BBUYR RIGHTS : SIT TTIGHT BR Buying quality companies and riding their growth cycle BRSTBRST BRSTBRST 1. Invest in Equity; the time is always right
2-9
2. The recommended way to Create Wealth from equity- ‘Buy Right : Sit Tight’ (BRST) 10-19
3. 100x - The power of growth in Wealth Creation through ‘Buy Right : Sit Tight’ 20-27
4. Buy Right : Sit Tight Products from MOAMC
28-32 BRST BRInvest in Equity; BR theS timeT isB alwaysR rightST BRSTBRST Why Equity?
120
100 Beware of the ‘I’ word
80 Over FY79–15 CPI infla on has been 8.1%, eroding purchasing power of Rupee by 94%
60 Infla on erodes purchasing power of money
40 The value of ` 100 in 1979
20 is now ` 5.62 CPI =Consumer Price Index 5.63 79 79 80 83 86 89 92 95 98 01 04 07 10 13 82 85 88 91 94 97 00 03 06 09 12 15 83 86 89 92 95 98 01 04 07 10 13 81 84 87 90 93 96 99 02 05 08 11 14 Source: Bloomberg, MOAMC Internal Analysis | Data as on May 31, 2015 Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Oct Oct Oct Oct Oct Oct Oct Oct Oct Oct Oct Oct Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Dec Mar
50,000 ` 47,682 47,500 45,000 42,500 Which asset class 40,000 If you had invested ` 100 ... 37,500 35,000 32,500
to invest in? alue 30,000 ` 27,828 27,500 25,000
Nominal V 22,500 20,000 FDs/Gold or Equities? 17,500 15,000 12,500 Survive or Thrive? Choice is yours 10,000 7,500 5,000 ` 3,808 2,500 ` 1,842 Source : Bloomberg, MOAMC Internal Analysis, - Fix
Gold Sense Sense ed Deposit 91 93 95 14 92 94 15 85 87 89 08 10 12 81 83 85 87 89 97 99 01 02 04 06 08 10 12 96 98 00 80 82 84 03 05 07 86 88 90 09 11 13 90 92 94 13 79 96 98 00 Data as on May 31, 2015 79 81 83 02 04 06 y y y y y y x cum Dividend x Jul Jul Jul eb eb eb eb eb Jan Jan Jan Jan Jan Jan Jun Jun Jun Jun Jun Jun Oct Oct Oct Oct Oct Oct Apr Apr Apr F F Sep Sep Sep F F F Sep Sep Sep Dec Dec Dec Dec Aug Aug Aug Aug Nov Nov Nov Past performance may or may not be sustained in future. Mar Mar Mar Mar Ma Ma Ma Ma Ma Ma
The above graph is used to explain the concept and is for illustra on purpose only and should not be used for development or implementa on of an investment strategy. Past performance may or may not be sustained in future. 3 Sensex at 27,800+*
“Have I missed the equity bull run?”
*Data as on May 31, 2015 The time is always right
Can you afford to miss out on the next big leap?
