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ASK India Opportunities Fund 1
Fund Factsheet - April 2020
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Investment Manager Fund Manager Commentary

ASK Capital Management Pte. Ltd.
Investment Adviser
ASK Investment Managers Limited
Fund Manager
Gaurav Sharma, CFA
Investment Objective
The Fund aims to generate long-term
returns by investing in well managed,
entrepreneurially driven, high quality
Indian companies with the ability to
generate compounded earnings growth
over long periods of time. The Fund uses
a disciplined, bottom-up, rules-based
investment approach to identify such
companies that are trading at reasonable
prices compared to their intrinsic value.
Benchmark
S&P BSE 500
Financial markets across the globe rallied in April as markets reacted to
the stimulus packages announced by various governments to help
individuals and businesses. The various central banks made strong
moves to ensure there was ample liquidity in their respective systems to
ensure smooth functioning. Signs have emerged that the world is starting
to get a grip on the spread of COVID-19 and there is gradual lift of the
lockdowns in various countries, including India. The equity markets
recovered some of the losses from the previous month with the
benchmark BSE500 up 14.9% in USD terms during the month while the
Fund gained 11.1%. Since the beginning of the year the Fund continues to
outperform the benchmark by 3.4 percentage points net of fees.
In India, the unprecedented lockdown announced in the month of March
was extended through until 3 May with various relaxations announced
towards the end of the month in areas with no/low number of COVID-19
cases. The RBI has announced liquidity enhancement measures during
the month which included Targeted Long-Term Repo Operations (TLTRO
2.0) with a total liquidity injection of INR1 Tn (~USD13 Bn) to ensure
ample liquidity to Non-Banking Financial Companies (NBFC), Mutual
Fund Institutions (MFIs) and Micro, Small & Medium Enterprises
(MSMEs) amongst others where it was needed the most. It also
announced a special liquidity window of INR500 Bn (~USD6.6 Bn) to open
a line of credit to MFIs in the wake of closure of six debt funds by a
prominent global asset manager (Franklin Templeton) to prevent
contagion risk in the system.
As highlighted by the Government, more calibrated fiscal and monetary
measures will be announced from time to time depending on the
economic situation. These measures will help the country in the rebuilding
phase as the nation starts to move out of the lockdown in a graded/staged
manner.
As is the case across the globe, COVID-19 has clearly impacted the
Indian economy hard. The severity of impact will only be known once the
lockdowns are lifted and businesses start to function once again. While
the timeline cannot be predicted, businesses that have a significantly
leveraged balance sheet will be impacted more so while cash rich
businesses will be far more likely to emerge stronger and with increased
market share. We also believe that the shift from unorganized businesses
to organized will accelerate once the economy starts to normalize.
Businesses that have an ability to increase market share profitably should
continue to deliver superior value creation. These are the kind of
businesses we have always focussed on, those that are very
conservatively levered with strong market positions and an ability to
consistently generate high returns on capital employed over a sustained
period of time.
Finance businesses, given the nature of the business, are generally
highly levered. With challenges on growth and asset quality these
businesses have borne the brunt of selling in this pandemic led market
crash. During the month of April, the Bankex Index underperformed the
benchmark. The RBI announced a 25bps reverse repo cut (in addition to
the 90bps cut announced in March) during April in addition to the steps
mentioned previously. Yet banks are choosing to place around ~INR7.5
Tn (~USD98 Bn) in funds with the RBI under the reverse repo window.
Many individuals, small businesses and several corporates have opted
for the announced moratorium. Some of these are out of genuine need
while for others it is about keeping excess liquidity in uncertain times.
NBFCs, particularly smaller ones, have been sharply impacted as they
bear the brunt of slowing growth and Asset Liability Management
mismatch – on one hand they need to give a moratorium to their own
customers but on the other hand, are not likely to receive the same from
their lenders. Among our finance exposure Bajaj Finance, Bajaj Finserv
and Cholamandalam have seen a sharp impact on their stock price. That
said, given the long-term structural appeal of the sector, the size of
opportunity and its significant effect on the economy, it is an important
sector to have presence in, especially with stronger names such as those
in the Fund portfolio. Moreover, the companies in the portfolio have
displayed an ability of navigating through multiple crises/challenges in the
past (2013 liquidity scare, demonetisation in 2016, ILFS crisis in 2018).
While the current crisis is unprecedented on many counts and material
adverse implication on FY21 performance is undeniable, we are confident
that well-managed financial entities will come out stronger and leaner and
thus gain market share from relatively weaker names into the future.
While the current pandemic has posed challenges for all companies,
there will emerge pockets of opportunity as we come out of the crisis. We
continue to investigate such buying opportunities for the portfolio.
Companies with low leverage and high-quality management that can
position the businesses to ride out the crisis and take advantage of the
opportunities will be the eventual winners. Whilst we expect short term
volatility to continue, our high focus on such companies should help us
deliver superior returns in the medium term.

