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UTI Large & Mid Cap Fund: Overview, Benefits & Investment Strategy

Discover the UTI Large & Mid Cap Fundu2014its investment strategy, key benefits, and how it offers growth opportunities by investing in both large and mid-cap stocks.

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UTI Large & Mid Cap Fund: Overview, Benefits & Investment Strategy

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  1. March 2025 1

  2. UTI Equity Investments Process – Score Alpha TEAM PROCESS STRATEGIES • Standardized research methodology • Companies get Operating Cash Flow (OCF) & Return on Capital Employed (RoCE) ratings based on their previous 5 years financials • Support diverse strategies • Style discipline – mandate & style drive the choice of stocks across the OCF & RoCE tiers • Team driven approach • Discussions & Reviews 3-Tier Rating System • Identifying good stocks, avoiding poor stocks • Consistency over time ▪ OCF rating based on number of years in which company has generated positive OCFs in the past 5 years (for manufacturing companies). ▪ RoCE / Implied RoE Tiers rating based on the past 5 years average return on capital (for manufacturing companies & non-lending NBFCs) & return on assets for banks & NBFCs (including housing finance companies) 2

  3. Value Philosophy CORE TENETS 02 03 01 Valuation - Below historical averages - Relative value RoCE > Cost of Capital - Past Track Record - Future Growth Potential Sound Businesses - Fundamentally resilient - Corporate Governance A disciplined valuation approach that attempts to benefit from the fluctuations in the valuation cycle of stocks 3

  4. Exclusion Filter Poor operating cash flow and/or weak RoCE through an entire cycle Companies with debt servicing challenges Companies that could experience a significant decline in terminal value Mature businesses with at expensive valuations Weak corporate governance or poor treatment of minority shareholders 4

  5. Investment Philosophy Relative valuation versus History or peer Preferred metric for quality companies provides margin of Growth opportunities at reasonable valuations Preferred metric for picking mid & small-caps safety UTI Large & Mid Cap Fund Mean reversion Exposure to companies, preferably leaders, when the cycle is adverse in order to benefit from mean reversion 5

  6. Investment Strategy – Equity Portfolio Evaluate businesses based on their ability to generate RoCEs > Cost of Capital over the entire cycle & benefit from mean reversion Margin of safety – Stocks trading cheaper relative to their history or peers In picking mid and small-cap stocks, the strategy displays heightened sensitivity to cash flow, leverage and growth attributes to manage risk Sector selection –Top-down approach to picks sectors available at below mean valuations with reasonable prospects Valuation metrics - P/E and RoE of the portfolio would be significantly lower than the values for the benchmark index reflecting the investment strategy 6

  7. Sectoral relative valuations based on P/E and P/B P/E (x) P/B (x) Fund’s Weight (%) Active Weight (%) Sector Remarks Discount/ Premium (%) Discount/ Premium (%) Fund Fund Overweight Sectors -18% -32% -44% -85% -22% 380% -17% -46% Underweight Sectors -31% -26% -22% -34% -46% -37% -36% -100% -37% -52% -79% -20% -33% 33.21 5.51 5.44 1.66 7.39 0.62 2.43 3.39 5.04 2.24 1.77 1.09 0.70 0.52 0.50 0.09 21.48 20.71 13.77 10.73 27.96 63.86 47.06 22.17 3.68 8.24 3.83 1.88 5.33 45.24 5.66 3.97 -20% -12% -22% -92% -19% 1762% 5% -61% Financial Services Telecommunication Metals & Mining Textiles Automobile Media Realty Chemicals ▪ The fund is overweight in sectors where valuations are relatively lower ▪ The fund has picked stocks at discount in these sectors as well 0.47 3.32 1.40 7.47 7.23 2.08 1.81 - 5.54 3.04 1.12 1.92 -7.37 -3.25 -1.95 -1.18 -1.03 -0.94 -0.25 -0.24 -0.22 -0.18 -0.10 -0.06 32.86 15.30 51.45 25.44 27.72 17.34 25.17 - 31.95 35.40 5.09 31.02 24.22 8.12 1.68 7.59 6.16 5.09 3.10 3.84 - 13.06 12.72 1.07 2.14 5.41 -39% -37% -66% -35% -39% -20% -33% -100% -15% -37% -74% -48% -34% Capital Goods Oil, Gas & Consumable Fuels Consumer Durables Information Technology Healthcare Power Construction Diversified FMCG Consumer Services Services Construction Materials UTI Large & Mid Cap Fund The fund is underweight in sectors where valuations are relatively higher However, the fund has picked stocks at significant discount in these sectors ▪ ▪ Data as of 31/Mar/2025. The net equity exposure in the scheme is rebased to 100. % Active Weight or valuations compared to Nifty LargeMidcap 250 TRI. x – Price to Earnings and Price to Book Multiple 7

