monthly brstbrstbrs communique brvember … · 2015-11-19 · data as on 31st october 2015 data as...
TRANSCRIPT
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(Continued overleaf)
Dear Investors and My Dear Advisor Friends,
This month instead of writing a newsletter to you, I am taking the liberty of reproducing with permission extracts of an interesting article written by my friend Kayezad – Editor – Mutual Funds from one of the leading newspapers Mint. I find it extremely useful and I believe it would serve as very interesting reading.
Nearly eight years after it first initiated an attempt to standardise fund factsheets, the Association of Mutual Funds of India (AMFI); the Rs.13-trillion Indian mutual fund industry’s trade body sent out revised guidelines on how to standardise factsheets to all fund houses. This time, it has the blessings of the capital market regulator, Securities and Exchange Board of India’s (SEBI). In a circular dated 14 September 2015, a copy of which is with Mint, AMFI said that SEBI had observed that there was lack of uniformity despite AMFI having urged fund houses earlier. The new factsheet format has been effective from October 2015. Different ways of giving information, the circular attributed SEBI as having observed, could be confusing
to the investors.
We agree. Before you invest in a mutual fund (MF) scheme, it’s best to get to know as much as possible about it. Where it will invest your money, how good its performance has been, what is its objective and so on is just some of the information you’d like to get. A scheme information document (SID; formerly known as offer document) is always a good point to start. But the SID only tells you what the scheme will do; that’s not enough if you wish to invest in a scheme that is already in existence. Also, if you are already invested in a scheme and wish to check its progress, SID is not enough. Here’s where a fund factsheet comes into play.
Past performance
This is your starting point. Although past performance doesn’t guarantee future returns, it gives you a good indication of how your fund is likely to perform, and its pedigree. In 2011, SEBI came out with a detailed set of guidelines as to how fund houses should advertise their scheme performances.
For instance, if a scheme has been in existence for at least three years, it has to give returns of unique 12-month periods for the past three years, both in terms of how a standard investment of Rs.10,000 has grown in such time periods and in percentage terms. “All schemes are also mandated to give benchmark indices returns. You need to see if your funds beat the benchmark returns over longer time over periods of, say, two, three, five and 10 years,” said Gajendra Kothari, managing director and chief executive officer, Etica Wealth Management Pvt. Ltd.
Helpful Information
Go through a scheme’s factsheet to find information that helps you with investment decisions. Here are few examples
Sector allocation: Will show an equity scheme’s diversification and cash holding
1-year 3-year 5-year Since Inceptions
Total amount invested (`) 120,000 3,60,000 600,000 2,510,000
Total value as on Sep 30,2015(`) 122,613 523,323 1,006,940 4,4776,521
Returns 4.08% 25.92% 20.85% 23.15%
Total value of B: CNX 500 115,780 443,616 814,205 12,464,544
B: CNX 500 returns -6.48% 14.07% 12.17% 13.47%
Total value of AB: CNX Nifty 113,491 420,797 774,864 10,924,381
AB: CNX Nifty returns -9.94% 10.42% 10.18% 12.44%
B: Benchmark, AB: Additional Benchmark, Past performance many or may not be sustained in future Returns greater than 1 year period are compounded annualized Dividends assumed to be reinvestment and bonus us adjusted. Due to difference in asset allocation or investment strategy, inception dates, performance are not strictly comparable.
Expense ratio: Helps youchoose between direct anddistributor plans for equity
and debt funds.Expense ratio#
2.28%Expense ratio#
(Direct)0.97%
#Actual average expense charged for September 2015. The above ratio includes service tax on investment management fees. The above ratio also includes proportionate charge in respect of sales beyond T-15 cities.
Performance : See how Rs. 10,000 invest in systematic investment plan has returned this helps you check if the equity or debt fund beats benchmark over longer periods.
