Are consistently growing DII flows changing the dynamics of

Indian markets?
Oct 10, 2023

Dear Investors,

This is the tenth newsletter from the desk of Monarch AIF and we are glad to interact with you once again. While
the topic of atmanirbharta (self-reliance) has been much talked about on the economic front, there is a discernibly
strong ongoing trend in the Indian stock market which is well and truly making it self-reliant and even possibly less
volatile! This self-reliance is stemming from consistently growing DII flows which in turn is primarily driven by
increased participation of retail investors (mainly through the non-cyclical SIP route). While it is no secret that
retail investors have been historically underinvested in equities, it appears that they are getting in for the long haul
now through regular investing routes. In this newsletter we undertake analysis of scale and size of DII flows and
argue whether consistently growing DII flows are changing the dynamics of Indian stock markets.
Our study throws some interesting insights into how SIP flows now command a lion’s share of net MF flows and
consequently net DII flows. We also note that cumulative DII flows are higher than FII flows on YTD/3Y/5Y/10Y basis
thus reinforcing the belief of self-reliance led by better awareness and conviction of retail investors on India’s long-
term story. We see several second order implications of heightened DII flows for Indian stock markets and some of
these include i) consistently rising valuations of good quality companies, ii) reducing free floats as institutional
holding keeps building up, iii) need for promoter groups to provide higher liquidity to meet institutional demand
and iv) increase in new listings required to absorb flows. We deliberate on the implications for investors from this
trend and touch upon what can upset this equation. We follow this with the review of our current fund’s (MNCL
CCF – I) performance as of end-Sep 2023.

We have divided this newsletter into the following sections: -

A. DII flows have gone from strength to strength, a fact that gets ignored
a. DII flows have grown in amounts consistently in the last 10 years, led by MF flows
b. Fast growing SIP flows have been the key reason of DII flows’ strength and have remained immune
to even ‘six-sigma’ disruptions
c. SIPs have penetrated deep and wide => sustainability should be enhanced
d. Retail/HNI investors are finally taking a ‘long-term long-only’ bet on India without getting
overwhelmed by short term volatility
B. FII flows could become less of a swing factor as DII flows trump them
a. Cumulative DII inflows are now higher than FII inflows in the last 3Y/5Y/10Y periods whereas in the
previous decade they used to be fraction of FII flows
b. FIIs have preferred India among all EMs and could continue doing so
C. Several second order impacts of heightened DII activity proving to be game-changing
a. Reducing free float as Institutions (led by DIIs) build long only positions
b. Expanding valuation multiples for good ROE (quality) companies led by high institutional demand
c. Requirement of continuous promoter stake sales to make way for higher free floats
d. Increase in new listings (IPOs) would be required in scale and size
D. Implication for Investors
E. What can change the equation
F. Portfolio performance – MNCL Capital Compounder Fund - I

Monarch AIF Newsletter (Confidential, not for circulation) October 2023

A – DII flows have gone from strength to strength, a fact that gets ignored
DII flows have grown in amounts consistently in the last 10 years, led by MF flows
There has been a remarkable shift in DII flows from being inconsistent and highly volatile during the period of FY05-
FY15 to being consistently growing during FY15-FY24. This shift is being driven by a sustainable fundamental change
in how retail/HNI investors have started to invest in the Indian markets. We believe that it has been aided by big
awareness campaigns run by the Indian MF industry to propagate the culture of SIPs. While it is not wrong to
assume that DII flows could become cyclical again and can turn for negative anytime, we discuss how the trend is
well and truly looking sustainable and how “This time is different” from the point of view of flows.
Exhibit 1: DII flows have been growing in size in the last decade
300 256
DII Flows have scaled
250 221
significantly
200
150 114 129
80 72
(In '000 Crores)

