Hdfc Asset Management Co. Ltd. · NSE:HDFCAMC
Hdfc Asset Management — Investor Presentation (August 2026)
35 slides from Hdfc Asset Management's investor presentation, August 2026
Slide 1: Two Precious Metals, One Valuable Opportunity
Two Precious Metals One Valuable Opportunity NFO Period: 24th August to 7th September 2026 HDFC Mutual Fund: SEBI Registration Number: MF/044/00/6 This content has been created with the assistance of Artificial Intelligence.
Slide 2: Gold has served as a store of value across millennia
Gold has served as a store of value across millennia Why invest in Gold? Portfolio diversification: Buffer against geopolitical Demand from Central Gold is considered to balance shocks: Banks could support prices: portfolios against the volatility Gold has been perceived as Central Banks have increas
Slide 3: Gold has historically outperformed equities during episodes of market stress
Gold has historically outperformed equities during historical episodes of market stress Nifty 50 TRI Gold (INR) 40.0% 27.4% 30.0% 20.0% 12.5% 11.3% 7.2% 9.0% 7.8% 8.4% 10.0% 5.5% 0.0% Returns -10.0% -3.5% -10.1% -7.7% -20.0% -12.5% -13.7% -15.1% -30.0% -40.0% -32.7% -50.0% -60.0% -56.0% -70.0% 1 2 3
Slide 4: What has driven the correction in Gold?
What has driven the correction in Gold? US Treasury Yields and USD have become highly negatively correlated with gold since the West Asia conflict started Gold vs. US 2y yields Gold vs. DXY Gold (USD) US 2y yields (%) (RHS) Gold (USD) DXY (USD) 5500 4.50 5500 105.00 5300 5300 4.30 104.00 5100 5100 4.
Slide 5: Outlook for Gold
Outlook for Gold Longer term, gold can continue to benefit from: Increasing concerns around weakening fiscal positions across large global economies Trade frictions remaining high in an increasingly multipolar world Recovery in global gold ETF inflows leading to additional demand for physical gold In
Slide 6: Large developed economies' fiscal position may weaken
Large developed economies’ fiscal position may weaken Average deficits and gross debt (% of GDP) expected to increase United United 140.0 China Japan Germany France 126.5 198.7 211.8 States Kingdom 1.0 0.2 115.9 Average Gross Debt (% of GDP) 120.0 0.0 104.5 102.2 Average deficit (% of GDP) -1.0 100.0 9
Slide 7: Gold has benefitted from Central Bank purchases for the last several years
Gold has benefitted from Central Bank (CB) purchases for the last several years CB purchases totalled 863 metric tonnes in CY2025, Net Purchases by Global Central Banks down from the 1,000+ metric tonnes per year run 1200 (metric tonnes) rate from CY2022-24 1000 Net purchases totaled 289 tonnes (t) i
Slide 8: Central banks may buy more gold
Central banks may buy more gold Q. How do you expect your institution’s gold reserves to change over the next 12 months? 2020 20% 57% 2021 21% 68% 2022 25% 70% 2023 24% 72% 2024 29% 68% 2025 43% 57% 2026 45% 54% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Increase Remain unchanged Decrease Don't kno
Slide 9: Gold & Interest Rates – Performance of gold during US easing cycles
Gold & Interest Rates – Performance of gold during US easing cycles Period between last Fed Hike to last Fed Cut + 2 years* 600000 Gold price (in INR) 500000 2019-20 Cycle Rs. per troy oz. 400000 Gold (INR): +63.8% 2000-03 Easing Cycle 2007-09 Easing Cycle 300000 Gold (INR): +52.4% Gold (INR): +119.
