most brst fact sheet brstbrst brstbrs brs … · 2016-02-29 · february 2016st fact sheet most...

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STBRSTFebruary 2016

FACT SHEETMOStFACT SHEETMOSt

(Continued overleaf)

Dear Investors and my dear Advisor friends,

Wish you a very happy and prosperous 2016.

This month instead of writing a newsletter to you, I am taking the liberty of reproducing (with permission), the extracts of an interesting blog written by Mr. Jatin Khemani of Stalwart Advisors. You may use the link http://stalwartvalue.com/obsession-with-pe-multiple/ to access the article. I find it extremely useful and I believe it would serve as very interesting reading.

“Indians are known to be very smart consumers; always looking for value-for-money offerings. Fortunately or unfortunately, that should make us very good ‘Value Investors’.

However, how do we know if a stock is a bargain or not? By default P/E ratio has become that barometer on which majority is trying to answer this critical question. You mention a stock and the first question would be ‘Boss iska P/E kitnahai?’(How much is its P/E?)

P/E which is price-to-earnings ratio is the most commonly used valuation ratio to make sense of how expensive or cheap a stock is. The reason for its popularity is its simplicity; P/E of 20 means the business is available at a market capitalization which is 20 times its

annual earnings, in other words the stock price is trading at 20 times its earnings per share (EPS). The ratio which can anyways be quickly calculated mentally is also available widely on all portals and invariably the first most people would check.

Through this post, I will briefly cover three ways in which lot of us get it wrong when it comes to making sense out of P/E:

Folly 1: Lower the better; always true?

A lower P/E does not always imply that the stock is a bargain. Though the numerator of this ratio (price) is for everybody to see, what we ignore is the denominator (quality of earnings) where lies the most important information. This is all the more important in case of cyclical businesses. For instance look at following information pertaining to CEAT Tyres:

An investor basing decision only on P/E would find it expensive in 2012 at P/E of ~17 and may give a pass to a potential 10-bagger, without realizing that the earnings are depressed due to sky rocketing rubber prices (key raw material) that almost went 3x in previous three years and effected profitability of entire industry.

The same investor might find CEAT attractive now given the P/E is much lower at 10 times, again missing the point that operating margins and hence earnings are cyclically high, thanks to huge tailwind provided by falling rubber prices which doubled margins.

In reality, CEAT was cheap at 17 P/E in 2012 and could be relatively expensive today at 10 P/E in 2015.

Then there are some businesses where inherent economics are bad or are run by crooks. These businesses are being offered to you at low P/E because of some ‘reason’ and not necessarily because they are ‘hidden gems’. Until and unless there is a trigger like change of management, change of heart or a new strategy, buying such businesses only on the basis of low P/E may be akin to catching a falling knife.

On the other side of the spectrum, there are some beautiful companies out there which trade at optically ‘High’ multiples; but what many ignore is how their earnings are grossly understated.

Investment pundits talk about such companies as ones with ‘capacity to suffer’ in the short term to reap benefits in the long term. These companies are investing today to remain relevant and to have ability to continue to grow tomorrow, with meaningful investments going into research & development, technology, branding etc. which all may be creating intangible assets but are being expensed to P&L every year.

Folly 2: Comparing apple with oranges

Based on the limited data given in the table below, please answer the following three questions

1. Given that all three operate in the footwear industry, can we assume they are all ditto same?

2. Can we conclude Liberty is cheap given valuation multiple of other two?

3. Can we conclude Relaxo is expensive given market leader Bata trades at lower multiple?

The correct answer to all three questions is ‘Insufficient Information’. The reason is because all three may be vastly different in terms of:

1. Presence in different categories within that industry, 2. Business Model: In-house manufacturing Vs. Outsourcing (Asset light),

3. Different geographic exposures, reach and growth strategies 4. Beneficiary of Industry Tailwind vs. Own Efforts

5. Leveraged Balance Sheet Vs Debt-free 6. Complacent Management Vs Fire-in-the-belly

7. Lala Vs Professional Management 8. Big Talk vs. Proven Execution Capabilities

9. Standards of Corporate Governance, Transparent & Timely Disclosures 10. Respect for Minority Shareholders and other Stakeholders

11. Me too Vs. Differentiated, Established/Emerging Brand……..

Company Liberty Shoes Bata India Relaxo Footwears

P/E (22-Dec-15) 21.2 26.6 46.4

CEAT FY12 FY15EPS 5.2 7.8P/E 16.7 10.3Stock Price 87 804

(Data as on 31st March, 2015)

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Just the way no two humans are 100% alike and hence cannot be compared; we should ideally not be comparing two different companies to benchmark valuations against each other.

Let’s say even if both have a lot in common, aren’t we assuming the peer stock is rightly valued? What if even that is grossly overvalued/undervalued and hence making this stock seem cheap/expensive?

As they say, “if you want to justify buying a 30 P/E stock, compare it with a 50 P/E stock and your job is done”.

Benchmarking valuations to a competitor is lame and a convenient short-cut which can lead to wrong decision making. Let investment bankers do that, but any serious long term investor should ideally avoid this folly.

How you value a business should only be dependent on two things:

1. Business Quality and

2. Management Quality

And then assign a P/E you think this business should command, rather than starting by first looking at stock’s and its peer’s P/E.

Folly 3: To drive while looking at rear view mirror

Majority of the investors talk about trailing-twelve-months (ttm) multiple, as that is what is widely available at finance portals like moneycontrol or BSE’s website. This is nothing but earnings per share of previous four quarters / 12 months.

But aren’t we betting on the future earnings? So, do entry multiples really matter? I am sure a lot of people would still answer ‘yes’ to it.

In that case my follow-up question would be- how would one arrive at a P/E for a company that incurred one-time loss last year and has negative earnings? One cannot as the denominator is now negative. In this case the same person will try to work out the expected earnings next year or year after that and decide whether its attractive or not. This essentially makes last year’s profit/loss figure less relevant and future earnings potential the key factor.

Whether you pay a trailing P/E of 10 or 30 or 50, in the long term your returns broadly would depend on three factors:

1. Future earnings growth: A function of sales growth, margin expansion due to operating leverage and/or sales-mix change and interest cost saving (retiring debt).

A 10 P/E stock would fail to generate good returns if the business fails to grow its earnings per share, whereas a 30 P/E stock can create massive wealth if its earnings grow consistently at 30-40% CAGR. That is what makes earnings growth the most important driver of stock returns in the long run. Classic example is Page Industries which was never ‘cheap’ but due to consistent and high growth in earnings created massive wealth over last 5-6 years.

