lic mf amc all weather asset allocator pms
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LIC MF AMC
All Weather Asset Allocator
PMS
Multiasset strategy for all market conditions
Presentation Contents
Global & Domestic inter/intra asset class historical perspective
Asset Class performance keep varying
01
How Asset allocation addresses key conundrums of Investors
Asset Allocation
02
Insights into the construct of the unique asset allocation strategy
Introducing LIC MF All Weather Asset Allocator
03
Variables and guiding principles that go into deciding asset allocation mix
Invest Approach
04
Key Team members and statutory disclosures
About the Team
05
Asset Class performance keep varying … rotation between asset classes
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
US Treasury REITS S&P 500 S&P 500 S&P 500 Global HY MSCI EM Cash S&P 500 Gold Comm
9.80% 23.80% 32.40% 13.70% 1.40% 14.80% 37.80% 1.80% 31.50% 24.80% 20.00%
Gold Global HY MSCI EAFE REITS US Treasury S&P 500 MSCI EAFE US Treasury REITS S&P 500 REITS
8.90% 19.30% 23.30% 11.70% 0.80% 12.00% 25.90% 0.80% 27.40% 16.30% 12.10%
Global IG MSCI EM Global HY US Treasury Cash Comm S&P 500 Gold MSCI EAFE MSCI EM S&P 500
4.50% 18.60% 8.00% 6.00% 0.10% 11.80% 22.00% -1.90% 22.80% 15.80% 11.10%
Global HY MSCI EAFE Avg Port Global IG MSCI EAFE MSCI EM Avg Port Global HY Comm Global IG MSCI EAFE
2.60% 17.90% 2.22% 3.20% -0.80% 11.20% 14.04% -3.30% 20.10% 10.30% 5.60%
S&P 500 S&P 500 REITS Avg Port REITS Gold Gold Global IG MSCI EM US Treasury Avg Port
2.10% 16.00% 0.70% 1.13% -3.40% 8.60% 12.90% -3.40% 18.60% 8.20% 4.14%
Cash Avg Port Global IG Gold Global IG Avg Port REITS REITS Gold Global HY MSCI EM
0.10% 11.62% 0.10% 0.10% -3.80% 6.64% 11.50% -3.90% 17.90% 8.00% 3.50%
Avg Port Global IG Cash Cash Global HY Global IG Global HY S&P 500 Avg Port Avg Port Global HY
-2.46% 11.10% 0.10% 0.00% -4.20% 4.30% 10.20% -4.30% 17.26% 6.67% 1.10%
REITS Gold MSCI EM Global HY Avg Port REITS Global IG Avg Port Global HY MSCI EAFE Cash
-9.40% 8.30% -2.30% -0.10% -5.99% 1.30% 9.30% -5.46% 13.70% 5.40% 0.00%
MSCI EAFE US Treasury US Treasury MSCI EM Gold US Treasury Comm Comm Global IG Cash Global IG
-11.70% 2.20% -3.30% -1.80% -10.40% 1.10% 7.60% -12.90% 11.40% 0.50% -2.80%
Comm Cash Comm MSCI EAFE MSCI EM MSCI EAFE US Treasury MSCI EAFE US Treasury REITS US Treasury
-13.30% 0.10% -9.50% -4.50% -14.90% 1.00% 2.40% -13.20% 7.00% -7.60% -3.50%
MSCI EM Comm Gold Comm Comm Cash Cash MSCI EM Cash Comm Gold
-18.20% -1.10% -27.30% -17.00% -24.70% 0.30% 0.80% -14.30% 2.20% -15.00% -5.70%
Globally, Cross-Asset leaders keep changing
Historically, in risk-on years, equity, commodity & REITS do well.
In risk-off years, gold, Treasuries and cash do well.
Different asset class performance keep changing. A simple average
portfolio of all the asset may ensures reasonable risk adjusted returns.
