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MonthlyCommuniqué
Portfolio Management ServicesRegn No. PMS INP 000000670
December 2014
Dear Investors and my dear advisor friends,
Greetings of the festive season! Wish you a Merry Christmas and Prosperous New Year 2015. The entire
team at Motilal Oswal Asset Management and our families join in wishing you the best of everything in
2015. May the new year bring along all that you wish for!
2014 has been a great year for the markets and for investment scenario in general. The year started with
huge amount of scepticism with regards to prospects for the Indian economy, politics and the resultant
investment scenario. But we witnessed a watershed election that changed the course of events and
finally we have ended the first 11 months of this year with a 35% (absolute) gain on the S&P BSE Sensex
(Source: www.bseindia.com). Along with turnaround in political scenario we have also seen declining
inflation, early signs of improving economic performance and to top it all a dramatic fall in crude oil prices.
My reading of research papers from a lot of international investors tells me that India is being viewed as one of the few bright spots in a
relatively gloomy global economic scenario. While rest of the world is fighting slowdown and deflationary trends, India is one of the few
countries where we are seeing inflation and reviving economic growth. In the first 8 months of this financial year, equity mutual funds
have seen an inflow of nearly Rs 45,000 crs or USD 7.5bn (Source: www.moneycontrol.com). With land and gold prices going nowhere
and deposit rates beginning to decline, we are expecting Indian investors to divert more and more of their savings into equities in the next
12 to 18 months. Sentiment can also be gauged from the fact that India ranks no.1 on consumer confidence globally in a survey
conducted by Nielsen. Source: (http://in.reuters.com/article/2014/10/29/global-economy-nielsen-idINKBN0II06620141029). This is
reflected locally in the increased sales of auto and some of the consumer products in our market. All in all, we are not only expecting the
good times to continue, we also believe that this is just the beginning!
We would urge everyone to review the asset allocation and ensure a healthy exposure to equities in the times to come. I am sure you have
heard this statement about reviewing asset allocation or rebalancing asset allocation many a times. What exactly does it mean? Let me
explain. All of us have some financial deadlines to meet in future. Such as paying for kids' admissions into higher education, putting up a
handsome downpayment for a bigger house, accumulating a war chest for retirement. Some of us who may be better endowed may not
have to worry about investing for meeting deadlines, but then its important to keep money growing so that our future generations
benefit. Depending on the starting corpus, how far down in time the intended spend is likely to come up and the final amount needed, we
need to make decisions on how to invest whatever corpus we have - may it be a lumpsum or small amounts of surplus generated every
month.
Let me present a table to you. And then I explain how one must read it.
Our Investment philosophy - BUY RIGHT : SIT TIGHT
QGLP
‘Q’uality
‘G’rowth denotes growth in earnings and susained RoE
‘L’ongevity
‘P’rice
denotes quality of the business and management
denotes longevity of the competitive advantage oreconomic moat of the business
denotes our approach of buying a good business for a fair pricerather than buying a fair business for good price
Buy and Hold:
Focus:
We are strictly buy and hold investors and believe thatpicking the right business needs skill and holding onto these business toenable our investors to benefit from the entire growth cycle, needseven more skill.
Our portfolios are high conviction portfolios with 20 to 25stocks being our ideal number. We believe in adequate diversificationbut over-diversification results in diluting returns for our investors andadding market risk.
Buy Right stock Characteristics Sit Tight Approach
(Continued overleaf)
Portfolio Management ServicesRegn No. PMS INP 000000670
The above table is used for illustration and explaining the concept. It should not be construed as an investment advice to any party.
The table shows that if you are able to save Rs 5000 per month and you need a sum of over Rs 10 lacs to be accumulated over the
next 10 years, then you will not get there unless your investment grows at a rate well over 9% per year! If for instance, your
investment grows at a rate of 15% per year, you will be able to reach Rs 13.76 lacs.
Take another example, if you perceive that you have a low risk appetite and hence you will prefer only to keep money in some asset
class at a rate of 9% per annum but still you need a corpus of near about Rs 1 cr in 10 years, then you need to have the ability to
save Rs 50,000 per month start now!!!
It's a simple analogy to any journey. Lets say that I intend to travel from Mumbai to Pune for some critical work which has to be
accomplished before a deadline and hence it is imperative for me to reach Pune in the next 3 hours. The distance from my home to
my destination within Pune is 200 kms. This means that first of all, I need to leave my house immediately and start early. Apart from
this most important fact, it also means the following:
• I need to travel at an average speed of 70 kms per hour towards my destination.
