January 2022

SageOne Fund Offering – AIF Scheme II

Quest for Outstanding Investments

Strictly Confidential (for Private Circulation Only, not for Public Distribution)
 Fund Manager’s Profile - Samit Vartak, CFA
Key Highlights
• Founder & Chief Investment Officer
• Identified and invested in many multi-baggers in the last 10 years
• Key strengths: Investments, Corporate Strategy and Valuation
• SageOne Investment Managers’ (SOIM) quarterly newsletter widely read
by the investment community SageOne Investor Memo
• Guest speaker at prestigious investor forums and business schools
Past Experience
• Spent a decade in the USA in the field of management consultancy
and valuation before returning to India in 2006
• Worked with Deloitte FAS, E&Y, PwC Consulting and Gap Inc.
Qualification
• MBA (USA), CFA (USA), and Bachelor of Engineering with Honors

2
Strictly Confidential (for Private Circulation Only, not for Public Distribution)
Our Offerings

Passively Managed
Particulars Actively Managed Strategies
Strategy
Approach Mid & Small Cap Small & Micro Cap Mid & Small Cap Large & Larger-Mid Cap

Structure PMS PMS AIF (Cat III) PMS

SageOne Core SageOne Small & Micro SageOne Flagship SageOne Large Cap
Name
Portfolio (SCP) Portfolio (SSP) Growth 2 Fund Portfolio (SLP)
Our flagship portfolio of Portfolio of 12-20 hidden Blended portfolio of SCP A passively managed,
Description 12-20 best-in-class high gems from among the small (~2/3rd) and SSP (~1/3rd) diversified portfolio of 16
performing businesses and micro cap businesses stocks superior businesses

Minimum
INR 2 Crore INR 2 Crore INR 1 Crore INR 50 Lakh
Contribution
Market Cap
101st - 600th 400th - 1200th 101st – 1200th Top 250
Focus*
companies companies companies companies
(Mcap Rank)
Portfolio
Weighted by conviction Weighted by conviction Weighted by conviction Equal – weighted
Construction
* Mcap Focus is for entry point in the portfolio. There could be minor deviations from the focus range depending on opportunities
meeting our investment criteria
Note: We provide an option for clients to be on-boarded directly, without intermediation of persons engaged in distribution services.

Off Shore Fund: We are sub-advisors to SageOne India Growth Fund managed by Light House Canton Pte Ltd, which is an
integrated financial services firm based out of Singapore.
3
Strictly Confidential (for Private Circulation Only, not for Public Distribution)
 About SageOne
✓ Our Journey
✓ Our Strengths
✓ Investment Philosophy
✓ Risk Management Framework

Strictly Confidential (for Private Circulation Only, not for Public Distribution)
Our Journey Over the Decade

2018 till date..

2012 - 2017..
• SOIM was set-up in 2012 to initiate
2009 - 2011..
• After 10 years in the US, Samit
Vartak moved to India for his deep
interest in Indian equity markets
• Managed proprietary funds,
investments for friends & family;
got traction from several multi-
bagger picks
• Restricted new fund inflows
manage investment management
full time; started with AuM ~INR 4
cr through SageOne Core Portfolio
(SCP)
• Associated with Lighthouse
Canton, Singapore in 2014 to as
sub-advisors to SageOne India
Growth Fund
• PMS license taken in 2017
• Launched SageOne Diversified
Portfolio (SDP) in Jan 2017
between late 2017 to 2018 due
to significant valuation
discomfort
• Launched SageOne
Small/Micro Cap Portfolio (SSP)
in April 2019
• Launched SageOne’s first CAT III
AIF Scheme in Aug 2019
• Launched SageOne Large Cap
Portfolio (SLP) in May 2020
• Launch of SageOne CAT III AIF
- Scheme II in July 2021
• Total AuM ~INR 2,900 crs

5
Strictly Confidential (for Private Circulation Only, not for Public Distribution)
Our Strengths

• Proven track record of identifying multi-baggers

Timely Entry ‐ Bajaj Finance, PI Industries, Maharashtra Scooters, Deepak Nitrite, Apl Apollo Tubes ,
Godrej Properties, Aarti Industries, Amara Raja, La Opala etc

