Transcript
Page 1: Monthly MOSt Communiqué - Motilal Oswal · Communiqué Portfolio Management ... Eicher Motors Ltd. ... Mcleod Russel India Ltd. Pidilite Industries Limited Bajaj Finance Ltd. Ing

MonthlyCommuniqué

Portfolio Management ServicesRegn No. PMS INP 000000670

MOStPortfolios

Make the MOSt of our expertise

Asset Management

April 2013Dear Investor,

Indian equities continued to ride on weakness for the second month running with political uncertainty taking centre-stage

in March. While the Nifty came off marginally by 0.2%, the broader market was much weaker with the CNX Midcap index

falling nearly 2%. The Budget successfully managed to keep fiscal fears at bay and the RBI gave another 25bps monetary

boost to the economy. However withdrawal of support by a key government ally made the markets jittery as the

government was pushed to a thin majority. Political stability was further jeopardized with reports suggesting another ally

may follow suit raising talks of an early election. Few private sector banking stocks were hard done during the month by a

sting operation alleging the banks of money laundering. On the global front, the Cyprus crisis and subsequent bailout arrangement renewed Euro-zone

concerns. FII flows slowed down in March, ending the month at a 4 month low of $2bn. This took the first quarter CY13 FII inflows to end at $10.3bn.

Domestic Institutions persisted to be net sellers, with $1.5bn of outflows during the month. YTD, their outflows now total $6.3bn.

Macro Corner

• Growth: Jan IIP came above market consensus (of 1.3%) at 2.4% after 2 months of contraction. While manufacturing and electricity numbers were

in the green, mining at -2.9% reflected a slowdown due to environmental/forest clearance issues. Meanwhile, the Mar PMI reading at 52 was

marginally lower than the 54.2 Feb print.

• Inflation: After a brief slowdown in Jan, WPI for Feb rose to 6.8% vs. consensus estimate of 6.6%. The hikes taken in diesel prices drove up the fuel

inflation index significantly, pushing up the overall inflation index for the month. On a brighter note, RBI's proxy to core inflation – manufacturing

non-food inflation fell to 3.8% - below the 4% comfort zone of RBI. Meanwhile, the Consumer Price Index (CPI) print for Feb was slightly higher at

10.9% vs. 10.8% in the previous month. The core CPI increased from 8.2% in Jan to 8.4% in Feb.

• Policy: The RBI, in its Mid-Quarter Policy Review held on 19th March, reduced the repo rate by 25pts to 7.5% and left the CRR rate unchanged at

4%. While this was in line with market expectation, the RBI's warning of limited room for further monetary easing made markets cautious heading

into the next policy meeting in May.

Fund Performance

There was cause for celebration in March, with our flagship large cap “Value Strategy” completing 10 years of existence while our midcap NTDOP fund

recently achieving a 5-year track record. During this period, the Value Strategy has delivered a CAGR return of 26.0% v/s the Nifty return of 18.8%. Our

NTDOP fund clocked a 5-year CAGR of 10.3% v/s the CNX Midcap Index return of -0.7%.

For the month, the Value Strategy declined 1.4 %, underperforming its benchmark Nifty by 1.2 % led largely by a significant hit on some of its midcap

positions. Fund performance was also affected by its exposure in the auto and oil and gas segments while select financials and healthcare outperformed.

The Value Strategy ended the year with a marginally positive return of 0.5% but lagged the benchmark by 6.8 %. Notwithstanding the

underperformance of some of our more recent inductions in the strategy, we remain convinced about their long-term competitive advantage in their

respective businesses. If one has a look at the fundamental quality of Value Strategy versus its benchmark Nifty, we will see that Value Strategy is

fundamentally sound.

As per Third Quarter results Value strategy companies:

• Sales have grown by an average 13% v/s 11 % of Nifty.

• Profits have grown by an average 11% v/s 5% of Nifty.

• EBIDTA Margins are 29% v/s 18% of Nifty.

Our flagship midcap fund NTDOP, turned in a stellar performance for the third year in a row, delivering an absolute return of 15 % for FY13 and

outperforming its benchmark CNX Midcap Index by over 19 %. In its 5th year since inception the fund has delivered a CAGR return of 8.71 % vs

negative 3% on the benchmark. Superior stock selection and a 'buy and hold' strategy has been the key to its consistent performance.