• If I can not manage a speed of 70 kms per hour, I need more than 3 hours
• If I can not manage a speed of 70 kms per hour and I do not have more than 3 hours, I will not be able to accomplish the critical
task
When it comes to investing for meeting some of our life's milestones we are faced with similar situations. Let us see how.
• We have a finite amount of money today - may it be a lumpsum like bonus received or maturity of some old investment or amonthly surplus from our incomes
• We have an estimated corpus required to meet at some pre-defined time in future •So lets say if you have Rs 5 lacs to beginwith and for some particular milestone to be met, you need to have Rs 10 lacs exactly at the end of 5 years from now. If youwant to cover 200 kms in 3 hours, you need average speed near 70 kms per hour; in the same way, if you want Rs 5 lacs tobecomeRs 10 lacs in exactly 5 years, then you need your 5 lacs to travel at the rate of 15% per year!!!
• If you don't start immediately, if you don't travel at a rate of 15% per year or if you fritter away your funds and eventually startwith less than 5 lacs then you will need to compromise on the quality of your milestone because you will not have the neededRs 10 lacs or you will need to postpone your milestone to sometime later!!!
Years
Months
1
12
How far is the milestone? 2
24
10
120
5
60
What is the current ability tosave per month (in ?`)
(Assumption) Rate ofReturn Scenarios
Terminal Values when milestone date is reached (in `)
9%
15%
9%
15%
9%
15%
9%
15%
9%
15%
9%
15%
25,015
25,721
37,523
38,581
62,538
64,302
125,076
128,604
312,690
321,509
625,379
643,018
52,377
55,576
78,565
83,364
130,942
138,940
261,885
277,881
654,712
694,702
1,309,424
1,389,404
150,848
177,149
226,272
265,724
377,121
442,873
754,241
885,745
1,885,603
2,214,363
3,771,207
4,428,725
387,029
550,434
580,543
825,651
967,571
1,376,085
1,935,143
2,752,171
4,837,857
6,880,426
9,675,714
13,760,853
2000
3000
5000
10000
25000
50000
Portfolio Management ServicesRegn No. PMS INP 000000670
Lets see what all of us do in the real world.
• We don't calculate exactly what is needed in future to meet the milestone
• We don't calculate at what rate our current corpus needs to propel forward for it to equal the milestone requirement
• We don't pay enough attention to what mode of transport we are travelling in - not all vehicles can travel at 70 km per hourand not all investment vehicles are geared to deliver 15% per annum!!!
• We act as if we have too many choices and alternatives!!! No!!! If you wish to reach Rs 10 lacs in 5 years from now and Rs 5lacs is all you have to begin with, and assuming you are serious about meeting a real life milestone, then you definitely need totravel at a rate of 15% per annum - no two ways about it. And equity is one of the asset classes which have potential to dothat for you.
Conversely of course if you already have Rs 8 lacs and you need that to become Rs 10 lacs in 5 years, then you are in no hurry andno need to travel at a high speed of 15% per annum or take any risks. Just leaving the money in the savings bank will take you veryclose to your milestone!
So lets be clear, what you have now and what you need in future is basically caste in stone. How you invest it, will determine howmany milestones you can actually fulfil and let me remind you, for leading a successful and fulfilled life, its best not to drop anymilestones - we owe it to ourselves and our families.
So what we all need to do is to consult our financial advisor and do the following simple steps:
• Get a handle of what starting corpus we have now - past accumulated and monthly surplus going forward
• List the important milestones we need to fund
• Estimate the financial value of each of those milestones - how much money we need to have to meet those milestonesconfidently
• Segregate our current resources into pots - one dedicated to meet each milestone
• Determine at what speed each pot needs to travel to ensure the milestone is met at the end of the stipulated time!
I meet a lot of people who think they know exactly what they need. They consult with their financial advisors by asking them whatfund should I buy? That's like asking what train should I take without getting an accurate handle of where I am, where I want to go,what time I need to reach and hence what speed I need to move at? May be train is not the answer at all!
Over the last few years, I have seen that investors buy products as if they are fashion trends. So in 2014, most of us having beeninvesting in equity funds, in 2013 most of the money was being invested into debt funds and fixed maturity funds, in 2011maximum money was being invested into gold funds and real estate and so on and so forth. It's like saying that nowadays everyoneseems to be taking a bus so I must take a bus too! You select your mode of transport depending on your destination and travel timeand not depending on what everyone else is doing. They are all headed to different places for different purposes - none necessarilyaligned to yours!
Happy Journey… I mean, Happy Investing!
