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NASDAQ 100 - Opportunity to Invest in USD ~15 Trillion Market Cap Index Via FOF

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NASDAQ 100 - Opportunity to Invest in USD ~15 Trillion Market Cap Index Via FOF 1 1 NASDAQ 100 - Opportunity To Invest In USD ~15 Trillion Market Cap Index Via FOF Apple + Amazon Market cap put together exceeds India’s Total market Cap France India 2.9% India UK Germany France 2.4% Germany 2.3% 3.1% 2.4% 2.9% UK 3.2% 2.4% Japan Japan 6.8% 6.6% Others Others 30.4% 30.6% China China 10.5% 10.6% USA USA 41.5% 41.3% Market Cap (%) GDP (%) Source: Bloomberg , GDP data for Oct 2020, Market Cap as on 31st Dec 2020. stocks mentioned above are used to explain the concept and is for illustration purpose only and it 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/ underlying scheme. 2 Some Of The World’s Best Innovative Industries Aren’t Available In The Listed Space In India. Technology mega trends that will change the world Cloud Computing & Digital Electronic Payments Transformation Artificial Over-the-Top(OTT) Intelligence/Machine Streaming Learning Autonomous Cars & 5 G Technology Machines Disclaimer: The slide is meant to illustrate the larger themes and under-currents that are in play which may be driving the growth in said stock(s)/index/theme. The same may not necessarily fructify in the expected timeline or as expected. Themes mentioned above are used to explain the concept and is for illustration purpose only and it should not be used for development or implementation of an investment strategy. It should not be construed as investment advice to any party. 3 Firms Shaping Our Future Trio Of Quality, Growth and Longevity Next-generation Devices Apple , Google Next-generation Lifestyle Netflix, Amazon, Zoom, Tesla Next-generation Software Microsoft, Adobe Disclaimer: The slide is meant to illustrate the larger themes and under-currents that are in play which may be driving the growth in said stock(s)/index/theme. The same may not necessarily fructify in the expected timeline or in the expected manner. Stocks mentioned above are used to explain the concept and is for illustration purpose only and it 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/ underlying scheme. Past performance may or may not be sustained in future. 4 Going Forward, Trends Of Digitization Are Tailor-made For Tech Source: McKinsey & Company, The slide is meant to illustrate the larger themes and under-currents that are in play which may be driving the growth in said stock(s)/index/theme. The same may not necessarily fructify in the expected timeline or in the expected manner. Theme mentioned above are used to explain the concept and is for illustration purpose only and it should not be used for development or implementation of an investment strategy. It should not be construed as investment advice to any party. Past performance may or may not be sustained in future. 5 Digital Intensity Up In Almost Every Product And Service… Source: McKinsey & Company, The slide is meant to illustrate the larger themes and under-currents that are in play which may be driving the growth in said stock(s)/index/theme. The same may not necessarily fructify in the expected timeline or in the expected manner. Theme mentioned above are used to explain the concept and is for illustration purpose only and it should not be used for development or implementation of an investment strategy. It should not be construed as investment advice to any party. Past performance may or may not be sustained in future. 6 … These Trends Are Set To Last Beyond The Pandemic The largest shifts during the crisis are also the most likely to stick through the recovery – Changing customer expectations, remote working, migration of assets to the cloud Source: McKinsey & Company, The slide is meant to illustrate the larger themes and under-currents that are in play which may be driving the growth in said stock(s)/index/theme. The same may not necessarily fructify in the expected timeline or in the expected manner. Theme mentioned above are used to explain the concept and is for illustration purpose only and it should not be used for development or implementation of an investment strategy. It should not be construed as investment advice to any party. Past performance may or may not be sustained in future. 