 1.86% Piramal Pharma Limited 0.59%
follows: Zomato Limited 1.70% Prataap Snacks Limited 0.56%
If units are redeemed / switched out within Mahindra & Mahindra Limited 1.69% Vedant Fashions Limited 0.55%
6 months from the date of allotment: Bajaj Auto Limited 1.65% Indiamart Intermesh Limited 0.52%
if upto 10% of units allotted are redeemed Bharat Electronics Limited 1.53% Landmark Cars Limited 0.52%
/ switched out – Nil Honeywell Automation India Limited 1.47% Global Health Limited 0.48%
any redemption / switch-out of units in ABB India Limited 1.36% Safari Industries (India) Limited 0.45%
excess of 10% of units allotted - 1% of Thomas Cook (India) Limited 1.30% Westlife Foodworld Limited 0.44%
applicable NAV. Engineers India Limited 1.25% Mold-Tek Packaging Limited 0.44%
If units are redeemed/switched out after 6 REC Limited 1.25% Metro Brands Limited 0.44%
months from the date of allotment, no exit United Breweries Limited 1.22% AIA Engineering Limited 0.41%
load is payable. SBI Life Insurance Company Limited 1.22% Wipro Limited 0.32%
TOTAL EXPENSE RATIO (TER) Siemens Limited 1.21% Solar Industries India Limited 0.31%
Including Additional Expenses and GST on Grindwell Norton Limited 1.20% Equities 97.10%
Management Fees Genus Power Infrastructures Limited 1.20% 182 Days Tbill (MD 04/07/2024) 0.09%
Computer Age Management Services Limited 1.19% Treasury Bill 0.09%
Regular Plan 1.90%
Gillette India Limited 1.18% Reverse Repo / TREPS 1.00%
Direct Plan 0.41% Hindustan Unilever Limited 1.17% Cash & Cash Equivalent 1.81%
Multi Commodity Exchange of India Limited 1.16% Grand Total 100.00%
Market Cap Allocation Dixon Technologies (India) Limited 1.13%
2.90%
32.66% Large Cap Stocks

Mid Cap
New entries Total exits
Small Cap
Cash & Others
No new entries No total exits
52.35%
12.09%
COMPOSITION BY ASSET (%) COMPOSITION BY INDUSTRY (%)

2.81% 0.09% Banks 17.63% Construction 2.19%
Electrical Equipment 10.51% Auto Components 1.97%
Pharmaceuticals & Biotechnology 7.69% Aerospace & Defense 1.53%
Chemicals & Petrochemicals 6.84% Industrial Manufacturing 1.47%
Consumer Durables 5.88% Finance 1.25%
Automobiles 5.61% Beverages 1.22%
Petroleum Products 4.88% Insurance 1.22%
Telecom - Services 3.87% Healthcare Services 1.19%
Retailing 3.82% Personal Products 1.18%
IT - Software 3.10% Diversified FMCG 1.17%
Leisure Services 2.78% Realty 0.92%
97.10% Industrial Products 2.69% Other Utilities 0.89%
Food Products 2.54% Entertainment 0.70%
Equities Treasury Bill
Capital Markets 2.35%
Reverse Repo/TREPS & Net Current Assets
Kindly refer to Page No. 31 & 32 for Risk-o-meter and Product Label.
15
Investing in the megatrends with
BAJAJ FINSERV FLEXI CAP FUND
(An open ended equity scheme investing across large cap, mid cap, small cap stocks)
TECHNOLOGICAL REGULATORY ECONOMIC NATURE DEMOGRAPHIC SOCIAL
Company Name Trend % to Net Assets Company Name Trend % to Net Assets
HDFC Bank Limited 7.01% Hindustan Unilever Limited 1.17%
ICICI Bank Limited 5.52% Multi Commodity Exchange of India
1.16%
Limited
Reliance Industries Limited 4.88%
Dixon Technologies (India) Limited 1.13%
Bharti Airtel Limited 3.87%
Kajaria Ceramics Limited 1.09%
GE T&D India Limited 3.03%
FSN E-Commerce Ventures Limited 1.05%
State Bank of India 3.03%
Jubilant Foodworks Limited 1.03%
Sanofi India Limited 2.99%
TVS Motor Company Limited 1.02%
Tata Consultancy Services Limited 2.79%
Orchid Pharma Limited 0.96%
Hitachi Energy India Limited 2.49%
Divi's Laboratories Limited 2.39% Sterling And Wilson Renewable Energy
0.94%
Limited
Aarti Industries Limited 2.26%
Sobha Limited 0.92%
Sudarshan Chemical Industries Limited 2.17%
Cera Sanitaryware Limited 0.91%
SRF Limited 2.10%
VA Tech Wabag Limited 0.89%
Kotak Mahindra Bank Limited 2.07%
Neuland Laboratories Limited 0.77%
Nestle India Limited 1.98%
Tata Motors Limited 0.73%
UNO Minda Limited 1.97%
Syngene International Limited 0.71%
Havells India Limited 1.86%
Nazara Technologies Limited 0.70%
Zomato Limited 1.70%
Mahindra & Mahindra Limited 1.69% KSB Limited 0.63%
Bajaj Auto Limited 1.65% Schneider Electric Infrastructure Limited 0.63%
Bharat Electronics Limited 1.53% Piramal Pharma Limited 0.59%

Suzlon Energy Limited 0.59%
Honeywell Automation India Limited 1.47%
Prataap Snacks Limited 0.56%
ABB India Limited 1.36%
Vedant Fashions Limited 0.55%
Thomas Cook (India) Limited 1.30%
Indiamart Intermesh Limited 0.52%
Engineers India Limited 1.25% Landmark Cars Limited 0.52%
REC Limited 1.25% Global Health Limited 0.48%
SBI Life Insurance Company Limited 1.22% Safari Industries (India) Limited 0.45%
United Breweries Limited 1.22% Metro Brands Limited 0.44%
Siemens Limited 1.21% Mold-Tek Packaging Limited 0.44%
Genus Power Infrastructures Limited 1.20% Westlife Foodworld Limited 0.44%
Grindwell Norton Limited 1.20% AIA Engineering Limited 0.41%

Computer Age Management Services Wipro Limited 0.32%
1.19%
Limited
Gillette India Limited 1.18% Solar Industries India Limited 0.31%
TECHNOLOGICAL REGULATORY ECONOMIC NATURE DEMOGRAPHIC SOCIAL
These 6 color dots represent each trend and the dots after each company's name represent it's presence in that particular trend
wherever applicable. We have also shown % to Net Assets for each company. Data as on 31st May 2024
16
Bajaj Finserv Large and Mid Cap Fund
An open ended equity scheme investing in both large cap and mid cap stocks.
To generate long-term capital appreciation by investing in a diversified portfolio of equity and equity related securities, predominantly in large and
mid-cap stocks from various sectors. The fund manager may also seek participation in other equity and equity related securities.
However, there is no assurance that the investment objective of the Scheme will be achieved.
SCHEME DETAILS
NAV (IN `) (as on 31 May, 2024)
Month end AUM 995.87 Mr. Nimesh Chandan (Equity Portion) (Managing fund
Direct Growth 10.875 since inception & Overall experience of 23 years)
AAUM 940.07
Direct IDCW 10.875
Mr. Sorbh Gupta (Equity Portion) (Managing fund since
Regular Growth 10.828 DATE OF ALLOTMENT: 27th February 2024
inception & Overall experience of 15+ years)
Regular IDCW 10.828 BENCHMARK: Nifty Large Midcap 250 TRI Mr. Siddharth Chaudhary (Debt Portion) (Managing fund
since inception & Overall experience of 17 years)