Wish you a happy 2015 once again,
Warm Regards,
Managing Director and CEOMotilal Oswal Asset Management Company [email protected]
Aashish P Somaiyaa
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
Investment Strategy
The Strategy aims to benefit from the long
term compounding effect on investments
done in good businesses, run by great
business managers for superior wealth
creation.
Strategy Objective
Fund Manager : Manish Sonthalia
Strategy Type : Open ended
Date of Inception : 24th March 2003
Benchmark : CNX Nifty
Investment Horizon: 3 Years +
Subscription : Daily
Redemption : Daily
Valuation Point : Daily
Details
Top Sectors
Auto & Auto Ancillaries
Banking & Finance
Infotech
Pharmaceuticals
FMCG
Engineering & Electricals
Cash
34.99
23.73
15.07
10.40
5.43
5.42
0.73
Sector Allocation % Allocation*
Top Holdings
Eicher Motors Ltd.
Bosch Ltd.
Sun Pharmaceuticals Ltd.
HDFC Bank Ltd.
Tech Mahindra Limited
State Bank Of India
Housing Development Finance Corporation Ltd.
Tata Consultancy Services Ltd.
Asian Paints Ltd.
Larsen & Toubro Ltd.
Hero Motocorp Limited
Top Holdings % Allocation*
17.71
12.18
10.40
8.70
8.57
7.90
7.12
6.51
5.43
5.42
5.10
Key Portfolio Analysis
Standard Deviation (%)
Beta
24.41
1.00
Performance Data CNX NiftyValue Strategy
21.79
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 inthe strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 30th November 2014. Past performance may ormay not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.
*Above 5%
Periods
Value Strategy CNX Nifty All Figures in %
% o
f re
turn
s
The data given above is as on 30th November 2014
63.19
27.4224.58
15.72 16.40
27.99
39.06
20.86 21.11
10.01 11.27
20.07
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
1 Year 2 Year 3 Year 4 Year 5 Year SinceInception
Next Trillion Dollar Opportunity Strategy
Portfolio Management ServicesRegn No. PMS INP 000000670
Key Portfolio Analysis
The strategy aims to deliver superior
returns by investing in focused themes
which are part of the next Trillion Dollar
GDP growth opportunity. It aims to
predominantly invest in Small & Mid Cap
stocks with a focus on Identifying
Emerging Stocks/Sectors.
• 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
Investment Horizon: 3 Years +
Subscription : Daily
Redemption : Daily
Valuation Point : Daily
Strategy Objective
Investment Strategy
Details
28.45
26.35
20.72
6.52
5.83
1.11
Sector Allocation
16.19
12.26
11.04
7.73
5.83
5.20
Standard Deviation (%)
Beta
23.52
1.00
Performance Data CNX MIDCAPNTDOP
18.26
0.68
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 inthe strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 30th November 2014. Past performance may ormay 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%
Auto & Auto Ancillaries
Banking & Finance
FMCG
Engineering & Electricals
Diversified
Cash
Eicher Motors Ltd.
Bosch Ltd.
Page Industries Ltd.
Bajaj Finance Ltd.
Voltas Ltd.
Cummins India Ltd.
Next Trillion Dollar Opportunity Strategy CNX MIDCAP All Figures in %
Period
% o
f re
turn
s
The data given above is as on 30th November 2014
77.91
42.45 41.63
26.22 27.49
18.46
61.27
23.3723.08
8.5911.62
5.60
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
1 Year 2 Year 3 Year 4 Year 5 Year Since
Inception *
Invest India Strategy
Portfolio Management ServicesRegn No. PMS INP 000000670
Key Portfolio Analysis
The Strategy aims to generate long term
capital appreciation by creating a focused
portfolio of high growth stocks having the
potential to grow more than the nominal
GDP for next 5-7 years across market
capitalization and which are available at
reasonable 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
Auto & Auto Ancillaries
Pharmaceuticals
FMCG
Infotech
Furniture / Thermoware
Cash
25.10
20.95
16.11
11.03
9.28
5.35
0.67
Sector Allocation
Standard Deviation (%)
Beta
15.82
1.00
Performance Data BSE 200IIS
14.23
0.79
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 inthe strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 30th November 2014. Past performance may ormay not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.
*Above 5% & Cash
Eicher Motors Ltd.
Bajaj Finance Ltd.
HDFC Bank Ltd.
Page Industries Ltd.
Lupin Ltd.
Housing Development Finance Corporation Ltd.
Ipca Lab Ltd.
Tata Consultancy Services Ltd.
