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IIFL MULTICAP ADVANTAGE PMS (Portfolio Management Service) August 2019

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IIFL MULTICAP ADVANTAGE PMS (Portfolio Management Service) August 2019 IIFL MULTICAP ADVANTAGE PMS (Portfolio Management Service) August 2019 Strategy Objective # The portfolio manager is to take a concentrated position in portfolio of 20-25 stocks with a bias towards Large cap stocks with an objective of generating wealth overInvestment long period. Allocation: At the same time hedge the portfolio using At the Money Nifty 50 Put option to safeguard against downside risk. Equity Investment – up to 100% of corpus Put Options (for Hedging) – up to 8% of Corpus* # Liquid schemes of Mutual funds and other securities as per discretion of Portfolio Manager Portfolio as of 30th Aug '19 has a large cap weightage of over 58% *In case put options are not available in the suitable lots to hedge the equity investment(s), the Portfolio Manager may invest in available lots which may result in either hedge exposure (i.e. contract value of put option) exceeding the value of equity investment(s) or hedge exposure being lesser than value of equity investments (upto 8%). The Portfolio Manager has discretion to buy Put options across tenors (1-3 years). Investment Philosophy - The SCDV Framework Cyclical Growth (C) Secular Growth (S) Core Portfolio: S Capital Goods Auto & Auto Ancillaries Cement Merck Bajaj Finance Infrastructure Consumer Discretionary LogisticsPrivate Corp Banks HDFC Bank More than More InsurancePrivate Retail Banks Metals RetailNon-Banking Financial Co. Muthoot Finance Oil & Gas Downstream 15% PAT Growth PAT Tactical Allocation: C & D Value Traps (V) Defensive Growth (D) ICICI Bank RBL Consumer Staples Healthcare Infosys TelecomPSU Banks IT Services Oil & Gas – Upstream Media Biocon Less than Utilities - Power Credit Access Grameen Less than More than Avoid Allocation: V SBI^ 15% Return on Equity The mentioned securities in the SCDV framework are part of the current portfolio ^SBI is in Value Trap due to �inancial performance in the past but the recent data is positive and is expected to improve further The above statements / analysis should not be construed as an investment advice or a research report or a recommendation to buy or sell any security covered under the respective sector/s Cyclical (PAT>15%, ROE <15%) –Companies/ Sectors that show high growth but are affected by market cycles hence need to be timed for entry and exit Secular (PAT>15%, ROE >15%) – High growth companies / sectors which show consistent growth across market cycles Defensive (PAT<15%, ROE >15%) – Companies / sectors that show consistent stable growth across market cycles Value Trap (PAT<15%, ROE <15%) – Companies/ sectors that are at attractive valuation but do not show commensurate growth. Portfolio changes during the month Stock Action Rationale Infosys Reduced We have partially replaced Infosys from the portfolio with Tata Consultancy Services Limited (TCS) as we see the discount narrowing signi�icantly between Infosys and TCS considering Infosys was doing an open market buyback and for that reason had TCS New Addition outperformed TCS in recent months. Valuation wise and risk reward wise we see TCS as a better portfolio company from current levels over a medium to long term as compared to Infosys. We would look to replace the remaining Infosys also at a suitable level. IPCA Labs Added IPCA labs is one of the better managed Pharma companies with quality management. Some of its plants continue to have US FDA approvals pending but, its non-US FDA affected plants have been seeing strong export growth. Valuation wise also looks reasonable based on FY20 and FY21 numbers Greaves Cotton Added The company has been making strong progress on it Electric vehicle space with the increased stake in Ampere and launching newer models in the market at attractive price points. Apart from this new business segment, its traditional business Auto engines and pump-sets continues to do well and are seeing decent pickup in recent months IIFL Asset Management Limited (Portfolio Manager) Regd Off: 6th Floor, IIFL Centre, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai -400 013 Tel: (91-22) 4876 5600 • Fax: (91-22) 4646 4706 • Website: www.ii�lamc.com • CIN: U74900MH2010PLC201113 IIFL MULTICAP ADVANTAGE PMS (Portfolio Management Service) All data are as on August 30, 2019 and denominated in INR Investment Theme & Strategy Performance (%) Strategy/Benchmark 1 Month 3 Months 6 Months 1 Year 2 Years Since term capital appreciation for investors from a Inception The objective of the strategy is to generate long NA The investment strategy is to invest in portfolio of equity & equity related securities. IIFL Multicap Advantage PMS (0.52) (4.83) 