'Lallapalooza Effect' - Motilal Oswal Private Wealth

WINNING PORTFOLIOS

POWERED BY KNOWLEDGE

ISSUE 12 | April 20221

‘Lallapalooza Effect’

Our company name has changed to Motilal Oswal Wealth Ltd formerly known as Motilal Oswal Wealth Management Ltd.

APRIL 2022 | ISSUE 112 2

This document is not valid without disclosure; refer the last page for the disclosure

Readers Speaks ...………………………………………………………………........................................….….........03

Executive Summary………………………………………………………………........................................….…......04

Asset Class Performance ......…....................................................................................................05

Long Term Investing............….................................................................................................06-07

Section I……………………………………………………………….......................................................……….. -08 19

(Market through Graphs Portfolios Commentary, Temperature Gauge, Risk Return Matrix Investment, ,

Grid Our Recommendations,, DELPHI)

S 2 34ection II…………………………………………………….......................................................….……………... 0-

( , , , )Macro Economy Equities Fixed Income Gold

Section III…………………………………………………….........................................................….….……….35 44-

( , ,Advisory Approach 4C Framework For Equity Managers Fixed Income Manager Selection

Framework Hind-sight Investing Decoding Investment Style Investment Charter Sample Investment, , , ,

Charter, Estate Planning

Section VI…………………………………………………….........................................................…….….……. 5-694

( , , )Managed Strategies - PMS Managed Strategies - MF Investment Charter Template

Alpha Strategist | ‘Lollapalooza Effect’

Contents


Readers Speak



Executive Summary


In the current environment, the “ ” is at play. From a short term lens, severalLollapalooza Effect

factors viz. war in Ukraine leading to elevated commodity prices on account of Russia being one of

the major suppliers of key commodities; hike in interest rates, etc. have meant heightened

volatility. Our stance on this being a year of consolidation still holds. From a longer term

viewpoint though, domestic Equity market fundamentals remain robust given healthy balance

sheets, low debt-equity & improving ROEs leading to steady earnings growth outlook. The

longer term vision for India's macro remains positive with gradual progression toward a $6 trillion

economy over the course of this decade.

Nifty50 ended FY22 with gains of 19% YoY, marking another year of strong returns. Given the multitude of challenges

(regional lockdowns due to the second COVID wave, gradual withdrawal of excess global liquidity, relentless rise in

commodity prices, disruption in supply chains, and weak rural demand), the fact that the Nifty is down barely 5% from

its recent high underscores its resilience. Markets never fail to astonish and what has been a pleasant development is

the rise of DIIs investing in equities to the tune of over $26 billion in FY22 countering the outflows by FIIs ($17.1 billion).

Before the breakout of War in Ukraine, the old economy of commodities (Crude Oil, Wheat, Natural Gas etc.) had not

made abnormal returns for the better part of a decade and the scarcity premiums have skyrocketed prices leading to

record profits for large energy companies across the globe; US Inflation scaled to a 40-year peak in February to 7.9%.

Minutes of the Fed meeting signalled it will reduce its substantial bond holdings at a maximum pace of $95 billion per

month compared to $50 billion in the previous cycle in 2017-19 further tightening credit across the economy.

BFSI & IT companies have been somewhat immune to the geopolitical crisis and could continue to do well; Metals &

Mining companies have benefitted on the back of unyielding rise in commodity prices while the same has had a negative

impact on consumption driven companies. Autos, consumer staples and cement could see a decline in margins due to

rising commodity costs in Q4FY22 results while upstream Oil & Gas as well as Metals could see a sharp uptick during the

same period. Almost half of NIFTY 50 companies would not have any direct impact of rising energy prices on its last

quarterly results while 29% will have a positive impact and 18% would gain from rupee depreciation. On a high base,

Nifty50 Q4FY22 PAT is expected to go up 23%.

Our proprietary Temperature Gauge Index indicates that Equity market is in the fair valuation zone. Hence for

incremental allocation to equities, we suggest 50% deployment immediately & 50% to be staggered over a period of 3-6

months. We continue to maintain bias towards Multi cap and select Mid & Small cap strategies across MF/PMS/AIF

platforms.

For the domestic fixed income market, concerns on higher inflation due to rising crude and commodity costs have led to

the yield curve getting steeper. Recently concluded MPC meeting revised growth projections to 7.2% for FY23 from 7.8%

earlier while keeping the rates unchanged and maintaining its accommodative stance. This was in line with RBI's earlier

stance to prioritize sustainable growth trajectory while remaining cognizant about the inflationary risks. Albeit, RBI's

move to replace FRRR with SDF indicates an explicit start of monetary tightening making it clear monetary policy

normalization has started.

For Fixed Income portfolios, we continue to suggest following a barbell portfolio approach i.e. having core allocation to

high quality accrual oriented funds with maturities of 4-6 years, complemented by 20-30% allocation towards long

maturity and high quality roll down strategies. Tactical allocation to select high yield strategies, MLDs, REITs, InvITs can

help enhance the yield on fixed income portfolios. Gold should be treated predominantly as a hedge against heightened

volatility.

We reiterate emphasis on Investment Charter, Asset Allocation, and a disciplined staggered deployment strategy for

incremental equity investments.

Happy Investing!

Ashish Shanker

(MD & CEO – Private Wealth)


INR 100 invested in 1990 would have become x times in February-2022


A C Performancesset lass

Asset Classes Perform Differently Over Market Cycles

Exhibit Low Correlation to Each Other

Period of Analysis is from 1990 to 31st Mar’22. Indices used: Equity is represented by Sensex from 1990 to 2002 and Nifty 50 from 2002 onwards Debt is represented by SBI 1-yr FD rates from 1990 to

2002 and CRISIL Composite bond Index from 2002 onwards Liquid/Cash is represented by SBI 3-month FD rates from 1990 to 2002 and CRISIL Liquid fund Index from 2002 onwards; Gold is represented

by Gold USD Spot Price conversion into INR from 1990 to 2005 and MCX Spot Gold price in INR from 2006 till date; Equity US is represented by S&P 500 in INR terms Average AceMF; Bloomberg.: Source:

Disclaimer :Past Performance is no guarantee of future Results

Correlation Equity - INDEquity – USA

(INR)Gold (INR) Debt Cash

Equity - IND

Equity – USA (INR)

Gold (INR)

Debt

Cash

1.00

0.25

- 0.04

0.09

- 0.03

1.00

0.03

- 0.06

0.01

1.00

- 0.07

- 0.05

1.00

0.31 1.00

Period of Analysis is from 1st Jan 1990 to 31st March’22. Indices used: Equity IND is represented by Sensex from 1990 to 2002 and Nifty 50 from 2002 onwards Debt is represented by SBI 1-yr FD

rates from 1990 to 2002 and CRISIL Composite bond Index from 2002 onwards Liquid/Cash is represented by SBI 3-month FD rates from 1990 to 2002 and CRISIL Liquid fund Index from 2002

onwards; Gold is represented by Gold USD Spot Price conversion into INR from 1990 to 2005 and MCX Spot Gold price in INR from 2006 till date; Equity US is Represented by S&P500 in INR: Source:

AceMF; Bloomberg. Disclaimer: Past Performance is no guarantee of future Results

Cash 7.1% 0.6% 0.0%

Equity – IND 13.9% 27.6% -55.1%

Note: CAGR Represents Compounded Annual Growth Rate; SD is calculated based

on monthly returns

CAGRStandard

Devia�on

Maximum

DrawdownAsset Class

Equity–US (INR) 13.2% 15.0% -45.9%

Gold - INR 9.9% 14.9% -25.1%

Debt 8.5% 2.6% -6.3%

6 x9

5 x7

14x

9x

21x

Jan

/19

90

Jan

/19

91

Jan

/19

92

Feb

/19

93

Feb

/19

94

Mar

/19

95

Mar

/19

96

Mar

/19

97

Ap

r/1

99

8

Ap

r/1

99

9

May

/20

00

May

/20

01

Jun

/20

02

Jun

/20

03

Jun

/20

04

Jul/

20

05

Jul/

20

06

Au

g/2

00

7

Au

g/2

00

8

Au

g/2

00

9

Sep

/20

10

Sep

/20

11

Oct

/20

12

Oct

/20

13

No

v/2

01

4

No

v/2

01

5

No

v/2

01

6

De

c/2

01

7

De

c/2

01

8

Jan

/20

20

Jan

/20

21

Jan

/20

22

1993 1994 1995 1996

Equity-IND Equity-IND Equity-US Equity-US

27.9% 17.4% 50.4% 22.6%

Gold Debt Gold Debt

27.1% 13.0% 13.3% 12.0%

Equity-US Cash Debt Cash

16.5% 7.0% 13.0% 9.4%

Debt Equity-US Cash Equity-IND

12.0% -1.9% 8.8% -0.8%

Cash Gold Equity-IND Gold

10.3% -2.3% -20.8% -3.2%

2001 2002 2003 2004

Debt Gold Equity-IND Equity-IND

8.5% 24.1% 71.9% 10.7%

Cash Debt Equity-US Cash

6.4% 12.7% 20.2% 4.0%

Gold Cash Gold Equity-US

5.9% 6.4% 13.5% 3.8%

Equity-US Equity-IND Debt Gold

-10.1% 2.7% 8.1% 0.5%

Equity-IND Equity-US Cash Debt

-17.9% -23.8% 4.6% -0.3%

CAGR

Equity-US

20.4%

Debt

12.5%

Cash

8.9%

Gold

8.0%

Equity-IND

4.2%

CAGR

Equity-IND

12.5%

Gold

10.7%

Debt

7.1%

Cash

5.4%

Equity-US

-3.8%

In Inves�ng, every asset class are cyclical in

nature influenced by macro/micro factors

Hence, Winners keep Changing

For 2021 Returns are consider �ll 31s Dec’21. Equity-IND is represented by Sensex from

1990 to 2002 & Ni�y50 from 2002 onwards; Debt is represented by SBI 1-yr FD rates

from 1990 to 2002 & CRISIL Composite Bond Fund Index from 2002 onwards; Cash is

represented by SBI 3-month FD rates from 1990 to 2002 & CRISIL Liquid Fund Index

from 2002 onwards; Gold is represented by Gold USD Spot Price conversion into INR

from 1990 to 2005 and MCX Spot Gold price in INR from 2006 �ll date Equity-US is

represented by S&P 500 in INR terms;

Period Considered for CAGR analysis is 4 & 5 years

Source: AceMF, Bloomberg, 2021 performance �ll 31st Dec.

Disclaimer :Past Performance is no guarantee of future Results

CAGR

Equity-US

18.4%

Equity-IND

16.2%

Gold

11.5%

Debt

7.4%

Cash

5.8%

2018 2019 2020 2021

Gold Equity-US Gold Equity-US

7.3% 31.9% 28.0% 29.1%

Cash Gold Equity-US Equity-IND

7.6% 23.8% 18.3% 24.1%

Debt Equity-IND Equity-IND Cash

5.9% 12.0% 14.9% 3.6%

Equity-IND Debt Debt Debt

3.2% 10.7% 12.3% 3.4%

Equity-US Cash Cash Gold

2.4% 6.9% 4.6% -4.2%

It is common knowledge that investments, when given time to grow, have a much higher chance of reaching their full

potential. One of the most successful and well known investors, Peter Lynch, once mentioned “You get recessions, you

have stock market declines, if you don't understand that's going to happen, then you're not ready, you won't do well in

the markets”. Even though these scenarios mentioned are known to investors, why are they not able to ride through the

cycle? The problem arises when personal capital is invested, as it is simple human nature to notice every small

turbulence that depletes one's capital. Initially an investor may be able to comprehend the situation, but when the bear

market last months or even years, portfolio profits and even capital begin to erode. This is when for most investors,

patience begins to wear thin and fear sets in. In such a mindset, investors end up making impulsive decisions that are

solely based on emotions without realizing that they are doing themselves more harm than good. Therefore we believe

that the key ingredient to healthy investment portfolios is to have a long term vision.

The most common question that then arises is: how long is long term? When it comes to computation of tax on capital

gains, long term is considered as a holding period of one year for equities and a period of three years for debt

instruments. However, from an investment perspective one year is considered as a very short period of time since

volatility can be very high and the investor could suffer losses. The fundamental reason for investing for a long period of

time is to deal with volatility, which can never be predicted. This is why many successful managers strongly believe in the

philosophy of 'Time in the market' as opposed to 'Timing the Market'. In hindsight, even if the entry point might have

been wrong, positive returns can still be made by patiently holding onto the investments and benefitting from the

subsequent rally. Some managers even try to improve their returns by increasing their investments in periods which are

negative or low return phases.

To understand the truth behind these statements, we conducted a small study that tracked the journey of the Nifty 50

Index and two actively managed funds in the last 27 years. We assumed 27 separate investments in each of the funds at

the start of every calendar year. The study yielded some very fascinating discoveries of the equity markets.



Long Term Investing

Disclaimer: Past performance may or may not be sustained in future, *2022 returns are as of 31st Mar

Ni�y 50

Years Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr 11 Yr 12 Yr 13 Yr 14 Yr 15 Yr 16 Yr 17 Yr 18 Yr 19 Yr 20 Yr 21 Yr 22 Yr 23 Yr 24 Yr 25 Yr 26 Yr 27 Yr 28

1995 -23% -13% -3% -7% 5% 1% -2% -1% 5% 6% 8% 11% 14% 7% 10% 11% 8% 9% 9% 10% 9% 9% 10% 10% 10% 10% 10% 10%

1996 -1% -1% 6% -1% 10% 6% 2% 2% 8% 9% 11% 13% 16% 9% 12% 13% 10% 11% 11% 12% 11% 11% 11% 11% 11% 11% 12%

1997 20% 10% -1% 13% 7% 3% 3% 10% 10% 12% 14% 17% 10% 13% 14% 11% 12% 11% 12% 12% 11% 12% 11% 11% 12% 12%

1998 -18% -9% 11% 4% 0% 0% 8% 9% 11% 14% 17% 9% 13% 13% 10% 11% 11% 12% 11% 11% 11% 11% 11% 11% 12%

1999 67% 29% 13% 5% 4% 13% 13% 16% 18% 21% 12% 16% 16% 13% 13% 13% 14% 13% 12% 13% 13% 13% 13% 14%

2000 -15% -8% -11% -7% 5% 6% 10% 13% 17% 7% 12% 13% 9% 10% 10% 11% 10% 10% 11% 10% 11% 11% 12%

2001 -16% -8% -5% 10% 10% 14% 18% 22% 10% 15% 15% 11% 13% 12% 13% 12% 12% 13% 12% 12% 12% 13%

2002 3% 2% 21% 18% 22% 25% 29% 14% 19% 19% 14% 15% 15% 16% 14% 14% 14% 14% 14% 14% 15%

2003 72% 31% 24% 27% 29% 33% 15% 22% 21% 16% 17% 16% 17% 15% 14% 15% 14% 14% 14% 15%

2004 11% 5% 15% 21% 27% 8% 16% 16% 11% 12% 12% 13% 12% 11% 12% 12% 12% 12% 13%

2005 36% 17% 24% 31% 7% 16% 17% 10% 12% 12% 13% 12% 11% 12% 12% 12% 12% 13%

2006 40% 18% 29% 1% 13% 14% 7% 10% 9% 11% 10% 9% 11% 10% 10% 10% 12%

2007 55% 24% -9% 7% 9% 3% 6% 6% 9% 7% 7% 8% 8% 8% 9% 10%

2008 -52% -31% -5% 0% -6% -1% 0% 4% 3% 3% 5% 5% 5% 6% 8%

2009 76% 33% 28% 12% 15% 13% 16% 13% 12% 14% 13% 13% 13% 14%

2010 18% 9% -4% 3% 4% 8% 6% 6% 8% 8% 8% 9% 10%

2011 -25% -13% -1% 1% 6% 4% 4% 7% 7% 7% 8% 10%

2012 28% 13% 11% 16% 11% 10% 12% 11% 11% 12% 14%

2013 7% 3% 12% 8% 7% 10% 9% 9% 10% 12%

2014 31% 15% 8% 7% 11% 9% 10% 10% 13%

2015 -4% -2% 0% 6% 6% 7% 8% 11%

2016 3% 1% 10% 8% 9% 10% 13%

2017 29% 13% 10% 10% 11% 15%

2018 3% 2% 5% 7% 12%

2019 12% 6% 9% 16%

2020 15% 7% 17%

2021 24% 19%

2022* 1%

% of Posi�ve

obs71% 70% 65% 84% 92% 96% 95% 95% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%


In general, we noticed that negative or low return periods were perpetually followed by medium to high return periods.

This observation is a simple explanation for understanding that equity returns are nonlinear and tend to be bunched in

few years. Another important finding was that approximately 66.67% of the time one year absolute returns were

positive. In the case of active funds, there were some further motivating discoveries. In spite of having a poor entry

point and suffering negative returns in the first year, the active fund managers were successfully able to produce

positive annualized returns on a 5 year period and double digit returns on a 10 year period. The conclusion that we can

derive from this analysis is that compounding has a much larger effect on our investment returns than we realize and

that we should not get easily spooked by negative returns as they will fade with time.

When looking at these several data points, the bear markets appear to be like minor speed bumps in a consistent rally,

but this is a view in hindsight. When investors are in the thick of the fall, an atmosphere of doom gets created in the mind

and it becomes very hard go against the primary instinct of selling. For example, when the Nifty 50 Index crashed 52% in

CY08 only the very few investors who were able to hold their nerves and brave the storm benefitted from the 71% rally in

CY09. As Warren Buffet puts it, “The stock market is a device for transferring money from the impatient to the patient”.


Disclaimer: Past performance may or may not be sustained in future, *2022 returns are as of 31st Mar

Disclaimer: Past performance may or may not be sustained in future,*2022 returns are as of 31st Mar

HDFC Flexi Cap


1995 -29% -26% -13% -2% 19% 11% 9% 11% 20% 21% 24% 25% 27% 19% 23% 24% 20% 21% 20% 21% 20% 19% 20% 19% 18% 18% 18% 18%

1996 -23% -13% -2% 7% 27% 18% 14% 16% 25% 25% 28% 29% 30% 22% 26% 26% 22% 23% 22% 23% 22% 21% 22% 21% 20% 19% 21%

1997 23% 11% 19% 44% 28% 22% 23% 32% 32% 35% 35% 36% 26% 31% 31% 26% 26% 25% 26% 25% 24% 24% 23% 22% 22% 23%

1998 38% 17% 52% 30% 22% 23% 34% 33% 36% 36% 38% 27% 31% 31% 26% 27% 25% 27% 25% 24% 24% 23% 22% 22% 23%

1999 156% 60% 27% 19% 20% 33% 32% 36% 36% 38% 26% 31% 31% 25% 26% 24% 26% 24% 23% 24% 22% 22% 21% 22%

2000 -20% -11% -8% -1% 17% 19% 24% 26% 28% 17% 23% 24% 19% 20% 19% 21% 19% 18% 19% 18% 17% 17% 18%

2001 -3% -1% 6% 29% 28% 34% 34% 36% 22% 28% 29% 23% 23% 22% 24% 22% 21% 22% 20% 20% 19% 20%

2002 24% 11% 41% 38% 42% 41% 43% 25% 33% 32% 25% 26% 24% 26% 24% 23% 23% 22% 21% 20% 22%

2003 126% 50% 42% 47% 45% 46% 26% 34% 33% 25% 26% 24% 26% 24% 22% 23% 22% 21% 20% 22%

2004 28% 13% 28% 30% 34% 14% 24% 25% 17% 19% 18% 20% 18% 17% 18% 17% 16% 16% 17%

2005 63% 28% 30% 36% 11% 23% 24% 16% 18% 17% 20% 17% 16% 18% 16% 16% 15% 17%

2006 36% 17% 28% 1% 17% 19% 11% 13% 12% 16% 14% 13% 15% 13% 13% 13% 15%

2007 54% 24% -8% 12% 15% 7% 11% 10% 14% 12% 11% 13% 12% 12% 11% 13%

2008 -50% -29% 1% 8% 0% 5% 5% 10% 8% 8% 10% 9% 9% 9% 11%

2009 106% 43% 38% 18% 21% 18% 23% 19% 17% 19% 17% 16% 15% 18%

2010 29% 14% -2% 6% 6% 13% 10% 9% 12% 11% 10% 10% 12%

2011 -27% -14% -1% 1% 9% 7% 7% 10% 9% 8% 8% 11%

2012 34% 16% 12% 21% 15% 14% 17% 14% 13% 13% 16%

2013 4% 2% 17% 11% 10% 14% 12% 11% 10% 14%

2014 54% 24% 13% 12% 16% 13% 12% 11% 15%

2015 -5% -3% 1% 9% 6% 6% 6% 11%

2016 7% 4% 14% 9% 9% 8% 13%

2017 37% 17% 10% 9% 8% 15%

2018 -4% -2% 1% 2% 10%

2019 7% 3% 4% 14%

2020 6% 3% 18%

2021 36% 28%

2022* 4%

% of Posi�ve

obs71% 70% 77% 92% 96% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Franklin India

Equity


1995 -23% -19% -10% 1% 26% 14% 11% 12% 20% 21% 23% 25% 27% 19% 22% 22% 19% 20% 19% 21% 20% 19% 20% 19% 18% 18% 18% 18%

1996 -16% -8% -1% 7% 33% 19% 15% 15% 23% 24% 26% 27% 29% 21% 24% 24% 21% 22% 21% 22% 21% 21% 21% 20% 19% 19% 20%

1997 13% 7% 16% 49% 27% 21% 21% 29% 29% 31% 32% 34% 25% 28% 27% 24% 24% 23% 25% 24% 23% 23% 22% 21% 21% 22%

1998 39% 18% 63% 31% 23% 22% 32% 31% 33% 34% 36% 26% 29% 28% 25% 25% 24% 25% 24% 23% 23% 22% 21% 21% 22%

1999 209% 76% 28% 19% 19% 30% 30% 32% 34% 36% 25% 28% 27% 24% 24% 23% 25% 23% 22% 23% 21% 20% 20% 22%

2000 -32% -17% -14% -6% 10% 12% 17% 21% 24% 14% 18% 18% 15% 16% 15% 18% 17% 16% 17% 16% 15% 15% 17%

2001 -5% -3% 4% 24% 24% 28% 31% 34% 20% 25% 24% 20% 21% 20% 22% 21% 20% 20% 19% 18% 18% 20%

2002 19% 9% 35% 33% 36% 38% 40% 24% 29% 28% 23% 24% 22% 24% 23% 22% 22% 21% 20% 19% 21%

2003 107% 44% 38% 40% 42% 44% 25% 30% 29% 23% 24% 22% 25% 23% 22% 22% 21% 20% 19% 21%

2004 27% 13% 23% 29% 34% 15% 22% 21% 16% 18% 17% 20% 18% 17% 18% 17% 16% 16% 18%

2005 48% 21% 30% 36% 12% 21% 21% 15% 17% 16% 19% 18% 17% 18% 16% 15% 15% 17%

2006 49% 22% 32% 5% 16% 17% 11% 13% 13% 16% 15% 14% 15% 14% 13% 13% 16%

2007 55% 24% -7% 9% 11% 6% 9% 9% 13% 12% 12% 13% 12% 11% 11% 14%

2008 -48% -28% -3% 2% -2% 3% 3% 9% 8% 8% 10% 9% 8% 9% 11%

2009 73% 32% 27% 15% 18% 16% 21% 19% 17% 18% 16% 15% 15% 18%

2010 19% 9% 0% 7% 7% 14% 12% 11% 13% 11% 11% 11% 14%

2011 -16% -9% 3% 4% 13% 11% 10% 13% 11% 10% 10% 14%

2012 31% 14% 11% 21% 18% 16% 18% 15% 13% 14% 17%

2013 6% 3% 18% 15% 13% 15% 12% 11% 12% 16%

2014 57% 25% 18% 14% 18% 14% 12% 13% 17%

2015 4% 2% 3% 9% 6% 6% 7% 12%

2016 5% 2% 11% 7% 6% 8% 13%

2017 31% 14% 8% 7% 8% 15%

2018 -4% -2% 0% 3% 12%

2019 3% 2% 6% 17%

2020 16% 8% 24%

2021 40% 31%

2022* -1%

% of Posi�ve

obs71% 74% 73% 96% 96% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%




Market through Graphs................................................................ .. .... .09........... .. .....

Portfolios Commentary.........................................................................................10

Temperature Gauge.............................................................................................12

Risk Return Matrix ...............................................................................................14

Investment Grid...................................................................................................15

Our Recommendations.........................................................................................16

DELPHI ............................................... .................................................................18

Section I


Market through Graphs


Summary

Equity

Fixed Income High quality accrual funds (Short and Long term maturity)Barbell approach

Sovereign Gold Bonds, Gold ETF/FoFPositive Positive

Recommendations

Gold

Bias towards Multi cap strategies with select Mid

and Small cap strategies in MF/PMS/AIF platformsNeutral Positive

Economy

EquitiesCredit growth inching up steadily with lenders reporting continued

demand for loans• Systemic credit growth has clearly bottomed out (5.1%

YoY in Oct '20) and has been inching-up steadily, led byretail and SME segments, with corporate growth alsoshowing some uptick. The recent credit growthnumbers is encouraging when compared to 6-7%growth seen in early CY21.

• Ahead of Q4FY22 results, many banks have releasedprovisional data that show their advances surging innear-double digits YoY by the quarter end Mar 31,2022. Number of lenders have reported continueddemand for loans, particularly from the retail segment.

Note:*net advances; YoY% (Data for Q4FY22)

• India outperformed its global peers barring Brazil

which gained significantly in March due to the

commodity boom.

• Despite strong headwinds due to the effects of War,

higher commodity prices had tepid effect on the equity

markets which quickly recovered after a brief scare in

the early part of war.

• For Indian Equities, Midcap and Smallcap segment

outperformed Large caps significantly in Fy22.

India ends FY22 on a high; outperforms major developed economies

Source: MOSL

23.614.6 14.0

7.4 7.2 6.6 3.5

-9.4-13.2 -13.3 -16.3

-26.1 -29.7

Bra

zil

Ind

ia -

Nif

ty

S&

P 5

00

Na

sd

aq

Ta

iwa

n

UK

Fra

nce

Ge

rma

ny

Jap

an

MS

CI

EM

So

uth

Ko

rea

Ch

ina

(H

SC

EI)

Ru

ssia

MIC

EX

Fixed IncomeRBI kept policy rates unchanged; Shifted focus to withdrawal of accommodation

to address inflation concerns

Source: Bloomberg, MOPWM Research

7.11

4.00

6.95

3.35

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

8.00

Ja

n-2

0

Ma

r-2

0

Ap

r-2

0

Ma

y-2

0

Ju

n-2

0

Ju

l-2

0

Au

g-2

0

Se

p-2

0

Oct-2

0

No

v-2

0

De

c-2

0

Ja

n-2

1

Ma

r-2

1

Ap

r-2

1

Ma

y-2

1

Ju

n-2

1

Ju

l-2

1

Au

g-2

1

Se

p-2

1

Oct-2

1

No

v-2

1

De

c-2

1

Ja

n-2

2

Fe

b-2

2

Ap

r-2

2

10 Yr Gsec (Yield %) Repo Rate (%) CPI (%) Reverse Repo Rate

• Monetary Policy Committee (MPC) unanimously keptpolicy rates unchanged and kept the stanceaccommodative

• However, focus shifted to withdrawal of accommodationand restoring of liquidity management framework inorder to address emanating risks from inflation whilesupporting growth

• Market participants expect RBI to be more hawkish inthe medium term taking cues from upside risks toinflation projections , RBI's intent to be more flexibleand need for real policy rates

• The yield curve, which is currently steep may flattenwith short term yields rising faster than long termyields.

