BRST brochure - 18 jan - Motilal Oswal Asset Management...Motilal Oswal Wealth Creation Study. The learnings from all these studies have helped us evolve a The learnings from all these

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

At Motilal Oswal Asset Management Company (MOAMC), our investment philosophy is centered on

two critical pillars of equity investing – 'Buy Right: Sit Tight'. 'Buy Right' means buying quality

companies at a reasonable price and 'Sit Tight' means staying invested in them for a long time to

realise the full growth potential of the stocks.

Our Unique Investment Approach to Wealth Creation :

'Buy Right: Sit Tight'

Process2Performance

It is this inves�ng process that has helped our products to beat the benchmark consistently over

the years

` 1 cr invested in NTDOP Strategy in December 2007 is worth

` 3.75 cr Vs ` 1 crore invested in Ni�y Midcap 100 Index

which is now worth ` 1.58 cr

` 1 cr invested in Value Strategy in March 2003 is worth` 19.83 cr Vs ` 1 crore invested in Ni�y 50 is now worth ` 7.86 cr

MOSt Focused 25

MOSt Focused Mul�cap 35

MOSt Focused Midcap 30

NTDOP Strategy

Value Strategy

Delivered an annualized return of 46.83% since incep�on as

against 35.00% by Ni�y Midcap 100 Index


against 11.39% by Ni�y 50 Index


against 14.98% by Ni�y 500 Index

Data as on Dec 31, 2015

Past performance may or may not be sustained in future.

For detailed performance tables, please refer page no. 11 & 13 for Mutual Fund Schemes and 9 for Strategies of Portfolio Management Services

Inception Date:28 Apr 2014

Inception Date: 13 May 2013

Inception Date: 24 Feb 2014

Inception Date: 24 Mar 2003

Inception Date: 11 Dec 2007

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How do we 'Buy Right' ? Introducing our QGLP Mantra

Over the last 19 years, our chairman, Raamdeo Agrawal (one of India's foremost value investors) has

been analyzing the Indian equity market to come up with investing insights in the form of the Annual

Motilal Oswal Wealth Creation Study. The learnings from all these studies have helped us evolve a

unique and focused investing process - 'QGLP'.

Every stock we buy in our Mutual Fund Schemes or PMS Strategies is based on our QGLP parameters

where;

Qfor QUALITY

Gfor GROWTH

Lfor LONGEVITY

Pfor PRICE

Quality denotes quality of the business

and management

Growth denotes growth in earnings and

sustained RoE

Longevity denotes longevity of the competitive

advantage or economic moat of the business

Price’ denotes our approach of buying a good business for a

fair price rather than buying a fair business for a good price

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 p o r t f o l i o / s t r a t e g y / s c h e m e s . P a s t performance may or may not be sustained in future.

Source: Capitaline | Data as on Dec 31, 2015

In addit ion to the steady performance in the table, these companies also pay dividends periodically which additionally amount to about 1 to 2% of the current market value of the holdings.

Here are few more examples that show how QGLP stocks have fared in terms of compounded annual growth return (CAGR) over the last 20 years or since listing; whichever is later.

Infosys

Sun Pharma.Inds.

Berger Paints

Kotak Mah. Bank

Cipla

H D F C

38.63

36.16

35.13

29.75

28.66

28.29

27.81

26.50

24.07

23.39

21.15

CAGR (%)

Eicher Motors

HDFC Bank

Pidilite Inds.

Hero Motocorp

Asian Paints

QGLP stocks have delivered more than 20% CAGR over last 20 years

2

QQGLP Decoded : Analysing Quality

Quality is the most important parameter when choosing a stock and can be seen as the Quality of Business x Quality of Management

The relationship between the two is multiplicative and not additive. Thus, if one of the aspects is zero, Q will be equal to zero, no matter how high the other.