Scheme Category: Large and Mid Cap Fund
Plans: Regular Plan and Direct Plan Stock % of NAV Stock % of NAV
Options: Growth and Income Distribution HDFC Bank Limited 5.02% Grindwell Norton Limited 1.42%
ICICI Bank Limited 4.14% Vedant Fashions Limited 1.42%
Reliance Industries Limited 4.07% Biocon Limited 1.39%
State Bank of India 3.13% Honeywell Automation India Limited 1.39%
Bharti Airtel Limited 3.02% Hindustan Unilever Limited 1.38%
Distribution cum Capital Withdrawal ABB India Limited 2.39% Linde India Limited 1.36%
sub-option. Tata Consultancy Services Limited 2.25% Glenmark Pharmaceuticals Limited 1.30%
Minimum Investment Amount: Rs. 500/- UNO Minda Limited 2.21% The Phoenix Mills Limited 1.28%
and in multiples of Re. 1/ Sun Pharmaceutical Industries Limited 2.14% Oberoi Realty Limited 1.27%
Larsen & Toubro Limited 2.11% Tata Communications Limited 1.22%
Nestle India Limited 2.10% The Indian Hotels Company Limited 1.21%
Amount: Rs. 100/- and in multiples of Re. 1/
The Great Eastern Shipping Company Limited 2.05% UltraTech Cement Limited 1.19%
Entry Load: NA Divi's Laboratories Limited 2.04% JSW Steel Limited 1.19%
Exit Load: For each purchase of units through Siemens Limited 2.02% Vinati Organics Limited 1.08%
Lumpsum / switch-in / Systematic Investment Timken India Limited 2.02% Trent Limited 1.08%
Plan (SIP) and Systematic Transfer Plan (STP), Voltas Limited 1.95% Abbott India Limited 1.00%
exit load will be as follows:
United Breweries Limited 1.90% Sanofi India Limited 0.96%
if units are redeemed / switched out within 6 ITC Limited 1.88% Multi Commodity Exchange of India Limited 0.90%
months from the date of allotment: Titan Company Limited 1.84% ICICI Lombard General Insurance Company Limited 0.90%
if upto 10% of units allotted are Tata Consumer Products Limited 1.79% PVR INOX Limited 0.79%
redeemed/switched out – Nil Emami Limited 1.77% Schneider Electric Infrastructure Limited 0.62%
any redemption / switch-out of units in Deepak Nitrite Limited 1.75% Motherson Sumi Wiring India Limited 0.51%
excess of 10% of units allotted - 1% of applicable PI Industries Limited 1.71% The Federal Bank Limited 0.49%
NAV. Balkrishna Industries Limited 1.70% Muthoot Finance Limited 0.47%
if units are redeemed/switched out after 6 Info Edge (India) Limited 1.65% Solar Industries India Limited 0.45%
months from the date of allotment, no exit load Jubilant Foodworks Limited 1.64% CRISIL Limited 0.32%
is payable. ZF Commercial Vehicle Control Systems India Limited 1.59% Equities 95.87%
Havells India Limited 1.54% Bharat Highways Invit 0.36%
TOTAL EXPENSE RATIO (TER) Hindustan Aeronautics Limited 1.51% Units of Infrastructure Investment Trusts (InvITs) 0.36%
Including Additional Expenses and GST on AIA Engineering Limited 1.47% Reverse Repo / TREPS 1.65%
Management Fees Page Industries Limited 1.47% Cash & Cash Equivalent 2.12%
Regular Plan 2.18% SBI Life Insurance Company Limited 1.44% Grand Total 100.00%
Direct Plan 0.61%
Stocks
Market Cap Allocation New entries Total exits
8.17% 4.13% Biocon Limited
Large Cap CRISIL Limited
Mid Cap The Federal Bank Limited Shriram Finance Limited
Small Cap JSW Steel Limited
Cash & Others Muthoot Finance Limited
37.55%
50.16% UltraTech Cement Limited

0.36% Banks 12.78% Construction 2.11%
3.76% Pharmaceuticals & Biotechnology 8.82% Food Products 2.10%
Auto Components 6.00% Transport Services 2.05%
Consumer Durables 5.33% Beverages 1.90%
Electrical Equipment 5.03% Agricultural Food & other Products 1.79%
Industrial Products 4.92% Personal Products 1.77%
Chemicals & Petrochemicals 4.64% Fertilizers & Agrochemicals 1.71%
Telecom - Services 4.24% Aerospace & Defense 1.51%
Retailing 4.14% Textiles & Apparels 1.47%
Petroleum Products 4.07% Industrial Manufacturing 1.39%
Diversified FMCG 3.25% Cement & Cement Products 1.19%
95.87% Leisure Services 2.85% Ferrous Metals 1.19%
Equities Units of InvITs Realty 2.55% Capital Markets 0.90%
Insurance 2.33% Entertainment 0.79%
Reverse Repo/TREPS & Net Current Assets IT - Software 2.25% Finance 0.79%
17
Fortifying your wealth with moat based investing
(An open ended equity scheme investing in both large cap and mid cap stocks)
The Economic Moats safeguard businesses by shielding them

from competitors, preserving their market share, and ensuring the
long-term sustainability of profits.
Cost Intangible Intangible Intangible

Network Efficient Switching
Management Advantages Assets Assets Assets
Effects scale Cost
Patent Brand Regulation
Company Name Moat % of NAV Company Name Moat % of NAV

HDFC Bank Limited 5.02% AIA Engineering Limited 1.47%
ICICI Bank Limited 4.14% Page Industries Limited 1.47%
Reliance Industries Limited 4.07% SBI Life Insurance Company
1.44%
Limited
State Bank of India 3.13%
Grindwell Norton Limited 1.42%
Bharti Airtel Limited 3.02%
Vedant Fashions Limited 1.42%
ABB India Limited 2.39%
Biocon Limited 1.39%
Tata Consultancy Services
2.25% Honeywell Automation India
Limited 1.39%
Limited
UNO Minda Limited 2.21%
Hindustan Unilever Limited 1.38%
Sun Pharmaceutical Industries
2.14% Linde India Limited 1.36%
Limited
Larsen & Toubro Limited 2.11% Glenmark Pharmaceuticals
1.30%
Limited
Nestle India Limited 2.10%
The Phoenix Mills Limited 1.28%
The Great Eastern Shipping
2.05% Oberoi Realty Limited 1.27%
Company Limited
Tata Communications Limited 1.22%
Divi's Laboratories Limited 2.04%
The Indian Hotels Company
Siemens Limited 2.02% 1.21%
Limited
Timken India Limited 2.02% JSW Steel Limited 1.19%
Voltas Limited 1.95% UltraTech Cement Limited 1.19%
United Breweries Limited 1.90% Trent Limited 1.08%
Vinati Organics Limited 1.08%
ITC Limited 1.88%
Abbott India Limited 1.00%
Titan Company Limited 1.84%
Sanofi India Limited 0.96%
Tata Consumer Products Limited 1.79% ICICI Lombard General Insurance
0.90%
Emami Limited 1.77% Company Limited
Multi Commodity Exchange of
Deepak Nitrite Limited 1.75% 0.90%
India Limited
PI Industries Limited 1.71% PVR INOX Limited 0.79%
Balkrishna Industries Limited 1.70% Schneider Electric Infrastructure
0.62%
Info Edge (India) Limited 1.65% Limited
Motherson Sumi Wiring India
Jubilant Foodworks Limited 1.64% 0.51%
Limited
ZF Commercial Vehicle Control
1.59% The Federal Bank Limited 0.49%
Systems India Limited
Muthoot Finance Limited 0.47%
Havells India Limited 1.54%
Solar Industries India Limited 0.45%
Hindustan Aeronautics Limited 1.51% CRISIL Limited 0.32%
Cost Network Efficient Switching Intangible Assets Intangible Assets Intangible Assets
Management
Advantages Effects Scale Cost Patent Brand Regulation
These 8 color boxes represent each Moat and the boxes after each company's name represent it's presence in that particular Moat
wherever applicable. We have also shown % to Net Assets for each company. Data as on 31st May 2024.
18
Bajaj Finserv Arbitrage Fund
An open ended scheme investing in arbitrage opportunities
The investment objective of the Scheme is to seek to generate returns by investing in arbitrage opportunities in the cash and derivatives
segments of the equity markets and by investing balance in debt and money market instruments.However, There is no assurance that the
investment objective of the Scheme will be achieved.
SCHEME DETAILS
NAV (IN `) (as on 31 May, 2024) AUM (IN ` CRORE) FUND MANAGER:
Direct Growth 10.539 Month end AUM 428.34 Mr. Ilesh Savla (Equity Portion)(Managing fund
Direct IDCW 10.539 AAUM 547.47 since inception & Overall experience of over 23
Regular Growth 10.487 years)
Regular IDCW 10.487 DATE OF ALLOTMENT: 15th September 2023
Mr. Siddharth Chaudhary (Debt Portion)(Managing
BENCHMARK: Nifty 50 Arbitrage Index fund since inception & Overall experience of 17
(TRI) years)

