MOSt BRST FACT SHEET BRSTBRST BRSTBRS BRS … · 2016-02-29 · February 2016ST FACT SHEET MOSt...
Transcript of MOSt BRST FACT SHEET BRSTBRST BRSTBRS BRS … · 2016-02-29 · February 2016ST FACT SHEET MOSt...
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FACT SHEETMOStFACT SHEETMOSt
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Dear Investors and my dear Advisor friends,
Wish you a very happy and prosperous 2016.
This month instead of writing a newsletter to you, I am taking the liberty of reproducing (with permission), the extracts of an interesting blog written by Mr. Jatin Khemani of Stalwart Advisors. You may use the link http://stalwartvalue.com/obsession-with-pe-multiple/ to access the article. I find it extremely useful and I believe it would serve as very interesting reading.
“Indians are known to be very smart consumers; always looking for value-for-money offerings. Fortunately or unfortunately, that should make us very good ‘Value Investors’.
However, how do we know if a stock is a bargain or not? By default P/E ratio has become that barometer on which majority is trying to answer this critical question. You mention a stock and the first question would be ‘Boss iska P/E kitnahai?’(How much is its P/E?)
P/E which is price-to-earnings ratio is the most commonly used valuation ratio to make sense of how expensive or cheap a stock is. The reason for its popularity is its simplicity; P/E of 20 means the business is available at a market capitalization which is 20 times its
annual earnings, in other words the stock price is trading at 20 times its earnings per share (EPS). The ratio which can anyways be quickly calculated mentally is also available widely on all portals and invariably the first most people would check.
Through this post, I will briefly cover three ways in which lot of us get it wrong when it comes to making sense out of P/E:
Folly 1: Lower the better; always true?
A lower P/E does not always imply that the stock is a bargain. Though the numerator of this ratio (price) is for everybody to see, what we ignore is the denominator (quality of earnings) where lies the most important information. This is all the more important in case of cyclical businesses. For instance look at following information pertaining to CEAT Tyres:
An investor basing decision only on P/E would find it expensive in 2012 at P/E of ~17 and may give a pass to a potential 10-bagger, without realizing that the earnings are depressed due to sky rocketing rubber prices (key raw material) that almost went 3x in previous three years and effected profitability of entire industry.
The same investor might find CEAT attractive now given the P/E is much lower at 10 times, again missing the point that operating margins and hence earnings are cyclically high, thanks to huge tailwind provided by falling rubber prices which doubled margins.
In reality, CEAT was cheap at 17 P/E in 2012 and could be relatively expensive today at 10 P/E in 2015.
Then there are some businesses where inherent economics are bad or are run by crooks. These businesses are being offered to you at low P/E because of some ‘reason’ and not necessarily because they are ‘hidden gems’. Until and unless there is a trigger like change of management, change of heart or a new strategy, buying such businesses only on the basis of low P/E may be akin to catching a falling knife.
On the other side of the spectrum, there are some beautiful companies out there which trade at optically ‘High’ multiples; but what many ignore is how their earnings are grossly understated.
Investment pundits talk about such companies as ones with ‘capacity to suffer’ in the short term to reap benefits in the long term. These companies are investing today to remain relevant and to have ability to continue to grow tomorrow, with meaningful investments going into research & development, technology, branding etc. which all may be creating intangible assets but are being expensed to P&L every year.
Folly 2: Comparing apple with oranges
Based on the limited data given in the table below, please answer the following three questions
1. Given that all three operate in the footwear industry, can we assume they are all ditto same?
2. Can we conclude Liberty is cheap given valuation multiple of other two?
3. Can we conclude Relaxo is expensive given market leader Bata trades at lower multiple?
The correct answer to all three questions is ‘Insufficient Information’. The reason is because all three may be vastly different in terms of:
1. Presence in different categories within that industry, 2. Business Model: In-house manufacturing Vs. Outsourcing (Asset light),
3. Different geographic exposures, reach and growth strategies 4. Beneficiary of Industry Tailwind vs. Own Efforts
5. Leveraged Balance Sheet Vs Debt-free 6. Complacent Management Vs Fire-in-the-belly
7. Lala Vs Professional Management 8. Big Talk vs. Proven Execution Capabilities
9. Standards of Corporate Governance, Transparent & Timely Disclosures 10. Respect for Minority Shareholders and other Stakeholders
11. Me too Vs. Differentiated, Established/Emerging Brand……..
Company Liberty Shoes Bata India Relaxo Footwears
P/E (22-Dec-15) 21.2 26.6 46.4
CEAT FY12 FY15EPS 5.2 7.8P/E 16.7 10.3Stock Price 87 804
(Data as on 31st March, 2015)
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Just the way no two humans are 100% alike and hence cannot be compared; we should ideally not be comparing two different companies to benchmark valuations against each other.
Let’s say even if both have a lot in common, aren’t we assuming the peer stock is rightly valued? What if even that is grossly overvalued/undervalued and hence making this stock seem cheap/expensive?
As they say, “if you want to justify buying a 30 P/E stock, compare it with a 50 P/E stock and your job is done”.
Benchmarking valuations to a competitor is lame and a convenient short-cut which can lead to wrong decision making. Let investment bankers do that, but any serious long term investor should ideally avoid this folly.
How you value a business should only be dependent on two things:
1. Business Quality and
2. Management Quality
And then assign a P/E you think this business should command, rather than starting by first looking at stock’s and its peer’s P/E.
Folly 3: To drive while looking at rear view mirror
Majority of the investors talk about trailing-twelve-months (ttm) multiple, as that is what is widely available at finance portals like moneycontrol or BSE’s website. This is nothing but earnings per share of previous four quarters / 12 months.
But aren’t we betting on the future earnings? So, do entry multiples really matter? I am sure a lot of people would still answer ‘yes’ to it.
In that case my follow-up question would be- how would one arrive at a P/E for a company that incurred one-time loss last year and has negative earnings? One cannot as the denominator is now negative. In this case the same person will try to work out the expected earnings next year or year after that and decide whether its attractive or not. This essentially makes last year’s profit/loss figure less relevant and future earnings potential the key factor.
Whether you pay a trailing P/E of 10 or 30 or 50, in the long term your returns broadly would depend on three factors:
1. Future earnings growth: A function of sales growth, margin expansion due to operating leverage and/or sales-mix change and interest cost saving (retiring debt).
A 10 P/E stock would fail to generate good returns if the business fails to grow its earnings per share, whereas a 30 P/E stock can create massive wealth if its earnings grow consistently at 30-40% CAGR. That is what makes earnings growth the most important driver of stock returns in the long run. Classic example is Page Industries which was never ‘cheap’ but due to consistent and high growth in earnings created massive wealth over last 5-6 years.
2. Exit multiple: A function of market perception of further growth potential in the business, over the next period.
Aneminent professor, who has been a guiding force in investing community, has explained the relevance of thinking in terms of ‘exit multiples’ really well. He suggests that investors should be conservative while assigning exit P/E. According to him an investor should use conservative assumptions as compared to the actual performance of the business in the past and never assumean exit multiple more than 20x, the idea behind the assumption is to create multiple sources of margin of safety.
3. Dividends: A function of reinvestment opportunity within the business
If you invest in large companies generating lot of free cash and high payout, dividends can make meaningful contribution to returns. However in our case, we primarily invest in emerging companies from small & mid cap space, and these companies have a huge run way to grow by reinvesting capital; dividend payouts are low and hence the yields contribute insignificantly to overall returns.
