NTDOP Strategy December 2019

Investment Objective
The Strategy aims to deliver superior returns by investing in stocks from sectors that can benefit from the Next Trillion Dollar
GDP growth by focusing on different multi-cap stocks

Key Features
1. A multi-cap strategy focused on identifying businesses benefitting from India’s growing GDP
2. 11+ years track record with consistent outperformance over benchmark across market cycles (10 out 11 calendar years)
3. High quality concentrated portfolio of 25 stocks
4. Buy and Hold strategy with 16 stocks held for more than 5 years (Page Industries held since inception) resulting in wealth
creation for investors
5. Identifying and investing in companies that are in their initial phases of growth and benefiting from it

Portfolio Attributes
1. Index agnostic: ~88% away from benchmark Nifty 500
2. Key sector allocation is to Consumer Discretionary, FMCG and Private Banks
3. Portfolio is aligned to changing business dynamics. Recently added allocation corporate-oriented private sector banks.
This has enhanced the earnings profile of the portfolio
4. There is sharp improvement in recent performance of the portfolio: NTDOP has given returns of ~12% in last 3 months

Portfolio Actions in last 6 months

No companies were added or exited from the portfolio in the last 6 months

How Buy Right : Sit Tight works

Market Cap Market Cap

Initial Purchase Absolute
Company Rs. Crores Rs. Crores CAGR (%)
Date Growth Wealth creation is
(Purchase Date) (30th Nov 19)
achieved through
Page Industries Dec-07 466 24,585 52.8X 39% holding quality
Bajaj Finance Aug-10 companies for a
2,836 2,45,140 86.4X 61%
long period of time
Eicher Motors Aug-10 3,464 62,477 18.0X 36%
HPCL Jun-14 14,339 43,063 3.0X 22%

Top 10 Holdings & Sectoral Allocation

Banks 27.6
Scrip Names % Holdings
FMCG 15.6
Kotak Mahindra Bank 13.5
Auto & Auto Ancillaries 11.1
Voltas 10.7 Consumer Discretionary 10.7
Page Industries 7.8 Infotech 7.6
ICICI Bank 6.6 Pharmaceuticals 6.0
City Union Bank 5.2 Oil and Gas 4.8
Insurance 4.3
Eicher Motors 4.9
Logistic Services 3.0
Max Financial Services 4.3
Diversified 2.9
L&T Technology Services 4.0
NBFC 2.6
Ipca Laboratories 3.7 Engineering & Electricals 2.3
Tech Mahindra 3.6 Chemicals 1.4

Disclaimers and Risk Factors

NTDOP Strategy Inception Date: 5th Dec 2007; Data as on 30th November 2019; Data Source: MOAMC Internal Research; RFR: 7.25% ; *Earnings as of June 2019 quarter and market price as on 30th November 2019;
Source: Bloomberg consensus, Capitaline and Internal Analysis; Please Note: The above strategy returns are of a Model Client as on 30th November 2019. Returns of individual clients may differ depending on time
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. Returns below 1 year are absolute and above 1 year are
annualized. Strategy returns shown above are post fees & expenses. The stocks forming part of the existing portfolio under NTDOP Strategy may or may not be bought for new client. Name of the PMS Strategy does
not in any manner indicate its future prospects and returns. The Company names mentioned above is only for the purpose of explaining the concept and should not be construed as recommendations from MOAMC.
NTDOP Strategy December 2019
Performance Since Inception
NTDOP Strategy Nifty 500
60 NTDOP Strategy has
50 6.0X delivered a CAGR of
40 16.1% vs. Nifty 500
30
returns of 5.6%, an
20
outperformance of
10 1.9X
10.5% (CAGR) since
0
inception (5th December

Aug-19
Apr-10
Dec-07

May-14

Apr-17
Aug-12
Mar-13

Dec-14

Nov-17
Jun-11

Oct-13

Jun-18
Nov-10

Jan-12

Jan-19
Jul-08
Feb-09
Sep-09

Jul-15
Feb-16
Sep-16
2007)

NTDOP Strategy Nifty 500 21.8

20.4
16.1
14.3
13.2
10.8 11.5 10.1 11.2
9.0
6.4 7.7 7.2
5.6
3.5
1.6

1 year 2 Year 3 Years 4 Years 5 Years 7 Years 10 years Since Inception

Fund Contributors (1 Year Trailing 30th November 2019) Ageing

Top 5 Contribution Number of Scrips Holding Period
Kotak Mahindra Bank 3.7% 2 Since Inception (10+ Years)

Bajaj Finance 2.7% 14 > 5 Years

Voltas 2.6% 7 > 2 Years but < 5 Years

2 < 2 Years
ICICI Bank 1.6%
The average holding period for stocks held under
City Union Bank 1.3% NTDOP Strategy is over 6 years 3 months
Bottom 5 Contribution Market Capitalization
Bharat Forge -0.7% 2.7%
46.5% Large Cap
Emami -0.7%
Godrej Industries -0.8% Mid Cap
50.7%
Cummins India -0.9% Small Cap

Page Industries -1.2% Weighted Average Market Cap Rs. 91,817 Crs

*Portfolio Fundamentals Risk Ratios

TTM FY20E FY21E 3 Year Data Strategy Benchmark

Churn Ratio 11.8% -
PAT Growth 16% 39% 20%
Standard Deviation 14.7% 12.6%
RoE 19% 19% 19% Beta 1.0 1.0
PE 39 26 22 Sharpe Ratio 0.2 0.4

Disclaimers and Risk Factors

NTDOP Strategy Inception Date: 5th Dec 2007; Data as on 30th November 2019; Data Source: MOAMC Internal Research; RFR: 7.25% ; *Earnings as of June 2019 quarter and market price as on 30th November 2019;
Source: Bloomberg consensus, Capitaline and Internal Analysis; Please Note: The above strategy returns are of a Model Client as on 30th November 2019. Returns of individual clients may differ depending on time
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. Returns below 1 year are absolute and above 1 year are
annualized. Strategy returns shown above are post fees & expenses. The stocks forming part of the existing portfolio under NTDOP Strategy may or may not be bought for new client. Name of the PMS Strategy does
not in any manner indicate its future prospects and returns. The Company names mentioned above is only for the purpose of explaining the concept and should not be construed as recommendations from MOAMC.