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Transcript of PMS Pitch - String of Pearls.pdf
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STRING OF PEARLS (Deep Value III) PORTFOLIO
Discretionary Portfolio Management Services
Portfolio Management Services
For Private Circulation Only
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Content
2
Investment Approach Investment Objective and Horizon Investment Process Portfolio Composition Key Investment Themes Market and Valuation Wealth Creation : Case Studies Wealth Creation : @ Centrum PMS Performance Of PMS Schemes PMS Product Suite Centrum Team Annexure
Private and Confidential
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He who would search for pearls must dive below - John Dryden
This is our philosophy with stock selection We deep dive into companies and their
operational working before we make an investment in the stock.
While there are many Oysters in the Ocean but only a few will yield a Pearl
We believe that our bottom-up approach would help us find those Oysters which will
have Pearls Good companies within the overall universe of stocks.
To build a concentrated portfolio of select stocks with a focus to create significant value
over the long term by identifying and investing in deep value stocks some of which may
be relatively under researched small and mid caps.
Pearls from Oysters are not made in a day
The fund will largely adopt a Buy and Hold strategy. It will hold the stocks till the
expected return from the potential opportunity is not fully realized. At the same time,
the objective is not to stay invested in a stock idea through out the life-time of the
fund. As the market typically delivers a non-linear return profile, the fund manager may
opportunistically seek to re-allocate money across stock ideas dynamically. We may also
exit our investment for loss or insignificant gain if there is any adverse development in
our view.
Investment Approach
3 Private and Confidential
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Seek superior returns by identifying companies which are :
Deep value, across sectors and segments; companies that are likely to deliver superior
performance over time. Valuation of companies based on various parameters like
price/cash flow, ROE, price/book, sum-of-part valuation, dividend yield,
price/earnings, replacement cost, etc.
Emerging themes offering strong growth outlook and value unlocking potential.
A stock which is bought at a sufficient discount to intrinsic value gives potential for
wealth creation after allowing for a margin of safety to reduce risk.
Market Cap definition: Large-cap stock > Rs. 20,000 Crore, Mid-cap stock - Rs 1000 Crore
to 20,000 Crore, Small-cap stock - Rs 100 Crore to 1000 Crore.
Target Investment Criterion Investment of Rs. One Crore per account.
Investment Objective and Horizon
4 Private and Confidential
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Investment Process
1) IDEA GENERATION:
Quarterly Results
Macro Trends
Policy Changes
Corporate Actions
Broker Reports
News
Stock Screens
Historical Price movement 2) BASIC CHECK:
Stock suitability
Market Cap
Liquidity
Management Background
Key return ratios
3) DETAILED FUNDAMENTAL ANALYSIS:
Financial Modeling
Management meeting
Valuation
Detailed peer analysis
Detailed Team Discussion
4) PORTFOLIO ACTION:
Compliance check
Stock weight
Sector weight
Index v/v non index
Sector view
Decision on sector weight
Decision stock weight
Final decision: Buy/Sell/Hold
5) PORFOLIO MONITORING & REVIEW:
Performance
Attribution analysis
Back to step 1
Private and Confidential 5
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Portfolio will have exposure to around 15 stocks. This is a reasonable concentration thus
lending a higher risk to the portfolio. At the same time, the potential to earn good return
would also be reasonably higher.
Portfolio will predominantly be invested in mid-cap and small-cap companies which may
be illiquid at the time of investment.
Client Suitability
Suitable for equity investors with high risk appetite seeking relatively superior returns
and with longer term investment horizon.
Portfolio Composition
6 Private and Confidential
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Cyclical
Recovery- Infra,
Logistics
Banking and Financial Services
Auto and Auto Ancillary
Exporters
Government intent to push through reforms seen from recent ordinances
Decline in yields would reduce interest burden for
companies
Key Investment Themes
7 Private and Confidential
Recovery in Credit Growth
Interest rate reduction
Improvement in asset quality
Indian currency is expected to remain range bound and
this would help the exporters
The global growth is expected to rebound in CY15
which should give further
fillip to growth
Indian auto ancillary have gained prominence among
global OEMs
This segment could be major beneficiary of Make In India campaign
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Market and Valuation
8 Private and Confidential
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GDP Growth and Market
9
Source: Bloomberg, Centrum
The sharp market rise between 2007 and 2010 coincided with higher economic growth. Within that mid caps outperformed.