Quality is a subjective concept, and yet there are several objective indicators of the same, as listed below:

Sustained competitive advantage

measured by high return ratios

Industry leadership position

Favourable industry structure like

monopoly or oligopoly

Secular and stable business, preferably

consumer facing

Positive demand-supply situation

Quality management

Competence

Sound business strategy

Excellence in execution

Rational dividend payout policy

Integrity

Honest and transparent

Concern for all stakeholders

Growth mindset

Long-range profit outlook

Efficient capital allocation including

growth by acquisitions

Great management: Hero MotoCorp started off in the mid-1980s as a JV between Honda, the world's No.1 two wheeler company and Hero Group, the largest manufacturer of bicycles in India.

Great business: In India, two-wheelers is a great business given (1) the huge size of opportunity, and (2) limited compe��on. In a developing economy, a two-wheeler is the entry-level vehicle for motorised personal transporta�on. The opportunity is enormous, both in India and globally.

Quality business

A Case Study in Quality – Hero Honda

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RoE (%) - RHS

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 an 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.

3

Source: Internal Analysis | Data as on March 31, 2015

QGLP Decoded: Measuring Growth

Earnings Growth = Sales growth x Margin growth

In inves�ng, there are two dimensions of growth: (1) Earnings growth and (2) Valua�on growth. The G of QGLP addresses earnings growth, whereas the P(rice) takes care of the Valua�on growth.

Earnings growth by itself doesn't mean much. It adds value only when the company earns returns on capital higher than the cost of capital.

In the final analysis, G (i.e. earnings growth) is a quan�ta�ve reflec�on of Q (i.e. quality of business and management).

G has four dimensions:

G

Volume growth-a func�on of

demand growth matched by

company's capacity to supply;

Volume growth

Price growth - a func�on of

company's pricing power,

which in turn is a func�on of the

compe��ve landscape;

Price growth

A Case Study in Growth – Infosys

Back in 1998, Infosys clearly embodied the essence of “(1) Iden�fying the right business (2) Which is run by a competent management, and (3) Is acquired at a price, which is at a huge discount to its underlying value.”

Its PAT and RoE have grown handsomely, its P/E had climbed to over 200x, and the stock has delivered compounded annual returns of over 40% for the last 17 years.

Opera�ng leverage

Opera�ng leverage - a func�on of the company's opera�ng cost structure; higher the fixed cost, lower the unit cost incidence on increased volumes, and higher the opera�ng leverage;

Financial leverage - a func�on

of capital structure; higher the

d e b t- e q u i t y, h i g h e r t h e

financial leverage and vice

versa.

Financial leverage

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QGLP Decoded: Longevity

Longevity of both Q & G

Having established the present quality and earnings growth of the company, the next challenge to

investors is assessing how long it can sustain both. In the context of longevity, competence of

management is tested at two levels:

L

Competitive Advantage Period (CAP) is

the time during which a company

generates returns on investment that

exceed its cost of capital. Competition

eventually drives down returns to cost of

capital, and sometimes even below it.

However, a company with a great

business and great management keeps

extending its CAP, sustaining high return

both for itself and its equity investors.

Delaying growthslowdown

Competent managements can delay

growth slowdown by

New streams of organic growth, and/or

Inorganic growth via judicious acquisi�ons

ExtendingCAP

a.

b.

Case Study in Growth – HDFC Bank

Over the last two decades, private banks in India have emerged as a major Winner Category, with strong growth driven by consistent innova�on and technology adop�on.

HDFC Bank has high entry barriers (brand, visibility) and great management (HDFC as promoter group).

Although HDFC Bank has never been really cheap in terms of valua�on, it has proved to be a long-term Winning Investment

PAT (Rs cr)

RoE (%) - RHS

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QGLP Decoded : Price

Price of purchase should be favourable

Growth in stock price is a mul�plica�ve func�on of growth in earnings and growth in valua�on. The simplest way to improve the odds of valua�on growth is by ensuring favourable purchase price.

