PMS Navigator May 2019|Issue 32 -...

May 2019|Issue 32

PMS Navigator

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 platformBenefits 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….

Earnings Growth

Longevity

ValuationQuality of Managem

ent

Margin of Safety

Size of opportuni

ty

Solid Business Model

Own Skin in the Game

Credit & investment cycle

Demand recovery

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 6 portfolios: Dynamic Allocation PMS | Value Strategy | India Opportunity Portfolio | Next

Trillion Dollar Opportunity Strategy | India Opportunity Portfolio V2 | Business Opportunity Portfolio

Raamdeo Agrawal Co-Founder & Joint MD,

MOFSL

Manish SonthaliaHead Equity PMS & AIF,

MOAMC (Fund Manager)

Bharat ShahExecutive Director,

ASK Group

Prateek AgarwalBusiness Head & CIO,

ASK Investment Managers

Sumeet JainPortfolio Manager,


Shrey LoonkerFund Manager, MOAMC

Taher BadshahCIO-Equities,

INVESCO India

INVESCO India Investment Managers-DAWN PMS

Pankaj MurarkaFounder & CIO,

Renaissance Investment Managers

Amit NigamFund Manager, INVESCO India

Susmit PatodiaCo Fund Manager, MOAMC

Our bouquet of PMS offerings

Data as on 30th April 2019

VALUE NTDOP IOP IOP V2 BOP IEP D.A.W.NRenaissance Midcap

Portfolio

Renaissance Opportunity

Portfolio

AMCMotilal Oswal

AMCMotilal Oswal

AMCMotilal Oswal

AMCMotilal

Oswal AMCMotilal Oswal

AMC


Invesco Asset Management

Renaissance IM Renaissance IM

Fund ManagerShrey LoonkerSusmit Patodia

Manish Sonthalia

Manish Sonthalia

Manish Sonthalia

Manish Sonthalia

Prateek Agarwal

Taher BadshahPankaj Murarka Pankaj Murarka

Sumeet Jain Amit Nigam

AUM (Cr.) Approx.

2,223 8,787 3,468 570 226 8,063 542 26 22

Earning Growth Style

Superior Business Model

Quality of Management

Company's Promoter

Stake

Valuation

Focused Portfolio

No. of Stocks 21 26 24 20 22 20 22 20 15

Market Cap Style

Large Cap Multi Cap Mid & Small

CapMid & Small

CapMulti Cap Multi Cap Multi Cap Mid Cap Multi Cap

(44L : 56 M&S)

(53 L : 48 M&S) (66L: 34 M&S) (59L : 36 M&S)

Investment Style

Medium Medium High High Medium MediumMedium to

HighHigh Medium

Portfolio Management Services

o MOAMC Dynamic Allocation PMS

o Renaissance Midcap Portfolio

o Renaissance Opportunity Portfolio

o MOAMC Value

o MOAMC NTDOP

o MOAMC IOP

o MOAMC IOP V2

o MOAMC BOP

o ASK IEP

o Invesco DAWN

• It dynamically allocates between equity and fixed income

instruments thus reducing the volatility compared to equity only

portfolio.

• Uses our proprietary MOVI index to calibrate exposure to equity as

per changing market valuations.

• MOVI is calculated taking into account Price/Earnings, Price/Book

and Dividend yield of Nifty 50 index.

• While Equity POWERS creation of wealth, Fixed Income aims to

PROTECT from downside during market corrections and short

term volatility.

• The asset allocation shall be reviewed twice a moth (5th and 20th

of the month) and there may be additional rebalancing at the

discretion of the Fund Manager.

• It endeavours to construct a portfolio that is best suited for

medium to long term.

Above table is only for illustration purposeSource: MOAMC | Data as on 30th October 2018

MOVI Levels PMS Strategy Allocations

Equity

Less than 70 100%

70 <80 90-95%

80 <90 80-85%

90 <100 70-75%

100 <110 55-60%

110 <120 40-45%

120 <130 30-35%

130 or above 30-35%

Since Inception NTDOP NTDOP Dynamic

Returns 17.50% 15.95%

Volatility 14.83% 8.82%

Motilal Oswal Dynamic Allocation PMS

Renaissance Midcap Portfolio

• Sustainable Quality Growth at Reasonable Price (SQGARP)

• The fund invests into midcap companies that can become large caps

in the future.

• Focused on companies with business leadership and it is a low

mortality portfolio

• It comprises of 20 stocks

• Added Magma Fincorp Ltd and exited Multi Commodity Exchange of

India Ltd in the last month.