25.89%
10.98%
9.70%
7.29%5.54%
40.60%Banks
Software
Pharmaceuticals
Auto
Auto ancillaries
Other
22.27%
65.71%
3.36% 8.65%CARE AAA/CARE AAA(SO)/CRISIL AAA/SOVEREIGN (includes
call, cash and other current assets)
BWR AA- (SO)BWR AA+(SO)/CARE AA/CARE AA-/CARE
AA (SO)/ CRISIL AA-/FITCH AA-/ICRA AA/ICA AA-
BWR A/BWR A- (SO)/BWR A+(SO)/CARE A/CARE A+/CARE
A+(SO)/CRISIL A/CRISIAL A-/CRISIL A+/ICRA A+/IND A-/IND A+
PRIVATE RATING
Composition by rating: Especially useful for debt fund, this indicates the credit rating profile of a scheme.
Source : Mint research
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Although SEBI has prescribed for three unique, one-year time periods, many fund houses go an extra mile and give past performances across different time periods. Some others don’t. “The new method that SEBI had advocated doesn’t give a true picture of long-term wealth creation. Performance should be checked over longer time frames,” said Harish Rao, coach and trainer at financial planning training unit, Simple Equations.
Portfolio
You may have invested in an MF because you did not want to or could not pick stocks and bonds on your own. Either ways, one should check the scheme’s portfolio once in a while. Primarily, check whether your fund is adequately diversified across scrips and sectors. If you have invested in debt funds, take a look at credit profile. The new AMFI circular has recommended that fund houses present the credit rating profile and asset-wise breakup in either a tabular or graphical format.
But that may not be enough. “Often, investors look at rating profiles and think that XYZ company or ABC company is not a candidate for default. One doesn’t lose money only due to default; one can lose money even on downgrades, albeit not of the same magnitude,” said Aashish P. Somaiyaa, managing director and chief executive officer, Motilal Oswal Asset Management Co. Ltd. He suggests investors should also look at a debt fund’s exposure to “troubled sectors such as weaker non-banking financial companies and banks, global commodities, infrastructure, real estate, retailing and so on.”
Expenses
Take a look at the expense ratio, especially if you are invested in a debt fund. The lower a debt fund’s expense ratio, the better it is for you. “I would like to see if it (expense ratio) is in line with the industry (average) numbers, both for the regular (distributor) and the direct plans,” said Kothari.
At the same time, keep a track of the corpus. A drastic or a continuous fall in corpus should raise red flags. There may have been unavoidable factors that led to the steep reduction in corpus, but do check with your financial planner at least. “In debt funds, there is comfort to be had in a large sized fund. In fact, when institutional investors invest in debt funds, they take a look at fund sizes and avoid small-sized ones,” said Rao.
Other details
Some investors like to look at the dividend track record of a scheme, said Rao; something that factsheets provide. Although dividends come out of the scheme’s profits, it gives some comfort to those who want regular payouts from funds, especially senior citizens.
Most factsheets give out dividend details towards the end. “Predictability of dividends has a charm for some elderly investors. Some schemes have certain regularity in their dividend distribution pattern. Although dividends don’t mean you are getting extra money, for some investors that—and a pattern—is an attraction,” said Rao. Most factsheets also have market commentary at the beginning, which tells you how the markets behaved in the preceding month. You can skip this as the language of most market commentaries leave much to be desired.
“Some 40-odd fund houses write market updates. This has nothing to do with the investor or her goals. Stocks create wealth from earnings of companies but we (fund industry) write market updates. These updates make investors believe that returns are made from markets, whereas the actual role of markets is just to provide liquidity and price discovery. If the factsheet commentary is relevant to an investor’s perspective, then he should read it; otherwise, not,” said Somaiyaa.
Frequency of checking
Most experts advocate a regular check, though you shouldn’t go overboard. While Somaiyaa and Kothari feel a quarterly check is required, according to Rao, a half-yearly check will suffice. So, keep an eye on your factsheet and sit with your adviser or financial planner, if you have one, to get more clarity on how the scheme is doing.
Happy Investing,
Aashish P SomaiyaaManaging Director & CEO
Disclaimer: The graph is used to explain the concept and is for illustration purpose only and should not be used for development or implementation of an investment strategy. The sector mentioned herein are for general and comparison purpose only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. Past performance may or may not be sustained in future.
BRSTBRSTBRSTBRSTBRST
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Value Strategy
The Strategy aims to benefit from the long term
compounding effect on investments done in good
businesses, run by great business managers for
superior wealth creation.
