Portfolio Volatility 16% Sharpe Ratio -0.11 Beta 0.92 Tracking Error 5.5% 1 Month 3 Month 6 Month 1 Year RAMS India Equities Portfolio Fund (GBP) 1.03 11.49 15.87 7.03 MSCI India (GBP) 0.18 10.29 15.63 7.28 Fund Size USD 192.1mn NAV 153.25 Inception date 12 th May 2016 ISIN LU1313566413 Bloomberg Code RAMRDRG LX Investment Manager Reliance Asset Management (Singapore) Pte Ltd Investment Advisor Reliance Nippon Life Asset Management Ltd Domicile Luxembourg Reference Currency GBP Dealing and Valuation Daily Fee & Minimum Subscription 1.25% & GBP 10,000 Investment Objective The principal objective of the sub-fund is to provide long-term capital appreciation primarily through investment in equity and equity-related investments of companies established in or operating in India. The exposure to the Indian market will be a minimum of 90% and a maximum of 100%. Portfolio Manager Commentary Key Information FACTSHEET – MAY 2019 Top 10 Holdings Sector Breakdown Key Ratios (1 Year) Market Capitalisation Large Cap: Greater than USD 4.5bn, Mid Cap: USD 4.5bn- USD1.2bn, Small Cap: Less than USD 1.2bn Performance Snapshot (%) Data as at 30 th April 2019 YTD 2018 2017 2016* Since Inception RAMS India Equities Portfolio Fund (GBP) 4.70 -11.04 37.58 19.59 53.25 MSCI India (GBP) 5.01 -3.13 24.96 16.02 47.47 *Performance from share class inception: 12 th May 2016 Infosys Ltd 6.7% HDFC Bank 6.0% Reliance Industries 3.9% State Bank of India 3.5% Axis Bank 3.5% ICICI Bank 3.3% ITC 3.1% Bajaj Finance 3.0% Varun Beverages 2.9% Supreme Industries 2.8% Disclaimer: The views and opinions expressed by Reliance Asset Management (Singapore) Pte. Ltd. (“RAMS”) herein are for information purposes and private circulation only and are subject to change without notice. It should not be construed as any investment advice, recommendation, or an offer, or solicitation to buy or sell, or enter into or any type of transaction of any security, including the India Equities Portfolio Fund-RAMS Equities Portfolio Fund (the “Fund”). The views expressed herein should not be construed as investment guidelines or recommendations for any course of actions. Certain factual and statistical (both historical and projected) industry and market data and other information was obtained by RAMS from independent, third-party sources that are deemed to be reliable, some of which have been cited in this presentation. Many of the statements and assertions contained in this presentation reflect the belief of RAMS, which may be based in whole or in part on such data and other information. Whilst no action has been solicited based upon the information provided herein, the Fund’s Sponsor, the Investment Manager, the Trustee or any of their respective directors, employees, affiliates or representatives do not assume any responsibility for, or warrant the accuracy, completeness, adequacy and reliability of such information and this presentation. None of the Sponsor, the Investment Manager, the Trustee, their respective directors, employees, affiliates or representatives shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way from the information contained in this presentation. Past performance of a fund is not an indication of its future performance. Neither the Manager nor the Trustee guarantees the performance of the Fund or the repayment of capital. Investors in the Fund are not being offered a guaranteed or assured rate of return and there can be no assurance that the Fund’s objective will be achieved. Investment in mutual fund units involves various investment risks including but not limited to country, political, industry, settlement, liquidity, currency, credit/default and currency risk. The NAV of the Fund may go up and down and investors may also lose all of their capital. Please read and understand the contents of the Fund's Prospectus/Disclosure Document/Information Memorandum and Product Highlight Sheet etc. before investing. If in doubt, please consult a professional adviser. An investment should only be made after review of the Offering Circular and the Class Addendum. For information, please obtain the Offering Circular and relevant Class Addendum from RAMS. This presentation does not take into account the specific investment objectives, financial situation or particular needs of any specific person. Investors should seek independent professional advice from financial advisers regarding the suitability of the Fund, taking into account the specific investment objective, financial situation or particular needs before making a commitment to purchase units in the Fund. In the event that an investor chooses not to seek such advice, the investor should consider carefully whether the investment in the Fund is suitable. Portfolio allocations may not add to 100% due to rounding. The Indian market proved volatile over the month as the ongoing elections and global geo-political developments impacted investor sentiment. The MSCI Emerging Markets Index outperformed the MSCI India Index as a result of strong Chinese economic output in March and April, solid Q1FY19 US GDP growth and optimism surrounding the resolution of trade disputes between the US and China. The US ended Iranian import waivers that had previously been granted to several countries and the price of crude oil increased amid supply concerns, despite surprisingly high US inventory levels. Foreign portfolio investors continued to be net buyers, recording USD 1.7bn of inflows, while domestic institutional investors were net sellers of USD 600mn. The INR depreciated by 0.6% vs. USD, while forex reserves increased to around USD 415bn. Among sectors, IT and cement were the key outperformers while banks, utilities and realty were the laggards. Mid and small-cap indices underperformed large-cap indices. CPI inflation rose to 2.9% in March (Q4FY19 avg. 2.5%), coming in marginally ahead of the RBI’s quarterly forecast of 2.4%, and food inflation rose to 5.7% in March (vs 4.3% in February). Auto sales continued to decline across different categories and companies. The 17th Lok Sabha elections commenced on 11th April, with 4 rounds of polling completed so far for 337 of 543 seats. The IMD released a near-normal annual monsoon forecast (96% of long period average), with weak El Nino conditions expected. Conversely, Skymet predicted a weak start to monsoons. During April, a few fringe positions in an IT and pharma company were exited. Partial profit was also booked in a movie exhibition company and an airline company, whose stock prices rallied significantly. A new infrastructure company was purchased, which has exposure to roads, railways, bridges and irrigation etc. As a result of these changes, the Fund is now approximately 96% invested. We are closely monitoring the market and will selectively deploy any cash into new and existing opportunities as they arise. We will also continue to monitor the election and its impact on the broader economy, with the results being announced on 23rd May. On a global level, we are monitoring any recovery in Chinese activity post the announcement of various favourable policies by the government. The rising price of Crude oil continues to remain an important risk. 1% 2% 4% 5% 5% 5% 10% 11% 11% 12% 30% 0% 5% 10% 15% 20% 25% 30% 35% Real Estate Commu nicatio n Service s Util ities Heal th Ca re Energy Con sumer Di screti onary Material s Con sumer Stapl es In dustrial s In fo rmati on Tech nolo gy Fi nancia ls 58% 23% 15% 4% Larg e Cap Mid Ca p Small Cap Cash ® India Equities Portfolio Fund A Sub-Fund of RAMS Equities Portfolio Fund RDR GBP Share Class