Top 10 Holdings Sector Allocation

Fund Facts Sr. No. Stock Name Portfolio (%) Sector Portfolio (%)
1 PI Industries Ltd 8.4 Financials 21.9
Launch Date 06 July 2017
2 Divi's Laboratories Ltd 7.7 Consumer Staple 14.4
Total Fund Size USD 29.71 Mn
3 Pidilite Industries Ltd 7.3 Chemicals 14.1
Share Class A
4 Britannia Industries Ltd 7.2 Materials 14.1
NAV* 0.751
5 Dabur India Ltd 7.2 Industrials 10.5
Base Currency USD
6 Asian Paints Ltd 6.8 Consumer Discretionary 8.6
Management Fee 2.00% p.a
7 Kotak Mahindra Bank Ltd 6.1 Healthcare 7.7
Sales Charge Up to 5%
8 Havells India Ltd 5.7 Auto 7.3
Fund Domicile Singapore
9 Bajaj Finance Ltd 5.2 Cash 1.4
Fund Type Open-ended, Equity
10 MRF Ltd 5.2 Total
Pricing Daily
Total 66.8 100.0
Dealing cut-off 5:00pm Singapore The total may not add to 100 due to rounding.

Income Distribution Accumulated/Reinvested

Fund Performance
Investors Accredited Investors
USD Returns Fund (USD, %) Index (USD, %)
* as of 30 April 2020
Period A Class BSE500 Index MSCI India
1 Month 11.1 14.9 15.5
Fund Codes
3 Month -22.2 -22.7 -19.7
Share Class ISIN Bloomberg
6 Month -19.3 -21.9 -19.7
Class A SG9999016463 BBG00GTMC812
YTD -19.7 -23.1 -20.7