2. Exit multiple: A function of market perception of further growth potential in the business, over the next period.

Aneminent professor, who has been a guiding force in investing community, has explained the relevance of thinking in terms of ‘exit multiples’ really well. He suggests that investors should be conservative while assigning exit P/E. According to him an investor should use conservative assumptions as compared to the actual performance of the business in the past and never assumean exit multiple more than 20x, the idea behind the assumption is to create multiple sources of margin of safety.

3. Dividends: A function of reinvestment opportunity within the business

If you invest in large companies generating lot of free cash and high payout, dividends can make meaningful contribution to returns. However in our case, we primarily invest in emerging companies from small & mid cap space, and these companies have a huge run way to grow by reinvesting capital; dividend payouts are low and hence the yields contribute insignificantly to overall returns.

Now, there is no way we can predict the earnings of a company for next year or for 2020 with any precision. However, as investors we would fail in our role if we do not even have a range of possible outcomes with their likely probabilities.

We do not know whether company X from our portfolio can report Rs 23.56 EPS in 2020, but can we attach a high (lets say 70-80%) probability that the figure will be above Rs 20 and with a reasonable exit multiple of 15 we can at least make XX% CAGR in this stock, which is above or close to our hurdle rate? And the answer is ‘Yes We Can’. By keeping assumptions conservative and working out a base case (highly likely) scenario, one can position himself for good luck. At the end of the day, investing is never certain, it’s all about probabilities.

To Summarize:

While using P/E as a valuation tool we need to make sure we are not committing any of the following mistakes:

1. Assuming lower is always better and vice-versa

2. Benchmarking P/E against peers or industry average ignoring the differences in business quality and management quality

3. Considering only trailing multiples with little regard to exit multiple and future earnings potential.”

I would like to thank Mr. Jatin Khemani for his permission to reproduce from his blog.

Talking of PEs I had an interesting experience when I recently met a prospective investor in Delhi in the end of December 2015. After a long discussion on investing in equities and our stock picking process of buying Q-G-L-P stocks, he asked me what’s the average PE on the Sensex. I told him it is approximately 18 times. This means I have to pay Rs. 18 for every Re. 1 of earnings received. I said yes that’s what it means. Being a smart business man his immediate retort was; what kind of business is this!!!

On Rs. 18, in some instruments the interest I can earn itself is Rs 1.8 per year, which means by paying Rs. 18 I can earn Rs.1.8 in fixed income, why should I Rs. 18Rs to earn Re.1 in your equities??? I explained to him that yes we are today buying investment worth Rs. 18 that is yielding Re. 1 currently but if it is indeed a Q-G-L-P investment the Re. 1 will be compounding at 20% year on year. At the end of 10 years from now the bond would have added cash flows of Rs. 18 on an investment of Rs. 18 while the stock based on its 20% earnings growth would have added cash flows worth Rs.31.15!!! Which one is better?

And then the investor just shocked me with his next question! He asked me: Oh! If that’s the case why do people try to buy companies that are cheap but do not have a bankable track record or probability of growth!!! Because if you buy cheap – say at 12 PE and the earnings do not grow – they remain at Re. 1 or thereabouts or they do not bounce back for 3-4 years after you supposedly bought cheap and turn around only after a delay what happens??? This insightful question on buying cheap vs buying “expensive” set me thinking and I have worked out some permutations and combinations of how an investment in cheap vs expensive could play out. Suffice it to say –

(Continued overleaf)

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3

buying cheap is not necessarily a winning proposition and buying “expensive” is definitely not necessarily a risky bet. It all depends on earnings profile and growth in earnings and if at all there is any conclusion – I’d say one is better off buying companies with track record of growth even if they are perceived to be “expensive”!!! Have a look and the only thing this reminds me of is the popular Marathi adage – Dista tasa nasta (what appears is not)!!!

The table above is used to explain the concept and is for illustration purpose only. It should not be used for development or implementation of an investment strategy and should not be construed as an investment advice to any party. Past performance may or may not be sustained in future.

The table above is used to explain the concept and is for illustration purpose only. It should not be used for development or implementation of an investment strategy and should not be construed as an investment advice to any party. Past performance may or may not be sustained in future.

Happy Investing

Aashish P SomaiyaaManaging Director & CEO

The Stocks mentioned above are used to explain the concept and is for illustration purpose only and should not be used for development or implementation of an investment strategy. It should not be construed as investment advice to any party. The stocks may or may not be part of our portfolio/strategy/ schemes. Past performance may or may not be sustained in future.

Case 1 Cash FlowCompany with Earnings

Growth @ 15%Bond with Annual

Interest @ 10%Case 2 Cash Flow

Cheap company with low PE but Growth

doesn’t play out

Bond with Annual Interest @ 10%

Year 0 Dec-15 -18 -18 Year 0 Dec-15 -12 -18Year 1 Dec-16 1.15 1.8 Year 1 Dec-16 1.0 1.8Year 2 Dec-17 1.32 1.8 Year 2 Dec-17 1.0 1.8Year 3 Dec-18 1.52 1.8 Year 3 Dec-18 1.0 1.8Year 4 Dec-19 1.75 1.8 Year 4 Dec-19 1.0 1.8Year 5 Dec-20 2.01 1.8 Year 5 Dec-20 1.0 1.8Year 6 Dec-21 2.31 1.8 Year 6 Dec-21 1.0 1.8Year 7 Dec-22 2.66 1.8 Year 7 Dec-22 1.0 1.8Year 8 Dec-23 3.06 1.8 Year 8 Dec-23 1.0 1.8Year 9 Dec-24 3.52 1.8 Year 9 Dec-24 1.0 1.8

Year 10 Dec-25 4.05 1.8 Year 10 Dec-25 1.0 1.8

Case 3 Cash FlowCompany with Earnings Growth @ 20% for first

5 years & then 15%


Case 4Cash Flow

Cheap Company with low PE but Growth doesn’t play out for 3 years and

then its 20% CAGR


Year 0 Dec-15 -18 -18 Year 0 Dec-15 -12 -18Year 1 Dec-16 1.20 1.8 Year 1 Dec-16 1.0 1.8Year 2 Dec-17 1.44 1.8 Year 2 Dec-17 1.0 1.8Year 3 Dec-18 1.73 1.8 Year 3 Dec-18 1.0 1.8Year 4 Dec-19 2.07 1.8 Year 4 Dec-19 1.2 1.8Year 5 Dec-20 2.49 1.8 Year 5 Dec-20 1.4 1.8Year 6 Dec-21 2.86 1.8 Year 6 Dec-21 1.7 1.8Year 7 Dec-22 3.29 1.8 Year 7 Dec-22 2.1 1.8Year 8 Dec-23 3.78 1.8 Year 8 Dec-23 2.5 1.8Year 9 Dec-24 4.35 1.8 Year 9 Dec-24 3.0 1.8

