ASK India Vision Portfolio

Factsheet - Mar 2023

Public

Investment Approach Objective: To generate returns for the investors through price appreciation of the stocks held over a period of time.

Top 10 Holdings (%) ASK India Vision Movement Since Inception

APL APOLLO TUBES LTD 6.6

ASK India Vision BSE 500
BAJAJ FINSERV LTD 6.3 19

BAJAJ FINANCE LTD 6.2 17

NAVIN FLUORINE INTERNATIONAL LTD 5.9 15

NAV
13
PATANJALI FOODS LIMITED 5.9
11
POLYCAB INDIA LTD 5.7
9
SRF LTD 5.2 7

RELIANCE INDUSTRIES LTD 5.1 5

Jan-20

Apr-20

Jan-21

Apr-21

Jul-21

Jan-22

Apr-22

Jan-23
May-20

Jul-20
Aug-20

Oct-20

May-21

Aug-21

Oct-21

May-22

Jul-22
Aug-22

Oct-22
Nov-20

Nov-21

Nov-22
Feb-20

Sep-20

Dec-20

Sep-21

Dec-21

Feb-22

Sep-22

Dec-22
Mar-20

Jun-20

Feb-21
Mar-21

Jun-21

Mar-22

Jun-22

Feb-23
Mar-23
AU SMALL FINANCE BANK LTD 5.0

ICICI BANK LTD 4.9

Top Sector Weights (%) ASK India Vision Portfolio Performance (%)

NBFC 13.5
18.0 ASK India Vision BSE 500 Nifty
Chemical 12.3
12.8
13.0 11.6
Banks 9.9
8.6
8.0
Pharma 9.5
3.0 1.6
Retail 8.4

Consumer durables 7.3 -2.0 3M 6M 1Y SI

-0.6
-4.1 -2.0
Pipes 6.6 -7.0 -2.3
-6.0 -5.9 -11.9
FMCG 5.9
-12.0 -11.0

ASK India Vision Portfolio Metrics Market Cap Classification (%)

Small Cap , 5.0

Total Assets under Management &
Advisory in Rs. Crs. 341
Mid Cap , 38.7
Weighted Average Market Cap in Rs. Crs. 2,32,410 Large Cap ,
56.8
Median Market Cap in Rs. Crs. 49,792

ASK India Vision Update

In Mar 2023, the portfolio underperformed its benchmark BSE500 which delivered +0.3%. In consumer space, Titan, Patanjali and Radico Khaitan
increased by 6%/5%/3% respectively while Berger Paints and Page Industries were stable in last 1 month. Astral and Polycab experienced more
than 5% decline in last 1 month. In Financial services space, ICICI Bank, Cholamandalam and HDFC increased by 1-3% while AU Bank declined by
2% in last 1 month. Bajaj Finance and Bajaj Finserv experienced more than 5% decline in last 1 month. Among the other names, SRF and Navin
Fluorine increased by 11%/3% respectively while Divi’s Labs, APL Apollo, Reliance Industries and Bharti were largely stable in last 1 month. Dixon,
Aarti Industries and Infosys declined by 1-4 % each and Sona BLW experienced more than 5% decline in last 1 month.

Going forward all eyes will be on the ensuing Q4FY23 result season wherein we expect Operating Profit growth to be driven by normalization in
margins while volume growth may continue to remain tepid. As we look forward to FY24, the expectation is that higher capital expenditure outlay in
the budget coupled with recovery in rural should translate to volume growth from the domestic segment. While export growth continues to remain
sluggish owing to expectation of slowdown in growth as most central banks continue to focus on taming inflation, we expect demand to pick up initially
by restocking of the supply chains, however, revival in exports may be more back ended. We are invested in high quality businesses which are likely
to come out stronger post crisis and, therefore, medium to long term growth prospects remain largely unchanged for our portfolio companies.