Slide 10: Potential increase in gold ETF demand can push prices higher
Potential increase in gold ETF demand can push prices higher 4,500 Physical Gold held by global ETFs (tonnes) 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Source: World Gold Cou
Slide 11: Silver: The metal powering the future
Silver: The metal powering the future Investor interest in Silver has surged since ETFs and FoFs were introduced in the Indian market in 2022 A deficit in silver has been observed for the fifth consecutive year in 2025, with the shortfall amounting to around 40.3Moz (Source: World Silver Institute) A
Slide 12: Silver Outlook
Silver Outlook Several demand and supply side factors have lent support to silver prices: Demand Silver is powering several new age industries, with numerous use cases across electric vehicles, solar power, 5G infrastructure and AI-related electronics Industrial demand from the above segments is exp
Slide 13: Silver – A Key Component in Solar Energy Generation
Silver – A Key Component in Solar Energy Generation Increasing Solar Power Demand = Increasing Silver Demand 7000 Demand for silver for solar panels 6000 5000 4000 (tonnes) Did you know? 3000 Each solar cell uses approximately 100mg of silver^ 2000 Aggressive goals set by countries, 1000 including I
Slide 14: Silver being actively adopted in Electric Vehicles (EVs)
Silver being actively adopted in Electric Vehicles (EVs) Increasing share of EVs in the automobile market is expected to increase demand of Silver as EVs use almost twice the silver used in the traditional Internal Combustion Engine (ICE) car. Charging stations also expected to increase the demand f
Slide 15: Why invest in a combination of Gold & Silver?
Why invest in a combination of Gold & Silver? For disclaimers, refer Slide 34 15/35
Slide 16: Gold & Silver: How this combination can potentially benefit investors
Gold & Silver: How this combination can potentially benefit investors Parameter Gold Silver Scarcity Finite supply Finite supply Store of Value Yes Yes Long-term hedge against inflation Yes Yes Industrial/ Technology Relatively small share of demand Relatively large share of demand Demand* (as % of to
Slide 17: Winners keep changing
Winners keep changing FY Gold (INR) Silver (INR) Heatmap Key Rank 1 Rank 2 FY06 39.0% 65.2% FY07 10.8% 13.1% FY08 27.5% 18.9% Number of Financial Years FY09 26.8% -4.8% when Gold (INR): FY10 7.0% 19.0% FY11 28.0% 114.4% Outperformed / fell less than 13 (62%) Silver (INR) FY12 33.1% -2.1% FY13 2.3% -
Slide 18: Adding gold and silver to equity portfolios may provide diversification benefits
Adding gold and silver to equity portfolios may provide diversification benefits Gold & Silver both have low correlation with equities, helping to reduce portfolio volatility Correlation with Asset Nifty 50 TRI Gold (INR) -0.04 Low correlation to equities Silver (INR) 0.08 Source: Bloomberg, internal
Slide 19: Gold, silver & equities – Historically, gold has performed well or fallen less when equity markets struggled
Gold, silver & equities – Historically, gold has performed well or fallen less when equity markets struggled Financial Year Gold (INR) Silver (INR) NIFTY 50 TRI Financial Year Gold (INR) Silver (INR) NIFTY 50 TRI FY01 -1.2% -8.3% -24.2% FY14 -10.8% -23.2% 19.3% FY02 22.9% 13.5% -0.1% FY15 -4.9% -12.
Slide 20: Gold & silver mix can be a winning combination
Gold & silver mix can be a winning combination Gold offers relative Winners among Gold & silver have Gold and silver offer stability during gold & silver keep low correlation with strong return stress, while silver changing => equities => adding potential across may provide growth exposure to both i
Slide 21: Gold-Silver Price Ratio
Gold-Silver Price Ratio 140 Gold / Silver Ratio 120 100 80 60 40 20 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Source: Bloomberg, Data as on Jul 31, 2026 The Gold-Silver Price Ratio shows the relative price
Slide 22: Presenting
Presenting (An open-ended Fund of Fund scheme investing in units of Gold and Silver ETFs) For disclaimers, refer Slide 34 22/35
Slide 23: Why invest in a product giving exposure to both gold and silver?