• Successful more often than not at timely exits

Successful Exits ‐ Bajaj Finance, PI Ind, La Opala, Kaveri Seeds, Page, SPARC, Amara Raja, Sundaram
Finance, Cera, Repco, Exide etc

• Understanding of emerging economic trends, businesses and their competitiveness

• Strong network enabling robust ground checks
In-Depth
Understanding • Ability to identify companies that grow at significantly higher rate than the industry
‐ Last seven year’s portfolio weighted average earnings growth of 30% (CAGR)

• Team with collective 50+ years of experience and across several cycles
Investment • Bottoms-up research supported by scientific screening process for shortlisting right
Management sectors & stocks
Team & Process • Extremely replicable process with proper back-end quantitative & qualitative research

6
Strictly Confidential (for Private Circulation Only, not for Public Distribution)
Our Investment Philosophy

Objective : Build and maintain a portfolio in high conviction growth ideas available at prices at or below fair value

Businesses that offer minimum 20% compounded

earnings growth at individual level and 25% at the
portfolio level
Superior
growth
Businesses that gain market share which
contributes significant portion of their earnings
Reasonable Market growth
valuation share gain

Our Businesses that are strong and profitable with ROE

portfolio > 20% to fund this growth internally
construct
Low
Efficiency
leverage, Businesses with incremental ROE that is higher than
and Moat
high return existing ROE and which generally result in increasing
margins and valuation multiples
New ROE >
Existing ROE
Most efficient players in industries we like; leaders
or expected to be leaders due to their superior
strategy and positioning
7
Strictly Confidential (for Private Circulation Only, not for Public Distribution)
Our Risk Management Framework

Sectoral and stock Active monitoring

limits and action
• Financial and • Prudent rebalancing
business analysis by strategy in place to
using public strengthen winners
databases on in- and cull out losers
• Maximum allocation • Strong network
house models of 25% to any across industries for
• Active calls on
one/closely related portfolio liquidity channel checks across
• Internal Forensic sector/s; portfolio companies
model for culling out levels basis external
Sectors can be related risk factors such as and competition
questionable business by common end-users
practices and as well as common – Macroeconomic • Active entry/exit calls
management raw material parameters depending on
exposures – Market volatility changing business
• Portfolio construction dynamics or
targeting to minimize – Valuations
• Maximum 20% valuations
non-systematic risk exposure to any
business group
Prudent stock
Timely rebalancing
selection

8
Strictly Confidential (for Private Circulation Only, not for Public Distribution)
Our Performance Track Record
✓ SageOne AIF Scheme 1
✓ SCP and SSP Performance
✓ Earnings Growth & Valuation
✓ Where We Find Attractive Opportunities

Strictly Confidential (for Private Circulation Only, not for Public Distribution)
Superior Performance Track Record of SageOne AIF Scheme I
300
250
200
150
100
50
0
Sep-2019 Dec-2019 Mar-2020 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Dec-2021

AIF Scheme I NIFTY 50 TRI NSE Midcap 100 TRI NSE Smallcap 100 TRI

As on December 2021, SageOne AIF Scheme I has delivered 2.6X returns…outperforming benchmark
indices by annualized ~16% …superior earnings growth and business fundamentals of AIF portfolio
companies is the key differentiator…

Financial Ratios (TTM)

Earnings Growth (%) ROE (%) Debt/Equity

AIF Scheme I 31.3 23.0 0.2

NSE Midcap 100 10.9 15.3 0.4
NSE Smallcap 100 8.1 15.2 0.2
Source: SOIM, Ace Equity Database
10
Strictly Confidential (for Private Circulation Only, not for Public Distribution)
 From Stock Picking to Disciplined Portfolio (Net Returns in INR)

Absolute returns Annualised Returns

Since
Period (as of Dec 31,
1 month 3 months 6 months 1-year 2-year 3-year 5-year Inception
2021)
(Sept 2019)
AIF – Scheme 1* 6.1% 3.7% 17.7% 70.5% 59.5% NA NA 52.2%

NSE Mid-cap 100 TRI 2.7% 0.4% 13.5% 47.5% 34.7% 20.6% 17.4% 33.9%

NSE Small-cap 100 TRI 5.9% 3.8% 16.6% 60.7% 40.5% 21.7% 15.5% 37.6%

BSE 500 2.3% -0.5% 10.9% 30.1% 23.3% 17.9% 16.6% 23.3%

Absolute returns Annualised Returns Since Inception Returns (Annualised)