Inception Date Benchmark Fund Manager

01-Jan-18Nifty Free Float

Midcap 100Mr. Pankaj Murarka

Portfolio (Top 10 Stocks)

Scrip Name (%) of Market value

Syngene International Ltd 9.00

DCB Bank Ltd 8.00

Federal Bank Ltd 8.00

Info Edge (India) Ltd 7.00

Team Lease Services Ltd 6.00

Aditya Birla Fashion & Retail Ltd 5.00

Just Dial Ltd 5.00

Motilal Oswal Financial Services Ltd 5.00

Bank of Baroda Ltd 4.00

Indian Hotels Company Ltd 4.00

Top 5 sectors

Sector Name (%) of Market value

Banking & Finance 33.00

Pharmaceuticals 13.00

IT Consulting & Software 12.00

FMCG 9.00

Hotels 8.00

Source: Renaissance IM | Data as on 30th April 2019

Performance(%ge) Value of 1 cr. Invested

PeriodRenaissanceMidcap PMS

Nifty Midcap

100

RenaissanceMidcap PMS

Nifty Midcap

100

1 Month -0.80 -3.30 0.99 0.97

6 Months 8.60 1.80 1.09 1.02

1 Year -3.20 -12.90 0.97 0.87

Since Inception -4.80 -16.90 0.94 0.78

Renaissance Opportunities Portfolio

• Sustainable Quality Growth at Reasonable Price (SQGARP)

• A concentrated portfolio that invests in companies across

businesses which are at different states of their business lifecycles

capable of delivering sustainable, market-leading growth and are

at a reasonable prices.

• Comprises of 15 stocks

• Added Indian Hotels Co Ltd and Cummins India Ltd. Exited

Syngene International Ltd and Divi’s Laboratories Ltd. in the last

month.


01-Jan-18 Nifty 200 Mr. Pankaj Murarka



Sun Pharmaceuticals Industries Ltd 9.00

Axis Bank Ltd 8.00

State Bank of India 8.00

HDFC Bank Ltd 7.00

ICICI Bank Ltd 7.00

Larsen & Toubro Ltd 7.00

Reliance Industries Ltd 7.00

Tata Motors Ltd 7.00

Aditya Birla Fashion & Retail Ltd 6.00

Info Edge (India) Ltd. 6.00

Top 5 sectors



Capital Goods & Engineering 12.00

FMCG 11.00

IT Consulting & Software 10.00


Source: Renaissance IM | Data as on 30th April 2019.


PeriodRenaissance

Opp PMSNifty 200

RenaissanceOpp PMS

Nifty 200

1 Month 1.30 0.20 1.01 1.00

6 Months 10.00 10.20 1.10 1.10

1 Year 8.50 4.00 1.09 1.04

Since Inception 5.40 4.80 1.07 1.06

MOAMC Value Strategy

• Buy Right & Sit Tight approach to stock investing

• Value PMS has delivered 22.45% annualized returns since

inception versus 16.44% of Nifty 50; INR 1 Cr. invested in Value

PMS in March 2003 is worth INR 26.12 Cr versus INR 11.61 Cr. in

Nifty 50.

• Focused portfolio approach with 21 stocks in its portfolio.

• Added Dr Reddys Laboratories Ltd, exited Interglobe Aviation Ltd

and increased allocation in Ipca Labs Ltd. in the last month.


PeriodValue

StrategyNifty 50

ValueStrategy

Nifty 50

1 Month 0.90 1.07 1.01 1.01

3 Months 9.79 8.47 1.10 1.08

6 Months 12.96 13.11 1.13 1.13

1 Year -1.51 9.39 0.98 1.09

2 Years 5.29 12.37 1.11 1.26

3 Years 9.84 14.39 1.33 1.50

4 Years 6.60 9.47 1.29 1.44

5 Years 14.48 11.90 1.97 1.75

Since Inception 22.45 16.44 26.12 11.61


25-Mar-03 Nifty 50 IndexMr. Shrey LoonkerMr. Susmit Patodia



HDFC Bank Ltd. 12.57

Kotak Mahindra Bank Ltd. 8.30

Bajaj Finserv Ltd. 7.97

HDFC Life Insurance Company Ltd. 6.68

BPCL Ltd. 6.48

ICICI Bank Ltd. 5.73

Larsen & Toubro Ltd. 5.67

ICICI Lombard General Insurance Company Ltd.