Source : BoFA ; Global IG : Global Investment grade, Global HY : Global High Yield ; REITS : Real estate investment trusts ; MSCI EAFE : Europe,
Australasia, and the Far East, MSCI EM : MSCI Emerging Markets and Avg Port : is simple average of all asset classes
Key Global Equity Markets performance
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
USA India USA India USA USA China USA USA China
21% 32% 50% 28% 6% 14% 45% 4% 34% 33%
World China World USA World World Asia World World Asia
13% 27% 44% 16% 4% 11% 34% 0% 31% 28%
Europe Asia Europe China Europe Asia India India Europe USA
6% 26% 42% 11% 2% 8% 30% 0% 27% 24%
Asia Europe China World India China Europe Asia China World
-1% 23% 17% 8% 0% 4% 19% -6% 26% 19%
China World Asia Asia China Europe World Europe Asia India
-3% 20% 17% 8% -3% 3% 16% -6% 21% 11%
India USA India Europe Asia India USA China India Europe
-20% 19% 15% -4% -5% -1% 15% -11% 8% 9%
Indian markets has fared well despite short term volatility
Having a well diversified global equity allocation approach has done
well for equity Investors in the past.
Source : Bloombberg
Indian financial Asset's performance keep
varying1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Equity Equity Equity Equity Equity Gold Debt Equity Debt Equity Debt Debt Gold Equity Equity Equity
34.40% 82.10% 37.00% 27.90% 17.40% 13.30% 12.00% 18.60% 10.50% 63.80% 9.00% 8.50% 24.10% 71.90% 10.70% 36.30%
Avg Port Avg Port Avg Port Gold Debt Debt Cash Debt Gold Avg Port Cash Cash Debt Avg Port Cash Gold
13.43% 32.85% 16.60% 27.10% 13.00% 13.00% 9.40% 11.00% 8.10% 20.20% 5.60% 6.40% 12.70% 22.53% 4.00% 22.20%
Debt Gold Cash Avg Port Avg Port Cash Avg Port Cash Cash Debt Gold Gold Avg Port Gold Avg Port Avg Port
9.00% 31.30% 12.10% 16.47% 8.68% 8.80% 6.07% 7.00% 6.50% 9.00% 1.30% 5.90% 11.48% 13.50% 3.73% 16.98%
Cash Debt Debt Debt Cash Avg Port Equity Avg Port Avg Port Cash Avg Port Avg Port Cash Debt Gold Debt
8.00% 9.00% 11.00% 12.00% 7.00% 4.60% -0.80% 5.65% 2.15% 5.70% -2.00% 0.73% 6.40% 8.10% 0.50% 4.80%
Gold Cash Gold Cash Gold Equity Gold Gold Equity Gold Equity Equity Equity Cash Debt Cash
2.30% 9.00% 6.30% 10.30% -2.30% -20.80% -3.20% -14.00% -16.50% 2.40% -20.60% -17.90% 2.70% 4.60% -0.30% 4.60%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020*
Equity Equity Gold Equity Gold Gold Equity Cash Equity Debt Debt Equity Cash Gold Gold
39.80% 54.80% 31.00% 75.80% 24.50% 30.70% 27.70% 9.00% 31.40% 8.60% 12.90% 28.60% 7.60% 21.00% 28.00%
Gold Avg Port Debt Avg Port Equity Cash Avg Port Equity Debt Cash Gold Avg Port Gold Avg Port Avg Port
21.00% 21.45% 9.10% 25.70% 17.90% 8.20% 14.15% 6.80% 14.30% 8.20% 11.00% 11.70% 7.50% 12.65% 14.95%
Avg Port Gold Cash Gold Avg Port Debt Gold Debt Avg Port Avg Port Avg Port Gold Avg Port Equity Equity
17.70% 16.60% 8.40% 18.60% 13.13% 6.90% 11.00% 3.80% 13.85% 1.68% 8.60% 6.80% 6.05% 12.00% 14.90%
Cash Cash Avg Port Cash Cash Avg Port Debt Avg Port Cash Equity Cash Cash Debt Debt Debt
6.00% 7.50% 21.45% 4.90% 5.10% 5.30% 9.40% 0.05% 9.20% -4.10% 7.50% 6.70% 5.90% 10.70% 12.30%