Year 10 Dec-25 5.00 1.8 Year 10 Dec-25 3.6 1.8

Year 10 (Principal assuming no change in share price)

Dec-25 18.00 18Year 10 (Principal assuming

no change in share price)Dec-25 12.0 18

IRR 13.37% 9.99% IRR 13.14% 9.99%

Year 10 (Principal assuming no change in share price)

Dec-25 18.00 18Year 10 (Principal assuming

no change in share price)Dec-25 12.0 18

IRR 11.46% 9.99% IRR 8.33% 9.99%

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Motilal Oswal MOSt Focused 25 Fund(An Open Ended Equity Scheme)

Scheme DetailsAbout the Scheme

(Data as on 31st January, 2016)

Scheme Name

Type of Scheme

InvestmentObjective

Benchmark

Continuous Offer

Motilal Oswal MOSt Focused 25 Fund (MOSt Focused 25)

An Open Ended Equity Scheme

The investment objective of the Scheme is to achieve long term capital appreciation by investing in upto 25 companies with long term sustainable competitive advantage and growth potential. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.

Nifty 50 Index

Minimum Application Amount : ̀ 5,000/- and in multiples of ̀ 1 /- thereafter.

Additional Application Amount : ̀ 1,000/- and in multiples of ̀ 1/- thereafter.

Normally within 3 Business days from acceptance of redemption request.

Nil

Redemptionproceeds

Entry / Exit Load

Pursuant to payment of dividend, NAV per unit will fall to the extent of the dividend payout and statutory levy (if applicable). Face value Rs. 10/-. Past performance may or may not be sustained in future.

Record Date 1 Jan 2016

Dividend perUnit (Rs.)

Cum DividendNAV

Ex DividendNAV

15.5745 14.5745Direct Plan

Regular Plan

1.00

14.9854 13.98541.00

Dividend History

Holdings


13 May 2013Date of Allotment

Monthly AAUM

`14.7249Regular Growth Plan

Direct Dividend Plan

`12.7272Regular Dividend Plan

`13.2765

NAV Direct Growth Plan `15.3115

`367.76 (` crores)

Latest AUM (31st Jan. 2016) `364.70 (` crores)

1.00Portfolio Turnover Ratio

Performance

NAV per unit : Rs 10.0000 (May 13, 2013); 10.4183 (Dec. 31, 2013); 15.0269 (Dec. 31, 2014); 15.9130 (Dec. 31, 2015). Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Date of inception is deemed to be date of allotment. Past performance may or may not be sustained in the future. The performance of the Schemes managed by same Fund Managers are on page no. 5, 6, 8,9 and 10 .

Date

Scheme Benchmark

Nifty 50Returns (%)

19.27%

5.90%

44.24%

Since Inception till Dec. 31, 2015

Dec. 31, 2014 to Dec. 31, 2015

Dec. 31, 2013 to Dec. 31, 2014

11.39%

-4.06%

31.39%

Motilal Oswal MOSt Focused 25 Fund Returns (%)

Current Value of Standard Investment of Rs 10,000

Motilal Oswal MOSt Focused 25 Fund Returns (INR)

Nifty 50Returns (INR)

15,913 13,287

N.A.

Industry Allocation

Fund ManagerFund Manager*

ExperienceHe has 19 years of experience in fund management and investmentresearch. He has been managing this fund since inception.

Mr. Taher Badshah

Co-Fund Manager*

ExperienceHe has a rich experience of more than 13 years in the field of researchand investments. He has been co-managing this fund since May 4, 2015.

Mr. Siddharth Bothra

*For Equity Component.Debt Component - Mr. Abhiroop Mukherjee

All the Returns shown above are of Regular Plan Growth Option

Returns for one year are absolute. Returns for more than one year are compounded annualized. For SIP returns, monthly investment of Rs. 10000/- invested on the 1st day of every month has been considered. Past performance may or may not be sustained in the future.

Invested Amount 120000 320000

No of Units 7,462.57 8,636.84 25,730.52 26,753.66

Market Value 118,751.92 114,473.39 409,449.79 354,595.04

Returns (CAGR) -1.92% -8.43% 18.92% 7.65%

SIP Performance (As on Dec. 31, 2015) 1 Year

MOStFocused 25

Nifty 50 Nifty 50MOStFocused 25

Since Inception

Infosys Limited 9.17%

HDFC Bank Limited 9.03%

Kotak Mahindra Bank Limited 8.53%

Interglobe Aviation Limited 7.10%

Eicher Motors Limited 6.87%

Britannia Industries Limited 6.56%

Cummins India Limited 5.94%

Bharat Forge Limited 5.71%

Oracle Financial Services Software Limited 5.05%

IndusInd Bank Limited 4.56%

Max Financial Services Limited 4.32%

Container Corporation of India Limited 4.15%

Maruti Suzuki India Limited 4.12%

Lupin Limited 4.03%

CRISIL Limited 3.85%

Housing Development Finance Corporation Limited 3.41%

Tata Consultancy Services Limited 2.41%

Max India Limited 1.31%

Max Ventures & Industries Ltd 0.15%

Cash and Equivalent 3.73%

Scrip

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

Sr. No. Weightage

(Data as on 31st January, 2016) Industry classification as recommended by AMFI

3.73%

4.03%

6.56%

10.98%

11.25%

11.66%

13.03%

16.64%

22.12%

Cash & Equivalent

Pharmaceuticals

Consumer Non Durables

Auto

Transportation

Industrial Products

Finance

Software

Banks

Record Date 21 Nov 2014


Cum DividendNAV

Ex DividendNAV

15.2579 14.1379Direct Plan

Regular Plan

1.12

14.9024 13.81241.09


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Motilal Oswal MOSt Focused Midcap 30 Fund(An Open Ended Equity Scheme)

Scheme DetailsScheme Name

Type of Scheme

InvestmentObjective

Benchmark

Continuous Offer

Motilal Oswal MOSt Focused Midcap 30 Fund (MOSt Focused Midcap 30)

An Open Ended Equity Scheme

The investment objective of the Scheme is to achieve long term capital appreciation by investing in a maximum of 30 quality midcap companies having long-term competitive advantages and potential for growth. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.

Nifty Midcap 100 Index

Minimum Application Amount: ̀ 5,000/- and in multiples of ̀ 1/- thereafter.

Additional Application Amount: ̀ 1,000/- and in multiples of ̀ 1/- thereafter.


Nil

About the Scheme

Redemptionproceeds

Entry / Exit Load

24 February 2014Date of Allotment

Monthly AAUM




`18.9129


`878.64 (` crores)




ExperienceHe has 19 years of experience in fund management and investmentresearch. He has been managing this fund since inception.

Mr. Taher Badshah

Co-Fund Manager*

ExperienceHe has a rich experience of more than 13 years in the field of researchand investments. He has been co-managing this fund since May 4, 2015.