Similarly, the period of sharp correction coincided with reduced economic growth and within that mid caps underperformed.
Private and Confidential
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Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
BSE-MID CAP BSE SENSEX GDP % Change (YoY), RHS
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Midcap Returns: Pre & Post Elections
10
Election Year Pre Election Post Election
3 Month 3 Months 6 Months 1 Year 18 Months 2 Year
SENSEX
1991 11.7% 36.3% 46.4% 177.9% 125.0% 79.9%
1996 33.2% -5.5% -11.2% 1.6% 12.3% 8.4%
1998 -2.0% 13.3% -13.9% -3.0% 17.1% 69.1%
1999 16.5% -0.4% 19.8% -2.3% -15.1% -31.5%
2004 0.8% -14.3% -2.2% 7.6% 26.6% 107.2%
2009 17.4% 30.2% 57.4% 60.7% 63.9% 77.1%
2014 10.4% 9.4% 16.9% ? ? ?
BSE MIDCAP
2004 2.9% -8.6% 4.8% 34.7% 62.3% 149.4%
2009 13.6% 44.8% 89.1% 104.2% 113.9% 109.6%
2014 16.5% 18.1% 31.9% ? ? ?
BSE SMALLCAP
2004 -1.7% -5.5% 21.7% 82.5% 138.3% 238.6%
2009 15.1% 40.6% 92.5% 129.5% 138.5% 124.2%
2014 18.8% 27.4% 43.7% ? ? ? Source: Bloomberg, Centrum
Private and Confidential
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0.11%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
8.00%
9.00%
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Fed Interest rates (%)
11
26.80
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
3-J
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Crude Oil Prices (1990-2000)
Global Economy 1990-2000 & its relevance today
The global economic environment today - dj vu...?
The FED had sharply reduced the interest rate by almost 500bps during the early part of 1990s
The Crude price had corrected by almost 50% from the high of USD40/bbl to almost USD20/bbl
Dollar was strengthening vis--vis the other currencies globally
Japan was showing deflationary environment which is more or less now being shown by the Eurozone
While these conditions on their own would look deflationary but they set up the market for rally which lasted almost a decade.
Private and Confidential
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1480
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Nifty (1990-1999)
Another bull run in the making?
Low Global Yields, range bound commodity prices were ripe conditions for an investment boom to happen
The investment led boom resulted in strong GDP recovery in the developed world Buoyed by the investment boom in the US economy the equity markets in the US entered a 10
year bull run which ended with the dot-com bust.
We believe that the global tailwinds are currently in favor of India with the commodity prices sharply corrected, global yields down and hence easy availability of investment and a
government which has strong focus on infrastructure growth and reforms.
The global conditions coupled with a decisive government could push India in to a sustainable bull run similar to the one witnessed in 1990-2000 in the US
12 Private and Confidential
1320
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Dec-0
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S&P 500 Index (1990-2000)
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18 1619
0
5
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Ja
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BSE MIDCAP P/E (RHS) BSE Midcap (LHS)
Private and Confidential 13
Midcap Index performance & Valuations
The 10 year data on BSE Midcap shows that while markets today have peaked since 2006-
07 levels, the Valuations havent reached their peak
Forward valuation, presently, for the BSE Midcap index is close to 19x* while it made a
peak of 24x* in 2007; (Bloomberg)
The current earnings would not be able to capture the expected growth in the next two
three years and hence we need to look at
forward valuations
Empirical evidence suggests that the market peaks out when the economic
fundamentals of the underlying economy
peak out. This was observed in 2007 and
then again when the economy revived in
2010
We believe that the economy has not reached its full potential and hence do
not expect that the equity indices have
topped out yet
Source: Bloomberg, Centrum, as of 31st December 2014; * in order to avoid any near term volatility in earnings the
forward P/E has been calculated based on the average earnings over the next two years.
0
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GDP Growth % BSE Midcap SENSEX
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Reasonable Market Valuation
14
Source: Bloomberg, Centrum
Though Benchmark indices are at all time highs, market
valuation is in comfortable
zone.