The price of a stock has to be seen in conjunc�on with the value it offers. Price is what we pay; value is what we get. Therefore, stock prices are a�rac�ve only when they are less than the value perceived in the stock.

A simple rule of thumb of favorable purchase price is low P/E. However, in certain situa�ons, low P/E may not be the sole determinant of favourable price e.g. during bo�om-of-the-cycle, earnings of cyclical stocks are depressed leading to high P/Es; likewise, where companies are expected to turn from loss to profit, current P/E cannot be calculated

P

Few other measures of favorable purchase price:

Discount to historical valua�on bands – P/E, Price/Book

PEG Ra�o (i.e. P/E/Earnings growth; the lower the be�er)

Discount to DCF value (Discounted Cash Flow) or Replacement cost Highdividend yield

Absolute Market cap rela�ve to the size of opportunity.

Case Study – Shriram Transport

Shriram Transport Finance captures the essence of the study, “High earnings growth firms with high ROE, bought at a reasonable PEG (PE/ Earnings Growth ra�o), create maximum wealth.”

For the year ending Mar-01, Shriram had an RoE of 25%, which is very healthy in the financial sector. In Mar 01, the stock was available at a P/E of just 1x; thus PEG was very low. True to form (and the hig hgrowth- high-RoE-low-PEG formula), the Shriram Transport stock delivered price CAGR of a whopping 85% over the next 5 years, and 5% over the next 13 years to 2014.

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PAT (Rs cr)

RoE (%) - RHS


6


If you had invested ` 100 in Sensex in 1979, your investment would have mul�plied to` 2,472 with dividend and to ` 1,430 without dividend.

Source: Bloomberg | Data as on Dec 31, 2015

The graph above is used to explain the concept and is for illustra�on purpose only and should not be used for development or implementa�on of an investment strategy. It should not be construed as investment advice to any party.

Benefit of Power of Focus

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` 2,472

` 1,430

What next after Buying Right?

Sit Tight !

While Buying Right is all about following a process, sitting tight on a good buy requires Focus & Discipline

Diversifica�on beyond your control becomes unmanageable and adds no value to your por�olio. Over diversifica�on can impact the overall performance of your por�olio. As in case of most por�olios, the top 5 good quality stocks contribute 80% of overall performance of your por�olio while the rest 20% by bad quality stocks.

Focus: Our por�olios are high convic�on por�olios with 20 to 25 stocks being our ideal number. We believe in adequate diversifica�on but over-diversifica�on results in dilu�ng returns for our investors and adding market risk

Ris

k

1 Stock 20 Stocks 100 Stocks

Risk reducing as the number of stocks raising but after 20

stocks in portfolio change ofrisk is minimal

Number of Stocks

Benefit of Holding Discipline

Focus

Benefit of Holding Discipline

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If you had invested Rs 100 .....

Buy and Hold: We believe in focused stock portfolios and are strictly buy and hold investors and believe that picking the right business needs skill and holding onto these businesses to enable our investors to benefit from the entire growth cycle, needs even more skill.

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BRST reduces the risk of investing in equities

Investing in equity markets is a high risk–high returns game. While some have made millions, many have also lost as well. BRST is a unique way to invest in the equity markets with a lower risk. History has shown that if you buy quality stocks and hold onto them for long time, you don't only reduce the risk, you also make more money. Here's proof

As can be seen in the above two case studies, if you “Buy Right : Sit Tight”, the downside is limited while the upside is high.

Bought in

3 - yearrolling return

Mar06

Mar07

Mar08

Mar09

Mar10

Mar11

Mar12

Mar13

Mar14

Mar15

81 32 32 -3 18 13 28 5 7 25

The SENSEX

The chart demonstrates how no matter when you had invested in S&P Sensex ( b r o a d e r i n d i c a t o r o f equities in India), if your investment horizon was over 7 years, the chances of a negative return is Nil. While if your investment horizon was anywhere between 1 year and 6 years there are chances for diminishing negative returns with time, a l b e i t w i t h r e d u c i n g probabilities starting from 32% in 1 year to 4% for a six year time period of investing.