Mr. Siddharth Bothra

Holdings

NAV per unit : Rs 10.0000 (Feb 24, 2014); 17.4681 (Dec. 31, 2014); 20.3468 (Dec. 31, 2015). Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Date of inception is deemed to be date of allotment. Past performance may or may not be sustained in the future. The performance of the Schemes managed by same Fund Managers are on page no. 4, 6, 8, 9 and 10.

Performance

Date

Scheme Benchmark

Nifty Midcap 100Returns (%)

46.83%

16.48%


Dec. 31, 2014 to Dec. 31, 2015

35.00%

6.46%

MOSt Focused Midcap 30Returns (%)


12,845

N.A.

Nifty 50Returns (%)

20,347


MOSt Focused Midcap 30Returns (INR)

Nifty Midcap 100Returns (INR)

17,41914.50%

-4.06%

Additional Benchmark


Industry Allocation


*For Equity Component. For Debt Component - Mr. Abhiroop Mukherjee


Pursuant to payment of dividend, NAV per unit will fall to the extent of the dividend payout and statutory levy(if applicable). Face value Rs. 10/-. Past performance may or may not be sustained in future.

Record DateMarch 4, 2015


Cum DividendNAV

Ex DividendNAV

20.5495 19.5495Direct Plan

Regular Plan

1.00

20.2964 19.29641.00

Dividend History

* Also represents addition benchmark


No of Units 6,089.47 7,020.98 8,911.56 14,758.52 15,542.40 18,229.79

Market Value 123,901.33 122,298.47 114,473.39 300,288.75 270,733.15 234,170.63

Returns (CAGR) 6.08% 3.57% -8.43% 29.43% 17.35% 1.82%


MOStFocused

Midcap 30

Nifty Midcap100

Nifty 50*MOSt

FocusedMidcap 30

Nifty 50*Nifty Midcap100

Since Inception



Amara Raja Batteries Limited 8.41%

CRISIL Limited 8.16%

WABCO India Limited 6.66%

Mindtree Limited 6.61%


Tata Elxsi Limited 5.84%

S H Kelkar And Company Limited 5.23%

Havells India Limited 4.81%

Sundaram Finance Limited 4.67%

Ajanta Pharma Limited 4.50%

Multi Commodity Exchange of India Limited 4.48%

Voltas Limited 4.28%

Bajaj Finance Limited 4.27%

Repco Home Finance Limited 4.05%

TVS Motor Company Limited 3.86%

Aditya Birla Fashion And Retail Limited 3.57%

Hindustan Petroleum Corporation Limited 2.93%

Alkem Laboratories Limited 2.88%

Thermax Limited 2.84%

Power Mech Projects Limited 2.14%




Scrip

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

Sr. No. Weightage

1.01%

2.84%

2.93%

3.57%

3.86%

4.81%

5.23%

6.43%

7.38%

12.45%

15.07%

34.42%

Cash & Equivalent

Industrial Capital Goods

Petroleum Products

Retailing

Auto

Consumer Durables


Construction Project

Pharmaceuticals

Software

Auto Ancillaries

Finance


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Monthly AAUM




`16.6488


`3090.59 (` crores)


Motilal Oswal MOSt Focused Multicap 35 Fund(An Open Ended Diversified Equity Scheme)


Type of Scheme

InvestmentObjective

Benchmark

Continuous Offer

Motilal Oswal MOSt Focused Multicap 35 Fund (MOSt Focused Multicap 35)

An Open Ended Diversified Equity Scheme

The investment objective of the Scheme is to achieve long term capital appreciation by primarily investing in a maximum of 35 equity & equity related instruments across sectors and market capitalization levels. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.

Nifty 500 Index

Minimum Application Amount: ̀ 5,000/- and in multiples of ̀ 1/- thereafter.

Additional Application Amount: ̀ 1,000/- and in multiples of ̀ 1/- thereafter.


Nil

About the Scheme

Redemptionproceeds


Entry / Exit Load

6




Holdings

NAV per unit : Rs 10.0000 (Apr 28, 2014); 15.3398 (Dec. 31, 2014); 17.5792 (Dec. 31, 2015). Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Date of inception is deemed to be date of allotment. Past performance may or may not be sustained in the future. The performance of the Schemes managed by same Fund Managers are on page no. 4, 5, 8,9, 10 and 11 .

Performance

Date

Scheme Benchmark

Nifty 500Returns (%)

40.00%

14.60%


Dec. 31, 2014 to Dec. 31, 2015

14.98%

-0.72%

MOSt Focused Multicap 35Returns (%)


11,753

N.A.

Nifty 50Returns (%)

10.11%

-4.06%

17,579


MOSt Focused Multicap 35Returns (INR)


12,637

Additional Benchmark












Bharat Petroleum Corporation Limited 3.61%


Lupin Limited 3.37%

United Spirits Limited 3.21%


State Bank of India 2.66%


Supreme Industries Limited 2.36%




Scrip

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

Sr. No. Weightage


ExperienceHe has close to 11 years of experience in the fund management andinvestment research. He has been managing this fund since 5th May 2014.

Mr. Gautam Sinha Roy

Co-Fund Manager*

ExperienceHe has a rich experience of more than 19 years in fund managementand investment. He has been co-managing this fund since May 4, 2015.

Mr. Taher Badshah

*For Equity Component.For Debt Component - Mr. Abhiroop Mukherjee, For Foreign Securities - Mr. Swapnil Mayekar


* Also represents addition benchmark


MOStFocused

Midcap 35Nifty 500 Nifty 50*

MOStFocused

Midcap 35Nifty 50*Nifty 500

Since Inception



No of Units 7,000.50 9,255.37 9,740.11 14,496.25 17,119.52 17,738.98

Market Value 123,063.14 116,959.62 114,473.39 254,832.47 216,338.46 208,482.34

Returns (CAGR) 4.77% -4.66% -8.43% 22.94% 3.30% -0.79%

Industry Allocation

0.27%

2.36%

6.80%

9.85%

10.28%

11.16%

11.23%

13.64%

13.96%

20.45%

Cash & Equivalent

Industrial Products

Transportation


Finance

Pharmaceuticals

Petroleum Products

Software

Auto

Banks


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Motilal Oswal MOSt Focused Long Term Fund(An Open Ended Equity Linked Saving Scheme with a 3 year lock-in)

Scheme Name

Type of Scheme

InvestmentObjective

Benchmark

Continuous Offer

Motilal Oswal MOSt Focused Long Term Fund (MOSt Focused Long Term)

An open ended equity linked saving scheme with a 3 year lock-in.

The investment objective of the Scheme is to generate long-term capital appreciation from a diversified portfolio of predominantly equity and equity related instruments. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.