  8. Examples of Relative Valuation Metals & Mining Capital Goods Information Technology Active Weight PE Ratio of Nifty Metal Index Active Weight PE Ratio of BSE Capital Goods Index Active Weight P/E Ratio of Nifty IT Index 4.0 40 4.0 45.0 4.0 120 3.0 40.0 35 3.0 2.0 100 2.0 35.0 30 2.0 0.0 Active Weight (%) Active Weight (%) PE Ratio of Index 1.0 30.0 Active Weight (%) 25 PE Ratio of Index 80 -2.0 1.0 0.0 25.0 P/E (x) 20 -4.0 60 -1.0 20.0 0.0 15 -6.0 -2.0 15.0 40 -1.0 10 -8.0 -3.0 10.0 -2.0 20 5 -10.0 -4.0 5.0 -3.0 0 -12.0 0 -5.0 0.0 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Sep-20 Sep-21 Sep-22 Sep-23 Sep-24 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 The fund’s strategy is based on a top-down approach of identifying sectors trending at attractive valuations relative to history ▪ The active weight positions in the fund are driven by the attractiveness of valuations in the sectors ▪ Data as of 31/Mar/2025. Source: Nifty Indices, BSE India 8

  9. High Quality Small Cap companies Allocation to High RoCE Small Cap Companies Small Cap Allocation vs P/E of Nifty Smallcap 250 Index 100% 14% 16% 70.0 85%88% 13% 13% 13% 13% 13% 13% 13% 90% 12% 12% 12% 14% 60.0 76% 11% 80% 69%73% 68%62% 61%64%67%68% 12% 50.0 70% Small Cap (%) 59% Percentage 9% 9% 9% 9% 56%51% 10% 60% 8% 8% 51% 40.0 P/E (x) 42%47% 50% 37%43% 8% 30.0 40% 6% 30% 20.0 4% 20% 10.0 2% 10% 0% 0.0 0% Mar-21 Mar-22 Mar-23 Mar-24 Sep-20 Jun-21 Sep-21 Jun-22 Sep-22 Jun-23 Sep-23 Jun-24 Sep-24 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Mar-21 Mar-22 Mar-23 Mar-24 Jun-20 Sep-20 Jun-21 Sep-21 Jun-22 Sep-22 Jun-23 Sep-23 Jun-24 Sep-24 Dec-23 Dec-20 Dec-21 Dec-22 Dec-24 R1 (%) Average Small Cap Allocation (%) P/E Ratio of Nifty Smallcap 250 TRI Focus on small cap as a source of alpha Focus on high quality small cap stocks with growth focus Valuations could be cheaper as compared to large and mid caps as stocks may not be widely covered Use of our strong in-house research to identify small caps ▪ ▪ ▪ ▪ Data as of end of respective months 9

  10. Examples of Restructuring Opportunities Fortis Hospitals Ltd. Mahindra & Mahindra Ltd. 20.0 16.0 13.6 18.0 14.0 12.6 16.0 12.0 14.0 Percentage 10.0 Percentage 12.0 7.1 8.0 10.0 6.0 8.0 3.2 6.0 4.0 4.0 2.0 0.8 2.0 0.0 - -0.2 -2.0 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 Return on Equity (%) EBIT to Net Sales Focus on good quality companies which have underperformed either on account of poor execution, capital allocation issues, poor quality of management and bad external environment Catalyst of turnaround visible either by induction of new management, focus on capital allocation or favorable environment Outcome of turnaround visible in terms of improved ROCE or margins or cash flows This leads to sharp rerating of the stocks as the market begins to appreciate the turnaround ▪ ▪ ▪ ▪ Source: Bloomberg The charts above are for illustrative purposes only and should not be construed as advise. The above is to illustrate the concept of identifying stocks in the market and not an endorsement by the Mutual Fund and AMC of their soundness or a recommendation to buy or sell these stocks at any point of time. There is also a possibility of the expected event not happening or some other unforeseen event that may affect performance of the company. The performance of stocks would ultimately depend on various factors such as prevailing market conditions, global political scenario, exchange rate etc. Investors are requested to note that there are various factors (both local and international) that can have impact on the future performance and expectations of any company. There is no assurance or guarantee of any company being able to sustain its performance in future and above information should not be construed as research report or a recommendation to buy or sell any security. 10