5.83 2.15 NA 6.16 companies and in sectors that are available at S&P BSE 200 TRI (0.37) (6.95) 1.92 (7.35) 3.04 signi�icant discount to their intrinsic value and As IIFL Multicap Advantage PMS Strategy invest in long dated options which are not very liquid, the valuation of the said option is received from Independent provide earnings visibility. The strategy takes a Valuation Agencies (CRISIL) identi�ied by the Portfolio Manager. The quotes received for purchase and sale of the said option provided by the Option provider varies endeavours to strategically change allocation due to multiple market factors, resulting in difference in pricing of the options, impacting the performance. As per the PUT Option price as on month end, the returns concentrated position in stocks and mentioned above across period would vary up to 0.5% on lower or higher side. Returns less than one year are on absolute basis. Past performance may or may not be sustained in future. between sectors depending on changes in the Historical Performance of Other Equity Strategies managed by the Portfolio Manager (%) business cycle. Strategy/ Benchmark 1 Year 2 Years 3 Years Since Inception Key Terms IIFL Multicap PMS 0.72 8.49 9.85 16.85 S&P BSE 200 TRI (7.35) 4.45 8.33 8.00 Inception Date December 1, 2017 Returns more than one year are on compounded annualised basis. Past performance may or may not be sustained in future. Sector - Top 6 Holdings Market Capitalization NA inancials .9 Small Cap Bloomberg Ticker . Information TeFchnology . 38 2% Mid Cap 13 51% . Industrials .915 12% 20 33% Benchmark Index S&P BSE 200 TRI Health Care 91. 0 8% Materials . 70% Large Cap . Consumer iscretionary . 7617% 58 32% Schedule of Charges D 4 2 % 0% 25% 50% Portfolio – Top 10 Holdings (%) Risk Ratios Management Company Weightage termsheet Beta As per executed Fee 0.73 HDFC BANK LTD 7.19 Sharpe Ratio BAJAJ FINANCE LIMITED 6.93 0.12 termsheet ICICI BANK LTD. 6.44 Exit Load As per executed PROCTER & GAMBLE HEALTH LIMITED 5.69 Information Ratio* 1.01 Treynor Measure AXIS BANK LIMITED 4.59 Minimum WIPRO LTD. 4.47 0.01 Investment Amount Rs. 27 lakhs LARSEN TOUBRO LTD. 4.42 Volatility** 14.44% STATE BANK OF INDIA 4.06 CROMPTON GREAVES CONSUMER 3.40 All risk ratios are calculated since inception ELECTRICAL LIMITED *Information Ratio is a ratio of portfolio returns above the returns of a benchmark index to the volatility of those returns. Portfolio Manager CREDITACCESS GRAMEEN LIMITED 3.38 the asset returns. CASH **Volatility measures the risk of a security by using the standard deviation of 10300 DEC2020 PUT OPTION 2.86 4.97 IIFL Asset Management Limited (IIFL AMC) Top Gainers in Equity (Since Inception) Performance Top losers in Equity (Since Inception) Performance Strategy Manager Profile - Aniruddha Sarkar PROCTER & GAMBLE HEALTH LIMITED 198.75% TATA MOTORS LTD (74.57%) CREDITACCESS GRAMEEN LIMITED 102.95% QUESS CORP LIMITED (49.52%) Aniruddha Sarkar, Strategy Manager for IIFL BAJAJ FINANCE LIMITED 92.96% EMAMI LIMITED (25.19%) Multicap Advantage PMS, has over a 13 years of NAV Movement experience in the Financial Services sector. He is associated with IIFL Wealth Management II L Multicap Advantage PMS S&P BS TRI identifying investment ideas across various . Group for 11 years and has been involved in F E 200 12 00 sectors and market-caps that can generate . alpha for the investors. He has been one of the 11 00 key members involved in setting up the entire equity advisory desk at IIFL Wealth. Prior to . working with IIFL Wealth, he was working with 10 00 a UK based hedge fund. He holds an MBA in Finance from IMI, New Delhi and a Bachelor’s 9. Calcutta. ec May Oct Mar 9 Aug 9 degree in Commerce from St. Xavier’s College, 00 D -2017 -2018 -2018 -201 -201 NAV shown is for the model portfolio. NAV of 10 assumed on the inception date (01-Dec-2017) IIFL Asset Management Limited (Portfolio Manager) Regd Off: 6th Floor, IIFL Centre, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai -400 013 Tel: (91-22) 4876 5600 • Fax: (91-22) 4646 4706 • Website: www.ii�lamc.com • CIN: U74900MH2010PLC201113 IIFL MULTICAP ADVANTAGE PMS (Portfolio Management Service) All data are as on August 30, 2019 and denominated in INR Portfolio Holdings Valuation Matrix P/E P/B ROE EPS CAGR S. No Company Weight (FY19-21) FY19A FY20e FY21e FY19A FY20e FY21e FY19A FY20e FY21e 1 HDFC BANK LTD 7.41% 26.96 23.51 19.48 4.22 3.72 3.23 16.5% 16.1% 17.0% 17.6% 2 BAJAJ FINANCE LIMITED 7.23% 46.91 35.40 27.51 9.26 7.55 6.17 22.5% 23.1% 23.0% 30.6% 3 ICICI BANK LTD.^ 6.91% 21.00 19.54 15.13 2.11 1.87 1.65 3.2% 12.4% 13.2% 30.0% 4 PROCTER & GAMBLE 6.18% 55.00 49.36 43.99 5.08 9.97 8.12 8.8% 13.6% 20.4% 32.3% HEALTH LIMITED 65 AXIS BANK LIMITED 4.90% 34.38 18.14 13.38 2.60 2.10 1.86 7.2% 13.6% 14.0% 60.3% LARSEN TOUBRO LTD.
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