7 Tech’s Share Of Revenues And Earnings Has Been Increasing In US Revenue share – S&P 500 (%) Earnings share – S&P 500 (%) Source: S&P’s Factset, Credit Suisse, The slide is meant to illustrate the larger themes and under-currents that are in play which may be driving the growth in said stock(s)/index/theme. The same may not necessarily fructify in the expected timeline or in the expected manner. Theme mentioned above are used to explain the concept and is for illustration purpose only and it should not be used for development or implementation of an investment strategy. It should not be construed as investment advice to any party. Past performance may or may not be sustained in future. 8 Margins Have Been Stable For The Broad Market But They Have Been Rising For Technology Companies In US EBIT Margins Note: S&P 500 ex-Financials; Trailing 12-Month EBIT Margin; 4-Quarter Moving Average Source: S&P’s Factset, Credit Suisse, The slide is meant to illustrate the larger themes and under-currents that are in play which may be driving the growth in said stock(s)/index/theme. The same may not necessarily fructify in the expected timeline or in the expected manner. Theme mentioned above are used to explain the concept and is for illustration purpose only and it should not be used for development or implementation of an investment strategy. It should not be construed as investment advice to any party. Past performance may or may not be sustained in future. 9 To Compound Superior Revenue Growth, Technology Companies Generate Twice As Much Free Cash Flow As The Others In US Free cash flow as a % of Sales – TECH+ vs. S&P 500 ex-TECH+ Note: Trailing 12-months Source: S&P’s Factset, Credit Suisse, The slide is meant to illustrate the larger themes and under-currents that are in play which may be driving the growth in said stock(s)/index/theme. The same may not necessarily fructify in the expected timeline or in the expected manner. Theme mentioned above are used to explain the concept and is for illustration purpose only and it should not be used for development or implementation of an investment strategy. It should not be construed as investment advice to any party. Past performance may or may not be sustained in future. 10 Why Could Nasdaq 100 Lead On The Growth Front Despite Its High Base? New disruptors at global scale have been added to index in the past and same trend may continue Some examples of additions to the index since 2010 Alphabet (Google) Splunk Inc.(Big data Software Company) Netflix Inc. Tesla Inc. Expedia ( Online Travel) Zoom (Video Telephony) Workday Inc (Cloud based ERP) Facebook Inc Moderna Inc (Healthcare, has Covid vaccine) Source: Bloomberg, Stocks mentioned above are used to explain the concept and is for illustration purpose only and it 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/ underlying scheme. Past performance may or may not be sustained in future. 11 Superior Earnings CAGR Of Last Decade Has Potential To Get Better Nifty IT’s superior earnings growth over FY10-20 is thanks to the depreciation of Rupee, adjusted for which, Nasdaq 100 earnings growth would be far superior Data Source: Bloomberg consensus Estimates,. The above benchmark comparison is depicted to highlight the earnings growth potential of the US Benchmark -NASDAQ 100, S&P 500 Index vis-à-vis the Indian benchmark indices – Nifty 50 and Nifty IT Index. Past performance may or may not be sustained in future 12 In The Long Term, Market Weight Could Keep Inching Up With Rising Tech Intensity In US 1 Year Forward PE – S&P 500 segments Market Weight – S&P 500 (%) Source: S&P’s Factset, Credit Suisse, The slide is meant to illustrate the larger themes and under-currents that are in play which may be driving the growth in said stock(s)/index/theme. The same may not necessarily fructify in the expected timeline or in the expected manner. Theme mentioned above are used to explain the concept and is for illustration purpose only and it should not be used for development or implementation of an investment strategy. It should not be construed as investment advice to any party. Past performance may or may not be sustained in future. 13 Hence, Premium Valuations At All-time High PE Are Justified 1 year Forward Price to Earning Ratio 1 year Forward Price to Book Ratio Nasdaq 100 10 Yr Avg PE (x) Nasdaq 100 10 Yr Avg PB (x) PE (x) 6.0 PB (x) 38.0 32.7 4.0 4.8 28.0 2.0 18.0 8.0 0.0 Jul-14 Jun-18 Jun-08 Jun-13 Sep-09 Sep-14 Sep-19 Dec-10 Dec-15 Dec-20 Jan-08 Jan-17 Nov-05 Jun-05 Mar-07 Mar-12 Mar-17 Oct-06 Oct-15 Dec-02 Dec-11 Dec-20 Aug-10 Aug-19 Mar-04 Mar-13 May-09 May-18 Data Source: Motilal Oswal Financial Services Ltd, Bloomberg consensus Estimates, Past performance may or may not be sustained in future 14 INR / USD Movement Offers An Additional Hedge In Case Of Weak Domestic Economy A weak domestic economy may hurt the currency vis-à-vis the US dollar, which improves Rupee-denominated Nasdaq- 100 returns, offering an additional dimension of hedge.
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