  11. Investment Framework Relative Value Moderate Churn For sustainable alpha generation over long-term Biased to Large cap stocks Large Cap: 50-60%, Mid & Small Cap: 40-50% Preference for stocks trading cheaper relative to their history/ peers/ growth potential Portfolio Turnover Market Cap Exposure Investment Style Stock/Sector Selection Internal Limits* Single Sector –Lower of 35% or Benchmark plus 12% Single Stock –Maximum of 10% Top 10 Stocks – Maximum of 55% Blend Approach Sector Selection: Top-down Stock Selection: Bottom-up 11

  12. Portfolio Statistics Portfolio Composition Quants Market Capitalization OCF RoCE INR 4,101 Cr Month-end AUM Fund BM Tier Tier Fund BM Fund BM 66 Total Stock Count Large Cap 48% 51% C1 R1 83% 83% 58% 53% 63.85% Active Share Mid Cap 39% 47% C2 R2 10% 8% 30% 27% 33% Top-10 Holdings C3 R3 Small Cap 7% 9% 12% 20% 14% 2% Quantitative Indicators Fund BM Fund Price to Book 5.41 8.22 0.94 Sharpe Ratio 0.89 Beta Price to Earnings 24.22 35.95 13.06% Standard Deviation Return on Equity 20.13 19.29 36% Portfolio Turnover Ratio Data as of 31/Mar/2025. BM –Benchmark – Nifty LargeMid Cap 250 TRI Operating Cash Flow Tiers (OCF)- 3 Tiers based on the number of years in which they have generated positive operating cash flows in the previous 5 years (for manufacturing cos). ROCE – Return on Capital Employed. #RoCE/ Implied RoE Tiers (R) - 3 Tiers based on the previous 5-year average return on capital (for manufacturing companies & non-lending NBFCs) & based on the previous 5-year average return on asset for banks & NBFCs (including HFCs). 12

  13. Long-term trend of portfolio composition RoCE Tier OCF Tier 100% 100% 7 10 12 80% 80% 30 60% 60% 83 40% 40% 58 20% 20% 0% Mar-20 0% Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 C1 C2 C3 R1 R2 R3 P/E Multiple (x) RoE P/B Multiple (x) 45 14 22 40 12 20 35 10 18 Multiple (x) Multiple (x) Multiple (x) 30 8 16 25 6 14 20 4 12 15 2 Mar-20 10 10 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-20 Mar-21 Mar-22 UTI Large & Mid Cap Fund Benchmark UTI Large & Mid Cap Fund (Average) Benchmark (Average) Mar-23 Mar-24 Mar-25 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 UTI Large & Mid Cap Fund Benchmark UTI Large & Mid Cap Fund (Average) Benchmark (Average) UTI Large & Mid Cap Fund Benchmark UTI Large & Mid Cap Fund (Average) Benchmark (Average) Benchmark – Nifty Large Midcap 250 TRI 13

  14. Portfolio Snapshot – Equity (Top Holdings & Unique Stocks) Unique Stocks (Top-15) Top-15 Holding Companies Company Name Sector % NAV* % AW Company Name Sector % NAV* Crompton Greaves Consumer Elec Consumer Durables 1.37 HDFC Bank Limited Financial Services 7.31 1.90 Great Eastern Shipping Co. Ltd Services 1.10 ICICI Bank Ltd Financial Services 4.76 1.06 Caplin Point Laboratories Ltd Healthcare 0.88 ITC Ltd. FMCG 3.13 1.65 Niit Learning Systems Ltd Consumer Services 0.81 Vedanta Ltd Metals & Mining 2.80 2.49 JK Paper Ltd. Forest Materials 0.79 Aditya Birla Capital Ltd Financial Services 2.76 2.55 G R Infraprojects Ltd Construction 0.72 Federal Bank Ltd. Financial Services 2.68 1.93 GHCL Ltd. Chemicals 0.70 Kotak Mahindra Bank Ltd. Financial Services 2.60 1.36 Mahindra Holidays & Resorts In Consumer Services 0.70 Infosys Ltd. IT 2.44 0.24 Raymond Lifestyle Ltd Textiles 0.62 Indus Towers Limited Telecommunication 2.26 1.56 Tips Music Limited Media 0.61 Interglobe Aviation Ltd Services 2.26 1.87 Marksans Pharma Ltd. Healthcare 0.58 Power Grid Corporation Of Indi Power 2.04 1.53 Indo Count Industries Ltd. Textiles 0.55 Indian Bank Financial Services 1.98 1.68 Raymond Limited. Realty 0.46 Max Financial Services Ltd. Financial Services 1.98 1.51 Shivalik Bimetal Controls Ltd Capital Goods 0.46 Aurobindo Pharma Ltd. Healthcare 1.95 1.44 Indiamart Intermesh Ltd Consumer Services 0.28 Maruti Suzuki India Ltd. Automobile 1.76 1.17 Data as of 31/Mar/2025. The equity exposure in the scheme is rebased to 100. For the detailed portfolio of the scheme, visit www.utimf.com %AW - Active Weight % and Unique Stocks are compared to Nifty LargeMidcap 250 TRI 14