26

22

18

14

10

-2

De

c 1

0

Jul 1

1

Feb

12

Se

p 1

2

Ap

r 1

3N

ov

13

Jun

14

Jan

15

De

c 1

7

Au

g 1

5

Jul 1

8

Feb

19

Se

p 1

9A

pr

20

No

v 2

0

Jun

21

Jan

22

Ma

r 1

6O

ct 1

6

Ma

y 1

7

Systemic Credit growth (% YoY)

6

2Demonetisation

Systemic Credit growthmay have bottomed out

5.14.1

Covid 1.08.2

Tactical changes and strategies

� February 2013 –Reduced allocation to Gold by 25% and increased to Dynamic Bond Funds based on discussion in the Investment

Committee meeting

� April 2013 – Reduced further allocation to Gold by 25% and increased to Dynamic Bond Funds based on discussion in the

Investment Committee meeting

� May 2013 – Exited Gilt Fund's and moved to Short-term Funds (40%), Income Funds (40%) and Dynamic Bond Funds (20%) based

on the note released - “Yields came tumbling after…to plummet further”

� July 2013 – Exited Income Funds and other long duration investments and invested the redemption proceeds in Ultra Short-term

Funds based on the note released – “Ride the Tide”

� September 2013 – Cash allocation brought back to its strategic weight and invested the balance allocation into gilt funds based

on the note released – ; Switched 15% of equity allocation to Information Technology (IT) sector funds from large“The Gilt Edge”

cap and multi cap funds, based on the note released – ; Reduced 10% of“Information Technology – In a position on strength”

equity allocation and switched to ultra-short term funds based on the note released – “The Bear-nanke Hug– Underweight

Equities

� November 2013 – Switched 50% of Short-term Funds allocation to Gilt Funds, to increase duration of the portfolio, based on the

note released – ; Deployed Cash in Nifty ETFs, based on the note released –“Time to Rebuild Duration –A Déjà vu” “Equity

Markets – An Update”

� December 2013 – Switched all cash positions to gilt funds, to further increase duration of the portfolio

� May 5, 2014 – Reduced allocation to Gilts and moved to Ultra Short term Funds to create liquidity in the portfolio; Switched

allocation from IT Sector Funds and Nifty ETFs to Infrastructure Funds and Small cap Funds respectively, based on the note

released – “Good Times Ahead!”

� September 2014 – Switched allocation from Cash to Gilt funds, to increase the duration of the portfolio based on the note “Way

Ahead for Duration”; Switched allocation from Small & Midcap funds to Large Cap funds, on the back of relatively higher

valuations of midcaps as compared to large cap; on the fundamental front, demand side continues to be supportive for gold. We

have thereby revised out short term outlook on gold from underweight to neutral stance

� February 2016 – Reduced Gilt exposure and allocated the proceeds towards Gold, on the back of better risk reward scenario for

gold & bond yields coming below it long term average

� April 2016 – Switched allocation from Duration strategies to Accrual strategies, based on the note released – “Time to Shift

Gears”

� May 2018 – In Fixed Income, we reiterate our stance on accrual strategy, however, given the current valuations, tactical allocation

to dynamic bond funds can be considered by investors who can withstand interest rate volatility; Increase allocation towards

value oriented multi-cap strategies

� November 2018 - Recommended arbitrage fund with minimum 6 months investment horizon; put a hold on long duration accrual

strategies; Focus on multi cap and staggered investment to mid & small cap strategies; shift to high quality AAA rated high

accrual debt funds

� January 2019 – We favor a combination of multi cap strategies within Equity MFs and selected high conviction portfolios within

the PMS/AIF platform, we recommend high quality accrual funds for incremental investment in fixed income; we have changed

our stance to positive for gold in long term

� June 2019 -We favour a combination of Multi cap and Mid & Small cap strategies in MF/PMS/AIF platforms, we change our stance

on gold to neutral in long term and maintain neutral stance in short term

� July 2019 - Increased allocation to high quality “AAA” accrual strategies to benefit from the corporate bond spreads

� August 2019 - Increase allocation to Equity in a staggered manner for the next six months; we have changed our stance to positive

for gold in long term

� September 2019 – For incremental investment in equities we revise our stance to invest in lumpsum from staggered

� March 2020 – For incremental investment in equities we revise our stance to from lumpsum to staggered investment over the next

6 -12months

� April 2020 – Biased towards Large cap & Multicap strategies in MF/PMS/AIF platforms for incremental Equity Investment

� May 2020 - Recommended arbitrage fund with minimum 6 months investment horizon; put a hold on long duration accrual

strategies

� June 2020 - For incremental investment in equities we revise our stance to staggered investment over the next 3 - 6months biased

towards Multicap strategies in MF/PMS/AIF platforms



Portfolio Commentary



Investment CommitteeCommittee Members

Ashish Shanker – MD , Private Wealth& CEO

Gautam Duggad – Head of Research, Institutional Equities, MOSL

Kishore Narne – Head, Commodities & Currency

Nikhil Gupta – Economist, MOSL

Nitin Shanbhag – Head, Investment Products, Private Wealth

Product Team, Private Wealth

ExternalSpeakers: ExternalSpeakers:Mr.Shreyash Devalkar (SeniorFund Manager–Equity,Axis AMC)

and Mr.R.Sivakumar( Head - Fixed Income,Axis AMC)

� July 2020 – For incremental allocation in equity, we recommend to increase allocation by investing 50% immediately and the

balance in a staggered manner in Multicap strategies(MFs, PMS, AIF) over the next 3-6months

� October 2020 – For incremental allocation in equity, we recommend to increase allocation in a staggered manner in Multicap

strategies(MFs, PMS, AIF) over the next 3-6months; fixed income allocation can be complemented by tactical investments in select

credit oriented funds, high yield NCDs, bonds & MLDs

� November 2020 - To enhance the overall portfolio yield, investors with medium to high risk profile can consider 15 – 20% allocation

of the overall fixed income portfolio to select MLDs, NCDs and credit oriented strategies

� January 2021 -We change our stance in Gold to neutral in short term from positive

� February 2021 -We recommend to invest 50%in lumpsum and 50%in a staggered manner over the next 3-6months in Multi cap and

select Mid & Small Cap strategies(MFs, PMS, AIF); We recommend a barbell approach where 'Accrual' should precede 'Duration'

and the overall portfolio average maturity should be between 2-5 years with sufficient long term investment horizon according to

the investor's risk return profile

� June 2021 -We change our short term stance in Gold to Positive from Neutral

� July 2021 – In Fixed Income, we recommend a barbell approach where 'Accrual' should precede 'Duration' and the overall portfolio

average maturity should be between 4-6 years with long term investment horizon; To enhance the overall portfolio yield, investors

with medium to high risk profile can consider 20% – 25% allocation of the overall fixed income portfolio to select high yield

strategies, MLDs and NCDS. Fixed Income portfolios should also include REITs/InvITs which have highest credit rating & which aim

to offer regular (either quarterly or half yearly) &predictable cash flows - investment horizon should be at least 4-5 years to

mitigate interim mark to market volatility

� February 2022 - We recommend to invest 50%in lump sum and 50%in a staggered manner over the next 3 months in Multi cap and

select Mid & Small Cap strategies (MFs, PMS, AIF)


Temperature Gauge


We are cognizant of the fact that investments are tuned to meet your objectives and thus calling for a suitable asset mix

basis your investment objective. However the challenge always remains to accurately estimate when the market is

cheap or expensive. In order to arrive at the decision of preferring equity over debt or vice versa, we believe earning

yield to bond yield is an excellent parameter to consider. This ratio indicates the perceived risk differential between

equity and bonds.

Historically whenever earnings yield and bond yield spreads are above 0.8, equities are considered to be undervalued.

The earning yield to bond yield parameter along with our in-house indicator of market valuations named as MOVI – The

Motilal Oswal Valuation Index enables us to arrive at a well-researched and thought through asset class outlook. MOVI

is basically an index which is calculated based on the Price to Earnings (PE), Price to Book Value (PB) and Dividend Yield

(DY) on the components of Nifty 50. By means of an algorithm the weighted average PE, PB and DY of the components of

Nifty 50, one arrives at index. A higher level on the MOVI means markets are expensive and hence one should reduce

equity exposure and vice versa.

With the above mentioned input variables, we have crafted a unique model coined as which helpTemperature Gauge

in making investment choices across asset classes.

This qualitative and quantitative process would enable us to construct “winning portfolios” for our clients. In line with

our philosophy of providing better insights to you, we hope you find the same informative.

Data as of 5th Apr’22, Source: Capital Line, Bloomberg Internal Research; Ni�y EPS considered for FY22E is INR 731 and FY23E is 874, es�mates are taken from MOFSL

Temperature Gauge Index using FY23E EPS is 100

117

60

70

80

90

100

110

120

130

140

150

Temperature Gauge Index

-7%

13%

33%

53%> 10% CAGR Between 0-10% CAGR < 0%Ni�y – 3 Year Forward Return

Cheap Zone Fair Zone Expensive Zone

100


� Below grid is based on Temperature Gauge Index

Equity Allocation & Deployment Grid

No Ac�on Reduce Reduce

Invest Stay Invested Stay Invested

Invest Invest Stay Invested

Expensive

Fair

Cheap

Underweight Neutral Overweight

Strategic

Alloca�on

Valua�on

100% Staggered

50% Staggered

50% Lump sum

(Current Scenario)

100% Lump sum

Source: Capital Line, Internal Research, Data as of 5th Apr’22; *Total nos. of observa�on is 4,978

Temperature Gauge Index is

in the range of 115-120, the

3-yr forward return shows

h i g h e r p r o b a b i l i t y o f

positive returns

3 Yr Forward Returns Of Nifty At Different Levels Of TemperatureGauge Index


Nifty 50 3 Yr Return CAGR% Times in

CAGR range

Index in

Range

No. of

Observations

% of

ObservationsMin Max

Averag

e

%

Times

Positive

6% to

10%>=10%

65 70 26 0.5% 17% 58% 26% 100% 0% 100%

70 75 91 1.8% 14% 58% 31% 100% 0% 100%

75 80 54 1.1% 18% 56% 38% 100% 0% 100%

80 85 158 3.2% 15% 51% 39% 100% 0% 100%

85 90 190 3.8% 12% 45% 35% 100% 0% 100%

90 95 241 4.8% 10% 49% 28% 100% 0% 100%

95 100 583 11.7% 2% 48% 21% 100% 6% 93%

100 105 558 11.2% 1% 44% 15% 100% 20% 75%

105 110 611 12.3% -4% 33% 11% 98% 28% 57%

110 115 935 18.8% -6% 28% 8% 91% 38% 30%

115 120 887 17.8% -7% 14% 7% 95% 24% 38%

120 125 465 9.3% -4% 10% 5% 88% 28% 8%

125 130 55 1.1% -1% 6% 2% 78% 0% 0%

130 135 60 1.2% -2% 3% 0% 66% 0% 0%

135 140 64 1.2% -3% 0% -2% 0% 0% 0%


Risk Return profile helps to determine one’s asset allocation frame work. The next logical step is to look at the different

investment strategies that would enable one to eventually achieve their financial goals.


Risk Return Matrix

From the above chart we can conclude that in debt, a high quality accrual strategy would have lower volatility as

compared to a dynamic strategy while generating similar average return over a 1 year holding period

While in equity, a large cap strategy has historically exhibited relatively lower volatility and generated lower return as

compared to the small cap strategy.

Thereby, one has to carefully examine if a particular investment strategy is aligned with their risk appetite before making

an investment decision.

Strategies considered for the analysis:

Large cap fund category:ABSL frontline, ABSL focused equity, SBI bluechip, Motilal Value PMS & Motilal Oswal focused 25

Multi cap fund category: ABSL equity, ASK IEP PMS, ASK Select PMS, Motilal NTDOP PMS, DHFL Deep Value PMS, Franklin

India equity, Franklin focused equity, I-Pru multi cap, Invesco contra, L&T value & Kotak standard multicap

Mid cap category: Franklin prima, HDFC midcap opps, Motilal IOP PMS, Kotak emerging equities, Sundaram midcap &

Motilal focused 30

Small cap category: Franklin smaller cos, DSP small Cap & HDFC small cap

High quality accrual: ABSL Corp Bond, Axis Banking PSU, BNP Corp bond, ICICI Short term bond fund, IDFC Banking & PSU

& IDFC bond fund –ST, ICICI Banking and PSU, Kotak Banking and PSU

Credit risk: BOI AXA credit risk, Franklin India ST income, ICICI credit risk, L&T resurgent, Reliance credit risk & Reliance

strategic debt fund

Dynamic: IDFC Dynamic, SBI Dynamic, UTI Dynamic & ABSL Dynamic

Long/Short: Performance of Ambit Alpha fund from 31 May 2013 – 30 Sep 2016, Liquid return assumed from 1st Oct 16-

29th Feb 17 and performance of Avendus Absolute Return Fund from 31st Mar 2017 onwards

Data used from December 2009, Source: Ace MF

*Every category consists of fund equally weighted

Multi Cap

Average

Max

Min

8.0%

18.7%

-3.3%

6. %7

1 . %3 0

-13.1%

7 9. %

. %17 3

0.1%

10.6%

16.5%

1.8%

16.8%

86.9%

-23.1%

20.9%

112.3%

-25.6%

22.3%

123.6%

-2 . %2 8

25.5%

145.9%

-36.3%

Credit Risk Dynamic Mid Cap Small CapHigh Quality

AccrualLarge CapLong Short

1 -Year

Rolling Return

Risk Return matrix of various investment strategies

Large Cap

Multi CapMidcap

Small cap

ST &

AccrualCredit

Dynamic

Long short

0

0.05

0.1

0.15

0.2

0.25

0.3

0 0.05 0.1 0.15 0.2 0.25 0.3 0.35 0.4

Av

era

ge

1 -

ye

ar

roll

ing

pe

rio

d

Standard Deviation (monthly data)

Large Cap Multi Cap Midcap Small cap ST & Accrual Credit Dynamic Long short



Investment Grid

6 months - 1 year

Fixed Income

Alternates

Ultra Short Term / Arbitrage

3 years+ High quality accrual strategies

Ultra Short Term Fund

Credit Oriented Strategy

Arbitrage

High conviction Mid & Small Cap strategies Mid & Small Cap

Axis Midcap, HDFC Midcap, HDFC Small Cap, Invesco Small Cap, Kotak EmergingEquity, Kotak Small Cap, MO F30, MO Nifty Midcap 150, MO Nifty Smallcap 250,PGIM MidCap Opp, ASK Emerging Opp PMS, Invesco RISE PMS,MO IOP PMS,MO IOP2 PMS, Renaissance Mid Cap PMS, Unifi BCAD Break-Out 20, Unifi Blend PMS, UnifiInsider Shadow PMS, Alchemy Leader of Tomorrow AIF, MO India Excellence FundAIF, Unifi Blend- II AIF,ASK Emerging Opps Fund AIF

MOTILAL OSWAL PRIVATE WEALTH (MO W) - INVESTMENT GRID APRIL 2022P ,

Asset Class Holding Period Theme Strategy

Equity

Outperformance to Nifty

Sectors agnostic of Market cap and style

Large Cap

Multi-Cap

3 Years +

Managed Strategies

ABSL Focused Equity, Axis Bluechip, HDFC Top 100, ICICI Pru Nifty Next 50 IndexFund, Mirae Asset Large Cap Fund,MO F25, MO Bank Index, MO NIFTY 50, MO NEXTNIFTY 50, UTI Nifty Index FundMO Value PMS,MO Multicap Equity AIF (Open Ended),Avendus ERF-II AIF, AxisPRIME Factors I AIF

ABSL Equity, Axis ESG Fund, Axis Focused 25, DSP Quant Fund, HDFC Flexi Cap, ValueFund, ICICI Pru India Opp, Invesco Contra, Kotak Equity Opp, Kotak Flexi Fund, MOFlexi Cap, Parag Parikh Flexicap, MO Nifty 500, MO Large & Midcap Fund, AbakkusAll Cap, Alchemy A LOT Sr 2 AIF, Alchemy High Growth PMS, ASK IEP PMS, ASK SelectPMS, ASK Vision, Invesco DAWN PMS, MO BOP, MO NTDOP PMS, MO NTDOP AIF,MO BAF-II, Marcellus Kings of Capital, Renaissance India Next PMS, RenaissanceOpp PMS, Unifi BCAD, Unifi BCAD 2 Break Out, WO India Equity Fund V AIF, WOPioneer PMS, WO Pioneers India Digital Leaders Portfolio, MO EOP–II AIF,Renaissance India Next II

<6 months Liquid Overnight/Liquid ICICI Liquid, ICICI Overnight, IDFC Cash, HDFC Liquid, HDFC Overnight, SBI Overnight

HDFC Ultra Short Term, IDFC Ultra Short Term

Northern Arc Money Market Alpha Fund

ABSL Arbitrage, HDFC Arbitrage, ICICI Prudential Equity Arbitrage, IDFC Arbitrage,Kotak Equity Arbitrage, Mirae Asset Arbitrage

High yield Strategies/ CAT II AIF Market Linked Debentures (MLD) Fixed Coupon oriented MLD – Strides Venture Debt Fund II

Play on global consumer trends International Funds Invesco Global Consumer Trends FoF, HDFC Developed World Indexes FoF,Motilal Oswal S&P 500 Index Fund

REITsInvest in domestic real estate Mindspace REIT, Brookfield REIT, Embassy REIT

DELPHI 3 Years + Asset allocation oriented investment solutions DPMS ASAP, 4C Advantage (Equity), Conservative (Debt)

InVITsInvest in Power Transmission Assets Indigrid InViT, Powergrid InViT

Invest in growth capital provided to mid-market companies Private Equity Baring India Fund V

Roll Down Strategy Axis Dynamic Bond Fund, Bharat Bond ETF/FOF, Edelweiss Nifty PSU Bond Plus SDL

Index Fund, Kotak Floating Rate Fund, L&T Triple Ace Bond Fund, ICICI Prudential

SDL PSU 60:40 Index Fund - Sept 2027, Axis AAA Bond Plus SDL ETF - 2026 Maturity

FoF, ABSL Nifty SDL Plus PSU Bond 60:40 Index 2026 Fund, Edelweiss Nifty PSU Bond

Plus SDL Index Fund – 2027, IDFC Gilt 2027 Index Fund, IDFC Gilt 2028 Index Fund

G Sec Motilal Oswal 5 Year Gsec FOF ( Constant Maturity)

--Hedge against volatility Sovereign Gold Bonds, Kotak Gold ETF, Kotak Gold Fund>3 years

3 years+

Consumer Focused Investing by identifying emerging consumer trends early Orios Fund IIIVenture Capital

Invest in international real estate International Fund


Our RecommendationsFixed Income Mutual Funds


Aditya Birla SL Liquid Fund

HDFC Liquid Fund

HDFC Overnight Fund

ICICI Pru Liquid Fund

ICICI Pru Overnight Fund

IDFC Cash Fund-Reg

Nippon India Liquid Fund

SBI Overnight Fund-Reg

Category Average

Crisil Liquid Fund Index

Liquid /Overnight Fund

Scheme NameAUM

(in Rs. Cr.)1 Month 3 Month 6 Month 3 Years Mod Dur

Gross

YTM(%)

Sov, AAA&

CashUnrated

3 Month Rolling Return *

Min MinMax Max

1 Year Rolling Return AA+

& below1 Years

Mean Mean

29,735

42,935

12,085

34,603

10,231

9,144

24,336

20,494

-

-

3.8

3.7

3.2

3.7

3.3

3.6

3.7

3.2

3.7

0.3

3.6

3.5

3.2

3.5

3.3

3.5

3.5

3.3

3.5

0.9

3.5

3.5

3.2

3.4

3.2

3.5

3.5

3.3

3.5

1.9

3.4

3.3

3.1

3.3

3.2

3.4

3.3

3.2

3.3

3.7

4.4

4.3

3.7

4.4

3.7

4.2

4.4

3.8

4.3

4.7

7.4

7.4

6.1

7.4

6.2

7.2

7.5

6.2

-

7.5

2.9

2.8

2.7

2.9

2.7

2.9

2.9

2.8

-

3.5

4.5

4.4

3.8

4.5

3.8

4.3

4.5

3.8

-

4.9

7.5

7.4

6.3

7.5

5.8

7.4

7.6

6.3

-

7.7

3.2

3.1

2.9

3.1

2.9

3.1

3.1

2.9

-

3.6

5.1

5.0

4.2

5.1

3.7

4.9

5.1

4.3

-

5.4

0.1

0.1

0.0

0.2

0.0

0.1

0.1

0.0

-

-

3.9

3.9

3.7

3.9

3.7

3.9

3.9

3.2

-

-

99.9

100.0

100.0

100.0

100.0

100.0

100.0

100.0

-

-

0.1

-

-

-

-

-

-

-

-

-

--

--

--

--

--

--

--

--

--

–

Long Term Roll down Strategy

Scheme NameAUM

(in Rs. Cr.)3 Month 6 Month 1 Year 5 Years Mod Dur Gross

YTM(%)

Sov, AAA&

CashUnrated

1 Year Rolling Return

Min MinMax Max


& below3 Years

Mean Mean

BHARAT Bond ETF - April 2023


Kotak Floating Rate Fund-Reg

Category Average

Crisil Short Term Bond Fund Index

Short Term Income Fund

4,449

10,079

7,212

-

-

4.3

4.4

3.7

6.4

1.1

3.9

3.6

3.1

5.4

2.0

4.8

5.9

5.7

5.9

5.2

-

-

-

5.6

7.6

-

-

-

5.8

7.3

11.0

7.3

11.4

-

11.5

4.2

4.7

4.2

-

4.4

6.7

5.7

7.8

-

8.3

-

-

-

-

8.9

-

-

-

-

7.4

-

-

-

-

8.1

1.0

2.9

4.2

-

-

5.0

5.8

5.8

-

-

100.0

100.0

91.0

-

-

-

-

9.0

-

-

--

--

--

--

–

4,478

869

2,467

13,278

10,724

5,039

1,907

2,930

1,771

2,345

655

8,874

-

-

3.6

4.0

1.1

4.0

3.5

3.5

5.1

3.5

-

2.4

1.4

2.1

3.9

0.5

3.2

3.5

1.7

3.9

3.6

3.6

-

3.2

-

2.4

1.5

2.2

3.3

1.0

-

-

4.7

6.1

5.7

6.1

-

-

-

5.1

4.8

5.0

4.3

4.5

-

-

8.3

-

-

-

-

-

-

-

-

8.7

6.6

8.2

-

-

7.3

-

-

-

-

-

-

-

-

7.6

6.6

7.3

-

-

14.3

13.4

7.9

6.1

-

-

6.3

5.1

4.8

16.3

-

13.8

-

-

3.1

4.6

4.0

6.1

-

-

4.1

5.1

4.8

3.3

-

3.1

-

-

9.5

7.6

5.6

6.1

-

-

4.9

5.1

4.8

9.9

-

9.1

-

-

10.1

-

-

-

-

-

-

-

-

10.8

-

10.2

-

-

6.2

-

-

-

-

-

-

-

-

5.9

-

6.9

-

-

8.6

-

-

-

-

-

-

-

-

8.7

-

8.5

4.1

3.8

8.2

7.7

8.7

3.8

4.9

5.1

2.3

4.9

6.2

6.4

-

-

6.2

6.0

6.8

6.9

6.9

6.1

6.4

6.4

5.6

6.3

6.8

6.6

-

-

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

-

-

--

--

--

--

--

--

--

--

--

--

--

--

–

–

--

--

--

--

--

--

--

--

--

--

--

--

–

–

Axis AAA Bond Plus SDL ETF - 2026 Maturity

Axis Dynamic Bond Fund-Reg



IDFC Gilt 2027 Index Fund-Reg

IDFC Gilt 2028 Index Fund-Reg

L&T Triple Ace Bond Fund-Reg

Category Average

Crisil Composite Bond Fund Index

Aditya Birla SL Nifty SDL Plus PSU Bond Sep 2026 60:40 Index Fund-Reg

Edelweiss NIFTY PSU Bond Plus SDL Index Fund-2026-Reg

Edelweiss NIFTY PSU Bond Plus SDL Index Fund-2027-Reg

ICICI Pru PSU Bond plus SDL 40:60 Index Fund - Sep 2027-Reg

Nippon India ETF Nifty CPSE Bond Plus SDL - 2024 Maturity

Portfolio as on 20231 March 2st



Portfolio as on 20231 March 2st

Fixed Income Mutual Funds

Arbitrage Fund

Aditya Birla SL Arbitrage Fund

HDFC Arbitrage-WP

ICICI Pru Equity-Arbitrage Fund

IDFC Arbitrage Fund-Reg

Invesco India Arbitrage Fund

Kotak Equity Arbitrage Fund

Mirae Asset Arbitrage Fund-Reg

Category Average


26.7

6.0

-

14.7

-60.3

24.4

-71.3

-

-

5.5

5.9

7.8

4.2

76.5

4.2

77.9

-

-

Scheme NameAUM

(in Rs. Cr.) 1 Month 3 Month 6 Month 3 Years Equity DebtFutures/Option Cash

3 Month Rolling Return

Min MinMax Max

1 Year Rolling ReturnOthers1 Years

Mean Mean

7,826

6,676

13,677

5,065

880

23,826

380

-

-

0.8

1.0

0.6

1.0

1.4

1.0

0.9

0.5

0.3

3.5

3.4

3.3

3.4

4.3

3.9

3.7

3.1

0.9

3.3

3.2

3.4

3.3

3.7

3.8

3.3

3.1

1.9

3.8

3.7

3.9

3.6

3.8

4.0

3.7

3.4

3.7

4.5

4.2

4.5

4.3

4.5

4.6

-

4.2

4.7

8.0

8.2

8.0

8.1

7.5

8.1

4.6

-

7.5

0.2

0.1

-0.3

-0.0

0.7

0.1

2.2

-

3.5

4.6

4.3

4.6

4.4

4.5

4.7

3.5

-

4.9

6.7

6.5

6.7

7.0

6.5

6.9

3.9

-

7.7

2.9

2.9

2.9

2.7

2.9

3.0

3.4

-

3.6

5.0

4.7

4.9

4.8

4.8

5.0

3.7

-

5.4

67.6

67.7

69.3

66.7

69.8

71.4

71.0

-

-

0.2

20.3

23.0

14.4

14.1

-

22.4

-

-

--

--

--

--

--

--

--

--

–

HDFC Ultra Short Term Fund-Reg

IDFC Ultra Short Term Fund-Reg

Category Average


Scheme NameAUM

(in Rs. Cr.)1 Month 3 Month 6 Month 3 Years Mod Dur Gross

YTM(%)

Sov, AAA&

CashUnrated

3 Month Rolling Return

Min MinMax Max


& below1 Years

Mean Mean

Ultra Short Term Fund

12,385

3,924

-

-

4.4

4.5

5.2

0.3

3.9

3.9

4.6

0.9

3.6

3.6

4.1

1.9

3.6

3.5

4.1

3.7

5.5

5.2

5.1

4.7

9.5

8.9

-

7.5

2.9

2.6

-

3.5

5.5

5.4

-

4.9

8.6

8.7

-

7.7

3.5

3.2

-

3.6

5.9

5.8

-

5.4

0.6

0.5

-

-

4.6

4.4

-

-

99.8

100.0

-

-

0.2

-

-

-

--

--

--

–


ASAP – The Big Picture!