Strategy Objective
3Portfolio Management Services | Regn No. PMS INP 000000670
Investment Strategy
• Value based stock selection
• Investment Approach: Buy & Hold
• Investments with Long term perspective
• Maximize post tax return due to Low Churn
Details
Fund Manager : Manish Sonthalia
Strategy Type : Open ended
Date of Inception : 24th March 2003
Benchmark : CNX Nifty
Investment Horizon : 3 Years +
Subscription : Daily
Redemption : Daily
Valuation Point : Daily
The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 31st October 2015. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.
Key Portfolio Analysis
Standard Deviation (%)
Beta
23.91
1.00
Performance Data CNX NiftyValue Strategy
21.46
0.81
Data as on 31st October 2015
Data as on 31st October 2015
Value Strategy CNX NiftyAll Figures in %
Period
% o
f re
turn
s
Top Sectors
Sector Allocation % Allocation*
*Above 5% & Cash
Banking & Finance
Auto & Auto Ancillaries
Pharmaceuticals
Oil and Gas
Infotech
FMCG
Alcoholic Beverages and Distilleries
Cash
30.82
27.90
11.54
6.80
6.43
6.34
5.10
0.19
Data as on 31st October 2015
Top Holdings
Particulars % Allocation*
*Above 5%
Sun Pharmaceuticals
HDFC Bank
Eicher Motors
Bosch
Housing Development Finance Corporation
Bharat Petroleum Corporation
Tata Consultancy Services
Asian Paints
Kotak Mahindra Bank
State Bank Of India
United Spirits
11.54
10.47
9.83
8.83
8.08
6.80
6.43
6.34
6.17
6.10
5.10
Data as on 31st October 2015
10.17
30.38
20.01
16.57
12.14
26.78
-1.27
13.5912.95
10.75
6.03
17.9
-5
0
5
10
15
20
25
30
35
1 Year 2 Year 3 Year 4 Year 5 Year Since Incep�on*
BRSTBRSTBRSTBRSTBRST
BRSTBR
BRSTBRSTBRSBRSTBRS
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Next Trillion Dollar Opportunity Strategy
4Portfolio Management Services | Regn No. PMS INP 000000670
Investment Strategy
• Stocks with Reasonable Valuation
• Concentration on Emerging Themes
• Buy & Hold Strategy
Details
Fund Manager : Manish Sonthalia
Strategy Type : Open ended
Date of Inception : 11th Dec. 2007
Benchmark : CNX Midcap
Investment Horizon : 3 Years +
Subscription : Daily
Redemption : Daily
Valuation Point : Daily
Strategy Objective
The Strategy aims to deliver superior returns by investing in stocks from sectors that can benefit from the Next Trillion Dollar GDP growth.
It aims to predominantly invest in Small and Mid Cap stocks with a focus on identifying potential winners that would participate in successive phases of GDP growth.
Top Sectors
Banking & Finance
Auto & Auto Ancillaries
FMCG
Oil and Gas
Engineering & Electricals
Diversified
Cash
27.23
24.29
18.59
10.57
6.29
6.09
0.28
Sector Allocation % Allocation*
*Above 5% & CashData as on 31st October 2015
Top Holdings
Eicher Motors
Bajaj Finance
H P C L
Page Industries
Bosch
Voltas
Max India
Cummins India
Particulars % Allocation*
16.39
10.62
10.57
9.41
7.24
6.09
5.83
5.36
*Above 5%Data as on 31st October 2015
Key Portfolio Analysis
Standard Deviation (%)
Beta
22.96
1.00
Performance Data CNX MidcapNTDOP
18.38
0.70
Data as on 31st October 2015
Period
% o
f re
turn
s
NTDOP Strategy CNX Midcap All Figures in %
Data as on 31st October 2015
The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 31st October 2015. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.
34.34
51.27
38.1634.77
24.01
18.03
13.57
33.53
19.89
16.29
7.185.82
0
10
20
30
40
50
60
1 Year 2 Year 3 Year 4 Year 5 Year Since Inception *
BRSTBRSTBRSTBRSTBRST
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India Opportunity Portfolio Strategy
5
Investment Strategy
• Buy Growth Stocks across Market capitalization which have the potential to grow at 1.5 times the nominal GDP for next 5-7 years.
