HDFC Small Cap Fund · HDFC Small Cap Fund (An open ended equity scheme predominantly investing in...
Transcript of HDFC Small Cap Fund · HDFC Small Cap Fund (An open ended equity scheme predominantly investing in...
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October 2019
HDFC Small Cap Fund(An open ended equity scheme predominantly investing
in small cap stocks)
Small is Powerful!
This product is suitable for investors who are seeking*:
• To generate long-term capital appreciation /income.• Investments predominantly in Small-Cap companies.*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Riskometer
Table of Contents
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• Small Cap Universe
• Why Small Caps?
• Sector-wise presence – Large Cap vs Small Caps
• Correction of excesses in small cap segment
• Correction in small caps : Right time to invest ?
• Long Term approach to small cap investing
• Scope for bottom-up stock picking
• HDFC Small Cap Fund – Fund History, Portfolio Construct, Sector-Wise allocation, Portfolio Turnover, Portfolio Diversification, Portfolio Statistics
• Scheme Performance
• Disclaimer & Risk Factors
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Small Caps
Small Cap Universe
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Parameters Details
Small-Cap Universe Companies beyond 250th company in terms of full
market capitalization
Market Cap RangeRs 8,801 Cr and below(As of 30th June 2019)
Allocation to Small-Cap Stocks
65%-100%
Large
caps – 100
Companies
Mid caps
150 Companies
Rs 28,920 Cr and above
Rs 27,454 Cr to Rs 8,858 Cr
Rs 8,801 Cr and below
Classification as per SEBI circular on rationalization and merger of schemes.*
Source: Classification as per SEBI circular (SEBI / HO/ IMD/ DF3/ CIR/ P/ 2017/ 114) dated October 6, 2017, wherein the universe of “Small Cap”shall consist of companies below 250th company in terms of full market capitalization. *AMFI - As on 30th June 2019. Stock cut off – Market Capabove Rs 150 Cr. 1204 small cap companies mentioned above are those small cap companies with market cap>Rs 150 Cr.
Large Universe provides more opportunities for alpha generation.
Why Small Caps?
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Scope for returns
• Size of the company increases
• Analysts start tracking stocks
• Institutional holding increases
• Better disclosure levels can lead to greater familiarity and high multiples
• As a result, smaller stocks which can be mis-priced get re-priced
IndexAverage Analyst
Cove rage
NIFTY 50 Index 38
NIFTY Midcap 100 Index 16
NIFTY Small Cap 100 Index 8
Under Researched: Limited Analyst Coverage Under Owned: Lower Institutional Holding
Ownership Pattern amongst Index Constituents (%)
IndexPromoter
GroupInstitutional Retail
NIFTY 50 Index 42 41 16
NIFTY Midcap 100 Index 55 28 17
NIFTY Small Cap 100 Index 50 24 26
For small cap stocks, company specific factors have a much higher impact than macro factors
Source: Bloomberg, HDFC AMC Internal Research, Company ReportsAverage analyst coverage is the average number of analysts covering each of the index constituents as on September 30th 2019.Ownership pattern as disclosed by index constituent companies to the NSE as on QE June 2019
Sector-Wise Presence – Large Caps vs Small Caps
Small Caps^ provides investment opportunities in segments of the economy which are not covered by Large Caps*.
Key Statistics NIFTY 50 NIFTY Small Cap 100
Number of Industries 21 28
Top 5 Industries (%) 76 45
Top 10 Industries (%) 91 67
Industries covered by NIFTY Small Cap 100 but not part of NIFTY 50
Data is As of 30th September 2019 Source : MFI Explorer . Sector classification as per AMFI.Classification as per SEBI circular (SEBI / HO/ IMD/ DF3/ CIR/ P/ 2017/ 114) dated October 6, 2017. The universe of “Large Cap” shall consist ofcompanies up to 100th company in terms of full market capitalization. The universe of “Small Cap” shall consist of companies below 250th
company in terms of full market capitalization.* As represented by NIFTY 50 Index, ^ As represented by NIFTY Small Cap 100 Index Stocks/sectors referred above are illustrative and are not recommended by HDFC Mutual Fund/AMC. The Fund may or may not have any present or future positions in these stocks/sectors. The above statements / analysis should not be construed as an investment advice or a research report or a recommendation to buy or sell any security covered under the respective sector/s .The same has been prepared on the basis of information, which is already available in publicly accessible media.
