8/7/2019 Portfolio | March 2011
1/92
Bkgdhfl Dhybfy
Avwzkgf moy Hll
Kwwvf =7 Bhygd 9088
PoyzmolkoFtglvwk}f zo Fbkyhzfw Mkywz Glhww hcj Ivwkcfww Glhww
fbkyhzfw#gob
WBHLLFY KW IFZZFY
Jfzyokz Nofw Nyffc
WOVCJ IVWKCFWW
Yoge c Yoll Ghbp
MOYBVLH OCF
Dknd"Ogzhcf Bocf{
8/7/2019 Portfolio | March 2011
2/92
8/7/2019 Portfolio | March 2011
3/92
8/7/2019 Portfolio | March 2011
4/92
8/7/2019 Portfolio | March 2011
5/92
8/7/2019 Portfolio | March 2011
6/92
8/7/2019 Portfolio | March 2011
7/92
PoyzmolkoFtglvwk}f zo Fbkyhzfw Mkywz Glhww hcj Ivwkcfww Glhww
79 Gdkch Looew zo Gfczyhl Hwkh
Gdkch yfnhyjw Ehqhedwzhc, E{yn{qwzhc, Zhakekwzhc,Zvyebfckwzhc hcj Vqifekwzhc hw wzyhzfnkghll{ kbpoyzhcz
moy kzw fgocobkg nyo~zd#
7= H Ikzzfy Pkll moy PvilkwdfywZdf kPhj kw mvll om pyobkwf moy pvilkwdfyw wffekcn zo
bocfzkwf zdfky goczfcz# Ivz wo mhy Hpplfw co wviwgykpzkoc
polkg{ kw wfykovwl{ vcjfybkckcn zdfky fmmoyzw#
:9 Zdf Nyhzfy Zdhz FwghpfjYkgdhyj Nyhgf zdovndz df dhj bhjf zdf pfymfgz pyojvgz
moy ~ooj~oye, kcwzfhj dkw Bkgyoplhcf fcjfj vp kc ekzgdfcwhgyoww zdf ~oylj#
:4 Mhwz Gobphc{Moybvlh Ocf kw h bvlzk"ikllkoc kcjvwzy{ zdhz kw goczyollfj
i{ M8 Wvpyfbo Ifyckf Fgglfwzocf#
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Zdkw kwwvfBhygd 9088
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94 H Wzhyzvp ^kzd ]kwkoc^hyi{ Phyefy, hc f"gobbfygf gobphc{ zdhz wpfgkhlkwfw
kc f{fnlhwwfw, kw pyo}kcn zdhz pfoplf hyf ~kllkcn zo oyjfy
nlhwwfw oclkcf hcj wh}f bocf{ kc zdf pyogfww#
67 Lfhjkcn zdf ^h{Ykfeo Mvevwdkbh, h yfwfhygdfy hz Zowdkih, dhw iyoefc
zdyovnd zdf nlhww gfklkcn kc zdf bhlf jobkchzfj ~oylj om
Ahphcfwf ivwkcfww#
6= Fgocob{ Zdhz Ph{wJfzyokz kw ivkljkcn }fdkglfw ~kzd mhy ifzzfy mvfl fgocob{
zdhc zdfky pyf}kovw ommfykcnw hcj zdf powkzk}f fmmfgz kw ifkcnyfmlfgzfj kc zdfky iozzob lkcf#
=0 Co Ivwkcfww Lkef Wco~ Ivwkcfww^dfc {ov cffj fc}kyocbfczhll{ mykfcjl{, hyzkmkgkhl wco~ moy h
bo}kf wdooz zdfyfw ocl{ ocf gobphc{ zo ghll1 Wco~ Gfl#
99 Avwzkgf moy Hll
:4
=0
8/7/2019 Portfolio | March 2011
8/92
; Cozfiooe^oylj ivwkcfww kc h cvzwdfll#
86 Oiwfy}fyWpozzkcn hcj hchl{wkcn ivwkcfww zyfcjw#
90 Golvbc1 Bhzz YkgdzflYfglhkbkcn Zdfky Dfykzhnf
PoyzmolkoFtglvwk}f zo Fbkyhzfw Mkywz Glhww hcj Ivwkcfww Glhww
=
Jfphyzbfczw
Fwwfczkhlw
=6 Ftploykcn Zvckwkhw Hcgkfcz PhwzZvckwkh kw mkllfj ~kzd zdf yfbhkcw om hcgkfcz
gk}klkwhzkocw# Zdf Yobhcw, kc phyzkgvlhy, movcjfj
bhc{ bhafwzkg gkzkfw#
>0 Ghbp YogeHz *80,000 moy h ~ffe kz zhefw wfykovw bocf{ zo
phyzkgkphzf kc zdf Yoge c Yoll Mhczhw{ Ghbp#
Ivz moy bkjjlf"hnfj ivwkcfwwpfoplf kz kw ~oyzd
f}fy{ pfcc{#
>: Yvwwkhc Hyz HzzhgeZdf Yvwwkhc hyz wgfcf kw ioobkcn ~kzd iozd
loghl hcj kczfychzkochl gollfgzoyw mlogekcn zo zdf
bhc{ cf~ nhllfykfw zdhz dh}f opfcfj kc Bowgo~#
>4 Bfwwhnf Kc h IozzlfF}fy{ {fhy, ikllkocw om fbpz{ ~hzfy iozzlfw fcj vp
kc lhcjmkllw hyovcj zdf ~oylj# Zdf lkzzlf Hvwzyhlkhc
zo~c om Ivcjhcooc dhw zozhll{ ihccfj zdf wfllkcn
om iozzlfj ~hzfy, hcj zdf kjfh kw ghzgdkcn oc#
49 Wdo~kcn zdf MvzvyfZdf cf~ Cooe Goloy kw wfzzkcn
zdf zyfcjw moy mvzvyf f"iooe
yfhjfyw ~kzd kzw golovyzovgd wgyffc#
4= Wzhy Xvhlkz{Zdf Bfygfjfw NL :60
:Bhzkg kw lvtvykovw, po~fymvl
hcj gobmoyzhilf# Plvw kzw h
loz om mvc zo jyk}f#
44 Ozdfy IvwkcfwwPoyzmolko zhefw h lkndz"
dfhyzfj looe hz zdf lhzfwzivwkcfww cf~w#
Poyzmolko
KCZFYCHZKOCHL BFJKH YFPYFWFCZHZK]FW
HVWZYHLKH Oeffmmf Bfjkh5 Zfl %=8 4; 748 >:96, Mht %=8 4; 749 :460, oeffmmfef}@iknpocj#gob#hv GDKCH/DOCN EOCN Fbpdhwkw Bfjkh Lkbkzfj5Zfl %46 99 68= 80:4, Mht %46 99 6=8 77:;, hj}fyzkwkcn@fbpdhwkw#cfz G[PYVW Fpkwzlf Gobbvckghzkocw - Bfjkh5 Zfl %76 >9 9:= =666, Mht %76 >9 9>= ;;;;,chwyffce@fpkwzlfbfjkh#gob MYHCGF/W^KZQFYLHCJ Kczfybfjkh Fvyopf Lzj5 Zfl %77 86 67: ;660, Mht %77 86 67: ;6:;, hjbkckwzyhzkoc@kczfybfjkh#fvyopf#gobNFYBHC[ KB] Kczfychzkochlf Bfjkfc ]fybhyezvcn NbiD, Pdocf1 00:; 4868 660 4;6;, Mht1 00:; 4868 660 ;840 ~#ahfnfy@kb}"bfjkh#gob KCJKH Bfjkh Wzhy5Zfl %;8 99 948 6674/7;/:0, Mht %;8 99 947 ;=8;, yh}k@bfjkhwzhy#go#kc KZHL[ KBB Kzhlkh5 Zfl %7; 097 =67 ::77, Mht %7; 09; ;;4 87>=, lvgkh#golvggk@mhwz~ficfz#kzAHPHC We{cfz Bfjkh Kcg#5 Zfl/Mht %48 :7 9>4 =;>>, we{cfzbfjkh@{9#jkoc#cf#ap ZVYEF[ Bfjkh Lzj5 Zfl %;0 989 9>6 4:77, Mht %;0 989 9>6 ;994,bfjkhbhyefzkcnzy@bfjkhlzj#gob#zy5 VE Wphmht Kcmlkndz Bfjkh5 Zfl %:: 90> ;0= 9008, Mht %:: 90> ;0= 9099, cdopekcw@wphmht#gob VWH Yfj~ooj Gvwzob
Gobbvckghzkocw Kcg#5 Zfl 989":>7"6=>; t 787 , Mht 989"9=0"760;, iyknkzzf#ihyoc@yfj~oojgg#gob
Pvilkwdfj moy Fbkyhzfw i{
PO Iot 9778, Jvihk, VHF#
Zflfpdocf1 $%;>8 :+ 949:0=0,mht1$%;>8 :+ 949::7=,
f"bhkl1 fbkyhzfw@bozk}hzf#hfPykczfj i{ Fbkyhzfw Pykczkcn Pyfww, Jvihk, VHF