5.49

Bharat Forge Ltd. 4.18

Maruti Suzuki India Ltd. 3.95

Top 5 sectors



Auto & Auto Ancillaries 12.07

Oil and Gas 9.74

Engineering and Electricals 5.67


Source: MOAMC | Data as on 30th April 2019

MOAMC 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. Themes: CONSUMPTION | BANKING &

FINANCIAL SERVICES | INFRASTRUCTURE & RELATED SERVICES.

• The portfolio consist of 26 stocks.

• In last 10 years, NTDOP PMS has delivered positive return of

26.11% versus 13.76% of Nifty 500.

• Trimmed allocation in City Union Bank Ltd. and increased

allocation in ICICI Bank Ltd. in the last month.


Period NTDOP NIFTY 500 NTDOP NIFTY 500

1 Month -1.31 0.01 0.99 1.00

3 Months 5.18 7.34 1.05 1.07

6 Months 4.11 10.41 1.04 1.10

1 Year -3.69 1.77 0.96 1.02

2 Years 5.15 8.47 1.11 1.18

3 Years 15.62 13.62 1.55 1.47

4 Years 13.28 9.39 1.65 1.43

5 Years 23.06 12.96 2.82 1.84

Since Inception 16.48 5.80 5.70 1.90


5-Dec-07 NIFTY 500 Index Mr. Manish Sonthalia




Voltas Ltd. 9.56

Page Industries Ltd. 8.57

Bajaj Finance Ltd. 5.44

City Union Bank Ltd. 4.88

L&T Technology Services Ltd. 4.86

Eicher Motors Ltd. 4.54

Tech Mahindra Ltd. 4.12

Bosch Ltd. 4.01

Max Financial Services Ltd. 3.67

Top 5 sectors



FMCG 15.99

Diversified 13.16

Auto & Auto Ancillaries 11.52

Infotech 8.97


MOAMC 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 5 years, IOP PMS has delivered positive return of 16.04%

versus 10.46% of Nifty Smallcap100.


Period IOPNIFTY Small

Cap100IOP

NIFTY SmallCap100

1 Month -1.54 -3.07 0.98 0.97

3 Months 6.06 5.46 1.06 1.05

6 Months 7.49 6.68 1.07 1.07

1 Year -15.55 -22.91 0.84 0.77

2 Years -6.52 -6.79 0.87 0.87

3 Years 13.16 7.53 1.45 1.24

4 Years 9.25 4.32 1.42 1.18

5 Years 16.04 10.46 2.10 1.64

Since Inception 12.45 6.99 2.95 1.86


15-Feb-10Nifty Smallcap 100

IndexMr. Manish Sonthalia



Development Credit Bank Ltd. 11.19

TTK Prestige Ltd. 7.51

AU Small Finance Bank Ltd. 7.31

Gabriel India Ltd. 6.46

Aegis Logistics Ltd. 6.41

Mahanagar Gas Ltd. 5.86

Birla Corporation Ltd. 5.73

Kajaria Ceramics Ltd. 5.55

Blue Star Ltd. 4.77

Alkem Laboratories Ltd. 4.72

Top 5 sectors



Consumer Durables 13.07


Oil & Gas 12.27

Cement & Infrastructure 8.60


MOAMC India Opportunity Portfolio V2 (IOP V2)


5-Feb-18Nifty Smallcap 100

IndexMr. Manish Sonthalia



Ipca Lab Ltd. 9.31

Cholamandalam Investment And Finance Company Ltd.

7.97

Bajaj Electricals Ltd. 7.13

Bata India Ltd. 7.04

Larsen And Toubro Infotech Ltd. 6.93

Godrej Agrovet Ltd. 6.83

Coffee Day Enterprises Ltd. 6.40

JK Lakshmi Cement Ltd. 6.05

Sobha Ltd. 5.79

Sundram Fasteners Ltd 4.95

Top 5 sectors



Electricals & Electronics 14.94


Agriculture 10.39

Infotech 8.35

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

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


• 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



Period IOP V2Nifty

Smallcap 100IOP V2

Nifty Smallcap 100

1 Month -3.64 -3.07 0.96 0.97

3 Months 8.10 5.46 1.08 1.05

6 Months 1.85 6.68 1.02 1.07

1 Year -20.00 -22.91 0.80 0.77

Since Inception -8.11 -18.46 0.90 0.78

MOAMC Business Opportunities Portfolio (BOP)


16-Jan-18 Nifty 500 Index Mr. Manish Sonthalia



Hindustan Unilever Ltd. 8.99

Bata India Ltd. 7.93


HDFC Bank Ltd. 7.06

ICICI Lombard General Insurance Company Ltd.