Nifty forward P/E is currently at 15.5x (as of 31st
Jan 2015), just above the
long term average of close
to 14x and 23% below the
peak of 20x in Jan 2008.
Currently ~80.6% as compared to last 10 years average of
75% and peak of 146% in
CY2007.
Market Cap to GDP
Source: Bloomberg, Centrum, *Based on Government budgeted GDP estimate of FY2015E, (*As of 31st Jan, 2015)
Private and Confidential
Max; ; 20.15
Min; ; 7.45 7
9
11
13
15
17
19
21
Sep-0
5
May-
06
Jan-0
7
Sep-0
7
May-
08
Jan-0
9
Sep-0
9
May-
10
Jan-1
1
Sep-1
1
May-
12
Jan-1
3
Sep-1
3
May-
14
Jan-1
5
P/E Mean Mean + Std Dev
45.3 53.5
65.5
86.0
146.5
52.1
95.6 96.7
54.4
67.3 60.8
76.6 80.6
40
60
80
100
120
140
160
CY20
03
CY20
04
CY20
05
CY20
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CY20
07
CY20
08
CY20
09
CY20
10
CY20
11
CY20
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CY20
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CY20
14
CY20
15*
Market Cap to GDP %
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Wealth Creation : Case Studies
Private and Confidential
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Source: Bloomberg, Centrum
Stock Selection Increases Alpha
Returns Number of
firms
Annualized Returns
Greater than 15x 71 Ranged between 36% to 213%
Greater than 10x 34 Ranged between 31% to 36%
Greater than 5x 70 Ranged between 22% to 30%
Total 175/500 (35%) Ranged between 22% to 213%
Return analysis of BSE 500 during the period 2005-2014
Stock selection significantly improves alpha as is evident from the above statistic
16
Source: Bloomberg, Centrum Broking, data from Jan 2005 to June 2014
146 firms out of current BSE 500 are not part of this analysis as they were added to BSE500 later or were listed post 2005
Private and Confidential
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During the stagnant markets between December 2007 November 2010,when BSE 500 did not gain, there were success stories which created significant wealth -
Source: Bloomberg, Centrum
Micro stories of success in stagnant times
17 Private and Confidential
Company Name Returns
LIC Housing Finance Ltd 193%
GlaxoSmithKline Consumer Healthcare Ltd 238%
Godrej Consumer Products Ltd 236%
McLeod Russel India Ltd 242%
EID Parry India Ltd 248%
Castrol India Ltd 260%
Unichem Laboratories Ltd 272%
Cadila Healthcare Ltd 350%
Lupin Ltd 396%
Coromandel International Ltd 413%
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0100
200
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400
500
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800
900
Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Amara Raja Batteries (68 times in 10 years)
Source: Bloomberg, Centrum, as of 31st December 2014
Examples Of Wealth Creation In Market
18
0
1000
2000
3000
4000
5000
6000
7000
8000
Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Page Industries (29 times in 7 Years)
0
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1000
1200
1400
1600
Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Sundaram Finance (15 times in 10 years)
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1200
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1600
Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14
Eclerx (7 times in 7 years)
Private and Confidential
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Wealth Creation Stories : @ Centrum PMS
Private and Confidential
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a. What did we see?
The company is one of the largest manufacturers and exporters of stainless steel tubes with dominant 40% market share. It is a key beneficiary of revival in the economic growth especially in the power, oil & gas and water segments. Strong track record of financial performance and dividend payment history.
b. Our Expectations
The company was witnessing improved order book flow and was building further capacity in the stainless steel segment. We expected the state and central government to increase orders which would help the company post robust numbers going forward. The reduction in debt owing to high free cash flow generation were other triggers
c. Performance
As of 31st January 2015, the stock is up by 88% from our average purchase price in a time frame of seven months.
Source: Bloomberg, Centrum, price on base of 100
b
a
c
0
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600
Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15
Wealth Creation Stories
Private and Confidential 20
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Source: Bloomberg, Centrum, price on base of 100
a. What did we see?