  15. Active Weights across Stocks & Sectors Active Stock Position Sectoral Breakdown & Active Position (%) % NAV % Active Weight Overweight (Top 5) 0.00 10.00 20.00 30.00 40.00 50.00 60.00 Financial Services 32.5 4.4 Stock Name Sector % NAV %AW IT 7.3 -1.3 Automobile 7.2 0.6 Aditya Birla Capital Ltd Financial Services 2.76 2.55 Healthcare 7.1 -1.2 Vedanta Ltd Metals & Mining 2.80 2.49 FMCG 5.4 -0.3 Telecommunication 5.4 2.1 Federal Bank Ltd. Financial Services 2.68 1.93 Metals & Mining 5.3 1.7 HDFC Bank Limited Financial Services 7.31 1.90 Services 3.4 1.8 Interglobe Aviation Ltd Services 2.26 1.87 Chemicals 3.3 0.0 Oil & Gas 3.3 -3.3 Consumer Services 3.0 -0.2 Stock Name Sector % NAV %AW Realty 2.8 0.9 Power 2.0 -1.1 Reliance Industries Ltd. Oil & Gas 1.33 -2.03 Construction Materials 1.9 -0.1 Tata Consultancy Services Ltd. IT - -1.43 Construction 1.8 -0.3 Max Healthcare Institute Ltd Healthcare - -1.29 Consumer Durables 1.4 -2.0 Textiles 1.2 0.6 Axis Bank Ltd. Financial Services - -1.23 Media 0.6 0.5 BSE Ltd Financial Services - -1.18 Capital Goods 0.5 -7.3 Diversified -0.2 Underweight (Top 5) -26.00 -21.00 -16.00 -11.00 -6.00 -1.00 4.00 Data as of 31/Mar/2025. % AW - Active Weight % as compared to Benchmark –Nifty LargeMidcap 250 TRI. For detailed portfolio visit www.utimf.com;. 15

  16. Fund Manager Commentary The Fund has value orientation in its approach and looks at the portfolio from the relative value approach where it believes that good quality companies have their own valuation cycles depending on the macro and micro factors and the Fund aims to benefit from the variation in the valuation cycle The Fund added weights in Automobiles as valuations have corrected in the last couple of quarters and we expect decent volume outlook in passenger cars and farm equipment ▪ ▪ The Fund continues to be negative on Capital Goods as the sector is trading at a huge premium to the market and also at a premium to its own history. While the near-term growth prospects are good, this is adequately factored in the prices leaving little room for margin of safety ▪ In terms of the current positioning, the Fund is overweight on Financial Services, Services, Information, Metals and Telecom while underweight on Consumer Durables, Power, Oil and Gas ,Healthcare and Capital Goods ▪ The Fund is also underweight on both Consumer Services and Durables, though the Fund has some exposure in both the segments. The Fund would be looking for opportunities in both the sectors as the valuations have come off marginally in the last few years ▪ The Fund looks at stocks and sectors from both angles – good quality sectors or stocks with decent growth and valuations being in the reasonable zone. In this, the Fund remains positive on Financial Services, Metals, Auto and Telecom ▪ The Fund has added weights in Auto, FMCG, Chemicals while reducing weights in Information Technology and Healthcare . Addition was on account of cheaper valuations while the reduction was on account of weaker growth outlook . The Mid and Small cap exposure continues to be steady and no change over the last quarter. Given the steep correction last quarter, the fund added small exposures to the small cap segment ▪ ▪ The views expressed here are based on current investment strategy of the fund. The portfolio of the scheme will be managed as per the stated investment objective, investment strategy, asset allocation in the respective scheme information document (SID) and is subject to the changes within the provisions of the SID of the scheme. 16