Period (as of Dec 31,
1m 3m 6m 1-yr 2-yr 3-yr 5-yr Portfolio Benchmark
2021)
SageOne Core Portfolio MidCap 100 TRI: 19.2%
6.5% 0.8% 13.8% 58.4% 48.0% 32.7% 24.2% 37.4% (Apr’09)
(SCP) SmallCap 100 TRI: 17.1%

SageOne Small/Micro
5.4% 7.0% 22.3% 81.3% 71.1% NA NA 47.3% (Apr’19) SmallCap 100 TRI: 22.4%
Cap Portfolio (SSP)
*AIF returns are pre-tax. Clients are reported NAV net of tax provisioning.
In accordance with SEBI circular SEBI/HO/IMD/DF6/CIR/P/2020/24 dated February 05, 2020, in reporting to current investors, AIF performance versus
benchmark report provided by the Benchmarking Agency is to be presented. Accordingly, CRISIL has prepared the Benchmark report for SageOne - Flagship
Growth 1 Fund which captures performance of the fund as on September 20, 2020. We have shared this report separately with our existing AIF investors. The
CRISIL AIF benchmarks can be accessed by clients at the following link: https://www.crisil.com/en/home/what-we-do/financial-products/alternate-investment-
funds-benchmarks.html
Please refer to the notes on the previous page
11
Strictly Confidential (for Private Circulation Only, not for Public Distribution)
Consistently High Earnings Growth
SCP Nifty 50 BSE 500
80.0%

70.0% Annualized earnings growth for the portfolio has sustained

60.0% above 20% (with the exception of Covid-19) even during
phases when the earnings growth for Nifty 50 and BSE 500
50.0% was negative
40.0% SCP Avg 30%
30.0%

20.0% Nifty Avg 9%

10.0%

0.0%

-10.0%
BSE 500 Avg 6%
-20.0%
Mar-16
Mar-13

Mar-14

Mar-15

Mar-17

Mar-18

Mar-19

Mar-20

Mar-21
Jun-14
Jun-12

Jun-13

Jun-15

Jun-16

Jun-17

Dec-17

Jun-18

Jun-19

Dec-19

Jun-20

Jun-21
Sep-12
Dec-12

Sep-13
Dec-13

Sep-14
Dec-14

Sep-15
Dec-15

Sep-16
Dec-16

Sep-17

Sep-18
Dec-18

Sep-19

Sep-20
Dec-20

Sep-21
Source: SOIM estimates

12
Strictly Confidential (for Private Circulation Only, not for Public Distribution)
SCP Valuation across Time Periods
Annualised
TTM PEx of
Period Returns till
Investments at all times across different valuation levels have the Portfolio
Dec, 2021
delivered reasonable returns over medium to long term 30-Jun-21 31.6* ??
90.0 31-Dec-20 22.0 58.4
30-Jun-20 15.0 80.1
Portfolio PEx and
80.0 31-Dec-19 15.4 48.0
Subsequent
Annualized Returns 30-Jun-19 18.4 37.7
70.0
31-Dec-18 22.6 32.7
29-Jun-18 29.5 24.9 PMS Closed
60.0
for New
29-Dec-17 32.5 18.0 Subscriptions
50.0
30-Jun-17 26.0 22.0
30-Dec-16 25.4 24.2
40.0
30-Jun-16 29.7 22.3
PEx 31-Dec-15 31.3 21.5
30.0
30-Jun-15 32.5 19.9
20.0 31-Dec-14 31.0 21.6
Returns
30-Jun-14 24.3 25.4
10.0
31-Dec-13 19.1 29.3
- 28-Jun-13 17.4 30.8
Jun-12

Jun-13

Jun-14

Jun-15

Jun-16

Jun-17

Jun-18

Jun-19

Jun-20

Jun-21

31-Dec-12 14.6 30.3

29-Jun-12 12.4 32.1

Source: SOIM, Ace Equity Database *One-off impact on PE due to Covid-19 impacted quarters
Source: SOIM estimates and Bloomberg
13
Strictly Confidential (for Private Circulation Only, not for Public Distribution)
 Where are We Finding Attractive Opportunities