NIFTY 50 : High Concentration in some industries
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NIFTY 50 NIFTY Small Cap 100
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Correction of excesses in Small Cap segment
Source: HDFC AMC Internal Research, Bloomberg. All calculations as of September 30th 2019. Index Values rebased to 1st January 2004 whichis the inception date of the NIFTY Small cap 100 index. Historical performance indications and financial market scenarios are not reliableindicators for current or future performance. Small Caps carry a higher risk of market fluctuations and are also prone to higher liquidity risks.Small caps are strictly not comparable to Large caps stocks.
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NIFTY 50 TRI NIFTY Small Cap 100 TRI
Correction in Small Caps: Right time to invest?
AnnualizedReturns
Number of Instances
% of Instances
> 0 % 589 100%
>= 10% 431 73%
>= 15% 400 68%
>= 20% 317 48%
NIFTY Small Cap 100 TRI Index witnessed 1 Year loss exceeding 10% in 589 instances since inception*. However, 3 Year CAGR from such days was always positive with returns greater than 15% p.a. in ~ 68% instances
NIFTY Small Cap 100 TRI: 3 Year CAGR after 1 Year loss exceeding 10%
* Data up to 30th September 2019. The above simulation is for illustration only. Past performance may or may not be sustained in the future. Mutual Fund/AMC is not guaranteeing returns on investments made in this scheme.
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Long term approach to investing in small caps
NIFTY Small Cap 100 TRI: Daily Rolling Returns Range
Source : MFI Explorer, Daily Rolling returns from inception of NIFTY Small Cap 100 TRI (1st Jan 2004) to 30th September 2019 Past Performance may not be sustained in future. Returns greater than 1 year period are compounded annualized (CAGR). Mutual Fund/AMC is not guaranteeing returns on investments made in any scheme.
As investment horizon increases, variability of returns reduces significantly. Long term approach to investing in small caps reduces volatility of returns.
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Returns of NIFTY 500 companies Top 100 101-250 251-500
>10x 0 1 6
5x-10x 1 9 26
3x-5x 15 27 35
2x-3x 15 31 38
50%-100% (2x) 28 16 28
Between 0 and 50 % 20 25 26
Between 0 and -20% 8 6 7
Between -20% and-50% 4 14 10
Less than -50% 5 17 43
NA * 4 4 31
Scope for Bottom up stock picking
Source : Bloomberg. Classification as per SEBI circular (SEBI / HO/ IMD/ DF3/ CIR/ P/ 2017/ 114) dated October 6, 2017. The universe of “Large Cap” shall consist of companies up to 100th company in terms of full market capitalization. The universe of “Small Cap” shall consist of companies below 250th company in terms of full market capitalization. Absolute Returns from 31st March 2014 to 31st March 2019 considered for NIFTY 500 Constituents as of 31st March 2014 * Includes companies which delisted, merged, liquidated during the period. Past performance may not be sustained in the future. Historical performance indications and financial market scenarios are not reliable indicator of current or future performance.
Wide dispersion of returns in small caps provides better scope for bottom-up stock picking
Return range of NIFTY 500 Companies for the 5 year period from 31st March 2014 to 31st March 2019
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HDFC Small Cap Fund
Fund History and Investment Approach
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•Launched as Morgan Stanley A.C.E. Fund on April 3, 2008 as a multi-cap fund.
•Scheme acquired by HDFC Mutual Fund in 2014* and fund repositioned as HDFC Small & Mid-cap Fund with a focus on small and midcap stocks.
•Scheme repositioned** in November 2016 and renamed as HDFC Small Cap Fund, with a focus on Small cap stocks.
Fund History
• Focus on well managed small cap companies.• Focus on quality metrics like ROCE & ROE, Cash flows
Investment Approach
• Invest predominantly in small cap companies.• Identifying companies with reasonable growth prospects.• Identify companies with sound financial strength and sustainable
business.•Seek undervalued businesses.