The company is a south based housing finance NBFC which caters to the salaried and non-salaried segment. It has created a niche in the non-salaried segment with 55% of the loan book from this segment. The company has a track record of low write-offs and high margins.
b. Our Expectations
We had expected that the company would be able to grow its loan book on a consistent basis owing to lesser competition in the non-salaried segment. Moreover, geographical diversification was another growth driver. Further, we had expected that the growth in the housing sector would be key emphasis of any government.
c. Performance
As of 31st January 2015, the stock is up by 115% from our average purchase price in a time frame of one year.
a b
c
40
60
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100
120
140
160
180
200
220
Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15
Wealth Creation Stories
Private and Confidential 21
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Source: Bloomberg, Centrum, price on base of 100
a. What did we see?
Among the largest microfinance company in the country. It was one of the few listed plays in the microfinance space.
Microfinance industry had gone thru a tough phase owing to changes in regulations and high asset quality pressures; although the prevailing prices factored the decline in earnings.
b. Our Expectations
The company was on recovery path as was visible from the quarterly numbers. With the revival in the return ratios and better regulations in place the re-rating possibility was very high. We believed that the company would continue to benefit from increased penetration of organized microfinance in the rural areas.
c. Performance
As of 31st January 2015, the stock is up by 118% from our average purchase price in a time frame of ten months.
a b
c
0
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100
150
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250
300
Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15
Wealth Creation Stories
Private and Confidential 22
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a. What did we see?
The company is a leading player in the power T&D space. The company had managed it balance sheet and earnings quite well in a tough macroeconomic environment when many EPC players had gone out of business. Healthy, order book, efficient working capital management made the company one of the best plays in the power T&D space.
b. Our Expectations
The company exhibited strong revival in earnings and order flow showed a sharp uptrend.
The quarterly numbers had bottomed out and the y-o-y numbers started showing good upward trend.
The companys calibrated approach in the BOOT projects also was working well.
c. Performance
As of 31st January 2015, the stock is up by 145% from our average purchase price in a time frame of seven months.
Source: Bloomberg, Centrum, price on base of 100
a b
c
0
50
100
150
200
250
300
350
400
450
Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15
Wealth Creation Stories
Private and Confidential 23
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Source: Bloomberg, Centrum, price on base of 100
a. What did we see?
The company is a leading player in the power T&D space with strong MNC parentage. The Company is market leader in the power transmission space with close to 19% market share. It is also the market leader in the 765kV equipment with close to 60% market share.
b. Our Expectations
Increased order book owing to higher Transmission and Distribution spends to drive revenue growth from FY16E.
With increased emphasis on Grid connectivity and higher capex in the HVDC and GIS segments the company stands to benefit.
c. Performance
As of 31st January 2015, the stock is up by 9% from our average purchase price in a time frame of one and half month.
ab
c
70
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130
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160
170
Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15
Wealth Creation Stories
Private and Confidential 24
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Source: Bloomberg, Centrum, price on base of 100
a. What did we see?
The company is worlds largest manufacturer and supplier of specialty chemicals especially ATBS and IBB with a market share of 40% and 60% respectively.
Consistent track record of growth and profitability. Industry leading return ratios, margins and cash flow generation profile.
b. Our Expectations
Indian specialty chemical sector to benefit from revival in end user industry and higher share in global markets vis--vis China.
Consistent ramp up in capacity to aid further growth.
Further diversification into newer products to be other growth driver..
c. Performance
As of 31st January 2015, the stock is up by 26% from our average purchase price in a time frame of five months.
a
b
c
80
90
100
110
120
130
140
150
160
170
180
Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15
Wealth Creation Stories
Private and Confidential 25
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Source: Bloomberg, Centrum, price on base of 100
a. What did we see?
Company commands more than 50% market share in the two-wheeler transmission industry in India. It Company caters to 75%-80% of Bajaj Autos & HMSIs transmission requirement (chains and sprockets) and ~30% of Hero Motocorp and TVS Motors need.
b. Our Expectations
The company is a key play on the growth of the 2-wheeler industry.
Increased penetration in the 4-wheeler segment and pick-up in exports to be other growth drivers.