Indian Listed Market Breakup

• Majority of institutional holding is in the top Cos. by Mcap Mcap Range Median
100 stocks which are quite fairly priced (As of Dec 31, 2021) (INR cr) PEx

Top 100 >48.9K 38.7

• The size of these companies is large and
hence >20% earnings growth on sustainable 101 - 200 24.3K-48.2K 32.5
basis very difficult
201 -300 12.3K-24.2K 38.6
• Given our targeted growth and requirement Our
of attractive valuations, our hunting ground 301 - 400 7.8K-12.3K 30.7
Hunting
is generally beyond the top 100 cos Ground
401 - 500 4.9K-7.7K 30.0
at Entry

501 - 600 3.4K-4.8K 26.8

601 - 700 2.4K-3.4K 17.9

Source: SOIM, Ace Equity Database

14
Strictly Confidential (for Private Circulation Only, not for Public Distribution)
New Scheme Launch in SageOne AIF
✓ Fund Raise in SageOne Cat III AIF -Scheme II
✓ AIF Fee Structure

Strictly Confidential (for Private Circulation Only, not for Public Distribution)
Fund Raise Open in SageOne CAT III AIF - Scheme II
Fund Name SageOne - Flagship Growth 2 Fund
Structure Close ended Category III Alternative Investment Fund (AIF)
Investment Manager SageOne Investment Managers LLP
Fund Manager Mr. Samit Vartak, CFA
Sponsors SageOne Ventures LLP and Lighthouse Canton Investment Holdings Pte. Ltd.
Minimum Contribution INR 1 cr
3 years from date of final closing with an option to extend up to additional 1 year with
Term
prior consent of two thirds contributors.
Redemption after 3 years from the date of final closing; solely on the discretion of Fund
Redemption
Manager. No exit/redemption at the disposition of the contributor(s)
Benchmark NSE Mid Cap 100/ NSE Small Cap 100
Trustee Vistra ITCL (India) Limited.
Custodian Edelweiss Capital Services Limited
Legal and Tax Advisor IC Universal Legal and PricewaterhouseCoopers Limited
Registrar & Transfer
Karvy Fintech Pvt. Ltd.
Agent
No specific pass through status assigned to Category III AIF. Trust taxation principles to
Taxation apply to the AIF and taxes to be discharged at the AIF level as a ‘Representative Assessee’
of contributors. For more details, please refer to private placement memorandum.

16
Our Fee Structure - AIF

Class Sub-Class Capital Commitment Fixed Management Variable Management Fees**

Fees*
F1 INR 1 cr onwards 2.25% Nil
AIF
V1 INR 1 cr onwards 1.00% 12% sharing above 10% hurdle

* Charged on a quarterly basis; Plus GST and all statutory levies as applicable.
** Variable fees in AIF will be charged at the time of exit (return of capital)
For more details on fees, please refer to the PPM

17
Strictly Confidential (for Private Circulation Only, not for Public Distribution)
 SageOne Team

Strictly Confidential (for Private Circulation Only, not for Public Distribution)
Team of Rich Experience and Expertise Across Functions

Samit Vartak (Founder & CIO)

Investments Sharad Pachisiya (CEO)

Parin Gala Anand Sabale Business Development Operations

(Chief Quant Strategist)
Pratik Singhania* Alok Nagpurkar (COO)
Renuka Patil

Neha Agarwal** Awalokita Prabha Ashish Gavhane

Neha Gadgil
Kshitij Kaji

Parthiv Shah
Dushyant Mishra

Yog Rajani

* Pratik devotes some time to taxation planning and structuring for the organisation;
** Neha spends some time on Business Development reporting to the CEO
For team member profiles, please refer to our website : www.sageoneinvestments.com
For investment queries, please mail us at ir@sageoneinvestments.com 19
Strictly Confidential (for Private Circulation Only, not for Public Distribution)
 Annexure
✓ Performance track Record of SCP Since Inception
✓ Case Studies – Entry and Exits