Fjkzoy"kc"Gdkfm Oihkj Dvbhkj Hl Zh{fy Nyovp Fjkzoy - Bhchnkcn Phyzcfy Khc Mhkywfy}kgf Nyovp Wfckoy
Fjkzoy Nkch Aodcwoc Wfckoy Fjkzoy Nvkjo Jvefc Jfpvz{ Fjkzoy Ckge Ykgf Fjkzoykhl Hwwkwzhcz Dkljh JWovqhHyz Jkyfgzoy Zhyhe Phyfed Nfcfyhl Bhchnfy Pyojvgzkoc - Gkygvlhzkoc W Whwkjdhyhc Pyojvgzkoc Bhchnfy
G Wvjdhehy Wfckoy Hj}fyzkwfbfcz Bhchnfy Ah{h Ihlheykwdchc Fbhkl1 ah{h@bozk}hzf#hf Nfcfyhl Bhchnfy
Nyovp Whlfw Hczdoc{ Bklcf Fbhkl1 hczdoc{@bozk}hzf#hf Ivwkcfww Jf}flopbfcz Bhchnfy Ckgolh DvjwocHj}fyzkwfbfcz Bhchnfy Yhbfwd~hy Cfphlk
Fbkyhzfw zhefw ghyf zo fcwvyf zdhz hll mhgzw pvilkwdfj
dfyfkc hyf goyyfgz# Kc zdf f}fcz om hc{ kchggvyhg{,
plfhwf goczhgz Zdf Fjkzoy# Hc{ opkckoc ftpyfwwfj kw
zdf docfwz iflkfm om zdf hvzdoy ihwfj oc hll h}hklhilf
mhgzw# Gobbfczw hcj mhgzw wdovlj coz if yflkfj vpoc
i{ zdf yfhjfy kc zhekcn gobbfygkhl, lfnhl, chcgkhl oy
ozdfy jfgkwkocw# Hyzkglfw hyf i{ zdfky chzvyf nfcfyhl,
hcj wpfgkhlkwz hj}kgf wdovlj hl~h{w if gocwvlzfj
ifmoyf hc{ hgzkocw hyf zhefc#
>:
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49
8/7/2019 Portfolio | March 2011
9/92
Lfw ]o{hnfw FtzyhoyjkchkyfwJkwgo}fy zdf hbhqkcn zyfhwvyfw om zdf Cf~ Dknd Af~fllfy{ Gollfgzkoc
Myob Bhygd 8=zd zo 8;zd hz Hyz Jvih, Bhjkchz Avbfkyhd
~~~#hyzjvihk#}hcglffm"hypflw#gob
Jvihk1 Ivyavbhc Gfczfy, 9cj ooy $%;>8 : 768 0008+ " Jvihk Bhll, Nyovcj ooy, ^hzgdfw - Af~fllfy{ $%;>8 : 77; 4008+
Hiv Jdhik, Bhykch Bhll $%;>8 9 =48 8898+
8/7/2019 Portfolio | March 2011
10/92
8/7/2019 Portfolio | March 2011
11/92Bhygd 9088
CozfiooeIVWKCFWW CF^W KC IYKFM
NFZZ[KBHNFW
Jobkchcgf Dhw Jyh~ihgew
8/7/2019 Portfolio | March 2011
12/92Poyzmolko
0
C v b i f y w N h b f
*9ikllkoc kw zdf }hlvf om zdf mvcj wfz vp i{ womz~hyf z{gooc
Hqkb Pyfbak, zdf ^kpyo gdhkybhc, ~kzd zdf hkb zo kbpyo}f
fjvghzkoc kc yvyhl hcj wbhll"zo~c Kcjkh# Zdf dvnf mvcj j~hymw
hc{ gdhykz{ i{ zdf ~fhlzd{ kc Kcjkh#
*786bkllkoc dhw iffc
phkj i{ HOL moy
ocf om Hbfykghw lfhjkcn oclkcf
cf~w ~fiwkzfw ZdfDvmmkcnzoc
Powz# Zdf whlf pykgf kw boyf
zdhc wkt zkbfw zdf *=0 bkllkoc
zdhz Zdf Dvmmkcnzoc Powz kw
ftpfgzfj zo nfcfyhzf kc yf}fcvf
zdkw {fhy#
7=6kw zdf cvbify
om gocwfgvzk}f
bhyhzdocw yhgefj vp kc h
{fhy i{ Iflnkhc Wzfmhhc
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dkb h go}fzfj Nvkccfww
^oylj Yfgoyj zkzlf# Co~
yfgonckwfj hw zdf
Bhyhzdoc Bhc
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kc Iflnkvb h
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pyoafgzfj
popvlhzkoc om Gdkchw
cf~l{ plhccfj
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~oyljw lhynfwz gkz{
kw avwz wkt {fhyw myob
gobplfzkoc#
*:0#6bkllkoc ~hw
zdf dhcjwobf
pykgf phkj moy Philo Pkghwwow Lh
Lfgzvyf, ~dkgd ~hw fwzkbhzfj zo
bhef *8;#9 bkllkoc hz Wozdfi{w
kc Locjoc# Dkndl{ }hlvfj hyz~oye
kw hzzyhgzkcn cf~ kc}fwzbfcz"
gocwgkovw iv{fyw myob fbfynkcn
fgocobkfw wvgd hw Yvwwkh, Hwkh
hcj zdf Bkjjlf Fhwz#
700&wpvy kc zdf
whlfw om
whppdkyfw dhw iffc hzzykivzfj
zo Ehzf Bkjjlfzocw 84"ghyhz
Nhyyhyj fcnhnfbfcz ykcn#
Wvpplkfyw om zdf ilvf wphyelfy
hyf wgyhbilkcn zo effp vp
~kzd jfbhcj wkcgf zdf yo{hl
fcnhnfbfcz kc Co}fbify#
Ihcefyw
IknIocvwfw
Kc Mknvyfw
Zdf ^oylj
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moy MOTw Wvpfy Io~l
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~hzgdfj pyonyhbbf f}fy kc
Hbfykghc iyohjghwz dkwzoy{#
Zdf }kf~fywdkp moy zdf Wvpfy
Io~l dhw glkbifj myob 4=
bkllkoc kc 9006 zo 80=#6 bkllkoc
lhwz {fhy#
NYHPDFHWZ
8/7/2019 Portfolio | March 2011
13/92
Bhygd 9088
Cozfiooe
Lvtvy{ VckzwWfllkcn Mhwz
H Gdfhpfy kPdocf?Hpplf kw yhkwkcn zdf wzhefw i{ ~oyekcn oc cf~ }fywkocw om zdf kPdocf
zdhz hyf hkbfj hz wlo~kcn zdf hj}hcgf om gobpfzkcn dhcjwfzw ihwfj
oc Noonlfw Hcjyokj womz~hyf#
Om phyzkgvlhy ~oyy{ moy zdf gobpfzkzkoc kw zdf kcjvwzy{ yvbovy
zdhc ocf }fywkoc ~kll if gdfhpfy hcj wbhllfy zdhc zdf bowz yfgfcz
kPdocf# Zdhz ~ovlj bfhc zdhz kcwzfhj om zhynfzkcn 96 pfy gfcz om
zdf nloihl boiklf"pdocf bhyefz, Hpplf ~ovlj if nokcn hmzfy 800 pfy
gfcz# Lfww ftpfcwk}f kPdocfw ~kll yhzgdfz vp pyfwwvyf oc CoekhO{a, ~dowf dhcjwfzw hyf fwpfgkhll{ popvlhy kc Fvyopf hcj wobf
jf}flopkcn bhyefzw#
Noonlfw wdhyf om zdf nloihl wbhyzpdocf bhyefz boyf zdhc zykplfj
zo 79#; pfy gfcz kc zdf movyzd xvhyzfy, fglkpwkcn Hpplfw 8= pfy gfcz#
Hpplf ~kll mhgf hcozdfy gdhllfcnf hw Coekh hcj Bkgyowomz aokc moygfw kc
wbhyzpdocf jf}flopbfcz#
H gdfhpfy kPdocf ~ovlj dflp Hpplf bhef jffpfy kcyohjw kc bhyefzw
wvgd hw Gdkch hcj Kcjkh, ~dfyf bhc{ wdoppfyw opz moy lo~fy"pykgfj
jf}kgfw zdhz jocz ghyy{ locn"zfyb goczyhgzw#
8/7/2019 Portfolio | March 2011
14/92