Our other principal strategies such as Bulls Eye and the Focus series had a strong showing for the fiscal as a whole, outperforming their respective

benchmarks by ~5% while Invest India underperformed by ~4 %.

Outlook

Market attention in the coming months, will likely shift to the March quarter earnings release to gauge overall economic activity levels and re-assess

earnings potential for India Inc. in FY14. It will also have to contend with political activity around end-April when Parliament reconvenes for passage of

the Budget and the Finance Bill. Even as sentiments continue to rule weak, we take note of gradual improvement in key economic parameters such as

better than expected Jan '13 IIP and the recovery of exports in Feb '13, signs that industrial growth may be bottoming out even though the pace of

recovery may be slow. Also, range-bound oil prices, gradually reducing fuel subsidies and weak commodity prices could all serve as important

ingredients to controlling fiscal deficit, reducing inflation and stabilizing the currency in the coming months.

MOAMC do not take the responsibility for the authenticity of the above data/news/information. It is merely replication of the data /news/information already available in public.

Regards,Aashish P SomaiyaaChief Executive Officer

Page 2: Monthly MOSt Communiqué - Motilal Oswal · Communiqué Portfolio Management ... Eicher Motors Ltd. ... Mcleod Russel India Ltd. Pidilite Industries Limited Bajaj Finance Ltd. Ing

Value Strategy

Portfolio Management ServicesRegn No. PMS INP 000000670

• Value based stock selection

• Investment Approach: Buy & Hold

• Investments with Long term perspective

• Maximize post tax return due to Low Churn

• Capital preservation consciousness

Investment Strategy

The Strategy aims to deliver superior

wealth creation by way of long term

compounding effect, with investments

in good businesses run by great

business managers.

Strategy Objective

Fund Manager : Manish Sonthalia

Strategy Type : Open ended

Date of Inception : 24th March 2003

Benchmark : S&P CNX Nifty Index

Investment Horizon: 3 Years +

Subscription : Daily

Redemption : Daily

Valuation Point : Daily

Details

Top Sectors

Banking & Finance

Auto & Auto Ancillaries

Infotech

Pharmaceuticals

FMCG

Oil and Gas

Engineering & Electricals

Cash

30.92

21.64

12.32

11.31

10.04

8.24

5.36

0.17

Sector Allocation % Allocation*

Top Holdings

HDFC Bank Ltd.

Bosch Ltd.

Nestle India Ltd.

State Bank Of India

Housing Development Finance Corporation Ltd.

Infosys Technologies Ltd.

GlaxoSmithkline Pharmaceuticals Ltd.

Eicher Motors Ltd.

Larsen & Toubro Ltd.

Top Holdings % Allocation*

12.85

11.61

10.04

9.05

9.02

8.82

6.81

5.58

5.36

Key Portfolio Analysis

Standard Deviation (%)

Beta

31.48

1.00

Performance Data NiftyValue Strategy

28.16

0.81

*Above 5% & Cash

The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 31st March 2013. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.

*Above 5%

Value Strategy Nifty

Period

All Figures in %

% o

f re

turn

s

MOStPortfolios

Make the MOSt of our expertise

Asset Management

0.521.83

5.14

19.82

8.20

25.92

7.31

-1.30

2.68

17.10

3.72

18.78

-5

0

5

10

15

20

25

30

1 Year 2 Year 3 Year 4 Year 5 Year Since Inception

Page 3: Monthly MOSt Communiqué - Motilal Oswal · Communiqué Portfolio Management ... Eicher Motors Ltd. ... Mcleod Russel India Ltd. Pidilite Industries Limited Bajaj Finance Ltd. Ing

Next Trillion Dollar Opportunity Strategy

Portfolio Management ServicesRegn No. PMS INP 000000670

MOStPortfolios

Make the MOSt of our expertise

Asset Management

The Strategy aims to deliver superior

returns by investing in focused themes

which are part of the next Trillion Dollar

GDP growth opportunity.