Scheme Category: Arbitrage Fund Equity Futures Equity Futures
Plans: Regular Plan and Direct Plan Stock % of NAV % of NAV Stock % of NAV % of NAV
Options: Growth and Income Distribution HDFC Bank Limited 9.66% -9.72% Polycab India Limited 0.34% -0.34%
cum Capital Withdrawal (IDCW) option with Reliance Industries Limited 7.52% -7.57% Petronet LNG Limited 0.21% -0.21%
Payout of Income Distribution cum Capital Bank of Baroda 5.27% -5.31% Hindalco Industries Limited 0.21% -0.21%
Withdrawal sub-option, Reinvestment of Multi Commodity Exchange of India Limited 5.01% -5.05% Birlasoft Limited 0.20% -0.20%
Income Distribution cum Capital Withdrawal Hindustan Unilever Limited 4.01% -4.00% Punjab National Bank 0.17% -0.17%
sub-option and Transfer of Income State Bank of India 3.45% -3.48% Dixon Technologies (India) Limited 0.12% -0.12%
Distribution cum Capital Withdrawal Kotak Mahindra Bank Limited 3.38% -3.41% Piramal Enterprises Limited 0.11% -0.11%
sub-option.
Tata Consultancy Services Limited 2.25% -2.27% Bharat Petroleum Corporation Limited 0.09% -0.09%
Minimum Investment Amount: INR 500/- Tata Communications Limited 2.20% -2.20% Tata Steel Limited 0.08% -0.08%
and multiples of INR 1 Indian Energy Exchange Limited 1.68% -1.69% Mahindra & Mahindra Limited 0.08% -0.08%
Minimum Additional Investment Adani Ports and Special Economic Hindustan Aeronautics Limited 0.05% -0.05%
Amount: INR 100/- and multiples of INR 1 Zone Limited 1.64% -1.64% Cipla Limited 0.05% -0.05%
Steel Authority of India Limited 1.55% -1.57% Colgate Palmolive (India) Limited 0.05% -0.05%
Entry Load: NA Glenmark Pharmaceuticals Limited 1.50% -1.51% SBI Life Insurance Company Limited 0.05% -0.05%
Exit Load: For each purchase of units Dalmia Bharat Limited 1.46% -1.46% Oil & Natural Gas Corporation Limited 0.05% -0.05%
through Lumpsum / switch-in / Systematic Axis Bank Limited 1.41% -1.42% Bajaj Finance Limited 0.05% -0.05%
Investment Plan (SIP) and Systematic DLF Limited 1.33% -1.34% HDFC Life Insurance Company Limited 0.04% -0.04%
Transfer Plan (STP), exit load will be as Titan Company Limited 1.21% -1.21% Berger Paints (I) Limited 0.03% -0.03%
follows: IndusInd Bank Limited 1.11% -1.12% Bharat Electronics Limited 0.03% -0.03%
0.25% of applicable NAV if TVS Motor Company Limited 1.09% -1.10% Hindustan Petroleum Corporation Limited 0.03% -0.03%
redeemed/switched out within 15 days from Tata Power Company Limited 1.02% -1.02% JSW Steel Limited 0.02% -0.02%
the date of allotment. Bharti Airtel Limited 0.92% -0.93% Coal India Limited 0.02% -0.02%
Nil if redeemed/switched out after 15 days Vodafone Idea Limited 0.92% -0.93% Nestle India Limited 0.02% -0.02%
from the date of allotment. Shriram Finance Limited 0.91% -0.92% Equities 70.79% -71.21%
TOTAL EXPENSE RATIO (TER) Aurobindo Pharma Limited 0.88% -0.88% Bajaj Finserv Liquid Fund - Direct Plan -
Including Additional Expenses and GST on The Ramco Cements Limited 0.86% -0.86% Growth 22.66%
Management Fees Indian Railway Catering And Tourism 0.71% -0.72% Mutual Fund Units 22.66%
Corporation Limited 0.71% -0.72% Reverse Repo / TREPS 6.11%
Regular Plan 0.97% LIC Housing Finance Limited 0.71% -0.72% Cash Receivables/Payable 0.45%
Direct Plan 0.27% ITC Limited 0.71% -0.70% Grand Total 100.00%
Larsen & Toubro Limited 0.69% -0.69%
OTHER PARAMETERS* (as on 31 May, 2024)
United Spirits Limited 0.68% -0.68%
Average Maturity 38 Days ICICI Bank Limited 0.63% -0.63%
Modified Duration 35 Days Bandhan Bank Limited 0.57% -0.58%
Macaulay Duration 37 Days NTPC Limited 0.53% -0.53%
Yield to Maturity 7.05% IDFC Limited 0.45% -0.46%
Note : YTM details should not be construed as indicative returns Bharat Heavy Electricals Limited 0.41% -0.42%
and the securities bought by the Fund may or may not be held till
the respective maturities.Performance, SIP & other parameters
L&T Finance Limited 0.36% -0.36%
are not disclosed as fund has not completed 1 year.
*For the debt portion of the portfolio

6.56% Banks 25.66% Automobiles 1.17%
Petroleum Products 7.64% Leisure Services 0.71%
22.66% Capital Markets 6.69% Construction 0.69%
Diversified FMCG 4.71% Beverages 0.68%
Telecom - Services 4.04% Electrical Equipment 0.41%
Finance 2.59% Industrial Products 0.34%
IT - Software 2.45% Gas 0.21%
Pharmaceuticals & Biotechnology 2.42% Non - Ferrous Metals 0.21%
Cement & Cement Products 2.32% Insurance 0.09%
Ferrous Metals 1.66% Aerospace & Defense 0.08%
70.79% Transport Infrastructure 1.64% Personal Products 0.05%
Power 1.54% Oil 0.05%
Equities Mutual Fund Units Consumer Durables 1.36% Consumable Fuels 0.02%
Realty 1.33% Food Products 0.02%
Reverse Repo/TREPS & Net Current Assets
Kindly refer to Page No. 27, 28 & 29 for Performance Data. | Kindly refer to Page No. 31 & 32 for Risk-o-meter and Product Label.
19
An Open Ended Dynamic Asset Allocation Fund
The investment objective of the scheme is to capitalize on the potential upside of equities while attempting to limit the downside by dynamically
managing the portfolio through investment in equity & equity related instruments and active use of debt, money market instruments and
derivatives. However, there is no assurance that the investment objective of the Scheme will be achieved.
SCHEME DETAILS
NAV (IN `) (as on 31 May, 2024) Mr. Nimesh Chandan (Equity Portion) (Managing
Month end AUM 1,117.97 fund since inception & Overall experience of 23
Direct Growth 10.767
AAUM 1,097.76 years)
Direct IDCW 10.767
Regular Growth 10.688 DATE OF ALLOTMENT: 15th December 2023 Mr. Sorbh Gupta (Equity Portion) (Managing fund
Regular IDCW 10.688 since inception & Overall experience of 15+ years)
BENCHMARK: NIFTY 50 Hybrid Composite Mr. Siddharth Chaudhary (Debt Portion)
debt 50:50 Index (Managing fund since inception & Overall
experience of 17 years)

