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Aditya Birla Sun Life Special Opportunities Fund an Open Ended Equity Scheme Following Special Situations Theme

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Aditya Birla Sun Life Special Opportunities Fund an Open Ended Equity Scheme Following Special Situations Theme Aditya Birla Sun Life Special Opportunities Fund An open ended equity scheme following special situations theme NFO Opens: 5th Oct 2020 | NFO Closes: 19th Oct 2020 Aditya Birla Sun Life AMC Ltd. ‘ Every challenge, every adversity,‘ contains within it the seeds of ‘‘ opportunity and growth ~ Roy T. Bennett (Author of The Light in the Heart) Aditya Birla Sun Life AMC Ltd. Equity creates wealth over the long term… Equity has grown 10X in last 25 years! 13000 10500 8000 5500 3000 500 Nifty 50 TRI has been considered as proxy for equity. Source: Bloomberg Aditya Birla Sun Life AMC Ltd. However, journey of Wealth Creation is never smooth… US China COVID-19 Trade War 13000 BREXIT Announcement Global Financial Eurozone 10500 Crisis Debt Crisis BJP lost in Election 8000 Dotcom Bubble + 5500 SARS Asian Financial Kargil 9/11 D War Outbreak Crisis Demonetization 3000 Taper Tantrum Great Fall of China 500 Nifty 50 TRI has been considered as proxy for equity. Source: Bloomberg Aditya Birla Sun Life AMC Ltd. Different Countries, Industries or Businesses face challenges at different times… Silver lining of these challenges create Special Situations Opportunity for those who dare to see it. Source: Newspapers Reports Aditya Birla Sun Life AMC Ltd. Regulatory Changes Industry Specific Macro-Economic Events Changes Special Company Specific Situations Global Events can arise from… Events The above list is illustrative and not exhaustive; there are several other opportunities that may give rise to special situations Aditya Birla Sun Life AMC Ltd. Case Study: Regulatory Disruption - Nestle India ➢ In June 2015 news of excess lead content found in Maggie broke out Nestle India Ltd 19500 ➢ Between 5 June and 1 September 2015, over 35,000 tonnes of Maggi noodles were withdrawn and destroyed 14500 9500 4500 Price Performance From To Nestle India Nifty TRI 27-May-15 29-Feb-16 -29% -15% ➢ Share price of Nestle collapsed by ~29% within a few 29-Feb-16 27-Apr-20 258% 40% months on panic selling and soared up by ~258% after the issue was resolved Source: Bloomberg, Investor Presentation, Newspaper A case study for illustration purpose only. Not intended as advise The sector(s)/stock(s)/issuer(s) mentioned in this presentation do not constitute any research report/recommendation of the same and the Fund may or may not have any future position in these sector(s)/stock(s)/issuer(s). Aditya Birla Sun Life AMC Ltd. Case Study: Management Change - Britannia Industries ➢ Around 2012-13, Britannia Industries lost market share to other Britannia Industries 4100 ➢ Change in Management: Mr. Varun Berry joined as COO in 2013 3100 ➢ Under his leadership, company witnessed sharp growth in revenue and significant improvement in profitability 2100 PAT (₹ Cr) 1100 ~21% 1,484 100 1,122 948 844 763 622 Price Performance 370 234 From To Britannia Industries Nifty TRI 01-Jan-11 01-Jan-13 21% -1% FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 01-Jan-13 07-Aug-20 1470% 107% Source: Bloomberg, Annual Reports A case study for illustration purpose only. Not intended as advise The sector(s)/stock(s)/issuer(s) mentioned in this presentation do not constitute any research report/recommendation of the same and the Fund may or may not have any future position in these sector(s)/stock(s)/issuer(s). Aditya Birla Sun Life AMC Ltd. 3 Regulatory Changes Govt. actions can affect profits… Amendment in Govt. Changes in Regulations Reforms Tariffs / Taxes Aditya Birla Sun Life AMC Ltd. The Road Ahead: Special Opportunities in Current Market Scenario Aditya Birla Sun Life AMC Ltd. Special Opportunities in Current Market Scenario - PSUs Divestment PSU Banks ➢ Given the current monetary and fiscal situation, divestment Nifty PSU Bank - PB Ratio remains imperative 3.00 2.50 Average: 1.17 ➢ Strategic divestment of Bharat Petroleum Corporation (BPCL), 2.00 The Shipping Corporation of India (SCI) and Container 1.50 Corporation of India (CONCOR) was announced in Nov 2019 1.00 0.50 0.55 ➢ Historically, divestment has helped in value unlocking and 0.00 created significant wealth for investors P/B Average + 1 SD - 1 SD Maruti Suzuki Ltd. 1200 ➢ PSU Banks valuations are at decadal low levels (more than 53% 800 Divestment below their long term average) which provides good margin of safety 400 ➢ PSU banks can see consolidation or recapitalization support 0 from Govt. and hence have potential to get re-rated Source: NSE website A case study for illustration purpose only. Not intended as advise The sector(s)/stock(s)/issuer(s) mentioned in this presentation do not constitute any research report/recommendation of the same and the Fund may or may not have any future position in these sector(s)/stock(s)/issuer(s). Aditya Birla Sun Life AMC Ltd. Opportunities come infrequently.