ASAP - Simple Equal-Weight Portfolio…


DELPHI

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Equity-IND Equity-IND Equity-IND Equity-IND Equity-IND Equity-US Equity-US Equity-US Equity-US Equity-IND Debt Debt Gold Equity-IND Equity-IND Equity-IND

34.4% 82.1% 37.0% 27.9% 17.4% 50.4% 22.6% 43.3% 37.3% 63.8% 9.0% 8.5% 24.1% 71.9% 10.7% 36.3%

ASAP Equity-US Equity-US Gold Debt Gold Debt Equity-IND Debt Equity-US Cash Cash Debt ASAP ASAP ASAP

10.4% 79.8% 17.3% 27.1% 13.0% 13.3% 12.0% 18.6% 10.5% 22.5% 5.6% 6.4% 12.7% 27.1% 6.7% 14.5%

Debt ASAP ASAP ASAP Cash Debt Cash ASAP ASAP ASAP Gold Gold Cash Equity-US Cash Gold

9.0% 42.2% 16.7% 18.8% 7.0% 13.0% 9.4% 13.2% 9.2% 20.7% 1.3% 5.9% 6.4% 20.2% 4.0% 13.6%

Cash Gold Cash Equity-US ASAP ASAP ASAP Debt Gold Debt ASAP ASAP ASAP Gold Equity-US Equity-US

8.0% 31.3% 12.1% 16.5% 6.6% 12.9% 8.0% 11.0% 8.1% 9.0% -1.7% -1.4% 4.4% 13.5% 3.8% 6.8%

Gold Debt Debt Debt Equity-US Cash Equity-IND Cash Cash Cash Equity-US Equity-US Equity-IND Debt Gold Debt

2.3% 9.0% 11.0% 12.0% -1.9% 8.8% -0.8% 7.0% 6.5% 5.7% -3.7% -10.1% 2.7% 8.1% 0.5% 4.8%

Equity-US Cash Gold Cash Gold Equity-IND Gold Gold Equity-IND Gold Equity-IND Equity-IND Equity-US Cash Debt Cash

-1.5% 9.0% 6.3% 10.3% -2.3% -20.8% -3.2% -14.0% -16.5% 2.4% -20.6% -17.9% -23.8% 4.6% -0.3% 4.6%

2006 2007 2008 2009 2010 2011 2012 2013^ 2014 2015 2016 2017 2018 2019 2020 2021 2022*

Equity-INDEquity-IND Gold Equity-IND Gold Gold Equity-IND Equity-US Equity-IND Debt Debt Equity-IND Gold Equity-US Gold Equity-US Gold

39.8% 54.8% 26.1% 75.8% 23.2% 31.7% 27.7% 45.6% 31.4% 8.6% 12.9% 28.6% 7.9% 31.9% 28.0% 29.1% 7.1%

Gold Gold Debt ASAP Equity-IND Equity-US Equity-US ASAP Debt Cash Equity-US ASAP Cash Gold Equity-US Equity-IND Cash

20.3% 16.0% 9.1% 29.4% 17.9% 18.7% 17.5% 12.2% 14.3% 8.2% 12.5% 12.4% 7.6% 23.8% 18.3% 24.1% 0.9%

ASAP ASAP Cash Gold ASAP ASAP ASAP Cash ASAP Equity-US Gold Equity-US Debt ASAP ASAP ASAP Equity-IND

15.4% 14.0% 8.4% 24.2% 11.6% 8.3% 15.3% 9.0% 14.2% 4.2% 11.3% 12.3% 5.9% 16.6% 16.7% 13.7% 0.6%

Equity-US Cash ASAP Equity-US Equity-US Cash Gold Equity-IND Equity-US ASAP ASAP Cash ASAP Equity-INDEquity-IND Cash ASAP

11.7% 7.5% -7.6% 17.7% 8.4% 8.2% 12.3% 6.8% 13.6% 3.1% 9.9% 6.7% 3.8% 12.0% 14.9% 3.6% 0.6%

Cash Debt Equity-US Cash Cash Debt Debt Debt Cash Equity-IND Cash Gold Equity-IND Debt Debt Debt Debt

6.0% 6.9% -23.8% 4.9% 5.1% 6.9% 9.4% 3.8% 9.2% -4.1% 7.5% 5.1% 3.2% 10.7% 12.3% 3.4% 0.5%

Debt Equity-US Equity-IND Debt Debt Equity-IND Cash Gold Gold Gold Equity-IND Debt Equity-US Cash Cash Gold Equity-US

4.0% -7.8% -51.8% 3.5% 5.0% -24.6% 8.5% -4.5% -7.9% -6.6% 3.0% 4.7% 2.4% 6.9% 4.6% -4.2% -3.0%

*CAGR is for period 1990 to 31st March 2022; Data updated as of 31st Mar'22. Equity-IND is represented by Sensex from 1990 to 2002 and Nifty 50 from 2002 onwards; Debt is represented by SBI 1-yr FD rates from 1990 to 2002 and CRISIL Composite bond

Index from 2002 onwards; Cash is represented by SBI 3-month FD rates from 1990 to 2002 and CRISIL Liquid fund Index from 2002 onwards; Gold is represented by Gold USD Spot Price conversion into INR from 1990 to 2005 and MCX Spot Gold price in INR

from 2006 till date; Equity-US is represented by S&P 500 in INR terms; Source: AceMF; Bloomberg

Note: ASAP Portfolio (Equity Sensex 1990-2002,Nifty200-2012 and MF Model Portfolio 2013 onwards; Debt: SBI 1 yr 1990-2002; CRISIL Composite 2002-2012, Debt only Model Portfolio 2013 onwards; Cash- SBI 3 month deposit 1900-2002; HDFC liquid (g)-

REG 2002-2012;HEFC Liquid (G)- Direct 2013 onwards; Gold is represented by Gold USD Spot Price conversion into INR from 1990 to 2005 and MCX Spot Gold price in INR from 2006 till date; S&P 500 in INR 1990 onwards Disclaimer :Past Performance is no

guarantee of future Results

^ For ASAP: Model Portfolios are used from 2012 onwards; ASAP - Alpha Strategist Advantage Portfolio

Data up to 31st March 2022. Returns are represented on CY basis. Equity-IND is represented by Sensex from 1990 to 2002 and Nifty 50 from 2002 onwards; Debt is represented by SBI 1-yr FD rates from 1990 to 2002 and CRISIL Composite bond Index from 2002 onwards; Cash is

represented by SBI 3-month FD rates from 1990 to 2002 and CRISIL Liquid fund Index from 2002 onwards; Gold is represented by Gold USD Spot Price conversion into INR from 1990 to 2005 and MCX Spot Gold price in INR from 2006 till date; Equity-US is represented by S&P 500 in INR

terms; Source: AceMF; Bloomberg

Note: ASAP Portfolio (Equity Sensex 1990-2002,Nifty200-2012 and MF Model Portfolio 2013 onwards; Debt: SBI 1 yr 1990-2002; CRISIL Composite 2002-2012, Debt only Model Portfolio 2013 onwards; Cash- SBI 3 month deposit 1900-2002; HDFC liquid (g)- REG 2002-

2012;HEFC Liquid (G)- Direct 2013 onwards; Gold is represented by Gold USD Spot Price conversion into INR from 1990 to 2005 and MCX Spot Gold price in INR from 2006 till date; S&P 500 in INR 1990 onwards

ASAP - Alpha StrategistAdvantage Portfolio

Asset Class Equity-IND Equity-US Debt Cash Gold ASAP

CAGR from 1990 to 2022* 14.0% 13.3% 8.4% 7.1% 10.0% 11.9%

Standard Deviation 27.6% 15.0% 2.6% 0.6% 14.9% 8.0%

Maximum Drawdown -55.1% -45.9% -6.3% 0.0% -25.1% -11.4%

Maximum Returns - 3Y 59.6% 41.1% 12.7% 10.6% 32.2% 27.1%

Minimum Returns - 3Y -15.7% -14.9% 2.4% 4.4% -7.3% 0.1%

Average Returns - 3Y 12.6% 13.3% 8.6% 7.1% 10.2% 11.4%

Positive Observations (%) - 3Y 84.7% 81.8% 100.0% 100.0% 83.8% 100.0%

Returns Distribution

(3Y Rolling Returns)

% Observations

Equity-IND Equity-US Debt Cash Gold ASAP

-20% to -10% 3.1% 4.5%

-10% to 0% 12.2% 13.6% 16.2%

0% to 6% 21.0% 9.7% 15.3% 24.1% 19.9% 10.3%

6% to 10% 15.3% 8.5% 55.7% 70.5% 12.8% 24.7%

10% to 15% 17.6% 20.2% 29.0% 5.4% 19.6% 52.3%

15% to 20% 7.7% 13.9% 13.6% 7.4%

20% to 30% 8.2% 16.5% 17.3% 5.4%

Above 30% 15.6% 13.8% 0.6%



DELPHI

4C – Average Rolling Returns

4C – Average Rolling Returns

ASAP – Time Window Performance

Data up to 31st Mar 2022. Source: AceMF; Bloomberg, MOPWM Disclaimer :Past Performance is no guarantee of future Results

For ASAP: Model Portfolios are used from 2012 onwards; ASAP - Alpha Strategist Advantage Portfolio

*Note: ASAP Portfolio (Equity - Nifty2000-2012 and MF Model Portfolio 2013 onwards; Debt - CRISIL Composite 2002-2012, Debt only Model Portfolio 2013 onwards; Cash- HDFC liquid (g)- REG 2002-2012; HEFC Liquid (G)-

Direct 2013 onwards; Gold – MCX Gold sport Price; S&P 500 in INR terms

Data up to 31st Mar’2022; Rolling Returns Analysis is from Oct’12 to Mar’22

Source: AceMF; Bloomberg, ACEMF, MOPWM Disclaimer :Past Performance is no guarantee of future Results Conservative consist of MOPWM Debt Model Portfolio

Data up to 28th Feb’2022; Rolling Returns Period of Analysis is Oct’12 to Feb’22

Source: AceMF; Bloomberg, MOPWM Disclaimer :Past Performance is no guarantee of future Results 4C Advantage Portfolio consist of MOPWM MF Model Portfolio

Performance as on 31/03/2022 Absolute CAGR(%)

Strategy 1M 3M 6M 1Y 2Y 3Y 5Y 7Y 10Y

ASAP* 2.1% 0.6% 3.6% 13.6% 19.0% 14.0% 11.6% 10.5% 11.0%

Nifty 50 4.0% 0.6% -0.9% 18.9% 42.5% 14.5% 13.7% 10.8% 12.7%

S&P 500 – INR 4.2% -3.0% 7.4% 18.3% 32.6% 20.5% 17.5% 15.0% 17.0%

Gold – INR 1.7% 7.1% 12.5% 16.6% 7.1% 17.5% 12.5% 10.1% 6.2%

Crisil Composite 0.2% 0.5% 1.0% 4.5% 6.1% 8.2% 7.3% 8.0% 8.4%

Crisil Liquid 0.3% 0.9% 1.9% 3.7% 3.9% 4.7% 5.7% 6.2% 7.0%

17.1%

14.2%

12.4% 12.5%

17.3%

14.1%

12.5%13.0%

1Y 2Y 3Y 5Y

Average Rolling Returns

4c Nifty 500 TRI

Performance as on 31/03/2022 Annualized CAGR(%)

Strategy 1M 3M 6M 1Y 2Y 3Y 5Y 7Y

Conservative 4.3% 3.5% 3.2% 5.5% 6.7% 8.2% 7.5% 7.7%

Crisil Composite 2.5% 1.9% 2.1% 4.5% 6.1% 8.2% 7.3% 8.0%

8.76%

9.03%

8.80%

8.59%8.64%

9.07%

8.96%

8.62%

1Y 2Y 3Y 5Y

Average Rolling Returns

Conservative CRISIL Composite Bond




Section II

Macro Economy...................................................................................................21

Equities...............................................................................................................25

Fixed Income.......................................................................................................29

Gold....................................................................................................................33

Sources: BNP Paribas MF, tradingeconomics.com, SIAM (www.siam.in), Petroleum Planning & Analysis Cell

(https://www.ppac.gov.in/content/147_1_ConsumptionPetroleum.aspx), RBI (https://rbi.org.in/Scripts/Data_MSupply.aspx)

(https://www.rbi.org.in/Scripts/BS_NSDPDisplay.aspx?param=4)

*Only central government expenditure has been considered


Macro Economy

Emerging Economies - Snapshot

Major Economies - Snapshot

GDP YoY

Inflation rate

10yr Gsec

Policy rate

5.50%

7.90%

2.66%

0.50%

0.70%

0.90%

0.23%

-0.10%

4.20%

3.50%

2.97%

0.10%

1.80%

7.30%

0.67%

0.00%

5.40%

4.50%

1.22%

0.00%

6.60%

6.20%

1.72%

0.75%

4.60%

7.50%

0.00%

0.00%

US Japan Australia Germany FranceUnited

KingdomEuro Area

GDP YoY

Inflation rate

10yr Gsec

Policy rate

5.40%

6.07%

7.11%

4.00%

1.60%

10.54%

11.20%

11.75%

1.10%

7.45%

8.64%

6.50%

4.20%

4.10%

3.17%

1.25%

4.00%

0.90%

2.79%

3.70%

4.30%

9.17%

11.69%

20.00%

India

5.02%

2.64%

6.79%

3.50%

Indonesia Brazil Mexico South Korea RussiaChina


At 6.07 percent, CPI inflationis outside the RBI's flexibleinflation targeting band of 2-6 percent. However, this doesnot constitute a failure as theMPC is deemed to have failedin meeting its inflationmandate only when averageinflation is outside the targetband for three consecutivequarters.

The gap between India’smerchandise exports andimports shrunk in Marchafter touching a three-monthhigh in February as on theback of inbound shipmentsgrew strongly on the back ofrising crude and commodityprices amid escalat inggeopolitical tensions andmodest revival in domesticdemand.

Macro ndicatorsI

Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22

CPI (% YoY) 4.1 5.0 5.5 4.3 6.3 6.3 5.6 5.3 4.4 4.5 4.9 5.6 6.2 6.1 -

Core CPI (% YoY) 5.7 5.9 6.0 5.4 6.6 6.2 5.9 5.8 5.8 6.1 6.1 6.0 6.0 6.0 -

WPI (%YoY) 2.0 4.2 7.4 10.5 12.9 12.1 11.2 11.4 10.7 12.5 14.5 13.6 13.0 13.1 -

IIP (% YoY) -1.6 -3.6 22.4 134.0 29.3 13.6 11.5 12.0 3.1 3.2 1.4 0.7 1.3 - -

Manufacturing (% YoY) -2.0 -3.7 25.8 197.1 34.5 13.0 19.5 9.9 2.7 2.0 0.8 -0.1 1.1 - -

Mining (% YoY) -3.7 -5.5 6.1 37.1 23.3 23.1 10.5 23.6 8.6 11.4 5.0 2.6 2.8 - -

Electricty (% YoY) 5.5 0.1 22.5 38.5 7.5 8.3 11.1 16.0 0.9 3.1 2.1 2.8 0.9 - -

Capital goods production (%YoY) -9.6 -4.2 41.9 1042.9 78.2 26.6 30.5 19.9 1.3 -1.5 -3.7 - - - -

Export Growth (% YoY) 5.4 -0.3 58.1 195.7 67.4 48.2 49.9 45.2 22.6 43.1 27.2 38.9 23.7 23.8 17.2

Import Growth (% YoY) 2.1 7.0 52.8 167.1 68.6 98.4 63.0 51.5 84.8 62.5 56.6 38.6 23.7 36.8 22.1

PMI Manufacturing Index (% YoY) 57.7 57.5 55.4 55.5 55.5 48.1 55.3 52.3 53.7 55.9 57.6 55.5 54.0 54.9 54.0

PMI Services Index (% YoY) 52.8 57.3 54.6 54.0 54.0 41.2 45.4 56.7 55.2 58.4 58.1 55.5 51.5 51.8 53.6

Auto Sales(% YoY) 0.4 6.3 74.5 NA 40.0 14.7 4.0 -11.4 -19.8 -24.7 -31.8 -10.7 -15.7 -20.3 -

Petrol consumption (%YoY) 6.3 -3.0 27.1 145.1 12.5 5.6 16.3 13.0 6.0 3.6 -0.7 4.1 -10.7 3.2 6.2

Diesel consumption (%YoY) -2.2 -8.5 27.6 105.3 0.8 -1.6 11.4 15.6 0.4 -5.5 -7.7 1.6 -6.4 -0.2 6.7

M3(%YoY) 12.5 12.8 12.6 10.6 10.3 10.7 9.9 9.5 9.3 9.7 9.5 9.3 -22.5 -23.1 8.7

Currency in circulation(%YoY) 21.4 20.8 17.2 15.2 13.5 12.3 10.3 9.8 9.0 8.5 7.9 7.6 - - -

10-yr Gsec yields 5.9 6.2 6.2 6.0 6.0 6.1 6.2 6.2 6.2 6.4 6.3 6.5 6.6 6.7 6.8

Credit to deposit ratio (%YoY) 72.3 72.2 72.5 71.5 70.4 70.9 70.2 70.2 70.2 70.3 70.7 71.3 71.9 71.6 72.0

Government expenditure (%YoY)* 49.5 52.9 212.6 -26.2 22.7 13.0 -23.3 40.7 50.7 10.3 1.2 19.4 50.7 - -

Indirect tax (%YoY) 34.8 35.9 65.8 416.5 110.3 20.7 25.8 33.2 33.4 23.2 14.5 -5.8 33.4 - -


Global Economy

US Inflation accelerated to a 40-year high of 7.9% in February.

Inflation reached a new 40 year peak in February, according to the Federal Reserve's

preferred gauge. The Commerce Department said Thursday that its PCE price index climbed

6.4% in February from a year ago – fastest since 1982. Excluding volatile food and energy

costs, Core PCE rose 5.4% in February compared to the previous year. The recent data also

showed energy prices spiraling upward quickly, with Oil briefly crossing $130 for the first

time since 2014.


The World is at a triple frontier - tackling a geopolitical crisis unfathomable since the end of

Cold War with Russia's invasion of Ukraine, Central Banks across the world unable to wind

down the inflationary effects of an expansionary monetary policy, which Janet Yellen at the

outset said they had the tools to control and the ongoing struggles to tackle supply chain

issues lagging from the pandemic leading to partial re-allocation of capacities from China

across the world. Renewed threat of Covid blanketing China and increased shipping times

not likely to go down soon, logistics and supply issues for major commodities could

continue to persist.

Source: Federal Reserve Bank of St. Louis

Minutes of the Fed March meeting signalled it will reduce its massive bond holdings at a

maximum pace of $95 billion per month further tightening credit across the economy in a

bid to tame the revolting inflation; this would be twice the peak rate of $50 billion a month

the Fed took last time it trimmed its balance sheet between 2017-19. Several officials were

even in favour of half a point increase in the rates; albeit put on hold due to the ongoing

conflict in Ukraine.

The move to shrink the balance sheet will extend a sharp pivot towards fighting inflation as

the Fed was buying bonds as recently as March and could be agreed upon as soon as the

next FOMC meeting in May. Several economists are of the opinion that the benign tone Fed

has been taking with regards to Inflation has suddenly become alarming.

The signs of increase in Inflation were there months before the war in Ukraine started with

rising used car prices, semiconductor supply issues etc. and in hindsight, the Fed should

have acted much sooner. Investment Banks across the US are factoring in possibilities of a

recession much more sharply than they did even a month ago, on the fact that Fed may not

be able to control this unprecedented rise in Inflation.

7.9

0

1

2

3

4

5

6

7

8

9

Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22

US CPI (%) YoY



Indian Economy

Current Account deficit widens to 2.7% in Q3FY22

India's current account balance stood at USD23b (or 2.7% of GDP) in 3QFY22, higher than

USD10b (or 1.3% of GDP) in 2QFY22. It implies a CAD of USD26.5b (or 1.2% of GDP) in

9MFY22 as compared to a surplus of USD32.1b (or 1.7% of GDP) in 9MFY21.

Wider CAD was on account of larger merchandise trade deficit, which stood at 7.2% of GDP

(or USD60.4b), after a deficit of 5.9% of GDP (or USD44.5b) in 2QFY22. Higher imports (up

52% YoY in 3QFY22) vis-à-vis exports (up 41% YoY) led to a wider merchandise deficit.

The quantum of hit from crude related products is clearly visible here; excluding petroleum

products, India had a current account surplus of 0.8% of GDP, lower than 2.2% of GDP in

2QFY22. Excluding gold, India had a current account deficit of 1.1% of GDP in 2QFY22.

FII Outflows for the last quarter of FY22 stood at $13.5 bn, compared to $4.8 bn in the

previous quarter. What was more surprising is that DII Inflow almost stemmed the outflow

with $11.5 bn inflow in the last quarter. Going forward, a further widening of the

merchandise trade deficit in 4QFY22 could take the current account deficit to 1.5% of GDP

in FY22 as against a surplus of 0.9% in FY21.

Not unlike the global economy, India is plagued by its own set of challenges; Prominently

being an oil importing country, higher oil prices were bound to hurt economic growth; With

crude oil prices remaining above USD100/bbl, OMCs have started to pass on the increase to

consumers. The ~INR10/litre hike in petrol and diesel prices is likely to raise freight costs for

companies as well as impact consumer sentiment.

This was also highlighted in RBI's April commentary where Inflation projections were

revised upwards for FY23 to 5.7% from 4.5% just this Feb largely on account of higher

energy prices emanating from the Russia-Ukraine War; It also adjusted growth

expectations to a modest 7.2% from 7.8% previously with the latter half growth expected at

a tepid 4%. Despite headwinds, the MPC kept all policy rates unchanged in a unanimous

decision and maintained its accommodative stance to not hinder economic growth in a bid

to control inflation as RBI had stated earlier. Overall, it is clear that monetary policy

normalization in India has begun.

Economic Activity dips marginally in Feb 22 on account of negative external

factors

Our in-house (Motilal Oswal economic research) Economic Activity Index for India's real

GVA (EAI-GDP), posted a three-month low growth of 4.7% YoY in Feb'22 due to a sharp

negative contribution from external trade. On the contrary, domestic consumption and

investments performed well during the month. The 4.7% YoY EAI-GDP growth was

supported by strong government core revenue growth of 40% YoY in Feb'22 (albeit slower

than the 51% YoY growth in Jan'22). Excluding government spending, EAI-GDP grew at a

three-month slow pace of 2.7% YoY in Feb'22, v/s 3.2% YoY in Jan'22.

Source: Various national sources, CEIC, MOSL

EAI GDP grew slowly in Feb'22… …led by negative contribution from external trade

-6.5

4.9 5.44.7

(20)

0

20

40

60

Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22

EAI-GDP % YoY 3-mma

-4.5

3.9 4.7 5.6

-0.8

1.5 0.91.2

-1.2

-0.5 -0.2-2.1

(10)

(5)

0

5

10

Feb-21 Dec-21 Jan-22 Feb-22

Consump�on Investment Net exports

(pp)



Source: Motilal Oswal Economic Research

GST Collection hits an all-time high in March of INR 1.42 trillion

A domestic economic recovery provides relief, with multiple indicators not least GST

collections but also power demand, e-invoice etc. suggesting a good pick-up. Average

monthly GST collections rose 35.5% YoY to INR1.24t in FY22. Total Goods & Services Tax

(GST) collections in FY22(P), at INR14.9 tn have exceeded FY22RE (revised estimate) level of

INR13.5t by ~10%. This indicates a 35.5% YoY growth over collections of INR11t in FY21

compared with an envisaged growth of 23% YoY in the Union Budget 2022.

Therefore, our outlook on the likely surplus of ~INR2 tn in government's total receipts still

remains intact. What remains to be seen is whether the government utilizes this surplus to

spend more and maintain its FY22RE fiscal deficit of 6.9% of GDP or reduce it.

Source: Motilal Oswal Economic Research

8.9

11.6 12.011.0

14.913.5

FY

18

FY

19

FY

20

FY

21

FY

22

(P)

FY

22

RE

GST Collec�ons (INRt)

1.41 1.42

0.0

0.4

0.8

1.2

1.6

Se

p-2

0

No

v-2

0

Jan

-21

Ma

r-2

1

Ma

y-2

1

Jul-

21

Se

p-2

1

No

v-2

1

Jan

-22

Ma

r-2

2

GST collec�on, INRt

(6)

(3)

0

3

6

3QFY16 3QFY17 3QFY18 3QFY19 3QFY20 3QFY21 3QFY22

CAB CAB ex fuel products CAB ex gold

(% of GDP)



Equities

Historically, most geopolitical crisis tend to have a short term impact on equities and are

followed with a significant rebound once the risks have been priced in. However, it is

important to assess the pass through effects from conflict to the economy. The ongoing

Russia-Ukraine conflict and response from developed economies' to Russia is exacerbating

the global supply shortage of energy and other commodities. This could keep inflation

pressure high globally and some of the economies can witness growth slowdown. Europe

seems to be more vulnerable given its energy supply dependence on Russia.

For India, every $10/bbl rise in crude oil increases the CPI by 50 bps, assuming a full pass

through. Higher inflation especially of commodities, has an impact on corporates, as some

sectors have their raw material cost linked to these imported commodities such as crude

and crude linked derivatives. On the other hand, commodity suppliers could see good

margins and profits at the expense of the end users. It would be prudent to assume some

pressure on margins and subdued profitability for Corporate India. The benevolent factor

comes in the form of Corporate India having a more deleveraged balance sheet which

should help them see through these challenging times. Also, India's exports have registered

a 2-year CAGR of 12.5%, lifting the capacity utilisation ratio to 72%, which is now in line with

pre-Covid levels.

Given the multitude of challenges (lockdowns, Russia-Ukraine conflict, the relentless rise in

commodity prices, disruption in supply chains and rate hikes by the US Fed), the fact that

the Nifty is down barely 5% from its recent high underscores its resilience. The Nifty is

trading at a 12-month forward P/E of 19.8x, near to its long period average (LPA) of 19.3x (at

3% premium). P/B, at 3.2x, is at a 21% premium to its historical average. Nifty EPS is

projected at INR 732/870/1003 for FY22E/FY23E/FY24E.

