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INDIAN ENTREPRENEUR FUND FUND FACTSHEET JANUARY 2015 Indian Entrepreneur Fund (IEF): Objective: Launched in March 2010, Indian Entrepreneur Fund aims to invest in “Entrepreneur run and/or family owned businesses”; listed on the Indian stock markets, for compounding gains over the medium to long term. Indian Entrepreneur Fund aims to invest in high growth (listed) businesses owned and managed by Indian entrepreneurs/families for superior long term wealth creation. IEF will be a portfolio of around 20 high growth, high quality businesses led by entrepreneurs with vision and integrity, execution, capital allocation and distribution skills. The fund seeks value creating traits in the investments, including, Size of Opportunity, Management Quality, Earnings Growth, Quality of Business and Value. Research methodology and brief rationale: Our study covered the universe of Top 500 listed companies by market cap and we segregated them into four categories based on their ownership structures - Entrepreneur run/ Family Owned Businesses (FOBs), Public Sector Undertakings (PSUs), Multi National Corporations (MNCs) and Pure Professional Firms. Since the widely held professional firms were only a handful in number, the three categories were taken up for intensive analysis and compared against a host of criteria i.e. sales growth, profit growth, operating margins, capital efficiency – RoE & RoCE and wealth creation. In each of the above comparisons, the entrepreneur run/family owned businesses fared exceedingly well. The summary of the findings are as below: Following are the findings and salient features of the research on Indian Entrepreneur and for Family Owned Companies: Continued Dominance of Entrepreneur / Family owned firms Entrepreneur/Family Owned Firms comprise ~50% of India’s market cap (in 2003 it was ~38% ) Fastest growing businesses Superior operating margins Over 20% OPMs consistently over the last 10 years. Strong capital efficiency Biggest wealth creators Portfolio Manager’s Commentary: Markets continue to scale new highs. Sensex during the month was up 6.1%, while the benchmark BSE 500 was up 5.8%. The month was driven by strong performance of Banks and Capital Goods. Banks gained significantly post the rate cut by RBI during the month. On the global front, the continuing fall in crude prices should help the fiscal situation of the country. The performance of the portfolio companies during the month have been a mixed bag. While stocks like Shree Cement, Bajaj Finance, Asian Paints etc performed strongly, Havells, Atul, Dhanuka, Hero Motocorp underperformed. The quarterly results declared so far have been a mixed bag. The companies like Bajaj Finance, Ajanta Pharma, Amara Raja Batteries, Kotak Mahindra Bank have delivered strong set of numbers. The prevalent weak consumer sentiments have impacted performance of businesses like Havells, Astral Poly and Asian Paints. We believe the impact is temporary and expect these businesses to bounce back strongly, once the market picks up. On the portfolio front, we have trimmed holdings in Pidilite, Page Industries, Amara Raja Batteries and increased weights in Sun Pharma, Lupin, Havells, Hero Motocorp and TCS. These actions are done at marginal level from portfolio rebalancing perspective. Overall we are very positive on the macro front. We expect the earnings growth to accelerate going forward. We are focused on businesses that have economic moat which should enable them to further improve on their market positioning and thereby deliver superior performance in the long term. no Fundless!!! Details Performance Snapshot (% US$) Investment geography India Investment style Long only 2015 Since 2010 2011 2012 2013 2014 (JAN YTD) Inception CAGR Domicile Mauritius Base currency US $ Indian Entrepreneur Fund* 20 (27) 25 10 64 6 16 NAV frequency Every Thursday BSE 500 16 (39) 28 (9) 34 9 4 Dividend policy None * Inception date 26th March 2010 Performance data of fee plan with 2.5% fixed management fees (Bloomberg Website www.ieof.com Ticker: INDENPRMP) MU0185S00191 (Retail T1) Sector allocation Top 10 holdings ISIN MU0185S00209 (Retail T2) MU0185S00217 (Institutional T1) Sectors Portfolio Stock NAV (% ) (%) Healthcare 20.6 Bajaj Finance Ltd. 6.2 Auto 15.0 Sun Pharmaceutical Industries Ltd. 6.1 Materials 11.6 Lupin Ltd. 6.0 NAV details as on 29 January, 2015 Finance 11.4 Page Industries Ltd. 5.7 Retail 9.7 Pidilite Industries Ltd. 5.6 NAV Class Fee Type Industrials 8.1 PI Industries Ltd. 5.5 ( US$ / Share ) Chemicals 7.8 Amara Raja Batteries Ltd. 5.4 Institutional -T1 Fixed 2.125 FMCG 5.7 Motherson Sumi Systems Ltd. 5.4 Information Technology 4.4 Asian Paints Ltd. 5.2 Note: Please refer to the terms of the fund overleaf. Utilites 4.1 Kotak Mahindra Bank Ltd. 5.1 Cash 1.7 Total 56.3 Total 100.0 INDIAN ENTREPRENEUR FUND FUND FACTSHEET JANUARY 2015 Brief on top 5 companies Bajaj Finance Ltd, a Bajaj group