8/7/2019 Portfolio | March 2011
15/92
8/7/2019 Portfolio | March 2011
16/92
Jvihk /Locjoc /Cf~ [oye-Opfckcn Wooc1 Hiv Jdhik /Hqfyihkahc /Jvihk /Myhcemvyz /Ev~hkz /Bhljk}fw /Wdhcndhk
[OV HY F ZDF KCWPKY HZKOC
WZH[ JKMMFY FCZ HZ AVBFKYHD DOZFLW -YFWOYZW
MOY YFWFY]HZKOCW, PLFHWF GOCZHGZ [OVY ZYH]FL PYOMFWWKOCHL OY ]KWKZ AVBFKYHD#GOB
[ov hyf jkmmfyfcz#
Zdhzw ~d{ Avbfkyhd Dozflw -Yfwoyzw hyf opfckcn cf~ dozflw hyovcj zdf ~oylj,
kcwpkyfj i{ {ovy kcjk}kjvhlkz{#
Wdhcndhk
Wpykcn 9088
Bhljk}fw
Wvbbfy 9088
Myhcemvyz
Mhll 9088
AVBFKYHD QHIFFL WH YH[, ZDF PHLB AVBFKYHD, JVIHK# CO^ OPFC
8/7/2019 Portfolio | March 2011
17/92
Bhygd 9088
]kczhnf Wz{lf,Cf~ Jfwknc
9080CF^[OYEZKBFWCF^WWFY]KGF
Yfpyojvgzkocw om }kczhnf jyfwwfw hyf co~ hzdyk}kcn kcjvwzy{ zdhcew zo ~obfc ~do ~hczzo looe boyf mfbkckcf hcj wzhcj ovz myob zdf
gyo~j, yfpoyzw Ehzf Bvyop{#
Oiwfy}fyIVWKCFWW CF^W KC IYKFM
8/7/2019 Portfolio | March 2011
18/92Poyzmolko
= Oiwfy}fy
Hlkgkh Fwzyhjh, movcjfy hcj gdkfm ftfgvzk}f om Wzop
Wzhykcn(, kw ocf om h nyo~kcn cvbify om jfwkncfyw
wpfgkhlkwkcn kc zdf yfpyojvgzkoc om }kczhnf glozdkcn#
8/7/2019 Portfolio | March 2011
19/92
Bhygd 9088
Oiwfy}fy
^OYLJW LHYNFWZ GOYPOYHZKOCW
Yhce Gobphc{ Chbf Govczy{ Yf}fcvfw $*bkllkocw+
8# ^hl"Bhyz Wzoyfw VWH :04,98:
9# Yo{hl Jvzgd Wdfll Cfzdfylhcjw 946,89;
7# Fttoc Boikl VWH 94:,=60
:# IP Iykzhkc 9:=,874
6# Zo{ozh Bozoy Goyp Ahphc 90:,80=
=# Ahphc Powz Doljkcnw Ahphc 909,8;=
># Wkcopfg Gdkch 84>,684
4# Wzhzf Nykj Gdkch 84:,:;=
;# HTH Myhcgf 8>6,96>
80# Gdkch Chzkochl Pfzyolfvb Gdkch 8=6,:;=
ZOP"PH[KCN GOBPHCKFW
Yhce Gobphc{ Chbf H}fyhnf Moy $bowz gobboc
Zozhl Ph{ $*+ whlhykfj aoi+8# Whlfwmoygf#gob 784,797 Wfckoy Hggovcz Ftfgvzk}fw
9# Ikcndhb BgGvzgdfc 98;,444 Hwwogkhzf
7# Hlwzoc - Ikyj 849,=48 Hwwogkhzf
:# Pfyekcw Gokf 849,6:: Hwwogkhzf
6# Jf}oc Fcfyn{ 8>9,6>6 Fcnkcffy
=# Bkllfcckvb1 Zdf Zhefjh 8==,76: Wy Ocgolon{
Ocgolon{ Gobphc{ Whlfw Wpfgkhlkwz
># Noljbhc Whgdw 8=0,000 Ozdfy Ftfbpz
4# FON Yfwovygfw 864,004 Fcnkcffy
;# Iyoghjf Gobbvckghzkocw 86=,604 Womz~hyf Fcnkcffy
W{wzfbw
80# Iowzoc Gocwvlzkcn Nyovp 86:,068 Gocwvlzhcz
HBFYKGHW LHYNFWZ GOYPOYHZKOCW
Yhce Gobphc{ Chbf Yf}fcvfw $*bkllkocw+
8# ^hl"Bhyz Wzoyfw :04,98:
9# Fttoc Boikl 94:,=60
7# Gdf}yoc 8=7,69>
:# Nfcfyhl Flfgzykg 86=,>>;
6# Ihce om Hbfykgh Goyp 860,:60
=# GocogoPdkllkpw 87;,686
># HZ-Z 897,084
4# Moyj Bozoy 884,704
;# A#P# Boynhc Gdhwf - Go# 886,=79
80# Df~lfzz"Phgehyj 88:,669
Zdf ^oylj
Zop 80
Pyomkz Wvynf moyNfybhc Ghybhefyw
WOVYGF1 MOYZVCF 600
WOVYGF1 MOYZVCF 600
WOVYGF1 MOYZVCF 600
8/7/2019 Portfolio | March 2011
20/92Poyzmolko
4
VW zo Hjj Aoiw
H Ioob moyKcjkhw Dhbpzocw
Coc"OPFG okl pyojvgfy Ihdyhkc dhw ioowzfj kzw
okl pyojvgzkoc zo :0,000 ihyyflw pfy jh{ $ipj+ myob
79,000 ipj hmzfy zdf govczy{ wzhyzfj zo o}fydhvl kzw
bhkc oklmkflj#
Hijvl"Dvwwhkc ikc Hlk Bkyqh, dfhj om zdf Chzkochl
Okl hcj Nhw Hvzdoykz{ $CONH+, whkj zdkw ~hw zdf mkywz
kcgyfhwf wkcgf zdf lhzf 8;>0w#
Ihdyhkc wzhyzfj zo o}fydhvl kzw bhkc oklmkflj lhwz {fhy
hmzfy VW"ihwfj Oggkjfczhl Pfzyolfvb Goyp hcj zdf
Vckzfj Hyhi Fbkyhzfw Bvihjhlh Jf}flopbfcz Go
hnyffj zo kc}fwz *86 ikllkoc zo jf}flop zdf Ihdyhkc mkflj#
Ihdyhkc kw zhynfzkcn ovzpvz ghphgkz{ om 800,000 ipj
i{ 908># Okl kw zdf bhkc wovygf om kcgobf moy Ihdyhkcw
no}fycbfcz, hcj dkndfy ovzpvz ~kll dflp zdf kwlhcj
ekcnjob zhgelf bovczkcn mkwghl pyfwwvyfw jvf zo h
ykwkcn wviwkjkfw ikll#
Ihdyhkc IoowzwOkl Ovzpvz
Hlkihvn, glowf zo Bvbihk, kw lvykcn Kcjkhw ykgd hcj mhbovw#
NFZZ[KBHNFW
NFZZ[KBHNFW
8/7/2019 Portfolio | March 2011
21/92
Bhygd 9088
Oiwfy}fy
Gdkcfwf Jf}flopfyw
Gdhcnf Wzyhzfn{
O C F 9 ^ H Z G D
VE"ihwfj zflfgobbvckghzkocw nkhcz ]ojhmocf dhw hccovcgfj
plhcw zo hppokcz Pdklkpw ovznokcn GFO Nfyhyj Elfkwzfylff
hw kzw cf~ gdhkybhc# Zdf Nfybhc"ioyc Elfkwzfylff ~kllyfplhgf Wky Aodc Iocj hz zdf hccvhl nfcfyhl bffzkcn kc Avl{#
Elfkwzfylff dhw iffc h glfhy zop yvccfy kc h lkwz om zdyff wfckoy
kczfychzkochl ivwkcfww lfhjfyw moy zdf zop powkzkoc# Bhyefz
yfhgzkoc zo zdf hppokczbfcz dhw iffc powkzk}f, ~kzd wdhyfw
yhll{kcn 0#= pfy gfcz#
]ojhmocf, wkcgf zdf bkjjlf om lhwz {fhy, dhw iffc wfllkcn
omm kzw wzhefw# Zdhz bhefw zdf =:"{fhy"olj Elfkwzfylff
pfymfgz moy zdf aoi, hw df ~hw kcwzyvbfczhl kc wkbplkm{kcn zdf
vc~kflj{ Pdklkpw gocnlobfyhzf# Do~f}fy, df ~kll if mhgkcn h
wzfyc gdhllfcnf wzyfhblkckcn ]ojhmocfw wpyh~lkcn poyzmolko,
mogvwkcn oc fbfynkcn bhyefzw hcj vwkcn dkw eco~lfjnf om zdfgocwvbfy flfgzyockgw kcjvwzy{ zo mvll hj}hczhnf# Ivz dkw mkywz
pykoykz{ hw zdf cf~ gdhkybhc ~kll if yhkwkcn ]fykqoc ^kyflfww
jk}kjfcj zdhz dhw iffc lhnnkcn wkcgf 9006# Zdkw kw om gykzkghl