Acquisitions done by the company expected to be EPS accretive in the future.
c. Performance
As of 31st January 2015, the stock is up by 17% from our average purchase price in a time frame of five months.
a
b
c
80
90
100
110
120
130
140
150
160
170
Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15
Wealth Creation Stories
Private and Confidential 26
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PMS Performance
27 Private and Confidential
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PMS Performance
Portfolio performance is the median performance of clients in the respective scheme & Net of charges;
Performance as of 31st January 2015
M-month
28 Private and Confidential
WEALTH CREATOR
DEEP VALUE - I
6-M 12-M 24-M 30-M
BSE 500 15.4% 51.3% 48.0% 71.8%
Deep Value 40.1% 98.3% 85.8% 121.8%
Index / PMS
Models
Absolute Return
6-M 12-M 24-M 30-M
BSE 500 15.4% 51.3% 48.0% 71.8%
Wealth Creator 41.8% 86.8% 68.0% 82.5%
Index / PMS
Models
Absolute Return
-
PMS Performance
Portfolio performance is the median performance of clients in the respective scheme & Net of charges;
Performance as of 31st January 2015
M-month
29 Private and Confidential
DEEP VALUE - II
3-M 5-M
BSE 500 7.09% 12.38%
DV2 13.56% 28.68%
Index / PMS
Models
Absolute Return
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PMS Product Suite
30 Private and Confidential
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Centrum Discretionary Mandates
Growth
Portfolio
Wealth
Creator
Portfolio
Glocal
Portfolio
Deep Value
Portfolio I, II, III
Risk reward mapping of models
Return
Risk
31 Private and Confidential
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Comparison of Models
PORTFOLIO OBJECTIVE STRATEGY SUITABILITY
GROWTH
PORTFOLIO
Seek to deliver capital
appreciation through
participation in large
cap stocks
Balanced portfolio with 70%-80% in large
cap stocks and remaining in mid & small
cap stocks Moderate risk appetite
with medium term
investment horizon (1
year) Invest in dominant players with strong
fundamentals and track record
WEALTH
CREATOR
PORTFOLIO
Seek to deliver long
term wealth creation
while meeting liquidity
needs
50-60% of portfolio invested in deep
value & mid cap stocks and remaining in
Large cap stocks High Risk appetite with
medium to long term
investment horizon (1 -
2 years) Bottom up & value stock picking strategy
identifying deep value stocks, emerging
themes, outperforming sectors
32 Private and Confidential
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Comparison of Models
PORTFOLIO OBJECTIVE STRATEGY SUITABILITY
GLOCAL
PORTFOLIO
Seek to deliver capital
appreciation by investing in
companies benefitting
through local and global
recovery
Predominantly invest in sectors of Banking
& Financials and Export oriented
companies with strong fundamentals,
track record and without market cap bias
High Risk appetite
with medium to
long term
investment horizon
(> 2 years) Minimum 20% and maximum 60% exposure
across sectors. Only20% allocation to
opportunities across other sectors
DEEP
VALUE
MULTI-
BAGGER
PORTFOLIO
I, II, III
Seek to generate longer term
wealth creation by investing
in deep value stocks
including relatively unknown
small & mid-cap stocks
Predominantly invest in mid-cap and small
cap stocks which may be illiquid at time
of investment High Risk appetite
with longer term
investment horizon
(> 2 years)
Bottom up & value stock picking strategy
identifying deep value stocks,
outperforming sectors, emerging themes,
hidden gems and other macro themes for
major upsides
33 Private and Confidential
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Centrum Team
34 Private and Confidential
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Investment Team
35
Kunj Bansal
Executive Director & Chief Investment Officer
Key Personnel
Senior investment professional with over 2 decades of experience in
financial market
Has seen multiple cycles in the market and managed money across
different formats such as Mutual Funds, Offshore Funds and PMS
Started his career as a Research Analyst at Unit Trust of India (UTI)
which was Indias biggest mutual fund at that time
Subsequently, he worked with the biggest and best names in the
financial services industry such as Reliance, Kotak and Sanlam (a South
African group) managed money up to Rs 50 bn in these assignments
He writes for various magazines and newspapers and his valued opinion
is sought by various news/business channels. He has been a Speaker in
various seminars & conferences
Private and Confidential
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Investment Team
Key Personnel
Ankit Agarwal Fund Manager 6
Ankit got his MBA from IIM Bangalore ,one of the premier B-schools in the world.
His most recent engagement has been with the wealth & investment management arm of Barclays where he was leading a part of the equity research team, instrumental in managing over USD 300mn in total equity assets under management.