Strictly Confidential (for Private Circulation Only, not for Public Distribution)
 SOIM Track Record – Net Financial Year Returns in INR for SCP Strategy
NSE Midcap NSE Smallcap
Period (Apr 1 - Mar 31) SCP Nifty 50 TRI BSE 500 Validation/Review
100 TRI 100 TRI
FY 2022 (YTD Dec’21) 41.1% 19.3% 29.5% 40.0% 21.5% SEBI Filed - PMS
FY 2021 114.7% 72.5% 103.9% 127.4% 76.6% SEBI Filed - PMS
FY 2020 -25.4% -25.02% -35.06% -45.30% -27.5% SEBI Filed - PMS PMS
FY 2019 -9.8% 16.45% -1.86% -13.52% 8.3% SEBI Filed - PMS
FY 2018 31.2% 11.76% 10.25% 12.52% 11.8% SEBI Filed - PMS
FY 2017 28.5% 18.9% 35.5% 43.2% 24.0% KPMG - IA
Investment
FY 2016 -7.3% -8.9% -1.9% -13.1% -7.8% KPMG - IA Advisory
FY 2015 111.0% 26.7% 51.0% 52.3% 33.2% KPMG - IA (KPMG
FY 2014 68.0% 18.0% 16.4% 17.8% 17.1% KPMG - IA Reviewed)
FY 2013 26.0% 7.3% -4.0% -7.5% 4.8% KPMG - IA
CIO’s Personal
FY 2012 11.4% -9.2% -4.1% -5.5% -9.1% KPMG - IA
Portfolio
FY 2011 31.4% 11.1% 4.4% -1.0% 7.5% KPMG - IA (KPMG
FY 2010 175.3% 73.8% 126.1% 129.4% 96.4% KPMG - IA Reviewed)
Annualized Returns 37.4% 15.3% 19.2% 17.1% 16.2%
Cumulative Returns 5623.8% 511.3% 840.5% 651.9% 575.8%
% Positive Months 66.7% 58.8% 62.7% 60.8% 60.8%
Annualized Stdev 34.7% 19.4% 23.8% 29.0% 20.3%
Sharpe (RFR 6%) 0.90 0.48 0.56 0.38 0.50
Performance/Returns mentioned are net of fees and costs. For period up to Feb 2017, portfolio returns and benchmark returns are excluding dividends; post Feb
2017, portfolio returns and benchmark returns (TRI - Total Return Index) are including dividends. Performance numbers are based on KPMG’s report for financial
years ended 31st Mar 2010 to 31st Mar 2017. Post Mar’17 they are based on SEBI PMS filings calculated using ’Time Weighted Rate of Return’ method in terms of
Regulation 22 of the SEBI (Portfolio Managers) Regulations, 2020. Past performance is not an indication or promise of future performance. The performance related
data has not been verified by SEBI.
21
Source: SOIM estimates, Bloomberg. Strictly Confidential (for Private Circulation Only, not for Public Distribution)
 SOIM Track Record – Net Calendar Year Returns in INR for SCP Strategy
NSE Midcap NSE Smallcap
Period (Jan 1 - Dec 31) SCP Nifty 50 TRI BSE 500 Validation/Review
100 TRI 100 TRI
CY 2021 58.4% 25.6% 47.5% 60.7% 30.1% SEBI Filed - PMS
CY 2020 38.3% 16.1% 23.0% 22.8% 16.8% SEBI Filed - PMS
CY 2019 6.6% 13.5% -3.4% -8.5% 7.8% SEBI Filed - PMS
PMS