Note: Inception Date of ASK India Vision Portfolio is 20-Nov-2019. Note: Performance figures are net of all fees and expenses. ASK Portfolio returns are composite returns
of all the Portfolios aligned to the investment approach as on Mar 31, 2023. Returns for individual client may differ depending on time of entry in the Portfolio. Past
performance may or may not be sustained in future and should not be used as basis for comparison with other investments. Returns for 1 year or lesser time horizon are
absolute returns, while more than 1 year are CAGR. Returns have been calculated using Time Weighted Rate of Return method (TWRR) as prescribed by the SEBI.
Source: Closing Price as sourced from Bloomberg. Returns for 1 year or less time period are absolute returns, while more than 1 year are CAGR. Market Cap is Acc to AMFI
Classification which happens half yearly. Classification as on Dec 22.
ASK India Vision Portfolio
Factsheet - Mar 2023
Public

We are invested in high quality businesses which are likely to come out stronger post crisis and, therefore, medium to long term growth
prospects.

Key Investment Approach Objectives & Attributes Investment Approach Research Methodology & Filtration

• Size of pond vs • High quality of

business Top 500 as per market capitalization
size of fish
• (Superior RoCE)
• Dominance 500 Subjective evaluation on management
• Resilience • Strong moat,
quality, their integrity, vision, past track
Impregnability
record, execution, capital allocations
• Liquidity
• Sustainability 306 and distribution skills, corporate
306 325
In addition to the governance standards etc.
key management • Key pivot of strong
attributes, wealth creation Business Benefitting from value
good management migration (e.g., ownership migration:
quality is a given 210 PSU bank losing market share to
constant
210 200 private sector banks, shift from
unorganised to organised etc.

Business with ROCE over 25% and

• Quantum • Favorable
Price-Value Gap 123 82 Earnings growth above 20%
• Consistency 5
• Margin of safety Selection based on psychographics
• Durability
• Predating (Early vs Later) 25
25
optimization and valuations.

• Compounding power 20-25

Note: Maximum of 25% of the portfolio may be an exception either of ROCE or
Earnings Growth rule “at the time of first purchase of the stock”

Journey From $2.5tn to $5tn Translated to size of opportunity for wealth creation

10 Years 08 Years Market Cap ($Tn) Market Cap ($Tn)

5.25 2x 2.8 2.7 1.3x 3.6

2.63 3.21 3.64 4.35 2.53 3.05 3.58 4.91 1.4

1979 1981 1983 1985 1988 1987 1989 1991 1994 1980 1988 1987 1994

USA Japan USA Japan

05 Years 5.0$Tn in 2025E Market Cap ($Tn) Market Cap ($Tn)

3.6 ~2xE 4
4.6 5.11 5 9x 2.2
2.29 2.75 3.55 2.04 2.27 0.4
0.02 0.06 0.32 1.2

2005 2006 2007 2008 2009 2005 2009 2018 2025E

China India China India

Key Terms

Portfolio Name ASK India Vision Portfolio

Platform / Structure PMS
Benchmark S&P BSE 500
Portfolio Managers Mr. Kuldeep Gangwar (Primary Portfolio Manger) & Mr. Sujit Jain (Co-Portfolio Manager)
Minimum Initial Investment Amount Rs. 50 Lakhs
Minimum Add-on Investment Amount Rs. 5 Lakhs
Fees1 Fixed Management Fees: 2.50% p.a.
Investments will be made in a staggered manner as per the instructions provided by the client.
Systematic Transfer Plan (STP)2
Fees as per the respective strategy (ASK Liquid / ASK Equity) will be charged for the invested amount.

Notes:
• 1In addition to the Management Fees, there are Recurring Expenses including Custody Fee, Account Opening Charges, Audit Fees, etc. to be payable at actuals.
All fees and expenses will be subject to applicable taxes. For more details, kindly refer the Fee Schedule.

• 2Kindly refer to the STP Application Form for the detailed terms and conditions.

• Exit Charges are calculated on each tranche of inflow (initial or additional). Redemption amount is arrived at after calculation and charging of all Fees and
Expenses.

Disclaimers: Any information contained in this material shall not be deemed to constitute an advice, an offer to sell/purchase or as an invitation or solicitation to do for
security of any entity and further ASK Investment Managers Limited (ASKIM) and its 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 and caution and read the Disclosure Document (if
necessary obtaining the advice of finance/other professionals) prior to taking any decision on the basis of this information which is available on
https://www.askfinancials.com/ask-investment-managers/disclosure.