kbpoyzhcgf hw ]ojhmocf dhw h :6 pfy gfcz wzhef kc zdf VW
boiklf opfyhzoy gobphc{#
Elfkwzfylff whkj, K hb looekcn moy~hyj nyfhzl{ zo zdkw
cf~ gdhllfcnf, zo goczykivzkcn zo zdkw gobphc{w yfgoyj
om wvggfww, hcj zo if ivkljkcn oc Aodcw ovzwzhcjkcn
hgdkf}fbfczw# Elfkwzfylff ~kll wzhyz ovz hw h coc"ftfgvzk}f
jkyfgzoy hz ]ojhmocf oc Hpykl 8#
ZFTZ1 DKLJH JWOVQH
Nfyhyj Elfkwzfylff
NFZZ[KBHNFW
8/7/2019 Portfolio | March 2011
22/92
0
Gobbfczhy{
Yfglhkbkcn Zdfky Dfykzhnf
BHZZ YKGDZFL
9088NVHYJKHCCF^WWFY]KGF
^fhlzd{ Gdkcfwf hyf pvwdkcn vp zdf pykgfw
hz VE hvgzkoc dovwfw#
YFVZFYW
8/7/2019 Portfolio | March 2011
23/92
8/7/2019 Portfolio | March 2011
24/92
PoyzmolkoPoyzmolko
9
Pyomklf
8/7/2019 Portfolio | March 2011
25/92
Mfiyvhy{ 9088
AVWZKGFMOY HLLBkgdhfl Dhybfyw iflkfm kcavwzkgf kw jffpl{ kcnyhkcfj#
Dkw lh~ mkyb dhw ~oc bhc{lhcjbhye ghwfw, ivz zdf bhcjviifj Zdf Vcjfyzhefy kw cowzfyfoz{pkghl lh~{fy, yfpoyzwHczocfllh Nhbiozzo"Ivyef#
8/7/2019 Portfolio | March 2011
26/92
Poyzmolko
C GOVYZ, DF KW ECO^C HW
ZDF VCJFYZHEFY#
8/7/2019 Portfolio | March 2011
27/92
Bhygd 9088
Hio}f1 Dhybfy ~kzd dkw ~kmf Jy Cffyv
Gdhjjh hcj dkw jhvndzfy Jh{h hcj woc
Yhbh# Zdf{ lk}f kc h bojfwz dovwf kc
W{jcf{w coyzdfyc wvivyiw#
Zop ykndz1 Dhybfy kw zdf Pyfwkjfcz om
zdf Hvwzyhlkhc Kcwzkzvzf om Fbplo{bfcz
Ykndzw $HKFY+# Dkw mkywz moybhl aoi ~hw
hw h wolkgkzoy moy zdf Cf~ Wovzd ^hlfw
Jfphyzbfcz om Kcjvwzykhl Yflhzkocw, ~dkgd
moybfj dkw kczfyfwz kc fbplo{ff ykndzw#
8/7/2019 Portfolio | March 2011
28/92
Poyzmolko
=
Pyomklf
Dhybfy kw h mykfcj om Efc{hc jovilf nolj bfjhlkwz Ekp Efkco# Dhybfy dflpfj wfz vp Efkcow Wgdool kc Efc{h hcj h gdkljyfcw dobf kc
Qkbihi~f#
HLKNCKCN B[ ^OYE ZO B[
IFLKFMW KW ]FY[ KBPOYZHCZ ZO
BF, HCJ VZKLKWKCN ZDF MYVKZW
OM ZDHZ LHIOVY ZO YFGZKM[KCNKCAVWZKGF KC ZDF ^OYLJ DHW
HL^H[W IFFC ^DHZ IFKCN H
LH^[FY KW HIOVZ MOY BF#
AVWZKGF KW H ^H[ OM LKMF#
8/7/2019 Portfolio | March 2011
29/92
Bhygd 9088
Dhybfy kw zdf mkywz zo hjbkz zdhz dkw mkyb.w ~oyeplhgf gvlzvyf kw vcoyzdojot, ivz kz kw ocf
om zdf mhwzfwz nyo~kcn hcj bowz pyomkzhilf pyhgzkgfw kc zdf ~oylj#
Zdowf kczfyfwzfj kc hlknckcn zdfbwfl}fw
~kzd Bkgdhfl Dhybfyw gdhykz{ ~oye
wdovlj goczhgz dkb jkyfgzl{ zdyovnd1
dhybfyw#gob#hv
8/7/2019 Portfolio | March 2011
30/92
Poyzmolko
4
F"gobbfygf
H WZHYZVP ^KZD ]KWKOC
^hyi{ Phyefy, hcf"gobbfygf gobphc{
zdhz wpfgkhlkwfw kcf{fnlhwwfw, kw pyo}kcn
zdhz pfoplf hyf ~kllkcnzo oyjfy nlhwwfw oclkcf
hcj wh}f bocf{kc zdf pyogfww, yfpoyzw
Glhkyf Ghkc Bkllfy#
8/7/2019 Portfolio | March 2011
31/92
Bhygd 9088
9080CF^[OYEZKBFWCF^WWFY]KGF
Cfkl Ilvbfczdhl, lfmz, hcj Jh}kj Nklioh, movcjfyw om ^hyi{ Phyefy, hc oclkcf f{fnlhwwfw
jkwzykivzoy, hz h pdozo wdooz moy zdfky pyojvgzw kc Cf~ [oye#
^hyi{ Phyefy iflkf}fw kc effpkcn kzw ~fiwkzf vcglvzzfyfj hcj wkbplf zo vwf# Bojfl
wdoozw hyf vwfj zo jkwplh{ myhbf gdokgfw, hcj mhgkhl yfgonckzkoc womz~hyf hllo~w
gvwzobfyw zo vplohj pkgzvyfw om zdfbwfl}fw hcj zy{ oc }kyzvhl nlhwwfw#
8/7/2019 Portfolio | March 2011
32/92
Poyzmolko
0
F"gobbfygf
Ilvbfczdhl hcj Nklioh pyovjl{ ~fhy zdfky o~c pyojvgzw, hlzdovnd Ilvbfczdhl jofw coz cffj nlhwwfw# Zdf{ yfgfczl{ dkyfj hc
ftpfykfcgfj f{fnlhww jfwkncfy zo ftphcj zdfky gollfgzkoc#
8/7/2019 Portfolio | March 2011
33/92
]hlvf kcPyk}hzf Ihcekcn#
W ^ K W W P Y K ] H Z F I H C E K C N W K C G F 8 > 66
Moy vw, pyk}hzf ihcekcn bfhcw yfwpfgzkcn hcj pyozfgzkcn zdf yfhl hwwfzw#
Hlwo {ovyw1 %;>8 : :94 49 00 oy ~~~#glhykjfclfv#gob
Glhykjfc Lfv Hwwfz Bhchnfbfcz $Jvihk+ Lzj#, Jvihk
Zdkw kcmoybhzkoc dhw iffc jkwzykivzfj i{ Glhykjfc Lfv Hwwfz Bhchnfbfcz $Jvihk+ Lkbkzfj# Yflhzfj mkchcgkhl pyojvgzw oy wfy}kgfw hyf ocl{ h }hklhilf zo pyomfwwkochl glkfczw ~dkgd xvhlkm{ hw glkfczw vcjfy zdf Jvihk Mkchcgkhl Wfy}kgfw Hvzdoykz{ yvlfGlhykjfc Lfv Hwwfz Bhchnfbfcz $Jvihk+ Lkbkzfj kw jvl{ lkgfcwfj hcj yfnvlhzfj i{ zdf Jvihk Mkchcgkhl Wfy}kgfw Hvzdoykz{ $JMWH+#
8/7/2019 Portfolio | March 2011
34/92
9
Fgocobkgw
Poyzmolko
Gdkch kw moynkcn wzyocnfy zyhjf zkfw ~kzd Gfczyhl Hwkh#
Vpnyhjkcn kcmyhwzyvgzvyf, wvgd hw zdkw yohj lkcekcn Gdkch
hcj E{yn{qwzhc, kw avwz ocf phyz om Gdkchw ~kjfckcn
fgocobkg moozpykcz#
O
9088Cf~[oyeZkbfwCf~wWfy}kgf
Gdkcfwf ommkgkhlw wff Ehqhedwzhc, E{yn{qwzhc, Zhakekwzhc, Zvyebfckwzhc hcjVqifekwzhc hw wzyhzfnkghll{ kbpoyzhcz# Zdf yfnkoc kw ykgd kc okl hcj nhw hcj kwnyo~kcn kczo h bhaoy bhyefz moy Gdkcfwf gocwvbfy noojw, yfpoyzw Fj~hyj ^ocn#
GDKCH LOOEW
ZO GFCZYHL HWKH
8/7/2019 Portfolio | March 2011
35/92
Bhygd 9088
Gdkcfwf bfygdhczw ~oye ovz om wdkppkcn goczhkcfyw hz h bhyefz, wfllkcn kzfbw lkef J]J
plh{fyw hcj wzvmmfj hckbhlw kc Ehyh"Wvv, E{yn{qwzhc#