CY 2018 -17.0% 4.6% -14.6% -28.4% -3.1% SEBI Filed - PMS

CY 2017 52.6% 30.3% 49.2% 58.7% 35.9% SEBI Filed - PMS
CY 2016 8.7% 3.0% 7.1% 2.3% 3.8% KPMG - IA Investment
CY 2015 22.4% -4.1% 6.5% 7.2% -0.8% KPMG - IA Advisory
CY 2014 97.8% 31.4% 55.9% 55.0% 37.0% KPMG - IA (KPMG
Reviewed)
CY 2013 39.3% 6.8% -5.1% -8.3% 3.3% KPMG - IA
CY 2012 77.6% 27.7% 39.2% 36.8% 31.2% KPMG - IA
CIO’s Personal
CY 2011 -28.5% -24.6% -31.0% -33.9% -27.4% KPMG - IA Portfolio
CY 2010 31.9% 17.9% 19.2% 17.6% 16.4% KPMG - IA (KPMG
CY 2009 (March 1 - Dec 31) 215.1% 72.2% 118.1% 121.0% 94.2% KPMG - IA Reviewed)
Annualized Returns 37.4% 15.3% 19.2% 17.1% 16.2%
Cumulative Returns 5623.8% 511.3% 840.5% 651.9% 575.8%
% Positive Months 66.7% 58.8% 62.7% 60.8% 60.8%
Annualized Stdev 34.7% 19.4% 23.8% 29.0% 20.3%
Sharpe (RFR 6%) 0.90 0.48 0.56 0.38 0.50
Performance/Returns mentioned are net of fees and costs. For period up to Feb 2017, portfolio returns and benchmark returns are excluding dividends; post Feb
2017, portfolio returns and benchmark returns (TRI - Total Return Index) are including dividends. Performance numbers are based on KPMG’s report for financial
years ended 31st Mar 2010 to 31st Mar 2017. Post Mar’17 they are based on SEBI PMS filings calculated using ’Time Weighted Rate of Return’ method in terms of
Regulation 22 of the SEBI (Portfolio Managers) Regulations, 2020. Past performance is not an indication or promise of future performance. The performance related
data has not been verified by SEBI.
22
Source: SOIM estimates, Bloomberg. Strictly Confidential (for Private Circulation Only, not for Public Distribution)
 From Stock Picking to Disciplined Portfolio (Net Returns in INR)

NSE Midcap NSE Smallcap

Period (Apr'12 - Dec'21) SCP Nifty TRI BSE 500
100 TRI 100 TRI

Latest 9 Years 9 months 31.3% 13.7% 15.7% 13.7% 13.8%

Cumulative Returns 1320.1% 248.7% 315.6% 250.3% 252.3% Latest 9 Years 9

Months
% Positive Months 67.5% 59.8% 63.2% 59.8% 61.5% (Formal funds
management)
Annualized Stdev 22.0% 16.6% 21.3% 26.4% 17.1%

Sharpe (RFR 6%) 1.15 0.46 0.46 0.29 0.45

NSE Midcap NSE Small cap

Period (Apr '09 - Mar '12) SCP Nifty BSE 500
100 100

First 3 Years 59.1% 20.6% 31.3% 29.0% 24.3%

Cumulative Returns 303.1% 75.3% 126.3% 114.6% 91.8%

First 3 Years
% Positive Months 63.9% 55.6% 61.1% 63.9% 58.3% (Proprietary funds
only)
Annualized Stdev. 59.6% 26.7% 30.6% 36.4% 28.5%

Sharpe (RFR 6.0%) 0.89 0.55 0.83 0.63 0.64

The performance related data has not been verified by SEBI.
Please refer to the notes on the previous page
23
Strictly Confidential (for Private Circulation Only, not for Public Distribution)
Case Study: Current Investments
APL APOLLO TUBES LIMITED - SHARE PRICE MOVEMENT
Company – APL Apollo Tubes Ltd.
APL APOLLO TUBES LIMITED - SHARE PRICE MOVEMENT
Entry: INR 100 (Mcap INR 2,230 cr) in July 2016 Rs
1,200
Tightening of working capital
policy due to Covid-19 worked
Investment Hypothesis: 1,000
in the company's favour;
Strong market share gains with
800 high number of SKUs and
● Pan India capacity expansion and improved utilizations High PE of 29.9 and a lower
timely delivery

● Wide range of products and new product initiatives 600

Low PE of 15.5 and a
revenue growth of 10.5%
casues sell off but business
high revenue growth stays strong with great
● Focus on brand building and deeper penetration of its 400
of 21.2% present as a future outlook
great entry point
distribution network 200

● Economies of scale provides it with a cost advantage in a 39% Revenue CAGR over last 5 years Covid-19 led fall
-
highly fragmented market Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21

● Strongest balance sheet among peers indicates holding period

POLYCAB INDIA-SHARE PRICE MOVEMENT

Company – Polycab India POLYCAB INDIA - SHARE PRICE MOVEMENT
Rs
Entry: INR 615 (Mcap INR 10,500 cr) in June 2019 3000
Demand improvement
2500
in end-user industries
and rising share of
Investment Hypothesis: FMEG products in the
2000 revenue
Low PE for
● 18% market share in the organized cable & wire and company with
1500 excellent track
12% overall, significantly higher than any other player record and huge Covid-19
led fall
market share in
● Strong distribution model with 3100 authorized dealers 1000
cables

delivering to 100,000 retail outlets 500

Run up in price post stellar earnings; PE
● Sectoral tailwinds like Housing for All scheme and rural 0
still less than half that of competitors

electrification present opportunities for expansion in the Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21

indicates holding period

market share
24
Strictly Confidential (for Private Circulation Only, not for Public Distribution)
Case Study: PI Industries (Exited)