Now, there is no way we can predict the earnings of a company for next year or for 2020 with any precision. However, as investors we would fail in our role if we do not even have a range of possible outcomes with their likely probabilities.
We do not know whether company X from our portfolio can report Rs 23.56 EPS in 2020, but can we attach a high (lets say 70-80%) probability that the figure will be above Rs 20 and with a reasonable exit multiple of 15 we can at least make XX% CAGR in this stock, which is above or close to our hurdle rate? And the answer is ‘Yes We Can’. By keeping assumptions conservative and working out a base case (highly likely) scenario, one can position himself for good luck. At the end of the day, investing is never certain, it’s all about probabilities.
To Summarize:
While using P/E as a valuation tool we need to make sure we are not committing any of the following mistakes:
1. Assuming lower is always better and vice-versa
2. Benchmarking P/E against peers or industry average ignoring the differences in business quality and management quality
3. Considering only trailing multiples with little regard to exit multiple and future earnings potential.”
I would like to thank Mr. Jatin Khemani for his permission to reproduce from his blog.
Talking of PEs I had an interesting experience when I recently met a prospective investor in Delhi in the end of December 2015. After a long discussion on investing in equities and our stock picking process of buying Q-G-L-P stocks, he asked me what’s the average PE on the Sensex. I told him it is approximately 18 times. This means I have to pay Rs. 18 for every Re. 1 of earnings received. I said yes that’s what it means. Being a smart business man his immediate retort was; what kind of business is this!!!
On Rs. 18, in some instruments the interest I can earn itself is Rs 1.8 per year, which means by paying Rs. 18 I can earn Rs.1.8 in fixed income, why should I Rs. 18Rs to earn Re.1 in your equities??? I explained to him that yes we are today buying investment worth Rs. 18 that is yielding Re. 1 currently but if it is indeed a Q-G-L-P investment the Re. 1 will be compounding at 20% year on year. At the end of 10 years from now the bond would have added cash flows of Rs. 18 on an investment of Rs. 18 while the stock based on its 20% earnings growth would have added cash flows worth Rs.31.15!!! Which one is better?
And then the investor just shocked me with his next question! He asked me: Oh! If that’s the case why do people try to buy companies that are cheap but do not have a bankable track record or probability of growth!!! Because if you buy cheap – say at 12 PE and the earnings do not grow – they remain at Re. 1 or thereabouts or they do not bounce back for 3-4 years after you supposedly bought cheap and turn around only after a delay what happens??? This insightful question on buying cheap vs buying “expensive” set me thinking and I have worked out some permutations and combinations of how an investment in cheap vs expensive could play out. Suffice it to say –
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buying cheap is not necessarily a winning proposition and buying “expensive” is definitely not necessarily a risky bet. It all depends on earnings profile and growth in earnings and if at all there is any conclusion – I’d say one is better off buying companies with track record of growth even if they are perceived to be “expensive”!!! Have a look and the only thing this reminds me of is the popular Marathi adage – Dista tasa nasta (what appears is not)!!!
The table above is used to explain the concept and is for illustration purpose only. It should not be used for development or implementation of an investment strategy and should not be construed as an investment advice to any party. Past performance may or may not be sustained in future.
The table above is used to explain the concept and is for illustration purpose only. It should not be used for development or implementation of an investment strategy and should not be construed as an investment advice to any party. Past performance may or may not be sustained in future.
Happy Investing
Aashish P SomaiyaaManaging Director & CEO
The Stocks mentioned above are used to explain the concept and is for illustration purpose only and should not be used for development or implementation of an investment strategy. It should not be construed as investment advice to any party. The stocks may or may not be part of our portfolio/strategy/ schemes. Past performance may or may not be sustained in future.
Case 1 Cash FlowCompany with Earnings
Growth @ 15%Bond with Annual
Interest @ 10%Case 2 Cash Flow
Cheap company with low PE but Growth
doesn’t play out
Bond with Annual Interest @ 10%
Year 0 Dec-15 -18 -18 Year 0 Dec-15 -12 -18Year 1 Dec-16 1.15 1.8 Year 1 Dec-16 1.0 1.8Year 2 Dec-17 1.32 1.8 Year 2 Dec-17 1.0 1.8Year 3 Dec-18 1.52 1.8 Year 3 Dec-18 1.0 1.8Year 4 Dec-19 1.75 1.8 Year 4 Dec-19 1.0 1.8Year 5 Dec-20 2.01 1.8 Year 5 Dec-20 1.0 1.8Year 6 Dec-21 2.31 1.8 Year 6 Dec-21 1.0 1.8Year 7 Dec-22 2.66 1.8 Year 7 Dec-22 1.0 1.8Year 8 Dec-23 3.06 1.8 Year 8 Dec-23 1.0 1.8Year 9 Dec-24 3.52 1.8 Year 9 Dec-24 1.0 1.8
Year 10 Dec-25 4.05 1.8 Year 10 Dec-25 1.0 1.8
Case 3 Cash FlowCompany with Earnings Growth @ 20% for first
5 years & then 15%
Bond with Annual Interest @ 10%
Case 4Cash Flow
Cheap Company with low PE but Growth doesn’t play out for 3 years and
then its 20% CAGR
Bond with Annual Interest @ 10%
Year 0 Dec-15 -18 -18 Year 0 Dec-15 -12 -18Year 1 Dec-16 1.20 1.8 Year 1 Dec-16 1.0 1.8Year 2 Dec-17 1.44 1.8 Year 2 Dec-17 1.0 1.8Year 3 Dec-18 1.73 1.8 Year 3 Dec-18 1.0 1.8Year 4 Dec-19 2.07 1.8 Year 4 Dec-19 1.2 1.8Year 5 Dec-20 2.49 1.8 Year 5 Dec-20 1.4 1.8Year 6 Dec-21 2.86 1.8 Year 6 Dec-21 1.7 1.8Year 7 Dec-22 3.29 1.8 Year 7 Dec-22 2.1 1.8Year 8 Dec-23 3.78 1.8 Year 8 Dec-23 2.5 1.8Year 9 Dec-24 4.35 1.8 Year 9 Dec-24 3.0 1.8
Year 10 Dec-25 5.00 1.8 Year 10 Dec-25 3.6 1.8
Year 10 (Principal assuming no change in share price)
Dec-25 18.00 18Year 10 (Principal assuming
no change in share price)Dec-25 12.0 18
IRR 13.37% 9.99% IRR 13.14% 9.99%
Year 10 (Principal assuming no change in share price)
Dec-25 18.00 18Year 10 (Principal assuming
no change in share price)Dec-25 12.0 18
IRR 11.46% 9.99% IRR 8.33% 9.99%
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Motilal Oswal MOSt Focused 25 Fund(An Open Ended Equity Scheme)
Scheme DetailsAbout the Scheme
(Data as on 31st January, 2016)
Scheme Name
Type of Scheme
InvestmentObjective
Benchmark
Continuous Offer
Motilal Oswal MOSt Focused 25 Fund (MOSt Focused 25)
An Open Ended Equity Scheme
The investment objective of the Scheme is to achieve long term capital appreciation by investing in upto 25 companies with long term sustainable competitive advantage and growth potential. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.
Nifty 50 Index
Minimum Application Amount : ̀ 5,000/- and in multiples of ̀ 1 /- thereafter.
Additional Application Amount : ̀ 1,000/- and in multiples of ̀ 1/- thereafter.
Normally within 3 Business days from acceptance of redemption request.
Nil
Redemptionproceeds
Entry / Exit Load
Pursuant to payment of dividend, NAV per unit will fall to the extent of the dividend payout and statutory levy (if applicable). Face value Rs. 10/-. Past performance may or may not be sustained in future.
Record Date 1 Jan 2016
Dividend perUnit (Rs.)
Cum DividendNAV
Ex DividendNAV
15.5745 14.5745Direct Plan
Regular Plan
1.00
14.9854 13.98541.00
Dividend History
Holdings
(Data as on 31st January, 2016)
13 May 2013Date of Allotment
Monthly AAUM
`14.7249Regular Growth Plan
Direct Dividend Plan
`12.7272Regular Dividend Plan
`13.2765
NAV Direct Growth Plan `15.3115
`367.76 (` crores)
Latest AUM (31st Jan. 2016) `364.70 (` crores)
1.00Portfolio Turnover Ratio
Performance
NAV per unit : Rs 10.0000 (May 13, 2013); 10.4183 (Dec. 31, 2013); 15.0269 (Dec. 31, 2014); 15.9130 (Dec. 31, 2015). Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Date of inception is deemed to be date of allotment. Past performance may or may not be sustained in the future. The performance of the Schemes managed by same Fund Managers are on page no. 5, 6, 8,9 and 10 .
Date
Scheme Benchmark
Nifty 50Returns (%)
19.27%
5.90%
44.24%
Since Inception till Dec. 31, 2015
Dec. 31, 2014 to Dec. 31, 2015
Dec. 31, 2013 to Dec. 31, 2014
11.39%
-4.06%
31.39%
Motilal Oswal MOSt Focused 25 Fund Returns (%)
Current Value of Standard Investment of Rs 10,000
Motilal Oswal MOSt Focused 25 Fund Returns (INR)
Nifty 50Returns (INR)
15,913 13,287
N.A.
Industry Allocation
Fund ManagerFund Manager*
ExperienceHe has 19 years of experience in fund management and investmentresearch. He has been managing this fund since inception.
Mr. Taher Badshah
Co-Fund Manager*
ExperienceHe has a rich experience of more than 13 years in the field of researchand investments. He has been co-managing this fund since May 4, 2015.
Mr. Siddharth Bothra
*For Equity Component.Debt Component - Mr. Abhiroop Mukherjee
All the Returns shown above are of Regular Plan Growth Option
Returns for one year are absolute. Returns for more than one year are compounded annualized. For SIP returns, monthly investment of Rs. 10000/- invested on the 1st day of every month has been considered. Past performance may or may not be sustained in the future.
Invested Amount 120000 320000
No of Units 7,462.57 8,636.84 25,730.52 26,753.66
Market Value 118,751.92 114,473.39 409,449.79 354,595.04
Returns (CAGR) -1.92% -8.43% 18.92% 7.65%
SIP Performance (As on Dec. 31, 2015) 1 Year
MOStFocused 25
Nifty 50 Nifty 50MOStFocused 25
Since Inception
Infosys Limited 9.17%
HDFC Bank Limited 9.03%
Kotak Mahindra Bank Limited 8.53%
Interglobe Aviation Limited 7.10%
Eicher Motors Limited 6.87%
Britannia Industries Limited 6.56%
Cummins India Limited 5.94%
Bharat Forge Limited 5.71%
Oracle Financial Services Software Limited 5.05%
IndusInd Bank Limited 4.56%
Max Financial Services Limited 4.32%
Container Corporation of India Limited 4.15%
Maruti Suzuki India Limited 4.12%
Lupin Limited 4.03%
CRISIL Limited 3.85%
Housing Development Finance Corporation Limited 3.41%
Tata Consultancy Services Limited 2.41%
Max India Limited 1.31%
Max Ventures & Industries Ltd 0.15%
Cash and Equivalent 3.73%
Scrip
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2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Sr. No. Weightage
(Data as on 31st January, 2016) Industry classification as recommended by AMFI
3.73%
4.03%
6.56%
10.98%
11.25%
11.66%
13.03%
16.64%
22.12%
Cash & Equivalent
Pharmaceuticals
Consumer Non Durables
Auto
Transportation
Industrial Products
Finance
Software
Banks
Record Date 21 Nov 2014
Dividend perUnit (Rs.)
Cum DividendNAV
Ex DividendNAV
15.2579 14.1379Direct Plan
Regular Plan
1.12
14.9024 13.81241.09
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Motilal Oswal MOSt Focused Midcap 30 Fund(An Open Ended Equity Scheme)
Scheme DetailsScheme Name
Type of Scheme
InvestmentObjective
Benchmark
Continuous Offer
Motilal Oswal MOSt Focused Midcap 30 Fund (MOSt Focused Midcap 30)
An Open Ended Equity Scheme
The investment objective of the Scheme is to achieve long term capital appreciation by investing in a maximum of 30 quality midcap companies having long-term competitive advantages and potential for growth. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.
Nifty Midcap 100 Index
Minimum Application Amount: ̀ 5,000/- and in multiples of ̀ 1/- thereafter.
Additional Application Amount: ̀ 1,000/- and in multiples of ̀ 1/- thereafter.
Normally within 3 Business days from acceptance of redemption request.
Nil
About the Scheme
Redemptionproceeds
Entry / Exit Load
24 February 2014Date of Allotment
Monthly AAUM
`19.4264Regular Growth Plan
Direct Dividend Plan
`18.4689Regular Dividend Plan
`18.9129
NAV Direct Growth Plan `19.8802
`878.64 (` crores)
0.42Portfolio Turnover Ratio
(Data as on 31st January, 2016)
Fund ManagerFund Manager*
ExperienceHe has 19 years of experience in fund management and investmentresearch. He has been managing this fund since inception.
Mr. Taher Badshah
Co-Fund Manager*
ExperienceHe has a rich experience of more than 13 years in the field of researchand investments. He has been co-managing this fund since May 4, 2015.
Mr. Siddharth Bothra
Holdings
NAV per unit : Rs 10.0000 (Feb 24, 2014); 17.4681 (Dec. 31, 2014); 20.3468 (Dec. 31, 2015). Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Date of inception is deemed to be date of allotment. Past performance may or may not be sustained in the future. The performance of the Schemes managed by same Fund Managers are on page no. 4, 6, 8, 9 and 10.
Performance
Date
Scheme Benchmark
Nifty Midcap 100Returns (%)
46.83%
16.48%
Since Inception till Dec. 31, 2015
Dec. 31, 2014 to Dec. 31, 2015
35.00%
6.46%
MOSt Focused Midcap 30Returns (%)
Current Value of Standard Investment of Rs 10,000
12,845
N.A.
Nifty 50Returns (%)
20,347
Nifty 50Returns (INR)
MOSt Focused Midcap 30Returns (INR)
Nifty Midcap 100Returns (INR)
17,41914.50%
-4.06%
Additional Benchmark
Latest AUM (31st Jan. 2016) `890.19 (` crores)
Industry Allocation
(Data as on 31st January, 2016) Industry classification as recommended by AMFI
*For Equity Component. For Debt Component - Mr. Abhiroop Mukherjee
All the Returns shown above are of Regular Plan Growth Option
Pursuant to payment of dividend, NAV per unit will fall to the extent of the dividend payout and statutory levy(if applicable). Face value Rs. 10/-. Past performance may or may not be sustained in future.
Record DateMarch 4, 2015
Dividend perUnit (Rs.)
Cum DividendNAV
Ex DividendNAV
20.5495 19.5495Direct Plan
Regular Plan
1.00
20.2964 19.29641.00
Dividend History
* Also represents addition benchmark
Invested Amount 120000 230000
No of Units 6,089.47 7,020.98 8,911.56 14,758.52 15,542.40 18,229.79
Market Value 123,901.33 122,298.47 114,473.39 300,288.75 270,733.15 234,170.63
Returns (CAGR) 6.08% 3.57% -8.43% 29.43% 17.35% 1.82%
SIP Performance (As on Dec. 31, 2015) 1 Year
MOStFocused
Midcap 30
Nifty Midcap100
Nifty 50*MOSt
FocusedMidcap 30
Nifty 50*Nifty Midcap100
Since Inception
Returns for one year are absolute. Returns for more than one year are compounded annualized. For SIP returns, monthly investment of Rs. 10000/- invested on the 1st day of every month has been considered. Past performance may or may not be sustained in the future.
(Data as on 31st January, 2016)
Amara Raja Batteries Limited 8.41%
CRISIL Limited 8.16%
WABCO India Limited 6.66%
Mindtree Limited 6.61%
Max Financial Services Limited 6.59%
Tata Elxsi Limited 5.84%
S H Kelkar And Company Limited 5.23%
Havells India Limited 4.81%
Sundaram Finance Limited 4.67%
Ajanta Pharma Limited 4.50%
Multi Commodity Exchange of India Limited 4.48%
Voltas Limited 4.28%
Bajaj Finance Limited 4.27%
Repco Home Finance Limited 4.05%
TVS Motor Company Limited 3.86%
Aditya Birla Fashion And Retail Limited 3.57%
Hindustan Petroleum Corporation Limited 2.93%
Alkem Laboratories Limited 2.88%
Thermax Limited 2.84%
Power Mech Projects Limited 2.14%
Max India Limited 1.96%
Max Ventures & Industries Ltd 0.22%
Cash and Equivalent 1.01%
Scrip
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
Sr. No. Weightage
1.01%
2.84%
2.93%
3.57%
3.86%
4.81%
5.23%
6.43%
7.38%
12.45%
15.07%
34.42%
Cash & Equivalent
Industrial Capital Goods
Petroleum Products
Retailing
Auto
Consumer Durables
Consumer Non Durables
Construction Project
Pharmaceuticals
Software
Auto Ancillaries
Finance
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Monthly AAUM
`16.3418Regular Growth Plan
Direct Dividend Plan
`16.3418Regular Dividend Plan
`16.6488
NAV Direct Growth Plan `16.6488
`3090.59 (` crores)
0.48Portfolio Turnover Ratio
Motilal Oswal MOSt Focused Multicap 35 Fund(An Open Ended Diversified Equity Scheme)
Scheme DetailsScheme Name
Type of Scheme
InvestmentObjective
Benchmark
Continuous Offer
Motilal Oswal MOSt Focused Multicap 35 Fund (MOSt Focused Multicap 35)
An Open Ended Diversified Equity Scheme
The investment objective of the Scheme is to achieve long term capital appreciation by primarily investing in a maximum of 35 equity & equity related instruments across sectors and market capitalization levels. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.
Nifty 500 Index
Minimum Application Amount: ̀ 5,000/- and in multiples of ̀ 1/- thereafter.
Additional Application Amount: ̀ 1,000/- and in multiples of ̀ 1/- thereafter.
Normally within 3 Business days from acceptance of redemption request.
Nil
About the Scheme
Redemptionproceeds
(Data as on 31st January, 2016)
Entry / Exit Load
6
Latest AUM (31st Jan. 2016) `3048.45 (` crores)
(Data as on 31st January, 2016) Industry classification as recommended by AMFI
(Data as on 31st January, 2016)
Holdings
NAV per unit : Rs 10.0000 (Apr 28, 2014); 15.3398 (Dec. 31, 2014); 17.5792 (Dec. 31, 2015). Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Date of inception is deemed to be date of allotment. Past performance may or may not be sustained in the future. The performance of the Schemes managed by same Fund Managers are on page no. 4, 5, 8,9, 10 and 11 .
Performance
Date
Scheme Benchmark
Nifty 500Returns (%)
40.00%
14.60%
Since Inception till Dec. 31, 2015
Dec. 31, 2014 to Dec. 31, 2015
14.98%
-0.72%
MOSt Focused Multicap 35Returns (%)
Current Value of Standard Investment of Rs 10,000
11,753
N.A.
Nifty 50Returns (%)
10.11%
-4.06%
17,579
Nifty 50Returns (INR)
MOSt Focused Multicap 35Returns (INR)
Nifty 500Returns (INR)
12,637
Additional Benchmark
HDFC Bank Limited 9.25%
Infosys Limited 8.88%
IndusInd Bank Limited 8.54%
Eicher Motors Limited 8.40%
Hindustan Petroleum Corporation Limited 7.62%
Interglobe Aviation Limited 6.80%
Britannia Industries Limited 6.64%
Maruti Suzuki India Limited 5.56%
Tata Consultancy Services Limited 4.76%
Ajanta Pharma Limited 4.35%
Housing Development Finance Corporation Limited 3.73%
Bharat Petroleum Corporation Limited 3.61%
Alkem Laboratories Limited 3.44%
Lupin Limited 3.37%
United Spirits Limited 3.21%
Max Financial Services Limited 3.03%
State Bank of India 2.66%
Sundaram Finance Limited 2.51%
Supreme Industries Limited 2.36%
Max India Limited 0.91%
Max Ventures & Industries Ltd 0.10%
Cash and Equivalent 0.27%
Scrip
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
Sr. No. Weightage
Fund ManagerFund Manager*
ExperienceHe has close to 11 years of experience in the fund management andinvestment research. He has been managing this fund since 5th May 2014.
Mr. Gautam Sinha Roy
Co-Fund Manager*
ExperienceHe has a rich experience of more than 19 years in fund managementand investment. He has been co-managing this fund since May 4, 2015.
Mr. Taher Badshah
*For Equity Component.For Debt Component - Mr. Abhiroop Mukherjee, For Foreign Securities - Mr. Swapnil Mayekar
All the Returns shown above are of Regular Plan Growth Option
* Also represents addition benchmark
SIP Performance (As on Dec. 31, 2015) 1 Year
MOStFocused
Midcap 35Nifty 500 Nifty 50*
MOStFocused
Midcap 35Nifty 50*Nifty 500
Since Inception
Returns for one year are absolute. Returns for more than one year are compounded annualized. For SIP returns, monthly investment of Rs. 10000/- invested on the 1st day of every month has been considered. Past performance may or may not be sustained in the future.
Invested Amount 120000 210000
No of Units 7,000.50 9,255.37 9,740.11 14,496.25 17,119.52 17,738.98
Market Value 123,063.14 116,959.62 114,473.39 254,832.47 216,338.46 208,482.34
Returns (CAGR) 4.77% -4.66% -8.43% 22.94% 3.30% -0.79%
Industry Allocation
0.27%
2.36%
6.80%
9.85%
10.28%
11.16%
11.23%
13.64%
13.96%
20.45%
Cash & Equivalent
Industrial Products
Transportation
Consumer Non Durables
Finance
Pharmaceuticals
Petroleum Products
Software
Auto
Banks
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7
Motilal Oswal MOSt Focused Long Term Fund(An Open Ended Equity Linked Saving Scheme with a 3 year lock-in)
Scheme Name
Type of Scheme
InvestmentObjective
Benchmark
Continuous Offer
Motilal Oswal MOSt Focused Long Term Fund (MOSt Focused Long Term)
An open ended equity linked saving scheme with a 3 year lock-in.
The investment objective of the Scheme is to generate long-term capital appreciation from a diversified portfolio of predominantly equity and equity related instruments. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.
Nifty 500 Index
Minimum Application Amount: ̀ 500/- and in multiples of ` 500/- thereafter.
Additional Purchase: ` 500/- and in multiples of ` 500/- thereafter.
Normally within 3 Business days from acceptance of redemption request.
Nil
About the Scheme
Redemptionproceeds
(Data as on 31st January, 2016)
Entry / Exit Load
Returns for MOSt Long Tern will be provided for quarter ending March 31, 2016.
Fund Manager
Holdings
(Data as on 31st January, 2016)
HDFC Bank Limited 9.03%
IndusInd Bank Limited 8.97%
Infosys Limited 8.90%
Eicher Motors Limited 7.79%
Interglobe Aviation Limited 7.30%
Hindustan Petroleum Corporation Limited 6.65%
Britannia Industries Limited 5.96%
Maruti Suzuki India Limited 5.85%
Max Financial Services Limited 4.11%
Housing Development Finance Corporation Limited 3.79%
Supreme Industries Limited 3.62%
Bharat Petroleum Corporation Limited 3.59%
Alkem Laboratories Limited 3.58%
Lupin Limited 3.29%
State Bank of India 2.92%
Ajanta Pharma Limited 2.72%
Tata Consultancy Services Limited 2.55%
Sundaram Finance Limited 2.47%
United Spirits Limited 2.44%
Max India Limited 1.24%
Max Ventures & Industries Ltd 0.14%
Cash & Equivalent 3.07%
Scrip
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
Sr. No. Weightage
Industry Allocation
He has close to 11 years of experience in the fund management and investment research. He has been managingthis fund since inception.
Mr. Gautam Sinha RoyFund Manager* Experience
21 January 2015Date of Allotment
Monthly AAUM
`10.4586Regular Growth Plan
Direct Dividend Plan
`10.4586Regular Dividend Plan
`10.5970
NAV Direct Growth Plan `10.5970
`97.52 (` crores)
Latest AUM (31st Jan. 2016) `98.52 (` crores)
0.37Portfolio Turnover Ratio
Scheme Details
(Data as on 31st January, 2016) Industry classification as recommended by AMFI
* For Equity Component.For Debt Component - Mr. Abhiroop Mukherjee
3.07%
3.62%
7.30%
8.40%
9.59%
10.25%
11.45%
11.75%
13.65%
20.92%
Cash & Equivalent
Industrial Products
Transportation
Consumer Non Durables
Pharmaceuticals
Petroleum Products
Software
Finance
Auto
Banks
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8
Motilal Oswal MOSt Ultra Short Term Bond Fund (An Open Ended Debt Scheme)
6 September 2013Date of Allotment
Scheme DetailsAbout the Scheme
`12.0134
`10.0000
`10.0089
`10.0061
`10.0542
`10.0647
`11.8278
`10.0000
`10.0057
`10.0056
`10.0516
`10.0697
Direct Plan - Growth
Direct Plan - Daily Dividend
Direct Plan - Weekly Dividend
Direct Plan - Fortnightly Dividend
Direct Plan - Monthly Dividend
Direct Plan - Quarterly Dividend
Regular Plan - Growth
Regular Plan - Daily Dividend
Regular Plan - Weekly Dividend
Regular Plan - Fortnightly Dividend
Regular Plan - Monthly Dividend
Regular Plan - Quarterly Dividend
NAV
Scheme Name
Type of Scheme
InvestmentObjective
Benchmark
ContinuousOffer
Motilal Oswal MOSt Ultra Short Term Bond Fund
An Open Ended Debt Scheme
The investment objective of the Scheme is to generate optimal returns consistent with moderate levels of risk and liquidity by investing in debt securities and money market securities. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.
CRISIL Short Term Bond Fund Index
Minimum Application Amount : ̀ 5,000/- and in multiples of ̀ 1/- thereafter.
Additional Application Amount : ̀ 1000/- and in multiples of ̀ 1/- thereafter.
Normally within 1 Business day from acceptance of redemption request.
Nil
Redemptionproceeds
Entry / Exit Load
NAV per unit : Rs. 11.7762 (Dec. 31, 2015); 11.0459 (Dec. 31, 2014);Rs. 10.2715 (Dec. 31, 2013); Rs. 10.0000 (Sept. 6, 2013).Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Date of inception is deemed to be date of allotment. Past performance may or maynot be sustained in the future. The performance of the Schemes managed by same Fund Manager is on page no. 4, 5 and 6 .
Quantitative Indicators Average Maturity*
YTM
0.15yrs / 54.83 days
7.1732%
*For Motilal Oswal MOSt Ultra Short Term Bond Fund Modified Duration is equal to its Average maturity(Data as on 31st January, 2016)
Portfolio
(Data as on 31st January, 2016)
Security Issuer Weightage
Axis Bank CD Axis Bank 21.95%
Corporation Bank CD Corporation Bank 21.93%
Canara Bank CD Canara Bank 21.92%
Vijaya Bank CD Vijaya Bank 12.75%
Punjab & Sind Bank CD Punjab & Sind Bank 4.41%
Syndicate Bank CD Syndicate Bank 4.39%
Canara Bank CD Canara Bank 4.39%
Andhra Bank CD Andhra Bank 4.38%
Reverse REPO/Cash/Others 3.87%
Monthly AAUM
(Data as on 31st January, 2016)
`108.71 (` crores)
Latest AUM (31st Jan. 2016) `113.12(` crores)
Fund Manager
Experience He has over 8 years of experience in the Financial Services Industry.He has been managing this fund since inception.
Mr. Abhiroop Mukherjee
Fund Manager
Dividend History
Record DateDividend Option
Dividend perUnit (Rs.)
Cum DividendNAV
Ex DividendNAV
June 26, 2015 0.17 10.1924 10.0224
Sept. 26, 2015 0.08 10.1069 10.0269
Dec. 28, 2015 0.18 10.1904 10.0104
Quarterly Dividend (Direct Plan)
Record DateDividend Option
Dividend perUnit (Rs.)
Cum DividendNAV
Ex DividendNAV
Sept. 26, 2015 0.15 10.1771 10.0271
Dec. 28, 2015 0.16 10.1793 10.0193
Quarterly Dividend (Regular Plan)
Record DateDividend Option
Dividend perUnit (Rs.)
Cum DividendNAV
Ex DividendNAV
Nov 27, 2015 0.05 10.0471 10.0000
Dec. 28, 2015 0.05 10.0500 10.0000
Jan. 29, 2016 0.06 10.0595 10.0000
Monthly Dividend (Direct Plan)
Pursuant to payment of dividend, NAV per unit will fall to the extent of the dividend payout and statutory levy (if applicable). Face value Rs. 10/-. Past performance may or may not be sustained in future.
Record DateDividend Option
Dividend perUnit (Rs.)
Cum DividendNAV
Ex DividendNAV
Nov 27, 2015 0.04 10.0437 10.0000
Dec. 28, 2015 0.04 10.0462 10.0012
Jan. 29, 2016 0.06 10.0566 10.0014
Monthly Dividend (Regular Plan)
Date
Scheme Benchmark
Motilal Oswal MOStUltra Short Term Bond
Fund Returns (%)
Current Value of Standard Investment of Rs 10000
Since Inception till Dec 31, 2015
Dec 31, 2014 to Dec 31, 2015
Dec 31, 2013 to Dec 31, 2014
Motilal Oswal MOStUltra Short Term Bond
Fund Returns (INR)
CRISIL Short Term BondFund Index Returns (INR)
CRISIL LiquidFund Index
Returns (INR)
CRISIL Short TermBond Fund Index
Returns (%)
CRISIL LiquidFund IndexReturns (%)
N.A.
7.63%
6.72%
7.79%
8.54%
6.87%
10.05%
8.98%
8.23%
9.21%
11776.16 12226.35 12204.65
PerformanceAdditionalBenchmark
RatingRating
CRISIL A1+ 74.61%
CARE A1+ 21.52%
Cash & Equivalent 3.87%
% to Net Assets
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9
Motilal Oswal MOSt Shares M50 ETF(An Open Ended Exchange Traded Fund)
28 July 2010
`72.5973
`22.11 (` crores)
` 22.14 (` crores)
0.47% (Annualised)
18.20
0.04 (Annualised)
Date of Allotment
NAV - Growth Plan
Latest AUM (31st Jan. 2016)
0.11
1.20
Tracking Error*
Standard Deviation
Sharpe Ratio#
Portfolio Turnover Ratio
Beta
Monthly AAUM
Scheme DetailsScheme Name
Type of Scheme
InvestmentObjective
Benchmark
Continuous Offer
Motilal Oswal MOSt Shares M50 ETF (MOSt Shares M50)
An Open Ended Exchange Traded Fund
The Scheme seeks investment return that corresponds (before fees and expenses) generally to the performance of the Nifty 50 Index (Underlying Index), subject to tracking error. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.
Nifty 50 Index
On NSE: Investors can buy/sell units of the Scheme in round lot of 1 unit and in multiples thereof.
Directly with the Mutual Fund: Investors can buy/sell units of the Scheme only in creation unit size i.e. 50,000 units and in multiples thereof.
Normally within 3 Business days from acceptance of redemption request.
About the Scheme
Redemptionproceeds
Fund Manager
He has 19 years of experience in fund management and investment research. He has been managing this FundSince August 10, 2015.
Mr. Taher BadshahFund Manager Experience
M50
MOSTM50
M50.NS
ISIN Code
Entry Load
Exit Load
INF247L01536
NIL
NIL
NSE & BSE Symbol
Bloomberg Code
Reuters Code
NAV per unit : Rs 76.2877 (Dec. 31, 2015); Rs 79.3411 (Dec. 31, 2014); 61.8440(Dec. 31, 2013); Rs 57.7678 (Dec. 31, 2012); Rs 43.0809 (Dec. 31, 2011); Rs 60.9839 (Dec. 31, 2010); Rs 54.6210 (July 28, 2010) Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Date of inception is deemed to be date of allotment. Past performance may or may not be sustained in the future. The performance of the Schemes managed by same Fund Manager is on page no. 4, 5, 6 and 10.
Date
Scheme Benchmark Current Value of Standard Investment of Rs. 10,000/-
Nifty 50Returns (%)
Motilal Oswal MOSt Shares M50 ETF Returns (INR)
Nifty 50Returns (INR)
Since Inception till Dec. 31, 2015 6.35% 7.38%
Dec. 31, 2014 to Dec. 31, 2015 -3.85% -4.06%
Dec. 31, 2013 to Dec. 31, 2014 28.29% 31.39%
Dec. 31, 2012 to Dec. 31, 2013 7.06% 6.76%
Dec. 31, 2011 to Dec. 31, 2012 34.09% 27.70%
Dec. 31, 2010 to Dec. 31, 2011 -29.36% -24.62%
13,967
N. A.
14,722
Motilal Oswal MOSt Shares M50 ETF Returns
Performance
Top 10 Holdings
Infosys Limited 8.58%
HDFC Bank Limited 7.66%
Housing Development Finance Corporation Limited 6.87%
ITC Limited 6.64%
Reliance Industries Limited 6.31%
ICICI Bank Limited 4.94%
Tata Consultancy Services Limited 4.54%
Sun Pharmaceuticals Industries Limited 3.51%
Larsen & Toubro Limited 3.33%
Kotak Mahindra Bank Limited 2.60%
Scrip
1
2
3
4
5
6
7
8
9
10
Sr. No. Weightage
(Data as on 31st January, 2016)
Industry Allocation
*Against the benchmark Nifty 50 Index. # Risk free returns based on last overnight MIBOR cut-off of 7.00%
(Data as on 31st January, 2016)
(Data as on 31st January, 2016) Industry classification as recommended by AMFI
0.40%
0.46%
0.58%
0.61%
0.63%
0.63%
0.71%
0.85%
1.52%
1.75%
1.90%
2.69%
2.85%
3.33%
6.87%
7.16%
7.58%
8.84%
10.23%
17.37%
23.03%
Cash & Equivalent
Industrial Capital Goods
Auto Ancillaries
Ferrous Metals
Non - Ferrous Metals
Gas
Transportation
Media & Entertainment
Minerals/Mining
Oil
Telecom - Services
Power
Cement
Construction Project
Finance
Petroleum Products
Pharmaceuticals
Auto
Consumer Non Durables
Software
Banks
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10
Motilal Oswal MOSt Shares Midcap 100 ETF(An Open Ended Index Exchange Traded Fund)
31 January 2011
`12.9991
`51.54 (` crores)
` 43.58 (` crores)
0.34% (Annualised)
18.34
0.44 (Annualised)
Date of Allotment
NAV - Growth Plan
Latest AUM (31st Jan. 2016)
Monthly AAUM
Tracking Error*
Standard Deviation
Sharpe Ratio#
Portfolio Turnover Ratio
Beta
0.31
0.96
Scheme DetailsScheme Name
Type of Scheme
InvestmentObjective
Benchmark
Continuous Offer
Motilal Oswal MOSt Shares Midcap 100 ETF(MOSt Shares Midcap 100)
An Open ended Index Exchange Traded Fund
The Scheme seeks investment return that corresponds (before fees and expenses) to the performance of Nifty Midcap 100 Index (Underlying Index), subject to tracking error. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.
Nifty Midcap 100 Index
On NSE/BSE: Investors can buy/sell units of the Scheme in round lot of 1 unit and in multiples thereof.
Directly with the Mutual Fund: Investors can buy/sell units of the Scheme only in creation unit size i.e. 2,50,000 units and in multiples thereafter.
Normally within 3 Business days from acceptance of redemption request.
About the Scheme
Redemptionproceeds
He has 19 years of experience in fund management and investment research. He has been managing this FundSince August 10, 2015.
Mr. Taher Badshah
Fund Manager
Fund Manager Experience
M100
MOST100
M100.NS
ISIN Code
Entry Load
Exit Load
INF247L01023
NIL
NIL
NSE / BSE Symbol
Bloomberg Code
Reuters Code
NAV per unit : Rs 13.9693 (Dec. 31, 2015); Rs 13.0930 (Dec. 31, 2014); Rs 8.3496 (Dec. 31, 2013); Rs 8.6971 (Dec. 31, 2012); Rs. 6.1982 (Dec. 31, 2011) Rs 7.9225 (Jan 31, 2011). Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Date of inception is deemed to be date of allotment. Past performance may or may not be sustained in the future. The performance of the Schemes managed by same Fund Manager is on page no. 4, 5, 6 and 9.
Performance
Top 10 Holdings
Scrip
1
2
3
4
5
6
7
8
9
10
Sr. No. Weightage
(Data as on 31st January, 2016)
(Data as on 31st January, 2016) Industry classification as recommended by AMFI
*Against the benchmark Nifty Midcap 100 Total Return Index. # Risk free returns based on last overnight
MIBOR cut-off of 7.00% (Data as on 31st January 2016)
Indian Oil Corporation Limited 3.54%
Britannia Industries Limited 2.82%
Divi's Laboratories Limited 2.54%
Hindustan Petroleum Corporation Limited 2.40%
Ashok Leyland Limited 2.20%
Bajaj Finance Limited 2.12%
Marico Limited 2.06%
Bajaj Finserv Limited 1.98%
Glenmark Pharmaceuticals Limited 1.98%
JSW Steel Limited 1.96%
Date
Scheme Benchmark Current Value of Standard Investment of Rs. 10,000/-
Nifty 50Returns (%)
Nifty Midcap 100Index Returns (%)
Motilal Oswal MOSt Shares Midcap 100 ETF Returns (INR)
Nifty 50Returns (INR)
Nifty Midcap 100Index Returns (INR)
Since Inception till Dec. 31, 2015 12.22% 11.27% 7.75%
Dec. 31, 2014 to Dec. 31, 2015 6.69% 6.46% -4.06%
Dec. 31, 2013 to Dec. 31, 2014 56.81% 55.91% 31.39%
Dec. 31, 2012 to Dec. 31, 2013 -4.00% -5.10% 6.76%
Dec. 31, 2011 to Dec. 31, 2012 40.32% 39.16% 27.70%
17,632 16,910
N. A.
14,432
Motilal Oswal MOSt Shares Midcap 100 ETF Returns
AdditionalBenchmark
Industry Allocation
0.01%0.41%0.64%0.67%0.88%1.03%1.16%1.50%1.60%1.70%1.74%1.94%2.67%2.70%2.94%3.11%3.23%3.25%3.43%3.46%4.38%4.44%5.32%5.51%5.94%
10.06%11.78%
14.53%
Cash & EquivalentIndustrial Products
Media & EntertainmentNon -Ferrous Metals
OilHotels Resorts And Other Recreational Activities
Minerals/MiningConstruction Project
-Telecom -ServicesConstruction
Textile ProductsHealthcare Services
ChemicalsGas
TransportationFerrous Metals
CementAuto
BanksConsumer Durables
PowerAuto Ancillaries
SoftwareIndustrial Capital Goods
Petroleum ProductsFinance
Consumer Non DurablesPharmaceuticals
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11
Motilal Oswal MOSt Shares NASDAQ - 100 ETF(An Open Ended Index Exchange Traded Fund)
29 March 2011
`283.9018
`71.98 (` crores)
`72.30(` crores)
0.33% (Annualised)
15.59
1.15 (Annualised)
Date of Allotment
NAV - Growth Plan
Latest AUM (31st Dec. 2015)
Monthly AAUM
Tracking Error*
Standard Deviation
Sharpe Ratio#
Portfolio Turnover Ratio
Beta
0.09
0.97
Scheme DetailsScheme Name
Type of Scheme
InvestmentObjective
Benchmark
Continuous Offer
Motilal Oswal MOSt Shares NASDAQ - 100 ETF(MOSt Shares NASDAQ 100)
An open ended Index Exchange Traded Fund
The Scheme seeks investment return that corresponds (before fees and expenses) generally to the performance of the NASDAQ-100 Index, subject to tracking error. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.
NASDAQ - 100 Index
On NSE & BSE: Investors can buy/sell units of the Scheme in round lot of 1 unit and in multiples thereof.
Directly with the Mutual Fund: Investors can buy/sell units of the Scheme only in creation unit size i.e. 100,000 units and in multiples thereafter.
Normally within 3 Business days from acceptance of redemption request.
About the Scheme
Redemptionproceeds
He has 10 years of experience in the financial services industry. He has been managing this Fundsince August 10, 2015.
Mr. Swapnil Mayekar
Fund Manager
Fund Manager Experience
N100
MOSTNDX
N100.NS or N100.BO
ISIN Code
Entry Load
Exit Load
INF247L01031
NIL
NIL
NSE & BSE Symbol
Bloomberg Code
Reuters Code
NAV per unit : Rs 307.1292 (Dec. 31, 2015); Rs 270.511 (Dec. 31, 2014); Rs 220.6587 (Dec. 31, 2013); Rs 142.4886 (Dec. 31, 2012); Rs 121.33(Dec. 31, 2011); Rs 103.2365 (March 29, 2011). Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Date of inception is deemed to be date of allotment. Past performance may or may not be sustained in the future. The performance of the Scheme managed by same Fund Manager is on page no. 6.
Performance
Top 10 Holdings
Apple 11.03%
Microsoft Corporation 8.95%
Amazon.com 5.60%
Alphabet INC-Class C 5.22%
Facebook 5.18%
Alphabet INC-Class A 4.51%
Intel Corporation 2.98%
Comcast Corporation 2.77%
Cisco Systems 2.46%
Gilead Sciences 2.43%
Scrip
1
2
3
4
5
6
7
8
9
10
Sr. No. Weightage
(Data as on 31st January, 2016)
Industry Allocation
(Data as on 31st January, 2016) Industry Classification is as per Global Industry Classification Standard (GICS).
*Against the benchmark NASDAQ-100 Total Return Index. # Risk free returns based on last overnight MIBOR
cut-off of 7.00% (Data as on 31st January, 2016)
Date
Scheme Benchmark Current Value of Standard Investment of Rs. 10,000/-
Nifty 50Returns (%)
NASDAQ-100Index (In INR) (%)
MOSt SharesNASDAQ 100 Returns (INR)
Nifty 50Returns (INR)
NASDAQ 100 IndexReturns (INR)
Since Inception till Dec. 31, 2015 25.73% 25.88% 7.08%
Dec. 31, 2014 to Dec. 31, 2015 13.54% 13.82% -4.06%
Dec. 31, 2013 to Dec. 31, 2014 22.59% 22.78% 31.39%
Dec. 31, 2012 to Dec. 31, 2013 54.86% 54.77% 6.76%
Dec. 31, 2011 to Dec. 31, 2012 17.44% 17.51% 27.70%
29,750 29,915
N. A.
13,853
MOSt SharesNASDAQ 100 Returns
AdditionalBenchmark
- 0.09%
0.19%
0.46%
0.50%
0.51%
0.59%
1.18%
2.06%
2.37%
3.24%
3.88%
6.22%
7.91%
10.98%
11.37%
15.70%
32.93%
Cash & Equivalent
Consumer Durables & Apparel
Commercial & Professional Services
Transportation
Automobiles & Components
Capital Goods
Telecommunication Services
Health Care Equipment & Services
Consumer Services
Food & Staples Retailing
Food Beverage & Tobacco
Media
Semiconductors & Semiconductor
Retailing
Pharmaceuticals Biotechnology
Technology Hardware & Equipment
Software & Services
12
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Total Expense Ratio: Motilal Oswal MOSt Focused 25 Fund: Direct Plan- 1.66%, Regular Plan- 2.97%; Motilal Oswal MOSt Focused Midcap 30 Fund: Direct Plan- 1.59%, Regular Plan- 2.81%; Motilal Oswal MOSt Focused Multicap 35 Fund: Direct Plan- 1.63%, Regular Plan- 2.48%; Motilal Oswal MOSt Focused Long Term Fund: Direct Plan- 1.64%, Regular Plan- 3.27%; Motilal Oswal MOSt Ultra Short Term Bond Fund: Direct Plan- 0.55%, Regular Plan- 1.00%; Motilal Oswal MOSt Shares M50 ETF 1.00%; Motilal Oswal MOSt Shares Midcap 100 ETF 1.00%; Motilal Oswal MOSt Shares NASDAQ-100 ETF 1.00%.
Disclaimer: The information contained herein should 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 prior written consent of Motilal Oswal Asset Management Company Limited (MOAMC). Any information herein contained does not constitute and shall be deemed not to constitute an advice, an offer to sell/purchase or as an invitation or solicitation to do so for any securities. MOAMC shall not be liable for any direct or indirect loss arising from the use of any information contained in this document from time to time. Readers shall be fully responsible/liable for any decision taken on the basis of this document. The information / data herein alone is not sufficient and shouldn’t be used for the development or implementation of an investment strategy.
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
Note: Motilal Oswal MOSt 10 Year Gilt Fund stands wound down as on October 21, 2015.
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RR
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Risk Disclosure and Disclaimer
Statutory Details: Constitution: Motilal Oswal Mutual Fund has been set up as a trust under the Indian Trust Act, 1882. Trustee: Motilal Oswal Trustee Company Ltd. Investment Manager: Motilal Oswal Asset Management Company Ltd. Sponsor: Motilal Oswal Securities Ltd. Risk Factors: (1) All Mutual Funds and securities investments are subject to market risks and there can be no assurance that the Scheme's objectives will be achieved (2) As the price / value / interest rates of the securities in which the Scheme invests fluctuates, the Net Asset Value (NAV) of units issued under the Scheme may go up or down depending upon the factors and forces affecting the securities market (3) Past performance of the Sponsor/AMC/Mutual Fund and its affiliates does not indicate the future performance of the Scheme and may not provide a basis of comparison with other investments (4) The name of the Schemes does not in any manner indicate the quality of the Schemes, its future prospects and returns. Investors are therefore urged to study the terms of offer carefully and consult their Investment Advisor before they invest in the Scheme (5) The Sponsor is not responsible or liable for any loss or shortfall resulting from the operation of the Mutual Fund beyond the initial contribution made by it of an amount of Rs. 1 Lac towards setting up of the Mutual Fund (6) The present Schemes are not guaranteed or assured return Schemes. Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
IISL Disclaimer: MOSt Shares M50 and MOSt Shares Midcap 100: MOSt Shares M50 and MOSt Shares Midcap 100 offered by Motilal Oswal Asset Management Company Limited (MOAMC) or its affiliates is not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (IISL) and its affiliates. IISL and its affiliates do not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) to the owners of MOSt Shares M50 and MOSt Shares Midcap 100 or any member of the public regarding the advisability of investing in securities generally or in the MOSt Shares M50 and MOSt Shares Midcap 100 linked to Nifty 50 Index and Nifty Midcap 100 Index respectively or particularly in the ability of Nifty 50 Index and Nifty Midcap 100 Index to track general stock market performance in India. Please read the full Disclaimers in relation to the Nifty 50 Index and Nifty Midcap 100 Index in the Scheme Information Document. NASDAQ-100 Disclaimer: MOSt Shares NASDAQ 100: NASDAQ®, OMX®, NASDAQ OMX®, NASDAQ-100®, and NASDAQ-100 Index®, are registered trademarks of The NASDAQ OMX Group, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by MOAMC. MOSt Shares NASDAQ 100 (the Product) has not been passed on by the Corporations as to their legality or suitability. The Product are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT. NSE Disclaimer: It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Scheme Information Document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Scheme Information Document. BSE Disclaimer: It is to be distinctly understood that the permission given by Bombay Stock Exchange Ltd. should not in any way be deemed or construed that the SID has been cleared or approved by Bombay Stock Exchange Ltd. nor does it certify the correctness or completeness of any of the contents of the SID. The investors are advised to refer to the SID for the full text of the Disclaimer Clause of the Bombay Stock Exchange Ltd.
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Product Suitability
*Investors should consult their financial advisors if in doubt about whether the product is suitable for them.
Name of the Scheme This product is suitable for investors who are seeking*
Motilal Oswal MOStFocused 25 Fund(MOSt Focused 25)
• Return by investing in upto 25 companies with long term sustainable competitive advantage and growth potential
• Investment in Equity and equity related instruments subject to overall limit of 25 companies
Motilal Oswal MOSt FocusedMidcap 30 Fund(MOSt Focused Midcap 30)
• Long-term capital growth• Investment in equity and equity related instruments in a maximum of 30
quality mid-cap companies having long-term competitive advantages and potential for growth
Motilal Oswal MOSt FocusedMulticap 35 Fund(MOSt Focused Multicap 35)
• Long-term capital growth• Investment in a maximum of 35 equity and equity related instruments
across sectors and market capitalization levels.
Motilal Oswal MOSt FocusedLong Term Fund(MOSt Focused Long Term)
• Long-term capital growth• Investment predominantly in equity and equity related
instruments;
Motilal Oswal MOStShares M50 ETF (MOSt Shares M50)
• Return that corresponds generally to the performance of the Nifty 50 Index (Underlying Index), subject to tracking error
• Investment in equity securities of Nifty 50 Index
Motilal Oswal MOStShares Midcap 100 ETF(MOSt Shares Midcap 100)
• Return that corresponds generally to the performance of the Nifty Midcap 100 Index, subject to tracking error
• Investment in equity securities of Nifty Midcap 100 Index
Low
Modera
tely
Low
High
ModeratelyHigh
Moderate
HighLow
Investors understand that their principal will be at Moderately High risk
Riskometer
Motilal Oswal MOStUltra Short Term Bond Fund(MOSt Ultra Short Term BondFund)
• Optimal returns consistent with moderate levels of risk • Investment in debt securities and money market securities with average
maturity less than equal to 12 months
Low
Modera
tely
Low
High
ModeratelyHigh
Moderate
HighLow
Investors understand that their principal will be at Moderately Low risk
Riskometer
Motilal Oswal MOSt SharesNASDAQ-100 ETF(MOSt Shares NASDAQ 100)
• Return that corresponds generally to the performance of the NASDAQ 100 Index, subject to tracking error
• Investment in equity securities of NASDAQ 100 Index
Low
Modera
tely
Low
High
ModeratelyHigh
Moderate
HighLow
Investors understand that their principal will be at High risk
Riskometer
BRSTBRSTBRST
BRSTBRST
BRSTBRST
Sit Tight Approach
QGLP
BUY RIGHT : SIT TIGHTBuying quality companies and riding their growth cycle