Its evident that the long-term investing in equities pays off well.

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37.9531.71 29.97 26.96

23.18 21.64 20.42 17.57 17.07 16.41 14.91 14.53

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6.97 6.5810.35 8.88 8.58 11.63 11.20 11.06 11.31 12.01

Minimum to maximum returns for a respec�ve �me period (in %)

% of �mes returns were nega�ve Average returns

THE IMPORTANCE OF LONG-TERM INVESTINGIf you had invested in any of the 7-year �me periods or more between Sensex's (total return index)incep�on and today, you would not have lost any money.

-801 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

32 29 14 13 8 4

Investment tenor (in years)

Total number of �me periods: one-year: 4,106; two-year: 3,862; three-year: 3,618; four-year: 3,369; five-year: 3,118; six-year: 2,868.

Source: Mint research

17

A Case Study in Value Strategy

Value strategy is one of our flagship PMS products and has been in existence for over 12 years. If you had invested in the Value Strategy in bad or good time and held on even for 3 years, here's what your would have made on an annualized basis. The worst loss you would have made is -3% while the positive side is whopping 81% annual returns.

8

The graph above is used to explain the concept and is for illustra�on purpose only and should not be used for development or implementa�on of an investment strategy. It should not be construed as investment advice to any party.

For whom: Our PMS products are meant for financially savvy high net worth individuals (HNIs) who wish to utilise our expertise in building a portfolio of high quality companies or who have a large portfolio of stocks but lack the bandwidth to monitor them.

Benefits: With our Portfolio Management Services one can build an equity portfolio in the large cap and midcap segment with a highly personalized service. Also, the 'Buy Right : Sit Tight' approach results in low churn in our portfolios and makes the costing of our portfolio management services very attractive.

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PMS Strategy based on our BRST philosophy

Following are our flagship PMS products driven by the philosophy of 'Buy Right : Sit Tight':

Value StrategyNext Trillion Dollar Opportunity Strategy

(NTDOP)

Data as on Dec 31, 2015. Returns above 1 year are annualized. Past performance may or may not be sustained in future. #Date of inception: Value Strategy - 24th March, 2003 | NTDOP Strategy - 11th December, 2007

The Above strategy returns are of a Model Client as on Dec 31, 2015. Returns of individual clients may differ depending on time of entry in the Strategy. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. Returns below 1 year are absolute and above 1 year are annualized. Strategy returns shown above are post fees & expenses.

Concentrated large cap with only 15-20 stocks

One of the longest running product in the industry with 12 years track record

One of the largest corpus in the industry in a single PMS product with over Rs. 2,166 cr

Delivered an annualized return of 26.33% since inception as against 17.5% by Nifty 50 Index.

Concentrated midcap portfolio with only 15-20 stocks

Focused on the 'Next Trillion Dollar Growth Opportunity’

The corpus under this PMS product is over Rs. 2,627 cr

Superior track record of 7 years with consistent outperformance over benchmark for 1/2/3/4/5 years respectively 10%/15%/18%/18%/17%

Delivered annualized return of 17.77% since inception as against 5.85% by Nifty Midcap 100 Index

Value Strategy Performance NTDOP Strategy Performance

Inve

stm

ent

Val

ue

Both, NTDOP Strategy and Nifty Midcap 100 rebased to 10 as on 11th Dec 2007.Both, Value Strategy and Nifty 50 Rebased to 10 as on 24th Mar 2003

In case you did not know that there is an added flexibility while investing in our PMS. You can participate by transferring your existing portfolio of stocks to us. While investing in equities over the years, you might end up in accumulating stocks which may not have done well for you or have done well in past but lack future potential. Now you can participate in our PMS by transferring such stocks to us and without increasing overall equity allocation in your portfolio. We will be most happy to restructure the same and populate it with a focused portfolio of high quality companies.