Why invest in a product giving exposure to both gold and silver? DIY rebalancing attracts friction Needs your Time and Resources Exposes you to Transaction Costs One needs to compute current Investors may need to bear exit allocation, amount to be rebalanced, loads, pay taxes on capital gains, or an
Slide 24: Investment Strategy of HDFC Gold Silver Passive FOF
Investment Strategy of HDFC Gold Silver Passive FOF HDFC Gold Silver Passive FOF will invest in units of HDFC Gold ETF and HDFC Silver ETF The Scheme’s expected allocation range for gold will be 60-80%, and 20-40% for silver. The baseline allocation will endeavour to be 70% gold and 30% silver (high
Slide 25: Gold & silver combination has delivered strong performance historically
Gold & silver combination has delivered strong performance historically CAGR* as on Jul 31, 2026 Indices rebased to 1000 Return 50000 Periods Gold-Silver 70/30 Gold Silver 45000 combination (INR)^ (INR) (INR) 40000 35000 Gold-Silver 70/30 combination (INR) 1 year 52.0% 33.3% 71.4% 30000 Gold (INR) 3
Slide 26: Why invest in HDFC Gold Silver Passive FOF?
Why invest in HDFC Gold Silver Passive FOF? Exposure to both Gold Access to Fund Systematic Approach for & Silver through a Manager Expertise Rebalancing single Scheme Fund Manager will decide By systematically increasing exposure Gold and silver are the allocation between gold to gold during period
Slide 27: Why invest in gold and silver through Mutual Funds?
Why invest in gold and silver through Mutual Funds? ETF backed by physical gold & silver Respective ETFs invest in physical gold and silver – investors saved from the hassle of physical storage Purity Physical gold and silver held with 99.5% fineness or above for gold, and 99.9% fineness or above for
Slide 28: Respective ETFs backed by physical gold & silver
Respective ETFs backed by physical gold & silver HDFC Gold ETF Portfolio Classification by Asset Class Quantity (% assets) Physical Gold 15,417 kg 98.44 Cash, Cash Equivalents and Net Current Assets 1.56 HDFC Silver ETF Portfolio Classification by Asset Class Quantity (% assets) Physical Silver 335,08
Slide 29: Gold and/or Silver based FOF – Taxation
Gold and/or Silver based FOF – Taxation Short-Term Capital Long-Term Capital Instrument Holding Period Gains Tax Gains Tax Investor’s Income Tax Gold and / or Silver based FOF 24 months 12.5%* Slab Rate* Source: India Budget. *Surcharge and Health & Education Cess as applicable. In view of the indiv
Slide 30: Fund Facts
Fund Facts HDFC Gold Silver Passive FOF Scheme Type An open-ended Fund of Fund scheme investing in units of Gold and Silver ETFs Investment The objective of this scheme is to generate returns by investing in units of Gold and Silver exchange traded Objective funds (ETFs). There is no assurance that
Slide 31: Risks and Mitigants
Risks and Mitigants Risk Mitigants Investors may hold gold and silver as part of a balanced portfolio including other assets such as equities, debt etc. Gold and Silver may undergo price corrections Allocation percentage to gold and silver should be based on investor’s individual risk tolerance and
Slide 32: Product Labelling and Riskometer
Product Labelling and Riskometer HDFC Gold Silver Passive FOF (An open-ended Fund of Fund scheme Riskometer# investing in units of Gold and Silver ETFs) is suitable for investors who are seeking* • Capital appreciation over long term. • To invest in Units of Gold/ Silver ETFs. *Investors should cons
Slide 33: Product Labelling and Riskometers
Product Labelling and Riskometers Fund Name This product is suitable for investors who are seeking~ Scheme Riskometer# HDFC Gold ETF An open ended scheme • Returns that are commensurate with the performance of gold, replicating / tracking subject to tracking errors, over long term performance of Gol
Slide 34: Disclaimer
Disclaimer The views expressed herein are as of August 14, 2026 and are based on internal data, publicly available information and other sources believed to be reliable. Any calculations made are approximations, meant as guidelines only, which you must confirm before relying on them. The information
Slide 35: Thank You
aHDFC BHAROSA APNO KA Thank You
HDFC Asset Management Company — Investor Presentation (August 2026) on 6ix