• BUY & HOLD strategy, leading to low to medium churn thereby enhancing post-tax returns
Details
Fund Manager : Varun Goel
Strategy Type : Open ended
Date of Inception : 11th Feb. 2010
Benchmark : BSE 200
Investment Horizon : 3 Years +
Subscription : Daily
Redemption : Daily
Valuation Point : Daily
Portfolio Management Services | Regn No. PMS INP 000000670
Strategy Objective
The Strategy aims to generate long term capital
appreciation by creating a focused portfolio of
high growth stocks having the potential to grow
more than the nominal GDP for next 5-7 years
across market capitalization and which are
available at reasonable market prices.
Top Sectors
Banking & Finance
Auto & Auto Ancillaries
Pharmaceuticals
Oil and Gas
Engineering & Electricals
FMCG
Cash
32.98
16.86
16.22
10.39
6.58
5.10
1.15
Sector Allocation % Allocation*
*Above 5% & CashData as on 31st October 2015
Top Holdings
Particulars % Allocation*
12.40
10.39
9.24
7.85
6.98
6.73
6.58
5.61
5.32
5.10
*Above 5%
Bajaj Finance
Hindustan Petroleum Corporation
Lupin
Eicher Motors
Ajanta Pharma
HDFC Bank
Larsen & Toubro
Housing Development Finance Corporation
State Bank Of India
Page Industries
Data as on 31st October 2015
Key Portfolio Analysis
Standard Deviation (%)
Beta
16.25
1.00
Performance Data BSE 200IOPS
14.89
0.79Data as on 31st October 2015
% o
f re
turn
s
India Opportunity Portfolio Strategy BSE 200 All Figures in %
Period
Data as on 31st October 2015
The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 31st October 2015. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.
15.71
25.88
18.17 17.17
8.39
13.34
2.13
17.39
14.56
12.00
6.02
9.42
0.00
5.00
10.00
15.00
20.00
25.00
30.00
1 Year 2 Year 3 Year 4 Year 5 Year Since Incep�on
BRSTBRSTBRSTBRSTBRST
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Focused Series IV - Flexi Cap Strategy
6
Investment Strategy
• Active Equity Allocation between Mid caps & Large caps
• Active Asset Allocation calls between Cash and Equity
• Strategy will follow a policy of profit booking with predefined price targets
• When the Client’s AUM appreciates by 15%, the appreciation amount will be automatically paid-out.
Details
Portfolio Manager : Kunal Jadhwani
Date of Inception : 07th Dec. 2009
Benchmark : BSE 200
Investment Horizon : 12 – 18 Months
Subscription : Daily
Redemption : Daily
Valuation Point : Daily
Portfolio Management Services | Regn No. PMS INP 000000670
Strategy Objective
The Strategy aims to generate superior returns over a medium to long term by investing in only 8-10 companies across market capitalization. The Fund Manager will take active asset allocation calls between cash & equity. The strategy will also take active equity allocation calls between investments in large caps & mid caps & it will follow a policy of profit booking with predefined price targets.
Focused Series - IV BSE 200 All Figures in %
Period
% o
f re
turn
s
Top Sectors
Banking & Finance
Auto & Auto Ancillaries
FMCG
Engineering & Electricals
Pharmaceuticals
Cash
28.73
27.63
17.29
12.81
6.00
0.06
Sector Allocation % Allocation*
*Above 5% & CashData as on 31st October 2015
Top Holdings
Page Industries
Kotak Mahindra Bank
Eicher Motors
Bosch
HDFC Bank
Cummins India
Ipca Lab
Particulars % Allocation*
17.29
15.85
14.73
12.91
12.89
7.99
6.00
*Above 5%Data as on 31st October 2015
Key Portfolio Analysis
Standard Deviation (%)
Beta
16.42
1.00
Performance Data BSE 200Focused Series - IV
15.48
0.76
Data as on 31st October 2015
Data as on 31st October 2015
The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 31st October 2015. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.