Invest in our PMS by transferring your existing stocks

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Value Strategy Ni�y 50 Index NTDOP Strategy Ni�y Midcap 100 Index

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For whom: Our equity expertise can be accessed by individual investors with an approach to long term savings through our Mutual Fund products for as low as Rs. 500 through a systematic investment plan (SIP).

Benefits: Our Mutual Fund Schemes pass through a rigorous investment process with an aim to deliver consistent performance. Investments in the Schemes can also be conveniently done online. As an investment house, since we have only one investment philosophy, we aim to keep life simple for us and our investors by having a focused menu of equity funds – one large cap, one midcap, one multicap and one tax saver fund.

Following are our Mutual Fund Equity Schemes driven by the philosophy of 'Buy Right : Sit Tight':

MOSt Focused 25 MOSt Focused Midcap 30

Concentrated portfolio of upto 25 large cap companies

Invests in enduring wealth creators

Low churn

No Entry and Exit Load

Minimum investment as low as Rs.1000 through SIP and Rs. 5000 through lumpsum

Concentrated portfolio of upto 30 midcap companies

Invests in emerging wealth creators

Low churn


Minimum investment as low as Rs.1000 through SIP and Rs.5000 through lumpsum

MOSt Focused Multicap 35 MOSt Focused Long Term

Concentrated portfolio of upto 35 quality companies

Invests in enduring and emerging wealth creators

Low churn


Minimum investment as low as Rs.1000 through SIP and Rs.5000 through lumpsum

Concentrated portfolio of select companies

Invests in enduring and emerging wealth creators

Low churn


Minimum investment as low as Rs. 500

Growth of equities with the added advantage of tax savings under section 80C of the Income Tax Act, 1961

MF Schemes based on our BRST philosophy

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NAV per unit : Rs. 15.9130 (Dec 31, 2015), 15.0269 (Dec 31, 2014), 10.4183 (Dec 31, 2013), Rs 10.0000 (May 13, 2013). *Inception date: 13-May-13.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.

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)

15913 13287

N.A.

NAV per unit : Rs 20.3468 (Dec 31, 2015), 17.4681 (Dec 31, 2014), 10.0000 (Feb 24, 2014), *Inception date: 24-Feb-14Returns 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.

Date

Scheme Benchmark

Nifty Midcap100 Returns (%)

46.83%

16.48%


Dec 31, 2014 to Dec 31, 2015

35.00%

6.46%

MOSt Focused Midcap30 Returns (%)


MOSt Focused Midcap 30Returns (INR)


20347 12845

N.A.

Nifty 50Returns (%)

14.50%

-4.06%

Nifty Midcap 100Returns (INR)

17419

MOSt Focused 25

Mutual Fund Schemes Performance

MOSt Focused Midcap 30

NAV per unit : Rs 17.5792 (Dec 31, 2015), 15.3398 (Dec 31, 2014), 10.0000 (Apr 28, 2014), *Inception date: 28-Apr-14.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 nonbusiness 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.

Mr. Taher Badshah is the Fund Manager of the schemes MOSt Focused 25, MOSt Focused Midcap 30 and Co – Fund Manager of the scheme MOSt Focused Multicap 35. He is also the Fund Manager for the schemes MOSt Shares M50 and MOSt Shares Midcap 100 returns of which are given on page no. 13.Mr. Gautam Sinha Roy is the Fund Manager of the schemes MOSt Focused Multicap 35 and MOSt Focused Long Term.Mr. Siddharth Bothra is the Co-Fund Manager of the schemes MOSt Focused 25 and MOSt Focused Midcap 30.Mr. Abhiroop Mukherjee is the Fund Manager (for Debt Component) of the schemes MOSt Focused 25, MOSt Focused Midcap 30, MOSt Focused Multicap 35 and MOSt Focused Long Term. He is also the Fund Manager of the scheme MOSt Ultra Short Term Bond the return of which are given on page no. 13.Mr. Swapnil Mayekar is the Fund Manager (for Foreign Securities) of the scheme, MOSt Focused Multicap 35. He is also the Fund Manager for the Scheme MOSt Shares NASDAQ 100 the returns of which is given on page no. 13.