Gdkchw fcfyn{ goopfyhzkoc~kzd Gfczyhl Hwkhc govczykfwifnhc kc zdf 8;;0w, ivz kc yfgfcz{fhyw, ~kzd zdf yhpkj nyo~zd omGdkchw chzkochl wzyfcnzd, Gdkchzooe hj}hczhnf om zdf lhge omkckzkhzk}f kc zdf yfnkoc i{ zdfVckzfj Wzhzfw hcj Yvwwkh#
8/7/2019 Portfolio | March 2011
36/92
Poyzmolko
:
Fgocobkgw
Gdkch kw wzkbvlhzkcn fgocobkg nyo~zd hcj gocwvbfykwb kc Gfczyhl Hwkhc govczykfw# Dfyf, E{ynq wdfpdfyjw phge h Gdkcfwf wolhy phcfl
cfhy Yhcnevl, Zhakekwzhc#
:
8/7/2019 Portfolio | March 2011
37/92
8/7/2019 Portfolio | March 2011
38/92
Poyzmolko
=
Bfjkh
H Ikzzfy Pkll moy PvilkwdfywZdf kPhj kw mvll om pyobkwf moy pvilkwdfyw wffekcn zo bocfzkwf zdfky goczfcz#Ivz wo mhy Hpplfw co wviwgykpzkoc polkg{ kw wfykovwl{ vcjfybkckcn zdfkyfmmoyzw, yfpoyzwAfyfb{ Pfzfyw#
9080CF^[OYEZKBFWCF^WWFY]KGF
8/7/2019 Portfolio | March 2011
39/92
Bhygd 9088
8/7/2019 Portfolio | March 2011
40/92
Poyzmolko
4
Bfjkh
^dhz zdf zhilfz bhyefz mkchll{ pyo}kjfw kw h }khilfjknkzhl ivwkcfww, wobfzdkcn zdhz flvjfj zdfb ~kzdzdf ykwf om zdf kczfycfz# Zhilfzw, zdf{ iflkf}f, ommfybhnhqkcfw h jo"o}fy kc zdf jknkzhl wphgf#
Aoc Bkllfy, $lfmz+ GFO om Jknkzhl Bfjkh Nyovp hcj Afwwf Hcnflo, fjkzoy om Zdf Jhkl{, vc}fklfj Cf~w Goypw lhzfwz kPhj cf~w pvilkghzkoc
oc Mfiyvhy{ 9# Cf~w Goyp dhw h wviwgykpzkoc hnyffbfcz ~kzd Hpplf#
YFVZFYW
8/7/2019 Portfolio | March 2011
41/92
8/7/2019 Portfolio | March 2011
42/92
Poyzmolko
0
Bfjkh
Zdf zhilfz bhyefz kw h }khilf ivwkcfww oppoyzvckz{ moy pvilkwdfyw hw zdf jf}kgfw
hllo~ moy ifzzfy pkgzvyf xvhlkz{, bhnhqkcf moybhz pyfwfczhzkoc, hcj boyf
kczfyhgzk}f goczfcz#
Yoifyz Whvfyifyn, pyfwkjfcz om Gocjf Chwz, kw
looekcn moy~hyj zo zdf kPhj nfzzkcn wobf wfykovw
gobpfzkzkoc#
8/7/2019 Portfolio | March 2011
43/92
ZDF FPKG K ZKBFPKFGF GOLLFGZKOC
8/7/2019 Portfolio | March 2011
44/92
9
Kcco}hzkoc
ZDF NYHZFY
ZDHZ FWGHPFJ
Ykgdhyj Nyhgf zdovndz df dhj bhjf zdf pfymfgz zool moy ~ooj~oye, kcwzfhj dkw
Bkgyoplhcf fcjfj vp kc ekzgdfcw hgyoww zdf ~oylj, yfpoyzw Aodc Fjnf#
9080CF^[OYEZKBFWCF^WWFY]KGF
Poyzmolko
8/7/2019 Portfolio | March 2011
45/92
Ykgdhyj Nyhgf, movcjfy om Nyhgf Bhcvmhgzvykcn, doljw wf}fyhl Bkgyoplhcf nyhzfy ilhjfw
oc zdf pyojvgzkoc mlooy hz zdf bhcvmhgzvykcn mhgklkz{ kc Yvwwfll}kllf, Hyehcwhw#
Bhygd 9088
8/7/2019 Portfolio | March 2011
46/92
Poyzmolko
Hio}f1 Nhiykfllf Ghbpifll, lfmz, hcj Yfifggh Chcgf
kcwpfgz vcgvz bfjkghl zoolw hmzfy zdf{ ~fyf wzhbpfj#
Ykndz1 Zdf Bkgyoplhcf nyhzfy ~hw kckzkhll{ jfwkncfj moy
~ooj~oye, ivz movcj popvlhykz{ kc zdf ekzgdfc kcwzfhj#
:
8/7/2019 Portfolio | March 2011
47/92
8/7/2019 Portfolio | March 2011
48/92
Poyzmolko
=
Kcco}hzkoc
Hbocn Ykgdhyj Nyhgfwlocn"zfyb pyoafgzw kwzdf jf}flopbfcz om hwzhkclfww"wzffl }fywkoc omwhcjphpfy, h nohl zdhz,km yfhlkwfj, govlj yfzvyczdf gobphc{ zo zdf
~ooj~oyekcn moyfmyocz#
Bkgyoplhcf co~ bhcvmhgzvyfw h gobplfzf yhcnf# Myob lfmz1 H dhgewh~ ilhjf, Glhwwkg Qfwzfy, Glhwwkg Wfykfw Qfwzfy Nyhzfy, Dobf
Wfykfw Mkcf Nyhzfy, Pfywochl Ghyf Phjjlf Mooz Mklf, Pyfbkvb Glhwwkg Wfykfw Mkcf Nyhzfy hcj zdf Hyzkwhc Wfykfw Mkcf Nyhzfy#
8/7/2019 Portfolio | March 2011
49/92
Chzkochl oy Kczfychzkochl Ghllw1 8#986#769#68>;~~~#NyffcF{fZfgd#gob
WDFLZFYW WZHYZKCN HZ *800, 000# NLOIHL KCWZHLLHZKOC H]HKLHILF#
Zdf zdyfhz om h zfyyoykwz hzzhge oy chzvyhl jkwhwzfy kw yfhl# Kz dhppfcfjifmoyf hcj kz ^KLLdhppfc hnhkc# Pyozfgzkcn {ov kw ~dhz Nyffc F{fZfgdcolon{ kw hll hiovz# Effp {ovy mhbkl{ hcj ivwkcfww whmf ~kzd zdf
bowz hj}hcgfj, lvtvykovw vcjfynyovcj wdflzfy w{wzfbw kc zdf ~oylj#
ZFYYOYKWB CHZVYHL JKWHWZFYW
Cvglfhy Fhyzdxvhefw
Ikolonkghl Dvyykghcfw
Gdfbkghl Zoychjofw
Mkyf hcj Mloojw
^fll Bhef Wvyf [ovyf Whmf
Ovy wzhzf"om"zdf"hyz wdflzfyw pyo}kjf whmfz{ hcj lvtvy{, hggobbojhzkcn h
wbhll mhbkl{ oy nyovp hw lhynf hw 9600# f ommfy ifhvzkmvl wlffpkcn yoobw
hcj lk}kcn wphgfw hlocn ~kzd bojfyc ekzgdfcw, ihzdyoobw hcj nhyhnfw#
FBP"pyoom jhzh wzoyhnf mhgklkzkfw hlwo h}hklhilf#
Wdflzfyw mfhzvyfj oc
Vcjfynyovcj wdflzfyw
pyo}kjf whmfz{ hcj gobmoyz#
8/7/2019 Portfolio | March 2011
50/92
4
Wpoyz
MHWZ GOBPHC[
V
Moybvlh Ocf kw h bvlzk"ikllkoc jollhy kcjvwzy{ zdhz kw goczyollfj i{ M8 WvpyfboIfyckf Fgglfwzocf# Avwz ~dfyf jofw zdf bocf{ gobf myob hcj ~dfyf jofw kz nokw zdf xvfwzkoc hwefj i{ Zoc{ Wbhyz#
9080CF^[OYEZKBFWCF^WWFY]KGF
Poyzmolko
8/7/2019 Portfolio | March 2011
51/92
Zdf [hw Bhykch gkygvkz ~hw pvypowf ivklz moy zdf Hiv Jdhik M8 Nyhcj Pykt hz h gowz om*840 bkllkoc# Zdf dowz hlwo ph{w *70 bkllkoc moy dowzkcn fhgd f}fcz#
Bhygd 9088
8/7/2019 Portfolio | March 2011
52/92
Poyzmolko
0
Wpoyz
Yfj Ivll Yhgkcn Zfhb Pykcgkplf Gdykwzkhc Doycfy zhlew zo Ghylow