Scheme Category: Balanced Advantage Fund Equity Futures Equity Futures
Plans: Regular Plan and Direct Plan Stock % of NAV % of NAV Stock % of NAV % of NAV
Options: Growth and Income Distribution HDFC Bank Limited 8.18% Tata Consumer Products Limited 0.87%
cum Capital Withdrawal (IDCW) option with Reliance Industries Limited 4.82% Asian Paints Limited 0.86%
Payout of Income Distribution cum Capital ICICI Bank Limited 4.82% Tata Power Company Limited 0.77%
Bharti Airtel Limited 4.03% Procter & Gamble Hygiene and
State Bank of India 3.91% Health Care Limited 0.76%
Larsen & Toubro Limited 3.83% Maruti Suzuki India Limited 0.75%
Distribution cum Capital Withdrawal
sub-option. ITC Limited 2.93% UltraTech Cement Limited 0.74%
Britannia Industries Limited 2.46% Zomato Limited 0.65%
Minimum Investment Amount: INR 500/- Hindustan Unilever Limited 2.33% Mahindra & Mahindra Limited 0.59%
and multiples of INR 1
Bajaj Auto Limited 2.26% NTPC Limited 0.57%
Minimum Additional Investment Divi's Laboratories Limited 1.97% Axis Bank Limited 0.40%
Amount: INR 100/- and multiples of INR 1 SRF Limited 1.93% Bharat Petroleum Corporation Limited 0.40%
Entry Load: NA Nestle India Limited 1.76% Dr. Reddy's Laboratories Limited 0.39%
Exit Load: For each purchase of units Hindalco Industries Limited 1.75% Wipro Limited 0.34%
through Lumpsum / switch-in / Systematic Tata Consultancy Services Limited 1.71% SBI Life Insurance Company Limited 0.23%
Investment Plan (SIP) and Systematic Grasim Industries Limited 1.67% Equities 79.26% -0.81%
Transfer Plan (STP), exit load will be as JSW Steel Limited 1.66% Indian Railway Finance Corporation Limited 1.35%
follows: Tata Steel Limited 1.44% Corporate Bond 1.35%
if units are redeemed / switched out within 6 Oil & Natural Gas Corporation Limited 1.38% 7.18% GOI (MD 14/08/2033) 6.79%
months from the date of allotment: United Breweries Limited 1.34% 7.1% GOI (MD 08/04/2034) 0.45%
if upto 8% of units allotted are Infosys Limited 1.27% -0.81% Government Bond 7.24%
redeemed/switched out – Nil Havells India Limited 1.26% 7.7% Maharashtra SDL (MD 15/11/2034) 0.92%
Apollo Hospitals Enterprise Limited 1.23% State Government Bond 0.92%
any redemption / switch-out of units in
excess of 8% of units allotted - 1% of Tata Motors Limited 1.22% 182 Days Tbill (MD 04/07/2024) 0.22%
applicable NAV. Kotak Mahindra Bank Limited 1.20% Treasury Bill 0.22%
Sanofi India Limited 1.19% Reverse Repo / TREPS 3.78%
if units are redeemed/switched out after 6
months from the date of allotment, no exit ABB India Limited 1.17% Cash & Cash Equivalent 7.23%
load is payable. TVS Motor Company Limited 1.15% Grand Total 100.00%
Sun Pharmaceutical Industries Limited 1.08%
TOTAL EXPENSE RATIO (TER)
Cipla Limited 1.07%
Including Additional Expenses and GST on Bharat Electronics Limited 1.06%
Management Fees
Titan Company Limited 0.97%
Regular Plan 2.13% IndusInd Bank Limited 0.87%
Direct Plan 0.55%
OTHER PARAMETERS* (as on 31 May, 2024)
Stocks
Average Maturity 6.16 Years
Modified Duration 4.41 Years New entries Total exits
Macaulay Duration 4.58 Years
Yield to Maturity 6.99% No new entries No total exits
Note : YTM details should not be construed as indicative returns and the securities
bought by the Fund may or may not be held till the respective
maturities.Performance, SIP & other parameters are not disclosed as fund has not
completed 1 year.
*For the debt portion of the portfolio

0.92%
1.35% 0.22% Banks 19.39% Oil 1.38%
7.24% Automobiles 5.97% Beverages 1.34%
Pharmaceuticals & Biotechnology 5.70% Power 1.34%
11.01% Diversified FMCG 5.25% Healthcare Services 1.23%
Petroleum Products 5.22% Electrical Equipment 1.17%
Food Products 4.22% Aerospace & Defense 1.06%
79.26% Telecom - Services 4.03% Agricultural Food & other Products 0.87%
Construction 3.83% Personal Products 0.76%
IT - Software 3.32% Retailing 0.65%
Ferrous Metals 3.11% Insurance 0.23%
Consumer Durables 3.09%
Equities Cement & Cement Products 2.41%
Treasury bill
Reverse Repo / TREPS Chemicals & Petrochemicals 1.93%
& Net Current Assets State Government Bond Non - Ferrous Metals 1.75%
Government Bond Corporate Bond
20
Bajaj Finserv Liquid Fund
An open ended Liquid scheme with Relatively Low Interest Rate Risk and Moderate Credit Risk
To provide a level of income consistent with the objectives of preservation of capital, lower risk and high liquidity through investments made
primarily in money market and debt securities with maturity of up to 91 days only.
Disclaimer: There is no assurance that the investment objective of the Scheme will be achieved.
SCHEME DETAILS
Direct Growth 1066.8538 Month end AUM 2,594.90 Mr. Siddharth Chaudhary (Managing fund since
inception & Overall experience of 17 years)
Regular Growth 1065.2086 AAUM 2,734.46
DATE OF ALLOTMENT: 5th July 2023 Mr. Nimesh Chandan (Managing fund since
BENCHMARK: NIFTY Liquid Index A-I

Scheme Category: Liquid Fund Stock Rating Total
Plans: Regular Plan and Direct Plan Certificate of Deposit 28.43%
Options: Growth and Income Distribution Axis Bank Limited CRISIL A1+ 6.68%
cum Capital Withdrawal (IDCW) option with Canara Bank CRISIL A1+ 4.78%
Payout of Income Distribution cum Capital HDFC Bank Limited CARE A1+ 4.57%
Withdrawal sub-option, Reinvestment of Bank of Baroda FITCH A1+ 3.82%
Small Industries Dev Bank of India CARE A1+ 2.88%
Punjab National Bank ICRA A1+ 2.85%
sub-option Indian Bank CRISIL A1+ 1.90%
Union Bank of India ICRA A1+ 0.95%
Minimum Investment Amount: INR 100/- Commercial Paper 37.97%
ICICI Securities Limited CRISIL A1+ 5.72%
Minimum Additional Investment Small Industries Dev Bank of India CRISIL A1+ 4.78%
Amount: INR 100/- and multiples of INR 1 HDFC Securities Limited CRISIL A1+ 4.58%
Entry Load: NA
UltraTech Cement Limited CRISIL A1+ 3.84%
Exit Load: For each purchase of units National Bank For Agriculture and Rural Development CRISIL A1+ 3.80%
through Lumpsum / switch-in / Systematic
L&T Finance Limited CRISIL A1+ 3.79%
Investment Plan (SIP) and Systematic
Aditya Birla Finance Limited ICRA A1+ 2.84%
Transfer Plan (STP), exit load will be as
follows:as a % of redemption proceeds Reliance Retail Ventures Limited CRISIL A1+ 1.93%
(including systematic transactions) Up to Larsen & Toubro Limited CRISIL A1+ 1.92%
Units redeemed/switched-out Exit load as a % Units redeemed/switched-out Exit load as a %
Aditya Birla Housing Finance Limited ICRA A1+ 1.92%
within “X” days from the date of redemption within “X” days from the date of redemption
of allotment proceeds of allotment proceeds Kotak Securities Limited CRISIL A1+ 1.90%
Day 1 0.0070% Day 5 0.0050%
Axis Securities Limited CRISIL A1+ 0.95%
Day 2 0.0065% Day 6 0.0045%
Day 3 0.0060% Day 7 onwards Nil

Corporate Bond 10.01%
Day 4 0.0055% REC Limited CRISIL AAA 4.23%
Note 1: For the purpose of levying exit load, if subscription Larsen & Toubro Limited CRISIL AAA 3.85%
(application & funds) is received within cut-off time on a day,
Day 1 shall be considered to be the same day, else the day after
National Bank For Agriculture and Rural Development CRISIL AAA 1.92%
the date of allotment of units shall be considered as Day 1. Corporate Debt Market Development Fund 0.14%
The Scheme will not levy exit load in case the timelines for
rebalancing portfolio as stated in SEBI Circular dated March Corporate Debt Market Development Fund Class A2 0.14%
30, 2022 is not complied with. Treasury Bill 21.41%
TOTAL EXPENSE RATIO (TER) 182 Days Tbill (MD 08/08/2024) Sovereign 5.71%
Including Additional Expenses and GST on 91 Days Tbill (MD 13/06/2024) Sovereign 3.85%
Management Fees 91 Days Tbill (MD 02/08/2024) Sovereign 3.81%
Regular Plan 0.27% 364 Days Tbill (MD 29/08/2024) Sovereign 3.79%
Direct Plan 0.10% 91 Days Tbill (MD 27/06/2024) Sovereign 3.07%
OTHER PARAMETERS (as on 31 May, 2024) 91 Days Tbill (MD 12/07/2024) Sovereign 0.62%
182 Days Tbill (MD 25/07/2024) Sovereign 0.57%
Average Maturity 47 Days
Reverse Repo / TREPS 5.74%
Modified Duration 43 Days Cash & Cash Equivalent -3.70%
Macaulay Duration 46 Days Grand Total 100.00%
Yield to Maturity 7.16%
Note : YTM details should not be construed as indicative returns
and the securities bought by the Fund may or may not be held till
the respective maturities.Performance, SIP & other parameters
are not disclosed as fund has not completed 1 year.
COMPOSITION BY RATING (%) COMPOSITION BY ASSET (%)

2.04%
0.14%
Commercial Paper 37.97%
21.41%
Certificate of Deposit 28.43%
Treasury Bill 21.41%