Date

Scheme Benchmark

Nifty 500Returns (%)

40.00%

14.60%


Dec 31, 2014 to Dec 31, 2015

14.98%

-0.72%

MOSt Focused Multicap35 Fund Returns (%)


MOSt Focused Multicap35 Returns (INR)


17579 11753

N.A.

Nifty 50Returns (%)

10.11%

-4.06%


12637

MOSt Focused Multicap 35

The returns of MOSt Focused Long Term are not provided because the scheme has notcompleted 1 year.

11

Fund Manager:

AdditionalBenchmark

AdditionalBenchmark

Unique Benefits of our Equity Mutual Funds Schemes

Systematic Investment Plan (SIP) is a smart and hassle free mode for investing your money in our open ended equity schemes with as small as Rs. 500 at a regular interval (weekly, fortnightly, monthly & quarterly) If you are skeptical about the best time to invest in the equity market, SIP is the right vehicle. Buy Right schemes and invest regularly in them through SIP to create wealth over the years.

The graph illustrates the difference in the value of Rs. 100000 invested at different rates of interests for 30 years.

70 Lac

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0

66.21 Lac

17.45 Lac

4.32 Lac

0 5 10 15 20 25 305

5% 10% 15%

The above is for illustration purpose only & should not be considered as an investment advice. The actual result may vary from depicted results depending on scheme selected. It should not be construed to be indicative of scheme performance in any manner. Past performance may or may not be sustained in future

Power of Compounding

No Exit Load

Fund houses are seen to deduct 1-2.5% as exit load

Exit load applied on the exit value, which means, the higher your returns the more will be the exit load

Hence we don't charge exit load in any of our equity mutual funds schemes

Higher por�olio churn can increase the fund expenses dispropor�onately affec�ng the returns of the fund directly

Frequent churn may not let you reap the full growth poten�al of the stocks leading to poor returns

Hence we research extensively before we buy any stock and hold onto them for years to reap the full growth poten�al

Low Churn

Too many stocks become unmanageable for the fund managers

Over-diversified por�olio takes away the poten�al of quality stocks

Risk comes from not knowing the stocks hence diversifica�on beyond ones control can increase the risk

Hence we believe in adequate diversifica�on with less number of stocks in our por�olio

High Conviction

12

Passive Funds Performance

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), *Inception date: 6-Sept-13Returns 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.

Date

Scheme Benchmark

CRISIL Short Term Bond Fund Index

Returns (%)

MOSt Ultra ShortTerm Bond Fund

Returns (%)

Current Value of Standard Investment of Rs 10000

MOSt Ultra ShortTerm Bond Fund

Returns (INR)

CRISIL Short TermBond Fund Index

Returns (INR)

CRISIL LiquidFund Index

Returns(INR)

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

MOSt Ultra Short Term Bond


Dec 31, 2014 to Dec 31, 2015

Dec 31, 2013 to Dec 31, 2014

NAV per unit : Rs 76.2877 (Dec 31, 2015); Rs 79.3411 (Dec 31, 2014); Rs 88.3485 (Dec 31, 2013); Rs 82.5254 (Dec 31, 2012); Rs 61.5442 (Dec 31, 2011); Rs 87.1199 (Dec 31, 2010); Rs 77.8608 (July 28, 2010) The returns are calculated on adjusted NAV post stock split of Rs. 10 to Rs.7, *Inception date: 28-Jul-10Returns 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.