400000
100000
Sensex 27499 10000 10082
1000 1008
*Sensex closed at 27499 on 31st December 2014 100 100 1979 1991 2006 2014 2030
The above graph is used to explain the concept and is for illustra on purpose only and should not be used for development or implementa on of an investment strategy. Above forward-looking graphs/statements are based on external current views and assump ons and involve known and unknown risks and uncertain es that could cause actual results. Past performance may or may not be sustained in future. This is an info graphic of the ar cle published on economic mes.com on Dec 8, 2014
5 Sensex at 27,800+*
“Equity markets are bound to fall”
*Data as on May 31, 2015 Downs are temporary; ups are permanent
Nifty Corrections
9000 8000 7000 6000 5000 4000 3000 2000 1000 0 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 ------v v v v v v v v v v v v v v v v v v v v y y y y y y y y y y y y y y y y y y y y No No No No No No No No No No No No No No No No No No No No Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma “Don’t be afraid of the next 25% downtick. Be afraid of MISSING the next 100% uptick”
The above graph is used to explain the concept and is for illustra on purpose only and should not be used for development or implementa on of an investment strategy. Past performance may or may not be sustained in future. Source: Bloomberg; MOAMC Internal Analysis | Data as on: May 31 2015 | NIFTY incep on date: 1 April 1996 7 We are in the middle of a bull run
Sensex
30000
28000
26000
24000
22000
20000 Jan14 Mar14 May14 Jul14 Sep14 Nov14 Jan15 Mar15 May15
Source: Bloomberg | Data as on: May 31, 2015 The earlier you start the higher you’ll climb
The above graph is used to explain the concept and is for illustra on purpose only and should not be used for development or implementa on of an investment strategy. Past performance may or may not be sustained in future. 8 The time is always right; it’s the stock that you pick that need to be right
CAGR (%)
Infosys 36.64 35.38 Sun Pharma.Inds. Buying the right stocks and holding onto them can give you returns far in excess of 33.69 Eicher Motors infla on 27.63 Pidilite Inds. HDFC Bank 27.56 Here are some compounded annual rates of growth from well known 27.38 Hero Motocorp companies by holding them on for 20 Berger Paints 26.10 years or since lis ng 24.22 Kotak Mah. Bank Asian Paints 22.65 22.41 H D F C Cipla 21.56 20.19 ITC
Data as on May 31, 2015 | Source : Capitaline The Stocks men oned above are used to explain the concept and is for illustra on purpose only and should not be used for development or implementa on 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 por olio/strategy/ schemes. Past performance may or may not be sustained in future. 9 The recommended way to Create Wealth from equity-'Buy Right : Sit Tight' ‘Buy Right' means buying quality companies at a BRreasonableS price and 'Sit Tight' meansT staying invested in them for a longer me to realise the full growth poten al of the stocks. BRST It is a known fact that good quality companies are in business for decades but views about these companies change every year, every quarter, every month and some mes every day! While many of you get the first part of iden fying good quality stocks, most don’t stay invested for a long enough me. The tempta on to book profits at 25% or 50% or even 100% returns in a 1 to 3 year period is so natural that you miss out on the chance of genera ng BRSTsubsBtan al wealth thaRt typically happensS over the longT BRSTterm; say a 10 year period.BRST Our Investment Philosophy
At Mo lal Oswal Asset Management Company (MOAMC), our investment philosophy and inves ng style is centered on 'Buy Right: Sit Tight‘ principal.
Buy Right Stock Characteristics Sit Tight Approach
QGLP ‘Q’uality denotes quality of the business and Buy and Hold: We are strictly buy and hold investors management and believe that picking the right business needs skill and holding onto these businesses to enable our ‘G’rowth denotes growth in earnings and sustained investors to benefit from the entire growth cycle RoE needs even more skill.
‘L’ongevity denotes longevity of the competitive Focus: Our portfolios are high conviction portfolios advantage or economic moat of the business with 20 to 25 stocks being our ideal number. We believe in adequate diversification but over- ‘P’rice denotes our approach of buying a good diversification results in diluting returns for our business for a fair price rather than buying a fair investors and adding market risk business for a good price
11 Buy Right = QGLP Stocks
Over the years MOAMC has conducted various earnings and sustained RoE, 'L'ongevity denotes Wealth Crea on Studies. These studies and our longevity of the compe ve advantage or passion for equity inves ng has helped us hone a economic moat of the business and 'P'rice denotes unique and focused inves ng process that can be our approach of buying a good business for a fair summarised in 4 le ers - ‘QGLP’. price rather than buying a fair business for a good Where; 'Q'uality denotes quality of the business price. This approach has helped us to iden fy many and management, 'G'rowth denotes growth in quality stocks in our por olios.