Debt Debt Equity Debt Debt Equity Cash Gold Gold Gold Equity Debt Equity Cash Cash
4.00% 6.90% -51.80% 3.50% 5.00% -24.60% 8.50% -19.40% 0.50% -6.00% 3.00% 4.70% 3.20% 6.90% 4.60%
Mutliasset approach works well in Indian context. A simple avg portfolio
has generated second highest returns (only next to equities) in the past,
with a much better sharpe ratio
Based on historical data available in public domain, Equity has generated highest absolute returns in the last 30 years
While Gold and Debt has generated higher risk adjusted returns
Source : MOSL Alpha Strategist
Within an asset class well there is varied performance
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Mid Cap Large Cap Mid Cap Large Cap Small Cap Mid Cap Mid Cap Small Cap Large Cap Large Cap
17.7 -24.8 40.4 7.6 71.1 8.7 9.3 61.1 2.6 10.9
Small Cap Mid Cap Small Cap Mid Cap Mid Cap Small Cap Large Cap Mid Cap Mid Cap Mid Cap
17.3 -33.3 34.8 -4 56.9 7.7 5 50 -12.5 -2.1
Large Cap Small Cap Large Cap Small Cap Large Cap Large Cap Small Cap Large Cap Small Cap Small Cap
17.2 -41.7 32 -9.7 34.2 -2 2.7 33.4 -22.8 -5.9
Equ
ity
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
ST Debt ST Debt LT Debt ST Debt LT Debt ST Debt LT Debt ST Debt ST Debt LT Debt
4.7 7.9 10.6 8.3 14.1 8.7 14.9 6 6.7 10.5
LT Debt LT Debt ST Debt LT Debt ST Debt LT Debt ST Debt LT Debt LT Debt ST Debt
3.1 1.9 9.1 -0.7 10.5 7.4 9.8 0 6 9.5
De
bt
Top performers within Equity : Large Cap 5 Yrs , Midcap 4 Yrs & Small Cap 2 Yrs
Top performer within Debt : Short term Debt 6yrs & Long term Debt 5 yrs
Source : Bloomberg
Indian Financial Assets : Insights
Assets Equity-IND Debt Cash Gold Avg Port
CAGR from 1990 to 2020* 13.8% 8.7% 7.2% 10.2% 12.0%
Standard Deviation 28.0% 2.6% 0.6% 15.8% 8.2%
Maximum Drawdown -55.1% -6.3% 0.0% -25.3% -11.4%
Maximum Returns - 3Y 59.6% 12.7% 10.6% 32.6% 27.1%
Minimum Returns - 3Y -15.7% 2.4% 4.4% -8.7% 0.1%
Average Returns - 3Y 12.5% 8.5% 7.2% 10.0% 11.3%
Positive Observations (%) - 3Y 84.0% 100.0% 100.0% 84.6% 100.0%
Asset Class CAGRStandard
Deviation
Max
Drawdown
Equity – IND 13.8% 28.0% -55.1%
Gold - INR 10.2% 15.8% -25.3%
Debt 8.7% 2.6% -6.3%
Cash 7.2% 0.6% 0.0%
CorrelationEquity -
India
Equity –
USA
Gold
(INR)Debt Cash
Equity – IND 1
Equity –USA (INR) 0.25 1
Gold (INR) -0.01 0.03 1
Debt 0.1 -0.06 -0.07 1
Cash -0.03 0.02 -0.07 0.3 1
Equity-IND Debt Cash Gold Avg Port
-20% to -10% 3.3%
-10% to 0% 12.8% 15.4%
0% to 6% 22.0% 16.0% 21.7% 23.4% 10.8%
6% to 10% 15.7% 54.0% 72.7% 13.4% 25.5%
10% to 20% 22.3% 30.0% 5.6% 28.5% 58.2%
20% to 30% 8.6% 18.4% 5.6%
Above 30% 15.6% 0.9%
Returns Distribution
(3Y Rolling Returns)
% Observations
Avg portfolio generates higher risk adjusted returns Weak Correlation augurs diversification
Returns dispersion suggestive of Multiasset Allocation Other Statistical attributes
Source : MOSL Alpha Strategist
Asset Allocation …as 90% of returns are derived through asset allocation
Questions in Investors mind …
▪ Has one missed the bottom ?
