Professional Documents
Culture Documents
July 2023
The presentation followed here is provided solely on the basis of request received from prospective investors and should not be construed as an Investment advice. It neither should
be considered
Disclaimer atas a basis for forming an investment decision. We areCopyright
www.piperserica.com not a tax expert and please
© Reserved with consult a Tax expert for all queries related to
the Owner taxationatand
Contact liabilities. Kindly refer to
contact@piperserica.com
the disclaimer at the end of the documents.
Introduction
• Piper Serica is a Mumbai based Asset Management company founded in 2003.
• It manages about US$ 100 million in long-only public and private market funds.
• Its senior management team has more than 100 years of cumulative fund management
experience across companies like JP Morgan, Citibank, SBI MF and Reuters.
• Piper Serica has license from SEBI to manage PMS for HNIs and family offices.
• It also advises Piper Serica Numero Uno India Fund, a FPI based in Mauritius.
• Our investors include renowned HNIs and family offices from around the world.
100 decisions
40 Wrong
24 Wrong
Hold…
Hold…
Self actualization
1 Product: PMS | AIF | Direct Portfolio | Model Funds
Esteem
Level 2
Sophisticated MF (Thematic) | PMS | Modelfunds
Social Belongings
Level 3 Mutual Fund | Stocks | Large Cap Funds
Safety Needs
Level 4
Insurance Plans | Emergency Funds
Phycological Needs
Level 5 Bank Account | Insurance | Fixed Deposits
More than 350+ More than 2000+ Competitive Convergence Infinite Opportunities
Regd PMS Portfolio Strategy Model of Operations Few benefits
As per SEBI website there are Evert portfolio manager follows a Every PMS looks similar and While Investing in equity markets
more than 350+ registered PMS defined strategy and model operates similarly. As an investor offers infinite wealth creation
with SEBI. This number is which is core to the investment or a financial distributor, it often opportunities, but very few are
expected to grow substantially philosophy. This often creates a becomes difficult to differentiate lucky to enjoy the benefits of
as more investors explores the bottleneck in time of no the various Portfolio strategies. speculation all through the
Equity market for wealth performance as it often fails to Also since evert portfolio market cycle. It is because
creations. deviate from the core managers follow a similar Portfolio manager operates as a
philosophy. Sticking to investment strategy, their product and not as a service.
philosophy becomes a priority performance cycle becomes
than creating wealth is a biggest predictable.
problem.
Zone - 2
Since
Inception 5 Year 3 year 2 Year 1 Year 6 Months 3 Months 1 Month
(Feb-2015)
Piper Serica
19.10% 18.70% 23.30% 9.40% 27.70% 14.90% 23.20% 7.70%
PMS
BSE 500 11.50% 11.50% 23.10% 8.10% 17.50% 1.80% 8.20% 4.10%
▪ Returns on end clients differ on based on their vintage and mandated risk level.
▪ Past performance is not indicative of future results. We do not guarantee returns.
▪ All returns are post expense. Returns for 1 year and above are annualized.
▪ PMS returns are calculated by an independent Fund Accountant and RIA returns are audited by an independent auditor.
▪ Since inception : Feb-15 to June-23 (including returns under RIA)
Portfolio Manager Strategy name 1 Month 3 Month 6 Month 1 Year 2 Years 3 Years 5 Years
Abakkus Asset
All Cap 6.16% 14.93% 12.04% 32.48% 13.32% NA NA
Managers
Motilal Oswal AMC NTDOP 1.07% 8.67% 2.81% 11.27% 1.82% 17.67% 6.98%
Piper Serica Advisors Leader Strategy 7.70% 23.20% 14.90% 27.70% 9.40% 23.30% 18.70%
Nifty 50 Large Cap Index 3.50% 6.80% 2.40% 17.50% 8.60% 21.60% 11.60%
BSE 500 Multi cap Index 4.10% 8.20% 1.80% 17.50% 8.10% 23.10% 11.50%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
1 Month 3 Month 6 Month 1 Year 2 Years 3 Years 5 Years
Piper Serica Advisors Leader Strategy Abakkus Asset Managers All Cap Motilal Oswal AMC NTDOP
Marcellus Investment Managers Consistent Compounders Nifty 50 Large Cap Index BSE 500 Multi cap Index
o PMS is not a model portfolio approach like an MF. It is not a fund, it is a service.