  17. Fund Manager Commentary Top AW Sectors (%NAV/ %AW) Sector Overview Financial Sevices (+32.46%/+4.4%) We are positive on banks/ NBFCs/ capital markets and insurance players given the relative earnings resilience in the current environment and high valuation comfort in the sector as a whole. Telecommunication (+5.4%/+2.1%) Telecom remains one of the few sectors which has good growth prospects on the back of high ARPU (Average Revenue Per User) growth and less risk of global recession and commodities. Sector dynamics are good with two big players controlling significant part of the market. Services (+3.4%/+1.8%) Our exposure is in airlines and shipping companies which are ideally placed as we see supply side issues in both shipping and airlines sector. Valuations are attractive with rising return ratios and cash flows. IT (+7.3%/-1.3%) Low growth visibility and possible of further cuts in the earnings makes us cautious on the sector. Consumer Durables (1.4%/ -2.0%) High valuations makes us cautious on the sector. High valuations in the sector makes us underweight on the sector. Capital Goods (+0.46%/-7.4%) Data as of 31/Mar/2025. The sector exposure in net equity portfolio is scaled up to 100%. AW – Active Weight; OW – Overweight; UW – Underweight The views expressed here are based on current investment strategy of the fund. The portfolio of the scheme will be managed as per the stated investment objective, investment strategy, asset allocation in the respective scheme information document (SID) and is subject to the changes within the provisions of the SID of the scheme. 17

  18. Top Stock Entry & Exits Company Name Fortis Healthcare Axis Bank Indraprastha Gas Gland Pharma Zydus Lifesciences Oil India Bharti Hexacom Power Grid Corp of India Vedanta Ltd Jubilant Food Works Kotak Mahindra Bank Mphasis Ltd Dr Reddy's Laboratories HDFC Life Insurance Co Wipro Ltd Raymond Lifestyle ACC Ltd Motilal Oswal Fin Services NMDC Ltd Maruti Suzuki India L&T Ltd Colgate Palmolive India Indiamart Intermesh Tube Investments of India UPL Ltd Hindustan Petroleum Corp Mar-24 Apr-24 May-24 Jun-24 1.32 1.21 2.84 2.90 1.31 1.44 1.26 1.17 1.55 1.10 1.91 2.02 0.39 1.11 1.01 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 1.47 1.60 1.72 1.51 1.56 1.95 1.69 1.71 1.13 0.77 1.65 1.64 1.60 1.05 0.84 1.33 0.74 1.27 2.39 1.37 1.28 0.73 1.85 0.51 1.11 1.12 1.33 1.72 1.15 1.24 2.34 1.51 1.15 0.70 1.40 0.50 1.28 1.35 1.36 1.77 1.32 0.21 1.23 1.25 1.68 0.57 1.19 0.51 1.07 1.26 2.03 2.54 1.41 2.07 1.36 0.99 1.32 1.74 0.75 0.81 0.90 1.23 1.89 1.21 1.15 0.29 1.05 1.13 1.30 1.97 2.68 1.25 2.22 1.02 1.12 1.35 1.66 0.63 0.79 1.09 1.25 2.05 1.06 1.22 0.30 0.97 0.57 1.34 1.36 2.12 2.92 1.23 2.71 1.06 1.06 1.42 1.46 0.65 0.78 1.13 1.48 1.84 1.09 1.10 0.29 1.12 1.04 0.56 0.55 1.37 1.47 1.41 1.78 1.46 0.58 1.76 1.50 0.63 0.58 1.28 2.02 1.50 1.72 1.54 0.69 1.74 1.48 0.61 1.11 1.33 2.51 1.52 1.73 1.32 0.64 1.63 1.44 1.11 0.68 1.38 1.70 2.66 1.36 1.96 1.29 0.68 1.68 1.54 1.11 0.76 0.83 1.32 1.72 2.67 1.55 1.96 1.31 0.80 1.39 1.59 1.01 0.82 0.86 0.87 1.38 1.59 2.58 1.70 1.96 1.28 0.91 1.29 1.69 1.02 0.81 0.99 0.87 1.24 1.23 Data are as of last day of respective month. 18