76.41%
Corporate Debt Market Development Fund 0.14%
Reverse Repo / TREPS & Sovereign
Net Current Assets Cash & Cash Equivalent -3.70%
Corporate Debt Market AAA/A1+ -20% -10% 0% 10% 20% 30% 40% 50%
Development Fund
Kindly refer to Page No. 27, 28 & 29 for Performance Data. | Kindly refer to Page No. 30 for Potential Risk Class (PRC). | Kindly refer to Page No. 31 & 32 for Risk-o-meter and Product Label.
21
Bajaj Finserv Money Market Fund
An open ended debt scheme investing in money market instruments with Relatively
Low Interest Rate Risk and Moderate Credit Risk.
The investment objective of the scheme is to generate regular income through investment in a portfolio comprising of money market
instruments.
However, There is no assurance that the investment objective of the Scheme will be achieved.
SCHEME DETAILS
Direct Growth 1068.0058 Month end AUM 2,145.04 Mr. Siddharth Chaudhary (Managing fund since
Regular Growth 1062.9932 AAUM 2,197.60
BENCHMARK: NIFTY Money Market Index A-I

Stock Rating Total
Scheme Category: Money Market Fund
Plans: Regular Plan and Direct Plan National Bank For Agriculture and Rural Development CRISIL A1+ / FITCH A1+ 9.72%
HDFC Bank Limited CRISIL A1+ / CARE A1+/ FITCH A1+/ ICRA A1+ 8.83%
Options: Growth and Income Distribution Bank of Baroda FITCH A1+ 5.57%
cum Capital Withdrawal (IDCW) option with Axis Bank Limited CRISIL A1+ 5.54%
Payout of Income Distribution cum Capital ICICI Bank Limited ICRA A1+ 4.47%
Small Industries Dev Bank of India CRISIL A1+ 4.44%
Punjab National Bank FITCH A1+ 4.42%
Income Distribution cum Capital Withdrawal Canara Bank CRISIL A1+ 4.40%
sub-option and Transfer of Income Kotak Mahindra Bank Limited CRISIL A1+ 3.33%
Distribution cum Capital Withdrawal Indian Bank CRISIL A1+ 3.30%
sub-option. Union Bank of India ICRA A1+ 2.20%
Commercial Paper 27.79%
Minimum Investment Amount: INR ICICI Securities Limited CRISIL A1+ 4.39%
1,000/- and multiples of INR 1 Standard Chartered Capital Limited CRISIL A1+ 3.39%
NTPC Limited CRISIL A1+ 2.28%
Minimum Additional Investment Kotak Securities Limited CRISIL A1+ 2.27%
Amount: INR 1,000/- and multiples of INR 1 Cholamandalam Investment and Finance Company Ltd CRISIL A1+ 2.21%
Small Industries Dev Bank of India CRISIL A1+ 2.21%
Entry Load: NA Birla Group Holdings Private Limited CRISIL A1+ 2.20%
Aditya Birla Finance Limited ICRA A1+ 2.20%
Exit Load: Nil
Sundaram Home Finance Limited CRISIL A1+ 2.16%
ICICI Sec Primary Dealership Limited CRISIL A1+ 1.15%
National Housing Bank ICRA A1+ 1.15%
Including Additional Expenses and GST on HDB Financial Services Limited CRISIL A1+ 1.10%
Management Fees Muthoot Finance Limited CRISIL A1+ 1.10%
Regular Plan 0.77% Corporate Debt Market Development Fund Class A2 0.19%
Direct Plan 0.22% State Government Bond 6.75%
5.8% Maharashtra SDL (MD 02/02/2025) Sovereign 2.31%
OTHER PARAMETERS (as on 31 May, 2024) 8.04% Maharashtra SDL (MD 25/02/2025) Sovereign 1.17%
8.06% Karnataka SDL (MD 11/02/2025) Sovereign 1.17%
Average Maturity 234 Days 5.77% Gujarat SDL (MD 12/01/2025) Sovereign 1.16%
Modified Duration 217 Days 8.08% Telangana SDL (MD 25/02/2025) Sovereign 0.70%
Macaulay Duration 233 Days 8.08% Karnataka SDL (MD 11/03/2025) Sovereign 0.23%
Treasury Bill 6.59%
Yield to Maturity 7.55% 182 Days Tbill (MD 19/09/2024) Sovereign 2.74%
Note : YTM details should not be construed as indicative 364 Days Tbill (MD 14/11/2024) Sovereign 2.26%
returns and the securities bought by the Fund may or may 364 Days Tbill (MD 22/08/2024) Sovereign 1.15%
not be held till the respective maturities.
Performance, SIP & other parameters are not disclosed as 182 Days Tbill (MD 11/07/2024) Sovereign 0.01%
fund has not completed 1 year. Reverse Repo / TREPS 2.37%
Cash & Cash Equivalent 0.09%
Grand Total 100.00%

0.19% 2.46%
13.34% Commercial Paper 27.79%
State Government Bond 6.75%
Treasury Bill 6.59%
84.01% Corporate Debt Market

0.19%
Corporate Debt Market Sovereign Development Fund
Development Fund
Reverse Repo / TREPS & Net AAA/A1+
Current Assets 0% 10% 20% 30% 40% 50% 60%
22
Bajaj Finserv Overnight Fund
An open ended debt scheme investing in overnight securities with Relatively Low
Interest Rate Risk and Relatively Low Credit Risk.
The Scheme aims to provide reasonable returns commensurate with low risk and high level of liquidity, through investments made primarily in
overnight securities having maturity of 1 business day.
There is no assurance that the investment objective of the Scheme will be achieved.
SCHEME DETAILS
Direct Growth 1061.5713 Month end AUM 426.53 Mr. Siddharth Chaudhary (Managing fund since
Regular Growth 1061.0899 AAUM 331.19
BENCHMARK: CRISIL Liquid Overnight
Index

Stock Rating Total
Scheme Category: Overnight Fund
Treasury Bill 3.50%
Plans: Regular Plan and Direct Plan 91 Days Tbill (MD 27/06/2024) Sovereign 2.33%
Options: Growth and Income Distribution Reverse Repo / TREPS 96.50%
Cash & Cash Equivalent -0.01%
Grand Total 100.00%
sub-option.
Minimum Investment Amount: INR 100/-

Amount: INR 100/- and multiples of INR 1
Entry Load: NA
Exit Load: Nil

Including Additional Expenses and GST on
Management Fees
Regular Plan 0.13%
Direct Plan 0.08%
OTHER PARAMETERS (as on 31 May, 2024)

Average Maturity 1 Days
Modified Duration 1 Days
Macaulay Duration 1 Days
Note : YTM details should not be construed as indicative
returns and the securities bought by the Fund may or may
Performance, SIP & other parameters are not disclosed as

fund has not completed 1 year.

3.50%
Treasury Bill 3.50%
96.50% Cash & Cash Equivalent -0.01%
Sovereign Reverse Repo / TREPS & Net

Current Assets -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
23
Bajaj Finserv Banking and PSU Fund
An open ended debt scheme predominantly investing in Debt instruments of banks, Public Sector Undertakings,
Public Financial Institutions and Municipal Bonds with relatively high interest rate risk and moderate credit risk.
To generate income by predominantly investing in debt & money market securities issued by Banks, Public Sector Undertaking (PSUs), Public Financial Institutions
(PFI), Municipal Bonds and Reverse repos in such securities, sovereign securities issued by the Central Government and State Governments, and / or any security
unconditionally guaranteed by the Govt. of India. There is no assurance that or guarantee that the investment objective of the scheme will be achieved.
SCHEME DETAILS
Direct Growth 10.4596 Month end AUM 97.44 Mr. Siddharth Chaudhary (Managing fund since
Regular Growth 10.4281 AAUM 108.29
DATE OF ALLOTMENT: 13th November 2023 Mr. Nimesh Chandan (Managing fund since
BENCHMARK: Nifty Banking & PSU Debt
Index A-II

Stock Rating Total
Scheme Category: Banking and PSU Fund
Plans: Regular Plan and Direct Plan Indian Railway Finance Corporation Limited CRISIL AAA 10.72%
REC Limited CRISIL AAA 10.72%
Options: Growth and Income Distribution Power Finance Corporation Limited CRISIL AAA 10.39%
Small Industries Dev Bank of India CRISIL AAA 10.35%
National Housing Bank CRISIL AAA 10.34%
National Bank For Agriculture and Rural Development CRISIL AAA 10.27%
sub-option and Transfer of Income Food Corporation Of India CRISIL AAA(CE) 6.57%
Distribution cum Capital Withdrawal Power Grid Corporation of India Limited CRISIL AAA 5.53%
sub-option. National Highways Authority Of India CRISIL AAA 5.33%
Minimum Investment Amount: INR
Corporate Debt Market Development Fund Class A2 0.24%
1,000/- and multiples of INR 1
Government Bond 10.42%
Minimum Additional Investment 7.37% GOI (MD 23/10/2028) Sovereign 10.42%
Amount: INR 1,000/- and multiples of INR 1 State Government Bond 4.08%
7.11% Maharashtra SDL (MD 31/07/2029) Sovereign 4.08%
Entry Load: NA
Exit Load: Nil Cash & Cash Equivalent 2.44%
Grand Total 100.00%
Management Fees
Regular Plan 0.89%
Direct Plan 0.34%
OTHER PARAMETERS (as on 31 May, 2024)

Average Maturity 4.6 Years
Modified Duration 3.7 Years
Macaulay Duration 3.9 Years
Note : YTM details should not be construed as indicative
returns and the securities bought by the Fund may or may
Performance, SIP & other parameters are not disclosed as

fund has not completed 1 year.