Characteristics of Q for QUALITY Gfor GROWTH Lfor LONGEVITY Pfor PRICE stocks
12 Quality Q
Quality Business Quality Management Competence
Sustained competitive advantage Industry leading margins measured by high return ratios Rational capital allocation policy Industry leadership position Good dividend payout policy Favorable industry structure like monopoly or oligopoly Innovative
Secular and stable business, preferably Integrity consumer facing Honest and trustworthy Limited use of leverage Transparent
13 Growth G
Growing Large addressable market
Gaining market share
Understanding various margin growth levers
Preferably growth within profitable business
14 Longevity L
Long compe ve advantage period
Understanding growth poten al for 10-15 years
15 Price P
Reasonable price
Discount to historical P/E trading band P/B Discount Price/earnings to growth (PEG) Ra o DCF (Discounted cash flow) Replacement Value Discount Popular/Unpopular idea Payback ra o Dividend yield
16 QGLP stocks perform across good and bad times
2004-14 Company 2004-08 2008-14 Bull Market Bear Market Full Cycle Eicher Motors 11% 2286% 2557% Page Industries 62% 1445% 2406% Asian Paints 298% 357% 1717% HDFC Bank 251% 181% 889% Nestle India 137% 236% 696% JP Associates 907% -64% 258% S A I L 475% -61% 121% GMR Infra. 255% -71% 4% DLF 13% -73% -69%
Source: Capitaline | Data as on March 31 , 2014
Asian Paints delivered 298% GMR Infra delivered 255% Good quality stocks in the bull market and 357% in the bull market and -71% perform even in in the bear market during the bear market bear market
The Stocks men oned above are used to explain the concept and is for illustra on purpose only and should not be used for development or implementa on 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 por olio/strategy/ schemes. Past performance may or may not be sustained in future.
17 Sit Tight – Buy and Hold
Benefit of Buy and Hold: If you had invested Rs. 100 in Sensex in 1979, your investment would have mul plied to Rs. 2,684 with dividend and to Rs. 1,567 without dividend. (A er adjus ng infla on) 3,000.00 Rs. 2,684
2,500.00 If you had invested Rs 100 .....
2,000.00 er Rs. 1,567 ow
1,500.00 chasing P
Pur 1,000.00
500.00 Dividend Sensex cum - Sensex 81 85 89 93 97 01 05 09 13 79 83 87 91 95 99 03 07 11 15 80 84 88 92 96 00 04 08 12 ------Jul Jul Jul Jul Jul Jul Jul Jul Jul Nov Nov Nov Nov Nov Nov Nov Nov Nov Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar
Source: Bloomberg | Data as on May 31, 2015
The above graph is used to explain the concept and is for illustra on purpose only and should not be used for development or implementa on of an investment strategy. Past performance may or may not be sustained in future.
18 Sit Tight – Focus
The Power of Focus
Diversifica on beyond your c o n t r o l b e c o m e s unmanageable and adds no value to your por olio. Over diversifica on can impact the overall performance of your por olio. As in case of most Risk reducing as the number of stocks raising but after 20 por olios, the top 5 good stocks in portfolio change of quality stocks contribute 80% risk is minimal
Risk of overall performance of your por olio while the rest 20% by bad quality stocks.