  19. Sectoral Movement Active Weight (%) % NAV Mar-25 YoY Change in AW Sector Name Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Financial Services IT Automobile Healthcare FMCG Telecom Metals & Mining Services Chemicals Oil & Gas Consumer Services Realty Power Construction Materials Construction Consumer Durables Textiles Media Capital Goods 32.5 7.3 7.2 7.1 5.4 5.4 5.3 3.4 3.3 3.3 3.0 2.8 2.0 1.9 1.8 1.4 1.2 0.6 0.5 -2.4 0.5 -0.8 -3.3 0.0 1.0 3.1 0.4 1.1 -4.4 2.1 1.6 2.5 0.3 -1.6 0.2 -0.7 0.8 0.3 6.8 -1.9 1.3 2.1 -0.3 1.2 -1.4 1.4 -1.1 1.1 -2.4 -0.6 -3.6 -0.4 1.3 -2.2 1.3 -0.3 -7.6 6.8 -2.2 -0.8 1.9 -0.1 1.8 -0.5 1.5 -0.9 1.2 -2.4 -0.8 -2.7 -0.5 1.1 -2.0 1.5 -0.3 -7.7 5.8 -0.2 -1.9 1.5 0.5 1.3 -0.6 1.5 -0.6 0.6 -0.8 -1.0 -2.9 -0.4 0.6 -1.7 1.4 -0.3 -8.9 6.9 1.1 -2.4 1.6 -0.1 1.6 -0.3 1.0 -0.9 -0.6 -0.8 -1.1 -2.6 -0.1 0.1 -2.0 1.8 -0.3 -9.4 7.0 1.4 -2.5 3.1 0.0 2.1 0.0 0.8 -1.3 -2.2 -0.5 -1.0 -2.5 0.1 -0.1 -1.9 1.0 0.4 -9.2 7.3 1.1 -2.8 1.3 -0.1 2.2 0.4 0.8 -1.0 -2.4 -0.5 -0.6 -2.5 0.4 -0.3 -1.8 1.0 0.5 -8.8 7.2 0.6 -2.9 1.1 -1.4 2.3 0.1 0.8 -1.4 -2.1 -0.4 -0.2 -1.8 1.1 -0.4 -1.9 1.7 0.6 -8.5 7.4 0.6 -3.1 0.6 -1.8 2.4 0.5 1.1 -1.4 -2.8 -0.4 -0.4 -1.4 1.1 -0.4 -1.8 1.7 0.8 -8.2 5.4 0.5 -2.6 0.9 -1.5 2.3 1.4 1.2 -1.2 -3.1 -0.5 -0.3 -1.2 1.2 -0.3 -1.7 1.5 0.8 -8.3 3.8 0.5 -1.3 0.7 -1.5 2.1 1.4 1.0 -0.9 -2.7 -0.6 -0.5 -1.2 1.1 -0.5 -1.9 1.5 0.6 -7.9 4.4 -0.6 0.1 -0.2 -0.6 2.2 1.8 1.2 -1.1 -3.0 -0.3 0.3 -0.7 1.3 -0.6 -1.7 1.3 0.5 -7.6 5.2 -1.3 0.3 -0.9 -0.5 2.1 1.7 1.4 -0.8 -3.8 -0.5 1.0 -0.7 1.1 -0.5 -1.8 0.7 0.5 -7.1 4.4 -1.3 0.6 -1.2 -0.3 2.1 1.7 1.8 0.0 -3.3 -0.2 0.9 -1.1 -0.1 -0.3 -2.0 0.6 0.5 -7.3 Details as of the last day of the respective month. Active Weights against benchmark index - Nifty LargeMidcap 250 TRI 19

  20. Rolling Return Analysis Rolling Returns of UTI Large & Mid Cap Fund – Since Inception Lowest Highest 102% 36% 33% Median Rolling Returns (CAGR) 23% 12% 12% 4% 16% 14% -5% -11% -36% 1 Year 3 Years 5 Years 10 Years Instances of -ve Returns 0.0% 2.9% 20.7% 6.9% 93.0% 64.3% 75.5% Over 8% 56.2% Rolling Returns with daily frequency of UTI Large & Mid Cap Fund at difference time frame as mentioned above. CAGR – Compounded Annual Growth Rate. Data period: April 1, 2010 to March 31, 2025. Different plans have a different expense structure. The performance details provided herein are of regular plan. Past performance may or may not sustain in the future. 20

  21. Why Invest in UTI Large & Mid Cap Fund? The scheme is designed for such investors who seek exposure to a portfolio of investing in both large and mid- market capitalization stocks with a preference for relative value style of investing approach. ▪ The Fund makes conscious efforts of reducing the volatility in the portfolio returns through a portfolio diversification and avoids sector as well as stock concentration. ▪ The Fund endeavours to balance the risk and reward by prudent allocation in opportunities with significant margin of safety and across the market cap ▪ Suitable for: Investors who wish to own a portfolio of both large & mid capitalisation stocks ▪ Investors looking to build their core equity portfolio for long-term wealth creation ▪ 21