• Stocks with High Growth Story

• Stocks with Reasonable Valuation

• Concentration on Emerging Themes

• Buy & Hold Strategy

Fund Manager : Manish Sonthalia

Strategy Type : Open ended

Date of Inception : 11th Dec. 2007

Benchmark : CNX MIDCAP Index

Investment Horizon: 3 Years +

Subscription : Daily

Redemption : Daily

Valuation Point : Daily

Strategy Objective

Investment Strategy

Details

FMCG

Banking & Finance

Auto & Auto Ancillaries

Engineering & Electricals

Diversified

Plantation Tea & Coffee

Chemicals

Cash

25.66

22.86

16.30

8.32

7.58

6.15

5.71

0.01

Sector Allocation

Page Industries Ltd.GlaxoSmithkline Consumer Healthcare Ltd.Bosch Ltd.Eicher Motors Ltd.J&k BankCummins India Ltd.Mcleod Russel India Ltd.Pidilite Industries LimitedBajaj Finance Ltd.Ing Vysya Bank LimitedCity Union Bank Ltd.

13.228.838.657.657.196.376.155.715.425.165.09

Key Portfolio Analysis

Standard Deviation (%)

Beta

33.77

1.00

Performance Data CNX MIDCAPNTDOP

23.95

0.58

Top Sectors

Sector Allocation % Allocation*

Top Holdings

Top Holdings % Allocation*

The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 31st March 2013. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.

*Above 5% & Cash

*Above 5%

Period

Next Trillion Dollar Opportunity Strategy CNX MIDCAP All Figures in %

% o

f re

turn

s

14.9513.52 12.57

14.94

8.71

-4.02 -4.05

-1.33

3.47

-2.94-5.00

0.00

5.00

10.00

15.00

20.00

1 Year 2 Year 3 Years 5 Years Since Inception

Page 4: Monthly MOSt Communiqué - Motilal Oswal · Communiqué Portfolio Management ... Eicher Motors Ltd. ... Mcleod Russel India Ltd. Pidilite Industries Limited Bajaj Finance Ltd. Ing

Invest India Strategy

Portfolio Management ServicesRegn No. PMS INP 000000670

MOStPortfolios

Make the MOSt of our expertise

Asset Management

The Strategy aims to generate long termcapital 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 across market capitalization and which are available atreasonable market prices.

• Buy Growth Stocks across Market capitalization which have the potential to grow at 1.5 times the nominal GDP for next 5-7 years.

• BUY & HOLD strategy, leading to low to medium churn thereby enhancing post-tax returns

Fund Manager : Kunal Jadhwani

Strategy Type : Open ended

Date of Inception : 11th Feb. 2010

Benchmark : BSE 200

Investment Horizon: 3 Years +

Subscription : Daily

Redemption : Daily

Valuation Point : Daily

Strategy Objective

Investment Strategy

Details

Banking & Finance

FMCG

Textiles

Auto & Auto Ancillaries

Chemicals

Retail

Cash

26.95

21.24

11.85

10.64

9.61

5.84

5.19

Sector Allocation

Key Portfolio Analysis

Standard Deviation (%)

Beta

20.72

1.00

Performance Data BSE 200IIS

17.97

0.75

Top Sectors

Sector Allocation % Allocation*

The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 31st March 2013. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.

*Above 5% & Cash

HDFC Bank Ltd.

Page Industries Ltd.

Pidilite Industries Limited

ITC Ltd.

Maruti Suzuki India Ltd.

Bata India Ltd.

IndusInd Bank Ltd.

Titan Industries Limited

12.71

11.85

9.61

6.76

6.30

5.84

5.12

5.00

Top Holdings

Top Holdings % Allocation*

*Above 5%

Invest India Strategy BSE 200 All Figures in %

Period

% o

f re

turn

s

-1.76

-5.83

1.90 1.61

4.01

5.62

-0.87 -0.85

6.03

-1.92

1.32

3.60

-8.00

-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

1 Month 6 Months 1 Year 2 Year 3 Year Since Inception

Page 5: Monthly MOSt Communiqué - Motilal Oswal · Communiqué Portfolio Management ... Eicher Motors Ltd. ... Mcleod Russel India Ltd. Pidilite Industries Limited Bajaj Finance Ltd. Ing

Focused Series IV - Flexi Cap Strategy

Portfolio Management ServicesRegn No. PMS INP 000000670

MOStPortfolios

Make the MOSt of our expertise

Asset Management

The Strategy will aim to generate superiorreturns over a medium to long term byinvesting in only 8-10 companies acrossmarket capitalization.