0.24% 5.04% Corporate Bond 80.22%
14.49%
Government Bond 10.42%
State Government Bond 4.08%

80.22%
Corporate Debt Market Sovereign Corporate Debt Market 0.24%
Development Fund Development Fund
Reverse Repo / TREPS & Net AAA
Current Assets 0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
24
Bajaj Finserv Nifty 50 ETF
An open ended exchange traded fund tracking NIFTY 50 Index
The investment objective of the Scheme is to provide returns that are corresponding with the performance of the NIFTY 50 Index, subject to tracking errors.
However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved
SCHEME DETAILS
Bajaj Finserv Nifty 50 Month end AUM 54.50 Mr. Sorbh Gupta (Managing fund since inception &
226.0955 Overall experience of 15+ years)
ETF AAUM 54.30
Mr. Ilesh Savla (Managing fund since inception &
DATE OF ALLOTMENT: 19th January 2024 Overall experience of over 23 years)
BENCHMARK: Nifty 50 TRI

Stock Industry % of NAV
Scheme Category: Exchange Traded Fund
HDFC Bank Limited Banks 11.56%
Reliance Industries Limited Petroleum Products 9.71%
Options: There are no options under the
ICICI Bank Limited Banks 7.90%
Scheme.
Infosys Limited IT - Software 5.04%
Minimum Investment Amount: Larsen & Toubro Limited Construction 4.35%
ITC Limited Diversified FMCG 3.79%
On Exchange: Investors can buy/sell units Tata Consultancy Services Limited IT - Software 3.73%
of the Scheme in round lot of 1 unit and in Bharti Airtel Limited Telecom - Services 3.58%
multiples thereof. Axis Bank Limited Banks 3.31%
State Bank of India Banks 3.20%
Directly with the Mutual Fund: In creation Kotak Mahindra Bank Limited Banks 2.48%
unit size viz.50,000 units and in multiples Mahindra & Mahindra Limited Automobiles 2.41%
thereof Hindustan Unilever Limited Diversified FMCG 2.09%
Bajaj Finance Limited Finance 1.87%
Entry Load: NA NTPC Limited Power 1.71%
Maruti Suzuki India Limited Automobiles 1.64%
Exit Load: Nil
Tata Motors Limited Automobiles 1.63%
Sun Pharmaceutical Industries Limited Pharmaceuticals & Biotechnology 1.58%
Power Grid Corporation of India Limited Power 1.42%
Including Additional Expenses and GST on HCL Technologies Limited IT - Software 1.41%
Management Fees Tata Steel Limited Ferrous Metals 1.38%
Bajaj Finserv Nifty 50 ETF 0.04% Titan Company Limited Consumer Durables 1.36%
Asian Paints Limited Consumer Durables 1.30%
UltraTech Cement Limited Cement & Cement Products 1.15%
Coal India Limited Consumable Fuels 1.12%
Adani Ports and Special Economic Zone Limited Transport Infrastructure 1.06%
COMPOSITION BY INDUSTRY (%) Oil & Natural Gas Corporation Limited Oil 1.03%
Bajaj Auto Limited Automobiles 1.03%
Hindalco Industries Limited Non - Ferrous Metals 1.01%
IndusInd Bank Limited Banks 0.97%
Adani Enterprises Limited Metals & Minerals Trading 0.90%
Grasim Industries Limited Cement & Cement Products 0.86%
Nestle India Limited Food Products 0.84%
JSW Steel Limited Ferrous Metals 0.84%
Bajaj Finserv Limited Finance 0.83%
Tech Mahindra Limited IT - Software 0.78%
Cipla Limited Pharmaceuticals & Biotechnology 0.76%
Dr. Reddy's Laboratories Limited Pharmaceuticals & Biotechnology 0.71%
Tata Consumer Products Limited Agricultural Food & other Products 0.67%
Hero MotoCorp Limited Automobiles 0.67%
Banks 29.41% Shriram Finance Limited Finance 0.66%
IT - Software 12.01% Eicher Motors Limited Automobiles 0.65%
Petroleum Products 10.31% SBI Life Insurance Company Limited Insurance 0.63%
Automobiles 8.03% Wipro Limited IT - Software 0.62%
Diversified FMCG 5.88% Britannia Industries Limited Food Products 0.61%
Construction 4.35%
Bharat Petroleum Corporation Limited Petroleum Products 0.60%
Pharmaceuticals & Biotechnology 3.60%
Telecom - Services 3.58% Apollo Hospitals Enterprise Limited Healthcare Services 0.59%
Finance 3.36% HDFC Life Insurance Company Limited Insurance 0.58%
Power 3.13% Divi's Laboratories Limited Pharmaceuticals & Biotechnology 0.55%
Consumer Durables 2.66% LTIMindtree Limited IT - Software 0.43%
Ferrous Metals 2.22% Equities 99.61%
Cement & Cement Products 2.01% Cash & Cash Equivalent 0.39%
Food Products 1.46%
Grand Total 100.00%
Insurance 1.21%
Consumable Fuels 1.12%
Transport Infrastructure 1.06%
Oil 1.03%
Non - Ferrous Metals 1.01%
Metals & Minerals Trading 0.90%
Agricultural Food & other Products 0.67%
Healthcare Services 0.59%
25
Bajaj Finserv Nifty Bank ETF
An open ended exchange traded fund tracking Nifty Bank Index
The investment objective of the Scheme is to provide returns that are corresponding with the performance of the Nifty Bank Index, subject to tracking errors.
However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.
SCHEME DETAILS
Bajaj Finserv Nifty Bank Month end AUM 162.45 Mr. Sorbh Gupta (Managing fund since inception &
49.1531 Overall experience of 15+ years)
ETF AAUM 158.94
Mr. Ilesh Savla (Managing fund since inception &
DATE OF ALLOTMENT: 19th January 2024 Overall experience of over 23 years)
BENCHMARK: Nifty Bank TRI

Stock Total
Scheme Category: Exchange Traded Fund
Issuer Industry % of NAV
Options: There are no options under the HDFC Bank Limited Banks 29.27%
Scheme. ICICI Bank Limited Banks 23.21%
Axis Bank Limited Banks 9.73%
Minimum Investment Amount: State Bank of India Banks 9.62%
Kotak Mahindra Bank Limited Banks 8.18%
On Exchange: Investors can buy/sell units
IndusInd Bank Limited Banks 6.22%
of the Scheme in round lot of 1 unit and in
Bank of Baroda Banks 3.17%
multiples thereof.
Punjab National Bank Banks 2.47%
Directly with the Mutual Fund: In creation AU Small Finance Bank Limited Banks 2.34%
unit size viz. 50,000 units and in multiples The Federal Bank Limited Banks 2.33%
thereof IDFC First Bank Limited Banks 1.94%
Bandhan Bank Limited Banks 0.99%
Entry Load: NA Equities 99.49%
Exit Load: Nil Cash & Cash Equivalent 0.51%
Grand Total 100.00%
Management Fees
Bajaj Finserv Nifty Bank
0.12%
ETF
26
Performance
Bajaj Finserv Overnight Fund Value of Investment of Rs.10,000

Benchmark
PERFORMANCE DATA Additional Benchmark Additional
Period Fund Returns (%) Returns (%) Fund (Rs) Benchmark (Rs)
Returns (%) Benchmark (Rs)
Bajaj Finserv Overnight Fund - Regular - Growth
Last 7 days 6.43% 6.53% 7.47% 10,012 10,013 10,014