100 46
50 31
0
-50 -5 -21 DII Flows were negative only
-100 -69 -54 once in last 9 years (that too
-150 in Covid year FY21)
-134
-200
FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
YTD
MF Net Inflow DII Net Inflow
Source: SEBI, Bloomberg, Monarch AIF, YTDFY24 is Apr-Sep 2023

Fast growing SIP flows have been the key reason of DII flows’ strength and have remained
immune to even ‘six sigma’ disruptions
The single biggest factor in turning around the fortunes of DII flows has been the widespread acceptance and
penetration of SIPs for investing by retail investors. Gross SIP flows which were nearly non-existent just 10 years
ago have gone up 4x in the last seven years and are running at a run-rate of ~Rs15000cr/mth in YTDFY24. Unlike
other types of flows which show cyclicality, the SIP flows have surprisingly grown through all big events like 1.
Demonetization, 2. Covid crisis and 3. Current global rate hikes.
Exhibit 2: Gross average monthly SIP inflows have grown 4x in last 7 years

16000 Monthly SIP Flows have grown 4x in 7 14854

14000 years ! 12998
12000 10381
(Rs Cr)

10000 8340
7724 8007
8000
5599
6000
3660
4000
2000
FY17 FY18 FY19 FY20 FY21 FY22 FY23 YTDFY24
Demon Covid Global Rate Hikes
Average Gross SIP Flows/Month
Source: AMFI, Bloomberg, Monarch AIF, YTDFY24 is Apr-Aug 2023

Monarch AIF Newsletter (Confidential, not for circulation) October 2023

SIPs have penetrated deep and wide => sustainability should be better
SIP penetration has been widely spread and this is visible from the robust increase in total number of active SIP
accounts (nearly tripled from 2.6cr in FY19 to 7cr currently). The SIP AUM has gone up to Rs8.5 lakh cr currently (vs
Rs2.7 lakh cr in FY19) and nearly 35% of this has been contributed by cities beyond the top 30 which indicates rising
penetration. We believe that both these trends portend stronger sustainability of the SIP flows; we observed this
during the Covid crisis and we are witnessing it during current scenario of rising global interest rates and macro
headwinds. SIP monthly flows have been making new monthly highs in last 6-12 months consistently.
Exhibit 3: Active SIP accounts have nearly tripled in Exhibit 4: SIP AUM coming from all cities indicating
the last 5 years widespread adoption

10.0 SIP AUM (Lakh Cr)

8.5 5 4.5
8.0 6.8 7.0 3.8
6.4 4
5.8 2.8
6.0 5.3
3 2.3
4.3
3.7 1.8 1.9
4.0 3.2 2 1.6 1.4
2.62.7 2.4
0.9 0.8
2.0 1

0.0 0
FY19 FY20 FY21 FY22 FY23 Aug'23 FY19 FY20 FY21 FY22 FY23

No of Active SIP (Cr) SIP AUM (Lakh Cr) Top 30 Cities Beyond 30 Cities

Source: AMFI, Monarch AIF Source: AMFI, Monarch AIF

Net SIP flows account for ~50% of overall DII flows

While gross SIP flows have grown materially, do note that net SIP flows (which accounts for redemptions and
closures) accounts for 45% of gross SIP flows (Exhibit 5). Our analysis of cumulative flow data shows that net SIP
flows have accounted for 55-60% of net MF flows and ~50% of overall DII flows since FY19/FY17 (i.e last 5Y/7Y).
This clearly indicates the growing importance of SIP flows in the overall flow dynamics of DIIs. Since the SIP flows
are coming from literally every nook and corner of the country and are less cyclical in nature, the resilience of DII
flows has clearly improved in the last few years. This would help the sustenance of DII flows through volatile periods
and we are already witnessing the same in the markets.
Exhibit 5: Net SIP flows 45% of gross SIP flows Exhibit 6: Net SIP flows account for ~50% of Net DII
flows
Net SIP flows stands at 8.0 65% 7.5 7.3 70%
17,000 45% of Gross SIP flows 80%
7.0 6.4 53% 6.5 60%
15,000 70% 5.9
6.0 50%
13,000 60%
(Rs Lakh Crores)