1 Stock 20 Stocks 100 Stocks Number of Stocks
19 BRST BRS BRST The power of growth in Wealth Creation BRSthroughTB BRST RST BRSTBRST What is 100x?
“100x” refers to stock prices rising 100-fold over me
The exact number “100” is not so important
What is important is – 100x opens the mind to the power of long-term compounding in equity inves ng
21 These are 47 enduring 100x stocks over 1994-2014
Company Price Mult. Financial Year Company Price Mult. Financial Year (x) of purchase Low Date (x) of purchase Low Date Infosys 2,902 1994 17-Jun-93 Hero MotoCorp 216 1994 12-Apr-93 Lupin 1,170 2002 12-Apr-01 GRUH Finance 203 2002 12-Apr-01 Wipro 875 1994 12-Apr-93 MphasiS 199 1995 2-May-94 Motherson Sumi 775 1999 15-Oct-98 Sesa Sterlite 196 2001 24-Oct-00 Shree Cement 644 1998 16-Feb-98 Godrej Inds 164 2002 30-Jul-01 Kotak Mahindra 608 2000 14-May-99 Jindal Steel 158 2002 18-Sep-01 Emami 544 1996 16-Oct-95 HDFC Bank 156 1996 25-Jan-96 Vakrangee 525 2000 8-Jun-99 Supreme Inds 155 2002 17-Sep-01 Eicher Motors 452 2000 5-Apr-99 Ipca Labs 150 2002 18-Sep-01 Aurobindo Pharma 452 1997 20-Nov-96 NMDC 145 2003 20-May-02 Blue Dart Express 417 1999 6-Jul-98 Gujarat Fluorochem 145 1994 27-Apr-93 Havells India 372 2000 28-Apr-99 Ajanta Pharma 142 2004 1-Apr-03 Amara Raja 368 1995 4-Apr-94 Dr Reddy's Labs 140 1994 27-Apr-93 Sun Pharma 347 1997 26-Nov-96 Coromandel Inter 139 1997 19-Nov-96 P I Inds 343 2005 15-Jun-04 Berger Paints 137 1997 6-Dec-96 Balkrishna Inds 310 1994 4-May-93 Shriram Transport 135 2002 10-Apr-01 Glenmark Pharma 299 2000 10-Feb-00 CRISIL 127 1996 31-May-95 Hindustan Zinc 298 1997 15-Nov-96 United Breweries 125 2003 28-Mar-03 CMC 277 1997 14-Jan-972 Axis Bank 119 2000 26-Apr-99 KPIT Tech 247 2002 4-Sep-01 Crompton Greaves 118 1998 15-Dec-97 Symphony 245 2009 3-Nov-08 Pidilite Inds 109 1994 25-Jan-94 TTK Pres ge 233 2005 21-Jun-04 Alstom T&D India 107 2002 16-Oct-01 Titan Company 232 2002 10-Oct-01 Asian Paints 106 1994 30-Jun-93 Cipla 222 1994 27-Apr-93 Source: 19th Wealth Crea on Study
Note: The mul ples are based on stocks being purchased at the lowest prices for the respec ve year, and held on to 31 March 2014. The Stocks men oned above are used to explain the concept and is for illustra on and comparison purpose only and should not be used for development or implementa on 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 por olio/strategy/ schemes. Past performance may or may not be sustained in future. 22 100x – Powerful mantra for big Wealth Creation
To make money in stocks you must have – The vision to see them The courage to buy them and The pa ence to hold them.
Pa ence is the rarest of the three.
23 100x and Compounding
Understanding the Time-Rate combination for 100x
151 Compounded Annual Return (%) Long-period return of BSE Sensex is 17% ie Sensex rises 100x in the last 30 years 93
58 36 26 20 14 17 10 12 The above graph is used for illustra on purpose only and should not be used for development or implementa on of an investment strategy. Past performance may or may not be sustained in future.
50 40 35 30 25 20 15 10 7 5 Source: 19th Wealth Crea on Study No. of years taken for 100x
24 Why 100x?
100x enables accumulation of massive purchasing power
In fixed income inves ng, the average annual post-tax return works out to about 7%. If the Ini al Purchasing Value a er 20 years Purchasing Power same is reinvested, over 20 Power a er 20 years 100 (net of 7% infla on) years, the security may be worth about 4x its original value. Now, if infla on also turns out to be 7%, then at the end of 20 years, there is zero increase in 26 purchasing power. In contrast, an equity stock may rise 100x, say, in 20 years (in select cases, it 1 1 4 1 takes much less me). Now, at 7% infla on, this 100x is Debt Equity Debt Equity Debt Equity tantamount to purchasing (7%) (25%) (7%) (25%) (7%) (25%) power of 26x (i.e. 100÷3.9).