1 Year -14.9 -23.0 -21.5

Available to Accredited Investors/Institutional
Investors/Professional Investors in Singapore, Since Inception -24.9 -18.4 -13.5
Hong Kong, Switzerland and United Kingdom
Source: Bloomberg; Performance as of 30 April 2020
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ASK India Opportunities Fund 1
Fund Factsheet - April 2020
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Selling Legends
Notice to Residents of Singapore
In Singapore, the offer or invitation to subscribe for or purchase Units in the Sub-Funds, is an exempt offer made only: (i) to "institutional investors" pursuant to Section 304 of the Securities and Futures Act, Chapter
289 of Singapore (the "Act"), (ii) to "relevant persons" pursuant to Section 305(1) of the Act, (iii) to persons who meet the requirements of an offer made pursuant to Section 305(2) of the Act, or (iv) pursuant to, and in
accordance with the conditions of, other applicable exemption provisions of the Act (collectively, the "qualified persons").
The offer or invitation of the Units, does not relate to a collective investment scheme which is authorised under Section 286 of the Act or recognised under Section 287 of the Act. The Fund is not authorised or
recognised by the Monetary Authority of Singapore (the “MAS” or the "Authority") and the Units are not allowed to be offered to the retail public. Each Sub-Fund may be listed as a restricted scheme under the Sixth
Schedule to the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations of Singapore.
Notice to Residents of Switzerland
In Switzerland, the Fund may only be offered or distributed to qualified investors. The Fund's Representative in Switzerland is Oligo Swiss Fund Services SA, Av. Villamont 17, 1005 Lausanne, Switzerland, Tel: +41
21 311 17 77, email: info@oligofunds.ch. The Fund's paying agent is Banque Cantonale de Genève. Any Fund Documentation may be obtained free of charge from the Swiss Representative. In respect of the
Shares distributed in or from Switzerland, the place of performance and jurisdiction is Lausanne (Switzerland).
Notice to Residents of Hong Kong
This fund may not constitute an offer or invitation to the public in Hong Kong to acquire Units. Accordingly, unless permitted by the securities laws of Hong Kong, no person may issue or have in its possession for the
purposes of issue, this IM or any advertisement, invitation or document relating to Units, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the
public in Hong Kong other than in relation to Units which are intended to be disposed of only to persons outside Hong Kong or only to “professional investors” (as such term is defined in the Securities and Futures
Ordinance of Hong Kong (Cap. 571) (the “SFO”) and the subsidiary legislation made thereunder) or in circumstances which do not result in this IM being a “prospectus” as defined in the Companies Ordinances of
Hong Kong (Cap. 32) (the “CO”) or which do not constitute an offer or an invitation to the public for the purposes of the SFO or the CO. The offer of Units is personal to the person to whom this IM has been delivered
by or on behalf of the Sub-Funds, and a subscription for Units will only be accepted from such person. No person to whom a copy of this IM is issued may issue, circulate or distribute this IM in Hong Kong or make or
give a copy of this IM to any other person. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this IM, you should obtain independent professional advice.
Notice to Residents of United Kingdom
The Sub-Fund is a collective investment scheme pursuant to Section 235 of the Financial Services and Markets Act 2000, as amended (“FSMA”). It has not been authorised, or otherwise recognised or approved,
by the United Kingdom Financial Conduct Authority (the “FCA”) and, as an unregulated scheme, it cannot be promoted in the United Kingdom to the general public. Prospective Holders in the United Kingdom are
advised that all, or most, of the protections afforded by the United Kingdom regulatory system will not apply to an investment in the Sub-Fund and that compensation will not be available under the United Kingdom
Financial Services Compensation Scheme.
The Manager is not authorised by the FCA and, as such, may not make financial promotions in the United Kingdom unless an exemption to the restriction in Section 21 of FSMA is available. Accordingly in the United
Kingdom, the Memorandum, the Appendix and this Disclosure Document are only being communicated to and are directed only at: (i) persons falling within any of the categories of “investment professionals” as
defined in Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) and being persons having professional experience in matters relating to
investments; (ii) persons falling within any of the categories of “high-net-worth entities” as described in Article 49 of the Order; and (iii) any other person to whom it may otherwise lawfully be made. Persons of any
other description should not act or otherwise rely upon the Memorandum, the Appendix and this Disclosure Document or any of their contents.
Important Information
Note: Asset allocation and top holdings/issuers information provided pertain to the underlying fund. The document is prepared for information only and does not contain or constitute an offer, solicitation or
investment advice in any of the sub-funds of ASK Investment Fund. A copy of the Information memorandum (“IM”) and fund appendix is available and may be obtained from the Manager or any of our distributors.
Investors should read the Information Memorandum, Fund Appendix and consult a financial adviser before deciding to make any investment.
In the event of discrepancies between the marketing materials and the IM, the IM shall prevail. The value of the fund and the income from them, if any, may fall and rise. Past performance of the fund or the Manager
and any economic and market trends or forecast, is not indicative of the future or likely performance of the fund or the Manager. Neither the Manager, nor any of its associates, nor any director, or employee accept
any liability for any loss arising directly or indirectly from any use of this document.
This above information is based on information available as at 30 April 2020, unless otherwise stated. The Manager reserves the right to make any amendments to the information at any time without any notice.
This Factsheet is prepared for ‘A’ share class of AIOF1 and this advertisement has not been reviewed by the Monetary Authority of Singapore.
ASK Capital Management Pte Ltd, Registration Number 201104122N

Contact Us
For more information on the Sub-Fund and other share classes please contact:
ASK Capital Management Pte. Ltd. (Singapore)
Tel. No.: +65 6228 9669
Email: info@ask-capital.com
Website: www.askcapitalmanagement.com

Disclosure
Important information: Past performance is not indicative of future results. Units 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 as advice, an offer to sell/purchase or as an invitation or solicitation to do so for AIOF1 and or the Manager. 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
VER/APR/01

and caution and read the Information Memorandum (if necessary obtaining the advice of other professionals) prior to taking any decision on the basis of this information.