Investment Strategy
*Scheme acquisition as on close of business hours on June 27th 2014.** W.e.f. November 9th 2016The current investment strategy is subject to change depending on the market conditions. Read Scheme Information Document for more details.
Portfolio Construct
• Invests at least 65% in small-cap companies.
• Targets high quality small cap business which are undervalued and have a sustainable business.
• Well diversified portfolio at all times.
Market Cap * ( In Rs. Crore) Weighted Average Market Cap ** (in Rs Crore)
Portfolio as on 30th September 2019. * Market Cap data as on September 30, 2019 from Capital Line. Equity Exposure of Fund rebasedto 100% .Unlisted Securities not considered. HDFC Mutual Fund/AMC is not guaranteeing returns on investments made in this scheme.** Weighted Average Market Cap as on September 30, 2019 (Source: Capital Line). The current investment strategy is subject to changedepending on the market conditions. Benchmark: NIFTY Small cap 100 Index.
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Rs 5,000 Crore to Rs10,000 Crore
More than Rs 10,000Crore
% o
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HDFC Small Cap Fund NIFTY Small Cap 1006,290
5,347
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3,500
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HDFC Small Cap Fund NIFTY Small Cap 100
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Note : Top 10 Industries in the portfolio. Source:-Bloomberg (Sector classification as per AMFI). As of 30th September 2019.Fordetailed portfolio refer wwww.hdfcfund.com. The Fund may or may not have any present or future positions in these stocks/sectors.The above statements / analysis should not be construed as an investment advice or a research report or a recommendation to buy orsell any security covered under the respective sector/s .The same has been prepared on the basis of information, which is alreadyavailable in publicly accessible media.
Scheme Sector-wise Allocation
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Alpha generation by maintaining portfolio differentiated from the benchmark
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Differentiated portfolio
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Source:-Bloomberg (Sector classification as per AMFI). As of 30th September 2019.For detailed portfolio refer www.hdfcfund.com.The Fund may or may not have any present or future positions in these stocks/sectors.The above should not be construed as an investment advice or a research report or a recommendation to buy or sell any securitycovered under the respective sector/s .
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Consistently Low Portfolio Turnover Ratio - High Portfolio Conviction
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Source:-MFI Explorer .As of 30th September 2019.
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Portfolio Turnover Ratio Average
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Consistently Low Portfolio Turnover Ratio indicating high conviction in stock picking and long term approach to investing.
Well Diversified Portfolio
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Source:-MFI Explorer .As of 30st September 2019 (Quarterly data used).
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Risk Management through well diversified portfolio with low portfolio concentration
Parameter Average
(Since Sep’ 16)Top 10 holding (% of portfolio)
29%
Number of stocks 63
Portfolio Statistics
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* Risk Free Rate: 5.52% (Source FIMMDA MIBOR)Data is As of 30th September 2019For complete portfolio, please refer www.hdfcfund.com
The Fund may or may not have any present or future positions in these stocks/sectors. The above statements / analysis should notbe construed as an investment advice or a research report or a recommendation to buy or sell any security covered under therespective sector/s .
Company Name % to NAV
Sonata Software Ltd. 3.30
DCB Bank Limited 3.07
NIIT Technologies Ltd. 3.05
Inox Leisure Ltd. 2.40
Chambal Fertilizers & Chemicals Ltd. 2.38
KEI Industries Ltd. 2.37
Balkrishna Industries Ltd. 2.36
Kalpataru Power Transmission Ltd. 2.34
Bajaj Electricals Ltd. 2.28
Indian Hotels Company Ltd. 2.26
Top 10 Holdings (Sep’ 19)
Top 5 Holding % 14.20%
Top 10 Holding %. 25.81%
Sharpe Ratio * 0.070
Beta 0.670
Portfolio Turnover Ratio (Last 1 Year)
2.80%
Portfolio Statistics
Segment% of Net
Total Assets
Large Cap 4.1
Mid Cap 15.5
Small Cap 66.4
Segment-wise break up of equity holding
Taking the SIP Route
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• Imbibes financial discipline.