Despite war worries, MSCI Word index rose 4.2% m-o-m on the back of S&P500 (+5.2%),

Euro-50 (+3.6%) and NIKKEI (+3.6%). MSCI EM index (-2.9%) was dragged lower by Hang

Seng index (-3.4%), whereas other EMs gained quite handsomely. MOEX Russia, BOVESPA

Brazil and NIFTY India were up 9.4%, 6.1% and 4% respectively. MSCI India outperformed

MSCI EM by 6% in March. LME Metals index gained 4.2% while Brent crude was up 2.8% m-

o-m. Dollar index appreciated 0.9% in March.

In India, SENSEX gained 4% while BSE Midcap index and BSE Smallcap index were up 3.2%

and 5.8% MoM respectively. FPIs sold US$4.7 bn of Indian equities in the secondary market

while DIIs bought US$5.2 bn.

Positive high frequency indicators such as continued momentum in GST collections, pick up

manufacturing activity and steady exports bode well for decent economic recovery after

Inflation risks coming to the fore

While export growth has remained strong

Source: CEIC, Morgan Stanley Research Source: CEIC, Morgan Stanley Research forecasts

Setting the stage for private corporate capex to GDP to rise



the mild disruption caused by spread of the Omicron variant. GST Collection stood at INR

1.42 Tn in March '22 marking all-time high levels and topped INR 1.3 Tn for the sixth

consecutive month. Manufacturing IIP increased 1.1% in January '22 vs decline of 0.9% in

January last year.

Benchmark Performance on a calendar year basis as on February 2022:

Source: Bloomberg; Data as of 28th Feb 2022

C 21Y

24.12%

46.06%

59.28%

CY19

12.02%

-4.32%

-9.53%

CY20

14.90%

21.87%

21.47%

CY18

3.15%

-15.42%

-29.08%

CY17

28.65%

47.26%

57.30%

CY16

3.01%

7.13%

2.26%

CY15

-4.06%

6.46%

7.21%

CY13

6.76%

-5.10%

-8.28%

CY14

31.39%

55.91%

54.95%

0.64%

- %2.47

- %7.55

C 22Y

NIFTY

NIFTY Midcap 100

NIFTY Smallcap 100

Index

Nifty continued to decline for 2nd consecutive month in February posting a fall of 3.1%

MoM which was the second steepest MoM decline in 23 months.

FII's and DII's net flows (in $ Bn)

DII flows into equities in FY22 were the highest ever at USD 26.8b v/s outflows of USD18.4b

in FY21, while FIIs witnessed equity outflows of USD 17.1b after five consecutive years of

inflows.

Source: NSDL, MOFSL, Data updated as of 31st Mar'22

Fiscal Year Wise Ins�tu�onal Flows (USD Bn)

8.5

25.8

13.718.1

-1.5

8.33.1

0.3 0.8

37.5

-17.1

-0.9

-12.7-8.9

-3.7

12.1

4.5

17.7

10.3

17.9

-18.3

26.8

-30.0

-20.0

-10.0

0.0

10.0

20.0

30.0

40.0

50.0

FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22

FII DII

4QFY22 Earnings Preview

Despite input cost pressure and ongoing geopolitical uncertainties, the earnings growth

trajectory for the MOFSL Universe continues to remain healthy. 4QFY22 earnings growth is

expected to be ~19% YoY.

While the aggregate growth is impressive, it is narrow and driven by three sectors: BFSI,

O&G, and IT. More than half of the incremental growth is steered by BFSI, led by a modest

revival in credit growth and improvement in asset quality trends. Upstream O&G

companies are likely to benefit from the spike in crude oil prices in 4QFY22, driving

aggregate earnings.

Nifty revenues to post 28% YoY growth in Q4FY22E

Source: MOFSL Source: MOFSL

Nifty PAT to post 23% YoY growth in Q4FY22E

0 012 11

5 513 18 19

115 8

-23-30

1020

84

99

3926 23

Ma

r-1

7

Jun

-17

Se

p-1

7

De

c-1

7

Ma

r-1

8

Jun

-18

Se

p-1

8

De

c-1

8

Ma

r-1

9

Jun

-19

Se

p-1

9

De

c-1

9

Ma

r-2

0

Jun

-20

Se

p-2

0

De

c-2

0

Ma

r-2

1

Jun

-21

Se

p-2

1

De

c-2

1

Ma

r-2

2E

149 12

18 15

24 23 22

128

0 1

-4

-26

-4

2

17

46

28 26 28

Mar

-17

Jun

-17

Sep

-17

Dec

-17

Mar

-18

Jun

-18

Sep

-18

Dec

-18

Mar

-19

Jun

-19

Sep

-19

Dec

-19

Mar

-20

Jun

-20

Sep

-20

Dec

-20

Mar

-21

Jun

-21

Sep

-21

Dec

-21

Mar

-22

E



Key Sectoral Insights:

While input cost pressures are impacting margins in Consumer, Autos, Cement, Specialty

Chemicals, and Consumer Durables but BFSI, IT, Utilities, and Telecom have largely

remained unaffected.

Strong demand visibility in IT, pick up in credit growth, and normalization of asset quality

should lend support to Nifty earnings. Deep cyclical sectors (Energy and Metals) continue to

benefit from higher commodity prices, leading to strong aggregate earnings growth.

The key drivers in 4QFY22 are:

Private Banks: MOFSL Banking universe can report 41%/39% YoY growth in PBT/PAT. Loan

growth is projected to remain strong, led by the Retail and SME segments. Slippages are

likely to remain modest across segments in 4QFY22, barring the MFI business, which may

see some tail stress.

Metals: MOFSL Metal stocks should see a modest 9% YoY growth in profits on a higher base

(profits were up 4x YoY in 4QFY21), as higher coal prices impacted EBITDA margins of steel

companies. EBITDA margin for the MOSFL Metals Universe is likely to decline by 710bp YoY

to 22.1% in 4QFY22.

Consumer: MOFSL Consumer stocks is likely to report muted cumulative growth numbers –

revenue/EBITDA/PAT of 8%/7%/5% – in 4QFY22E. Sales growth will largely be led by price

hikes as volume growth remains constrained, impacted by spiraling inflation and a

slowdown in rural demand.

Key sectors which are likely to drag earnings:

Autos – A sharp increase in fuel and commodity prices are likely to delay a recovery in

margin for OEMs, despite some improvement in supply-side constraints (semiconductor

shortages), MOFSL Auto stocks is likely to report an aggregate profit decline of 51% YoY

despite an improvement in semiconductor supplies

Cement: Higher coal and petcoke prices are likely to lead to a fall in profitability for

companies, despite the likely increase in blended realizations by 7% YoY. MOFSL Cement

Universe should report an EBITDA/PAT decline of 20%/26%.

Source: MOFSL

Sector-wise breakdown of Nifty Q4FY22E PAT change YoY (%)

304

66 63 5937 37 36 33 30 27 23 22 15 6

-2-20 -20

-59



Strong Earnings Growth Drives Total Returns For the Nifty 50

Five year total return for the Nifty 50 over Mar'17-Mar'22 stands at 15.3% CAGR, led by

14.1% earnings CAGR. The component of valuation re-rating in the five year returns has

shrunk v/s the preceding five year period

Total return breakdown for the Nifty

Source: MOFSL

Domestic Equities – CY20 vs. Since Beginning CY18

Source: Bloomberg; Data updated as of 7th Mar'22 Source: Bloomberg; Data updated as of 7th Mar'22

Risk -reward situation in favor of Multi cap strategies:

144%

174%178%

50%

70%

90%

110%

130%

150%

170%

190%

210%

230% (Jan'20-Mar'22)Nifty 50 Nifty Midcap 100 Nifty Smallcap 100

Jan

/2

02

0Ja

n/2

02

0Fe

b/2

02

0M

ar/

20

20

Ma

r/2

02

0A

pr/

20

20

Ma

y/2

02

0Ju

n/2

02

0Ju

n/2

02

0Ju

l/2

02

0A

ug

/2

02

0A

ug

/2

02

0S

ep

/2

02

0O

ct/

20

20

No

v/2

02

0N

ov/2

02

0D

ec/2

02

0Ja

n/2

02

1Ja

n/2

02

1Fe

b/2

02

1M

ar/

20

21

Ap

r/2

02

1A

pr/

20

21

Ma

y/2

02

1Ju

n/2

02

1Ju

l/2

02

1Ju

l/2

02

1A

ug

/2

02

1S

ep

/2

02

1S

ep

/2

02

1O

ct/

20

21

No

v/2

02

1D

ec/2

02

1D

ec/2

02

1Ja

n/2

02

2Fe

b/2

02

2M

ar/

20

22

Ma

r/2

02

2

167%

139%

114%

0%

50%

100%

150%

200%Nifty 50 Nifty Midcap 100 Nifty Smallcap 100

Ja

n/2

01

8

Ma

r/2

01

8

Ma

y/2

01

8

Ju

l/2

01

8

Se

p/2

01

8

No

v/2

01

8

Ja

n/2

01

9

Ma

r/2

01

9

Ma

y/2

01

9

Ju

l/2

01

9

Se

p/2

01

9

No

v/2

01

9

Ja

n/2

02

0

Ma

r/2

02

0

Ma

y/2

02

0

Ju

l/2

02

0

Se

p/2

02

0

No

v/2

02

0

Ja

n/2

02

1

Ma

r/2

02

1

Ma

y/2

02

1

Ju

l/2

02

1

Se

p/2

02

1

No

v/2

02

1

Ja

n/2

02

2

Ma

r/2

02

2

(Jan'18-Mar'22)

The sharp run up in Mid and Small cap indices aided by healthy earnings growth, improved

sentiments, benign liquidity and low cost of capital has bridged the gap between 1 year

forward Mid and Small cap valuations as against the large caps. Current Valuations are not

extremely expensive but have reduced the risk to reward ratio. Hence we believe Multicap

strategies provide favorable risk reward with stability from large caps and potential alpha

generation from Mid and Small Caps.

5.6

1.1

1.3

8.1

Mar Mar07 - 12

Earnings CAGR % Valua�on re-ra�ng(%)

Dividend CAGR (%) Total Return CAGR (%)

4.0

7.3

1.6

13.4

Mar Mar12 - 17



14.1

-0.3

1.4

15.2

Mar Mar17 - 22



Mid & Small caps have

outperformed Large Caps

Since Jan'20” but still have

some catch-up to do

relative to large from the

levels of Jan'18

Outlook:

We anticipate higher than usual volatility in the short term as market sentiment is likely to be influenced by the increased

geopolitical risks in the backdrop of ongoing Russia-Ukraine conflict, higher inflation/ commodity prices, rate hikes by

Global Central Banks. All these factors put together has the potential to impact Global and domestic growth adversely.

In these uncertain times, the actions of the government and the central banks will be closely tracked for next few quarters.

Corporate earnings and commentaries will set the tone for markets as they will be monitored for margin compression on

high input costs. Sustained high raw material cost coupled with price hikes has the potential to dislocate consumption

demand as well.

Notwithstanding the short-term global risks and assuming that the geo-political tensions are diffused soon, one can

expect a reasonable domestic recovery. Key drivers include relaxation of most COVID led restrictions across states which

may potentially spur demand, anticipated revival in investment cycle and an uptick in domestic manufacturing.


RBI kept policy rates unchanged; Shifted focus to withdrawal of accommodation to address inflationconcerns

In the latest monetary policy meeting, MPC unanimously kept repo rates and reverse repo rate unchanged at 4% and

3.35% respectively and kept the stance accommodative. However, focus shifted to withdrawal of accommodation and

restoring of liquidity management framework in order to address emanating risks from inflation while supporting

growth. The policy de-emphasized the importance of growth in relative to inflation


Fixed Income

Feb 2022 April 2022 Change

Repo Rate 4.00% 4.00% No change

Reverse Repo

Rate

3.35% 3.35% No Change

MSF (Marginal

Standing Facility)

4.25% 4.25% No Change

CRR (Cash

Reserve Ratio)

4.00% 4.00% No Change

SDF (Standing

Deposit Facility)

3.75% Introduced as floor for LAF (Liquidity

Adjustment Facility)

Guidance Accommodative

Stance with 5-1

vote

Unanimous Vote to

remain accommodative

while focusing on

withdrawal of

accommodation

Focus on withdrawal of accommodation

and restoration of liquidity

management framework

• RBI would follow a Nuanced and Nimble footed approach for liquidity management while maintaining sufficient

liquidity in the system. RBI would engage in gradual and calibrated withdrawal of liquidity in multiyear frame

without disruption

o Normalization of LAF corridor to 50 bps (as per pre covid levels) from 90 bps, with SDF at 3.75% to act as a floor

(for absorption of liquidity) and MSF at 4.25% to act as a ceiling (for injecting liquidity)

o With introduction of SDF, the gap with repo rate stands reduces to 25 bps (from earlier 65 bps w.r.t reverse repo

rate)

o Both SDF and MSF would be used at discretion of the banks

• By removing the binding collateral constraint on the central bank, the SDF strengthens the operating

7.11

4.00

6.95

3.35

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

7.50

8.00

Jan

-20

Ma

r-2

0

Ap

r-2

0

Ma

y-2

0

Jun

-20

Jul-

20

Au

g-2

0

Se

p-2

0

Oct-

20

No

v-2

0

De

c-2

0

Jan

-21

Ma

r-2

1

Ap

r-2

1

Ma

y-2

1

Jun

-21

Jul-

21

Au

g-2

1

Se

p-2

1

Oct-

21

No

v-2

1

De

c-2

1

Jan

-22

Fe

b-2

2

Ap

r-2

2

10 Yr Gsec (Yield %) Repo Rate (%) CPI (%) Reverse Repo Rate

CPI (%y/y)

10-Feb-22 8-Apr-22

Real GDP (%y/y)

10-Feb-22 8-Apr-22

Q1 FY23

Q2 FY23

Q3 FY23

Q4 FY23

FY23

4.9

5.0

4

4.2

4.5

6.3

5.8

5.4

5.1

5.7

17.2

7.0

4.3

4.5

7.8

16.2

6.2

4.1

4.0

7.2

Risk to

projections

Broadly

balanced

Broadly

balanced

30APRIL 2022 | ISSUE 112


framework of monetary policy. The SDF as the floor of the LAF corridor would provide symmetry to the

operating framework of monetary policy by introducing a standing absorption facility at the bottom of

the LAF corridor, similar to the standing injection tool at the upper end of the corridor, namely the

marginal standing facility (MSF). Thus, at both ends of the LAF corridor, there will be standing facilities –

one to absorb and the other to inject liquidity. Accordingly, access to SDF and MSF will be at the discretion

of banks, unlike repo/reverse repo, OMO and CRR which are available at the discretion of the Reserve

Bank. The SDF is also a financial stability tool in addition to its role in liquidity management.

o Normalization of LAF corridor should not be a surprise, since 80% of liquidity absorbed in March quarter was at

repo rate levels

• Given that the VRRRs (Variable Reverse Repo Rates) were already nudging effective deployment rates for

banks higher, this also could be positioned largely as an operational adjustment; with the added benefit

of increasing flexibility for future liquidity absorption without the burden of having enough

corresponding collateral.

• RBI hikes inflation projection 5.7% in for FY23 and lowered Fy23 GDP growth from 7.8% to 7.2%.

o The inflation revision is on account of war induced factors (crude oil, edible oil, wheat, feed costs). These are all

essentially supply shocks but still are large in magnitude.

o The downward projection in terms of growth is on account of global slowdown, supply disruptions, higher

crude oil prices and pandemic spillover

Source: RBI, Note: RBI's forecasts assume a normal monsoon in 2022 and

average price of India's crude oil basket to be USD 100 per barrel.

2.00

2.50

3.00

3.50

4.00

4.50

5.00

5.50

6.00

6.50

7.00

-400000

-200000

0

200000

400000

600000

800000

1000000

Gradual absorption of surplus liquidity through Liquidity Management Framework & VRRR Operations

Core System Liquidity Reverse Repo (RHS) 3 Months T - Bill (RHS)

Jan

/19

Fe

b/1

9

Ma

r/1

9

Ap

r/1

9

Ma

y/1

9

Jun

/19

Jul/

19

Au

g/1

9

Se

p/1

9

Oct

/19

No

v/1

9

De

c/1

9

Jan

/20

Fe

b/2

0

Ma

r/2

0

Ap

r/2

0

Ma

y/2

0

Jun

/20

Jul/

20

Au

g/2

0

Se

p/2

0

Oct

/20

No

v/2

0

De

c/2

0

Jan

/21

Fe

b/2

1

Ma

r/2

1

Ap

r/2

1

Ma

y/2

1

Jun

/21

Jul/

21

Au

g/2

1

Se

p/2

1

Oct

/21

No

v/2

1

De

c/2

1

Jan

/22

Fe

b/2

2

Ma

r/2

2

Ap

r/2

2

Re

vers

e R

ep

o/3

Mo

nth

s T

Bill

Liq

uid

ity

(IN

R L

akh

Crs

)



The Government frontloaded its borrowing programme to 59% of the total FY23BE bond issuance in first 6 months of

FY23, which is INR 8.45 Tn . It is 20% higher than H1FY22.The net issuance is INR 6.2 Tn in H1FY23 vs INR 5.6 Tn in H1FY22.

The supply pressures will be heaviest in July and September, while being balanced in the other months.

The borrowing calendar for the next 6 months revealed higher weekly auction sizes at Rs. 32,000 – 33,000 Cr, up from an

average of Rs 27,000 Cr in 2021-22. Bulk of supply is concentrated on the belly of the yield curve (5-14 yrs) and

Government has also increased Q1FY23 net short term borrowing through t bills by 11% yoy at INR 2.4 Tn

The RBI has raised SLR limits for banks to 23%, providing additional headroom for banks to support the bond auctions.

Government Frontloaded the Borrowing Calendar for FY23

Source: RBI, MOWM, Third Party Research Reports

Effect on Yield Curve across Credit and Maturities:

• 10 year G - Sec yield increased to 7.11% vs 6.91%. Even with theMarket Reaction on the Day of Monetary Policy:

revised inflation forecast, most market participants still believe that risks of FY23 projection at 5.7% are to the upside.

Hence market participants are expecting rate hikes in the medium term, taking cues from RBI Governor's statements

w.r.t the need to have a flexible approach and real policy rates. The yield curve, which is currently steep may flatten

with short term yields rising faster than long term yields.

31-Mar-20 31-Mar-21 31-Mar-22 08-Apr-22

Mar/20 Mar/21 Mar/22 Current Yield

1Y 4.97 3.75 4.67 4.86 -11

2Y 5.27 4.67 4.97 5.16 -11

3Y 5.40 4.93 5.84 6.17 77

5Y 6.18 5.97 6.33 6.46 28

10Y 6.14 6.17 6.84 7.11 97

1Y 5.97 4.15 4.95 5.27 -70

2Y 6.50 4.64 5.63 5.72 -78

3Y 6.54 5.48 5.98 6.17 -37

5Y 7.02 6.28 6.43 6.77 -25

10Y 7.51 7.19 7.17 7.36 -14

1Y 6.48 5.02 5.53 5.92 -56

2Y 7.06 5.50 6.28 6.39 -66

3Y 7.19 6.27 6.67 6.88 -32

5Y 7.57 7.03 7.12 7.44 -13

10Y 8.18 7.90 7.95 8.14 -4

1Y 7.93 6.92 7.62 7.88 -5

2Y 8.10 7.13 8.03 8.30 20

3Y 8.37 8.09 8.58 8.87 50

5Y 9.04 8.86 9.22 9.55 51

10Y 9.67 9.30 9.84 10.11 43

Source Bloomberg

Yields

G-Sec

AAA

AA

A

Change in Yields(bps) over 1 yr

April

May

June

July

August

September

H1

FY

% of FY

480

480

480

480

600

360

2880

5710

50%

680

850

680

680

650

680

4420

7100

62%

830

1310

1320

1700

1300

1200

7660

13703

56%

1020

1086

1079

1565

1115

1159

7024

11274

62%

1300

1300

1300

1620

1300

1630

8450

14314

59%

INR bn FY19 FY20 FY21 FY23FY22

H1 gross issuance INR bn

1800

1600

1400

1200

1000

800

600

400

200

0

May-21 Oct-21 Mar-22 Aug-22

2yr30yr

5yr40yr

7yrFEB

10yrTotal

14yr

India monthly bond supply pipeline

• Currently the yield curve is still steep with sweet spot between 2-5 yr maturity since future rate hikes to someextent has already been priced in.

• RBI's focus has been shifted to withdrawal of accommodation and restoring of liquidity management framework inorder to address emanating risks from inflation while supporting growth

• Going forward, Yield Curve may become flat due to RBI's intent for gradual withdrawal of liquidity and signalingtowards normalization of policy

o Yields at shorter end of the curve may gradually increase due to RBI's gradual normalization of liquidity

o Yields at longer end of the curve may remain volatile due to inflation concerns, demand-supply mismatch, &global factors

Direction of the Yield Curve:

Current Yield Curve

(8 April 2022)



Term Spreads are Still Attractive

In the current market scenario, we recommend a barbell approach where 'Accrual' should precede 'Duration'.

From investor's point of view, focus should be towards investing in high quality accrual strategies through acombination of short term and long term maturity portfolio such that average portfolio maturity does not goesbeyond 4-6 yrs. For yield enhancement, investors can also evaluate investing 20 – 25% in well researched high yieldcredit strategies, MLDs, NCDs etc.

• ~70% - 80% of the fixed income portfolio should be biased towards high quality short to medium term accrualstrategies with minimum investment horizon of 3 years.

o Within the above allocation, ~20% - 30% can be allocated towards long maturity and high quality roll downstrategies with minimum investment horizon of 5 years.

• To enhance the overall portfolio yield, investors with medium to high risk profile can consider 20% – 25% allocationof the overall fixed income portfolio to select high yield strategies, MLDs and NCDS. Fixed Income portfolios shouldalso include REITs/InvITs which have highest credit rating & which aim to offer regular (either quarterly or half yearly)&predictable cash flows - investment horizon should be at least 4-5 years to mitigate interim mark to marketvolatility

• investments can be allocated to Arbitrage/UST (minimum 6For liquidity management or temporary parking,months)/Liquid (less than 3 months) strategies which can be deployed in a staggered manner when opportunitiesarise.

Our Portfolio Strategy:

55

103

225

-50

0

50

100

150

200

250

300

Term Spreads

(India 10 Yr GSec with 1,3,5 yr maturities)

India (10yr - 5 yr) India (10yr - 3 yr) India (10yr - 1 yr)

Jan/

20

Feb/

20

Mar

/20

Apr/

20

May

/20

Jun/

20

Jul/2

0

Aug/

20

Sep/

20

Oct/

20

Nov/

20

Dec/

20

Jan/

21

Feb/

21

Mar

/21

Apr/

21

May

/21

Jun/

21

Jul/2

1

Aug/

21

Oct/

21

Nov/

21

Dec/

21

Jan/

22

Feb/

22

Mar

/22

1Y 2Y 3Y 5Y 10Y

G-Sec 4.86 5.16 6.17 6.46 7.11

AAA 5.27 5.72 6.17 6.77 7.36

5.92 6.39 6.88 7.44 8.14AA

A 7.88 8.30 8.87 9.55 10.11

4.865.16

6.176.46

7.11

5.275.72

6.176.77

7.36

5.926.39

6.88

7.44

8.147.88

8.30

8.87

9.5510.11



Gold

OutlookLooking ahead, focus will also be on the geopolitical developments especially with the ongoing Russia-Ukraine

standoff, and the further measures taken by other countries to handle the current situation. Investors' will also keep an

eye on economic data like the inflation, non-farm payroll, retail sales and a few others coming out of the U.S. Market

participants will also focus on the very important Fed policy meeting scheduled in May, where comments regarding

the rate hike trajectory, balance sheet unwinding, overall outlook of the economy and inflationary pressures will be

important. Updates regarding the development in the geo-political tensions could continue boost the safe haven

appeal for bullions; although any surprise announced by Fed could trigger volatility in the short term.

Unprecedented times have seen gold breach $2,000/oz levels at the start of March, just ~$3 shy from hitting an all-time

high; we witnessed an appreciation of almost ~15% from the lows of ~$1785 in Jan to highs of $2069 in March. Series of

updates not only on the geo-political front, but also from the major central banks kept market participants on the edge.

With Russia-Ukraine war still raging, unyielding talks between the two nations, and imposition of sanctions on Russia by

the western nations supported the metal prices on lower levels. Fed governor held an aggressive stance regarding the

interest rate trajectory that gave a sharp push to the U.S. Treasury Yields and capped some gains for gold. Risk aversion

sentiment for now continues to prevail in the markets, thus benefiting gold.

Inflation continue to remain the theme in the market, as according to latest data, U.S. consumer growth approached ~8%

last month ahead of surge in energy prices, raising pressure on Fed to become more aggressive w.r.t. interest rates. Latest

data captures period just before Russia launched a full-scale attack on Ukraine and sanctions levied by the U.S. and

others. On other hand, closely watched recession signal is not giving a very promising signal, as the market expectation of

a sharp rate hike is increasing; it is also putting pressure on the overall global growth forecasts. The U.S. two year yield

rose above, U.S. 10 Year for the first time in August 2019, signaling an inversion of yield curve

Higher inflation data and worries have cemented the view that the Fed may come in with a large hike at its May meet after

a 25 bps hike in March. A 25-basis point hike is largely factored in, but if the fed increases rates by 50-basis point, the

metal is likely to react negatively to it. Experts are also expecting 6-7 rate hikes this year. Few fed officials have also

suggested rates need to rise above the so called neutral level that neither aids nor hinders growth. Fed has stepped on

the gas pedal as with firm projections of rate hike on Dot Plot, Governor Powell has also mentioned that they might

announce process for balance sheet tapering in the May meet itself; such expectations in the May meet justifies the

sideways momentum in gold and silver prices.

China saw a surge in Covid variant and the cases being registered is as bad as it was in Wuhan during pandemic. Shanghai

extended strict lockdown measures in many parts of the city that were expected to resume normal life as the Chinese

financial center ramps up efforts to contain an outbreak of largely asymptomatic cases of Covid-19. Mortality rate is not

very severe although further worsening of conditions could give a boost in sentiment.

Precious Metals

Gold prices remained range bound

Source: Bloomberg

Maintain positive stance for both long and short term

Source: Gold INR = MCX Gold

42000

44000

46000

48000

50000

52000

54000

56000

58000

Ap

r-2

1

Ap

r-2

1

Ap

r-2

1

Ma

y-2

1

Ma

y-2

1

Jun

-21

Jun

-21

Jul-

21

Jul-

21

Au

g-2

1

Au

g-2

1

Se

p-2

1

Se

p-2

1

Se

p-2

1

Oct-

21

Oct-

21

No

v-2

1

No

v-2

1

De

c-2

1

De

c-2

1

Jan

-22

Jan

-22

Fe

b-2

2

Fe

b-2

2

Ma

r-2

2

Ma

r-2

2

Ma

r-2

2

Gold Spot (INR/10 gm)*

Ap

r-2

1

Ap

r-2

1

Ap

r-2

1

Ma

y-2

1

Ma

y-2

1

Jun

-21

Jun

-21

Jul-

21

Jul-

21

Au

g-2

1

Au

g-2

1

Se

p-2

1

Se

p-2

1

Se

p-2

1

Oct-

21

Oct-

21

No

v-2

1

No

v-2

1

De

c-2

1

De

c-2

1

Jan

-22

Jan

-22

Fe

b-2

2

Fe

b-2

2

Ma

r-2

2

Ma

r-2

2

Ma

r-2

2

1650

1700

1750

1800

1850

1900

1950

2000

2050

2100 GOLD Spot ($/Oz)


Silver as an Investment Asset Class: Can be a tactical play on economic recovery rather than a long term diversification

tool

Over the past decade, demand for silver has been driven by industrial usage, renewable energy, and consumption in form

of jewelry & silverware and as an investment avenue.