Entry: INR 104 (Mcap INR 1575 cr.) in Feb 2013 Re-Entry: INR 1000 (Mcap INR 15,220 cr.) in Mar 2020
Exit: INR 995 (Mcap INR 15,140 cr.) in Jan 2018 Exit: INR 2300 (Mcap INR 35,005 cr.) in Nov 2020

Investment Hypothesis (2013): Re-entry (Mar, 2020):

● Good portfolio of domestic pesticides and only company ● Strong growth expectations from pesticides demand
with custom synthesis for global agrochemical player ● Significant correction in valuations from 45x PE to 30x PE
multiple
Why we exited (2018): Why we exited (Nov, 2020):
● Growth slowdown to flat/negative ● Sharp rise in valuations to 60x trailing PE
● High valuations of 30x trailing PE warranted an exit ● Better opportunities available in the sector with
limitation to overall sectoral allocation
25
Strictly Confidential (for Private Circulation Only, not for Public Distribution)
Case Study: Kaveri Seeds (Exited)

Entry: INR 55 (Mcap INR 417 cr.) in May 2010

Exit: INR 732 (Mcap INR 5,569 cr.) in Jun 2015

Investment Hypothesis: KAVERI SEED COMPANY LTD - SHARE PRICE MOVEMENT

Rs KAVERI SEED COMPANY LTD - SHARE PRICE MOVEMENT

● Extremely underpenetrated hybrid Governmentintervention limiting
1200.00
seeds market in India selling price for hybrid seeds
● Most profitable company with best
1000.00 Negative
suited cotton seeds with less than 5%
revenue
market share available at 8x trailing PE Low PE of
growth of -
● Big pipeline in rice, corn, and vegetable 800.00 10.2 and
high revenue Revenue growth 20% and high
seeds growth of of 47% CAGR PE of 17x
600.00 warrant exit
48% offer
Why we exited: lucrative
400.00 entry point
for market
● Government moved adversely to
200.00
control seed pricing
● Brought out lack of unity within the
0.00
seeds company association to fight Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16
adversity
indicates holding period

26
Strictly Confidential (for Private Circulation Only, not for Public Distribution)
Important Legal Information
Disclaimer

This presentation has been prepared exclusively for information and discussion purposes only and is not, and does not constitute an offer to sell or a solicitation of an
offer to buy Units of SageOne – Flagship Growth 2 Fund (“Fund”), which is the second scheme of the SageOne India Opportunity Trust (“Trust”), an Alternative
Investment Fund. This presentation does not contain any direct, indirect and/or deemed offer of any securities to the public as such or otherwise and does not constitute
or form part of any offer or invitation to subscribe for, underwrite or purchase securities. A private offering of the units of the Fund will be made pursuant to a
confidential private placement memorandum and the definitive Fund documents, which will be furnished to qualified investors on a confidential basis at their request for
their consideration of such offering. The information contained herein is proprietary and for recipient’s internal use only and is qualified in its entirety by reference to the
private placement memorandum and the Fund documents. The recipient is provided the information contained herein on a confidential basis which should not be
disclosed to third parties or duplicated or used for any purpose other than the purpose for which it is provided. The Trust is registered with the Securities and Exchange
Board of India (“SEBI”) as a Category III Alternative Investment Fund (AIF) with the registration number IN/AIF3/19-20/0711.

The information herein is subject to change without notice. Prospective investors should do their own evaluations of the information contained herein. The information
contained herein does not purport to contain all of the information that may be required to evaluate the Fund. Each prospective investor should examine the underlying
Fund documents including the confidential private placement memorandum and the contribution agreement and consult its own attorney, business adviser and tax
adviser as to legal, business, tax and related matters concerning the information contained therein, before making any investment decision.

The information contained herein relating to the performance of portfolios is for historical information only. You should note that past performances are not indicative
of future performance.

Strictly Confidential (for Private Circulation Only, not for Public Distribution)
Strictly Confidential (for Private Circulation Only, not for Public Distribution)