Date

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

Nifty 50Returns

Motilal Oswal MOSt Shares M50 ETF Returns


6.35%

-3.85%

28.29%

7.06%

34.09%

-29.36%


Dec 31, 2014 to Dec 31, 2015

Dec 31, 2013 to Dec 31, 2014

Dec 31, 2012 to Dec 31, 2013

Dec 31, 2011 to Dec 31, 2012

Dec 31, 2010 to Dec 31, 2011

7.38%

-4.06%

31.39%

6.76%

27.70%

-24.62%

13,967

N. A.

14,722

Motilal Oswal MOSt Shares M50 ETF Returns

MOSt Shares M50

MOSt Shares Midcap 100

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), *Inception date: 31-Jan-11Returns 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.

Date


Nifty 50Returns

Nifty Midcap100Index Returns

Motilal Oswal MOSt Shares Midcap 100 ETF Returns (INR)


Nifty Midcap 100Index Returns (INR)

12.22%

6.69%

56.81%

-4.00%

40.32%


Dec 31, 2014 to Dec 31, 2015

Dec 31, 2013 to Dec 31, 2014

Dec 31, 2012 to Dec 31, 2013

Dec 31, 2011 to Dec 31, 2012

11.27%

6.46%

55.91%

-5.10%

39.16%

7.75%

-4.06%

31.39%

6.76%

27.70%

17632 16910

N. A.

14432

Motilal Oswal MOSt Shares Midcap 100 ETF Returns

MOSt Shares NASDAQ 100

Date


Nifty 50Returns

NASDAQ 100Index Returns (%)

MOSt SharesNASDAQ 100 Returns (INR)


NASDAQ 100 IndexReturns (INR)

25.73%

13.54%

22.59%

54.86%

17.44%


Dec 31, 2014 to Dec 31, 2015

Dec 31, 2013 to Dec 31, 2014

Dec 31, 2012 to Dec 31, 2013

Dec 31, 2011 to Dec 31, 2012

25.88%

13.82%

22.78%

54.77%

17.51%

7.08%

-4.06%

31.39%

6.76%

27.70%

29750 29915 13,853

MOSt SharesNASDAQ 100 Returns

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 121.3300(Dec 31, 2011); Rs 103.2365 (March 29, 2011), *Inception date: 29-Mar-11Returns 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.

13

N. A.

AdditionalBenchmark

AdditionalBenchmark

AdditionalBenchmark

Product Labeling

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

*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 Bond)

• 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

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

This document has been issued on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this document is for general purposes only and not a complete disclosure of every material fact. The information / data herein alone is not sufficient and shouldn't be used for the development or implementation of an investment strategy. It should not be construed as investment advice to any party. All opinions, figures, estimates and data included in this document are as on date mentioned in the document. The document 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. The Stocks mentioned in the document are used for the purpose of explaining the concept and should not be construed as investment advice. The statements contained herein may include statements of future expectations and other forward-looking statements that are based on our current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Readers shall be fully responsible/liable for any decision taken on the basis of this document. 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 will be achieved. The returns of PMS Strategies are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategies. The above returns are calculated on NAV basis and based on closing market prices. Returns above one year are annualized. The stocks forming part of the existing portfolio under Value Strategy and NTDOP Strategy may or may not be bought for new client. Past performance may or may not be sustained in future and does not indicate the future performance of any of the schemes/strategies and should not be used as a basis for comparison with other investments. Name of the PMS Strategy does not in any manner indicate its future prospects and returns. Investors are advised to consult his / her own professional advisor.

Disclaimer

Low

Modera

tely

Low

High

ModeratelyHigh

Moderate

HighLow

Investors understand that their principal will be at Moderately Low risk

Riskometer

14

Documents

BRST brochure - 18 jan - Motilal Oswal Asset Management...Motilal Oswal Wealth Creation Study. The learnings from all these studies have helped us evolve a The learnings from all these