6.52

Godrej Agrovet Ltd. 5.23

Titan Company Ltd. 5.17


Exide Industries Ltd. 4.80

Britannia Industries Ltd. 4.63

Top 5 sectors



FMCG 18.79

Retail 14.78

Agriculture 7.45

Engineering & Electricals 5.91

• 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.


• 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



Period BOP Nifty 500 BOP Nifty 500

1 Month -1.35 0.01 0.99 1.00

3 Months 5.73 7.34 1.06 1.07

6 Months 11.64 10.41 1.12 1.10

1 Year -3.60 1.77 0.96 1.02

Since Inception -0.40 0.42 0.99 1.01

ASK 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.

• The portfolio consist of 20 stocks.

• Investments with Long term perspective.

• In last 6 years, IEP PMS has delivered positive return of 22.43%

versus 12.89% of BSE 500.


Period IEP BSE 500 IEP BSE 500

1 Month -0.16 -0.07 1.00 1.00

3 Months 8.26 7.06 1.08 1.07

6 Months 10.92 10.17 1.11 1.10

1 Year 1.76 1.63 1.02 1.02

2 Years 9.93 8.53 1.21 1.18

3 Years 14.95 13.68 1.52 1.47

4 Years 11.86 9.34 1.57 1.43

5 Years 21.15 12.88 2.61 1.83

Since Inception 18.90 9.36 4.97 2.29


25-Jan-10BSE 500 IndexNifty 50 Index

Mr. Prateek Agrawal Mr. Sumit Jain



Bajaj Finserv Ltd. 7.91


Havells India Ltd. 6.23

IndusInd Bank Ltd. 5.99

Cholamandalam Investment and Finance Company Ltd.

5.89

Asian Paints Ltd. 5.82

P I Industries Ltd. 5.82

Page Industries Ltd. 5.58

Britannia Industries Ltd. 5.57


Top 5 sectors

Sector Name (%) of Market valueBanking & Finance 33.25FMCG 24.87Auto & Auto Ancillaries 13.46Electronics 6.23Agro Chemicals 5.82

Source: ASK IM | Data as on 30th April 2019 (market cap data is as per SEBIclassification

INVESCO Dawn Strategy

• 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 and currently has 22 stocks in its

portfolio.

• Added Bharti Airtel Ltd and trimmed allocation in Reliance

Industries Ltd. in the last month.

Source: INVESCO AMC | Data as on 30th April 2019


28- Aug-17 S&P BSE 500Mr. Taher Badshah

Mr. Amit Nigam



ICICI Bank Ltd. 10.68

Infosys Ltd. 5.99

ITC Ltd. 5.97

Axis Bank Ltd. 5.90

Exide Industries Ltd. 5.11

Reliance Industries Ltd. 5.07

Tech Mahindra Ltd. 4.91

Gujarat State Petronet Ltd. 4.90

Cipla Ltd. 4.28

IndusInd Bank Ltd. 4.25

Top 5 sectors


Financials 31.10

Industrials 11.95

Information Technology 10.90

Consumer Staples 9.50

Healthcare 8.19


Period DAWN BSE 500 DAWN BSE 500

1 Month -1.08 -0.07 0.99 1.00

3 Months 6.00 7.06 1.06 1.07

6 Months 8.40 10.17 1.08 1.10

1 Year 2.45 1.63 1.02 1.02

Since Inception 5.93 7.19 1.09 1.10

Performance Track Record 1/4

Source: Respective AMC s| Data as on 30th April 2019

26.11x in Value PMS vs 11.56x in NIFTY since March 2003 (~16 years)

2.95x in IOP PMS vs 1.86x in NIFTY Small Cap 100 since Feb 2010 (~9 years)

4.9x in ASK IEP PMS vs 2.28x in BSE 500 & 2.34x in NIFTY since Jan 2010 (9 years)

5.70x in NTDOP PMS vs 1.89x in NIFTY 500 since Dec. 2007 (11 years)