o A service where every investors timing and hence capital deployment needs to be closely calculated
o Since PMS’ don’t get cash inflow regularly, the cashflow has to be created from the existing portfolio.
o Managing the deployment timing, regular profit generation to be reinvested, investing at a below historical average valuation
is essential.
o Position Sizing
o Good companies – Ones which have steady growth, decent cash flow generation, clean balance sheet, professional
management team with strong experience, strong distribution/sales network.
o Good returns – Good companies + Great Valuation + Regular Profit booking + Appropriate Exit
• Multicap portfolio
• Large caps – 25%
• Mid and small caps – 75%
• Number of stocks – 18 to 22
• Deployment – Initial capital is deployed over 3-5 months period
• Rebalancing – at least once every quarter and mostly every month
• Dynamic profit booking and redeployment in case particular stock crosses model portfolio
allocation
A case study of our portfolio company – How regular allocation management creates alpha
Reduced allocation
5500 20
4000
14
3500
12
3000 Increased allocation
10
Built
2500position
8
2000
6
1500
1000 4
500 2
Mar-21
Mar-23
Jul-20
Mar-22
Jul-22
May-20
Jul-21
May-22
May-21
Nov-21
May-23
Nov-20
Dec-20
Nov-22
Dec-22
Aug-21
Oct-21
Dec-21
Sep-22
Oct-22
Aug-20
Oct-20
Apr-21
Sep-21
Jan-22
Aug-22
Apr-20
Jun-20
Sep-20
Jan-21
Feb-21
Feb-22
Apr-22
Jun-22
Jan-23
Apr-23
Jun-21
Feb-23
Jun-23
EV/Sales Price
Apollo Dixon
ITC
Hospital Technologies
• Deep research
• Primary research based on Michael Porter’s Five Forces model. High touch point scuttlebutt.
• Discipline
• Investment committee led process. No exceptions to the process. Valuation cap is set in stone.
• Risk management
• Model portfolio with pre-defined weightages. Optimal allocation to reduce risk. Profit scalping.
We have adopted the CODE OF ETHICS AND STANDARDS OF PROFESSIONAL CONDUCT laid down by the CFA
Institute (U.S.A) on the following basis:
• Integrity of Capital Markets – Strong internal policies to deal with sensitive information and data.
• Duties to Clients – Loyalty, Prudence & Care in dealing with every client
• Investment Analysis, Recommendation & Action – Detailed diligence and a reasonable basis behind every
investment
• Conflict of Interest - To ensure that there is no conflict of interest the Portfolio Manager and his family make
almost all direct investment in the listed equity market in India through the PMS and have no other investment
portfolio. Sponsor has assured a minimum investment of Rs. 15 crore in the PMS.
• Very few fund managers invest all their money in the funds they manage. We have
always done that so that our interest is fully aligned with the investors.
• Unlike other fund management companies we do not have any ancillary businesses like
broking or custody. Therefore we are able to sharply reduce expenses for our
investors.
• We regularly communicate with our investors through investor letters, social media and
webinars. Our fund manager is regularly invited by financial media channels for his
views on the markets and companies.
• We have probably the lowest churn in AUM in our industry. We are grateful to our
investors for their trust and confidence in us.
BERMUDA
Tattva USA: Reg D compliant
Investments Singapore : 305 compliant
Dovetail
Dovetail India Fund Holds
Investment Partly Mauritian
Collective Investment Scheme (CIS) Management Resident
Shares Management held
Investment in the fund is speculative and involves a high degree of risk. If you are in
any doubt about its suitability to your investment objective, please seek independent
financial advice.