He brings in diverse international experiences in the financial services industry having worked with Lehman Brothers, London and BNP Paribas, Hong Kong on their institutional trading desk and D.E.Shaw India, US based hedge fund.
He has a strong academic pedigree along with expertise in the Indian equity markets and works closely with the CIO in taking macro and micro calls for the funds investments.
Ankit frequently comes on various business channels and print media to give views on the markets.
Abhishek Anand Fund Manager
Abhishek has 10 years of experience with 8 years in institutional equity research covering multiple sectors such as Telecom, Media ,IT & Consumer.
He won the Starmine Top Analyst Award for 2011-12 (Rank 3rd for Information Technology sector) and 2012-13 (Rank 1st for Information Technology sector and 5th overall sector) by Thomson Reuters.
Abhishek has been quoted frequently on the Telecom sector in various financial dailies and appears on business channels to give his views on the Telecom sector.
His previous assignments were with institutional research division of SBI Capital Markets, Dun & Bradstreet & CMIE.
He is an MBA Finance from Mumbai University & PGDTFM from ICFAI University.
36 Private and Confidential
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Rajnish Bahl- Managing Director and Chief Executive Officer
Over 25 years of experience in banking and financial services
Has been career banker with stints across Citibank, ANZ Grindlays, Standard Chartered Bank and
HSBC. Previously, Regional Head Distribution- HSBC MENA
Rank holding Chartered Accountant with Gold Medal in Auditing
S. Ganashyam- Executive Director and Chief Operating Officer
Over two decades of experience in setting up and running businesses across Wealth Management,
Private Banking and Institutional and Retail Equities.
Previously, Head of Wealth Management , HSBC India.
An MBA (University of Mumbai) and a CFA Charter holder from the CFA Institute, USA . He is also a
Certified Financial Planner (CFP).
Sandeep Nayak- Executive Director and CEO- Broking
20+ years of experience in Capital markets including Retail Broking and Private Client Services
Previously Founder member of Kotak Securities Online Broking-kotakstreet.com renamed
kotaksecurities.com and Head Private Client Group at Kotak Securities. Last assignment Head - Retail Broking and Wealth Management at HSBC Investdirect
B.Com (Gold medalist Bangalore University), ACA, Grad CWA with All India First in both CA and ICWA
Private Wealth Core Team
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Annexure
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Risk Factors
Securities investments are subject to market risks and there can be no assurance or guarantee that the objectives will be achieved.
Investment in securities, the value of the portfolio under management may go up or down depending upon various factors and forces affecting the capital markets.
Investors in PMS are not being offered any guaranteed /assured returns.
Each portfolio will be exposed to various risks depending on the investment objective, investment strategy and the asset allocation.
The name of the products do not in any manner indicate their prospects or returns.
Each client is advised to consult his/her financial advisors before availing of PMS.
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Disclaimer
Email - [email protected]
Centrum Broking Limited (CBL) is part of the Centrum group. It provides Portfolio Management Services and
is registered with SEBI under Registration No. INP 000004383. Centrum Broking Limited is also into Stock
broking and is a member of BSE, NSE and MCX-SX and Depository participant of CDSL. Our research
professionals provide important inputs into the Group's Investment Banking and other business selection
processes. One of our group companies, Centrum Capital Ltd is an investment banker and an underwriter of
securities. As a group Centrum has Investment Banking, Advisory and other business relationships with a
significant percentage of the companies covered by our Research Group.
None of the information contained herein constitutes, or is intended to constitute a recommendation of any
particular security or trading strategy or a determination that any security or trading strategy is suitable for
any specific investor. The statements contained herein may include statements of future expectations and
other forward-looking statements that are based on our current views and assumptions and involve known and
unknown risks and uncertainties that could cause actual results, performance or events to differ materially
from those expressed or implied in such statements.
The material is based upon information that we consider reliable, but we do not represent that it is accurate
or complete, and it should be relied upon as such. The opinions, figures and other charts, etc. are sourced
from publicly available information, in-house research and/or are just internal interpretation/analysis of
reports/data sourced from the various sources. Neither Centrum, nor any person connected with it, accepts
any liability arising from the use of this document. The recipient of this material should rely on their
investigations and take their own professional advice. Opinions expressed are our current opinions as of the
date of appearing on this material only.
Private and Confidential 40