• Fundamental Stock Select ion Approach

• Active Equity Allocation between Mid caps & Large caps

• Active Asset Allocation calls between Cash and Equity

• Strategy will follow a policy of profit booking with predefined price targets

• When the Client’s AUM appreciates by 15%, the appreciation amount will be automatically paid-out.

Portfolio Manager : Kunal Jadhwani

Date of Inception : 07th Dec. 2009

Benchmark : BSE 200

Investment Horizon: 12 – 18 Months

Subscription : No

Redemption : Daily

Valuation Point : Daily

Strategy Objective

Investment Strategy

Details

Banking & Finance

Auto & Auto Ancillaries

FMCG

Chemicals

Infotech

Pharmaceuticals

Textiles

Engineering & Electricals

Cash

25.50

21.09

14.25

9.89

9.22

7.33

6.69

6.01

0.01

Sector Allocation

Bosch Ltd.HDFC Bank Ltd.Kotak BankPidilite Industries LimitedTech Mahindra LimitedBajaj Corp Ltd.Ipca Lab Ltd.Page Industries Ltd.Cummins India Ltd.ITC Ltd.Tata Motor Dvr

16.0413.2612.24

9.899.228.937.336.696.015.325.05

Key Portfolio Analysis

Standard Deviation (%)

Beta

21.27

1.00

Performance Data BSE 200Focused Series - IV

18.96

0.71

Top Sectors

Sector Allocation % Allocation*

Top Holdings

Top Holdings % Allocation*

The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 31st March 2013. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.

*Above 5% & Cash

*Above 5%

Focused Series IV BSE 200 All Figures in %

Period

% o

f re

turn

s

1.46

4.99

11.48

2.00 1.82 1.89

-0.87 -0.85

6.03

-1.92

1.32 1.94

-4.00-2.000.002.004.006.008.00

10.0012.0014.00

1 Month 6 Month 1 Years 2Years 3 Years Since Inception

Page 6: Monthly MOSt Communiqué - Motilal Oswal · Communiqué Portfolio Management ... Eicher Motors Ltd. ... Mcleod Russel India Ltd. Pidilite Industries Limited Bajaj Finance Ltd. Ing

Focused Series V - A Contra Strategy

Portfolio Management ServicesRegn No. PMS INP 000000670

MOStPortfolios

Make the MOSt of our expertise

Asset Management

The strategy aims to invest in fundamentally sound companies that can benefit from changes in a company’s valuation which reflects a significant change in the markets view of the company over a horizon of three years. The Strategy focuses on investing in stocks that can benefit from growth in earnings, re-rating of business or higher valuation of assets. Objective is to increase return rather than reduce risk for Investors.

• Bottom-up stock selection approach

• Buy and hold philosophy – low portfolio churn

• For Investors who seek for high returns with high risk

Fund Manager : Manish Sonthalia

Date of Inception : 27th Sept. 2010

Benchmark : BSE 200

Investment Horizon: 2 to 3 Years

Subscription : Daily

Redemption : Daily

Valuation Point : Daily

Strategy Objective

Investment Strategy

Details

Banking & Finance

Chemicals

Oil and Gas

Auto & Auto Ancillaries

Textiles

Engineering & Electricals

Cash

30.00

17.37

16.86

9.95

9.23

6.66

0.01

Sector Allocation

J&k Bank

Godrej Indus

Ing Vysya Bank Limited

Petronet LNG Limited

Eicher Motors Ltd.

Vardhman Textiles Limited

Triveni Turbine Limited

Reliance Industries Ltd.

16.60

14.42

13.40

10.58

9.95

9.23

6.66

6.29

Key Portfolio Analysis

Standard Deviation (%)

Beta

21.21

1.00

Performance Data BSE 200Focused Series - V

26.66

1.01

Top Sectors

Sector Allocation % Allocation*

Top Holdings

Top Holdings % Allocation*

The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 31st March 2013. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.