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

Jul-

18

Jan

-19

IEP NIFTY 50 BSE 500

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

Mar

-19

Value NIFTY 50

Jan

-08

Au

g-0

8

Mar

-09

Oct

-09

May

-10

De

c-1

0

Jul-

11

Feb

-12

Sep

-12

Ap

r-1

3

No

v-1

3

Jun

-14

Jan

-15

Au

g-1

5

Mar

-16

Oct

-16

May

-17

De

c-1

7

Jul-

18

Feb

-19

NTDOP NIFTY 500

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

No

v-1

8

Ap

r-1

9

IOP NIFTY Smallcap 100


Source: Respective AMC s| Data as on 30th April 2019

-100%

-50%

0%

50%

100%

150%

200%

1 year 3 years 5 years 1 year 3 years 5 years

Value PMS Nifty 50

Maximum Minimum Average

-100%

-50%

0%

50%

100%

150%


NTDOP Nifty 500


-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

120%


IOP Nifty Small Cap 100


-40%

-20%

0%

20%

40%

60%

80%

100%


ASK IEP BSE 500



VALUE NIFTY 50 IOP NIFTY Smallcap 100

FY-08 29% 24% -- --

FY-09 -29% -36% -- --

FY-10 81% 74% 9% 4%

FY-11 12% 11% 8% -1%

FY-12 3% -9% -1% -6%

FY-13 0% 7% 0% -7%

FY-14 21% 18% 21% 18%

FY-15 61% 27% 53% 52%

FY-16 -10% -9% -9% -13%

FY-17 19% 19% 60% 43%

FY-18 9% 10% 5% 12%

FY-19 3% 15% -9% -14%

FY-20 4% 16% -11% -17%


CY-06 24% 40% -- --

CY-07 52% 55% -- --

CY-08 -44% -52% -- --

CY-09 74% 76% -- --

CY-10 20% 18% 28% 18%

CY-11 -12% -25% -25% -34%

CY-12 23% 28% 36% 37%

CY-13 3% 7% 2% -8%

CY-14 58% 31% 48% 55%

CY-15 0% -4% 5% 7%

CY-16 2% 3% 26% 2%

CY-17 30% 29% 52% 57%

CY-18 -5% 3% -27% -29%

CY-19* 5% 8% 2% 0%

Fin

anci

al Y

ear

on

ye

ar P

erf

orm

ance

Cal

end

ar Y

-O-Y

Pe

rfo

rman

ce

Calen

dar Y

-O-Y

Pe

rform

ance

Finan

cial Ye

ar on

year P

erfo

rman

ce

Source: Respective AMC s| Data as on 30th April 2019. *FY-20 (Apr), CY-19 (Jan-Apr)