State Bank Of India
Supreme Industries Limited
Hero Motocorp Limited
10.93
7.67
6.33
6.10
5.90
5.63
5.59
5.53
5.47
5.35
5.27
Top Holdings
Top Holdings % Allocation*
*Above 5%
Period
Invest India Strategy BSE 200 All Figures in %
% o
f re
turn
s
The data given above is as on 30th November 2014
6.60
15.72
31.55
43.43
20.11
23.54
14.48
3.48
8.55
18.94
42.47
21.20 21.56
11.88
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
50.00
1 Month 3 Month 6 Month 1 Year 2 Year 3 Year SinceInception
Focused Series IV - Flexi Cap Strategy
Portfolio Management ServicesRegn No. PMS INP 000000670
Key Portfolio Analysis
Standard Deviation (%)
Beta
15.89
1.00
Performance Data BSE 200Focused Series - IV
14.43
0.74
The Strategy aims to generate superior
returns over a medium to long term by
investing in only 8-10 companies across
market capitalization. The Fund Manager
will take active asset allocation calls
between cash & equity. The strategy will
also take active equity allocation calls
between investments in large caps & mid
caps & it will follow a policy of profit
booking with predefined price targets.
• Active Equity Allocation between
Mid caps & Large caps
• Active Asset Allocation calls between
Cash and Equity
• Strategy will follow a policy of profit
bookingwith 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
Auto & Auto Ancillaries
Banking & Finance
Infotech
Engineering & Electricals
FMCG
Furniture / Thermoware
Pharmaceuticals
Cash
29.32
25.94
10.78
10.54
10.52
6.78
5.52
0.60
Sector Allocation
Bosch Ltd.
Kotak Bank
Eicher Motors Ltd.
HDFC Bank Ltd.
Tech Mahindra Limited
Page Industries Ltd.
Supreme Industries Limited
Cummins India Ltd.
Ipca Lab Ltd.
16.84
14.40
12.48
11.55
10.78
10.52
6.78
5.93
5.52
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 inthe strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 30th November 2014. Past performance may ormay 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
Focused Series IV BSE 200 All Figures in %
% o
f re
turn
s
The data given above is as on 30th November 2014
9.74
18.19
38.38
60.18
37.4035.19
16.19
3.48
8.55
18.94
42.47
21.20 21.56
10.36
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
1 Month 3 Month 6 Month 1 Year 2 Year 3 Year SinceInception
Focused Series V - A Contra Strategy
Portfolio Management ServicesRegn No. PMS INP 000000670
Key Portfolio Analysis
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.
• Buy and hold philosophy – low
portfolio churn
• Follows the principle to pick best
rather than diversification
Concentrated Strategy Structure of
less than 10 stocks
Investment Horizon : Medium to
Long term
•
•
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
Auto & Auto Ancillaries
Banking & Finance
Oil and Gas
Infotech
Engineering & Electricals
Cash
31.16
27.42
23.12
7.81
6.51
0.97
Sector Allocation
Eicher Motors Ltd.
Ing Vysya Bank Limited
J&k Bank
Bharat Petroleum Corpn. Ltd
Petronet LNG Limited
Infosys Technologies Ltd.
Triveni Turbine Limited
31.16
11.17
10.88
9.80
8.82
7.81
6.51
Standard Deviation (%)
Beta
16.13
1.00
Performance Data BSE 200Focused Series - V
40.90
1.10
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 inthe strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 30th November 2014. Past performance may ormay 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
The data given above is as on 30th November 2014
6.04
14.93
30.00
51.65
27.86
22.95
10.32
4.327.87
26.20
36.21
22.08
16.30
7.30
0.00
10.00
20.00
30.00
40.00
50.00
60.00
1 Month 3 Month 6 Month 1 Year 2 Year 3 Year Since Inception
Bulls Eye Strategy
Portfolio Management ServicesRegn No. PMS INP 000000670
• Active management
• Multi Cap Stategy
• Regular Profit Booking
Investment Strategy
Key Portfolio Analysis
The Strategy aims to deliver returns in the
short to medium term by investing in
fundamentally sound stocks coupled with
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
Details
Banking & Finance
Auto & Auto Ancillaries
Engineering & Electricals
Infotech
Pharmaceuticals
FMCG
Cash
26.54
18.76
12.46
12.19
6.36
5.11
1.17
Sector Allocation % Allocation*
Eicher Motors Ltd.
HDFC Bank Ltd.
Axis Bank Ltd.
Bajaj Finance Ltd.