Having said, price movements of silver in last 3 decades (1990 – 2021) suggests that

• Silver has a higher co-relation with gold and a positive co-relation with Indian equities. This is in contrast to gold,

which has the properties of negative correlation to Indian equities and has been a hedge against inflation.

• Though the compounded annualized returns for silver and gold has been ~10%, standard deviation for silver has been

much higher (~28%) when compared to gold (~15%). In fact, standard deviation for silver is at similar levels to Indian

Equities

• Similarly, maximum drawdown for silver (-57%) is almost double to that for gold (-25%)

From the above mentioned performance data analysis, one can interpret that silver is a relatively volatile asset and does

not exhibit characteristics of gold. Hence in asset allocation, silver cannot replace gold and cannot be a part of core

allocation. However, if one wants to invest in silver, it can be a tactical play of maximum upto 5% of their total

investments.


Silver

Gold vs. Silver vs. Indian Equity

Asset Class Equity-IND Gold Silver

CAGR from 1990 to 2022* 14.0% 10.0% 9.9%

Standard Devia�on 27.6% 14.9% 27.6%

Maximum Drawdown -55.1% -25.1% -56.8%

Maximum Returns - 3Y 59.6% 32.2% 50.8%

Minimum Returns - 3Y -15.7% -7.3% -19.7%

Average Returns - 3Y 12.6% 10.2% 10.9%

Posi�ve Observa�ons (%) - 3Y 84.7% 83.8% 77.3%

Returns Distribu�on

(3Y Rolling Returns)

% Observa�ons

Equity-IND Gold Silver

-20% to -10% 3.1% 6.8%

-10% to 0% 12.2% 16.2% 15.9%

0% to 6% 21.0% 19.9% 16.2%

6% to 10% 15.3% 12.8% 10.8%

10% to 15% 17.6% 19.6% 13.1%

15% to 20% 7.7% 13.6% 12.5%

20% to 30% 8.2% 17.3% 13.4%

Above 30% 15.6% 0.6% 12.0%

STD is based on monthly returns, *CAGR is for period 1990 to 31st Mar 2022; Data updated as of end Mar’22 . Equity-IND is represented by Sensex from 1990 to 2002 and Ni�y 50 from 2002 onwards; MCX Spot Gold price in INR from

2006 �ll date; S&P 500 in INR 1990 onwards; Silver – USD Silver converted in INR. Disclaimer :Past Performance is no guarantee of future Results

Correla�onEquity –

IND

Gold

(INR)

Silver

(INR)

Equity - IND 1.00

Gold (INR) -0.04 1.00

Silver (INR) 0.11 0.63 1.00

Note: Correla�on analysis is based on Month end return basis over last 30 years

Source: MOWM, Bloomberg

� Silver shows more vola�lity than

Indian Equity (Based on Std. Devia�on

on Monthly Returns, Maximum

drawdown)

� Hence, While Gold can have a

strategic alloca�on in por�olios,

Silver should be consider only for

tac�cal alloca�on

Section III

Advisory Approach .............................................................................................. 63

4C Framework For Equity Managers ..................................................................... 73

Fixed Income Manager Selection Framework ........................................................ 83

Hind-sight Investing.............................................................................................40

Decoding Investment Style ...................................................................................41

Investment Charter .............................................................................................42

Sample Investment Charter .................................................................................43

Estate Planning ...................................................................................................44




True portfolio of clients and asset allocation is best determined through Financial Planning strategy. If not, the clients

can follow a model portfolio approach. Following steps are followed for Model Portfolio construction:

1) Investors are classified according to their risk profile viz. Aggressive, Moderately Aggressive, Balanced, Moderately

Conservative and Conservative.

2) Asset Allocation is done at two levels:

(a) Static – Based on the risk profile, asset allocation is defined at a broad level:


Our Methodology

Since different clients have different risk return preferences, based on our comprehensive risk profiling process we have

categorized the clients broadly into 5 categories viz. Conservative (Debt only) Aggressive + (High conviction), Balanced, ,

Aggressive + (PMS/AIF only), Aggressive + (MF only).

Advisory Process

We follow a robust Advisory Process to generate “Alpha” in the client’s portfolio. The entire approach is governed by a

stringent risk management framework.

View on asset

classes

Asset Allocation

Alpha

Investment

Committee

Product Selection

across asset classes

Manager Alpha

Product & Advisory

CommitteePortfolio

Construction

Financial Strategy


Advisory Approach

Conservative (Debt only)

Balanced

Aggressive + (High conviction)

Aggressive + (PMS/AIF only)

Aggressive + (MF only)

0

40

100

100

100

80

50

0

0

0

0

10

0

0

0

20

0

0

0

0

Equity (%) Debt (%) Gold (%)Cash (UST /

Liquid) (%)Asset Class / RiskProfile

(b) Dynamic – Asset Allocation based on the market conditions


The 4C Manager Selection Process

Evaluating Manager Expertise


4C Framework For Equity Managers



In the above graph, we have taken the Average 1 yr rolling return for 5 years (December 2012 to December 2017) for

various funds across categories. The result was that there was a significant difference between the top performer and

bottom performer in almost every category, making a case for choosing fund managers over the funds. The ability to

generate enhanced returns varies from manager to manager within the same category, thus laying emphasis on the skills

of a fund manager. But one must also realize that past performance cannot be the only criteria to judge a fund. It is almost

hazardous to do so. Different market cycles present different opportunities.

So what strategy will help investors so that their investments are relevant for the ongoing market cycle? Even in fixed

income, there are risks associated with interest rates, credit and liquidity. With the numerous funds at one's disposal,

choosing the correct one can be quite a challenge. Before we venture into the framework of choosing a manager let us

take a sneak-peak into the two kinds of strategies adopted for “enhancing” returns – Credit and Duration.

The credit opportunities style looks for companies that have the ability to repay and mitigates risks such as default and

liquidity. This benefits investors via higher coupons, thus enhancing their overall return. However, the duration style

plays on interest rate cycles and requires an intricate macroeconomic understanding as the manager must get the

interest rate cycles right. Both these strategies play out at various points of time. At a time one anticipates interest rates

to peak, duration strategies would be a preferred option as any subsequent decline in interest rates would enhance the

portfolio returns. Likewise, in a rising interest rate scenario, duration strategies would not augur well, calling for

investment in credit strategies.

Adding objectivity to fixed income investing

The battle of objective vs. subjective decision making often makes appearance in investing. To our mind, having an

objective oriented approach gives purpose to investment which helps in avoiding any impulsive calls. Traditionally, equity

has always been viewed as an asset class for capital appreciation while fixed income is seen as an avenue for capital

preservation. Amongst the fixed income instruments, the most commonly accepted investment avenue is fixed deposits.

There is a psychological comfort that investors draw on account of the fixed return provided by such instruments.

However investors must realize that an instrument like a fixed deposit is tax inefficient. As a result, it does not even meet

the core objective preserving the purchasing power. That raises the obvious question – what kind of fixed income options

should investors seek?

If the veil of ignorance is done away with and the fixed income market is probed into, one will realize that there are

various market linked investment avenues that investors can invest in. To our mind, fixed income mutual funds are one

example of an efficient investment option that investors can avail of as they have various benefits like diversification,

professional management and tax efficiency. However, the question of prudent selection still remains unanswered.

Liq

uid

UST

Sho

rt T

erm

Cre

dit

Op

ps.

Lon

g I

nco

me

Dyn

am

ic

Bo

nd Gilt

6.6 6.77.4

9.2

7.7

6.7 6.9

8.3 8.6 9.0

9.9

8.9 9.29.88.9

9.3

10.310.8 10.8

11.912.6

Avg. 1 Yr RR of worst performing fund Category Average Avg. 1 Yr RR of best performing fund

Fixed Income Manager Selection Framework


Just like a fast bowler cannot bowl spin and vice versa, a manager cannot mimic both approaches simultaneously. A

manager must be clear on his stance and having experienced two to three market cycles will be of huge significance.

To our mind, good performance is an outcome of a robust process. Hence, one needs to be cognizant of the latter at the

time of evaluation. This thought process has given birth to our . By evaluating the“4C framework of manager selection”

pilot rather than just the plane, each would enable us to unmask the different hues of investment process from the“C”

performance which is the ultimate outcome.

This framework implies a paradigm shift from the industry norm of ranking funds only on the basis of past performance.

This qualitative and quantitative process would enable us to construct for our clients. In line with“winning portfolios”

our philosophy of providing better insights to you, we hope you find the same informative.


40

Hind-sight Investing

We are well aware of the disclaimer “past performance is no guarantee of future results”. Despite this the most common

method of investing in mutual funds remains by looking at the past performance. It’s quite intuitive to assume that

something that was a good investment in the recent past is still a good investment.

However, it’s not that simple. Our study shows that there is a limited probability of getting investment decisions right

which are solely based on historical data. Let us illustrate this with some examples of the recent past.

The below table comprises of last 20 years of data which to our mind is comprehensive. Funds were ranked based solely

on performance for pre-defined time buckets. As you can see, in the 1 year bucket 32% of the funds continued to be top

performers and 68% could not retain their position. Similarly, in the 3 year bucket 70% of the funds could not retain their

position.

If we translate the above numbers in terms of probability, your chance of selecting a top performing fund basis past

performance is lesser than winning a coin toss!

Just like we don't drive a car looking at the rear view mirror, investment decisions too should not be based on mere past

performance. In fact to our mind one needs to go beyond the norm of return based analysis to arrive at investment

decisions.

As the age old adage goes “bet on the jockey, not the horse”, the same holds true for investment wherein you lay your bet

on the manager and not the fund. So how does one go about it? In line with our philosophy of empowering you, we take

this opportunity to provide you an understanding of our “manager selection methodology”.

(Methodology notes: Date range period 2000-2020, calendar year returns, all open-ended equity schemes, AUM cut off

250cr as on 31st Dec 2020)

Review period: 2000 - 2020

Investments in top performing funds based on 1 – 3 yr track record

Top funds basis

1 yr performance

Rank after1 year

Q1 - 32%

Q2 - 23%

Q3 - 21%

Q4 – 23%

Rank after3 year

Q1 - 31% Q1 - 30%

Top funds basis

1 yr performance

Top funds basis

3 yr performance

Q2 - 28%

Q3 - 22%

Q4 – 19%

Q2 - 29%

Q3 - 23%

Q4 – 19%

Rank after3 year

The top 25% of the funds on basis of performance are assigned Q1, next 25% are assigned Q2 and so on.

APRIL 2022 | ISSUE 112



Past performance is just the tip of the iceberg - A consistent and a transparent portfolio management approach

contributes to the sustainable long term returns

As investors and advisors, we tend to get swayed by the recent past performance while making our investment

decisions and overlook the underlying philosophy and process which would contribute towards the future returns.

Moreover, history suggests that the process for selecting funds only on the basis of past performance may not be a full

proof procedure in the future. Thus, we believe that in generating sustainable long term performance, skill plays a

major role rather than luck and to assess the skills of a fund manager, it becomes pertinent to understand the

consistency in their fund management approach.

Like any sportsman who demonstrates their styles in different terrains, we are of the view that every manager has a

different style and approach for stock picking and portfolio construction. Through our detailed due diligence process,

we aim to understand the capabilities, consistency and experience of the Fund manager and substantiate their

investment style with their past and current investments.

Through our analysis and research, we have devised a which basically states that an investment style‘Fund Stylometer’

oscillates between two extremes of investing i.e. and while the other blendedMean reversion Earnings Momentum

styles of investment like and lies in between the two extremes. When a manager sticks toValue, Blended Growth

picking stocks which are out of favor or below their average valuations and expect these stocks to revert back, then

these managers are demonstrating a mean reversion investment style. For example, ICICI Fund Managers are known for

their value style of investing. On the other hand, if the manager foresees a sustainable growth in the earnings of a

company and is ready to pay a premium for the stock, then the fund manager belongs to growth style of investing. For

example, Motilal Oswal Fund Managers believe in ‘QGLP’ and exhibit earnings momentum investment style.

In an investment world where more choices may lead to more confusion, it is important to understand the style of the

Fund Manager rather than the standalone performance of the funds. Also, since different managers exhibit their

strengths in different market conditions, it is viable to construct a portfolio with appropriate combination of

investment styles which in turn would minimize duplication and over diversification.

To put into the perspective of quantifiable numbers, we have exhibited the styles of the managers through portfolio

attributes (P/E, P/B and RoE) over a period of three years, as shown in the bubble chart. The bubble chart aims to show

the relative positioning of each fund with respect to their investment style with the peers and benchmark. For

example, a fund with relatively low P/B and low P/E would represent a mean reversion style of investing, while a fund

with relatively high P/B, high P/E and higher RoE would represent earnings momentum style. Except for a few funds,

most of the funds represent a blended investment style which is a mix of value and growth style


Decoding Investment Style

Mean

Reversion

Value Blended Growth Earnings

Momentum

Note: Over a period of 3 years, X Axis represents monthly average of P/B , Y Axis represents monthly average of P/E ,

Size of the bubble represents monthly average of RoE

Positioning of Multi Cap Funds (Sample)

Period: March 2017 - February 2021

12.8

10.1

19.8

16.9

15.6

15.7 22.013.3

18.8

13.4

10.8

15.0

17.0

19.0

21.0

23.0

25.0

27.0

29.0

31.0

33.0

35.0

37.0

39.0

41.0

43.0

45.0

47.0

1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0

3 yrs Average P/B

L&T Value Franklin Focused Equity Axis Focused 25 Kotak Standard Multicap

Invesco India Contra ICICI Multicap MOSt Multicap 35 Franklin Equity

Birla Equity HDFC Equity ICICI Pru India Opp NIFTY 500

Bubble size

High P/B

High P/E

Low P/E

Low P/B

3 y

rs A

vera

ge P

/E

Investment Charter



Define & Review

Investment

Objectives

Design Investment

Charter In Line

With Objectives

Analyze Existing

Portfolio

Implement

Portfolio Changes

Ongoing

Monitoring &

Evaluation

Define

Investment

Objective

• Example: Portfolio designed to provide stability and protection from loss. Primary goal iscapital preservation with moderate growth

• Define any liquidity or cash flow requirements from the portfolio

Risk Tolerance• Degree of risk you are willing to undertake to achieve investment objectives

• Understanding that portfolio returns and portfolio risk are positively correlated

Investment

Horizon

• Defining investment horizon, consistent with risk tolerance and return expectations

• The longer the investment tenure, the greater likelihood of achieving investment

objectives

Return

Expectations

• Return expectations has to be viewed in conjunction with risk undertaken, and the

investment horizon

• Ensuring return maximization, for a given level of risk

• Optimizing returns through tax efficiency & legal mechanisms

Investment Charter – Purpose & Objectives

Portfolio Process


General Information & Client Profile

Investment Horizon

Particulars Details

Liquidity Requirements

Cash Flow Requirements

Restricted Investments

Performance Benchmarking

Portfolio Review

Portfolio Characteristics

1Return expectations for portfolio since inception for active and closed holdings. There is no guarantee that the performance will be achieved.

2Average age of portfolio holding – Including Closed Holdings

Investment Charter – Asset Allocation Guidelines

Asset Allocation

Equity (Mutual Funds, Direct Equity, AIFs) –Fixed Income ( –Mutual Funds, Structures, AIFs, Direct Debt)Alternatives (Real Estate, Private Equity, Long Short Funds) –Liquid Assets (Liquid, Ultra Short-Term, and Arbitrage Funds)

–

ReturnExpectations

1

Investment TimeHorizon

2

8% to 10% Pre Tax

3 Years to 5 Years

Mandate Criteria Portfolio Compliance

Equity – 3.7%

Fixed Income – 85.3%

Liquid Assets – 11.0%

8.2%

2.4 Years

Portfolio designed to provide stability and protection from loss. Primary goal is capitalpreservation with moderate growth

5% of the portfolio to be available for redemptions within 2 working days80% of the portfolio to be available for redemptions within 7 working days

Fixed Income – CRISIL Short Term IndexLiquid Assets – CRISIL Liquid Fund Index

No cashflows required from portfolio

No exposure to a single issuer real estate NCD

3 to 5 Years

Review of Guidelines Guidelines to be reviewed every quarter and / or at the discretion of client / financial advisor

Monthly Basis – Portfolio AdvisorQuarterly Basis – Head of Investment AdvisoryAnnual Basis – CEO

Investment Charter – Exposure Guidelines

Market Cap Limits

Interest Rate Risk


Green indicates compliance, meaning it is matching the criteria, while non-compliance, meaning it is not matching the criteriaRed indicates

Credit Quality

Mutual Funds &

Managed Accounts

Other Instruments

Large Cap (Top 100 Companies) –

Mid Cap (101 to 250th Company) –

Small Cap (251st Company Onwards) –

Modified Duration –

AAA and Above –

AA & Above –

A & Below –

Single AMC –

Single Scheme –

Single Instrument-

Large Cap – 48.2%

Mid Cap – 23.2%

Small Cap – 28.6%

60.2%

80.3%

19.8%

Proprietary Products Own AMC/ Self-Managed Funds/ Structures/ Debt - AMC 1 – 12.1%

Fund House A – 19.2%

Fund B – 13.7%

Issuer 1 – 8.4%

Instrument 1 – 8.4%

Mod Duration – 1.85

Closed EndedInvestments

Maximum allocation to closed ended investments – 14%


Sample Investment Charter


Estate Planning


To think about creating a succession plan is rather easy as compared to executing it. In India, succession plan is a

topic that is considered as an omen. It is considered bad to talk about death and thus making any plans

pertaining to it or around it is the worst.

Inspite of the above, there has been an exponential growth in the number of individuals who want to plan their

succession.

There are multiple reasons that can be attributed to such a growth. One of the biggest reasons has to be fear of

loss of life due to Covid. People don't want to leave their assets in haphazard manner in case of sudden

eventuality.

However, we can't say that Covid is the only major attribute. May be it was a very big thought stimulant for the

past two years. In the years preceding the last two years, we have seen a consistent growth for the need of

succession planning with our clients. One would have to look at factors such as:

• Increase in invested corpus,

• New companies are being formed that are getting recognition and large valuation,

• The need for protection of the wealth that has been generated over the years by the family against business

risks,

• multi-generational succession planning;

• Increased awareness and acknowledgment of separation or divorces;

• International migration of the family members;

• Consolidation of assets for the family;

• Providing for the special needs people in the family;

• Appointment of Guardian for minors;

• Legacy planning

• Charitable contributions

Over the past years, the HNI & UHNI segment has been aware of the above requirements and have been very

seriously creating the succession plan for the benefit of their family.

There can be situations where there are complexities such as misunderstanding between the family members,

complex asset holding structures, etc, in which case creating structures that will last with them for generations

is pertinent.

Thus, one should start with a more holistic approach which includes not only managing wealth but also

preserving it for the “rightful” beneficiaries.




Section IV

Managed Strategies - PMS ..................................................................................... 64

Managed Strategies - MF .......................................................................................55

Investment Charter Template .................................................................................69


*PE PB for Indices are from Bloomberg - * Returns on 31st March 2022

**Rolling Returns on a monthly basis : 1 Year time period – March 18 - March 22, 3 Year time period - March 16 - March 22


Managed Strategies - PMS

Name of the Fund

Category

Fund Manager

Inception Date

AUM (in Rs cr)

Investment Style

Number of Stocks

1 Months

3 Months

6 Months

1 Year

3 Year

5 Year

Standard Dev.

Average Return

Minimum Return

Maximum Return

Positive Observations

Average Return

Minimum Return

Maximum Return

PE

PB

ROE

ICICI Bank 10.99 Larsen & Toubro 10.40 Reliance Industr 10.70 ICICI Bank 9.93 Reliance Industr 7.13

Max Financial 7.79 Bharti Airtel 9.90 HDFC Bank 9.03 L&T Technology 9.82 HDFC Bank 6.02

SBI Cards 6.04 ICICI Bank 9.40 Infosys 8.07 Kotak Mah. Bank 7.49 Infosys 5.38

HCL Technologies 5.91 Reliance Inds. 7.20 ICICI Bank 7.25 Voltas 6.71 ICICI Bank 4.83

HDFC Bank 5.80 Infosys 6.40 H D F C 6.70 Page Industries 6.04 H D F C 4.46

Larsen & Toubro 5.73 Avenue Super. 5.90 TCS 4.59 Tech Mahindra 5.22 TCS 3.06

SBI Life Insuran 4.95 Bajaj Finserv 5.80 Kotak Mah. Bank 3.89 Gland Pharma 4.87 Kotak Mah. Bank 2.59

Home First Finan 4.60 TATA STEEL LTD 5.30 Hind. Unilever 2.79 Max Financial 4.68 Hind. Unilever 1.86

Dr Reddy's Labs 3.99 Bajaj Finance 5.20 Larsen & Toubro 2.78 Ipca Labs. 3.92 Larsen & Toubro 1.86

Thermax 3.60 HINDALCO INDUSTRIES LTD 5.10 Bajaj Finance 2.56 Eicher Motors 3.87 Bajaj Finance 1.71

Others 40.61 Others 29.40 Others 41.64 Others 37.46 Others 61.10

Bank 20.42 Finance 11.00 Bank 26.07 Bank 20.38 Bank 18.46

Finance 15.15 Infrastructure 10.40 IT 16.73 Automobile & Ancillaries 10.41 IT 13.48

Insurance 12.74 Telecom 9.90 Crude Oil 12.35 Healthcare 10.24 Finance 10.40

IT 9.23 Bank 9.40 Finance 10.67 Capital Goods 9.82 Crude Oil 8.52

Infrastructure 8.37 Crude Oil 7.20 FMCG 7.42 IT 9.74 FMCG 7.39

93.75

9.86

-4.35

19.81

Motilal Oswal Value PMS Alchemy Leaders Nifty 50 Motilal Oswal NTDOP PMS Nifty 500

Large Cap Large Cap Large Cap Multi Cap Multicap

Shrey Loonker Amit Nadekar Index Manish Sonthalia Index

18-Feb-03 21-Dec-06 03-Aug-07

2078 73 8755

Growth Growth Blended Earnings Momentum Blended

28 na 50 28 500

2.25 2.00 3.99 1.83 4.10

-5.22 -2.31 0.64 -6.68 -0.68

-4.06 -4.47 -0.87 -4.20 -1.05

11.27 23.37 18.88 15.75 20.96

12.70 9.76 14.52 12.84 15.50

9.72 10.50 13.73 10.87 13.24

19.51 11.45 15.61

22.56 19.86 21.15 21.73

1.01 0.78 0.92 1.00

21.44

1.00

11.93 9.28 12.68

-19.51 -18.77 -25.57

15.28

-26.32

70.87

14.94

-27.88

75.99

-3.67 -3.97 -4.99

18.79 17.52 19.24

95.83 87.50 85.42

8.00 8.60 9.49

95.83

10.61

-2.14

19.40

59.90 54.01 67.11

32.74 23.80 32.17 24.00

Top 10 Stocks

Top 5 Sectors

5.00 3.50 4.90 3.40

15.25 14.71 15.22 14.17

36.52 43.30 41.75 39.99 27.82

162638 495247.78 585600 173619 406854

59.38 60.20 100.00 44.08 77.20

31.54 0.00 52.01 14.90

5.37 0.00 2.73 7.30

59.39 70.60 58.36 62.54 38.90

Concentration

Top 5

Top 10

Large Cap

Mid Cap

Small Cap

Wt. Avg Market Cap (in Rs Cr)

Portfolio Composition-

Market Capitalisation

Returns*

3 Year Rolling Return**

Valuations

Since Inception

Risk Measures

-- --

Beta

Positive Observations


68.75 58.33 64.5881.25 75.00





Name of the Fund

Category

Fund Manager

Incep�on Date

AUM (in Rs cr)

Investment Style

Number of Stocks

1 Months

3 Months

6 Months

1 Year

3 Year

5 Year

Since Incep�on

Average Return

Minimum Return

Maximum Return

PE

PB

ROE

Bajaj Finance 7.43 Bajaj Finance 7.11 APL Apollo 6.96 BSE LTD 6.70 Reliance Industr 7.13

Bajaj Finserv 6.12 Bajaj Finserv 6.39 Bajaj Finance 6.95 POLYCAB INDIA 5.34 HDFC Bank 6.02

Infosys 5.80 Cholaman.Inv.&Fn 5.68 Bajaj Finserv 6.93 DCM SHRIRAM 5.31 Infosys 5.38

APL Apollo Tubes 5.52 APL Apollo Tubes 5.43 AU Small Finance 5.08 MASTEK 5.22 ICICI Bank 4.83

Polycab India 5.40 AU Small Finance 5.23 SRF 5.02 SBI 5.13 H D F C 4.46

ICICI Bank 5.37 TCS 5.14 Reliance Inds. 4.98 ICICI BANK 5.08 TCS 3.06

Reliance Industr 5.27 Page Industries 5.11 Navin Fluo.Intl. 4.93 HCL TECH 5.08 Kotak Mah. Bank 2.59

Aar� Industries 4.85 Divi's Lab. 4.89 Infosys 4.88 MAX FINANCIAL 4.68 Hind. Unilever 1.86

Page Industries 4.83 Reliance Industr 4.88 Dixon Technolog. 4.69 ORACLE FINANCIAL 4.67 Larsen & Toubro 1.86

Divi's Lab. 4.79 P I Industries 4.62 Aar� Inds. 4.68 UPL LTD 4.53 Bajaj Finance 1.71


Chemicals 16.62 Finance 19.18 Chemicals 15.93 IT 4.53 Bank 18.46

Finance 13.55 Chemicals 12.78 Finance 15.14 Finance 4.53 IT 13.48

Bank 11.41 Healthcare 11.14 Bank 7.99 Materials 4.53 Finance 10.40

IT 5.80 Bank 8.97 IT 7.49 Bank 4.53 Crude Oil 8.52

Iron & Steel 5.52 Iron & Steel 5.43 Iron & Steel Industrials 4.53 FMCG 7.39

Mid Cap

Small Cap


14.94

-27.88

75.99

44.47 11.30 2.19 0.00 7.30

18910 236635 246147 252396 406854

21.29 20.10 33.88 48.10 14.90

Top 10 Stocks

Top 5 Sectors

7.23 4.60 8.22 2.94 3.40

18.78 12.80 16.71 16.30 14.17

38.52 35.93 49.18 18.00 24.00

54.49 69.31 - -

13.48 18.69 - -

-15.60 -18.53 - -

16.63 19.02 18.69 53.67

15.72 18.73 -- -- 15.50

12.51 16.25 -- -- 13.24

-3.59 -2.76 -2.06 -0.13 -1.05

20.20 20.90 23.30 38.11 20.96

2.61 2.23 3.17 4.55 4.10

-3.64 -3.83 -3.12 -3.36 -0.68

24 23 23 23

4326 19322 323 650

Earnings Momentum Earnings Momentum Earnings Momentum Blended Blended

Chetan Thacker, Prateek Agarwal Sumit Jain, Prateek Agarwal Kuldeep Gangwar, Sujit Jain Sunil Singhania, Aman Chowhan Index

04-Jan-10 25-Jan-10 20-Nov-19 29-Oct-20

ASK Select PMS ASK IEP PMS ASK India Vision Abakkus All Cap Ni�y 500

Mul� Cap Mul� Cap Mul�cap Mul� Cap Mul�cap

6.96

Concentra�on

Top 5

Top 10

Market Capitalisa�on

Large Cap

55.37 54.48 9.35 51.74 38.90

8.79 66.02 57.50 46.90 77.20

30.27 29.84 2.18 27.70 27.82

Returns*

500

Risk Measures

Standard Dev.