*Above 5% & Cash

*Above 5%

Focused Series V BSE 200 All Figures in %

Period

% o

f re

turn

s

-1.10

6.67

11.20

1.97

-4.48

-0.87 -0.85

6.03

-1.92-4.11-6.00

-4.00-2.000.002.004.006.008.00

10.0012.00

1 Month 6 Months 1 Year 2 Year Since Inception

Page 7: Monthly MOSt Communiqué - Motilal Oswal · Communiqué Portfolio Management ... Eicher Motors Ltd. ... Mcleod Russel India Ltd. Pidilite Industries Limited Bajaj Finance Ltd. Ing

Bulls Eye Strategy

Portfolio Management ServicesRegn No. PMS INP 000000670

MOStPortfolios

Make the MOSt of our expertise

Asset Management

The Strategy aims to deliver returns inthe short to medium term by investingin fundamentally sound stocks coupledwith active profit booking.

Portfolio Manager : Kunal Jadhwani

Strategy Type : Open ended

Date of Inception : 15th Dec. 2003

Benchmark : BSE 200

Investment Horizon: 12 Months +

Subscription : Daily

Redemption : Daily

Valuation Point : Daily

Strategy Objective

• Active management

• Multi Cap Stategy

• Market Timing

• Regular Profit Booking

Investment Strategy

Details

Banking & FinanceAuto & Auto AncillariesPharmaceuticalsEngineering & ElectricalsInfotechEducationFMCGCash

26.7920.7812.00

9.357.715.775.614.39

Sector Allocation % Allocation

HDFC Bank Ltd.

Eicher Motors Ltd.

Bajaj Finserv Ltd.

Tata Motor Dvr

Ipca Lab Ltd.

Axis Bank Ltd.

Maruti Suzuki India Ltd.

Cummins India Ltd.

ITC Ltd.

Wockhardt Lt

9.73

7.97

6.92

6.71

6.49

6.19

6.10

5.85

5.61

5.51

Key Portfolio Analysis

Standard Deviation (%)

Beta

32.23

1.00

Performance Data BSE 200Bulls Eye

28.76

0.75

Top Sectors

Sector Allocation

Top Holdings

Top Holdings % Allocation*

The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 31st March 2013. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.

*Above 5% & Cash

*Above 5%

Bulls Eye Strategy BSE 200

Period

All Figures in %

% o

f re

turn

s

-3.37 -2.60

9.84

2.95

9.62

12.27

-0.87 -0.85

6.03

1.32

3.43

13.78

-6.00-4.00-2.000.002.004.006.008.00

10.0012.0014.0016.00

1 Month 6 Months 1 Year 3 Years 5 Years Since Inception

Page 8: Monthly MOSt Communiqué - Motilal Oswal · Communiqué Portfolio Management ... Eicher Motors Ltd. ... Mcleod Russel India Ltd. Pidilite Industries Limited Bajaj Finance Ltd. Ing

Optima Strategy

Portfolio Management ServicesRegn No. PMS INP 000000670

The Strategy aims to deliver superior

returns over a long period by investing in

companies with growth potential & which

are available at reasonable market price.

• Growth At Reasonable Price (GARP)

• Investment Horizon of 2 years +

• Active Portfolio Rebalancing

• Market Timing

• Situation based Flexi Cap approach

Portfolio Manager :

Strategy Type : Open ended

Date of Inception : 30th Dec 2008

Benchmark : BSE 200

Investment Horizon: 2 Years +

Subscription : Daily

Redemption : Daily

Valuation Point : Daily

Kunal Jadhwani

Strategy Objective

Investment Strategy

Details

Banking & FinanceAuto & Auto AncillariesPharmaceuticalsEngineering & ElectricalsInfotechEducationFMCGCash

27.9318.7611.15

9.378.195.725.705.29

Sector Allocation

HDFC Bank Ltd.

Eicher Motors Ltd.

Bajaj Finserv Ltd.

Axis Bank Ltd.

Cummins India Ltd.

Tata Motor Dvr

ITC Ltd.

Ipca Lab Ltd.

Wockhardt Lt

Maruti Suzuki India Ltd.

9.64

7.48

7.38

7.07

5.83

5.77

5.70

5.62

5.53

5.51

Key Portfolio Analysis

Standard Deviation (%)

Beta

27.30

1.00

Performance Data BSE 200Optima

19.80

0.60

Top Sectors

Sector Allocation % Allocation*

Top Holdings

Top Holdings % Allocation*

*Above 5% & Cash

*Above 5%

The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 31st March 2013. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.