NTDOP NIFTY 500 ASK IEP BSE 500

CY-06 -- -- -- --

CY-07 -- -- -- --

CY-08 -53% -55% -- --

CY-09 110% 89% -- --

CY-10 23% 14% 29% 19%

CY-11 -19% -27% -13% -27%

CY-12 57% 32% 30% 31%

CY-13 18% 4% 22% 3%

CY-14 78% 38% 70% 37%

CY-15 16% -1% 8% -1%

CY-16 13% 4% 6% 4%

CY-17 43% 36% 37% 36%

CY-18 -6% -3% -2% -5%

CY-19* 0% 5% 4% 5%


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

FY-09 -38% -40% -- --

FY-10 117% 88% 1% 4%

FY-11 10% 7% 22% 7%

FY-12 12% -9% 3% -9%

FY-13 16% 5% 13% 5%

FY-14 40% 18% 34% 17%

FY-15 72% 34% 73% 33%

FY-16 2% -8% -5% -8%

FY-17 38% 24% 24% 24%

FY-18 11% 11% 15% 12%

FY-19 5% 8% 11% 8%

FY-20 3% 8% 11% 8%



Q4FY16 -2% -3% -5% -14%

Q1FY17 7% 7% 10% 19%

Q2FY17 7% 4% 27% 6%

Q3FY17 -9% -5% -5% -6%

Q4FY17 14% 12% 20% 21%

Q1FY18 3% 4% 13% 5%

Q2FY18 4% 3% -1% 4%

Q3FY18 6% 8% 12% 20%

Q4FY18 -4% -4% -17% -14%

Q1FY19 2% 6% -6% -8%

Q2FY19 -5% 2% -11% -14%

Q3FY19 2% -1% 5% 5%

Q4FY19 4% 7% 4% 3%

Q1FY20 1% 1% -2% -3%


Apr-18 6% 6% 6% 8%

May-18 -1% 0% -4% -7%

Jun-18 -3% 0% -7% -8%

Jul-18 3% 6% 2% 4%

Aug-18 2% 3% 3% 3%

Sept-18 -9% -6% -15% -20%

Oct-18 -5% -5% 0% -1%

Nov-18 6% 5% 2% 3%

Dec-18 1% 0% 3% 4%

Jan-19 -4% 0% -4% -5%

Feb- 19 1% 0% -2% -3%

Mar- 19 8% 8% 9% 12%

Apr- 19 1% 1% -2% -3%


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

Q1FY17 12% 8% 10% 8%

Q2FY17 16% 6% 10% 6%

Q3FY17 -10% -6% -11% -6%

Q4FY17 17% 14% 14% 14%

Q1FY18 6% 4% 6% 4%

Q2FY18 5% 3% 5% 3%

Q3FY18 10% 10% 9% 10%

Q4FY18 -9% -6% -4% -6%

Q1FY19 4% 3% 7% 3%

Q2FY19 -2% -1% -4% -1%

Q3FY19 1% 1% 4% 1%

Q4FY19 1% 5% 4% 1%

Q1FY20 -1% 0% 0% 0%


Apr-18 7% 7% 9% 7%

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

Jun-18 -2% -2% -3% -2%

Jul-18 6% 5% 8% 5%

Aug-18 5% 4% 2% 3%

Sept-18 -11% -9% -13% -9%

Oct-18 -3% -4% -3% -4%

Nov-18 3% 4% 7% 4%

Dec-18 1% 1% 0% 1%

Jan-19 -5% -2% -4% -2%

Feb- 19 -1% -1% 2% -1%

Mar- 19 8% 8% 6% 8%

Apr- 19 -1% 0% 0% 0%

Q-O

-Q P

erfo

rman

ce u

pd

ate

M-O

-M P

erf

orm

ance

M-O

-M P

erfo

rman

ceQ

-O-Q

Pe

rform

ance

up

date

Source: Respective AMC s| Data as on 30th April 2019. *FY-20 (Apr), CY-19 (Jan-Apr)