Beta


Posi�ve Observa�ons 75.0066.67 85.42 - -

20.93 21.85 21.73

--

0.89 0.94 1.00


Posi�ve Observa�ons

Average Return

Minimum Return

Maximum Return

93.75

9.86

-4.35

19.81

10.13 13.21 -

-0.49 1.38 -

21.09 24.11

95.83 100.00 -

Valua�ons

-

Por�olio Composi�on-





Name of the Fund

Category

Fund Manager

Incep�on Date

AUM (in Rs cr)

Investment Style

Number of Stocks

ICICI Bank 13.29 Asian Paints 11.94 ICICI Bank 7.81 Aditya Bir. Fas. 9.92 Reliance Industr 7.13

Max Financial 11.32 Bajaj Finance 10.57 Bhar� Airtel 7.11 Inox Leisure 9.67 HDFC Bank 6.02

TCS 11.31 HDFC Bank 9.14 St Bk of India 6.96 St Bk of India 7.71 Infosys 5.38

HDFC Bank 9.85 Pidilite Inds. 8.85 Aditya Bir. Fas. 6.86 United Spirits 6.96 ICICI Bank 4.83

L & T Infotech 9.22 Titan Company 7.96 Sun Pharma.Inds. 6.76 ICICI Bank 6.89 H D F C 4.46

Kotak Mah. Bank 8.74 Dr Lal Pathlabs 7.81 United Spirits 5.56 Tata Motors 6.24 TCS 3.06

Phoenix Mills 6.38 Page Industries 7.06 INFOSYS LTD 5.22 RELIANCE INDUSTRIES LTD 6.13 Kotak Mah. Bank 2.59

Axis Bank 6.35 Nestle India 6.68 Reliance Industries Ltd 5.04 Indian Hotels Co 5.39 Hind. Unilever 1.86

HDFC Life Insur. 4.93 TCS 6.15 Tata Motors 4.74 A B B 5.23 Larsen & Toubro 1.86

Eicher Motors 4.69 ICICI Lombard General Insurance Company Ltd 5.91 Cummins India 4.63 Tata Power Co. 5.15 Bajaj Finance 1.71


Bank 38.23 Chemicals 11.70 Bank 20.97 Bank 18.20 Bank 18.46

IT 20.53 Bank 7.30 Automobile & Ancillaries 9.37 Automobile & Ancillaries 11.29 IT 13.48

Insurance 16.24 Healthcare 7.00 Telecom 7.11 Retailing 9.92 Finance 10.40

Consumer Durables 9.26 Finance 6.00 Retailing 6.86 Media & Entertainment 9.67 Crude Oil 8.52

Automobile & Ancillaries Diamond & Jewellery Healthcare Alcohol FMCG 7.39

Mid Cap

Small Cap


4.94 0.00 23.19 2.92 7.30

378995 320719.39 15349 153217 406854

1.85

18.09 7.81 36.16 15.42 14.90

Top 10 Stocks

Top 5 Sectors

Earnings Momentum Earnings Momentum Blended Towards Growth Blended Towards Growth Blended

13 14 23 22 500

18-Dec-17 01-Dec-18 01-Dec-17 19-Apr-18

1390 6481 85 15

Ni�y 500

Mul� Cap Mul� Cap Mul� Cap Mul� Cap Mul�cap

Manish Sonthalia Rakshit Ranjan, Saurabh Mukherjea Pawan Parakh, Pankaj Murarka Pawan Parakh, Pankaj Murarka Index

Mo�lal Oswal BOP PMS Marcellus CC PMS Renaissance Opportuni�es PMS Renaissance India Next PMS

9.22 5.70 6.76 6.96

Concentra�on

Top 5

Top 10


Large Cap 73.23 92.31 61.06 77.20

86.08 76.16 60.69 69.29 38.90

55.00 48.46 35.50 41.15 27.82

Returns*

1 Months

3 Months

6 Months

1 Year

3 Year

5 Year

Since Incep�on

Risk Measures

Standard Dev.

Beta



Average Return

Minimum Return

Maximum Return



Average Return

Minimum Return

Maximum Return

Valua�ons

PE

PB

ROE


75.00

14.94

-27.88

75.99

93.75

9.86

-4.35

19.81

4.74 10.77 3.50 4.12 3.40

12.46 18.99 8.98 10.18 14.17

38.02 56.72 38.96 40.51 24.00

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

1.00

21.73

-- -- -- -- 13.24

9.84 22.15 11.31 12.13 --

7.52 14.71 30.59 47.97 20.96

13.39 22.63 16.10 18.10 15.50

-5.30 -6.95 3.70 6.75 -0.68

-6.25 -6.85 7.09 9.18 -1.05

0.36 0.69 3.51 5.64 4.10





Name of the Fund

Category

Fund Manager

Incep�on Date

AUM (in Rs cr)

Investment Style

Number of Stocks

1 Months

3 Months

6 Months

1 Year

3 Year

5 Year

9.28 8.43 Hitachi Energy India Limited 7.87 Bajaj Finance

Infosys 7.34 St Bk of India 6.76 Indian Energy Ex 7.72 Bajaj Finserv 6.94 HDFC Bank 6.02

Tech Mahindra 6.89 Birla Corpn. 6.74 Globus Spirits 7.69 APL Apollo Tubes 6.85 Infosys 5.38

Tata Motors 5.51 UTI AMC 6.59 Chambal Fert. 6.91 AU Small Finance 5.08 ICICI Bank 4.83

Reliance Industr 6.34 Vina� Organics 5.33 Redington India 5.42 SRF 5.02 H D F C 4.46

Axis Bank 5.10 Bhar� Airtel 5.56 Hindalco Inds. 4.49 Navin Fluo.Intl. 4.92 TCS 3.06

UltraTech Cem. 4.78 Tata Motors-DVR 4.56 Tanla Pla�orms 4.22 Reliance Industr 4.87 Kotak Mah. Bank 2.59

Tata Steel 4.97 S A I L 1.87 Bhar� Airtel 4.19 Infosys 4.86 Hind. Unilever 1.86

Timken India 4.73 Rolex Rings 3.51 Radico Khaitan 4.06 Dixon Technolog. 4.69 Larsen & Toubro 1.86

United Spirits 4.22 United Breweries 3.41 KEI Industries 3.89 Aar� Industries 4.68 Bajaj Finance 1.71


Bank 20.47 Finance 12.11 Power 9.39 Chemicals 16.03 Bank 18.46

Automobile & Ancillaries 16.65 Automobile & Ancillaries 10.78 Chemicals 8.91 Finance 15.90 IT 13.48

IT 14.23 Chemicals 8.97 IT 7.81 IT 7.64 Finance 10.40

Crude Oil 8.32 Crude Oil 8.43 Capital Goods 7.21 Iron & Steel 7.31 Crude Oil 8.52

Mid Cap

Small Cap


37.24 2.41 3.37 2.19 7.30

406854

11.33 30.29 37.06 33.72 14.90

Top 10 Stocks

Top 5 Sectors

24928 282620 286492 243553.62

8.76 18.50 13.24

23.79 12.56 44.40 27.47 20.96

14.03 11.48 22.50 21.54 15.50

-0.38 -3.43 -2.70 0.44 -0.68

2.37 -5.91 2.50 -0.20 -1.05

3.23 4.54 3.70 1.96 4.10

Value Value Blended Towards Value Earnings Momentum Blended

28 23 23 23 500

28-Aug-17 18-Apr-16 30-Aug-16 31-Aug-18

329 587 1500 449

Kuldeep Gangwar, Sujit Jain Index

Invesco DAWN Invesco RISE PMS Old Bridge All Cap ASK 2025 AIF Ni�y 500

Mul� Cap Mid & Small Cap Mul� Cap Mul� Cap Mul�cap

Sameer Narayan Sameer Narayan Kenneth Andrade

Iron & Steel 6.78 Bank 0.07 Miscellaneous 6.28 Bank 6.85 FMCG 7.39

Concentra�on

Top 5

Top 10


Large Cap

59.15 52.77 56.46 54.85 38.90

6.16 65.29 58.17 55.78 77.20

35.36 33.85 35.61 30.83 27.82

Since Incep�on

Risk Measures

Standard Dev.

Beta



Average Return

Minimum Return

Maximum Return



Average Return

Minimum Return

Maximum Return

Valua�ons

PE 48.66

PB 8.06

ROE 16.57


ICICI Bank Reliance Industr 6.94 Reliance Industr 7.13

75.00

14.94

-27.88

75.99

93.75

9.86

-4.35

19.81

27.77 50.83 47.83 24.00

2.29 8.47 7.25 3.40

8.26 16.66 15.15 14.17

- - - -

- - - -

- - - -

- - - -

- 75.43 - -

- 58.33 - -

- 10.42 - -

- -29.67 - -

0.99 0.91 1.00

22.30 22.84 21.73

-- --

7.97 11.57 18.00 15.47 --

Returns*





Name of the Fund

Category

Fund Manager

Incep�on Date

AUM (in Rs cr)

Investment Style

Indian Hotels Co 6.21 Axis Bank 9.72 Godrej Cunsumer Product 9.70 Garware Tech. 8.00 Tata Power Co. 2.66

Cummins India 5.43 ECLERX SERVICES LTD 8.63 Crompton Gr. Con 8.17 JK Paper 7.00 SRF 2.26

ZEE ENTERTAINMENT ENTERPRISES LTD 5.11 Crompton Gr. Con 6.92 COROMANDEL INTERNATIONAL LTD 7.56 Crompton Gr. Con 6.00 Mindtree 2.12

Syngene Intl. 4.78 Sonata So�ware 6.27 VARUN BEVERAGES 7.36 ICICI Bank 6.00 Shriram Trans. 2.12

City Union Bank 4.70 Chemplast Sanmar Ltd 6.17 NARAYANA HRUDAYALAYA 5.41 GODREJ CONSUMER PRODUCTS 6.00 Voltas 2.05

Aptech 4.49 ATUL LTD 5.57 Mahindra Holiday 5.33 ICICI Sec 5.00 Zee Entertainmen 2.04

Poonawalla Fin 3.94 ICICI Sec 5.36 IIFL WEALTH LTD 5.31 St Bk of India 5.00 Crompton Gr. Con 2.02

Gateway Distr. 3.78 DCM SHRIRAM LTD 5.30 United Spirits 4.90 Suprajit Engg. 5.00 AU Small Finance 1.96

Federal Bank 3.55 UNITED SPIRITS 5.26 POLYCAB INDIA 4.87 Chemplast Sanmar 5.00 Mphasis 1.96


Retailing 10.40 Bank 15.27 Bank 22.72 Bank 21.00 Automobile & Ancillaries 10.93

Automobile & Ancillaries 8.62 Consumer Durables 6.35 Consumer Durables 8.92 Chemicals 9.00 Finance 10.89

Bank 7.91 IT 4.93 Chemicals 4.64 Tex�le 8.00 Healthcare 8.57

Finance 7.28 Finance 3.35 Realty 2.56 Healthcare 7.00 Bank 8.16

Hospitality 6.21 Miscellaneous 3.10 Finance 1.79 Paper 7.00 IT 6.49

Large Cap

Mid Cap

Small Cap

Wt. Avg Market Cap (in Rs Cr) 317747 119366 81956 105036 38998

8.15 22.50 27.96 22.40 94.71

5.04 29.10 13.15 38.00 1.81

71.28 40.60 15.07 29.00 3.48

Top 5 Sectors

Top 10 Stocks

01-Apr-18 14-Feb-19

62 5661 1015 118

Blended Towards Growth Value Value Value Blended

Renaissance Midcap PMS Unifi Blended PMS Unifi BCAD PMS Unifi Blend AIF Ni�y Free Float Mid Cap 100

Mid & Small Cap Mid & Small Cap Mul�cap Mid & Small Cap Mul�cap

Pawan Parakh, Pankaj Murarka Sarath K Reddy Sarath K Reddy Sarath K Reddy Index

01-Nov-17 30-May-17

Concentra�on

Top 5

Top 10


0.32 0.43 42.96 0.37 12.06

0.52 0.71 68.78 0.63 22.09

Number of Stocks

Returns*

1 Months

3 Months

6 Months

1 Year

3 Year

5 Year

Since Incep�on

Risk Measures

Standard Dev.

Beta



Average Return

Minimum Return

Maximum Return



Average Return

Minimum Return

Maximum Return

Valua�ons

PE

PB

ROE


Aditya Bir. Fas. 10.40 St Bk of India 11.38 ICICI Bank 10.17 Axis Bank 10.00 Adani Total Gas 2.90

81.25

7.32

-12.04

21.23

16.50 17.78 18.13 15.00 13.72

20.99 18.09 42.99 20.07 22.60

3.46 3.22 7.79 3.00 3.10

- - -

- - -

- - -

- - -

- - -

- - -

- - -

- - -

54.17

15.53

-36.16

102.44

26.72

1.00

9.16 23.01 17.39 28.04 --

16.83 32.86 25.65 -- 17.58

-- -- -- -- 11.54

7.83 -1.68 -1.07 -3.99 -2.28

31.34 39.09 39.42 -- 25.32

8.04 3.40 3.20 -5.11 5.20

5.49 -3.76 -7.31 -5.63 -2.47

25 18 14 16 100





Name of the Fund

Category

Fund Manager

Incep�on Date

AUM (in Rs cr)

Investment Style

1 Months

3 Months

6 Months

1 Year

3 Year

5 Year

Minimum Return


Average Return

Minimum Return

Maximum Return

PE

PB

ROE

Can Fin Homes 6.10 Home First Finan 7.24 GMM Pfaudler 10.00 Indian Energy Ex 4.46

V I P Inds. 5.85 SBI Life Insuran 6.35 Alkyl Amines Chemicals Ltd. 10.00 C D S L 2.83

Kajaria Ceramics 5.38 Team Lease Serv. 5.51 Garware Technical Fibres 9.00 Carborundum Uni. 2.31

Central Dep. Ser 5.18 G R Infraproject 5.31 V-Mart Retail Ltd. 8.50 Tanla Pla�orms 2.28

Angel One 5.14 WABCO India 5.28 Suprajit Engineering Ltd. 8.00 Radico Khaitan 2.25

Birla Corpn. 4.95 UTI AMC 5.16 Cyient 2.21

Gland Pharma 4.86 CRAFTSMAN AUTOMATION LIMITED 4.63 Mul� Comm. Exc. 2.18

Persistent Systems Ltd. 4.65 Barbeque-Na�on 4.39 Indiabulls Hous. 1.88

Mastek 4.27 Mul� Comm. Exc. 3.92 I D F C 1.85

Blue Star 4.24 CSB Bank 3.90 PVR 1.84

Others 49.37 Others 48.31 Others 75.91

Finance 23.40 Finance 33.43 Chemicals 28.00 IT 17.58

Construc�on Materials 8.73 Bank 10.67 Light Industrials 23.00 Finance 13.71

Healthcare 7.93 Insurance 8.59 Financials 14.00 Chemicals 8.86

FMCG 5.85 FMCG 6.39 Auto Components 13.00 Healthcare 6.15

Diversified 4.95 Construc�on Materials 3.09 Consumer Discre�onary 13.50 Power 5.91

Large Cap

Mid Cap

Small Cap


-46.65

60.42

2.98

-19.86

21.89

21.91 23.76 2.00

30.01 53.05 98.00

248393 42121 8450 10870

31.81

Top 10 Stocks

Top 5 Sectors

7.48 11.00 13.05 12.35

19.88 35.70 39.22 25.10

1.49 3.90 5.12 3.10

2.24 -

-17.52 -

14.54 -

58.33

-35.42 -

9.64 -- -- 16.06

3.84 -- -- 8.36

-4.91 -6.46 -8.66 -7.55

-4.20 -7.80 -3.29 -4.17

18.29 11.15 20.66 28.63

15-Feb-10 03-Nov-20 12-Aug-19

1477 971 15

Earnings Momentum Earnings Momentum Earnings Momentum Blended

Rakesh Tarway Vaibhav Agrawal, Shrey Loonker Ashvin She� y Index

Mo�lal Oswal IOP PMS MO EOP 2 Marcellus Li� le Champs Ni�y Small Cap

Mid & Small Cap Mul� Cap Mid & Small Cap Small Cap


Valua�ons

Concentra�on

Top 5

Top 10


0.51 51.69 24.09

19.70 0.00

0.28 29.69 14.13

Maximum Return


131.5277.41 -

-

Since Incep�on

Risk Measures

Standard Dev.

Beta



Average Return

47.92

14.77

41.67 -

5.55 -

1.16 0.50 1.00

28.26 20.20 31.43

9.28 33.39 34.07 --

Number of Stocks

Returns*

25 ND 15 100

5.76 6.27 1.88 6.01





Name of the Fund

Category

Fund Manager

Incep�on Date

AUM (in Rs cr)

Investment Style

Number of Stocks

Guj. Ambuja Exp 10.07 HCL Technologies 5.80 BAJAJ FINANCE LTD 7.60 ICICI BANK LTD 6.70 HDFC Bank 6.02

Hindalco Inds. 8.52 Aurobindo Pharma 4.00 DIVI'S LABORATORIES LTD 5.50 MAX HEALTHCARE INSTITUTE LTD 6.00 Infosys 5.38

HCL Technologies 8.12 Carborundum Uni. 0.00 UNITED SPIRITS LTD 4.10 LARSEN & TOUBRO INFOTECH LTD 6.80 ICICI Bank 4.83

Tata Steel 7.85 Guj.St.Petronet 2.80 ICICI BANK LTD 3.90 PRAJ INDUSTRIES LTD 6.80 H D F C 4.46

Ramkrishna Forg. 7.62 Chambal Fert. 4.40 DIXON TECHNOLOGIES (INDIA) LTD 3.00 AVENUE SUPERMARTS LTD 5.10 TCS 3.06

Great Eastern Shipping Co. Ltd. 7.03 Macrotech developers 4.90 TATA CONSUMER PRODUCTS LTD 3.20 DIVI'S LABORATORIES LTD 5.00 Kotak Mah. Bank 2.59

Redington India 6.87 Bhar� airtel 4.30 RELIANCE INDUSTRIES LTD 3.40 TATA STEEL LTD 0.00 Hind. Unilever 1.86

UPL Limited 6.60 Bhar� airtel(partly paid) 0.20 L&T TECHNOLOGY SERVICES LTD 3.20 DEEPAK NITRITE LTD 5.30 Larsen & Toubro 1.86

Cyient 6.23 Brigade enterprise 0.04 DEEPAK NITRITE LTD 3.10 TITAN COMPANY LTD 0.00 Bajaj Finance 1.71


IT 15.81 IT 12.50 IT 11.90 Healthcare 11.70 Bank 18.46

Auto & Ancillaries 13.12 Chemicals 11.20 Finance 7.80 Finance 7.30 IT 13.48

Tex�le 12.67 Miscellaneous 8.50 Healthcare 5.70 Bank 7.00 Finance 10.40

Non - Ferrous Metals 7.83 Power 8.40 Alcohol 4.30 Capital Goods 6.00 Crude Oil 8.52

Agri 7.10 Agri 5.60 Bank 4.20 Retailing 5.70 FMCG 7.39

Large Cap

Mid Cap

Small Cap


OLD Bridge Thema�c PMS

Mid & Small Cap

Kenneth Andrade

30-Aug-16

Blended Towords Value

41073 270269 167657 406854

28.10 6.30 27.51 14.90

31.10 0.00 8.87 7.30

13.10 43.40 45.62 77.20

Top 10 Stocks

Top 5 Sectors

NA NA 16

3201 1307

Blended Towards Value Growth Blended Towards Growth Blended

Index

22-May-19 19-Dec-08 08-May-02

Old Bridge Long Term Equity Alchemy High Growth Select Stock Alchemy High Growth PMS Ni�y 500

Mul� Cap Mul�cap Mul� Cap Mul�cap

Kenneth Andrade Hiren Ved Amit Nadekar

15.85

32.14

32.27

53308

Returns*

1 Months

3 Months

6 Months

1 Year

3 Year

5 Year

Since Incep�on

Risk Measures

Standard Dev.

Beta


Average Return

Minimum Return

Maximum Return


Average Return

Minimum Return

Maximum Return

Valua�ons

PE

PB

ROE


Vardhman Tex�le 11.08 Indian Energy Ex 7.30 TATA ELXSI LTD 14.80 BAJAJ FINANCE LTD 7.30 Reliance Industr 7.13

NA

1.70

-3.90

8.62 5.54 3.40

15.62 19.81 14.17

55.19 27.96 24.00

-4.05 -7.66 -4.35

20.21 18.19 19.81

83.33 70.83 93.75

10.55 5.98 9.86

78.11 55.19 75.99


15.58 7.42 14.94

-30.61 -31.47 -27.88--

--

70.83 56.25 75.00

20.93 22.72 21.73

0.89 0.98 1.00

21.11 20.86 --

-- 15.82 7.03 15.50

-- 14.62 7.09 13.24

2.13 -2.21 -1.05

39.62 38.51 23.03 20.96

6.00 7.41 3.84 4.10

0.00 1.08 -3.83 -0.68

500

-6.20

27.00

23.00

--

16.90

--

--

--

--


7.05

23.98

--

--

--

--

19.06

3.56

18.70

Concentra�on

Top 5

Top 10


19.90 35.90 0.34 27.82

33.74 48.70 0.49 38.90

45.64

79.99





Name of the Fund

Category

Fund Manager

Incep�on Date

AUM (in Rs cr)

WABCO India 6.46 ICICI Bank 8.14 Bajaj Finance 7.69 INFOSYS LTD 7.83 HDFC Bank 6.02

Barbeque-Na�on 5.97 HDFC Bank 6.65 Titan Company 6.71 HDFC BANK LIMITED 6.11 Infosys 5.38

SBI Life Insuran 4.93 Cash 5.05 Syngene Intl. 7.11 NESTLE INDIA LTD 4.66 ICICI Bank 4.83

Persistent Systems Ltd 4.64 Nestle India 4.39 KDDL Ltd 7.39 TITAN CO LTD 4.57 H D F C 4.46

TCNS Clothing Co 4.47 Titan Company 3.98 United Spirits 6.23 ASIAN PAINTS LTD 3.63 TCS 3.06

Catholic Syrian Bank 4.37 Asian Paints 3.82 Dixon Technolog. 5.71 PERSISTENT SYSTEMS LTD 3.52 Kotak Mah. Bank 2.59

G R Infraproject 4.33 Cholaman.Inv.&Fn 3.49 Pidilite Inds. 4.87 CHOLAMANDALAM INVESTMENT AND 3.50 Hind. Unilever 1.86

Team Lease Serv. 4.08 Axis Bank 3.24 Reliance Industr 5.23 MPHASIS LTD 3.02 Larsen & Toubro 1.86

Ratnamani Metals 3.91 Astral Poly Tech 2.70 Trent 5.07 AXIS BANK LTD 2.86 Bajaj Finance 1.71


Finance 16.27 IT 18.94 IT 16.73 Bank 17.78 Bank 18.46

FMCG 5.97 Bank 16.96 Consumer Durables 13.10 IT 16.65 IT 13.48

Chemicals 5.27 Chemicals 8.58 Miscellaneous 9.64 Finance 7.91 Finance 10.40

Insurance 4.93 Finance 7.95 Finance 7.69 Chemicals 6.99 Crude Oil 8.52

Tex�le 4.47 FMCG 4.66 Retailing 7.36 FMCG 4.66 FMCG 7.39

Large Cap

Mid Cap

Small Cap

Wt. Avg Market Cap (in Rs Cr) 96848 150315.25 192899.19 322635 406854

7.12 20.36 25.20 11.91 14.90

54.10 15.82 12.10 1.51 7.30

18.43 45.31 53.70 55.21 77.20

Top 10 Stocks

Top 5 Sectors

262 6499 314

31-Aug-20 08-Apr-19 03-Jan-18 21-May-20

Ni�y 500

Mul� Cap Mul� Cap Mul� Cap Mul� Cap Mul�cap

Vaibhav Agrawal, Shrey Loonker Prashant Khemka Hiren Ved Prashant Khemka Index

MO BAF 2 ( An� Fragile) WO Pioneers PMS Alchemy ALOT AIF WO India Select AIF

Concentra�on

Top 5

Top 10


28.55 32.86 38.26 0.34 27.82

49.71 50.09 60.30 0.49 38.90

Investment Style

Number of Stocks

Returns*

1 Months

3 Months

6 Months

1 Year

3 Year

5 Year

Since Incep�on

Risk Measures

Standard Dev.