Nifty 500 Index

Minimum Application Amount: ̀ 500/- and in multiples of ` 500/- thereafter.

Additional Purchase: ` 500/- and in multiples of ` 500/- thereafter.


Nil

About the Scheme

Redemptionproceeds


Entry / Exit Load

Returns for MOSt Long Tern will be provided for quarter ending March 31, 2016.

Fund Manager

Holdings












Supreme Industries Limited 3.62%

Bharat Petroleum Corporation Limited 3.59%


Lupin Limited 3.29%

State Bank of India 2.92%




United Spirits Limited 2.44%



Cash & Equivalent 3.07%

Scrip

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

Sr. No. Weightage

Industry Allocation

He has close to 11 years of experience in the fund management and investment research. He has been managingthis fund since inception.

Mr. Gautam Sinha RoyFund Manager* Experience

21 January 2015Date of Allotment

Monthly AAUM




`10.5970


`97.52 (` crores)



Scheme Details


* For Equity Component.For Debt Component - Mr. Abhiroop Mukherjee

3.07%

3.62%

7.30%

8.40%

9.59%

10.25%

11.45%

11.75%

13.65%

20.92%

Cash & Equivalent

Industrial Products

Transportation


Pharmaceuticals

Petroleum Products

Software

Finance

Auto

Banks


BRSTBR

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ST

BRBRSTBRST

STBRST

8

Motilal Oswal MOSt Ultra Short Term Bond Fund (An Open Ended Debt Scheme)

6 September 2013Date of Allotment

Scheme DetailsAbout the Scheme

`12.0134

`10.0000

`10.0089

`10.0061

`10.0542

`10.0647

`11.8278

`10.0000

`10.0057

`10.0056

`10.0516

`10.0697

Direct Plan - Growth

Direct Plan - Daily Dividend

Direct Plan - Weekly Dividend

Direct Plan - Fortnightly Dividend

Direct Plan - Monthly Dividend

Direct Plan - Quarterly Dividend

Regular Plan - Growth

Regular Plan - Daily Dividend

Regular Plan - Weekly Dividend

Regular Plan - Fortnightly Dividend

Regular Plan - Monthly Dividend

Regular Plan - Quarterly Dividend

NAV

Scheme Name

Type of Scheme

InvestmentObjective

Benchmark

ContinuousOffer

Motilal Oswal MOSt Ultra Short Term Bond Fund

An Open Ended Debt Scheme

The investment objective of the Scheme is to generate optimal returns consistent with moderate levels of risk and liquidity by investing in debt securities and money market securities. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.

CRISIL Short Term Bond Fund Index

Minimum Application Amount : ̀ 5,000/- and in multiples of ̀ 1/- thereafter.

Additional Application Amount : ̀ 1000/- and in multiples of ̀ 1/- thereafter.

Normally within 1 Business day from acceptance of redemption request.

Nil

Redemptionproceeds

Entry / Exit Load

NAV per unit : Rs. 11.7762 (Dec. 31, 2015); 11.0459 (Dec. 31, 2014);Rs. 10.2715 (Dec. 31, 2013); Rs. 10.0000 (Sept. 6, 2013).Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Date of inception is deemed to be date of allotment. Past performance may or maynot be sustained in the future. The performance of the Schemes managed by same Fund Manager is on page no. 4, 5 and 6 .

Quantitative Indicators Average Maturity*

YTM

0.15yrs / 54.83 days

7.1732%

*For Motilal Oswal MOSt Ultra Short Term Bond Fund Modified Duration is equal to its Average maturity(Data as on 31st January, 2016)

Portfolio


Security Issuer Weightage

Axis Bank CD Axis Bank 21.95%

Corporation Bank CD Corporation Bank 21.93%

Canara Bank CD Canara Bank 21.92%

Vijaya Bank CD Vijaya Bank 12.75%

Punjab & Sind Bank CD Punjab & Sind Bank 4.41%

Syndicate Bank CD Syndicate Bank 4.39%

Canara Bank CD Canara Bank 4.39%

Andhra Bank CD Andhra Bank 4.38%

Reverse REPO/Cash/Others 3.87%

Monthly AAUM


`108.71 (` crores)

Latest AUM (31st Jan. 2016) `113.12(` crores)

Fund Manager

Experience He has over 8 years of experience in the Financial Services Industry.He has been managing this fund since inception.

Mr. Abhiroop Mukherjee

Fund Manager

Dividend History

Record DateDividend Option


Cum DividendNAV

Ex DividendNAV

June 26, 2015 0.17 10.1924 10.0224

Sept. 26, 2015 0.08 10.1069 10.0269

Dec. 28, 2015 0.18 10.1904 10.0104

Quarterly Dividend (Direct Plan)



Cum DividendNAV

Ex DividendNAV

Sept. 26, 2015 0.15 10.1771 10.0271

Dec. 28, 2015 0.16 10.1793 10.0193

Quarterly Dividend (Regular Plan)



Cum DividendNAV

Ex DividendNAV

Nov 27, 2015 0.05 10.0471 10.0000

Dec. 28, 2015 0.05 10.0500 10.0000

Jan. 29, 2016 0.06 10.0595 10.0000

Monthly Dividend (Direct Plan)

Pursuant to payment of dividend, NAV per unit will fall to the extent of the dividend payout and statutory levy (if applicable). Face value Rs. 10/-. Past performance may or may not be sustained in future.



Cum DividendNAV

Ex DividendNAV

Nov 27, 2015 0.04 10.0437 10.0000

Dec. 28, 2015 0.04 10.0462 10.0012

Jan. 29, 2016 0.06 10.0566 10.0014

Monthly Dividend (Regular Plan)

Date

Scheme Benchmark

Motilal Oswal MOStUltra Short Term Bond

Fund Returns (%)

Current Value of Standard Investment of Rs 10000

Since Inception till Dec 31, 2015

Dec 31, 2014 to Dec 31, 2015

Dec 31, 2013 to Dec 31, 2014

Motilal Oswal MOStUltra Short Term Bond

Fund Returns (INR)

CRISIL Short Term BondFund Index Returns (INR)

CRISIL LiquidFund Index

Returns (INR)

CRISIL Short TermBond Fund Index

Returns (%)

CRISIL LiquidFund IndexReturns (%)

N.A.