company, was incorporated in 1987 and commenced operations as a captive financer for Bajaj Auto vehicles. Over the past few years, the company has emerged as a diversified consumer finance NBFC with focus on affluent customers through its 10 business lines - two- wheeler, consumer durables, small business, construction equipment, etc. Business lines are a good mix of profit maximizers or scale builders. Sun Pharma is a leading Pharma company in India, with a strong franchise in the lifestyle ailment segments. Sun Pharma has leadership ranking with specialists in the segments of central nervous/neurology, cardiovascular, psychiatry, anti diabetes and hypertension. It also has good rankings in various chronic ailments. Sun pharma is also developing a strong presence in the overseas markets and gets strong growth from those regions. In the US it acquired and successfully turned around Caraco Inc, a firm in the US generic segment. Sun Pharma has been evolving its strategy in the US and attempts to introduce products with significant entry barriers. Sun Pharma has been on roll since the positive verdict on Taro. Management capability demonstrated by superior strategy and track record of value creation from acquisitions. Successful value unlocking from recent acquisition of Ranbaxy. Lupin is amongst the leading Indian companies in the pharmaceutical space. It has successfully evolved into a major formulation player from its earlier dependence on bulk drugs and low end /acute formulation segment presence and has established a strong track record of growth in the domestic pharma industry and on the back of successful entry into new therapy segments. Page Industries is a leading player in the branded innerwear/leisurewear for men and women in India. It has exclusive license to manufacture and distribute "Jockey" products in India, Srilanka, Bangladesh, Nepal and UAE till 2030. Page has also entered into agreement with Speedo International to manufacture, distribute and market Speedo range of swimwear in India. Pidilite Industries Limited is the market leader in adhesives and sealants, construction chemicals, hobby colours and polymer emulsions in India. Its brand name Fevicol has become synonymous with adhesives in India and is ranked amongst the most trusted brands in India. Pidilite has expanded its presence in emerging segments like mechanized joinery, modular furniture, flooring, auto care and waterproofing through brands like Dr Fixit and Roff. Terms of the Fund Class Fee type Investment Amount Management Fees Performance fees** Retail - T1 Fixed US$ 3,000 -US$ 250,000 2.50% p.a Nil Retail – T2 Fixed US$250,000- US$1mn 2.25%p.a. Nil Institutional T1 Fixed US$1mn and above 1.75%p.a. Nil Notes: For details on subscription fees please refer to the detailed subscription agreement Exit load – up to 1% in the first year Contact details Service providers India Emerging Opportunities Fund Limited Fund Administrator Deutsche International Trust Corporation (Mauritius) Suite 450, 4th floor, Barkly Wharf East, Le Caudan Waterfront, Port Louis, Auditor KPMG, Mauritius Mauritius Tel: +230 20207881/202 7812 Fax: +230 202 7906 Email: [email protected] Global Banker Deutsche Bank, (Mauritius) Limited Indian Custodian Deutsche Bank - India Fund Administrator Deutsche International Trust Corporation (Mauritius) Limited Suite 450, 4th floor, Barkly Wharf East, Le Caudan Waterfront, Port Louis, Mauritius Tel: +230 20207881/202 7812 Fax: +230 202 7906 Email: [email protected] Investment Manager Enterprise Investment Managers Limited Mauritius International Trust Co. Ltd., 4th Floor, Ebene Skies, Rue de l`Institut Ebene, Mauritius Ph: (230) 404-2200/ Fax (230) 404-21 88 Investment Advisor ASK Investment Managers Private Limited Corporate of ce No. 254, Bandbox house, Dr. Annie Besant Road, Worli, Mumbai - 400030, India. Ph: 91-22-66520000 Fax: 91-22-24985665. Website: www.ask nancials.com Dubai Office Ph: 9714-3554770, Fax: 9714-3556476 Important information: Past performance is not indicative of future results. Shares of the Fund are offered only pursuant to the Fund's current Information Memorandum and this summary should not be construed as an offer to sell or for solicitation of an offer to buy or a recommendation for the securities of the Fund. Any information contained in this fact sheet shall not be deemed to constitute an advice, an offer to sell/purchase or as an invitation or solicitation to do so for security of any entity and further India Emerging Opportunities Fund (IEOF) and its employees/ directors shall not be liable for any loss, damage, liability whatsoever for any direct or indirect loss arising from the use of this information. Recipients of this information should exercise due care and caution and read the offer document (if necessary obtaining the advice of nance/ other professionals) prior to taking any decision on the basis of this information. .
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