Beta


Average Return

Minimum Return

Maximum Return


Average Return

Minimum Return

Maximum Return

Valua�ons

PE

PB

ROE


UTI AMC 6.55 Infosys 8.63 Tata Elxsi 9.36 ICICI BANK LTD 8.81 Reliance Industr 7.13

5.04 7.54 9.45 6.36 3.40

13.71 16.10 14.12 15.82 14.17

36.77 46.83 66.94 40.18 24.00

-- -- -- -- -4.35

-- -- -- -- 19.81

93.75

-- -- -- -- 9.86


-- -- -- --

-- -- -- -- -27.88

-- -- -- -- 75.99

75.00

-- -- -- -- 14.94


-- -- -- --

-- -- 21.30 21.73

-- -- 0.98 1.00

19.63 23.39 14.42 45.45 0.00

-- -- 22.54 -- 15.50

-- -- -- -- 13.24

-10.21 -1.94 6.89 -5.00 -1.05

13.83 21.86 44.46 17.58 20.96

6.74 3.11 7.86 2.46 4.10

-5.92 -3.60 -0.31 -6.52 -0.68

Growth Blended Blended Towards Growth Blended Blended

28 59 ND 21 500





Name of the Fund

Category

Fund Manager

Incep�on Date

AUM (in Rs cr)

Investment Style

3 Months

6 Months

1 Year

3 Year

5 Year

Infosys 8.41 8.71 Bajaj Fin. 6.45

HDFC Bank 6.69 Max Financial 6.85 HDFC Bank 9.03 Bajaj Finserv 6.38 Tata Power Co. 2.66

Power Grid Corpora�on Of India Limited 5.79 SBI Cards 6.50 Infosys 8.07 APL Apollo 5.76 SRF 2.26

Asian Paints 4.60 Larsen & Toubro 6.08 ICICI Bank 7.25 Solar Industries 5.53 Mindtree 2.12

Indian Energy Ex 4.00 SBI Life Insuran 5.06 H D F C 6.70 Aar� Inds. 4.94 Shriram Trans. 2.12

Apollo Hospitals 2.40 HDFC Bank 6.04 TCS 4.59 AAVAS Financiers 4.58 Voltas 2.05

Persistent Sys 4.16 Bhar� Airtel 3.44 Kotak Mah. Bank 3.89 Dixon Technolog. 4.47 Zee Entertainmen 2.04

Reliance Inds. 4.07 HCL Technologies 6.02 Hind. Unilever 2.79 AU Small Finance 4.43 Crompton Gr. Con 2.02

Titan Company 4.49 Home First Finan 4.86 Larsen & Toubro 2.78 Radico Khaitan 4.39 AU Small Finance 1.96

Kotak Mah. Bank 3.02 Tube Investments 3.15 Bajaj Finance 2.56 Affle India 4.31 Mphasis 1.96


IT 20.96 Finance 22.77 Bank 26.07 Chemicals 18.98 Automobile & Ancillaries 10.93

Bank 11.90 Bank 18.55 IT 16.73 Finance 18.57 Finance 10.89

Healthcare 9.04 IT 9.31 Crude Oil 12.35 FMCG 7.62 Healthcare 8.57

Finance 7.18 Automobile & Ancillaries 7.90 Finance 10.67 Healthcare 5.76 Bank 8.16

Chemicals 4.60 FMCG 7.46 FMCG 7.42 Iron & Steel 5.47 IT 6.49

Large Cap

Mid Cap

Small Cap

Wt. Avg Market Cap (in Rs Cr) 69984 38998

21.44 3.48

61.52 94.71

Top 10 Stocks

Top 5 Sectors

15.52 1.81

21.20

3.14

100.00

0.00

0.00

-5.10

15.80

19.51

--

ASK EOP

Mid and Small Cap

Anant Jalan , Dhaval Mehta

-7.62

24-Aug-17

Earnings Momentum

18-Apr-21

95

Blended

Axis Prime Factor AIF MO Mul�cap Equity AIF Ni�y 50

Large Cap

Karthik Kumar

07-Sep-20

Shrey Loonker

Large Cap Large Cap

Index

69.27

-4.40

-2.00

--

--

--

324825.40 54525.40

28.93

3.19

24.49

16.40

3.20

585600

Blended

0.641.46

Growth

-0.87

18.88

14.52

13.73--

--

1 Months 1.974.80 3.992.99

Since Incep�on


Average Return

Minimum Return

Maximum Return


Average Return

Minimum Return

Maximum Return

Valua�ons

PE

PB

ROE


ICICI Bank Reliance Industr 10.70 Adani Total Gas 2.90

16.35 13.60

-- 7.32

-- -12.04

-- 21.23

52.00 22.60

8.50 3.10

-- 81.25

--

--

--

--


15.28

-26.32

13.2020.20

23.80

3.50

14.71

70.87

95.83

10.61

-2.14

19.40

81.25

22.49

Concentra�on

Top 5

Top 10


51.23 22.09

29.06 12.06

30.52

33.2029.49

47.63

41.75

35.64

-2.28

25.32

17.58

11.54

CNX FF Midcap 100

Mid Cap

Index

-2.47

Blended

5.20

54.17

15.53

-36.16

102.44

--

Number of Stocks

Returns*

2642 50ND 100

Risk Measures

Standard Dev.

Beta --


--21.44

1.00

--

1.00

26.72



Managed Strategies - MF



Scheme Name

Category

Fund Manager

Incep�on Date

AUM (In INR Crs)

Investment Style

No of Stock

1M

3M

6M

1 Yr

3 Yr

5 Yr

Since Incep�on

Standard Dev

Beta

Pos�ve

Mean

Max

Min

Pos�ve

Mean

Max

Min

PE

PB

ROE

ICICI Bank 8.6 Infosys 9.8 Adani Enterp. 4.8 Reliance Industr 9.5 Reliance Industr 11.9

Infosys 8.4 Bajaj Finance 9.7 Vedanta 3.9 ICICI Bank 7.9 Infosys 9.1

HDFC Bank 6.9 ICICI Bank 9.1 Adani Green 3.5 HDFC Bank 7.6 HDFC Bank 8.4

Reliance Industr 5.8 HDFC Bank 7.5 Adani Transmissi 3.5 Infosys 7.1 ICICI Bank 6.6

Larsen & Toubro 4.3 TCS 7.0 SRF 3.4 H D F C 4.9 HDFC Ltd 5.7

Axis Bank 4.3 Avenue Super. 7.0 Pidilite Inds. 3.2 St Bk of India 4.8 TCS 5.1

Bhar� Airtel 4.2 Kotak Mah. Bank 3.9 Avenue Super. 3.2 Coal India 4.1 Kotak Bank 3.4

St Bk of India 3.6 Reliance Industr 3.7 Info Edg.(India) 3.0 NTPC 4.0 ITC Ltd 2.9

SBI Life Insuran 3.5 Divi's Lab. 2.8 ICICI Lombard 2.9 ITC 3.9 L&T 2.8

HCL Technologies 3.4 Bhar� Airtel 2.7 Dabur India 2.7 Larsen & Toubro 3.8 AXIS Bank 2.6


Banks 23.5 Banks 21.7 Consumer Non Durables 15.4 Banks 24.4 Banks 24.4

So�ware 14.0 So�ware 20.4 Finance 10.9 So�ware 12.7 So�ware 18.2

Finance 10.6 Finance 15.7 So�ware 7.9 Petroleum Products 12.6 Petroleum Products 12.3

Consumer Non Durables 5.9 Retailing 7.0 Pharmaceu�cals 7.4 Finance 10.5 Finance 10.8

Petroleum Products 5.8 Pharmaceu�cals 4.4 Power 7.0 Pharmaceu�cals 6.6 Consumer Non Durables 9.0

Top 5

Top10

LargeCap (%)

MidCap (%)

SmallCap (%)

Debt/Other (%)


28.4 35.7

Top 10 Stocks

Top 5 Sectors

Aditya Birla SL Focused Equity

Fund(G)Axis Bluechip Fund-Reg(G)

19.6 15.7

23.3

-2.1 -4.4

15.0 16.5

Returns* (%)

Risk Measures

1 Year Rolling Return (%)

3 Year Rolling Return** (%)

Por�olio Composi�on

NIFTY 50 - TRI

Large Cap Large Cap Large Cap Large Cap

20.3

398023 498593

-

Blended Towards Growth Earnings Growth Value --

28 39 56 50

2098

Blended

5782 35702 21178

50

4.0

-2.1 -3.3 1.9 0.8

15.5

Valua�ons

11.3 15.8

12.1 16.4 11.5 15.1

20.4

13.1

10.3

20.8

HDFC Top 100 Fund(G)

Mahesh Pa�l; Kunal Sangoi Shreyash Devalkar; Hitesh Das Prashant Jain; Sankalp Baid

0.3 -0.5

2.9

-2.5

-2.7

3.3 2.1 4.1

Large Cap

Kayzad Eghlim; Nishit Patel

25-Jun-10

Index

24-Oct-05 05-Jan-10 03-Sep-96 -

ICICI Pru Ni�y Next 50 Index

Fund(G)

21.0

1.0 0.8 1.5 1.0

11.5

19.3

0.9

14.3 13.0 19.0 --

20.8 17.3 35.0

72.5

-23.0 -9.1 -44.1 -25.0

77.8 86.1 69.4 80.6

17.5 18.9 16.3 18.7

69.4

14.6

60.9

-25.3

65.2 52.5 104.3

16.6 20.8

-3.6 6.8 -11.2 -0.8

91.7 80.6 97.2

9.2 14.6 7.8 11.8

100.0 77.8

6.5

16.2

-5.5

19.3

14.5 23.8

3.7 5.4 2.3 3.5

22.7

3.5

503945 615415

3.6 1.0 9.1 --

3.4 0.0 0.6 --

34.2

81.3

18.6

0.0

0.1

98824

13.1 15.1 15.7 14.8

34.0 43.0 36.9 41.8

11.7 7.1 1.4 --

53.1 63.1 57.5 58.5

81.3 91.9 88.8 100.0

Concentra�on


19.1





Scheme Name

Category

Fund Manager

Incep�on Date

AUM (In INR Crs)

Investment Style

No of Stock

1M

3M

6M

1 Yr

3 Yr

5 Yr

Since Incep�on

Standard Dev

Beta

Pos�ve

Mean

Max

Min

Pos�ve

Mean

Max

Min

PE

PB

ROE

Infosys 9.7 HDFC Bank 8.5 Reliance Industr 11.9 Reliance Industr 11.9 Reliance Industr 11.9

ICICI Bank 8.8 ICICI Bank 8.5 Infosys 8.5 Infosys 9.1 Infosys 9.1

HDFC Bank 8.1 H D F C 7.5 HDFC Bank 7.5 HDFC Bank 8.4 HDFC Bank 8.4

Reliance Industr 6.7 Bajaj Auto 7.5 ICICI Bank 7.5 ICICI Bank 6.6 ICICI Bank 6.6

Axis Bank 4.3 A B B 7.3 H D F C 7.3 H D F C 5.7 HDFC Ltd 5.7

St Bk of India 4.3 TCS 7.2 TCS 7.2 TCS 5.1 TCS 5.1

Bhar� Airtel 3.1 Container Corpn. 6.5 Kotak Mah. Bank 6.5 Kotak Mah. Bank 3.4 Kotak Bank 3.4

TCS 2.9 Infosys 5.3 ITC 5.3 ITC 2.9 ITC Ltd 2.9

Sun Pharma.Inds. 2.4 Reliance Industr 4.4 Larsen & Toubro 4.4 Larsen & Toubro 2.8 L&T 2.8

HCL Technologies 2.4 Kotak Mah. Bank 3.9 Axis Bank 3.9 Axis Bank 2.6 AXIS Bank 2.6


Banks 25.6 Banks 20.9 Banks 24.4 Banks 24.4 Banks 24.4

So�ware 16.1 Finance 13.8 So�ware 18.2 So�ware 18.2 So�ware 18.2

Petroleum Products 8.0 So�ware 12.5 Petroleum Products 12.4 Petroleum Products 12.4 Petroleum Products 12.3

Finance 7.2 Auto 10.6 Finance 10.9 Finance 10.8 Finance 10.8

Pharmaceu�cals 6.1 Industrial Capital Goods 7.3 Consumer Non Durables 9.0 Consumer Non Durables 9.0 Consumer Non Durables 9.0

Top 5

Top10

LargeCap (%)

MidCap (%)

SmallCap (%)

Debt/Other (%)


Mirae Asset Large Cap

Fund-Reg(G)

Mo�lal Oswal Focused 25

Fund-Reg(G)

UTI Ni�y Index Fund-

Reg(G)

Mo�lal Oswal Ni�y 50

Index Fund-Reg(G)NIFTY 50 - TRI

Large Cap Large Cap Large Cap Large Cap Large Cap

Gaurav Misra; Gaurav Khandelwal Siddharth Bothra; Abhiroop Mukherjee Sharwan Kumar Goyal Swapnil P Mayekar Index

04-Apr-08 13-May-13 04-Mar-00 23-Dec-19 -

31929 1695 6882 164 -

Blended Towards Value Earnings Growth Blended Blended --

63 24 50 50 50

3.4 2.8 4.0 4.0 4.0

Returns* (%)

-1.8 -4.0 0.7 0.7 0.8

-2.5 -8.0 -0.6 -0.8 -0.5

18.2 5.6 19.8 19.3 20.3

14.8 13.4 15.4 -- 15.8

14.2 10.9 14.7 -- 15.1

15.7 13.7 11.8 17.5 --

20.6 19.9 21.3 -- 21.0

1.0 0.9 1.0 -- 1.0

83.3 77.8 77.8 -- 80.6

18.1 16.4 18.3 -- 18.7

68.7 59.9 72.1 -- 72.5

-24.1 -13.6 -25.4 -- -25.0

97.2 97.2 97.2 -- 97.2

11.4 10.4 11.4 -- 11.8

23.7 32.5 23.8 23.8 23.8

20.0 20.6 20.4 -- 20.8

-0.9 -0.2 -1.2 -- -0.8

Top 10 Stocks

Top 5 Sectors

37.8 39.3 42.7 41.8 41.8

3.6 4.7 3.5 3.5 3.5

15.2 14.3 14.8 14.8 14.8

Concentra�on

100.0

13.8 21.2 0.0 0.0 --

52.8 66.6 69.9 58.5 58.5


Risk Measures



Valua�ons


454761 422973 613452 613051 615415

2.0 0.0 0.0 0.0 --

3.5 3.5 -0.2 -0.1 --

80.8 75.3 100.2 100.1





Scheme Name

Category

Fund Manager

Incep�on Date

AUM (In INR Crs)

Investment Style

No of Stock

1M

3M

6M

1 Yr

3 Yr

5 Yr

Since Incep�on

Standard Dev

Beta

Pos�ve

Mean

Max

Min

Pos�ve

Mean

Max

Min

PE

PB

ROE

Bajaj Finance 4.9 Reliance Industr 11.9

Bajaj Finserv 4.7 Infosys 9.1

ICICI Bank 4.2 HDFC Bank 8.4

Infosys 3.6 ICICI Bank 6.6

H D F C 3.5 HDFC Ltd 5.7

Tech Mahindra 3.4 TCS 5.1

Titan Company 3.1 Kotak Bank 3.4

TCS 3.1 ITC Ltd 2.9

HCL Technologies 2.9 L&T 2.8

L & T Infotech 2.9 AXIS Bank 2.6

Others 63.7 Others 41.5

So�ware 23.5 Banks 24.4

Finance 20.8 So�ware 18.2

Consumer Non Durables 13.0 Petroleum Products 12.3

Cement 7.5 Finance 10.8

Banks 7.0 Consumer Non Durables 9.0

Top 5

Top10

LargeCap (%)

MidCap (%)

SmallCap (%)

Debt/Other (%)


Anil Ghelani; Diipesh Shah Index

10-Jun-19 -

DSP Quant Fund-Reg(G) NIFTY 50 - TRI

Large Cap Large Cap

48 50

2.5 4.0

1336 -

Blended --

Returns* (%)

15.1 20.3

-- 15.8

-6.2 0.8

-6.4 -0.5

-- 21.0

-- 1.0

-- 15.1

18.6 --

Risk Measures

-- 72.5

-- -25.0

-- 80.6

-- 18.7

-- 20.8

-- -0.8

-- 97.2

-- 11.8

6.2 3.5

17.1 14.8

36.2 23.8

Top 10 Stocks

Top 5 Sectors

20.9 41.8


Concentra�on



Valua�ons

259293 615415

0.0 --

0.4 --

80.4 100.0

19.2 --

36.3 58.5






Scheme Name

Category

Fund Manager

Incep�on Date

AUM (In INR Crs)

Investment Style

No of Stock

1M

3M

6M

1 Yr

3 Yr

5 Yr

Since Incep�on

Standard Dev

Beta

Pos�ve

Mean

Max

Min

Pos�ve

Mean

Max

Min

PE

PB

ROE

ICICI Bank 9.2 Bajaj Finance 10.6 Bajaj Finance 9.9 St Bk of India 8.1 Reliance Industries Ltd 7.9

Infosys 8.8 Nestle India 9.6 TCS 9.6 ICICI Bank 6.9 Infosys Ltd 6.1

HDFC Bank 6.3 Avenue Super. 9.1 Avenue Super. 9.1 Reliance Industr 5.8 HDFC Bank Ltd. 5.6

Bhar� Airtel 5.7 TCS 8.4 Divi's Lab. 8.4 Infosys 5.4 ICICI Bank Ltd. 4.4

Dr Reddy's Labs 5.0 Wipro 7.4 Kotak Mah. Bank 7.4 NTPC 5.4 Housing Development Finance Corp.Lt 3.8

HCL Technologies 4.9 Info Edg.(India) 5.7 Pidilite Inds. 5.7 Coal India 5.2 Tata Consultancy Services Ltd. 3.4

Sun Pharma.Inds. 3.4 H D F C 4.7 Info Edg.(India) 4.7 HDFC Bank 5.2 Kotak Mahindra Bank Ltd. 2.2

Bajaj Finance 2.7 Kotak Mah. Bank 4.1 H D F C 4.1 Larsen & Toubro 5.1 ITC Ltd 1.9

Tata Steel 2.4 Torrent Power 3.8 ICICI Bank 3.8 ITC 4.0 Larsen & Toubro Limited 1.9

Axis Bank 2.1 HDFC Bank 3.1 Bajaj Finserv 3.1 Axis Bank 2.8 AXIS Bank Ltd. 1.7


Banks 21.7 So�ware 23.8 So�ware 19.7 Banks 24.6 Banks 17.7

So�ware 16.0 Finance 15.3 Finance 18.8 Finance 9.5 So�ware 14.6

Pharmaceu�cals 10.6 Consumer Non Durables 9.6 Banks 14.7 Power 8.4 Finance 10.8

Finance 9.1 Retailing 9.1 Retailing 8.6 Petroleum Products 8.2 Petroleum Products 8.7

Consumer Non Durables 6.2 Banks 7.2 Pharmaceu�cals 6.8 So�ware 6.4 Consumer Non Durables 8.4

Top 5

Top10

LargeCap (%)

MidCap (%)

SmallCap (%)

Debt/Other (%)


Aditya Birla SL Flexi Cap

Fund(G)

Axis ESG Equity Fund-

Reg(G)

Axis Focused 25 Fund-

Reg(G)HDFC Flexi Cap Fund(G) NIFTY 500 - TRI


Anil Shah; Vinod Narayan Bhat Jinesh Gopani; Hitesh Das Jinesh Gopani; Hitesh Das Prashant Jain; Sankalp Baid Index

27-Aug-98 12-Feb-20 29-Jun-12 01-Jan-95 -

16012 1897 19560 27496 -

Blended Towards Growth Blended towards Growth Blended towards Growth Value --

72 18 23 54 50

4.2 1.8 1.6 4.3 4.1

Returns* (%)

-1.5 -7.7 -6.6 3.7 -0.4

-2.5 -6.6 -8.9 3.0 -0.6

21.3 13.5 15.0 26.8 22.3

15.8 0.0 16.7 14.0 16.8

12.6 0.0 15.3 13.2 14.6

22.2 22.5 16.2 18.5 --

22.5 -- 21.1 24.16 21.3

1.0 -- 0.9 1.04 1.0

72.2 -- 77.8 69.44 83.3

18.8 -- 19.2 18.59 19.5

74.0 -- 61.9 75.96 77.6

-26.3 -- -13.7 -32.81 -26.6

86.1 -- 100.0 80.56 94.4

9.2 -- 13.3 8.28 10.5

25.3 38.9 40.1 12.4 24.0

20.4 -- 23.4 17.69 21.2

-4.9 -- 3.4 -5.58 -3.1

Top 10 Stocks

Top 5 Sectors

35.0 45.0 44.4 31.6 27.7

3.7 6.5 6.2 1.9 3.4

14.8 16.7 15.5 15.6 14.2

83.0 74.5 77.2

15.2 7.4 5.0 16.1 14.9

50.6 66.5 65.9 54.0 38.8

Risk Measures



Valua�ons


Concentra�on


306105 291483 345396 353186 424829

10.1 2.3 0.6 7.1 7.3

4.4 27.5 11.4 2.3 0.6

70.3 62.8





Scheme Name

Category

Fund Manager

Incep�on Date

AUM (In INR Crs)

Investment Style

No of Stock

1M

3M

6M

1 Yr

3 Yr

5 Yr

Since Incep�on

Standard Dev

Beta

Pos�ve

Mean

Max

Min

Pos�ve

Mean

Max

Min

PE

PB

ROE

NTPC 9.3 ICICI Bank 8.5 ICICI Bank 5.4 ICICI Bank 8.9 Reliance Industries Ltd 7.9

Sun Pharma.Inds. 9.0 HDFC Bank 7.5 St Bk of India 7.5 Infosys 8.2 Infosys Ltd 6.1

O N G C 9.0 Infosys 6.9 Infosys 6.9 Reliance Industr 6.4 HDFC Bank Ltd. 5.6

Bhar� Airtel 8.2 St Bk of India 4.4 SRF 4.4 SRF 5.8 ICICI Bank Ltd. 4.4

Axis Bank 7.3 Sun Pharma.Inds. 3.8 Axis Bank 3.8 HDFC Bank 5.4 Housing Development Finance Corp.Lt 3.8

M & M 6.5 Reliance Industr 3.7 Larsen & Toubro 3.7 UltraTech Cem. 5.1 Tata Consultancy Services Ltd. 3.4

GAIL (India) 5.0 Axis Bank 3.2 Linde India 3.2 TCS 4.6 Kotak Mahindra Bank Ltd. 2.2

ICICI Bank 4.2 Tech Mahindra 3.2 Bajaj Finance 3.2 Larsen & Toubro 4.4 ITC Ltd 1.9

CESC 2.9 Larsen & Toubro 3.1 Jindal Steel 3.1 St Bk of India 4.2 Larsen & Toubro Limited 1.9

SBI Life Insuran 2.6 Maru� Suzuki 2.3 Reliance Industr 2.3 Axis Bank 3.9 AXIS Bank Ltd. 1.7


Banks 17.0 Banks 24.7 Banks 17.8 Banks 25.8 Banks 17.7

Pharmaceu�cals 14.6 So�ware 13.0 Industrial Products 7.9 So�ware 12.8 So�ware 14.6

Power 13.8 Auto 7.0 So�ware 7.4 Cement 8.1 Finance 10.8

Oil 9.5 Pharmaceu�cals 6.5 Industrial Capital Goods 5.9 Petroleum Products 6.4 Petroleum Products 8.7

Auto 9.0 Consumer Non Durables 5.5 Tex�le Products 5.4 Tex�le Products 5.8 Consumer Non Durables 8.4

Top 5

Top10

LargeCap (%)

MidCap (%)

SmallCap (%)

Debt/Other (%)


ICICI Pru India Opp Fund(G) Invesco India Contra Fund(G) Kotak Equity Opp Fund(G) Kotak Flexicap Fund(G) NIFTY 500 - TRI


Sankaran Naren; Roshan Chutkey Taher Badshah; Dhimant Kothari Harsha Upadhyaya Harsha Upadhyaya Index

15-Jan-19 11-Apr-07 09-Sep-04 11-Sep-09 -

4911 8726 9455 37126 -

Value Value Blended towards Growth Blended towards Growth --

42 56 56 47 50

2.9 3.3 4.5 3.9 4.1

Returns* (%)

4.6 -2.1 1.0 -0.8 -0.4

1.0 -1.5 0.9 -1.7 -0.6

35.4 19.7 20.1 15.6 22.3

17.8 15.6 17.5 13.5 16.8

0.0 14.7 14.0 12.6 14.6

19.4 14.4 18.5 14.0 --

26.0 21.5 20.1 20.49 21.3

1.1 1.0 0.9 0.94 1.0

-- 80.6 83.3 75.00 83.3

-- 18.5 20.1 16.86 19.5

-- 72.8 71.4 66.46 77.6

-- -25.2 -21.1 -23.87 -26.6

-- 97.2 94.4 94.44 94.4

-- 11.3 11.0 10.23 10.5

13.2 25.7 25.4 25.1 24.0

-- 20.4 22.2 19.03 21.2

-- -1.3 -2.2 -2.05 -3.1

Top 10 Stocks

Top 5 Sectors

42.7 31.0 27.9 34.6 27.7

1.7 3.4 4.0 3.8 3.4

12.8 13.3 15.6 15.1 14.2

54.8 75.6 77.2

12.6 11.0 35.2 20.1 14.9

64.0 46.5 43.4 56.8 38.8

Risk Measures



Valua�ons


Concentra�on


160743 319885 270508 423688 424829

13.8 12.7 3.9 1.3 7.3

4.8 5.9 6.2 3.0 0.6

68.8 70.4





Scheme Name

Category

Fund Manager

Incep�on Date

AUM (In INR Crs)

Investment Style

No of Stock

1M

3M

6M

1 Yr

3 Yr

5 Yr

Since Incep�on

Standard Dev

Beta

Pos�ve

Mean

Max

Min

Pos�ve

Mean

Max

Min

PE

PB

ROE

HDFC Bank 7.4 ICICI Bank 9.8 Reliance Industr 7.9 Reliance Industries Ltd 7.9

Infosys 6.7 Cholaman.Inv.&Fn 5.8 Infosys 6.1 Infosys Ltd 6.1

TCS 6.2 Larsen & Toubro 4.8 HDFC Bank 5.6 HDFC Bank Ltd. 5.6

ICICI Bank 5.6 St Bk of India 4.8 ICICI Bank 4.4 ICICI Bank Ltd. 4.4

H D F C 5.4 Axis Bank 4.8 H D F C 3.8 Housing Development Finance Corp.Lt 3.8

Maru� Suzuki 5.4 UltraTech Cem. 4.2 TCS 3.4 Tata Consultancy Services Ltd. 3.4

St Bk of India 4.3 Jubilant Food. 3.9 Kotak Mah. Bank 2.2 Kotak Mahindra Bank Ltd. 2.2

Gland Pharma 4.3 Dr Lal Pathlabs 3.9 ITC 1.9 ITC Ltd 1.9

Vaibhav Global 4.3 Infosys 3.8 Larsen & Toubro 1.9 Larsen & Toubro Limited 1.9

Reliance Industr 4.2 Medplus Health 3.7 Axis Bank 1.7 AXIS Bank Ltd. 1.7

Others 46.2 Others 50.4 Others 61.2 Others 61.2

Banks 23.3 Banks 22.6 Banks 17.7 Banks 17.7

So�ware 15.1 Finance 9.9 So�ware 14.6 So�ware 14.6

Finance 14.3 Cement 9.1 Finance 10.8 Finance 10.8

Auto 10.9 Health Care Services 7.4 Petroleum Products 8.7 Petroleum Products 8.7

Retailing 4.3 Consumer Non Durables 7.0 Consumer Non Durables 8.4 Consumer Non Durables 8.4

Top 5

Top10

LargeCap (%)

MidCap (%)

SmallCap (%)

Debt/Other (%)


Mo�lal Oswal Flexi Cap Fund-

Reg(G)

Mo�lal Oswal Large & Midcap

Fund-Reg(G)

Mo�lal Oswal Ni�y 500

Fund-Reg(G)NIFTY 500 - TRI


Siddharth Bothra; Abhiroop Mukherjee Aditya Khemani; Abhiroop Mukherjee Swapnil P Mayekar Index

28-Apr-14 17-Oct-19 06-Sep-19 -

9690 1168 294 -

Earnings Growth Earnings Growth Blended --

31 32 500 50

1.6 0.1 4.0 4.1

-6.5 -7.4 -0.7 -0.4

Returns* (%)