7.63%

6.72%

7.79%

8.54%

6.87%

10.05%

8.98%

8.23%

9.21%

11776.16 12226.35 12204.65

PerformanceAdditionalBenchmark

RatingRating

CRISIL A1+ 74.61%

CARE A1+ 21.52%

Cash & Equivalent 3.87%

% to Net Assets


BRSTBR

BRSTBRSTBRSBRSTBRS

ST

BRBRSTBRST

STBRST

9

Motilal Oswal MOSt Shares M50 ETF(An Open Ended Exchange Traded Fund)

28 July 2010

`72.5973

`22.11 (` crores)

` 22.14 (` crores)

0.47% (Annualised)

18.20

0.04 (Annualised)

Date of Allotment

NAV - Growth Plan

Latest AUM (31st Jan. 2016)

0.11

1.20

Tracking Error*

Standard Deviation

Sharpe Ratio#

Portfolio Turnover Ratio

Beta

Monthly AAUM


Type of Scheme

InvestmentObjective

Benchmark

Continuous Offer

Motilal Oswal MOSt Shares M50 ETF (MOSt Shares M50)

An Open Ended Exchange Traded Fund

The Scheme seeks investment return that corresponds (before fees and expenses) generally to the performance of the Nifty 50 Index (Underlying Index), subject to tracking error. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.

Nifty 50 Index

On NSE: Investors can buy/sell units of the Scheme in round lot of 1 unit and in multiples thereof.

Directly with the Mutual Fund: Investors can buy/sell units of the Scheme only in creation unit size i.e. 50,000 units and in multiples thereof.


About the Scheme

Redemptionproceeds

Fund Manager

He has 19 years of experience in fund management and investment research. He has been managing this FundSince August 10, 2015.

Mr. Taher BadshahFund Manager Experience

M50

MOSTM50

M50.NS

ISIN Code

Entry Load

Exit Load

INF247L01536

NIL

NIL

NSE & BSE Symbol

Bloomberg Code

Reuters Code

NAV per unit : Rs 76.2877 (Dec. 31, 2015); Rs 79.3411 (Dec. 31, 2014); 61.8440(Dec. 31, 2013); Rs 57.7678 (Dec. 31, 2012); Rs 43.0809 (Dec. 31, 2011); Rs 60.9839 (Dec. 31, 2010); Rs 54.6210 (July 28, 2010) Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Date of inception is deemed to be date of allotment. Past performance may or may not be sustained in the future. The performance of the Schemes managed by same Fund Manager is on page no. 4, 5, 6 and 10.

Date

Scheme Benchmark Current Value of Standard Investment of Rs. 10,000/-

Nifty 50Returns (%)

Motilal Oswal MOSt Shares M50 ETF Returns (INR)


Since Inception till Dec. 31, 2015 6.35% 7.38%

Dec. 31, 2014 to Dec. 31, 2015 -3.85% -4.06%

Dec. 31, 2013 to Dec. 31, 2014 28.29% 31.39%

Dec. 31, 2012 to Dec. 31, 2013 7.06% 6.76%

Dec. 31, 2011 to Dec. 31, 2012 34.09% 27.70%

Dec. 31, 2010 to Dec. 31, 2011 -29.36% -24.62%

13,967

N. A.

14,722

Motilal Oswal MOSt Shares M50 ETF Returns

Performance

Top 10 Holdings




ITC Limited 6.64%

Reliance Industries Limited 6.31%

ICICI Bank Limited 4.94%


Sun Pharmaceuticals Industries Limited 3.51%

Larsen & Toubro Limited 3.33%

Kotak Mahindra Bank Limited 2.60%

Scrip

1

2

3

4

5

6

7

8

9

10

Sr. No. Weightage


Industry Allocation

*Against the benchmark Nifty 50 Index. # Risk free returns based on last overnight MIBOR cut-off of 7.00%



0.40%

0.46%

0.58%

0.61%

0.63%

0.63%

0.71%

0.85%

1.52%

1.75%

1.90%

2.69%

2.85%

3.33%

6.87%

7.16%

7.58%

8.84%

10.23%

17.37%

23.03%

Cash & Equivalent

Industrial Capital Goods

Auto Ancillaries

Ferrous Metals

Non - Ferrous Metals

Gas

Transportation

Media & Entertainment

Minerals/Mining

Oil

Telecom - Services

Power

Cement

Construction Project

Finance

Petroleum Products

Pharmaceuticals

Auto


Software

Banks


BRSTBR

BRSTBRSTBRSBRSTBRS

ST

BRBRSTBRST

STBRST

10

Motilal Oswal MOSt Shares Midcap 100 ETF(An Open Ended Index Exchange Traded Fund)

31 January 2011

`12.9991

`51.54 (` crores)

` 43.58 (` crores)

0.34% (Annualised)

18.34

0.44 (Annualised)

Date of Allotment

NAV - Growth Plan

Latest AUM (31st Jan. 2016)

Monthly AAUM

Tracking Error*

Standard Deviation

Sharpe Ratio#


Beta

0.31

0.96


Type of Scheme

InvestmentObjective

Benchmark

Continuous Offer

Motilal Oswal MOSt Shares Midcap 100 ETF(MOSt Shares Midcap 100)

An Open ended Index Exchange Traded Fund

The Scheme seeks investment return that corresponds (before fees and expenses) to the performance of Nifty Midcap 100 Index (Underlying Index), subject to tracking error. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.

Nifty Midcap 100 Index

On NSE/BSE: Investors can buy/sell units of the Scheme in round lot of 1 unit and in multiples thereof.

Directly with the Mutual Fund: Investors can buy/sell units of the Scheme only in creation unit size i.e. 2,50,000 units and in multiples thereafter.


About the Scheme

Redemptionproceeds

He has 19 years of experience in fund management and investment research. He has been managing this FundSince August 10, 2015.

Mr. Taher Badshah

Fund Manager

Fund Manager Experience

M100

MOST100

M100.NS

ISIN Code

Entry Load

Exit Load

INF247L01023

NIL

NIL

NSE / BSE Symbol

Bloomberg Code

Reuters Code

NAV per unit : Rs 13.9693 (Dec. 31, 2015); Rs 13.0930 (Dec. 31, 2014); Rs 8.3496 (Dec. 31, 2013); Rs 8.6971 (Dec. 31, 2012); Rs. 6.1982 (Dec. 31, 2011) Rs 7.9225 (Jan 31, 2011). Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Date of inception is deemed to be date of allotment. Past performance may or may not be sustained in the future. The performance of the Schemes managed by same Fund Manager is on page no. 4, 5, 6 and 9.