▪ Is one entering at higher levels ?
▪ Will markets correct significanly ?
▪ Should one focus on Quality or Value ?
▪ Should one focus on large or mid cap ?
Equity
• Should one stay in liquid in back
drop of current rally ?
• Should cash buffer be kept for
allocation at lower market levels?
• Considering valuation, should one
invest in a staggered manner or
lumpsum ?
Cash
02
0403
01• Have the rates bottomed out for this cycle ?
• For higher yield, can one Invest in credit ?
• Have the interest rates bottomed out globally ?
• Where is domestic inflation heading ?
Bonds
• Has gold topped out ?
• Will other assets perform better now ?
• As the rates rise, how would gold perform ?
• Is there any risk-off event in the offing ?
Gold
When Investor plans to Invest, he is faced with following options !!!
Asset Allocation can help overcome this dilemma
Various Asset classes follow different cycles over a
period
Helps in Optimal Portfolio Diversification
Helps in overcoming timing issues related with
each asset class
Asset allocation is the key driver of portfolio
returns
Why Asset
Allocation
Asset Allocation is the key
More than 90% of portfolio returns are
based on asset allocation decisions.*
*Source: “Does Asset Allocation Policy Explain 40%, 90% or 100% of Performance? “ Study by Roger Ibbotson & Paul Kaplan in 2001
Equity Bond/Gold
An Investor deals with the Dilemma of
choosing between Debt/ gold vs Equities
Asset Allocation
(90%)
Stock selection &
Others (10%)
Allocation Strategy …
Provides
Hedge
Gold ETFs
Gold Funds
Sovereign gold
bonds
Allocation
5-25%
Gold
Provides
buffer
Arbitrage Funds
Liquid Funds
Overnight Funds
Allocation
10-20%
Cash
Generates
Alpha
Large/Mid/Small
Cap/Thematic MFs
Index ETFs
REITs/INVITs
Direct Equity
Allocation 15-
75%
Equity
Provides Safety
& Accrual
Debt MFs (Majorly
AAA)
Liquid & Gilt MFs
Debt ETFs
Listed Corporate
bonds
Allocation
10-15%
Bond
Introducing LIC MF All Weather Asset Allocator
PMS strategy for all market conditions..
Investment Process
Volatility and Historical
based analysis to
accomplish ball-park
weights
1. Asset Allocation
StrategyAsset class based economic,
fundamental & relative assessments
to optimize weights
2. Fundamental Assessment
Optimize weights
Bottom up & top-down fund
selection framework with due
consideration to Performance, Risk,
and Liquidity profiles
3. Asset Class Selection
Investor to choose from
curated Conservative,
Moderate and Aggressive
portfolios
4. Bucketing Portfolios
Portfolios are rebalanced
on opportunity based with
due consideration to risk &
post tax returns
5. Rebalancing Portfolios
Steps in Portfolio creation…
3 4
Volatility and Historical based analysis to determine the
targeted asset allocation
Asset Allocation Strategy
Asset class based economic, fundamental &
relative assessments to optimize weights
Fundamental analysis to optimize weights
Bottom up & top-down fund selection framework
with due consideration to Performance, Risk, Liquidity
profile
Asset Class Selection
Investor to choose from curated Conservative
Moderate and Aggressive portfolio .