  22. Fund Features The objective of the scheme is to generate long term capital appreciation by investing predominantly in equity and equity related securities of large cap and mid cap companies. However, there can be no assurance or guarantee that the investment objective of the scheme would be achieved. Investment Objective Type of Scheme An open-ended equity scheme investing in both large cap and mid cap stocks Fund Manager Mr. Mr. V Srivatsa (managing since May 2017) Benchmark Nifty LargeMidcap 250 TRI Inception Date May 20, 2009 Entry Load: Not Applicable Exit Load: Redemption/ Switch-out within 12 months from the date of allotment: 1%; Nil thereafter Load Structure Minimum Application Amount Initial Purchase: ₹5000 and in multiples of ₹1/- Additional Purchase: ₹1,000 and in multiples of ₹1/- For further details, please refer to the Scheme Information Document available on the website www.utimf.com 22

  23. Performance Track Record UTI Large & Mid Cap Fund Performance as of 31/Mar/2025 Regular Plan – Growth Option Direct Plan – Growth Option Period Returns (%) B Growth of ₹10,000/- (₹) Scheme Returns (%) B Growth of ₹10,000/- (₹) Scheme Scheme AB B AB Scheme AB B AB 12.29 7.33 6.65 11,229 10,733 10,665 13.31 7.33 6.65 11,331 10,733 10,665 1 Year 19.46 16.37 11.74 17,056 15,765 13,956 20.38 16.37 11.74 17,453 15,765 13,956 3 Year 31.2 29.2 23.68 38,903 36,026 28,957 32.08 29.2 23.68 40,226 36,026 28,957 5 Year 13.62 15.71 12.69 75,908 1,01,379 66,624 15.04 16.14 13.23 55,658 62,541 45,829 Since Inception B – Benchmark (Nifty LargeMid Cap 250 TRI), AB - Additional Benchmark (Nifty 50 TRI), TRI - Total Return Index Past performance may or may not sustain in the future. Different plans shall have a different expense structure. Inception Date: Regular Growth plan – May 20, 2009 ; Direct Growth Plan – January 1, 2013. Returns greater than 1 year period are Compound Annual Growth Rate (CAGR). Date of allotment in the scheme/plan has been considered for inception date. The Scheme is currently managed by Mr. V. Srivatsa since May-2017. Period for which scheme’s performance has been provided is computed basis last day of the month-end preceding the date of advertisement. In case, the start/end date of the concerned period is a non-business day, the NAV of the previous date is considered for computation of returns. SIP Performance as of 31/Mar/2025 Fund Performance Vs Benchmark Scheme Returns (%) -4.79 -6.81 19.74 16.21 22.12 19.69 19.56 18.55 16.23 16.79 14.67 16.11 14.35 15.85 Growth of ₹ 10,000/- B: Nifty 500 TRI (₹) 1,15,650 4,56,836 9,77,713 16,24,426 28,91,246 67,83,184 76,05,190 Investment Amount Period B: Nifty 500 TRI (%) AB: Nifty 50 TRI (%) -1.15 12.35 15.14 14.69 14.01 13.22 13.05 Scheme Returns (₹) 1,16,949 4,80,005 10,36,794 16,83,391 28,06,705 59,84,645 66,13,624 AB: Nifty 50 TRI (₹) 1,19,270 4,32,382 8,75,121 14,15,609 24,91,906 52,80,190 58,70,251 120,000 360,000 600,000 840,000 1,200,000 1,800,000 1,900,000 1 Year 3 Years 5 Years 7 Years 10 Years 15 Years Since Inception Note: Systematic Investment Plan (SIP) returns are worked out assuming investment of ₹ 10,000/- every month at NAV per unit of the scheme as on the first working day for the respective time periods. The loads have not been considered. Past performance may or may not sustain in the future. 23