Performance

Top 10 Holdings

Scrip

1

2

3

4

5

6

7

8

9

10

Sr. No. Weightage



*Against the benchmark Nifty Midcap 100 Total Return Index. # Risk free returns based on last overnight

MIBOR cut-off of 7.00% (Data as on 31st January 2016)

Indian Oil Corporation Limited 3.54%


Divi's Laboratories Limited 2.54%


Ashok Leyland Limited 2.20%

Bajaj Finance Limited 2.12%

Marico Limited 2.06%

Bajaj Finserv Limited 1.98%

Glenmark Pharmaceuticals Limited 1.98%

JSW Steel Limited 1.96%

Date


Nifty 50Returns (%)

Nifty Midcap 100Index Returns (%)

Motilal Oswal MOSt Shares Midcap 100 ETF Returns (INR)


Nifty Midcap 100Index Returns (INR)

Since Inception till Dec. 31, 2015 12.22% 11.27% 7.75%

Dec. 31, 2014 to Dec. 31, 2015 6.69% 6.46% -4.06%

Dec. 31, 2013 to Dec. 31, 2014 56.81% 55.91% 31.39%

Dec. 31, 2012 to Dec. 31, 2013 -4.00% -5.10% 6.76%

Dec. 31, 2011 to Dec. 31, 2012 40.32% 39.16% 27.70%

17,632 16,910

N. A.

14,432

Motilal Oswal MOSt Shares Midcap 100 ETF Returns

AdditionalBenchmark

Industry Allocation

0.01%0.41%0.64%0.67%0.88%1.03%1.16%1.50%1.60%1.70%1.74%1.94%2.67%2.70%2.94%3.11%3.23%3.25%3.43%3.46%4.38%4.44%5.32%5.51%5.94%

10.06%11.78%

14.53%

Cash & EquivalentIndustrial Products

Media & EntertainmentNon -Ferrous Metals

OilHotels Resorts And Other Recreational Activities

Minerals/MiningConstruction Project

-Telecom -ServicesConstruction

Textile ProductsHealthcare Services

ChemicalsGas

TransportationFerrous Metals

CementAuto

BanksConsumer Durables

PowerAuto Ancillaries

SoftwareIndustrial Capital Goods

Petroleum ProductsFinance

Consumer Non DurablesPharmaceuticals


BRSTBR

BRSTBRSTBRSBRSTBRS

ST

BRBRSTBRST

STBRST

11

Motilal Oswal MOSt Shares NASDAQ - 100 ETF(An Open Ended Index Exchange Traded Fund)

29 March 2011

`283.9018

`71.98 (` crores)

`72.30(` crores)

0.33% (Annualised)

15.59

1.15 (Annualised)

Date of Allotment

NAV - Growth Plan

Latest AUM (31st Dec. 2015)

Monthly AAUM

Tracking Error*

Standard Deviation

Sharpe Ratio#


Beta

0.09

0.97


Type of Scheme

InvestmentObjective

Benchmark

Continuous Offer

Motilal Oswal MOSt Shares NASDAQ - 100 ETF(MOSt Shares NASDAQ 100)

An open ended Index Exchange Traded Fund

The Scheme seeks investment return that corresponds (before fees and expenses) generally to the performance of the NASDAQ-100 Index, subject to tracking error. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.

NASDAQ - 100 Index

On NSE & BSE: Investors can buy/sell units of the Scheme in round lot of 1 unit and in multiples thereof.

Directly with the Mutual Fund: Investors can buy/sell units of the Scheme only in creation unit size i.e. 100,000 units and in multiples thereafter.


About the Scheme

Redemptionproceeds

He has 10 years of experience in the financial services industry. He has been managing this Fundsince August 10, 2015.

Mr. Swapnil Mayekar

Fund Manager

Fund Manager Experience

N100

MOSTNDX

N100.NS or N100.BO

ISIN Code

Entry Load

Exit Load

INF247L01031

NIL

NIL

NSE & BSE Symbol

Bloomberg Code

Reuters Code

NAV per unit : Rs 307.1292 (Dec. 31, 2015); Rs 270.511 (Dec. 31, 2014); Rs 220.6587 (Dec. 31, 2013); Rs 142.4886 (Dec. 31, 2012); Rs 121.33(Dec. 31, 2011); Rs 103.2365 (March 29, 2011). Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. Date of inception is deemed to be date of allotment. Past performance may or may not be sustained in the future. The performance of the Scheme managed by same Fund Manager is on page no. 6.

Performance

Top 10 Holdings

Apple 11.03%

Microsoft Corporation 8.95%

Amazon.com 5.60%

Alphabet INC-Class C 5.22%

Facebook 5.18%

Alphabet INC-Class A 4.51%

Intel Corporation 2.98%

Comcast Corporation 2.77%

Cisco Systems 2.46%

Gilead Sciences 2.43%

Scrip

1

2

3

4

5

6

7

8

9

10

Sr. No. Weightage


Industry Allocation

(Data as on 31st January, 2016) Industry Classification is as per Global Industry Classification Standard (GICS).

*Against the benchmark NASDAQ-100 Total Return Index. # Risk free returns based on last overnight MIBOR

cut-off of 7.00% (Data as on 31st January, 2016)

Date


Nifty 50Returns (%)

NASDAQ-100Index (In INR) (%)

MOSt SharesNASDAQ 100 Returns (INR)


NASDAQ 100 IndexReturns (INR)

Since Inception till Dec. 31, 2015 25.73% 25.88% 7.08%

Dec. 31, 2014 to Dec. 31, 2015 13.54% 13.82% -4.06%

Dec. 31, 2013 to Dec. 31, 2014 22.59% 22.78% 31.39%

Dec. 31, 2012 to Dec. 31, 2013 54.86% 54.77% 6.76%

Dec. 31, 2011 to Dec. 31, 2012 17.44% 17.51% 27.70%

29,750 29,915

N. A.

13,853

MOSt SharesNASDAQ 100 Returns

AdditionalBenchmark

- 0.09%

0.19%

0.46%

0.50%

0.51%

0.59%

1.18%

2.06%

2.37%

3.24%

3.88%

6.22%

7.91%

10.98%

11.37%

15.70%

32.93%

Cash & Equivalent

Consumer Durables & Apparel

Commercial & Professional Services

Transportation

Automobiles & Components

Capital Goods

Telecommunication Services

Health Care Equipment & Services

Consumer Services

Food & Staples Retailing

Food Beverage & Tobacco

Media

Semiconductors & Semiconductor

Retailing

Pharmaceuticals Biotechnology

Technology Hardware & Equipment

Software & Services

12


BRSTBR

BRSTBRSTBRSBRSTBRS

ST

BRBRSTBRST

STBRST

Total Expense Ratio: Motilal Oswal MOSt Focused 25 Fund: Direct Plan- 1.66%, Regular Plan- 2.97%; Motilal Oswal MOSt Focused Midcap 30 Fund: Direct Plan- 1.59%, Regular Plan- 2.81%; Motilal Oswal MOSt Focused Multicap 35 Fund: Direct Plan- 1.63%, Regular Plan- 2.48%; Motilal Oswal MOSt Focused Long Term Fund: Direct Plan- 1.64%, Regular Plan- 3.27%; Motilal Oswal MOSt Ultra Short Term Bond Fund: Direct Plan- 0.55%, Regular Plan- 1.00%; Motilal Oswal MOSt Shares M50 ETF 1.00%; Motilal Oswal MOSt Shares Midcap 100 ETF 1.00%; Motilal Oswal MOSt Shares NASDAQ-100 ETF 1.00%.

