Muthoot Finance 4.1%InfosysLtd 4.1%ICICIBank 3.8%Britannia 3.7%VarunBeverages 3.3%TataSteel 3.3%TejasNetworks 3.3%HCLTechnologiesLtd 3.2%InoxLeisure 3.2%Divis Lab 3.2%

PortfolioVolatility 14.7%

SharpeRatio 0.6

Alpha -0.6%

TrackingError 7.2%

MarketCapitalisationKeyRatios(1Year)

InvestmentObjectiveThe principal objective of the sub-fund is to provide long term capital appreciation primarily through investment in equity and equity related investments ofcompanies established in or operating in India. The exposure to the Indian market will be a minimum of 90% and a maximum of 100%.

PortfolioManagerCommentary KeyInformationFundSize USD224.4mn

NAV 136.47

InceptionDate 12th May2016

ISIN LU1313566413

BloombergCode RAMRDRGLX

InvestmentManager RelianceAssetManagement(Singapore)Pte Ltd

InvestmentAdvisor RelianceNipponLifeAssetManagementLtd

Domicile Luxembourg

ReferenceCurrency GBP

DealingandValuation Daily

Fee&MinimumSubscription 1.25%&GBP10,000

Top10Holdings

PerformanceSnapshot(%)

FundName 1Mth 3Mth 6 Mth 1Year SinceInception

IndiaEquitiesPortfolioFund -6.61 -17.06 -6.84 -4.30 36.47

MSCIIndia- GBP -5.34 -10.56 -1.10 -2.73 29.66

FACTSHEET– APRIL2018

Dataasat31st March,2018

Disclaimer :This publication is prepared by Reliance Asset Management (Singapore) Pte. Ltd. (“RAMS”) and the opinions expressed are subject to change without notice. This publication is for information and private circulation only anddoes not constitute investment advice, or a recommendation, or an offer or solicitation, and is not the basis for any contract to purchase or sell any security, or other instrument, or for RAMS India Equities Portfolio Fund toenter into or arrange any type of transaction as a consequence of any information contained herein.This publication does not take into account the specific investment objectives, financial situation or particular needs of any specific person. Investors should seek advice from a financial adviser regarding the suitability of theFund, taking into account the specific investment objective, financial situation or particular needs before making a commitment to purchase units in the Fund. In the event that an investor chooses not to seek such advice, theinvestor should consider carefully whether the investment in the Fund is suitable.An investment in the Fund involves a high degree of risk and is suitable only for accredited and/or institutional investors. No assurance can be given that the investment objectives will be achieved or that an investor willreceive a return of all or part of his or her investment. Although the information herein has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. Opinions andestimates involve a number of assumptions, which may not prove valid and may be changed without notice. RAMS and its employees accept no liability for any loss whatsoever and howsoever arising from any use of orreliance on any of the opinions expressed.Any predictions, projection, or forecast on the economy, stock market, bond market or the economic trends of the market is not necessarily indicative of the future performance of the Fund. Past performance of the Fund isnot necessarily indicative of its future performance. Investments are subject to investment and foreign exchange risks including the possible loss of the principal amount invested. The value of units and any income fromthem may fall as well as rise.We advise that an investment should only be made after review of the Offering Circular and the Class Addendum. For more information, including a discussion of investment risks, please request an offering Circular and therelevant Class Addendum from RAMS.

SectorBreakdown

LargeCap:GreaterthanUSD4.5bn,MidCap:USD4.5bn-USD1.2bn,SmallCap:LessthanUSD1.2bn

The correction in Indian equities continued throughout March and this can be attributed to anumber of local and global factors. Concerns over a global trade war between China and theUSA escalated, which impacted global markets. The BJP also lost three parliamentary by-pollsand a coalition with the Telugu Desam Party (TDP) broke down in the state of Andhra Pradesh.The MSCI India (GBP) closed down 5.34%. Domestic institutions recorded net inflows of USD728mn and foreign institutional investors recorded net inflows of USD 2.1bn. Forex reserveswere maintained at approximately USD 420bn and INR ended flat. Among the sectors, metaland energy were the biggest underperformers while IT and FMCG outperformed.