This is not an offer to sell any securities and is not soliciting an offer to buy any securities in any country. The document is based upon sources of information
believed to be reliable. However, no representation, undertaking or warranty (express or implied) is given as to its accuracy or completeness and investors
must read the ppm, subscription agreement of the fund before making any investment decisions. No liability is owed to any party with respect to the
information contained in this document or any omissions. Past investment performance should not be viewed as a guide to, or indicator of, future performance
and the value of investments and the income derived from them can go down as well as up. Investments are subject to a number of risks including, but not
limited to, risk of losing some or all of the capital invested, high market volatility, variable market liquidity, geopolitical risks (including political instability),
changes in tax regime and restrictions on investment activities of investors. Please note that there may be various other risk factors which may impact the
returns to the investors.
Fees 1.25% + 15% over 6% USD hurdle rate (Fixed Fee +Profit Sharing)
Name of the Fund Tattva Investment Fund Ltd (Tattva) having its registered office at 20 Reid Street, 3rd Floor, Williams House,
Hamilton HM11, Bermuda and regulated by Bermuda Regulated Authority
About the Fund Tattva is an exempted company of unlimited duration that was incorporated with limited liability under the
Companies Act, 1981 of Bermuda, as amended, on 18th April 2018. Tattva has been classified as an Institutional Fund
under the Investment Funds Act 2006, Bermuda.
Class / sub- class Class 2 sub-class Piper Serica India Numero Uno Fund
Domicile Bermuda
Allotment to Investors Redeemable shares of Tattva Investment Fund Ltd
Base Currency USD
Investment Manager Dovetail Investment Management, Mauritius regulated by Financial Services Commission in Mauritius
Scope of the Fund To invest into other Funds for the purposes of meetings its investment objective and target market
Investment Advisor Dovetail Investment Management has appointed Piper Serica Advisors Pvt. Ltd. as an Investment Advisor to provide
their advice for the portfolio. Piper Serica Advisors Pvt. Ltd. is a private company, registered in India and regulated by
the Securities Exchange Board of India ("SEBI").
Product Suitability The product is suitable only for investors who:
• Seek capital gain over the long-term period.
• Understand the risk involved in investing in a single country focused approach.
• Understand that it offers no capital protection or guarantees.
Minimum Investment $100,000. Additional Subscription amount is minimum $ 25000 and in multiples of US $1,000 thereafter
Subscription Shares Subscription shall be considered only post receipt of subscription agreement, KYC documents and funds. Units will
be allotted for the net amount, i.e. the amount received, net of sales charge, bank charges and other remittance
charges, if any.
Redemption The subscriber may redeem all or a portion of its subscriber shares on any redemption date by giving atleast 15
(Fifteen) business days prior notice to the administrator.
+
(Fixed) (Profit Sharing) Consultancy, Legal charges On Actuals, if any
1.25% 15% over hurdle rate of 6%
All out of pocket costs and regulatory charges On Actuals
Piper Serica is a SEBI registered Portfolio manager. The SEBI registration number is INP000006749
This presentation has been prepared and issued on the basis of internal data, publicly available information and other sources believed to be
reliable. The information contained in this document is for general purposes only and not a complete disclosure of every material fact and terms and
conditions. The information / data herein alone is not sufficient and shouldn’t be used for the development or implementation of an investment
strategy. It should not be construed as investment advice to any party. All opinions, figures, charts/graphs, estimates and data included in this
presentation are as on date and are subject to change without notice. While utmost care has been exercised while preparing this document, Piper
Serica Advisors Pvt. Ltd. (here-‐in-‐after called “Piper Serica”) does not warrant the completeness or accuracy of the information and disclaims all
liabilities, losses and damages arising out of the use of this information. The statements contained herein may include statements of future
expectations and other forward-‐looking statements that are based on our current views and assumptions and involve known and unknown risks
and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements.
Readers shall be fully responsible / liable for any decision taken on the basis of this presentation. No part of this document may be duplicated in
whole or in part in any form and/or redistributed without prior written consent of Piper Serica. Readers should before investing in the Scheme make
their own investigation and seek appropriate professional advice. Investments in Securities are subject to market and other risks and there is no
assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. Clients under Portfolio
Management Services are not being offered any guaranteed/assured returns. Past performance of the Portfolio Manager does not indicate the
future performance of any of the strategies.