-9.8 -5.4 -1.1 -0.6

2.4 17.6 20.8 22.3

7.5 -- -- 16.8

7.2 -- -- 14.6

15.9 20.2 21.8 --

21.1 -- -- 21.32

Risk Measures

1.0 -- -- 1.00

72.2 -- -- 83.33

11.4 -- -- 19.51


61.7 -- -- 77.58

-25.0 -- -- -26.62

77.8 -- -- 94.44


6.5 -- -- 10.55

32.8 31.4 24.0 24.0

14.7 -- -- 21.22

-5.1 -- -- -3.14

Valua�ons

4.6 4.2 3.5 3.4

13.9 13.3 14.4 14.2

53.8 49.6 38.8 38.8

Top 10 Stocks

Top 5 Sectors

31.3 30.1 27.7 27.7


Concentra�on


83.4 48.6 77.4 77.2

8.9 32.5 14.8 14.9

419313 194858 425342 424829

4.6 18.6 7.7 7.3

3.1 0.4 0.1 0.6

APRIL 2022 | ISSUE 112 60APRIL 2022 | ISSUE 112 61




Scheme Name

Category

Fund Manager

Incep�on Date

AUM (In INR Crs)

Investment Style

No of Stock

1M

3M

6M

1 Yr

3 Yr

5 Yr

Since Incep�on

Standard Dev

Beta

Pos�ve

Mean

Max

Min

Pos�ve

Mean

Max

Min

PE

PB

ROE

Cholaman.Inv.&Fn 4.8 Cholaman.Inv.&Fn 6.0 Persistent Sys 4.6 Tube Investments 10.9 Adani Total Gas 4.2

ICICI Bank 3.7 Bharat Electron 4.4 Supreme Inds. 4.4 Gujarat Gas 8.6 Tata Power Co 2.9

Trent 3.2 Indian Hotels Co 4.1 Schaeffler India 4.1 Phoenix Mills 8.1 Tata Elxsi 2.2

Bajaj Finance 3.2 Balkrishna Inds 3.9 Thermax 3.9 CG Power & Indu. 6.9 Voltas Ltd. 2.1

Coforge 3.0 Sundram Fasten. 3.7 Cummins India 3.7 V I P Inds. 5.6 Trent Ltd [Lakme Ltd] 2.0

Astral 2.9 Max Healthcare 3.7 Sheela Foam 3.7 Max Financial 5.4 Mphasis 2.0

Tata Elxsi 2.8 Ipca Labs. 2.9 Solar Industries 2.9 Cholaman.Inv.&Fn 4.8 AU Small Fin Bank 2.0

Mphasis 2.8 Aar� Industries 2.9 Coromandel Inter 2.9 AU Small Finance 4.7 Zee Enterta 1.9

Mindtree 2.8 Persistent Sys 2.8 SKF India 2.8 Voltas 4.5 Page Industries 1.8

Avenue Super. 2.7 Hind.Aeronau�cs 2.7 Oberoi Realty 2.7 Bajaj Finance 4.0 Bharat Electronics 1.8


So�ware 15.9 Finance 14.4 Industrial Products 15.4 Finance 14.2 Finance 9.4

Finance 9.1 Auto Ancillaries 11.9 Consumer Durables 9.0 Auto Ancillaries 10.9 So�ware 8.5

Industrial Products 8.5 Industrial Products 7.7 Banks 7.5 Construc�on 9.4 Banks 7.5

Retailing 7.6 Chemicals 7.4 Pharmaceu�cals 6.0 Gas 8.6 Gas 7.3

Banks 6.4 Consumer Durables 6.6 Construc�on 5.4 Consumer Durables 8.3 Pharmaceu�cals 7.3

Top 5

Top10

LargeCap (%)

MidCap (%)

SmallCap (%)

Debt/Other (%)


Axis Midcap Fund-Reg(G) HDFC Mid-Cap Opportuni�es

Fund(G)

Kotak Emerging Equity

Fund(G)

Mo�lal Oswal Midcap 30

Fund-Reg(G)Ni�y Midcap 100 - TRI


Shreyash Devalkar; Hitesh Das Chirag Setalvad; Sankalp Baid Pankaj Tibrewal Niket Shah; Abhiroop Mukherjee Index

18-Feb-11 25-Jun-07 30-Mar-07 24-Feb-14 -

17645 31309 18635 2641 -

Earnings Growth Blended towards Value Blended towards Growth Earnings Growth --

62 65 69 23 50

3.5 3.6 3.8 3.8 5.2

Returns* (%)

-3.8 -0.6 -1.7 -1.7 -2.2

-2.0 -0.2 1.0 6.8 -1.8

23.4 23.7 24.4 38.2 26.7

22.7 17.2 22.4 20.9 18.8

19.4 12.8 15.2 13.1 12.6

18.7 16.1 14.0 20.4 --

18.4 23.8 23.7 23.81 26.3

0.6 0.8 0.9 0.82 1.0

86.1 69.4 77.8 66.67 61.1

24.8 21.0 25.9 21.33 23.0

67.8 88.1 94.3 71.65 103.9

-10.6 -30.7 -24.1 -24.20 -35.1

100.0 83.3 88.9 77.78 77.8

15.9 7.9 11.1 7.34 6.9

43.1 19.1 29.4 55.3 22.6

27.5 21.7 26.7 25.33 22.6

5.4 -7.8 -5.6 -7.42 -11.1

Top 10 Stocks

Top 5 Sectors

18.1 22.1 20.8 40.1 13.4

7.1 2.8 4.8 8.1 3.1

16.6 14.4 16.2 14.6 13.6

14.4 6.7 15.1

65.7 66.3 64.6 67.1 81.3

32.2 37.0 35.7 63.5 22.9

Risk Measures



Valua�ons


Concentra�on


84964 27025 44230 50157 44268

2.1 25.5 15.8 17.5 2.5

11.9 3.8 5.2 8.7 --

20.3 4.4





Scheme Name

Category

Fund Manager

Incep�on Date

AUM (In INR Crs)

Investment Style

No of Stock

1M

3M

6M

1 Yr

3 Yr

5 Yr

Since Incep�on

Standard Dev

Beta

Pos�ve

Mean

Max

Min

Pos�ve

Mean

Max

Min

PE

PB

ROE

Persistent Sys 4.7 Adani Total Gas 3.3 Adani Enterp. 4.8 Adani Total Gas 4.2

Cummins India 3.7 Tata Power Co. 2.3 Vedanta 2.3 Tata Power Co 2.9

A B B 3.4 Tata Elxsi 1.7 Adani Green 1.7 Tata Elxsi 2.2

Federal Bank 3.4 Voltas 1.6 Adani Transmissi 1.6 Voltas Ltd. 2.1

HDFC Bank 3.4 Trent 1.6 SRF 1.6 Trent Ltd [Lakme Ltd] 2.0

Voltas 4.8 Mphasis 1.6 Pidilite Inds. 1.6 Mphasis 2.0

TVS Motor Co. 3.2 AU Small Finance 1.5 Avenue Super. 1.5 AU Small Fin Bank 2.0

Timken India 3.1 Zee Entertainmen 1.5 Info Edg.(India) 1.5 Zee Enterta 1.9

Ashok Leyland 3.0 Page Industries 1.4 ICICI Lombard 1.4 Page Industries 1.8

Sanofi India 2.9 Bharat Electron 1.4 Dabur India 1.4 Bharat Electronics 1.8


Industrial Products 13.0 Finance 9.8 Consumer Non Durables 15.5 Finance 9.4

So�ware 10.6 Pharmaceu�cals 7.5 Finance 10.9 So�ware 8.5

Pharmaceu�cals 10.6 So�ware 7.0 So�ware 7.9 Banks 7.5

Chemicals 6.9 Chemicals 6.0 Pharmaceu�cals 7.4 Gas 7.3

Banks 6.8 Industrial Products 5.9 Power 7.0 Pharmaceu�cals 7.3

Top 5

Top10

LargeCap (%)

MidCap (%)

SmallCap (%)

Debt/Other (%)


PGIM India Midcap Opp Fund-

Reg(G)

Mo�lal Oswal Ni�y Midcap 150

Index Fund-Reg(G)

Mo�lal Oswal Ni�y Next 50 Index

Fund-Reg(G)Ni�y Midcap 100 - TRI


4887 513 113 -

Growth Blended Blended --

Aniruddha Naha; Vivek Sharma Swapnil P Mayekar Swapnil P Mayekar Index

02-Dec-13 06-Sep-19 23-Dec-19 -

50 150 50 50

3.7 4.7 2.8 5.2

Returns* (%)

35.3 23.3 19.8 26.7

32.1 -- -- 18.8

-4.8 -3.6 -2.6 -2.2

0.2 -2.1 -2.9 -1.8

24.3 -- -- 26.3

0.9 -- -- 1.0

18.3 -- -- 12.6

18.9 29.6 16.9 --

Risk Measures

117.4 -- -- 103.9

-21.6 -- -- -35.1

75.0 -- -- 61.1

35.6 -- -- 23.0

36.8 -- -- 22.6

-7.6 -- -- -11.1

83.3 -- -- 77.8

12.8 -- -- 6.9

4.1 3.4 3.5 3.1

14.4 13.7 15.5 13.6

28.4 24.6 22.7 22.6

18.6 94.7

35.6 18.0 19.5 22.9

Top 10 Stocks

Top 5 Sectors

18.7 10.6 12.0 13.4



Valua�ons


Concentra�on


64623 39952 98982 44268

23.3 4.3 0.0 1.8

1.3 0.0 0.0 --

8.9 13.1 81.4 3.5

66.5 82.5





Scheme Name

Category

Fund Manager

Incep�on Date

AUM (In INR Crs)

Investment Style

No of Stock

1M

3M

6M

1 Yr

3 Yr

5 Yr

Since Incep�on

Standard Dev

Beta

Pos�ve

Mean

Max

Min

Pos�ve

Mean

Max

Min

PE

PB

ROE

Atul 3.7 Bajaj Electrical 4.7 Team Lease Serv. 4.3 Century Plyboard 5.8 CDSL 2.8

Chambal Fert. 3.7 Firstsour.Solu. 4.7 V I P Inds. 4.7 Sheela Foam 4.0 Tanla Pla�orms 2.5

Suprajit Engg. 3.3 Sonata So�ware 4.5 Persistent Sys 4.5 Carborundum Uni. 3.8 UTI AMC 2.2

K P R Mill Ltd 3.1 Chambal Fert. 4.3 Cra�sman Auto 4.3 Ratnamani Metals 3.4 KPIT Technologies 2.2

Ratnamani Metals 3.1 eClerx Services 3.4 Orient Electric 3.4 Amber Enterp. 3.2 City Union Bank Ltd 2.1

GHCL 3.1 Vardhman Tex�le 3.2 Timken India 3.2 Galaxy Surfact. 2.8 Carborundum Universal 2.0

Nilkamal Ltd 3.0 Sharda Cropchem 2.7 Tata Elxsi 2.7 Persistent Sys 2.7 PVR Ltd. 1.9

Ipca Labs. 3.0 Aster DM Health. 2.5 UTI AMC 2.5 Blue Star 2.7 IDFC LIMITED 1.9

Sheela Foam 2.9 Radico Khaitan 2.5 Birla Corpn. 2.5 Supreme Inds. 2.6 Intellect Design Arena 1.8

Tube Investments 2.9 KEI Industries 2.5 Balrampur Chini 2.5 Cyient 2.6 Redington (India) 1.8


Consumer Durables 11.3 So�ware 15.1 So�ware 11.1 Consumer Durables 24.5 So�ware 15.7

Industrial Products 9.2 Industrial Products 11.3 Construc�on 9.0 Industrial Products 11.7 Finance 12.9

Auto Ancillaries 8.2 Consumer Durables 7.1 Industrial Products 7.9 Chemicals 6.1 Others 12.6

Ferrous Metals 7.2 Consumer Non Durables 5.5 Consumer Durables 7.2 So�ware 5.8 Chemicals 5.8

Chemicals 6.8 Banks 5.4 Consumer Non Durables 6.1 Construc�on 5.5 Industrial Products 4.9

Top 5

Top10

LargeCap (%)

MidCap (%)

SmallCap (%)

Debt/Other (%)


DSP Small Cap Fund-

Reg(G)HDFC Small Cap Fund-

Reg(G)

Invesco India Smallcap

Fund-Reg(G)Ni�y Smallcap 100 - TRI


Kotak Small Cap Fund(G)

Large Cap

Vinit Sambre; Jay Kothari Chirag Setalvad; Sankalp Baid Taher Badshah; Pranav Gokhale Index

14-Jun-07 03-Apr-08 30-Oct-18 -

Pankaj Tibrewal

24-Feb-05

8625 12677 1267 -

Earnings Growth Blended towards Value Blended towards Growth --

7236

Blended towards Growth

67 63 50 50

6.0 2.6 6.3 6.1

72

4.8

Returns* (%)

-2.6 -6.9 -4.4 -7.3

4.0 -3.4 1.1 -3.8

-2.5

2.1

39.2 34.4 35.6 29.8

25.0 16.7 24.8 17.3

36.4

31.2

13.7 16.1 0.0 9.7

17.6 15.0 24.0 --

18.6

17.7

26.5 28.0 25.6 31.2

0.8 0.8 0.7 1.0

26.84

0.77

69.4 47.2 -- 58.3

28.2 25.1 -- 25.4

75.00

36.47

108.4 117.5 -- 133.4

-30.5 -41.8 -- -45.3

135.49

-27.09

66.7 75.0 -- 55.6

7.2 8.2 -- 2.3

86.11

11.98

29.9 22.0 -- 23.2

-12.3 -8.2 -- -18.7

34.93

-8.95

13.7

Top 10 Stocks

20.8 18.0 26.6 25.1

3.3 2.3 3.7 3.1

32.4

5.2

15.916.0 12.6 13.9

4.9 5.7 2.5

21.2

0.0 0.0 0.0 ---

Top 5 Sectors

17.0 21.6 21.2 11.720.2

33.5

3.1

31.9 35.1 34.7

Risk Measures



Valua�ons


Concentra�on


---

9703 10372 11731 10754

5.1

21780

13.1 11.2 15.5 2.0

82.0 83.1 81.9 98.070.0

21.8





Scheme Name

Category

Fund Manager

Incep�on Date

AUM (In INR Crs)

Investment Style

No of Stock

1M

3M

6M

1 Yr

3 Yr

5 Yr

Since Incep�on

Standard Dev

Beta

Pos�ve

Mean

Max

Min

Pos�ve

Mean

Max

Min

PE

PB

ROE

BSE 1.5 CDSL 2.8

CDSL 1.5 Tanla Pla�orms 2.5

Tanla Pla�orms 1.3 UTI AMC 2.2

UTI AMC 1.2 KPIT Technologies 2.2

KPIT Technologi. 1.2 City Union Bank Ltd 2.1

City Union Bank 1.1 Carborundum Universal 2.0

Carborundum Uni. 1.1 PVR Ltd. 1.9

PVR 1.0 IDFC LIMITED 1.9

I D F C 1.0 Intellect Design Arena 1.8

Redington India 1.0 Redington (India) 1.8

Others 88.1 Others 78.8

Finance 12.4 So�ware 15.7

So�ware 9.6 Finance 12.9

Industrial Products 6.4 Others 12.6

Consumer Durables 5.4 Chemicals 5.8

Pharmaceu�cals 5.1 Industrial Products 4.9

Top 5

Top10

LargeCap (%)

MidCap (%)

SmallCap (%)

Debt/Other (%)


Swapnil P Mayekar Index

06-Sep-19 -

Mo�lal Oswal Ni�y Smallcap 250 Index

Fund-Reg(G)Ni�y Smallcap 100 - TRI

Large Cap Large Cap

250 50

6.1 6.1

277 -

Blended --

Returns* (%)

34.6 29.8

-- 17.3

-4.2 -7.3

0.4 -3.8

-- 9.7

32.5 --

Risk Measures

-- 58.3

-- 25.4

-- 31.2

-- 1.0


-- 133.4

-- -45.3


6.7 11.7

2.9 3.1

12.0 13.7

0.0 ---

1.6 2.0

11.9 21.2


9485 10754

98.4 98.0

-0.1 ---

Valua�ons


Concentra�on

Top 10 Stocks

Top 5 Sectors

23.7 25.1

-- 23.2

-- -18.7

-- 55.6

-- 2.3





Scheme Name

Category

Fund Manager

Incep�on Date

AUM (In INR Crs)

Investment Style

No of Stock

1M

3M

6M

1 Yr

3 Yr

5 Yr

Since Incep�on

Standard Dev

Beta

Pos�ve

Mean

Max

Min

Pos�ve

Mean

Max

Min

PE

PB

ROE

Infosys 6.6 ICICI Bank 6.9 Bhar� Airtel 7.7 Reliance Industr 11.9

ICICI Bank 5.6 Infosys 5.8 NTPC 5.8 Infosys 9.1

Reliance Industr 4.5 HDFC Bank 5.4 ICICI Bank 5.4 HDFC Bank 8.4

HDFC Bank 4.4 Reliance Industr 5.3 O N G C 5.3 ICICI Bank 6.6

Axis Bank 2.4 Larsen & Toubro 4.3 Hindalco Inds. 4.3 HDFC Ltd 5.7

St Bk of India 2.4 St Bk of India 4.2 HCL Technologies 4.2 TCS 5.1

UltraTech Cem. 2.2 H D F C 3.9 Sun Pharma.Inds. 3.9 Kotak Bank 3.4

Mindtree 2.0 ITC 3.6 Infosys 3.6 ITC Ltd 2.9

Bajaj Finance 1.9 Axis Bank 3.0 St Bk of India 3.0 L&T 2.8

Coforge 1.8 Bhar� Airtel 2.5 Axis Bank 2.5 AXIS Bank 2.6


Banks 14.9 Banks 21.6 Banks 14.3 Banks 24.4

So�ware 14.8 So�ware 7.7 Power 8.0 So�ware 18.2

Pharmaceu�cals 6.6 Petroleum Products 6.9 Telecom - Services 7.7 Petroleum Products 12.3

Finance 6.3 Construc�on Project 6.0 So�ware 6.6 Finance 10.8

Petroleum Products 4.5 Finance 3.9 Oil 5.9 Consumer Non Durables 9.0

Top 5

Top10

LargeCap (%)

MidCap (%)

SmallCap (%)

Debt/Other (%)

Wt. Avg Market Cap (in Rs Cr) 293987 304537 191655 -

4.8 11.3 3.2 -

22.8 29.4 32.7 35.0

54.5 52.5 60.5 65.0

18.0 6.8 3.7 -

33.8 44.8 45.7 58.5

Top 10 Stocks

Top 5 Sectors

23.6 27.7 28.5 41.8

4.5 2.7 2.1 --

15.0 13.8 14.9 --

29.8 19.8 14.4 --

15.1 17.2 21.3 18.0

-5.7 -4.8 -2.5 1.9

77.8 83.3 94.4 100.0

6.0 7.1 9.7 10.9

59.1 58.7 73.3 49.75

-24.6 -22.0 -21.2 -12.94

66.7 77.8 77.8 86.11

14.0 15.9 19.9 15.92

17.3 17.4 18.8 13.68

0.8 0.8 0.8 0.03

9.8 10.1 14.6 12.8

18.9 13.0 14.9 --

19.5 18.0 33.2 15.3

12.7 13.4 18.9 14.5

1.1 1.3 5.3 0.1

60 36 57 50

1.9 2.4 2.6 2.7

Returns* (%)

Chirag Setalvad; Sankalp Baid Sankaran Naren; Mi� ul Kalawadia Index

10-Feb-95 06-Apr-05 03-Nov-99 -

2.2 1.0 4.5 0.4

Risk Measures



Valua�ons


Concentra�on


Aditya Birla SL Equity Hybrid '95

Fund(G)HDFC Hybrid Equity Fund(G) ICICI Pru Equity & Debt Fund(G)

CRISIL Hybrid 35+65 - Aggressive

Index


8460 18442 19274 -

Blended towards Growth Blended towards Value Value 0.00

Satyabrata Mohanty; Dhaval Shah


Notes



Notes



Notes




Investment Charter Template

General Information & Client Profile

Investment Horizon

Particulars Details

Liquidity Requirements

Cash Flow Requirements

Restricted Investments

Performance Benchmarking

Portfolio Review

Review of Guidelines

Portfolio Characteristics

1Return expectations for portfolio since inception for active and closed holdings. There is no guarantee that the performance will be achieved.

2Average age of portfolio holding – Including Closed Holdings

Investment Charter – Exposure Guidelines

Market Cap Limits

Interest Rate Risk


Investment Charter – Asset Allocation Guidelines

Asset Allocation

Equity (Mutual Funds, Direct Equity, AIFs) –

Fixed Income ( –Mutual Funds, Structures, AIFs, Direct Debt)

Alternatives (Real Estate, Private Equity, Long Short Funds) –

Liquid Assets (Liquid, Ultra Short-Term, and Arbitrage Funds)

–

ReturnExpectations

1

Investment TimeHorizon

2


Credit Quality

Mutual Funds &

Managed Accounts

Closed Ended

Investments

Other Instruments

Proprietary Products

Large Cap (Top 100 Companies) –

Mid Cap (101 to 250th Company) –

Small Cap (251st Company Onwards) –

Modified Duration –

AAA and Above –

AA & Above –

A & Below –

Single AMC –

Single Scheme –

Maximum allocation to closed ended investments –

Single Issuer -

Single Instrument-

Own AMC/ Self-Managed Funds/ Structures/ Debt -

Inte

ntion

ally l

eft b

lank


Motilal Oswal Wealth Limited

CIN: U67110MH2002PLC135075

Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road,

Opposite Parel ST Depot, Prabhadevi, Mumbai 400 025

Tel No.: 022 7193 4200/63; Website: www.motilaloswalpwm.com

Registration details: SEBI PMS Regn No: INP000004409; AMFI Regn No: ARN87554

Please read disclosure document as issued by company from time to time.

Ashish Shanker

MD & CEO

[email protected]

91 22+ 7198 5549

Nitin Shanbhag

Head - Investment Products

[email protected]

+91 22 7199 2328

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Motilal Oswal Wealth Limited, a company incorporated under the Companies act 1956, is registered with SEBI as Portfolio Manager. Motilal Oswal Wealth Limited is also registered as adistributor of mutual funds. Registration details: SEBI PMS Regn No: INP000004409; AMFI Regn No: ARN87554

The information, data, or analysis does not constitute investment advice or as an offer or solicitation of an offer to purchase or subscribe for any investment or a recommendation and is meantfor your personal information only and suggests a proposition which does not guarantee any returns. Motilal Oswal Wealth Ltd (hereinafter referred as MOWL) or any of its affiliates is notsoliciting any action based upon it. This information, including the data or analysis provided herein is neither intended to aid in decision making for legal, financial, or other consultingquestions nor should it be the basis of any investment or other decisions. The historical performance presented in this document is not indicative of and should not be construed as beingindicative of or otherwise used as a proxy for future or specific investments. The relevant product offering documents should be read for further details.MOWL does not take responsibility forauthentication of any data or information which has been furnished by you,the entity offering the product, or any other third party which furnishes the data or information. The abovementioned assets are not necessarily maintained or kept in custody of MOWL.

The information contained in this statement are updated as and when received as a result of which there may be differences between the details contained herein and those reflected in therecords of the respective entities or that of yours. In the event where information sent through any electronic Media (including but not limited to Net Banking or email) or print do not tally, forwhatever reason, with the records available with the entity offering the product or the third party maintaining such information in each of the foregoing cases, the information with the entityoffering the product or third party maintaining such information shall be considered as final. The benchmarking shown in the document above is a result of the choice of benchmark MOWLuses for the various products. It is possible that some investments offered by the third parties have other benchmarks and their actual relative under- or out-performance is different from thatprovided in the statement. The recipient should seek appropriate professional advice, including tax advice, before dealing with any realized or unrealized gain/loss reflecting in this statement.The above data, information, or analysis is shared at the request of the recipient and is meant for information purposes only and is not an official confirmation of any transactions mentionedin the document above. Service-related complaints may be acceptable for the rectification of inaccurate data. You should notify us immediately and in any case within 15 days of receipt of thisdocument date if you notice any error or discrepancy in the information furnished above, failing which it would be deemed to have been accepted by you. MOWL reserves the right to rectifydiscrepancies in this document at any point of time. The sharing of information in relation to one's assets may not be secure, and you are required to completely understand the risk associatedwith sharing such information. The information being shared with MOWL can pose risk of information being stolen and or used by unauthorized persons who do not have the rights to accesssuch information. MOWL or any of its group companies, its employees, and agents cannot be held liable for unauthorized use of such information. Our sales professionals or other employeesmay provide oral or written views to you that reflect their personal opinions, which may be contrary to the opinions expressed herein. You should carefully consider whether any informationshared herein and investment products mentioned herein are appropriate in view of your investment experience, objectives, financial resources, relevant circumstances & risk appetite. Allrecipients of this information should conduct their own investigation and analysis and should check the accuracy, reliability, and completeness of the information. This information isdistributed upon the express understanding that no part of the information herein contained has been independently verified. Further, no representation or warranty expressed or implied ismade, nor is any responsibility of any kind accepted with respect to the completeness or accuracy of any information as may be contained herein. Also, no representation or warrantyexpressed or implied is made that such information remains unchanged in any respect as of any date or dates after those stated herein with respect to any matter concerning any statementmade herein above.

In no event will MOWL and their officers, directors, personnel, employees, or its affiliates and group company be liable for any damages, losses, or liabilities including without limitation, director indirect, special, incidental, consequential damages, losses or liabilities, in connection with your use of the information mentioned in this document or your reliance on or use or inability touse the information contained in this document, even if you advise us of the possibility of such damages, losses or expenses. The contents of this document do not have any contractual value.The information contained in this document is confidential in nature, and you are receiving all such information on the express condition of confidentiality. If you are not the intendedrecipient, you must not disclose or use the information in this document in any way whatsoever. If you received it in error, please inform us immediately by return email and delete thedocument with no intention of its being retrieved by you. We do not guarantee the integrity of any emails or attached files and are not responsible for any changes made to them. This reportand information therein is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country, or other jurisdiction,where such distribution, publication, availability or use would be contrary to law, regulation or which would subject MOWL and affiliates to any registration or licensing requirement withinsuch jurisdiction. The information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed,in part or in whole, to any other person or to the media or reproduced in any form, without the prior written consent of MOWL. MOWL, in the course of conduct of its business activity, mayhave a financial, business, or other interest in other entities, including the subject mentioned herein, however, MOWL encourages independence in preparing this information and strives tominimize conflict in preparation of the above information. MOWL does not have a material conflict of interest at the time of publication of this information. While every effort has been madeto ensure that the information provided herein is accurate, timely, secure and error-free, MOWL, their directors, promoters, employees, agents and assigns shall not in any way be responsiblefor any loss or damages arising in any contract, tort or otherwise from the use or inability to use this information and its contents. Any material downloaded or otherwise obtained through theuse of the website or email is at your own discretion and risk, and you will be solely responsible for any damage that may occur to your computer systems and data as a result of download ofsuch material. Any information sent from MOWL to an email account or other electronic receiving communication systems/ servers, is at your risk and if the same is lost, incorrectly received,or sent to the incorrect email or are accessible to third parties, MOWL is not and cannot be responsible or made liable for such transmission.

For any queries and grievances, please write to [email protected]

Safe Harbor


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'Lallapalooza Effect' - Motilal Oswal Private Wealth

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