Bucketing Portfolios
1 2
Step 1.Asset Allocation Strategy
Asset Allocation Strategy
➢ Cross asset (Equity, Bond, Gold &
Arbitrage Funds) historical asset
allocation is done based on volatility
adjusted returns
➢ The simulation (after considering tax
implications) suggests ball-park weights
➢ Suggestive weights are compared with
benchmark to check the performance
➢ Rebalancing criteria is performance and
portfolio type base.
Aggressive Moderate Conservative
Standard Deviation 6.66% 6.47% 4.64%
Maximum Drawdown 55.21% 46.48% 32.80%
Maximum Returns - 3Y 27.7% 32.8% 23.2%
Minimum Returns - 3Y 5.0% -0.3% 3.9%
*The above table is for illustrative purposes only
Step 2. Fundamental Assessment to Optimize weights
Fundamental Assessment
➢ Each asset class is evaluated based on its
Fundamental assessment vs its historical
range.
➢ For Equity, key variables include Trail P/E,
PB and Forward P/E apart from Market
Cap to GDP ratio and Nifty/Mid Cap ratio
➢ For Debt, key variables include Earnings
yield vs. Dividend yield & Real Rates
➢ For Gold ,Key variables include increase in
Global Money Supply, Dollar movement
and Real rates.
➢ For Liquid ,the overall level of risk in
portfolio and summation of all asset class
expensiveness/ cheapness is considered
➢ Weights from step 1 are then optimized.
Equity Bond Gold Liquid
Cheap
Expensiv
eMar 20
Mar 21
Mar 20
Mar 21
Mar 20
Mar 21
Mar 20
Mar 21
Step 3: Asset Class Selection
Building Portfolio for each asset class
➢ Expression of asset weights into different
asset classes is done by implementing a
Bottom-up approach for each asset class
component.
➢ For Equity, key variables include relative
attractiveness of Large vs mid cap, Quality vs.
Value, Cyclical vs Defensives ,etc
➢ Allocation in asset classes (as per step 2) is
via direction exposure through equity and/or
bonds is supplemented by MFs & ETFs.
➢ For selecting MF’s ,due consideration is given
to returns vs peers, AuM, Semi standard
deviation, Treynor ratio for equities. And for
Debt, YTMs, Expenses, AUM, Avg Maturity,
Modified Duration , Composition ,etc is
considered.
✓ Quantitative
✓ Qualitative
✓ Micro/Macro
MFs/ETFs & Direct
Stocks/Bonds/Eq. Arbitrage &
Gold is selected based on :
Step 4. Bucketing Portfolios
Tailor made portfolios based on risk
➢ Entire universe of assets selected is then
bucketed into 3 tailor-made portfolios, i.e
Aggressive, Moderate and Conservative.
➢ Conservative portfolio has predominantly
debt & liquid allocation .Hence ,less volatile
and suitable for risk averse investor
➢ Moderate portfolio has a good balance of
equity and debt . Hence, slightly volatile and
suitable for balanced investor, who can endure
short term volatility
➢ Aggressive portfolio has a larger equity
allocation and suitable for Investor who has
higher risk appetite and could see higher
volatility in medium term and potential loss of
capital, in return for higher returns in long run.
ConservativeAggressive Moderate
Investor can choose between…
01
Aggressive investor is one who
is usually willing to take high risk
for the potential of substantially
higher long-term capital
growth. These investors can
bear volatility
in returns & potential loss of
capital
Aggressive 02
Moderate investor is one who is
generally looking for moderate
capital growth over the long term
and are cautious towards
taking high level of risk. These
investors are, however,
comfortable with short-term
fluctuations in returns
Moderate 03
Conservative investor is one
who is prepared to take a small
amount of short-term risk for
potential returns that are
higher than risk free rate over
the medium to long term.
Conservative
Investor can choose between…
6515
15
5
Aggressive
Equity (%) Arb Equity (%)
Bond (%) Gold (%)
40
1530
15
Moderate
Equity (%) Arb Equity (%)
Bond (%) Gold (%)
20
2040
20
Conservative
Equity (%) Arb Equity (%)
Bond (%) Gold (%)
Aggressive Moderate Conservative
Equity (%) 65 40 20
Arb Equity (%) 15 15 20
Bond (%) 15 30 40
Gold (%) 5 15 20
Benchmark Crisil Hybrid
80/20 :
Aggersive
Index
Crisil 50/50 :
Moderate
Index
Crisil Hybrid
20/80 :
Conservative
Index
An Investor can select a portfolio based on his risk appetite.