“ “When it rains gold, put out the bucket, not the thimble. ~ Warren Buffett (Chairman & CEO of Berkshire Hathaway) Aditya Birla Sun Life AMC Ltd. Presenting Aditya Birla Sun Life Special Opportunities Fund (An Open Ended Equity Scheme following Special Situations theme) Aditya Birla Sun Life AMC Ltd. Aditya Birla Sun Life Special Opportunities Fund: Positioning & Approach Fund Positioning ➢ An open ended thematic equity fund following Special Situations theme ➢ Portfolio will be Sector and Market cap Agnostic Investment Approach Focused Portfolio Bottom-up Approach Opportunistic Portfolio Portfolio will follow “Price-Target approach” to derive value from 35-40 stocks portfolio Bottom up approach of tactical opportunities arising due to any special situation that any with high active share stock selection company may face. May have higher turnover due to the nature of the scheme Suitability The fund is suitable for Long term Equity Investors with High risk appetite with an Investment horizon of 5 years and above The Scheme does not guarantee/indicate any returns. There can be no assurance that the schemes’ objectives will be achieved. Aditya Birla Sun Life AMC Ltd. Aditya Birla Sun Life Special Opportunities Fund: Investment Philosophy ➢ The scheme will follow a bottom-up approach to stock-picking ➢ Stock selection will be based on: Size of the Prospects of future Potential of Growth Margin of Opportunity growth and scalability in Return on Equity Safety ➢ The scheme will take position in companies facing temporary challenges on back of special situation such as corporate restructuring, Government policy change and/or regulatory changes. Holding period will differ on case to case basis Aditya Birla Sun Life AMC Ltd. Why Invest in Aditya Birla Sun Life Special Opportunities Fund now? ➢ Companies facing special situation are usually available at lower valuations than It's not always easy to do their fair value which provides good margin of safety what's not popular, but ➢ Amid Covid crisis there is an increase in possibility of consolidation and emergence that's where you make your of new trends across sectors ‘ ‘‘ ‘ money. Buy stocks that look bad to less careful investors ➢ The current environment is by far the most uncertain period since WWII and hang on until their real ➢ Many companies have witnessed downgrading on demand and growth concerns – value is recognized. significant rerating opportunity as things normalise ➢ Abundance of liquidity is favourable for equities ~John Neff Opportunities + Margin of Safety + Fund Management Capability Fund Manager, Vanguard Windsor Fund => (1964 - 1995) Potential for higher returns Aditya Birla Sun Life AMC Ltd. Aditya Birla Sun Life Special Opportunities Fund: Features & Asset Allocation Scheme Name Aditya Birla Sun Life Special Opportunities Fund Fund Manager Anil Shah, Chanchal Khandelwal, Vinod Bhat for Overseas Investments Scheme Type An open ended equity scheme following special situations theme The investment objective of the Scheme is to provide long term capital appreciation by investing in opportunities presented by special Investment situations such as corporate restructuring, Government policy change and/or regulatory changes, companies going through temporary but Objective unique challenges and other similar instances. The Scheme does not guarantee/indicate any returns. There can be no assurance that the schemes’ objectives will be achieved. Scheme Benchmark S&P BSE 500 Total Return Index (TRI) Equity & Equity Related instruments of special situations theme: 80% - 100%. Other Equity & Equity Related instruments: 0-20%. Asset Allocation Debt, Units of Mutual Fund schemes, Money Market Instruments and Cash & Cash Equivalents: 0-20%. Units issued by REITs & InvITs: 0-10% Regular Plan and Direct Plan; Both plans will have two options: Growth and Dividend. Dividend option will have Payout and Reinvestment Plans & Options Facility Entry Load : NIL; | Exit Load : For redemption / switch-out of units within 90 days from the date of allotment: 0.5% of applicable NAV. Entry & Exit Load For redemption / switch-out of units after 90 days from the date of allotment: Nil NFO Open Date 5th Oct 2020 NFO Close Date 19th Oct 2020 Note: For details, refer SID/KIM of the scheme. Aditya Birla Sun Life AMC Ltd. Aditya Birla Sun Life Special Opportunities Fund: Risk Factors & Suitability Aditya Birla Sun Life AMC Ltd. Thanks.
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