Last 15 days 6.52% 6.61% 8.04% 10,025 10,025 10,031
Last 30 days 6.50% 6.58% 7.33% 10,055 10,056 10,062
Last 3 Months 6.53% 6.62% 7.41% 10,165 10,167 10,187
Last 6 Months 6.64% 6.74% 7.25% 10,333 10,338 10,363
Since Inception 6.74% 6.83% 6.99% 10,611 10,619 10,634
Bajaj Finserv Overnight Fund - Direct - Growth
Last 7 days 6.48% 6.53% 7.47% 10,012 10,013 10,014

Last 15 days 6.57% 6.61% 8.04% 10,025 10,025 10,031
Last 30 days 6.55% 6.58% 7.33% 10,056 10,056 10,062
Last 3 Months 6.58% 6.62% 7.41% 10,166 10,167 10,187
Last 6 Months 6.69% 6.74% 7.25% 10,336 10,338 10,363
Since Inception 6.79% 6.83% 6.99% 10,616 10,619 10,634
Returns as on 31 May, 2024

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

Name of Fund Manager: Mr. Nimesh Chandan and Mr. Siddharth Chaudhary
1 Year 3 Year 5 Year Since Inception
Fund Name Regular Direct Benchmark Regular Direct Benchmark Regular Direct Benchmark Regular Direct Benchmark
Bajaj Finserv Banking and PSU Fund* NA NA NA NA NA NA NA NA NA 7.81% 8.39% 7.55%
Bajaj Finserv Money Market Fund# NA NA NA NA NA NA NA NA NA 7.37% 7.96% 7.40%
Bajaj Finserv Liquid Fund## NA NA NA NA NA NA NA NA NA 7.19% 7.37% 7.35%
Disclaimer: Past performance may or may not be sustained in the future. Different plans have different expense structure. Period for which scheme’s performance has been provided is computed basis last day
of the previous month preceding the date of this material. Mr. Nimesh Chandan also manages equity portion of Bajaj Finserv Flexi Cap Fund, Bajaj Finserv Large and Mid Cap Fund & Bajaj Finserv Balanced
Advantage Fund. Mr. Siddharth Chaudhary manages Bajaj Finserv Nifty 1D Rate Liquid and also manges debt portion of Bajaj Finserv Flexi Cap Fund, Bajaj Finserv Arbitrage Fund, Bajaj Finserv Balanced
Advantage Fund, Bajaj Finserv Large and Mid Cap. However, since these funds have not completed 1 year, the performance are not disclosed.
Benchmark: *Nifty Banking & PSU Debt Index A-II, #NIFTY Money Market Index A-I & ##NIFTY Liquid Index A-I
Returns less than 1 year period are simple annualized.
Bajaj Finserv Liquid Fund Value of Investment of Rs.10,000
Benchmark
Bajaj Finserv Liquid Fund - Regular - Growth
Last 7 days 6.70% 6.91% 7.47% 10,013 10,013 10,014

Last 15 days 7.11% 7.17% 8.04% 10,027 10,028 10,031
Last 30 days 7.00% 7.07% 7.33% 10,059 10,060 10,062
Last 3 Months 7.37% 7.43% 7.41% 10,186 10,187 10,187
Last 6 Months 7.36% 7.48% 7.25% 10,369 10,375 10,363
Since Inception 7.19% 7.35% 6.99% 10,652 10,667 10,634
Bajaj Finserv Liquid Fund - Direct - Growth
Last 7 days 6.88% 6.91% 7.47% 10,013 10,013 10,014

Last 15 days 7.28% 7.17% 8.04% 10,028 10,028 10,031
Last 30 days 7.18% 7.07% 7.33% 10,061 10,060 10,062
Last 3 Months 7.54% 7.43% 7.41% 10,190 10,187 10,187
Last 6 Months 7.53% 7.48% 7.25% 10,378 10,375 10,363
Since Inception 7.37% 7.35% 6.99% 10,669 10,667 10,634
Returns as on 31st May, 2024
Past performance may or may not be sustained in future. Different Plans i.e. Regular Plan and Direct Plan under the scheme have different expense structure. Benchmark: NIFTY Liquid Index A-I Additional
Benchmark: CRISIL 1 Year T-Bill Index. Inception Date: 05th July 2023
Note: Fund Managers are managing these schemes since inception. For other schemes, performance disclosures are not applicable.
27
Performance

Bajaj Finserv Overnight Fund** NA NA NA NA NA NA NA NA NA 6.74% 6.79% 6.83%
Benchmark: *Nifty Banking & PSU Debt Index A-II, #NIFTY Money Market Index A-I & **CRISIL Liquid Overnight Index
Bajaj Finserv Money Market Fund Value of Investment of Rs.10,000
Benchmark
Bajaj Finserv Money Market Fund - Regular - Growth
Last 7 days 6.41% 6.48% 7.47% 10,012 10,012 10,014

Last 15 days 6.80% 7.20% 8.04% 10,026 10,028 10,031
Last 30 days 6.63% 7.21% 7.33% 10,056 10,061 10,062
Last 3 Months 7.24% 7.69% 7.41% 10,182 10,194 10,187
Last 6 Months 7.11% 7.62% 7.25% 10,357 10,382 10,363
Since Inception 7.37% 7.40% 7.09% 10,630 10,632 10,606
Bajaj Finserv Money Market Fund - Direct - Growth
Last 7 days 6.96% 6.48% 7.47% 10,013 10,012 10,014

Last 15 days 7.35% 7.20% 8.04% 10,028 10,028 10,031
Last 30 days 7.19% 7.21% 7.33% 10,061 10,061 10,062
Last 3 Months 7.80% 7.69% 7.41% 10,197 10,194 10,187
Last 6 Months 7.68% 7.62% 7.25% 10,385 10,382 10,363
Since Inception 7.96% 7.40% 7.09% 10,680 10,632 10,606

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

Bajaj Finserv Liquid Fund ## NA NA NA NA NA NA NA NA NA 7.19% 7.37% 7.35%
Benchmark: *Nifty Banking & PSU Debt Index A-II, **CRISIL Liquid Overnight Index & ##NIFTY Liquid Index A-I
28
Performance
Bajaj Finserv Banking and PSU Fund Value of Investment of Rs.10,000
Benchmark
Bajaj Finserv Banking and PSU Fund - Regular - Growth
Last 6 Months 7.64% 7.73% 10.82% 10,383 10,388 10,542

Since Inception 7.81% 7.55% 10.60% 10,428 10,414 10,581
Bajaj Finserv Banking and PSU Fund - Direct - Growth
Last 6 Months 8.21% 7.73% 10.82% 10,411 10,388 10,542
Since Inception 8.39% 7.55% 10.60% 10,460 10,414 10,581
Past performance may or may not be sustained in future. Different Plans i.e. Regular Plan and Direct Plan under the scheme have different expense structure. Benchmark: NIFTY Banking & PSU Debt Index A-II
Additional Benchmark: CRISIL 10 year Gilt Index Inception Date: 13th November 2023

of the previous month preceding the date of advertisement. Mr. Nimesh Chandan manages equity portion of Bajaj Finserv Flexi Cap Fund, Bajaj Finserv Large and Mid Cap Fund & Bajaj Finserv Balanced
Benchmark: #NIFTY Money Market Index A-I, **CRISIL Liquid Overnight Index & ##Nifty Liquid Index A-I
Bajaj Finserv Arbitrage Fund Value of Investment of Rs.10,000
Benchmark
Bajaj Finserv Arbitrage Fund - Regular - Growth
Last 6 Months 7.09% 7.93% 7.25% 10,355 10,398 10,363

Since Inception 6.86% 7.84% 7.30% 10,487 10,556 10,518
Bajaj Finserv Arbitrage Fund - Direct - Growth
Last 6 Months 7.79% 7.93% 7.25% 10,390 10,398 10,363
Since Inception 7.60% 7.84% 7.30% 10,539 10,556 10,518
Past performance may or may not be sustained in future. Different Plans i.e. Regular Plan and Direct Plan under the scheme have different expense structure. Benchmark: Nifty 50 Arbitrage Index Additional
Benchmark: CRISIL 1 Year T-Bill Index. Inception Date: 15th September 2023