Tech Mahindra Limited
Cummins India Ltd.
Lupin Ltd.
Larsen & Toubro Ltd.
Tata Consultancy Services Ltd.
Page Industries Ltd.
14.03
9.86
9.04
7.63
6.80
6.48
6.36
5.98
5.39
5.11
Standard Deviation (%)
Beta
24.24
1.00
Performance Data BSE 200Bulls Eye
21.63
0.77
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 inthe strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 30th November 2014. Past performance may ormay 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
Bulls Eye Strategy BSE 200 All Figures in %
% o
f re
turn
s
The data given above is as on 30th November 2014
55.57
26.5029.11
14.18 13.62 15.99
42.47
21.20 21.56
9.38 10.76
16.00
0.00
10.00
20.00
30.00
40.00
50.00
60.00
1 Year 2 Year 3 Year 4 Year 5 Year Since Inception
Optima Strategy
Portfolio Management ServicesRegn No. PMS INP 000000670
The Strategy aims to generate superior
returns over the long period by investing
in companies with growth potential and
which are available at reasonable market
price.
• Growth At Reasonable Price (GARP)
• Investment Horizon of 2 years +
• Active Portfolio Rebalancing
• Market Timing
• Situation based Multi 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 & Finance
Auto & Auto Ancillaries
Engineering & Electricals
Infotech
Pharmaceuticals
FMCG
Cash
26.76
18.59
12.50
11.59
6.32
5.88
1.12
Sector Allocation
Eicher Motors Ltd.
HDFC Bank Ltd.
Axis Bank Ltd.
Bajaj Finance Ltd.
Cummins India Ltd.
Tech Mahindra Limited
Lupin Ltd.
Larsen & Toubro Ltd.
Page Industries Ltd.
Tata Consultancy Services Ltd.
14.13
10.12
9.02
7.62
6.44
6.37
6.32
6.07
5.88
5.22
Key Portfolio Analysis
Standard Deviation (%)
Beta
19.92
1.00
Performance Data BSE 200Optima
15.75
0.68
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 inthe strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 30th November 2014. Past performance may ormay not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.
Period
Optima Strategy BSE 200 All Figures in %
% o
f re
turn
s
The data given above is as on 30th November 2014
57.56
27.62 28.34
15.6016.51
26.06
42.47
21.20 21.56
9.38 10.76
20.98
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
1 Year 2 Year 3 Year 4 Year 5 Year Since Inception
Portfolio Management ServicesRegn No. PMS INP 000000670
All opinions, figures, charts/graphs, estimates and data included in this document are as on date and are subject to change without notice. While utmost care has been exercisedwhile preparing this document, Motilal Oswal Asset Management Company Limited does not warrant the completeness or accuracy of the information and disclaims all liabilities,losses and damages arising out of the use of this information. No part of this document may be duplicated in whole or in part in any form and/or redistributed without prior writtenconsent of the Motilal Oswal Asset Management Company Limited. Readers should before investing in the Strategy make their own investigation and seek appropriate professionaladvice. 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 ManagementServices will be achieved. Clients under Portfolio Management Services are not being offered any guaranteed/assured returns. Past performance of the Portfolio Manager does notindicate the future performance of any of the strategies. The name of the Strategies do not in any manner indicate their prospects or return. The investments may not be suited to allcategories of investors. Neither Motilal Oswal Asset Management Company Ltd. (MOAMC), nor any person connected with it, accepts any liability arising from the use of thismaterial. The recipient of this material should rely on their investigations and take their own professional advice. While we endeavor to update on a reasonable basis the informationdiscussed 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 shortfallresulting from the operation of the strategy. Recipient shall understand that the aforementioned statements cannot disclose all the risks and characteristics. The recipient isrequested to take into consideration all the risk factors including their financial condition, suitability to risk return, etc. and take professional advice before investing. As with anyinvestment 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. For taxconsequences, 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 informationand 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 thismaterial may be duplicated in any form and/or redistributed without' MOAMCs prior written consent. Distribution Restrictions - This material should not be circulated in countrieswhere restrictions exist on soliciting business from potential clients residing in such countries. Recipients of this material should inform themselves about and observe any suchrestrictions. 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. Securitiesinvestments are subject to market risk. Please read on carefully before investing.
CD
L00
04
6_4
01
12
_0
10
Portfolio Management ServicesRegn No. PMS INP 000000670
Risk Disclosure And Disclaimer
Due to the recent SEBI (Research Analyst) Regulation effective from December 1, 2014, we have not included the StockInsights that we mentioned in our monthly communique.