  24. Performance of other schemes managed by Fund Managers 1 year 3 years 5 years Fund Manager Scheme Benchmark Scheme Benchmark Scheme Benchmark Scheme Benchmark UTI Aggressive Hybrid Fund CRISIL Hybrid 35 + 65 Aggressive Index 10.72 7.32 15.47 11.38 24.40 18.99 UTI Equity Savings Fund CRISIL Equity Savings Index CRISIL Short Term Debt Hybrid 60+40 Index 7.02 7.67 10.28 9.05 13.63 13.36 Mr. V. Srivatsa UTI Retirement Fund 9.58 7.59 11.51 9.57 16.10 14.22 Performance as of 31/Mar/2025 Number of open-ended schemes managed by the Fund Managers: Mr. V. Srivatsa – 4. In case a fund manager is managing more than 6 schemes, performance of the other top 3 and bottom 3 schemes managed by the fund manager that have at least 1 year performance have been provided herein. Past performance may or may not sustain in the future. Period for which scheme’s performance has been provided is computed basis last day of the month-end preceding the date of advertisement. Different plans shall have a different expense structure. The performance details provided herein are of Growth Plan (Regular Plan). ▪ ▪ ▪ ▪ Product Label & Riskometer Benchmark Name Scheme Riskometer# Benchmark Riskometer Scheme Name This product is suitable for investors who are seeking* Long term capital appreciation Investment in equity instruments (maximum-80%) and fixed income securities (debt and money market securities) UTI Aggressive Hybrid Fund (An open-ended hybrid scheme investing predominantly in equity and equity related instruments) ▪ ▪ CRISIL Hybrid 35+65 – Aggressive Index ▪ Long term capital appreciation ▪ Investment in equity instruments (maximum - 40%) and debt/money market instruments UTI Retirement Fund (An open-ended retirement solution-oriented scheme having a lock-in of 5 years or till retirement age (whichever is earlier) CRISIL Short Term Debt Hybrid 60+40 Index ▪ Long term capital appreciation and income ▪ Investment in equity & equity related instruments, arbitrage opportunities, and investments in debt and money market opportunities UTI Equity Savings Fund (An open-ended scheme investing in equity, arbitrage and debt) CRISIL Equity Savings Index *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. #The Risk-o-meter is/are evaluated on monthly basis and any changes to Risk-o-meter are disclosed vide addendum on monthly basis, to view the latest addendum on Risk-o-meter, please visit the addenda section on https://www.utimf.com/downloads/addenda-financial-year 24

  25. Disclaimer REGISTERED OFFICE: UTI Tower, ‘GN’ Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400051. Phone: 022 6678 6666. UTI Asset Management Company Ltd (Investment Manager for UTI Mutual Fund) Email: invest@uti.co.in. (CIN-L65991MH2002PLC137867). For more information, please contact the nearest UTI Financial Centre or your AMFI/ NISM certified Mutual Fund Distributor (MFD) for a copy of the Statement of Additional Information, Scheme Information Document and Key Information Memorandum cum Application Form. Disclaimers: The reference of stocks used in this document is for illustrative purposes only and should not be construed as advise. The reference of stocks used are part of the fund’s portfolio and is not an endorsement by the Mutual Fund and AMC of their soundness or a recommendation to buy or sell these stocks at any point of time. The performance of stocks would ultimately depend on various factors such as prevailing market conditions, global political scenario, exchange rate etc. Investors are requested to note that there are various factors (both local and international) that can have impact on the future performance and expectations of any company. There is no assurance or guarantee of any company being able to sustain its performance in future and above information should not be construed as research report or a recommendation to buy or sell any security. The information on this document is provided for information purposes only. It does not constitute any offer, recommendation, or solicitation to any person to enter any transaction or adopt any hedging, trading, or investment strategy, nor does it constitute any prediction of likely future movements in rates or prices or any representation that any such future movements will not exceed those shown in any illustration. Users of this document should seek advice regarding the appropriateness of investing in any securities, financial instruments, or investment strategies referred to in this document and should understand that statements regarding future prospects may not be realized. The recipient of this material is solely responsible for any action taken based on this material. Opinions, projections, and estimates are subject to change without notice. UTI AMC Ltd is not an investment adviser and is not purporting to provide you with investment, legal, or tax advice. UTI AMC Ltd or UTI Mutual Fund (acting through UTI Trustee Company Pvt. Ltd) accepts no liability and will not be liable for any loss or damage arising directly or indirectly (including special, incidental, or consequential loss or damage) from your use of this document, howsoever arising, and including any loss, damage or expense arising from, but not limited to, any defect, error, imperfection, fault, mistake or inaccuracy with this document, its contents or associated services, or due to any unavailability of the document or any part thereof or any contents or associated services. The fund Strategy shown is subject to change with respect to peer-set and benchmark. Limits mentioned are internal prudential norms. For asset allocation and related details, please refer to the Scheme Information Document of the respective schemes. Mutual Fund Investments are subject to market risks, read all scheme related documents carefully. 25

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