Disclaimer: The information contained herein should not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of Motilal Oswal Asset Management Company Limited (MOAMC). Any information herein contained does not constitute and shall be deemed not to constitute an advice, an offer to sell/purchase or as an invitation or solicitation to do so for any securities. MOAMC shall not be liable for any direct or indirect loss arising from the use of any information contained in this document from time to time. Readers shall be fully responsible/liable for any decision taken on the basis of this document. The information / data herein alone is not sufficient and shouldn’t be used for the development or implementation of an investment strategy.

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

Note: Motilal Oswal MOSt 10 Year Gilt Fund stands wound down as on October 21, 2015.


BRSTBR

BRSTBRSTBRSBRSTBRS

ST

BRBRSTBRST

STBRST

RR

00

00

4_4

01

12

_01

0

Risk Disclosure and Disclaimer

Statutory Details: Constitution: Motilal Oswal Mutual Fund has been set up as a trust under the Indian Trust Act, 1882. Trustee: Motilal Oswal Trustee Company Ltd. Investment Manager: Motilal Oswal Asset Management Company Ltd. Sponsor: Motilal Oswal Securities Ltd. Risk Factors: (1) All Mutual Funds and securities investments are subject to market risks and there can be no assurance that the Scheme's objectives will be achieved (2) As the price / value / interest rates of the securities in which the Scheme invests fluctuates, the Net Asset Value (NAV) of units issued under the Scheme may go up or down depending upon the factors and forces affecting the securities market (3) Past performance of the Sponsor/AMC/Mutual Fund and its affiliates does not indicate the future performance of the Scheme and may not provide a basis of comparison with other investments (4) The name of the Schemes does not in any manner indicate the quality of the Schemes, its future prospects and returns. Investors are therefore urged to study the terms of offer carefully and consult their Investment Advisor before they invest in the Scheme (5) The Sponsor is not responsible or liable for any loss or shortfall resulting from the operation of the Mutual Fund beyond the initial contribution made by it of an amount of Rs. 1 Lac towards setting up of the Mutual Fund (6) The present Schemes are not guaranteed or assured return Schemes. Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

IISL Disclaimer: MOSt Shares M50 and MOSt Shares Midcap 100: MOSt Shares M50 and MOSt Shares Midcap 100 offered by Motilal Oswal Asset Management Company Limited (MOAMC) or its affiliates is not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (IISL) and its affiliates. IISL and its affiliates do not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) to the owners of MOSt Shares M50 and MOSt Shares Midcap 100 or any member of the public regarding the advisability of investing in securities generally or in the MOSt Shares M50 and MOSt Shares Midcap 100 linked to Nifty 50 Index and Nifty Midcap 100 Index respectively or particularly in the ability of Nifty 50 Index and Nifty Midcap 100 Index to track general stock market performance in India. Please read the full Disclaimers in relation to the Nifty 50 Index and Nifty Midcap 100 Index in the Scheme Information Document. NASDAQ-100 Disclaimer: MOSt Shares NASDAQ 100: NASDAQ®, OMX®, NASDAQ OMX®, NASDAQ-100®, and NASDAQ-100 Index®, are registered trademarks of The NASDAQ OMX Group, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by MOAMC. MOSt Shares NASDAQ 100 (the Product) has not been passed on by the Corporations as to their legality or suitability. The Product are not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE PRODUCT. NSE Disclaimer: It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Scheme Information Document has been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Scheme Information Document. BSE Disclaimer: It is to be distinctly understood that the permission given by Bombay Stock Exchange Ltd. should not in any way be deemed or construed that the SID has been cleared or approved by Bombay Stock Exchange Ltd. nor does it certify the correctness or completeness of any of the contents of the SID. The investors are advised to refer to the SID for the full text of the Disclaimer Clause of the Bombay Stock Exchange Ltd.

13

Product Suitability

*Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

Name of the Scheme This product is suitable for investors who are seeking*

Motilal Oswal MOStFocused 25 Fund(MOSt Focused 25)

• Return by investing in upto 25 companies with long term sustainable competitive advantage and growth potential

• Investment in Equity and equity related instruments subject to overall limit of 25 companies

Motilal Oswal MOSt FocusedMidcap 30 Fund(MOSt Focused Midcap 30)

• Long-term capital growth• Investment in equity and equity related instruments in a maximum of 30

quality mid-cap companies having long-term competitive advantages and potential for growth

Motilal Oswal MOSt FocusedMulticap 35 Fund(MOSt Focused Multicap 35)

• Long-term capital growth• Investment in a maximum of 35 equity and equity related instruments

across sectors and market capitalization levels.

Motilal Oswal MOSt FocusedLong Term Fund(MOSt Focused Long Term)

• Long-term capital growth• Investment predominantly in equity and equity related

instruments;

Motilal Oswal MOStShares M50 ETF (MOSt Shares M50)

• Return that corresponds generally to the performance of the Nifty 50 Index (Underlying Index), subject to tracking error

• Investment in equity securities of Nifty 50 Index

Motilal Oswal MOStShares Midcap 100 ETF(MOSt Shares Midcap 100)

• Return that corresponds generally to the performance of the Nifty Midcap 100 Index, subject to tracking error

• Investment in equity securities of Nifty Midcap 100 Index

Low

Modera

tely

Low

High

ModeratelyHigh

Moderate

HighLow

Investors understand that their principal will be at Moderately High risk

Riskometer

Motilal Oswal MOStUltra Short Term Bond Fund(MOSt Ultra Short Term BondFund)

• Optimal returns consistent with moderate levels of risk • Investment in debt securities and money market securities with average

maturity less than equal to 12 months

Low

Modera

tely

Low

High

ModeratelyHigh

Moderate

HighLow

Investors understand that their principal will be at Moderately Low risk

Riskometer

Motilal Oswal MOSt SharesNASDAQ-100 ETF(MOSt Shares NASDAQ 100)

• Return that corresponds generally to the performance of the NASDAQ 100 Index, subject to tracking error

• Investment in equity securities of NASDAQ 100 Index

Low

Modera

tely

Low

High

ModeratelyHigh

Moderate

HighLow

Investors understand that their principal will be at High risk

Riskometer

BRSTBRSTBRST

BRSTBRST

BRSTBRST

Sit Tight Approach

QGLP

BUY RIGHT : SIT TIGHTBuying quality companies and riding their growth cycle

most brst fact sheet brstbrst brstbrs brs … · 2016-02-29 · february 2016st fact sheet most...

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