Portfolio Analysis & Fees Structure

o Peer group comparison

o Stock Universe of our PMS offerings

o Portfolio Market Cap Style

o Risk Return analysis

o Fee Schedule

Peer group comparison 1/2

Data as on 30th April 2019| Source: ACE MF

Scheme Name 6 Months1

Year3

Years5

Years

Edelweiss Large Cap Fund 12.86 3.95 13.54 14.47

ICICI Prudential Bluechip Fund 10.13 5.03 14.48 14.48

IDFC Large Cap Fund 11.33 3.45 12.83 10.73

Invesco India Largecap Fund 13.92 3.62 12.56 14.37

Canara Robeco Bluechip Equity Fund 12.94 7.10 14.04 13.27

HSBC Large Cap Equity Fund 13.90 2.67 13.98 12.38

UTI Mastershare 11.93 3.52 12.33 13.55

Reliance Large Cap Fund 12.83 8.24 16.90 16.82

SBI Bluechip Fund 13.20 0.17 11.43 15.49

L&T India Large Cap Fund 13.60 3.36 12.06 13.26

Aditya Birla Sun Life Frontline Equity Fund 11.31 2.56 12.52 14.13

DSP Top 100 Equity Fund 14.60 1.63 11.22 11.86

Kotak Bluechip Fund - Dividend 15.02 4.69 11.87 13.98

Tata Large Cap Fund 13.93 4.67 11.76 12.64

Franklin India Bluechip 11.16 2.92 10.15 12.74

DHFL Pramerica Large Cap Fund Fund 12.49 3.48 11.47 13.42

HDFC Top 100 Fund 13.56 11.62 16.56 14.39

BNP Paribas Large Cap Fund 14.40 3.94 10.34 14.53

IDBI India Top 100 Equity Fund 12.31 -1.00 8.63 11.79

Category avg 13.23 3.59 12.33 13.26

Nifty 50 15.20 9.39 14.37 11.89

Value Strategy 12.96 -1.51 9.84 14.48


Year3

Years5

Years

UTI Equity Fund 12.47 2.21 13.09 14.64

Invesco India Multicap Fund 5.89 -9.35 10.93 16.51

Canara Robeco Equity Diversified Fund 13.87 6.56 15.54 13.91

Principal Multi Cap Growth Fund 7.42 -5.29 15.73 15.96

SBI Magnum Multi Cap Fund 14.87 1.52 13.95 18.33

L&T Equity Fund 7.78 -3.73 12.02 13.70

IDFC Multi Cap Fund 10.05 -3.31 9.59 14.92

HSBC Multi Cap Equity Fund 10.30 -4.41 11.27 13.77

DSP Equity Fund 16.18 1.47 14.59 15.56

Aditya Birla Sun Life Equity Fund 10.39 -0.64 14.92 17.26

Reliance Multi Cap Fund 13.23 4.17 13.44 14.55

ICICI Prudential Multicap Fund 9.08 6.17 13.96 16.06

BNP Paribas Multi Cap Fund 10.65 -3.02 11.09 15.29

Franklin India Equity Fund 10.76 1.01 10.62 15.70

Kotak Standard Multicap Fund 14.87 7.01 16.45 18.65

JM Multicap Fund 12.60 2.49 15.86 16.26

HDFC Equity Fund 12.41 8.13 16.26 14.61

Category avg 10.70 -1.32 13.31 15.54

Nifty 500 12.37 1.77 13.61 12.95

NTDOP Strategy 4.11 -3.69 15.62 23.06

Peer group comparison 2/2

Scheme Name6

Months1

Year3

Years5

Years

Axis Midcap Fund 5.81 -15.17 11.93 19.16

Edelweiss Mid Cap Fund 4.93 -9.96 13.74 18.00

Taurus Discovery (Midcap) Fund 6.81 -8.72 12.47 17.57

ICICI Prudential MidCap Fund 4.46 -11.51 15.65 20.92

L&T Midcap Fund 6.15 -3.23 13.14 18.29

Invesco India Mid Cap Fund 7.62 -9.60 13.45 18.30

HDFC Mid-Cap Opportunities Fund 9.00 -5.39 11.92 18.72

Franklin India Prima Fund 3.29 -16.57 7.57 16.47

UTI Mid Cap Fund 10.28 -8.19 13.00 21.13

Kotak Emerging Equity Scheme 6.37 -13.90 10.43 17.86

Sundaram Mid Cap Fund 9.81 -7.49 14.27 19.68

DSP Midcap Fund 5.40 -12.27 9.95 16.75

Aditya Birla Sun Life Mid Cap Fund 14.55 -3.12 12.35 18.97

Tata Mid Cap Growth Fund(G) 6.87 -10.09 8.14 16.51

BNP Paribas Mid Cap Fund 9.73 -12.72 5.94 16.06

SBI Magnum Midcap Fund 5.81 -15.17 11.93 19.16

Category avg 6.59 -9.16 12.14 17.93

Nifty Small cap 100 8.20 -22.91 7.52 10.45

IOP Strategy 7.49 -15.55 13.16 16.04


Year3

Years5

Years

UTI Equity Fund 5.89 -9.35 10.93 16.51

Invesco India Multicap Fund 13.87 6.56 15.54 13.91

Canara Robeco Equity Diversified Fund 14.87 1.52 13.95 18.33

SBI Magnum Multi Cap Fund 7.78 -3.73 12.02 13.70

L&T Equity Fund 10.05 -3.31 9.59 14.92

IDFC Multi Cap Fund 16.18 1.47 14.59 15.56

DSP Equity Fund 10.39 -0.64 14.92 17.26

Aditya Birla Sun Life Equity Fund 13.23 4.17 13.44 14.55

Reliance Multi Cap Fund 9.08 6.17 13.96 16.06

ICICI Prudential Multicap Fund 10.65 -3.02 11.09 15.29

BNP Paribas Multi Cap Fund 14.87 7.01 16.45 18.65

Kotak Standard Multicap Fund 12.60 2.49 15.86 16.26

JM Multicap Fund 12.41 8.13 16.26 14.61

HDFC Equity Fund 5.89 -9.35 10.93 16.51

Category avg 10.70 -1.32 13.31 15.54

BSE 500 12.07 1.63 13.68 12.88

ASK IEP 10.92 1.76 14.95 21.15

Data as on 30th April 2019| Source: ACE MF

Stock Universe of our PMS offerings

Source: Respective AMCs| Data as on 30th April 2019

• 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 190

Unique no. of Stocks 135

Stocks common 41

Strategies(Total No. of

stocks)ASK IEP (20) BOP (22)

Invesco DAWN (22)

IOP (24) IOP V2 (20) NTDOP (26)Renaissance

Midcap Portfolio(20)

Renaissance Opportunities Portfolio (15)

Value PMS (21)

ASK IEP (20) 12 (50%) 3 (19%) 1 (6%) 0 (0%) 1 (6%) 4 (23%) 0 (0%) 1 (6%) 3 (18%)

BOP (22) 3 (17%) 7 (30%) 2 (9%) 1 (5%) 5 (20%) 3 (17%) 1 (2%) 2 (12%) 4 (22%)

Invesco DAWN (22)