17.86
33.16
29.29
25.05
13.4414.89
0.35
16.91
14.3612.09
6.018.12
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
1 Year 2 Year 3 Year 4 Year 5 Year Since Incep�on
BRSTBRSTBRSTBRSTBRST
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Focused Series V - A Contra Strategy
7
Investment Strategy
• Buy and hold philosophy – low portfolio churn
• Follows the principle to pick best rather than diversification
• Concentrated Strategy Structure of less than 10 stocks
• Investment Horizon : Medium to Long term
Details
Fund Manager : Manish Sonthalia
Date of Inception : 27th Sept. 2010
Benchmark : BSE 200
Investment Horizon : 2 to 3 Years
Subscription : Daily
Redemption : Daily
Valuation Point : Daily
Top Holdings
Bharat Forge
Bharat Petroleum Corpn.
Kotak Mahindra Bank
Max India
Eicher Motors
Petronet LNG
ITC
Triveni Turbine
J&k Bank
Particulars % Allocation*
14.19
14.16
14.11
12.72
9.45
9.00
8.54
7.24
6.79
*Above 5%
Portfolio Management Services | Regn No. PMS INP 000000670
% o
f re
turn
s
Focused Series - V BSE 200 All Figures in %
Period
Top Sectors
Banking & Finance
Auto & Auto Ancillaries
Oil and Gas
Engineering & Electricals
FMCG
Cash
33.61
23.65
23.16
9.89
8.54
1.15
Sector Allocation % Allocation*
*Above 5% & Cash
Strategy Objective
The strategy aims to invest in fundamentally sound companies that can benefit from changes in a company's valuation which reflects a significant change in the markets view of the company over a horizon of three years. The Strategy focuses on investing in stocks that can benefit from growth in earnings, re-rating of business or higher valuation of assets. Objective is to increase return rather than reduce risk for Investors.
Data as on 31st October 2015
Data as on 31st October 2015
Key Portfolio Analysis
Standard Deviation (%)
Beta
16.30
1.00
Performance Data BSE 200Focused Series - V
38.00
1.07
Data as on 31st October 2015
Data as on 31st October 2015
The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 31st October 2015. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.
-2.78
-11.03
-0.11
5.88
26.71
20.07
9.43
1.56
-5.15
-0.61
0.35
16.91
14.36
5.90
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
1 Month 3 Month 6 Month 1 Year 2 Year 3 Year SinceIncep�on
BRSTBRSTBRSTBRSTBRST
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Bulls Eye Strategy
8
Investment Strategy
• Active management
• Multi Cap Stategy
• Regular Profit Booking
Details
Portfolio Manager : Kunal Jadhwani
Strategy Type : Open ended
Date of Inception : 15th Dec. 2003
Benchmark : BSE 200
Investment Horizon : 12 Months +
Subscription : Daily
Redemption : Daily
Valuation Point : Daily
Key Portfolio Analysis
Standard Deviation (%)
Beta
23.73
1.00
Performance Data BSE 200
21.36
0.77
Portfolio Management Services | Regn No. PMS INP 000000670
Strategy Objective
The Strategy aims to deliver returns in the short to
medium term by investing in fundamentally
sound stocks coupled with active profit booking.
Bulls Eye Strategy
% o
f re
turn
s
Period
Bulls Eye BSE 200 All Figures in %
Top Sectors
Banking & Finance
Auto & Auto Ancillaries
Engineering & Electricals
Miscellaneous
Pharmaceuticals
FMCG
Oil and Gas
Cash
25.72
15.13
12.27
8.95
7.88
7.01
5.51
0.57
Sector Allocation % Allocation*
*Above 5% & CashData as on 31st October 2015
Data as on 31st October 2015
Data as on 31st October 2015
The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 31st October 2015. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.
Top Holdings
HDFC Bank
Bajaj Finance
Kajaria Cera
Lupin
Cummins India
Eicher Motors
Page Industries
H P C L
Particulars % Allocation*
10.52
10.41
8.95
7.88
7.49
7.07
7.01
5.51
*Above 5%Data as on 31st October 2015
15.95
31.74
23.0721.03
11.36
15.51
0.35
16.91
14.36
12.09
6.01
14.39
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
1 Year 2 Year 3 Year 4 Year 5 Year Since Incep�on
BRSTBRSTBRSTBRSTBRST
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Optima Strategy
9
Investment Strategy
• Growth At Reasonable Price (GARP)
• Active Portfolio Rebalancing
• Market Timing
• Situation based Multi Cap approach
Details
Portfolio Manager : Kunal Jadhwani
Strategy Type : Open ended
Date of Inception : 30th Dec 2008
Benchmark : BSE 200
Investment Horizon : 2 Years +
Subscription : Daily
Redemption : Daily
Valuation Point : Daily
Portfolio Management Services | Regn No. PMS INP 000000670
Strategy Objective
The Strategy aims to generate superior returns
over the long period by investing in companies
with growth potential and which are available at
reasonable market price.