The above graph is used to explain the concept and is for illustra on purpose only and should not be used for development or implementa on of an investment strategy. Past performance may or may not be sustained in future. 25 100x – The Indian Experience
Indian benchmark indices rise 100x in 30 years
30,000 BSE Sensex 25,000 27,499 20,000 GR
alue s 17% CA ear
x V 15,000
100x in 30 y
Sense 10,000 272 5000
0 Dec 84 Dec 86 Dec 88 Dec 90 Dec 92 Dec 94 Dec 96 Dec 98 Dec 00 Dec 02 Dec 04 Dec 06 Dec 08 Dec 10 Dec 12 Dec 14
Source: Bloomberg | Data as on 31st December 2014 The above graph is used to explain the concept and is for illustra on purpose only and should not be used for development or implementa on of an investment strategy. Past performance may or may not be sustained in future. 26 100x – The Indian Experience
Two kinds of 100x stocks in last 20 years (1994-2014): TRANSITORY Mainly fads and cyclicals which fizzled out a er rising 100x Satyam computer, SSI, Unitech, Jai Corp, Mercator, etc
ENDURING Meaningful size and scale of opera ons Saw stock prices rise 100x or more during the period And most importantly, maintained their 100x status even as of march 2014 (financial year-end)
The Stocks men oned above are used to explain the concept and is for illustra on purpose only and should not be used for development or implementa on 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 por olio/strategy/ schemes. Past performance may or may not be sustained in future.
27 BAllR MOAMCS productsT BRfollow ‘Buy Right : Sit Tight’ BRSphilosophyTBRST BRSTBRST Benefits of our Equity Mutual Fund Schemes
No Exit Load Fund houses are seen to deduct 1-3% as exit load Exit load applied on the exit value, which means, the higher your returns the more will be the exit load Hence we don't charge exit load in any of our equity mutual fund schemes
Low Churn Higher por olio churn can increase the fund expenses dispropor onately affec ng the returns of the fund directly Frequent churn may not let you reap the full growth poten al of the stocks leading to poor returns Hence we research extensively before we buy any stock and hold onto them for years to reap the full growth poten al
High Conviction Too many stocks become unmanageable for the fund managers Over-diversified por olio takes away the poten al of quality stocks Risk comes from not knowing the stocks hence diversifica on beyond ones control can increase the risk Hence we believe in adequate diversifica on with less number of stocks in our por olio 29 Our Mutual Fund Equity Schemes
MOSt Focused 25 Fund Ÿ Concentrated portfolio of upto 25 large cap companies Ÿ Invests in enduring wealth creators Ÿ Minimum investment as low as Rs. 1000 through SIP and Rs. 5000 through lumpsum
MOSt Focused Midcap 30 Fund Ÿ Concentrated portfolio of upto 30 midcap companies Ÿ Invests in emerging wealth creators Ÿ Minimum investment as low as Rs. 1000 through SIP and Rs. 5000 through lumpsum
MOSt Focused Multicap 35 Fund Ÿ Concentrated portfolio of upto 35 quality companies Ÿ Invests in enduring and emerging wealth creators Ÿ Minimum investment as low as Rs. 1000 through SIP and Rs. 5000 through lumpsum
MOSt Focused Long Term Fund Ÿ Concentrated portfolio of select companies Ÿ Invests in enduring and emerging wealth creators Ÿ Minimum investment as low as Rs. 500 Ÿ Growth of equities with the added advantage of tax savings under section 80C of the Income Tax Act, 1961 30 Value Strategy
Ÿ Concentrated large cap por olio with only 15-20 stocks Ÿ One of the longest running product with over 10 years track record Ÿ One of largest corpus in the industry in a single PMS product with over Rs.1542.68 cr* Ÿ #Delivered annualized return of 28.62% since incep on as against 19.00% by CNX Ni y
250 Value Strategy CNX Ni y Index 21.51X 200 alue 150
100 8.34X Investment V 50
0 CNX Ni y Inde
V
alue Str 03 04 05 06 07 08 09 10 11 12 13 14 03 04 05 06 07 08 09 10 11 12 13 14 15 03 04 05 06 07 08 09 10 11 12 13 14 03 04 05 06 07 08 09 10 11 12 13 14 Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Sep Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar a
t
egy
Both, Value Strategy and CNX Nifty Rebased to 10 as on 24th Mar 2003 x
#Strategy Incep on Date: 24/03/2003. Please Note: The Above strategy returns are of a Model Client as on May 31, 2015. Returns of individual clients may differ depending on me of entry in the strategy. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. Strategy returns shown above are post fees & expenses. *As on May 31, 2015 31 NTDOP Strategy