Optima Strategy BSE 200 All Figures in %

Period

% o

f re

turn

s

MOStPortfolios

Make the MOSt of our expertise

Asset Management

-2.46 -1.74

6.46

0.66

5.49

20.93

-0.87 -0.85

6.03

-1.92

1.32

17.86

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

1 Month 6 Months 1 Year 2 Year 3 Year Since Inception

Page 9: Monthly MOSt Communiqué - Motilal Oswal · Communiqué Portfolio Management ... Eicher Motors Ltd. ... Mcleod Russel India Ltd. Pidilite Industries Limited Bajaj Finance Ltd. Ing

Disclaimer : Investments in Securities are subject to market and other risks and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management

Services (PMS) will be achieved. Investors in the PMS Product are not being offered any guaranteed/assured returns. Past performance of the portfolio manager does not indicate the future

performance for any of the strategies. The names of the portfolios do not in any manner indicate their prospects or return. The investments may not be suited to all categories of investors.

Neither Motilal Oswal Asset Management Company Ltd. (MOAMC), nor any person connected with it, accepts any liability arising from the use of this material. The recipient of this

material should rely on their investigations and take their own professional advice. Neither MOAMC, nor any person connected with it, accepts any liability 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 on a reasonable basis the information discussed in this material, 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. Recipient shall understand that the aforementioned

statements/presentation 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 profile, and the like and take professional advice before investing. As with any investment in securities, the Value of the portfolio under management may go up or down

depending on the various factors and forces affecting the capital market. Disclosure Document shall be obtained and read carefully before executing the PMS agreement and any time

thereafter. Prospective investors and others are cautioned that any forward - looking statements are not predictions and may be subject to change without notice. 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. No part of this material may be

duplicated in any form and/or redistributed without MOAMC’s prior written consent. 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. Recipients shall be solely

liable for any liability incurred by them in this regard and will indemnify MOAMC for any liability it may incur in this respect. The PMS business has been transferred from MOSL to MOAMC

and the certificate of registration has been endorsed by SEBI to MOAMC w.e.f. October 21, 2010’Registered Office: Portfolio Management Services Department Motilal Oswal Asset Management Company Limited Palm Spring Centre, 2nd Floor, Link Road, Malad (West), Mumbai -

400 064 SEBI Certificate of Registration as Portfolio Manager INP 000000670

Celebrating

y ears of 5 Opportunity Focus on

Particular

NTDOP

2 Years

13.52%

4 Years

33.42%

Since Inceptionth11 December, 2007

8.71%

CNX Midcap Index -4.05% 21.39% -2.94%

Portfolio Management ServicesRegn No. PMS INP 000000670

CD

L00046_4

0112_0

10

Since Inceptionth24 March, 2003Particular

Value Strategy

3 Years

5.14%

5 Years

8.20% 25.92%

NIFTY 2.68% 3.72% 18.78%

The above strategy returns are of a Model Client as on 31st March, 2013 Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The stocks forming part of the existing portfolio under Value Strategy may or may not be bought for new client. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. Name of the PMS Strategy does not in any manner indicates its future prospects and returns. Above Returns are annualized

Celebrating 10 years ofFocus and Discipline

Discovering an original investment idea involves deep and meticulous analysis to discover the hidden true values. With Value Strategy, we have been focusing on finding the true value through study of underlying long-term growth potential of companies for last 10 years. The strategy looks to make long term investments with a “Buy and Hold” approach in around 15 companies that are marked by Q-G-L signifying Quality, Growth and Longevity.

The above strategy returns are of a Model Client as on 31st March, 2013 Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The stocks forming part of the existing portfolio under NTDOP Strategy may or may not be bought for new client. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. Name of the PMS Strategy does not in any manner indicates its future prospects and returns. Above Returns are annualized

For the last 5 years, the Next Trillion Dollar Opportunity Strategy (NTDOP) has been focused to invest in opportunities amongst Emerging Stocks/Sectors. The strategy invests in themes /stocks in the small and mid cap segment which are available at reasonable valuations and expected to be a part of the “NEXT TRILLION DOLLAR GDP GROWTH”. Invest now and make the most of the growth opportunity

Call: 1800-200-6626Website: www.motilaloswal.com/Asset-Management

E-mail: [email protected] Years1010

Call: 1800-200-6626Website: www.motilaloswal.com/Asset-Management

E-mail: [email protected]

rab te il ne g

C

Years55 N XTE

MOSt

Trillion DollarOpportunity Strategy


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