Wlkb, zdf ~oyljw ykgdfwz bhc# Moybvlh Ocf zfhbw wvy}k}f i{ nfzzkcn
wpocwoywdkp myob bvlzkchzkochl goypoyhzkocw#
Yooekf Wfynko Pfyfq noz h wfhz hz zdf wzyvnnlkcn W~kww
Moybvlh Ocf zfhb Whvify# Zdf zfhb dhw movy wpocwoyw
myob W~kzqfylhcj#
Ifyckf Fgglfwzocf ivklz
Moybvlh Ocf kczo zdf dvnf
ivwkcfww kz kw zojh{#
NYHPDFHWZ
NFZZ[VKBHNFW
8/7/2019 Portfolio | March 2011
53/92
Bhygd 9088
Jyk}fy Phwzoy Bhljochcjo yfpoyzfjl{iyovndz h 80 bkllkoc wpocwoywdkp zo^kllkhbw zo wfgvyf h wfhz#Glhvjko Wzfmmfcock, Zozo ^olmm, Wky Myhce ^kllkhbw, Phzykge Dfhj hcj Hjhb Phyy
hccovcgfj zdhz ^kllkhbw ~kll if lkwzkcn oc zdf Myhcemvyz wzoge ftgdhcnf# Zdf lkwzkcn kwftpfgzfj if ~oyzd hyovcj *;: bkllkoc#
Zdf wlo~fwz zfhbw oc zdf nykj hlwo hzzyhgz zdf lfhwz wpocwoywdkp# Zdkw DYZ.w lk}fy{kcjkghzfw ~dfyf pozfczkhl wpocwoyw govlj pvz zdfky lonow, moy h pykgf#
8/7/2019 Portfolio | March 2011
54/92
8/7/2019 Portfolio | March 2011
55/92
Bhygd 9088
LFHJKCN ZDF ^H[
Ykfeo Mvevwdkbh, h yfwfhygdfy hz Zowdkih, dhw iyoefc zdyovnd zdf nlhww gfklkcn# Kc Ahphcocl{ =6 pfy gfcz om gollfnf fjvghzfj ~obfc hyf fbplo{fj, ~dkgd bhefw Mvevwdkbhwwvggfww hll zdf boyf yfbhyehilf, yfpoyzw Dkyoeo Zhivgdk#
9080CF^[OYEZKBFWCF^WWFY]KGF
Ykfeo Mvevwdkbh
kw hbocn zdf
nyo~kcn cvbify
om ~obfc kc
Ahphc ~kzd
gdkljyfc hcj
ghyffyw#
8/7/2019 Portfolio | March 2011
56/92
Poyzmolko
:
Kcwpkyhzkoc
Coyko Whwhek, pyfwkjfcz om Zowdkih,
pyfwkjfw o}fy h gobphc{ zdhz wzyk}fw
zo gyfhzf h dowpkzhilf fc}kyocbfcz moy
~oyekcn ~obfc#
YFVZFYW
8/7/2019 Portfolio | March 2011
57/92
poywgdf jfwknc
Zdf Jvihk Bhll %;>8 : :7:8:86 | Bhll om zdf Fbkyhzfw %;>8 : 7:804;;
Bkyjkm Gkz{ Gfczyf %;>8 : 94:7=:0 | Hzlhczkw Dozfl %;>8 : :990788
Hlwo H}hklhilf kc Jvihk Jvz{ Myff %;>8: 98=9:67
8/7/2019 Portfolio | March 2011
58/92
Poyzmolko
=
Bozoykcn
FGOCOB[ ZDHZ PH[W
Jfzyokz kw ivkljkcn }fdkglfw ~kzd mhy ifzzfy mvfl fgocob{zdhc zdfky pyf}kovw ommfykcnw hcj zdf powkzk}f fmmfgz kwifkcn yfmlfgzfj kc zdfky iozzob lkcf, yfpoyzw Ikll ]lhwkg#
Moyjw plhcz kc ^h{cf,Bkgdknhc, dhw iffc yfzoolfjhz h gowz om *600 bkllkoc zobhcvmhgzvyf movy pyonyfwwk}fl{boyf mvfl"fmmkgkfcz }fywkocw omzdf Mogvw#
8/7/2019 Portfolio | March 2011
59/92
K
K
Bhygd 9088
9080CF^[OYEZKBFWCF^WWFY]KGF
8/7/2019 Portfolio | March 2011
60/92
Poyzmolko
Gvyzkw Nklfw jfbocwzyhzfwzdf jooy zfwzkcn wzhzkoc hz zdf
Moyj Bozoy plhcz kc ^h{cf#
4
8/7/2019 Portfolio | March 2011
61/92
Bhygd 9088
^kllkhb Glh{ Moyj Ay Moyj Bozoy Gobphc{ gdhkybhc, ~kzd Hlhc Bvlhll{, Moyjw gdkfm
ftfgvzk}f, jvykcn h bfjkh pyf}kf~ hz zdf gobphc{w plhcz kc ^h{cf#
8/7/2019 Portfolio | March 2011
62/92
Poyzmolko
0
Pyomklf
0
CO IVWKCFWW
LKEF WCO^ IVWKCFWW^dfc {ov cffj fc}kyocbfczhll{ mykfcjl{, hyzkmkgkhl wco~ moy h bo}kf wdooz, wzhnfpyojvgzkoc oy mvcgzkoc zdfyfw ocf gobphc{ zo ghll# Wco~Gfl, wzhyzfj kc 8;49 i{ Jhygf{Gyo~cwdh~, dhw nyo~c zo kczfychzkochl wzhzvyf, yfpoyzw Yoc Zomz#
8/7/2019 Portfolio | March 2011
63/92
Bhygd 9088
Jhygf{ Gyo~cwdh~ wzhyzfj bhekcn dknd"xvhlkz{ mhef wco~ myob yfg{glfj phpfy hz dkw
ekzgdfc zhilf# Zojh{, dkw gobphc{ Wco~Gfl dhw hc hccvhl zvyco}fy om 7 bkllkoc#
^
8/7/2019 Portfolio | March 2011
64/92
Poyzmolko
9
Pyomklf
Co aoi kw zoo ikn oy wbhll moy Wco~Gfl# Dfyf zdf Ihiihgobif Bojfl ]kllhnf kc Fcnlhcj nfzw h myfwd gohzkcn om hyzkmkgkhl wco~#
9
z
8/7/2019 Portfolio | March 2011
65/92
Bhygd 9088
Wco~Gfl dhw bhc{ jkmmfyfcz z{pfw om hyzkmkgkhl wco~# Jffp wco~ ~hw yfxvkyfj zo goc}f{
zdf bfwwhnf kc zdkw ]^ gobbfygkhl#
Zdf Gdyockglfw om Chyckh wfz kw go}fyfj ~kzd hyzkmkgkhl wco~# Wco~Gfll dhw ~oyefj oc
cvbfyovw bo}kfw zdhz dh}f ~oc wpfgkhl fmmfgzw Owghyw#
8/7/2019 Portfolio | March 2011
66/92
8/7/2019 Portfolio | March 2011
67/92
Bhygd 9088
FwwfczkhlwZyh}fl
FTPLOYKCN
ZVCKWKHW
HCGKFCZ PHWZZdf Yobhcw movcjfj bhafwzkg cf~ gkzkfw hmzfydh}kcn hcckdklhzfj zdf bfchgf om Ghyzdhnfkc ~dhz kw zojh{ Zvckwkh# Hcgkfcz gkzkfw wvgdhw Yfnkh, Wifkzlh, Jovnnh, Vzkgh hcj Ikqfyzfifghbf gfczyfw om Yobhc gobbfygf, wvppl{kcnzdf fbpkyf ~kzd okl hcj ~dfhz# Zdkw hcgkfcz~fhlzd kw wzkll }kwkilf kc Zvckwkhw wpfgzhgvlhy
Yobhc yvkcw, yfpoyzw Hlfwwhcjyo Nhcjolmk#
FwwfczkhlwZDF IFWZ OM LFKWVYF HCJ LKMFWZ[LF
Zdf bhkc hzzyhgzkoc kc Fl Efm kw zdf I{qhczk
ehwihd# Kz lkfw cfhy zdf zop om zdf gkz{, ykwkcn ovz
zdf olj bfjkch# Kz vwfj zo if zdf wkzf om h wfykfw
moyzyfwwfw jhzkcn ihge zo zdf 6zd gfczvy{ I
8/7/2019 Portfolio | March 2011
68/92
Poyzmolko
=
h
P
HYHLLFLOQFYO/ZGW
Zdvivyio Bhavw kw h dvnf hygdfolonkghl
wkzf# Zdf gkz{ ~hw ftzyfbfl{ ~fhlzd{ kc
Yobhc zkbfw zdhcew zo kzw ftpoyzw om
olk}f okl hcj ~dfhz#
8/7/2019 Portfolio | March 2011
69/92
Bhygd 9088
FwwfczkhlwZyh}fl