5.0 50% 47%

11,000 50% 4.5
40%
(Rs Cr)

9,000 40% 4.0 3.4

2.9 30%
7,000 30% 3.0
5,000 20% 2.0 20%

3,000 10% 1.0 10%

1,000 0% 0.0 0%
Cumulative (since FY19) Cumulative (since FY17)
Gross SIP Flows Net SIP Flows*
Gross SIP Net SIP Net MF Flows Net DII Flows
Net SIP % Avg % (Net to Gross) Net SIP as % of Net MF Net SIP as % of Net DII

Source: Cafemutual, AMFI, Bloomberg, Monarch AIF Source: Cafemutual, AMFI, Bloomberg, Monarch AIF

Monarch AIF Newsletter (Confidential, not for circulation) October 2023

Equation is quite simple: Higher Gross SIP Flows => Higher Net MF Flows => Higher Annual Net
DII Flows with less volatility
While it is normal to be cautious and be apprehensive that DII flows can also become cyclical or negative (like they
used to be during FY05-15), our analysis shows that same is unlikely to happen in a very big way unless there is
large fall in gross SIP flows itself. The implication is clear: Higher gross SIP flows will lead to higher net SIP flows
which would in turn lead to higher net MF flows, thereby higher annual net DII flows. Consequently, the volatility
of DII flows should be lower because SIP flows themselves are much less volatile and continuously increasing in size
and depth. Large lump sum withdrawals can always take place but may necessitate an extremely adverse global
event (such as GFC or Covid). We shall keep a close watch on how the DII flows (and more importantly the SIP flows)
evolve in next few years.
As an aside, we would like to acknowledge that MFs are not the only reason for the rising stability of DII flows.
Insurance, AIFs and (to a smaller extent) pensions have also contributed. It is important to acknowledge that these
are streams of long-term money and not subject to discomforting volatility. These flows would also continue to
support the overall DII flows and if any segment like AIFs or Pensions becomes larger with time then the stability
of DII flows would further improve.

Retail/HNI investors finally taking a ‘long-term long-only’ bet on India without getting
overwhelmed by short term volatility
The above-mentioned phenomenon is visible from the growth in outstanding equity folios of mutual funds for both
these categories of investors (Exhibit 7/8). Retail folios have grown at a CAGR of 8%, and after a brief pause seen
during covid years (FY20/21), the growth has noticeably returned in the last two years. HNI folios’ growth has been
an astounding CAGR of 28% and has been largely consistent across years.
Exhibit 7: Retail Equity MF folios grown steadily Exhibit 8: HNI equity MF folios grown rapidly
100 Retail Folios have 92 94 8.0 HNI Folios have grown at
grown at CAGR of 8% 80 7.0 CAGR of 28% 6.5 6.7
80 5.6
6.0
60 60 62
In Mn

60 51 5.0 4.0 4.1

In Mn

37 39 4.0
40 33 29 31 35 2.5
3.0
1.9
2.0
20 0.9 1.2
1.0 0.4 0.3 0.3 0.7
0 0.0
FY21

FY24*
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20

FY22
FY23

FY21
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20

FY22
FY23
FY24*

Source: AMFI, Monarch AIF, *till June 2023 Source: AMFI, Monarch AIF, *till June 2023

‘Investors should purchase stocks like they purchase groceries, not like they purchase perfume’ –
Benjamin Graham

Monarch AIF Newsletter (Confidential, not for circulation) October 2023

B – FII flows could become less of a swing factor as DII flows trump them
Cumulative DII inflows are now higher than FII inflows in the last 3Y/5Y/10Y periods whereas
in the previous decade they used to be fraction of FII flows
The significance of DII flows can be gauged from the fact that they stand at 2.5x of FII flows in last 3Y/5Y when
measured on a cumulative basis (Exhibit 9). In fact, cumulative DII flows are higher than FII flows on even a 10Y
basis, whereas they used to be just 20% of FII flows previously. We believe that this fact goes unnoticed in the
markets as FII flows get overwhelming attention in media and market commentators most of the time. The
resilience of DII flows (backed in turn by sustainable and non-cyclical SIP flows) could make FII flows much less of
a swing factor for Indian markets, if there is no major fall witnessed in monthly SIP inflow run-rates. We would thus
like to believe that we may well be in an era of resilient DII flows or atmanirbhar era!