➢ Conservative portfolio has predominantly debt & liquid allocations
➢ Moderate portfolio has a good balance of equity and debt
➢ Aggressive portfolio has a larger equity allocation
These portfolios are constructed with flexibility to generate alpha while not
compromising on the overall asset allocation balance.
% can vary based market conditions
Investment ApproachComponents that go into deciding the portfolio..
Equity Investment Approach
Unique combination of two key approaches
Bottom up and Factor based stock
selection Stocks/fund’s are Market-cap agnostic
Multicap Investment Strategy
Selection of MF schemes
based on bottom up
Equity MF’s & ETF’sNo explicit bias to value or growth stocks
by using factor rotation
Style agnostic
Combination of direct stocks/MFs
And ETF’s removes concentration risk
& excessive beta
Limiting over all risk (beta) Selecting stocks having
scalable business models.
Focus on Scalability
Debt & Gold Investment Approach
Moderate Duration profile is maintained for the portfolio
Moderate Duration
Selecting Issuer and Instrument that has strongest credit profile
Pristine Credit Quality Papers/Schemes
Endeavor to capture short end of the yield curve with a focus on stable returns with moderate
volatility
Stability of Returns
Focused on Accrual Income and may outperform in a bull steepening environment.
Accrual Income
Gold will offer diversifier given low correlation to Equity & Debt. Gold is also a great hedge against
Inflation and currency Deprecation and plays a pivotal role in economic duress conditions .
Gold allocation
About the team Team responsible for putting strategy in play…
Meet our team
Azeem Ahmad
(Head PMS & Principal officer)
➢ He is spearheading the PMS vertical at LIC AM Ltd.
➢ In his last assignment, he was the Fund Manager, PMS (Discretionary & Non-
discretionary portfolios) at ICICI Securities. He has over 20 years of
experience, the last 12 years being with ICICI Securities.
➢ He has expertise in the areas of portfolio management, fundamental research,
global macro, equity, FX and derivatives research & product development.
➢ He also held roles including Chief Macro Strategist, Derivatives Strategist at
ICICI Securities Research team.
➢ By Qualification, he is an MBA (Finance) from SP Jain and an Associate
Company Secretary (ACS) from ICSI.
Saket Kumar
Fund Management & Ops
Total 13 Years' experience.
Worked as Assist to Debt
Fund Manager, as an Equity
Dealer and assist to Hybrid
Fund Manager. Educational
Background-CFA-MFA
(ICFAI), MBA, B.Com.
Under Head PMS guidance
he will be assisting Fund
Management & operations
Shreya Raka
Ops & Communications
Bachelor of Commerce in
Accounting and Finance (BAF)
& Master of Commerce
(M.com). In her last
assignment, she worked with
ICICI Prudential Asset
Management Co. Ltd – PMS
Operation Team. More than 2
years of experience in PMS
Nikita Torka
Compliance Officer
Experience – 5 years of
experience in handling
Compliances of Mutual fund. By
Education Qualification she is
BFM, CS, M.Com and MBL.
Scope of work in PMS –
Compliance with SEBI PMS
Regulations and any other
applicable laws
Meet Our Team
Terms of InvestmentType of Portfolio Open Ended Discretionary Portfolio
Scheme Name LIC MF All Weather Asset Allocator PMS
Investment objective To generate long term capital appreciation from a portfolio of different asset classes
Description of types of securities Listed Equity, Gold ETF, REITs, InvITs, Debt, MF, Bonds and Other Alternative Investments.
Basis of selection of such types of
securities as part of the investment
approach
Allocation is done by combining active & passive investing in different asset class from defined
securities universe powered by Bloomberg tools.