• Drops of water help fill a glass – Small andregular investments build a corpus overtime.
• Eliminates the need to time the markets.
• Enables setup and plan financial goals.
• Option to stop at anytime thus providingflexibility.
• Aids in long term wealth creation.
• An open ended Fund with a well definedportfolio strategy.
• Targeted allocation to small cap stockswith good growth and earnings potential.
• Given the volatility that small caps bringto the portfolio, an SIP helps weather suchinherent volatility
Why SIP Why SIP in HDFC Small Cap Fund
Fund FactsType of Scheme An open ended equity scheme predominantly investing in small cap stocks
Inception Date
(Date of allotment)April 3, 2008
Investment ObjectiveTo provide long-term capital appreciation /income by investing predominantly in Small-Capcompanies.
Fund Manager$ Mr. Chirag Setalvad
PlansDirect PlanRegular Plan
OptionsUnder Each Plan: Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility.
Minimum ApplicationAmount
(Under Each Plan/Option)
Purchase: Rs 5,000 and any amount thereafter
Additional Purchase: Rs 1,000 and any amount thereafter
Load Structure
Entry Load:Not Applicable. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFIregistered Distributor) based on the investors’ assessment of various factors including the servicerendered by the ARN Holder.Exit Load:
• In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is payable if Units areredeemed / switched-out within 1 year from the date of allotment.
• No Exit Load is payable if Units are redeemed / switched-out after 1 year from the date ofallotment.
In case of Systematic Transactions such as SIP, GSIP, STP, Flex STP, Swing STP, Flex index; Exit Load,if any, prevailing on the date of registration / enrolment shall be levied.
Benchmark Index NIFTY Small cap 100 Index
$ Fund Manager Overseas investment – Mr Chirag DagliFor further details, refer SID and KIM available on www.hdfcfund.com and at Investor Service Centres of HDFC Mutual Fund
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Asset Allocation
The Scheme may invest up to 100% of its total assets in Derivatives.The Scheme may invest up to 35% of its total assets in foreign securities.
Type of Instruments Minimum Allocation(% of Total
Assets)
Maximum Allocation (% of Total Assets)
Risk Profile of the Instrument
Equity and equity related instrumentsof Small Cap companies**
65 100 High
Equity and equity related instrumentsother than Small Cap companies
0 35 High
Debt Securities (including securitiseddebt) and money market instruments
0 35 Low to Medium
Units issued by REITs and InvITs 0 10 Medium to High
Non-convertible preference shares 0 10 Low to Medium
Under normal circumstances, the asset allocation of the scheme’s portfolio will be as follows:
** Investment universe of “Small Cap”:The investment universe of “Small Cap” shall comprise companies as defined by SEBI from time to time. In terms of SEBI circular SEBI/ HO/ IMD/ DF3/ CIR/ P/ 2017/ 114 dated October 6, 2017, the universe of “Small Cap” shall consist of 251st company onwards in terms of full market capitalization and that the Scheme will be required to adhere the following:The list of stocks of Small Cap companies prepared by AMFI in this regard will be adopted. The said list would be uploaded on the AMFI website and would be updated every six months based on the data as on the end of June and December of each year or periodically as specified by SEBI. Subsequent to any updation in the said list as uploaded by AMFI, the portfolio of the Scheme will be rebalanced within a period of one month. For further details, refer SID, KIM available on website www.hdfcfund.com and at Investor Service Centres (ISCs) of HDFC Mutual Fund.
