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IIFL MULTICAP ADVANTAGE PMS (Portfolio Management Service) May 2019

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IIFL MULTICAP ADVANTAGE PMS (Portfolio Management Service) May 2019 IIFL MULTICAP ADVANTAGE PMS (Portfolio Management Service) May 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 over long period. At the same time hedge the portfolio using At the Money Nifty 50 Put option to safeguard against downside risk. Investment Allocation: 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 31st May‘19 has a large cap weightage of over 67% *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 Consumer Discretionary Merck Private Corp Banks Private Retail Banks Bajaj Finance Infrastructure Non-Banking Financial Co. Logistics HDFC Bank More than More Insurance Metals Retail Oil & Gas Downstream Muthoot Finance 15% PAT Growth PAT Tactical Allocation: C & D Value Traps (V) Defensive Growth (D) ICICI Bank RBL PSU Banks Consumer Staples Oil & Gas – Upstream Healthcare Infosys Telecom IT Services Utilities - Power Media Biocon Less than Credit Access Grameen Less than More than 15% Avoid Allocation: V SBI^ Return on Equity The mentioned securities in the SCDV framework are part of the current portfolio 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 ^SBICyclical is in Value (PAT>15%, Trap due ROE to �inancial <15%) –Companies/performance inSectors the past that but show the highrecent growth data is but positive are affected and is byexpected market to cycles improve hence further 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 Booked some gains in Merck Ltd and reduced portfolio weightage in same. Investors would be getting Rs 440 per Merck Reduced share dividend from Merck Ltd which should be paid out by the company by end of June’19 Reduced exposure to Emami Ltd as we continue to see consumer facing companies with low single digit growth and Emami Reduced this could continue for a couple of more quarters. We continue to hold Emami with a reduced weightage exposure and would be looking to add more weight at much lower levels. We have exited from Yes Bank as we see prolonged stress on books and sluggish growth in the earnings as against Yes Bank Exited our earlier believe that things would turn around soon with the new management in place. Moreover we got concerned post the announcement of the appointment of the RBI observer on the board of Yes Bank Increased weightage to Axis Bank as we see it one of the better valued corporate banks whose books have shown Axis Bank Added between ICICI Bank, Axis Bank and SBI to 15% in the portfolio signi�icant improvement. Addition of Axis Bank is part of our strategy to take the total exposure to corporate banks CG Consumer Electricals Added We are continuing to add our exposure to the new position in CG Consumer which we had incorporated in the portfolio last month. We had said we would gradually building up exposure in the same We continue to build onto our positions in capital goods & infra space through adding weightage to L&T in line with Larsen & Toubro Added our earlier view of improving order execution and pick up in private and public capex from second half of the year 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 May 31, 2019 and denominated in INR Investment Theme & Strategy Performance (%) The objective of the strategy is to generate long Strategy/Benchmark 1 Month 3 Months 6 Months 1 Year 2 Years Since Inception term capital appreciation for investors from a portfolio of equity & equity related securities. IIFL Multicap Advantage PMS 3.95 10.98 16.88 14.65 NA 10.68 The investment strategy is to invest in companies and in sectors that are available at S&P BSE 200 TRI 1.56 9.53 8.22 8.41 NA 8.66 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 signi�icant discount to their intrinsic value and concentrated position in stocks and due to multiple market factors, resulting in difference in pricing of the options, impacting the performance. As per the PUT Option price as on 31st May 2019, the returnsValuation mentioned Agencies (CRISIL)above across identi�ied period by would the Portfolio vary upto Manager. ~0.5% The on lower quotes side. received Returns for lesspurchase than oneand yearsale ofare the on said absolute option basis. provided Returns by the less Option than oneprovider year arevaries on endeavours to strategically change allocation absolute basis. Past performance may or may not be sustained in future. between sectors depending on changes in the Returns less than one year are on absolute basis. Past performance may or may not be sustained in future. business cycle. Historical Performance of Other Equity Strategies managed by the Portfolio Manager (%) Strategy/ Benchmark 1 Year 2 Years 3 Years Since Inception Key Terms IIFL Multicap PMS 17.88 15.26 19.95 19.44 S&P BSE 200 TRI 8.41 10.82 14.59 10.26 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 Bloomberg Ticker NA Small Cap, Banking & Financial 39.87% 10.03% IT & IT Services 16.97% Mid Cap, Benchmark Index S&P BSE 200 TRI Pharma 11.69% 16.76% Consumer Discretionary 7.90% Capital Goods & Infra 6.26% Large Cap, Utilities 2.87% 67.48% Schedule of Charges 0% 25% 50% Portfolio – Top 10 Holdings (%) Risk Ratios Management As per executed Fee termsheet Company Weightage Beta 0.72 HDFC BANK LTD 7.47 MERCK 7.02 Sharpe Ratio 0.36 Exit Load As per executed BAJAJ FINANCE LTD 6.88 termsheet STATE BANK OF INDIA 5.97 Information Ratio* 0.61 ICICI BANK LTD 5.74 INFOSYS LIMITED 5.53 Treynor Measure 0.02 Minimum Rs. 27 lakhs Investment WIPRO 4.79 Volatility** 15.04% Amount RBL BANK LIMITED 4.23 LARSEN & TOUBRO LTD 3.40 All risk ratios are calculated since inception AXIS BANK LTD 3.36 *Information Ratio is a ratio of portfolio returns above the returns of a 10300 Dec2020 Put option 1.97 benchmark index to the volatility of those returns. Portfolio Manager **Volatility measures the risk of a security by using the standard deviation of CASH 3.76 the asset returns. IIFL Asset Management Limited (IIFL AMC) Top Gainers in Equity (Since Inception) Performance Top losers in Equity (Since Inception) Performance Strategy Manager Profile MERCK 197.04% TATA MOTOR DVR (60.09%) - Aniruddha Sarkar BAJAJ FINANCE LTD 100.75% QUESS CORP (30.92%) Aniruddha Sarkar, Strategy Manager for IIFL CREDIT ACCESS GRAMEEN LIMITED 89.65% CESC LTD (26.48%) Multicap PMS, has over a 13 years of experience in the Financial Services sector. He is associated NAV Movement with IIFL Wealth Management Group for 11 years and has been involved in identifying IIFL Multicap Advantage PMS S&P BSE 200 TRI 12.00 investment ideas across various sectors and market-caps that can generate alpha for the investors. He has been one of the key members 11.00 involved in setting up the entire equity advisory desk at IIFL Wealth. Prior to working with IIFL Wealth, he was working with a UK 10.00 based hedge fund. He holds an MBA in Finance from IMI, New Delhi and a Bachelor’s degree in Commerce from St. Xavier’s College, Calcutta. 9.00 01-Dec-2017 01-Jun-2018 30-Nov-2018 31-May-2019 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 May 31, 2019 and denominated in INR Portfolio Holdings Valuation Matrix P/E P/B ROE EPS S. No Company CAGR FY18A FY19e FY20e FY21e FY18A FY19e FY20e FY21e FY18A FY19e FY20e FY21e (FY18-21) 1 MERCK 61.38 61.45 36.50 31.72 8.08 4.05 7.83 6.28 13.4% 8.8% 14.6% 22.0% 24.6% 2 HDFC BANK 35.14 30.59 25.19 20.89 6.00 4.44 3.90 3.39 17.9% 16.5% 16.1% 17.0% 18.9% 3 BAJAJ FINANCE 69.97 44.89 34.72 28.30 11.28
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