Top Sectors
Banking & Finance
Auto & Auto Ancillaries
Engineering & Electricals
Miscellaneous
FMCG
Pharmaceuticals
Oil and Gas
Cash
25.65
14.70
12.02
8.24
8.03
7.92
5.70
1.24
Sector Allocation % Allocation*
*Above 5% & CashData as on 31st October 2015
Key Portfolio Analysis
Standard Deviation (%)
Beta
19.46
1.00
Performance Data BSE 200Optima Strategy
16.09
0.67
Data as on 31st October 2015
Data as on 31st October 2015
The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 31st October 2015. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.
Period
% o
f re
turn
s
Optima Strategy BSE 200 All Figures in %
Top Holdings
HDFC Bank
Bajaj Finance
Kajaria Cera
Page Industries
Lupin
Eicher Motors
Cummins India
Hindustan Petroleum Corporation
Particulars % Allocation*
10.72
10.11
8.24
8.03
7.92
7.30
7.21
5.70
*Above 5%Data as on 31st October 2015
16.75
32.89
24.16
20.59
14.13
23.88
0.35
16.91
14.36
12.09
6.01
17.43
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
1 Year 2 Year 3 Year 4 Year 5 Year Since Incep�on
BRSTBRSTBRSTBRSTBRST
BRSTBR
BRSTBRSTBRSBRSTBRS
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BRBRSTBRST
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10Portfolio Management Services | Regn No. PMS INP 000000670
All opinions, figures, charts/graphs, estimates and data included in this document are as on date and are subject to change without notice. While utmost care has been exercised while preparing this document, Motilal Oswal Asset Management Company Limited does not warrant the completeness or accuracy of the information and disclaims all liabilities, losses and damages arising out of the use of this information. No part of this document may be duplicated in whole or in part in any form and/or redistributed without prior written consent of the Motilal Oswal Asset Management Company Limited. Readers should before investing in the Strategy make their own investigation and seek appropriate professional advice. Investments in Securities are subject to market and other risks and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. Clients under Portfolio Management Services are not being offered any guaranteed/assured returns. Past performance of the Portfolio Manager does not indicate the future performance of any of the strategies. The name of the Strategies do not in any manner indicate their prospects or return. The investments may not be suited to all categories of investors. Neither Motilal Oswal Asset Management Company Ltd. (MOAMC), nor any person connected with it, accepts any liability arising from the use of this material. The recipient of this material should rely on their investigations and take their own professional advice. While we endeavor to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. The Portfolio Manager is not responsible for any loss or shortfall resulting from the operation of the strategy. Recipient shall understand that the aforementioned statements cannot disclose all the risks and characteristics. The recipient is requested to take into consideration all the risk factors including their financial condition, suitability to risk return, etc. and take professional advice before investing. As with any investment in securities, the value of the portfolio under management may go up or down depending on the various factors and forces affecting the capital market. For tax consequences, each investor is advised to consult his / her own professional tax advisor. This document is not for public distribution and has been furnished solely for information and must not be reproduced or redistributed to any other person. Persons into whose possession this document may come are required to observe these restrictions. No part of this material may be duplicated in any form and/or redistributed without' MOAMCs prior written consent. Distribution Restrictions - This material should not be circulated in countries where restrictions exist on soliciting business from potential clients residing in such countries. Recipients of this material should inform themselves about and observe any such restrictions. Recipients shall be solely liable for any liability incurred by them in this regard and will indemnify MOAMC for any liability it may incur in this respect. Securities investments are subject to market risk. Please read on carefully before investing.
Risk Disclosure And Disclaimer
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