Ÿ Concentrated midcap por olio with only 20-25 stocks Ÿ Focused on the 'Next Trillion Dollar Growth (of India’s GDP) Opportunity’ Ÿ The corpus under this PMS product is over Rs. 1512.26 cr* Ÿ Superior track record of 7 years with consistent outperformance over benchmark for 1/2/3/4/5/6/7 years respec vely 50%/22%/22%/23%/19%/16%/19%
45.0000 40.0000 NTDOP Strategy CNX Midcap Index 3.86X 35.0000
alue 30.0000 25.0000 20.0000 1.56X 15.0000 Investment V 10.0000 5.0000 0.0000
CNX MidCap Inde
NTDOP Str 08 07 08 09 10 11 12 13 14 08 09 10 11 12 13 14 09 10 11 12 13 14 15 08 09 10 11 12 13 14 Jun Jun Jun Jun Jun Jun Jun Sep Sep Sep Sep Sep Sep Sep Dec Dec Dec Dec Dec Dec Dec Dec Mar Mar Mar Mar Mar Mar Mar Mar
a
t
egy
Both, NTDOP Strategy and CNX MidCap rebased to 10 as on 11th December 2007. x
Strategy Incep on Date: 11/12/2007. Please Note: The Above strategy returns are of a Model Client as on May 31, 2015. Returns of individual clients may differ depending on me of entry in the strategy. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. Strategy returns shown above are post fees & expenses. *As on May 31, 2015 32 Product Disclaimer
Name of the scheme This product is suitable for investors who are seeking*
Motilal Oswal MOSt Focused 25 Fund • Return by investing in upto 25 companies with long term sustainable c ompetitive advantage and growth (MOSt Focused 25): An Open Ended potential Equity Scheme • Investment in Equity and equity related instruments subject to overall limit of 25 companies • High risk (BROWN)
Motilal Oswal MOSt Focused Midcap • Long-term capital growth 30 Fund (MOSt Focused Midcap 30): • Investment in equity and equity related instruments in a maximum of 30 quality mid-cap companies having An Open Ended Equity Scheme long-term competitive advantages and potential for growth • High risk (BROWN)
Motilal Oswal MOSt Focused • Long-term capital growth Multicap 35 Fund (MOSt Focused • Investment in a maximum of 35 equity and equity related instruments across sectors and market- Multicap 35): An Open Ended capitalization levels Diversified Equity Scheme • High risk (BROWN)
Motilal Oswal MOSt Focused Long Term • Long-term capital growth Fund (MOSt Focused Long Term): An • Investment predominantly in equity and equity related instruments open ended equity linked saving scheme • High risk (BROWN) with a 3 year lock-in
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Note: Risk is represented as:
(BLUE) investors understand that (YELLOW) investors understand that (BROWN) investors understand that their principal will be at low risk their principal will be at medium risk their principal will be at high risk
33 Disclaimer
This presenta on has been issued on the basis of internal data, publicly available informa on and other sources believed to be reliable. The informa on contained in this document is for general purposes only and not a complete disclosure of every material fact. The informa on / data herein alone is not sufficient and shouldn’t be used for the development or implementa on of an investment strategy. It should not be construed as investment advice to any party. All opinions, figures, es mates and data included in this ar cle are as on date men oned in the ar cle. The ar cle does not warrant the completeness or accuracy of the informa on and disclaims all liabili es, losses and damages arising out of the use of this informa on. The Stocks men oned in the ar cle are used for the purpose of explaining the concept and should not be construed as investment advice. The statements contained herein may include statements of future expecta ons and other forward-looking statements that are based on our current views and assump ons and involve known and unknown risks and uncertain es that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Readers shall be fully responsible/liable for any decision taken on the basis of this presenta on. Investments in Securi es are subject to market and other risks and there is no assurance or guarantee that the objec ves of any of the strategies of the Por olio Management Services will be achieved. Past performance may or may not be sustained in future and does not indicate the future performance of any of the strategies.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully 34 For MF: Call: 1800-200-6626 | Email: [email protected] For PMS: Call: 022-39804238 | Email: [email protected] Website: www.motilaloswalmf.com