Allocation of portolio across types of securitesBased on model porfolio Selected*
Indicative tenure or investment horizonLong Term Capital Appreciation (3 Years +)
Risks associated with the investment
approach
Based on the securities selected from defined universe and continues to have concentration
and systematic risks
Minimum Investment Amount for
New Account Opening 50 Lacs (as per regula ons) or as decided by the por olio manager at its sole discre on
Redemption On all working days
Appropriate benchmark to compare performance and basis for choice of benchmarkBased on model porfolio Selected
Key Risk
Market Risk : Equity Investments are volatile and subject to market conditons. Capital Loss Risk:
There is no capital protection guaranteed in this strategy and due to adverse market
movements, client may incur capital loss. Execution Risk: There can be deviation from the
benchmark index given cash allocation & time lag/price differentials in order executions.
Please note that Investment made on the basis of Investment objective of the strategy may or
may not match with Investment/risk profile of the client.
*Change in allocation of portfolio: Subject to regulatioon, the asset allocation pattern indicated above may change from time to time,
keeping in view market conditions, market opportunities, applicable regulations and political and economic factors. It must be clearly
understood that the percentages stated above are only indicative and not absolute and that they can vary substanially, depending
upon the perception of the Investment Manager, the intention being at all times to seek to protect the interests of the Investors.
Such changes in the investment pattern will be for short term and defensive consideration
Simple Portfolio
Presentation
Designed
Industrial Assurance Building, 4th Floor,
Opp.Churchgate Station, Mumbai –
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CIN: U67190MH1994PLC077858
LIC Mutual Fund Asset Management
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General Disclaimer: All returns are in percentage. Performance disclosure is at aggregate portfolio level and the portfolio information (i.e. market cap, sector allocations, etc.) is at model client’s level.
Securities investments are subject to market risks and there is no assurance or guarantee that the objective of the investments will be achieved. Past performance of the portfolio manager does not
indicate its future performance. Performance related information provided herein is not verified by SEBI. Detailed Disclaimer: This document is issued by LIC MF Asset Management Ltd. (Portfolio
Managers). This document is produced for information purposes only and not a complete disclosure of every material fact and terms and conditions. It does not constitute a prospectus or disclosure
document or an offer or solicitation to buy any securities or other investment. All opinions, figures, charts/graphs, estimates and data included in this document is subject to change without notice. It
should not be construed as investment advice to any party. 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. Investors shall be fully responsible/ liable for any decision taken on the basis of this document. Clients under Portfolio Management Services are not being offered any
guaranteed/assured returns. The name of the strategies do not in any manner indicate their prospects or return. The investments may not be suited to all categories of investors. The material is
based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Neither LIC MF Asset Management Ltd. nor any
person connected with it, accepts any liability, losses and/ or damages arising from the use of this material. The recipient of this material should rely on their investigations and take their own
professional advice. Opinions, if any, expressed are our opinions as of the date of appearing on this material only. While we endeavor to update it on a reasonable basis, there may be regulatory,
compliance, or other reasons that prevent us from doing so. The Portfolio Manager is not responsible for any loss or shortfall resulting from the operation of the strategy. The recipient shall
understand that the statements cannot disclose all the risks and characteristics. The recipient is requested to take into consideration all the risk factors including their financial condition, suitability to
risk-return, etc. As with any investment in securities, the value of the portfolio under management may fluctuate depending on the various factors and forces affecting the capital market. Disclosure
Document shall be obtained and read carefully before executing the PMS agreement. For tax consequences, each investor is advised to consult his / her own professional tax advisor. This document
is not for public distribution and has been furnished solely for information and must not be reproduced or redistributed to any other person. Persons into whose possession this document may come
are required to observe these restrictions. Distribution Restrictions – This material should not be circulated in countries where restrictions exist on soliciting business from potential clients residing in
such countries. Recipients of this material should inform themselves about and observe any such restrictions.
Disclaimer
Thank you
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