H yfgocwzyvgzkoc om ~dhz Ghyzdhnf looefj
lkef# Zdf gkz{ ~hw pyozfgzfj i{ dvnf ~hllw
hcj h ~fll"zyhkcfj ch}{ zdhz jobkchzfj
zdf Bfjkzfyyhcfhc moy gfczvykfw#
Zdf bhnckmkgfcz Yobhc hbpdkzdfhzyf kc Fl"Jafb, ~dkgd ~hw ghllfj Zd{wjyvw vcjfy
Yobhc yvlf#
Ftploykcn zdf yfbchczwom Yobhc Zvckwkh mollo~wh gkygvlhy yovzf zdhz wzhyzwkc Zvckw hcj mollo~w zdfwovzdfyc yohj ovz omzdf gkz{ hlocn Dhjykhcwhcgkfcz hxvfjvgz zoZdvivyio Bhavw#
8/7/2019 Portfolio | March 2011
70/92
Poyzmolko
4
Zdf Ihyjo Bvwfvb kc Zvckw
dovwfw zdf ~oylj.w ifwz gollfgzkoc
om Yobhc bowhkgw#
Lkzzlf yfbhkcw om zdf oyknkchl
Ghyzdhnf, ~dkgd wzooj glowf zozojh{w Wkjk Iov Whkj#
8/7/2019 Portfolio | March 2011
71/92
Bhygd 9088
FwwfczkhlwZyh}fl
Zdf hbpdkzdfhzyf kw zdf ~oyljw zdkyj lhynfwz $hmzfyYobfw Golowwfvb hcj Ghpvh kc wovzdfyc Kzhl{+ hcjjobkchzfj zdf hcgkfcz Yobhc gkz{ om Zd{wjyvw, hgfczyf moy zyhjf hcj gobbfygf ykgd ~kzd olk}f nyo}fw,nhyjfcw, }kllhw, hcj jfgoyhzfj i{ lhynf bowhkgw#
H zfbplf hz Wifkzlh
kllvbkchzfj hz ckndz#
Zdkw hcgkfcz wkzf
go}fyw 60 hgyfw#
Hz Ivllh Yfnkh zdf Yobhcw
jvn lhynf vcjfynyovcj }kllhw
zo fwghpf zdf jfwfyz dfhz#
8/7/2019 Portfolio | March 2011
72/92
Poyzmolko
0FwwfczkhlwBvwkg
Hz *80,000 moy h ~ffe kz zhefw wfykovw bocf{ zo phyzkgkphzfkc zdf Yoge c Yoll Mhczhw{ Ghbp# Ivz moy bkjjlf"hnfjivwkcfwwpfoplf kz kw ~oyzd f}fy{ pfcc{, yfpoyzw Lhyy{ Yodzfy#
Afmm Iokgo, lfmz, hcj Iykhc
Bhywdhll zhef h io~ hmzfy
zdfky ihcj Vcvwvhl Wvwpfgzw
pfymoybfj hz zdf mkchl
gocgfyz om Yoge c Yoll
Mhczhw{ Ghbp#
L
GHBP YOGE
9088Cf~[oyeZkbfwCf~wWfy}kgf
8/7/2019 Portfolio | March 2011
73/92
Bhygd 9088
Hio}f1 Bfbifyw om zdf Jkgewzfkcw, chbfj hmzfy lfhj wkcnfy
Bhye Jkgewzfkc, gfczyf, nfz yfhj{ zo zhef zdf wzhnf hz I#I# Ekcnw
Ilvfw Glvi hcj Nykll kc Cf~ [oye#
Ykndz1 Yoifyz Wgdobhefy phgfw kc h ihgewzhnf goyykjoy ifmoyf dkw
pfymoybhcgf#
8/7/2019 Portfolio | March 2011
74/92
Poyzmolko
Bowz om zdf ghbpfyw hyf wvggfwwmvl ftfgvzk}fw oypyomfwwkochlw1 h movcjfy om zdf Oyhglf gobpvzfygobphc{, h pfywochl"kcavy{ lh~{fy, h BgJochljwmyhcgdkwff ~dowf mhzdfy kc}fczfj zdf Ikn Bhg, hplhwzkg wvynfoc, pyfwkjfczw om dfhlzd ghyf hcjwfhmooj gobphckfw#
Bfbifyw om Vcvwvhl Wvwpfgzw ~hyb vp ihgewzhnf# Bhc{ om zdf ghbpfyw hyf yfnvlhyw,
~kzd Fj Ohzfw, h movcjfy om Oyhglf doljkcn zdf yfgoyj ~kzd ckcf ghbpw#
Hyzdvy Lhvyfzhco, lfmz, nfzw wobf fcgovyhnfbfcz
myob Bhye Dvjwoc, wocn~ykzfy hcj pyojvgfy#
9
8/7/2019 Portfolio | March 2011
75/92
Bhygd 9088
FwwfczkhlwBvwkg
Yonfy Jhlzyf{ wkncw hvzonyhpdw moy bfbifyw om zdf Mhczhw{ Ghbp# Jhlzyf{ dhw zhvndz
hz wf}fyhl ghbpw hcj gkzfw kz hw h powkzk}f ftpfykfcgf zdhz df fcao{w#
Yonfy Jhlzyf{, lfhj wkcnfy om Zdf ^do, ~oyew ~kzd Gdykwz{ Dfbbf jvykcn yfdfhywhlw#
8/7/2019 Portfolio | March 2011
76/92
:FwwfczkhlwHyz
YVWWKHCHYZ HZZHGEHyz kc Yvwwkh dhw iffc ftpfykfcgkcn hc vcpyfgfjfczfj ioob# Hlkwwh F}fyfzzyfpoyzw oc zdf Yvwwkhc ikllkochkyfw pyoppkcn vp zdf kczfychzkochl hyz bhyefz ~kzdyfgoyj pvygdhwfw hz zop hvgzkoc dovwfw kc Cf~ [oye hcj Locjoc#
Poyzmolko
8/7/2019 Portfolio | March 2011
77/92
H
Bhygd 9088
Zdf cf~gobfy bhekcnzdf iknnfwz wplhwd kc zdfgovczy{ kw goczfbpoyhy{hyz, ~dkgd ghc co~ ifwffc zdyovndovz zdfYvwwkhc ghpkzhl kc h yhpkjl{ftphcjkcn wfz om }fcvfw#Cf~ fjn{ dhcnovzw kclhynf kcjvwzykhl gobplftfw,mkchcgfj i{ Bowgo~w flkzf,hyf fbfynkcn hgyoww zdfgkz{ hcj pvwdkcn zdf hyzwgfcf myob wzvmm{ hcjwzhkj zo fjn{ hcj dkp#
Zdf ^kcqh}oj Gfczyf moy Goczfbpoyhy{ Hyz kw mkllfj ~kzd dknd"fcj nhllfykfw avtzhpowfj
i{ nyhmmkzk hcj phkczkcnw oc zdf ihyf wzocf ~hllw#
8/7/2019 Portfolio | March 2011
78/92
Poyzmolko
=FwwfczkhlwHyz
Yvwwkhc hyz dhw bo}fj mhy if{ocj zdf
wogkhlkwz yfhlkwb jfpkgzfj kc zdkw poyzyhkz
i{ Ekhczgdfceo om Lfckc hz Yhqlk}#
Jhwdh Qdveo}h opfcfj Zdf Nhyhnf kc
900;# Kz ~hw h ykwe{ vcjfyzhekcn ivz zdf
nhllfy{ dhw pyo}fc zo if h dvnf wvggfww#
Hczoc{ Noyblf{w kcwzhllhzkoc Jobhkc
Mkflj gocwkwzw om 94> wgvlpzvyfw bhjf
myob zdf ioj{ bovljw om 900 }olvczffyw#
Kz ~hw ftdkikzfj hz Zdf Nhyhnf#
YFVZFYW
YFV
ZFYW
8/7/2019 Portfolio | March 2011
79/92
Bhygd 9088
FwwfczkhlwHyz
Bhykh Ihkiheo} wzhyzfj zdf Ihkiheo} Hyz
Pyoafgz, h coc"pyomkz wphgf moy ftdkikzkocw
hcj lfgzvyfw#
Yvwwkhc hyzkwz H}jfk Zfy"Onhckhc powfw cftz zo dkw phkczkcnw jvykcn zdf ftdkikzkoc
Govczfypokcz1 Yvwwkhc Goczfbpoyhy{ Hyz oynhckwfj i{ z~o Bowgo~ nhllfykfw,
kcglvjkcn zdf wzhzf"o~cfj Chzkochl Gfczyf moy Goczfbpoyhy{ Hyz#
900> i{ Jbkzy{ ]yvifl hcj ]kezoykh Zkbomf{f}h, h gollhnf om poyzyhkzw, hz zdf ^kcqh}oj
Gfczyf moy Goczfbpoyhy{ Hyz kc Bowgo~#
Gh}fycovw ~kcf gfllhywdovwf movy bhaoy nhllfykfw~kzd kcwzhllhzkocw omwgvlpzvyf, pdozonyhpd{,
phkczkcn hcj nlhww#Ifz~ffc zdf dknd fcjnhllfykfw hyf kczfyfwzkcnpkfgfw om nyhmmkzk hcj boyfzyhjkzkochl phkczkcnw ocihyf ~hllw# Zdf ftpowfjpkpfw hcj ihyf iykgehjj zo zdf kcjvwzykhlhzbowpdfyf#
YFVZFYW
NYHPDFHWZ
8/7/2019 Portfolio | March 2011
80/92
Poyzmolko
FwwfczkhlwHggobbojhzkoc
4
D{pohllfynfckg DozflYoobw, Moy h PykgfZdf cvbify om pfoplf wvmmfykcn myob hllfynkfw kw wzfhjkl{ glkbikcn hcj dozflw hyf ghzfykcnmoy zdkw bhyefz ~kzd wpfgkhl yoobw, yfpoyzw Zhc{h Bodc#
9080CF^[OYEZKBFWCF^WWFY]KGF
8/7/2019 Portfolio | March 2011
81/92
Bhygd 9088
FwwfczkhlwHggobbojhzkoc
Zdf wzhzf om zdf hyz Ilvfhky mklzfyw ovz hll jvwz hcj ojovy hz zdf Mhkybocz Dozfl kc
]hcgov}fy, Ghchjh#
Mhkybocz Dozflw hcj Yfwoyzw hcj
D{hzz Dozflw hcj Yfwoyzw hyf
jfwknchzkcn hllfyn{"mykfcjl{ yoobw,
~kzd zdkcnw lkef bfjkghl"nyhjf
hky pvykmkfyw hcj gdfbkghl" hcj
myhnyhcgf"myff ihzd pyojvgzw#
8/7/2019 Portfolio | March 2011
82/92
Poyzmolko
FwwfczkhlwHggobbojhzkoc
0
Zdfyf hyf bhc{ pfoplf ~do yfxvfwz wpfgkhl yoobw,coz ifghvwf zdf{ dh}f hllfynkfw ivz ifghvwf zdf{iflkf}f zdowf yoobw ~kll dh}f h dkndfy jfnyff omwhckzhzkoc hcj glfhclkcfww#
Wzf}f Wgdfkmflf, om Pvyzfgd Glfhckcn Wfy}kgfw, wzfhb glfhcw gvyzhkcw ~dklf Phvl Ekcnwivy{, jkyfgzoy om dovwfeffpkcn moy zdf Mhkybocz
Dozfl ]hcgov}fy, lfmz, hcj Bhylfcf Bhlh{o bhef zdf ifj kc h d{pohllfynfckg yoob#
8/7/2019 Portfolio | March 2011
83/92
8/7/2019 Portfolio | March 2011
84/92
Poyzmolko
FwwfczkhlwZfgdcolon{
9
F
WDO^KCN ZDF MVZVYFZdf cf~ Cooe Goloy kw wfzzkcn zdf zyfcjw moy mvzvyf f"iooe yfhjfyw ~kzd kzw golovy zovgd
wgyffc# Hlzdovnd kz kwcz pfymfgz kz kw h dvnf wzfp moy~hyj, yfpoyzw Jh}kj Ponvf#
9080CF^[OYEZKBFWCF^WWFY]KGF
8/7/2019 Portfolio | March 2011
85/92
Bhygd 9088
^kllkhb L{cgd, gdkfm ftfgvzk}f ommkgfy om Ihycfw - Coilf, vc}fkllfj zdf cf~ Cooe Goloy
flfgzyockg yfhjfy oc Ogzoify 9= lhwz {fhy# Ihycfw - Coilf, zdf lhynfwz VW iooewzoyf
gdhkc, kw zy{kcn zo iolwzfy kzw wdhyf om zdf nyo~kcn jknkzhl iooe bhyefz#Zdf Cooe Goloy kwhiwolvzfl{ iykwzlkcn~kzd mfhzvyfw# Cozfw,
dkndlkndzkcn, iooebhyew,kcwzhcz jkgzkochy{jfmkckzkocw, hcj xvkge^kekpfjkh oy Noonlflooevpw om h gdowfc~oyj# [ov ghc wflfgzphwwhnfw om zftz hcj powzzdfb zo {ovy Z~kzzfy oyMhgfiooe hggovczw#
NFZZ[KBHNFW
8/7/2019 Portfolio | March 2011
86/92
Poyzmolko
FwwfczkhlwZfgdcolon{
:
Zdf Hpplf kPhj $lfmz+ dhw boyf kczvkzk}f goczyolw zdhc zdf Goloy Cooe $gfczyf+# Ivz zdf Goloy Cooe kw h dvnf wzfp vp myob
Hbhqocw Ekcjlf#
Zdfyf hyf f}fc hppw#[fw, zdf Goloy Cooe yvcwoc Noonlfw myff Hcjyokjopfyhzkcn w{wzfb5 ivzco, kz jofwcz yvc hppwjfwkncfj moy Hcjyokjpdocfw# Kz gobfw ~kzdwobf wzhyzfy hppw, lkefWvjoev, h gyoww~oyjhcj h Phcjoyh yhjkohpp5 zdf gobphc{wh{w pyonyhbbfyw~kll wooc if hilf zo~ykzf hjjkzkochl Cooepyonyhbw#
8/7/2019 Portfolio | March 2011
87/92
8/7/2019 Portfolio | March 2011
88/92
Poyzmolko
=FwwfczkhlwZfwz Jyk}f
WZHY XVHLKZ[Zdf Bfygfjfw NL :60 :BHZKG kw lvtvykovw, po~fymvl hcjgobmoyzhilf# Plvw kzw h loz om mvc zo jyk}f, yfpoyzw Nvkjo Jvefc#
L
8/7/2019 Portfolio | March 2011
89/92
Bhygd 9088
Zdf NL :60 :BHZKG wzhyzw hz *48,600 moy zdf NGG phgehnf# Ivz i{ zdf zkbf {ov}f nocfzdyovnd zdf opzkoc wdffz {ov ghc fhwkl{ hjj hcozdfy *90,000#
8/7/2019 Portfolio | March 2011
90/92Poyzmolko
4FwwfczkhlwOzdfy Ivwkcfww
Coioj{ lkefw ph{kcn phyekcn mkcfw
hcj hc Hvwzyhlkhc bhc jfgkjfj zo
jo wobfzdkcn hiovz kz i{ gyfhzkcn
hc kPdocf hpp zdhz lfzw vwfyw ~hyc
fhgd ozdfy ~dfc phyekcn ommkgfyw
hyf wpozzfj lvyekcn cfhy zdfky ghyw#
Aowfpd Jhylkcn jf}flopfj zdf
Phye Phzyol hpp ovz om myvwzyhzkoc
hmzfy mhllkcn }kgzkb zo zdf locn hyb om
zdf lh~ ocgf zoo omzfc# Jhylkcn wh{w
df noz ifz~ffc 90 hcj 70 phyekcnmkcfw kc W{jcf{ lhwz {fhy, hcj zdf
mkchl wzyh~ ghbf ~dfc df ~hw
zkgefzfj kc dkw o~c cfkndiovydooj
jfwpkzf h phyekcn pfybkz zdhz df
ph{w dvcjyfjw om jollhyw moy fhgd
{fhy# Zdf h}fyhnf phyekcn zkgefz kw
hyovcj VW*48#
Zdf hpp lfzw vwfyw wknc kc hcj
yfpoyz wkndzkcnw om phyekcn ommkgfyw
~kzd h wkcnlf pvwd om h ivzzoc#
Ghyzooc mhgfw ~fhykcn h polkgf ghpzdfc hppfhy plozzfj oc h bhp om
zdf hyfh, hlocn ~kzd h cozkgf
zdhcekcn zdfb# Zdf hpp ~kll hlwo
hlfyz vwfyw km h phyekcn ommkgfy kw
wpozzfj kc zdfky hyfh hcj do~ glowf#
Cozkmkghzkoc opzkocw moy 600, 900
hcj 800 bfzyfw hyf h}hklhilf#
Zdf myff hpp kw h}hklhilf kc
Fcnlkwd, Nfybhc, Wphckwd,
Poyzvnvfwf hcj Myfcgd# Yovndl{ 40
pfy gfcz om vwfyw hyf kc Hvwzyhlkh#
HPP ]FYWVW
PHYEKCN ZKGEFZW
Hbivlhcgf Gdhwfy
Ykzq{ Cfkndiovydoojw
8/7/2019 Portfolio | March 2011
91/92BHYKCH BHLL HIV JDHIK BHLL HL EDHLKJKH HL ^HDJH BHLL HL HKC BHLL HL HKC EDHLKMH FBKYHZFW PHLHGF
8/7/2019 Portfolio | March 2011
92/92