Name of Fund Manager: Mr. Siddharth Choudhary
of the previous month preceding the date of advertisement. Mr. Ilesh Savla jointly with Mr. Sorbh Gupta manages Bajaj Finserv Nifty 50 ETF and Bajaj Finserv Nifty Bank ETF. However, since these funds have
not completed 1 year, the performance are not disclosed. Mr. Siddharth Chaudhary manages Bajaj Finserv Nifty 1D Rate Liquid and also manges debt portion of Bajaj Finserv Flexi Cap Fund, Bajaj Finserv
Balanced Advantage Fund, Bajaj Finserv Large and Mid Cap.
Benchmark: *Nifty Banking & PSU Debt Index A-II, #NIFTY Money Market Index A-I, **CRISIL Liquid Overnight Index & ##Nifty Liquid Index A-I
29
Potential Risk Class (PRC)

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

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

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

Relatively Low (Class I)
Moderate (Class II)
Relatively High (Class III) B-III
B-III – A Scheme with Relatively High Interest Rate Risk and Moderate Credit Risk.
Bajaj Finserv Nifty 1D Rate Liquid ETF

Relatively Low (Class I) A-I
Moderate (Class II)
A-I – A Scheme with Relatively Low Interest Rate Risk and Relatively Low Credit Risk.
30
Risk-o-meter and Product Label.
Bajaj Finserv Flexi Cap Fund
An open ended equity scheme investing across large cap, mid cap, small cap stocks.
SCHEME RISK-O-METER BENCHMARK RISK-O-METER
This product is suitable for investors who are seeking*:
 Wealth creation/capital appreciation over long term
 Investment in equity and equity related instruments across large cap, mid
cap and small cap stocks
RISK - O - METER RISK - O - METER
*Investors should consult their financial advisers if in doubt about whether the
Investors understand that their principal
product is suitable for them will be at Very High Risk
S&P BSE 500 TRI

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

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

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

An Open Ended Dynamic Asset Allocation Fund

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

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

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

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

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

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

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

product is suitable for them will be at Low Risk
CRISIL Liquid Overnight Index
31
Risk-o-meter and Product Label.
An open ended debt scheme predominantly investing in Debt instruments of banks, Public SectorUndertakings, Public Financial
Institutions and Municipal Bonds with relatively high interest rate risk and moderate credit risk.

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

(SCBs), Public Sector undertakings (PSUs), Public Financial Institutions
(PFIs), Municipal Corporations and such other bodies RISK - O - METER RISK - O - METER
*Investors should consult their financial advisers if in doubt about whether the Investors understand that their principal
Nifty Banking & PSU Debt Index A-II
product is suitable for them will be at Moderate Risk
Bajaj Finserv Nifty 50 ETF

An open ended exchange traded fund tracking NIFTY 50 Index

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

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

An open ended exchange traded fund tracking Nifty Bank Index

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

the returns provided by Nifty Bank Index, subject to tracking error
product is suitable for them Investors understand that their principal Nifty Bank TRI
BAJAJ FINSERV MULTI ASSET ALLOCATION FUND

An open ended scheme investing in equity and equity related instruments, debt & debt derivatives and money market
instruments, Gold ETFs, Silver ETFs, exchange traded commodity derivatives and in units of REITs and InvITs

 Income generation from fixed-income instruments
 Wealth creation/capital appreciation over long term from investments in

equity and equity related securities, Gold ETFs, Silver ETFs, exchange traded
commodity derivatives (ETCD) and in units of REITs & InvITs RISK - O - METER RISK - O - METER
*Investors should consult their financial advisers if in doubt about whether the Investors understand that their principal 65% Nifty 50 TRI + 25% NIFTY Short Duration Debt
product is suitable for them will be at Very High Risk Index + 10 Domestic Prices of Gold
Bajaj Finserv Nifty 1D Rate Liquid ETF

An open ended Exchange Traded Fund tracking Nifty 1D Rate Index with Relatively Low Interest Rate Risk and Relatively Low Credit Risk
 Short term savings solution.
 An open ended Exchange Traded Fund liquid scheme, that aims to provide
returns by investing in securities covered by Nifty 1D Rate Index with low risk
and a high level of liquidity, subject to tracking error. RISK - O - METER RISK - O - METER
*Investors should consult their financial advisers if in doubt about whether the Investors understand that their principal will Nifty 1D Rate Index
be at Low risk
DISCLAIMER
This document should not be treated as endorsement of the views/opinions or as an investment advice. This document should not be construed as a research report or a recommendation to buy
or sell any security. This document alone is not sufficient and should not be used for the development or implementation of an investment strategy. The recipient should note and understand that
the information provided above may not contain all the material aspects relevant for making an investment decision. The decision of the Investment Manager may not always be profitable; as such
decisions are based on the prevailing market conditions and the understanding of the Investment Manager. Actual market movements may vary from the anticipated trends. Neither Bajaj Finserv
Mutual Fund / Bajaj Finserv Mutual Fund Trustee Limited / Bajaj Finserv Asset Management Limited nor its Directors or employees shall be liable for any damages whether direct or indirect,
incidental, punitive special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. Investors are advised to consult their own
investment advisor before making any investment decision in light of their risk appetite, investment goals and horizon. This information is subject to change without any prior notice.
Disclaimer of NSE
It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Scheme Information Document has been cleared or approved by NSE nor
does it certify the correctness or completeness of any of the contents of the Draft Scheme Information Document. The investors are advised to refer to the Scheme Information Document for the
full text of the 'Disclaimer Clause of NSE.
Disclaimer of BSE
It is to be distinctly understood that the permission given by BSE limited should not in any way be deemed or construed that the SID has been cleared or approved by BSE limited nor does it certify
the correctness or completeness of any of the contents of the SID. The investors are advised to refer to the SID for the full text of the Disclaimer clause of the BSE limited.
32
The foundation of our investment philosophy
INQUBE
Information Edge
• Outperform the market on superior
information collection
IN
QU BE
Quantitative Edge Behavioural Edge

• Outperform the market in processing • Outperform the market by better
information better decision making
• Quant models, analytical models • Take advantage of crowd
over-reaction and under-reaction
• Reduce one’s own behavioural pitfalls
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

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BAJAJ FINSERV

BALANCED ADVANTAGE FUND

Bajaj Finserv Balanced Advantage Fund

Product label RISKOMETER

derivatives, and ﬁxed income instruments

Content Page No.

Macro Insights & Market Outlook 5

How To Read a Mutual Fund Factsheet? 13

Bajaj Finserv Flexi Cap Fund 15

Bajaj Finserv Large and Mid Cap Fund 17

Bajaj Finserv Arbitrage Fund 19

Bajaj Finserv Balanced Advantage Fund 20

Bajaj Finserv Liquid Fund 21

Bajaj Finserv Money Market Fund 22

Bajaj Finserv Overnight Fund 23

Bajaj Finserv Banking and PSU Fund 24

Bajaj Finserv Nifty 50 ETF 25

Bajaj Finserv Nifty Bank ETF 26

Potential Risk Class (PRC) 30

giving them a good investing experience. We will also continue

Finally, I am also happy to share that we are launching a new

It is important at these times to stay calm and not overreact. It

Of late, many distributors have told me that investor

Secondly, the current volatility also highlights the importance

business is always a good investment, no matter how highly

Under-pricing and over-pricing of a security may persist for a

There are many behavioral biases that lead to such

Compared to the previous month, the CPI increased by 0.3%,

Source: US Bureau of Labour Statistics

Total nonfarm payroll employment increased by 175,000 in

US INFLATION (%) The increase in real GDP primarily reﬂected increases in

The S&P Global US Manufacturing PMI went up to 50.9 in May

Source: US Bureau of Labour Statistics

Annual inﬂation rate in the US eased to 3.4% in April 2024 from

Consumer Sentiments Index

Ma y Apr May M-o-M Y-o-Y

US Fed Rate Hike Probability

MEETING DATE 375-400 400-425 425-450 450-475 475-500 500-525 525-550

12-Jun-24 0.00% 0.00% 0.00% 0.00% 0.10% 99.90%

India - Macro Factors

With the expectation that the number of

Inﬂation India Inﬂation (%)

Goods and Services Tax (GST)

Source: Ministry of Finance

Purchasing Managers Index (PMI) INDIA - MANUFACTURING AND

preliminary estimates and market forecasts of 58.4, down

still substantial improvement in the country’s manufacturing

ahead, manufacturers expressed the highest level of positive

buoyed by advertising and innovation, alongside expectations

that economic and demand conditions will remain favorable.

India Services PMI declined marginally to 60.2 in May 2024

competition and a severe heatwave.

Manufacturing PMI Services PMI

Source: S&P Global

Equity Market Insights

Global Indices – 1 M Returns (local currency)

Indian Indian Indices – 1 M Returns 11.2

Fast Moving Cons

Source: ICRA MFIE; Data as on 31st May 2024.

Brief Earnings Summary on Key Sectors: