PMS Navigator July 2018 - SAINATH...

July 2018

PMS Navigator

Phrase “The crude reality” aptly set the context for the first quarter of FY19. Spike in crude prices has got investors’

attention and concerns arising from the same seems to be reflected in the market. Also, the fact is this year is packed

with state elections before culminating in the 2019 central elections, volatility is poised to resurface. Thus it is important

for investors to align expectations and accept volatility as a companion.

In line with the global economy, India’s economy continues to remain robust. The same evident various high frequency

data points. The country’s latest GDP number is testament to this. We believe that pick up in corporate profitability is the

next immediate progression of this increased economic activity. All this while earnings have been mirage, this time it is

finally started reflecting in the reality. There is confidence to be gained in the widespread nature of the same. Instead of

few sectors pulling the weight, we have witnessed a recovery across the spectrum. However, the banking sector seems

to be the only in blackspot in an otherwise positive earnings canvas. However, one need to aware that the sharp fall in

earnings in the banking space is on account of higher provisions.

Growth prospects for the Indian Economy continue to look bright. This is evident from the various high frequency data

points. Increased economic activity will eventually get reflected in corporate profitability. The building blocks of a

domestic economic recovery seem to be falling in place. This appears to be led by both structural and cyclical factors.

Our newly launched strategy “Renaissance India Next AIF” aims to capture growth through companies and sector which

have been head winded in the past but will see good uptick in the coming years. We continue to advise a staggered

approach to investing in equities with a view to commit more during any sharp correction.

In the fixed income space, we continue to recommend low maturity high accrual portfolios as they are provide strong

visibility of returns.

FY19 : Beginning of Economic Recovery & Capacity Utilization

Benefits of Investing through PMS platform

Fund manager & managed PMS Strategies

Performance update of PMS offerings

Portfolio Analysis & Fees Structure

Benefits of Investing through PMS platform

o Value proposition for Investors

o PMS Strategies revolve around

Value proposition for Investors

Professional Management services

Consistent Alpha on benchmark

Managed Risk + Liquidity

Focused Strategies

(build around 15 to 25 stocks)

Consistent to Investment Style

Low Portfolio Churn

High engagement & transparency

Customization of fees

(Fixed Fees model or Profit sharing model)

Po

rtf

oli

o M

an

ag

em

en

t S

er

vic

es

Suitable for HNIs,

corporates, NRIs (except

USA & Canada).

Long term investment

Horizon 3 to 5 years.

Investment done

through cheque or

stock transfer.

PMS Strategies revolve around….

Four key investment attributes:- Size of the opportunity | Earnings Growth | Value | Quality of Business.

QGLP – The investment philosophy has been framed out of 20 years of annual wealth creation studies authored by our co–

founder, Raamdeo Agrawal.

Earnings Growth

Longevity

Valuation Quality of Management

Margin of Safety

Size of opportunity

Solid Business Model

Own Skin in the Game

Fund manager & managed PMS Strategies

o Fund Manager & managed PMS strategy.

o Our bouquet of PMS offerings

Fund Manager & managed PMS strategy

ASK Investment Managers - India Entrepreneur Portfolio.

MOAMC PMS:- We have offering of MOAMC’s 3 portfolios Value Strategy | India Opportunity Portfolio | Next Trillion Dollar

Opportunity Strategy

Raamdeo Agrawal Co-Founder & Joint MD,

MOFSL

Manish SonthaliaHead Equity PMS & AIF,

MOAMC (Fund Manager)

Kunal JadhwaniCo-Fund Manager, MOAMC

Bharat ShahExecutive Director,

ASK Group

Prateek AgarwalBusiness Head & CIO,

ASK Investment Managers

Sumeet JainPortfolio Manager,

ASK Investment Managers

Shrey LoonkerFund Manager, MOAMC

Taher BadshahCIO-Equities,

INVESCO India

INVESCO India Investment Managers – D.A.W.N

Amit GanatraSenior Fund Manager,

INVESCO India

Data as on 30th June 2018 | MOSL is authorized distributor of above mentioned PMSes

Our bouquet of PMS offerings

Data as on 30th June 2018

VALUE IOPV2 IOP NTDOP BOP IEP D.A.W.N

AMCMotilal Oswal

AMCMotilal Oswal

AMCMotilal Oswal

AMCMotilal Oswal

AMCMotilal Oswal

AMCASK Investment

ManagersInvesco Asset Management

Fund Manager Shrey LoonkerManish

SonthaliaManish

Sonthalia

Manish Sonthalia

Kunal Jadwani

Manish Sonthalia

Kunal Jadwani

Prateek AgarwalSumeet Jain

Taher BadshahAmit Ganatra

AUM (Cr.) Approx. 2,590 500 3,788 8,022 101 6,326 417

Earning Growth Style

Superior Business Model

Quality of Management

Company's Promoter Stake

Valuation

Focused Portfolio

No. of Stocks 20 20 24 24 22 20 24

Market Cap StyleLarge Cap Mid & Small Cap Mid & Small Cap Multi Cap Multi Cap Multi Cap Multi Cap

(56 L : 44 M&S) (49 L : 51 M&S) (72 L: 27 M&S) (63 L : 32 M&S)

Investment Style Medium High High Medium Medium to High Medium High

MOSL PMS product bouquet

A comprehensive basket of PMS offerings

• Large Cap Portfolio

• strategy has 20 stocks in portfolio.

• Buy Right & Sit Tight approachValue Strategy

• Mid & Small Cap Portfolio

• Buy Right & Sit Tight approach

• The portfolio consist of 20 stocksIndia Opportunity Portfolio – V2

• Multi Cap Portfolio

• The portfolio consist of 24 stocks.

• Buy Right & Sit Tight approach

Next Trillion Dollar Opportunity Strategy

• Mid & Small Cap Portfolio

• Focus Theme for Next Five year

• The portfolio consist of 24 stocksIndia Opportunity Portfolio

•Multi Cap Portfolio

•Buy Right & Sit Tight

•The portfolio consists of 22 stocksBusiness Opportunity Portfolio


• The Portfolio consist of 24 stocks

• Demand recovery across cycle & Attractive ValuationInvesco DAWN PMS



• Strategy built primarily on entrepreneur concept.India Entrepreneur Portfolio

Data as on 30th June 2018 | MOSL is authorized distributor of above mentioned PMSes

Portfolio Management Services

o Motilal Oswal Business Opportunities Portfolio

o MOAMC IOP V2

o MOAMC Value PMS

o MOAMC NTDOP PMS

o MOAMC IOP

o ASK IEP

o Invesco DAWN PMS

Value Strategy

• Buy Right & Sit Tight approach to stock investing

• Value PMS has delivered 23.63% annualized returns since

inception versus 16.71% of Nifty 50; INR 1 Cr. invested in Value

PMS in March 2003 is worth INR 25.55 Cr versus INR 10.60 Cr. in

Nifty 50.

• Focused portfolio approach, currently strategy has 20 stocks in its

portfolio.

Performance(%ge) Value of 1 cr. Invested

PeriodValue

StrategyNifty 50

ValueStrategy

Nifty 50

1 Month -2.84 -0.20 0.97 1.00

3 Months 1.73 5.94 1.02 1.06

6 Months -2.38 1.74 0.98 1.02

1 Year 7.45 12.53 1.07 1.13

2 Years 10.93 13.70 1.23 1.29

3 Years 7.08 8.59 1.23 1.28

4 Years 12.90 8.92 1.62 1.41

5 Years 17.37 12.90 2.23 1.83

Since Inception 23.63 16.71 25.55 10.60

Inception Date Benchmark Fund Manager

25-Mar-03 Nifty 50 Index Mr. Shrey Loonker

Portfolio (Top 10 Stocks)

Scrip Name (%) of Market value

HDFC Bank Ltd. 11.58

Kotak Mahindra Bank Ltd. 10.17

AU Small Finance Bank Ltd. 6.66

Bharat Petroleum Corporation Ltd. 6.44

Eicher Motors Ltd. 6.32

Bajaj Finserv Ltd. 6.25

Sun Pharmaceuticals Ltd. 5.66

Bharat Forge Ltd. 5.49

Larsen & Toubro Ltd. 5.43

HDFC Ltd. 4.82

Top 5 sectors

Sector Name (%) of Market value

Banking & Finance 49.10

Auto & Auto Ancillaries 22.70

Oil and Gas 9.45

Pharmaceuticals 6.70

Engineering and Electricals 5.43

Source: MOAMC | Data as on 30th June 2018

Next Trillion Dollar Opportunity Strategy (NTDOP)

• The strategy aims to deliver superior returns by investing in

focused themes which are part of the next trillion dollar GDP

growth opportunity. It aims to predominantly invest in Multi Cap

stocks with a focus on identifying emerging stocks/ sectors.

• Have successfully completed 10 years.


• In last 5 years, NTDOP PMS has delivered positive return of 28.87%

versus 15.23% of Nifty 500.


Period NTDOP NIFTY 500 NTDOP NIFTY 500

1 Month -2.12 -1.64 0.98 0.98

3 Months 3.98 2.81 1.04 1.03

6 Months -5.68 -3.46 0.94 0.97

1 Year 9.11 9.97 1.09 1.10

2 Years 19.08 14.57 1.42 1.31

3 Years 13.52 9.93 1.46 1.33

4 Years 25.39 10.37 2.47 1.48

5 Years 28.87 15.23 3.55 2.03

Since Inception 17.96 5.73 5.74 1.80


5-Dec-07 NIFTY 500 IndexMr. Manish SonthaliaMr. Kunal Jadhwani




Bajaj Finance Ltd. 10.54

Page Industries Ltd. 10.19

Voltas td. 8.20

Eicher Motors Ltd. 6.28

City Union Bank Ltd. 4.70

Godrej Industries Ltd. 4.31

Bosch Ltd. 3.85

Max Financials Services Ltd. 3.75

L&T Technology Services Ltd. 3.36

Top 5 sectors



FMCG 18.01


Diversified 12.51

Oil and Gas 4.91


India Opportunity Portfolio (IOP)

• The Strategy aims to generate long term capital appreciation by

creating a focused portfolio of high growth stocks having the

potential to grow more than the nominal GDP for next 5-7 years

• The Strategy at present has a concentration in 24 stocks.

• Focus Theme for Next Five year: REVIVAL IN CAPEX CYCLE | MAKE

IN INDIA | THIRD TRILLION DOLLAR OPPORTUNITIES

• In last 4 years, IOP PMS has delivered positive return of 18.10%

versus 7.43% of Nifty Midcap100.


Period IOPNIFTY Small

Cap100IOP

NIFTY Small

Cap100

1 Month -7.24 -8.33 0.93 0.92

3 Months -6.46 -7.88 0.94 0.92

6 Months -22.15 -21.07 0.78 0.79

1 Year -13.62 -1.82 0.86 0.98

2 Years 19.06 11.12 1.42 1.23

3 Years 11.32 10.47 1.38 1.35

4 Years 18.10 7.43 1.95 1.33

5 Years 19.58 19.82 2.45 2.47

Since Inception 14.43 9.06 3.09 2.07


15-Feb-10Nifty Smallcap 100

IndexMr. Manish Sonthalia



Development Credit Bank Ltd. 9.59

AU Small Finance Bank Ltd 8.06

Birla Corporation Ltd.. 7.83

Aegis Logistics 6.64

Quess Corp Ltd. 6.50

Gabriel India Ltd. 5.75

TTK Prestige 5.03

Mahanagar Gas Ltd. 4.97

Alkem Laboratories. 4.93

Canfin Homes 4.45

Top 5 sectors




Oil and Gas 11.61

Cement & Infrastructure 10.60

Consumer Durables 9.30Source: MOAMC | Data as on 30th June 2018

India Opportunity Portfolio V2 (IOP V2)


5-Feb-18Nifty Smallcap 100

IndexMr. Manish Sonthalia



Heg Ltd 8.52

Cholamandalam Investment And Finance Company Ltd.

8.28

Gruh Finance Ltd. 7.50

Godrej Agrovet Ltd 7.41

Ipca Lab Ltd. 6.23

Bajaj Electricals Ltd 6.17

Coffee Day Enterprises Ltd. 6.08

Sundaram Fasteners Ltd. 5.11

Century Plyboards (India) Ltd 4.87

Sobha Ltd. 4.85

Top 5 sectors



Electricals & Electronics 17.88

Agriculture 12.23


Restaurants 6.08

• The Strategy aims to deliver superior returns by investing in stocks

from sectors that can benefit from India's emerging businesses.

• It aims to predominantly invest in Small and Midcap stocks with a

focus on identifying potential winners.

• Focus on Sectors and Companies which promise a higher than

average growth by focusing on four basic themes.


• Concentration on emerging Themes.

• Investments with Long term perspective.

• Four basic themes- affordable housing, market share gain by

NBFCs & Private Sector banks from PSU banks, growth in rural

economy, shift from unorganized to organized sector

• Investment Approach: “Buy & Hold” strategy

• IOP V2 has delivered -1.87% vs NIFTY Midcap 100 has delivered

-13.66% since inception.


Business Opportunities Portfolio (BOP)


16-Jan-18 Nifty 500 IndexMr. Manish SonthaliaMr. Kunal Jadhwani



Hindustan Unilever Ltd. 8.53

HDFC Bank Ltd. 8.23

Godrej Agrovet Ltd. 6.25

Exide Industries Ltd. 5.81


Britannia Industries Ltd. 5.26


Bata India Ltd. 4.70

Container Corporation Of India Ltd. 4.61

Gruh Finance Ltd. 4.52

Top 5 sectors



FMCG 17.73

Retail 11.49

Agriculture 9.56

Engineering & Electricals 6.90

• The Portfolio will be constructed based on in-depth research leading

to bottom-up stock picking with a view of equities from 3-4 years

perspective.

• It aims to predominantly invest in Small and Midcap stocks with a

focus on identifying potential winners.


• Concentration on emerging Themes.


• Five basic themes- Affordable Housing, market share gain by NBFCs &

Private Sector banks from PSU banks, Rise in Consumer

Discretionary, Agriculture & GST beneficiaries.

• Investment Approach: “Buy & Hold” strategy

• BOP has delivered -1.39% vs NIFTY 500 has delivered -4.68% since

inception.


India Entrepreneur Portfolio (IEP)

• The strategy is market cap agnostic and builds portfolio which has

companies with more than 25% promoter holdings, high ROCE &

high non-dilutive compounded EPS. Identify business with

competitive advantage that is significant sized (min. 100 Cr. PBT).

The Strategy is built primarily on entrepreneur concept.



• In last 5 years, IEP PMS has delivered positive return of 26.20%

versus 15.20% of BSE 500.


Period IEP BSE 500 IEP BSE 500

1 Month -2.70 -1.60 0.97 0.98

3 Months 7.40 2.90 1.07 1.03

6 Months 2.60 -3.20 1.03 0.97

1 Year 16.50 10.20 1.17 1.10

2 Years 17.80 14.80 1.39 1.32

3 Years 13.10 10.00 1.45 1.33

4 Years 20.80 10.40 2.13 1.49

5 Years 26.20 15.20 3.20 2.03

Since Inception 20.50 9.70 4.82 2.18


25-Jan-10BSE 500 IndexNifty 50 Index

Mr. Prateek Agrawal Mr. Sumit Jain




Britannia Industries Ltd. 7.17

IndusInd Bank Ltd 7.13

Bajaj Finserv Ltd. 7.06

Page Industries Ltd. 6.69

Cholamandalam Investment and Finance Company Ltd.

6.64

Havells India Ltd 5.64


Astral Poly Technik Ltd. 5.44

Eicher Motors Ltd. 5.23Top 5 sectors



FMCG 22.54


Electronics 5.64

Plastics 5.44

Source: ASK IM | Data as on 30th June 2018

INVESCO DAWN Strategy

There’s always a light at the end of the tunnel

• Focus on mean reversion & value style

• High impetus on quality business models & management

• Bottom up stock picking approach without bias towards market

cap or sector

• Catalyst for investing – Cyclical recovery, earning recovery and

Under owned to Value style

• Focused portfolio approach, currently strategy has 24 stocks in

its portfolio.


28- Aug-17 S&P BSE 500Mr. Taher BadshahMr. Amit Ganatra

Source: INVESCO AMC | Data as on 30th June 2018



Reliance Industries Ltd. 9.54

ICICI Bank Ltd. 7.89

Infosys Ltd. 6.94

Exide Industries Ltd. 5.21

Cipla Ltd. 5.11

HCL Technologies Ltd. 5.08

L & T Finance Holdings Ltd. 4.53

Equitas Holdings Ltd. 4.27

Axis Bank Ltd. 3.89

Gujarat State Petronet Ltd. 3.87

Top 5 sectors


Financials 24.29

Industrials 13.89

Energy 12.50

Information Technology 12.03

HealthCare 11.61

Performance Track Record 1/2

Source: Respective AMC s| Data as on 30th June 2018

25.56x in Value PMS vs 10.60x in NIFTY since March 2003 (15 years)

3.09x in IOP PMS vs 2.07x in NIFTY Small Cap 100 since Feb 2010 (8 years)

4.83x in ASK IEP PMS vs 2.18x in BSE 500 & 2.14x in NIFTY since Jan 2010 (8 years)

5.74x in NTDOP PMS vs 1.80x in NIFTY 500 since Dec. 2007 (10 years)

Jan

-08

Jul-

08

Jan

-09

Jul-

09

Jan

-10

Jul-

10

Jan

-11

Jul-

11

Jan

-12

Jul-

12

Jan

-13

Jul-

13

Jan

-14

Jul-

14

Jan

-15

Jul-

15

Jan

-16

Jul-

16

Jan

-17

Jul-

17

Jan

-18

NTDOP Benchmark

Feb

-10

Jul-

10

Dec

-10

May

-11

Oct

-11

Mar

-12

Au

g-1

2

Jan

-13

Jun

-13

No

v-1

3

Ap

r-1

4

Sep

-14

Feb

-15

Jul-

15

Dec

-15

May

-16

Oct

-16

Mar

-17

Au

g-1

7

Jan

-18

Jun

-18

IOP Benchmark

Mar

-03

Mar

-04

Mar

-05

Mar

-06

Mar

-07

Mar

-08

Mar

-09

Mar

-10

Mar

-11

Mar

-12

Mar

-13

Mar

-14

Mar

-15

Mar

-16

Mar

-17

Mar

-18

Value Benchmark

25

-Jan

-10

25

-Ju

l-1

0

25

-Jan

-11

25

-Ju

l-1

1

25

-Jan

-12

25

-Ju

l-1

2

25

-Jan

-13

25

-Ju

l-1

3

25

-Jan

-14

25

-Ju

l-1

4

25

-Jan

-15

25

-Ju

l-1

5

25

-Jan

-16

25

-Ju

l-1

6

25

-Jan

-17

25

-Ju

l-1

7

25

-Jan

-18

IEP NIFTY BSE 500

Performance Track Record 2/2

VALUE IOP NTDOP IEP

FY-05 28% -- -- --

FY-06 82% -- -- --

FY-07 -2% -- -- --

FY-08 29% -- -25% --

FY-09 -29% -- -38% --

FY-10 81% 9% 117% 1%

FY-11 12% 8% 10% 22%

FY-12 3% -1% 12% 3%

FY-13 0% 0% 16% 13%

FY-14 21% 21% 40% 34%

FY-15 61% 53% 72% 73%

FY-16 -10% -9% 2% -5%

FY-17 19% 60% 38% 24%

FY-18 9% 5% 11% 15%

FY-19* 2% -6% 4% 8%

VALUE IOP NTDOP IEP

Q1FY16 -3% 3% 11% 1%

Q2FY16 -6% -6% -4% -4%

Q3FY16 1% -1% 0% 1%

Q4FY16 -2% -5% -4% -2%

Q1FY17 7% 10% 12% 10%

Q2FY17 7% 27% 16% 10%

Q3FY17 -9% -5% -10% -11%

Q4FY17 14% 20% 17% 14%

Q1FY18 3% 13% 6% 6%

Q2FY18 4% -1% 5% 5%

Q3FY18 6% 12% 10% 9%

Q4FY18 -3% -18% -9% -4%

Q1FY19 2% -6% 4% 8%

VALUE IOP NTDOP IEP

CY-03 154% -- -- --

CY-04 23% -- -- --

CY-05 64% -- -- --

CY-06 24% -- -- --

CY-07 52% -- -- --

CY-08 -44% -- -53% --

CY-09 74% -- 110% --

CY-10 20% 28% 23% 29%

CY-11 -12% -25% -19% -13%

CY-12 23% 36% 57% 30%

CY-13 3% 2% 18% 22%

CY-14 58% 48% 78% 70%

CY-15 0% 5% 16% 8%

CY-16 2% 26% 13% 6%

CY-17 30% 52% 43% 37%

CY-18* -2% -23% -5% 3%

VALUE IOP NTDOP IEP

Jun-17 -2% 3% 0% 1%

July – 17 7% 0% 5% -1%

Aug-17 0% -1% 0% 0%

Sep-17 -2% 1% 0% 0%

Oct-17 5% 2% 4% 3%

Nov-17 -1% 3% 1% 3%

Dec-17 3% 7% 6% 3%

Jan-18 2% -7% -5% -4%

Feb - 18 -4% -5% -3% -1%

March- 18 -2% -6% -3% 0%

Apr-18 6% 6% 7% 9%

May-18 -1% -4% -1% 2%

June-18 -2% -6% -1% -1%

Fin

anci

al Y

ear

on

ye

ar P

erf

orm

ance

Q-O

-Q P

erf

orm

ance

up

dat

e

M-O

-M P

erfo

rman

ceC

alen

dar Y

-O-Y

Pe

rform

ance

Source: Respective AMC s| Data as on 30th June 2018. *FY-19, CY-18

Portfolio Analysis & Fees Structure

o Stock Universe of our PMS offerings

o Portfolio Market Cap Style

o Risk Return analysis

o Fees Schedule

Stock Universe of our PMS offerings

Source: Respective AMCs| Data as on 30th June 2018

• Duplication of stocks are limited across our offerings.

• Concentrated portfolio with 15 to 25 stocks ideas.

• Exposure to companies in line with investment theme.

Stock Universe No. of Stocks

Universe of Stocks 154

Unique no. of Stocks 117

Stocks common 31

Strategies(Total No. of

stocks)VALUE (20) NTDOP (24) IOP V2 (20) BOP (22) IEP (21) DAWN (24) IOP (23)

VALUE (20) 6 (29%) 5 (27%) 1 (1%) 4 (28%) 3 (23%) 3 (9%) 2 (10%)

NTDOP (24) 5 (30%) 11 (36%) 1 (2%) 3 (27%) 4 (41%) 2 (5%) 4 (9%)

IOP V2 (20) 1 (6%) 1 (6%) 13 (56%) 5 (28%) 1 (8%) 0 (0%) 0 (0%)

BOP (22) 4 (21%) 3 (15%) 5 (21%) 8 (32%) 3 (16%) 2 (10%) 1 (4%)

IEP (21) 3 (18%) 4 (25%) 1 (7%) 3 (20%) 13 (54%) 0 (0%) 0 (0%)

DAWN (24) 3 (14%) 2 (6%) 0 (0%) 2 (8%) 0 (0%) 18 (70%) 0 (0%)

IOP (23) 2 (15%) 4 (15%) 0 (0%) 1 (4%) 0 (0%) 0 (0%) 17 (66%)

Note : Unique stocks & allocation mentioned in highlighted cells

Portfolio Market Cap Style

Source: Capital Line | Data as on 30th June 2018

Market Capitalization as per SEBI categorization

Weighted average market cap calculated of all the Portfolio

Large Cap: 1st to 100th company | Mid Cap: 101st to 250th company | Small Cap: 250 onwards

1,67,710.46

71,193.36

10,225.47

1,16,513.57

71,510.09

1,25,259.23

8,883.62

Value

NTDOP

IOP V2

BOP

IEP

DAWN

IOP

Market Cap (Cr.)

88%

56%

0%

49%

72%

63%

0.00

10%

38%

45%

31%

26%

12%

26%

1%

6%

53%

20%

1%

20%

74%

1%

0%

2%

0%

1%

5%

0%

Value

NTDOP

IOP V2

BOP

IEP

DAWN

IOP

Large Cap Mid Cap Small Cap Cash

Risk Return analysis

Risk return parameter of all the strategy based on its benchmark

Risk parameter VALUE IOP IEP NTDOP Interpretation

3 years average rolling return 17% 20% 25% 28% Higher the better

Standard Deviation 15% 12% 10% 12%Lower the better

(volatility Risk)

Beta (Slope) 0.83 0.85 0.60 0.57Lower the better

(Market Risk)

Jensen's (Alpha) 7% 6% 16% 18%

Higher the betterSharpe Ratio 0.65 1.08 1.89 1.77

Treynor Ratio 12% 15% 30% 36%

Data as on 30th June 2018, 3 yr rolling return calculated since inception. Risk free rate has been taken as 7%.

Fees Schedule

Note: All the returns mentioned in previous slide is post management expenses.

*HWM- Higher Water Mark

Fee ScheduleMOAMC PMS ASK PMS INVESCO D.A.W.N

Fixed Fees Variable Fees Fixed Fees Fixed Fees Variable Fees

Set Up Fees Upto 2% Upto 2% Upto 2% Upto 2.5% Upto 2.5%

Management Fees 2.5% 1.5% 2.5% 2.5% 1.25%

Custodian Fees 0.25% 0.25% 0.25% 0.25% 0.25%

Exit Load

<1yr- 2% <1yr- 2% <1yr- 3% <1yr- 3% <1yr- 3%

>1yr- NIL >1yr- NIL <2yr-2% <2yr-2% <2yr-2%

<3yrs- 1% >2yrs- NIL >2yrs- NIL

>3yrs- NIL

Performance Base Fees NA

If profit <15%;

NA NA

If Profit <10%, Nil

15% profit share above 10% PA on HWM*

15% profit share above 10% and below 15% PA

profit

If profit >=15%; 20% profit share above 10%

PA on HWM*

20% profit share above 15.01% PA profit

Depository Charges

As applicable at actualBrokerage

Other Statutory levies

Source: Respective AMCs

Thank You !

Motilal Oswal Securities Ltd. (MOSL) Member of NSE, BSE, MCX, NCDEX,CIN no.: U65990MH1994PLC079418Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; TelNo.: 022-3980 4263; Website www.motilaloswal.com.Correspondence Adds: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No:022 3080 1000.Registration Nos.: Motilal Oswal Securities Ltd. (MOSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397; Investment Adviser: INA000007100; IRDA Corporate Agent:CA0541.Motilal Oswal Asset Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670); PMS and Mutual Funds are offeredthrough MOAMC which is group company of MOSL.Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.: INP000004409) is offered through MOWML, which is a groupcompany of MOSL. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance Productsand IPOs. *Real Estate is offered through Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. which is a group company of MOFSL.*Private Equity is offered through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group company of MOFSL.*Research & Advisory services is backed by proper research.

Please read the Risk Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no assurance orguarantee of the returns. Investment in securities market is subject to market risk, read all the related documents carefully beforeinvesting.Details of Compliance Officer: Name: Neeraj Agarwal, Email ID: [email protected], Contact No.:022-38281085.

“Such representation are not indicative of future result”

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PMS Navigator July 2018 - SAINATH...

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