CPI inflation fell for the second consecutive month from 5.1% in January to 4.4% in February.This can be attributed to a decline in vegetable prices. The auto industry experienced secularvolume growth (YoY) across all segments; passenger vehicles grew approximately 15% (YoY),while two-wheelers and tractors grew over 20% and 40% (YoY), respectively. Commercialvehicles continued their strong performance with 25-30% growth (YoY). The February tradedeficit decreased to USD 12bn after rising to USD 16.3bn in January. Cement prices remainedflat, but are expected to increase in early April. Crude oil prices increased by 5% toapproximately USD 70 p/bbl as a result of continuing production cuts. The benchmark 10-yeartreasury yields eased by 33bps, to 7.4%, as a result of the government’s decision to reduce theFY19e borrowing target by INR 500bn (USD 7.7bn).

The TDP pulled out of the National Democratic Alliance because Andhra Pradesh was deniedspecial categorisation status, which would have increased state funding. The TDP passed amotion of no-confidence against the BJP in parliament as a result. Three by-polls in Bihar andUttar Pradesh were conducted in March and all were lost by the BJP. While the BJP currentlyretains an absolute majority in the lower house, these by-poll results raise some concernsheading into the 2019 general election.

The Fund was down in March, reflecting the performance of the market. We booked profit inone small cap Non-Banking Financial Company (NBFC). We also booked profit in an alcoholcompany due to the potential risk posed by upcoming state elections and taxation changes thisyear, but will continue to monitor it for an opportunity to repurchase. We added two largeNBFCs, which are both market leaders in their respective fields. We added the largest cigarettecompany in India, which was available at a very competitive valuation compared to otherconsumer companies. We added two energy companies to capitalise on the recentunderperformance of the energy sector. We have previously owned both of these companiesand are confident in their quality and growth prospects. As a result of these changes, the Fundis now approximately 95% invested. We will selectively deploy any cash into new and existingopportunities as they arise. Looking forward, we need to monitor the price of crude oil and theKarnataka state elections in May. It is also important to monitor the impact of the e-way bill onGST collections for an accurate measure of the success of the GST implementation.

®

IndiaEquitiesPortfolioFundASub-FundofRAMSEquitiesPortfolioFund

RDRGBPShareClass

39%

28%

28%

5%

LargeCap

MidCap

SmallCap

Cash

3%

4%

4%

7%

11%

12%

13%

15%

26%

0% 5% 10% 15% 20% 25% 30%

ConsumerDiscretionary

Energy

Utilities

HealthCare

Industrials

ConsumerStaples

InformationTechnology

Materials

Financials

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Disclaimer:

For professional and accredited investors only and should not be relied upon by retail clients.This document may not be disseminated, distributed or used without the prior written consent of Cohesion Investments Limited and Sapia Partners LLP (the“Companies”). This document is sourced from Reliance Asset Management (Singapore) Pte Ltd and is not a financial promotion but only marketing material foreducational and informational purposes. Potential investors should refer to fund documentation before considering any investment and read the relevant risksections within such documentation. The information contained in this document is based on material that Companies believe to be reliable. Assumptions, estimatesand opinions contained in this document constitute information we received from reliable sources as of the date of the document and are subject to change withoutnotice. Neither the Companies or any of their respective officers, directors, employees, agents, controlling persons or affiliates makes any representation or warranty,expressed or implied, as to the accuracy or completeness of the information contained in this document, and nothing contained herein is, or shall be relied upon as, apromise or representation, whether as to past or future facts or results. Cohesion Investments Limited is an Appointed Representative of Sapia Partners LLP, an entitywhich is authorised and regulated by the Financial Conduct Authority (FCA).

Spike Hughes, Founder & CEO

Tel: +44 20 7399 6718Mob: +44 7920 888200Email: spike@cohesioninvestments.com

Michael R. Smith, Business Development Director

Tel: +44 20 7399 6724Mob: +44 7741 589371Email: mike@cohesioninvestments.com

Chris Howard, Head of Client Services

Tel: +44 20 7399 6722Mob: +44 7557 132625Email: chris@cohesioninvestments.com

India Equities Portfolio FundA Sub-Fund of RAMS Equities Portfolio Fund

RDR GBP Share Class

Cohesion Investments Limited60 Grosvenor Street, Mayfair, London, W1K 3HZ

Tel: +44 20 7399 6715 | Email: clientservices@cohesioninvestments.com