1 (4%) 2 (9%) 12 (46%) 0 (0%) 0 (0%) 3 (19%) 0 (0%) 6 (35%) 4 (27%)

IOP (24) 0 (0%) 1 (5%) 0 (0%) 14 (58%) 0 (0%) 4 (15%) 1 (11%) 0 (0%) 2 (12%)

IOP V2 (20) 1 (8%) 5 (28%) 0 (0%) 0 (0%) 13 (54%) 1 (9%) 0 (0%) 0 (0%) 1 (9%)

NTDOP (26) 4 (31%) 3 (20%) 3 (10%) 4 (8%) 1 (3%) 10 (40%) 1 (2%) 4 (22%) 6 (30%)

Renaissance Midcap (20)

0 (0%) 1 (4%) 0 (0%) 1 (8%) 0 (0%) 1 (8%) 14 (63%) 3 (16%) 0 (0%)

Renaissance Opp. (15)

1 (6%) 2 (13%) 6 (39%) 0 (0%) 0 (0%) 4 (22%) 3 (18%) 2 (16%) 7 (44%)

Value PMS (21) 3 (18%) 4 (33%) 4 (14%) 2 (5%) 1 (3%) 6 (25%) 0 (0%) 7 (41%) 6 (20%)

Note : Unique stocks & allocation mentioned in highlighted cells

Portfolio Market Cap Style

Source: Capital Line | Data as on 30th April 2019 | Weighted average market cap capitalization | Market Capitalization as per SEBI categorization

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

18,56,256.05

7,20,177.16

1,01,321.07

12,82,426.35

7,73,880.22

15,27,594.82

85,035.83

1,19,977.46

23,28,005.30

Value

NTDOP

IOP V2

BOP

IEP

DAWN

IOP

Renaissance Midcap PMS

Renaissance Opp. PMS

Market Cap (Cr.)

80%

44%

53%

66%

59%

1%

4%

75%

15%

52%

43%

28%

31%

18%

26%

50%

23%

4%

56%

20%

3%

18%

73%

45%

5%

6%

1%

2%

Value

NTDOP

IOP V2

BOP

IEP

DAWN

IOP

Renaissance Midcap PMS

Renaissance Opp. PMS

Large Cap Mid Cap Small Cap Cash

Risk Return analysis

Risk return parameter of all the strategy based on its benchmark

Data as on 30th April 2019. Risk free rate has been taken as 7%.

Risk parameter VALUE IOP IEP NTDOP Interpretation

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

(volatility Risk)

Beta (Slope) 0.81 0.83 0.53 0.51Lowe the better

(Market Risk)

Jensen's (Alpha) 5% 5% 12% 15%

Higher the betterSharpe Ratio 0.57 0.94 1.47 1.45

Treynor 10% 13% 26% 33%

Up-Market Capture Ratio 1.22 1.01 1.64 1.72Considering benchmark is 1, greater than 1 means fund has outperformed the index during the up-

market

Down-Market Capture Ratio

0.68 0.38 -0.13 0.38Considering benchmark is 1, lesser than 1 means

fund has outperformed the index during the down-market

Fees Schedule

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

*HWM- Higher Water Mark

Source: Respective AMCs

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

Fixed Fees Variable Fees Fixed Fees Fixed Fees Variable Fees Fixed Fees Variable Fees

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

Management Fees 2.50% 1.50% 2.50% 2.50% 1.25% 2.50% 1.75%

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

Exit Load

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

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

Performance Base Fees

NA

If profit <15%;

NA NA

If Profit <10%, Nil If Profit <10%, Nil

15% profit share above 10% PA on

HWM*

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

profit15% per annum

(with high watermark)

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

Thank You !

Motilal Oswal Securities Ltd. (MOSL)* Member of NSE, BSE, MCX, NCDEX, CIN no.: U65990MH1994PLC079418.Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 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 offered through MOAMC which is group company of MOSL. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.: INP000004409) is offered through MOWML, which is a group company of MOSL. Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance Products and IPOs. Real Estate is offered through Motilal OswalReal 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 or guarantee of the returns. Details of Compliance Officer: Name: Neeraj Agarwal, Email ID: [email protected], Contact No.:022-38281085. * MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National Company Law Tribunal, Mumbai Bench. The existing registration no(s) of MOSL would be used until receipt of new MOFSL registration numbers. Investment in securities market are subject to market risks, read all the related documents carefully before investing.

http://www.motilaloswal.com/

mailto:[email protected]

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PMS Navigator May 2019|Issue 32 -...

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