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Scheme Performance
Value of Rs 10,000 invested
Scheme Returns (%)
Benchmark Returns (%) #
Additional Benchmark Returns (%)
##
Scheme Benchmark
(Rs)#
Additional Benchmark
(Rs)##
Last 1 year -6.47 -8.10 6.31 9,353 9,190 10,631
Last 3 years 8.55 -2.11 11.49 12,792 9,379 13,858
Last 5 years 10.97 3.53 8.93 16,834 11,897 15,344
Since inception 12.59 5.00 9.26 39,084 17,528 27,673
The above scheme has been managed by Chirag Setalvad, the fund manager since June 28,2014.The performance of the Scheme is benchmarked to the Total Return Index (TRI) Variant of the Indices.Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized (CAGR). Load is not takeninto consideration for computation of performance. #NIFTY Smallcap 100 ## NIFTY 50. Different plans viz. Regular Plan and Direct Plan have a differentexpense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged inthe Regular Plan. Returns as on 30th September 2019
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Scheme Performance
Scheme
Scheme managing since
Cumulative Performance
1 year (in %)3 year 5 year
CAGR (in %) CAGR (in %)Chirag Setalvad manages 9 schemes
Performance of Top 3 schemes managed by Mr. Chirag SetalvadHDFC Long Term Advantage Fund Jan 02, 01 6.18 10.05 9.44
S&P BSE SENSEX TRI 8.03 12.92 9.16HDFC Mid Cap Opportunities Fund
Jun 25, 07 -0.5 4.38 10.12
NIFTY Mid Cap 100 TRI -5.61 2.43 8.17HDFC Hybrid Equity Fund (Equity Assets) Apr 02, 07 6.94 7.99 9.83
NIFTY Hybrid Composite Debt 65:35 Index
9.03 10.15 9.13
Performance of Bottom 3 schemes managed by Mr. Chirag SetalvadHDFC Retirement Savings Fund -Equity Plan Feb 25, 16 4.44 8.56 NA
NIFTY 500 TRI 3.69 9.44 NA
HDFC Retirement Savings Fund –Hybrid Debt Plan (Equity Assets) Feb 25, 16 7.83 6.33 NA
NIFTY 50 Hybrid Composite Debt 15:85 Index
12.63 7.86 NA
HDFC Multi - Asset Fund (Equity Assets) Apr 02, 07 4.88 4.9 6.28
90% NIFTY 50 Hybrid Composite Debt 65:35 Index +10% Domestic Price of Gold
10.69 9.9 9.1
Performance of the Schemes are benchmarked to the Total Return Index (TRI) Variant of the Indices.Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualised (CAGR). The above returns are of Regular Plan -Growth Option. Load is not taken into consideration for computation of performance. On account of difference in the type of the Scheme, asset allocation, investment strategy, inception dates, the performance of these schemes is strictly not comparable. Top 3 and bottom 3 schemes managed by the Fund Manager have been derived on the basis of since inception returns vis-à-vis the benchmark. In case the benchmark is not available on the Scheme’s inception date, the returns for the concerned scheme is considered from the date the benchmark is available. Returns as on 30th September 2019. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses/ commission charged in the Regular Plan
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Asset Allocation
The presentation dated 14th October, 2019. has been prepared by HDFC Asset Management Company Limited (HDFCAMC) based on internal data, publicly available information and other sources believed to be reliable. Any calculationsmade are approximations, meant as guidelines only, which you must confirm before relying on them. The informationgiven is for general purposes only. Past performance may or may not be sustained in future. The current investmentstrategies are subject to change depending on market conditions. The statements are given in summary form and do notpurport to be complete. The views / information provided do not have regard to specific investment objectives, financialsituation and the particular needs of any specific person who may receive this information. The information/ data hereinalone are not sufficient and should not be used for the development or implementation of an investment strategy. Thestatements contained herein may include statements of future expectations and other forward-looking statements thatare based on our current views and involve known and unknown risks and uncertainties that could cause actual results,performance or events to differ materially from those expressed or implied in such statements. Stocks/Sectors referred inthe presentation are illustrative and should not be construed as an investment advice or a research report or arecommended by HDFC Mutual Fund / AMC. The Fund may or may not have any present or future positions in thesesectors. HDFC Mutual Fund/AMC is not guaranteeing any returns on investments made in the Scheme(s). Thedata/statistics are given to explain general market trends in the securities market, it should not be construed as anyresearch report/research recommendation. Neither HDFC AMC and HDFC Mutual Fund nor any person connected withthem, accepts any liability arising from the use of this document. The recipient(s) before acting on any information hereinshould make his/her/their own investigation and seek appropriate professional advice and shall alone be fully responsible/ liable for any decision taken on the basis of information contained herein. For complete portfolio/details refer to ourwebsite www.hdfcfund.com
MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.
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Thank You
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