Exhibit 9: DII flows have trumped FII flows in last 3Y/5Y/10Y

FII vs DII Equity Flows (Cumulative US$ bn)
100 93
Dependent on FII 83 81 Resilient DII flows Era =
80 flows Era Atmanirbhar Era?
58 2.4x 59
60 50
2.5x
40 0.2x 0.2x 33
24
20 12 12 14 16

0
CY08-CY12 CY13-CY17 CY13-CY23 CY18-CY23 CY20-CY23 CY23

FII DII
Source: SEBI, Bloomberg, Monarch AIF, CY23 data is for Jan-Sep’23

FIIs have preferred India among all EMs and could continue doing so
FII flows have remained the highest for India among all the emerging markets at US$65bn in the last 10 years
(Exhibit 10). We believe that FII flows would continue to remain positive for India given the fundamental
attractiveness of the market and limited options in other markets, due to various geopolitical and demographic
reasons. Indian markets provide lot of attractive characteristics for FIIs – 1. Large size – India’s mcap is now 5th
highest in the world, 2. Breadth – Indian markets have 400/100 stocks with Mcap above US$1bn/US$5bn with
accompanying decent liquidity and 3. Diversity with quality – Indian markets have representation from wide range
of sectors/sub-sectors and provide high private ownership as well as superior ROE metrics vs. many other markets.
Exhibit 10: FII flows (US$ bn) have remained highest for India in last 10 years among all EMs
Year India Indonesia Philippines Taiwan Thailand Malaysia Brazil
CY14 16.2 3.8 (0.3) 13.2 (1.1) (2.0) 9.1
CY15 3.3 (1.6) (0.6) 3.3 (4.4) (5.1) 5.8
CY16 2.9 1.3 1.1 11.0 2.2 (0.6) 3.9
CY17 8.0 (3.0) (0.2) 6.7 (0.8) 2.5 4.5
CY18 (4.6) (3.7) 1.3 (12.2) (8.9) (2.9) (3.1)
CY19 14.2 3.5 (1.9) 9.4 (1.5) (2.7) (11.0)
CY20 23.4 (3.2) (3.9) (15.3) (8.3) (5.8) (9.7)
CY21 3.8 2.7 (0.2) (15.3) (1.6) (0.8) (1.2)
CY22 (17.0) 4.3 0.8 (44.0) 6.0 1.1 19.4
CY23* 15.1 (0.3) 0.3 (2.2) (4.5) (0.4) 1.9
10 Yr Cum. 65.1 3.7 (3.7) (45.4) (22.9) (16.7) 19.7
Source: Bloomberg, Monarch AIF, *CY23 flows are for Jan-Sep’23

Monarch AIF Newsletter (Confidential, not for circulation) October 2023

C – Several second order impacts of heightened DII activity proving to be
game-changing
In our assessment, the heightened DII activity is having its fair share of second order impacts on markets that are
proving to be game-changing for the Indian markets. We believe that some of these impacts get accentuated during
times when both DII and FII flows are simultaneously strong, and at other times DII flows have been able to make
up for weak FII flows and kept these trends gain traction unabated. We would like to categorically state that the
list below is our inference of the impact of sustained DII activity and it could well be a result of countless other
factors as well. We have included the factual data to come to our observations, stated below:-

1. Reducing free float as Institutions (led by DIIs) build long only positions with long-term
holding mindset
Institutional holding in companies in India (>5000cr Mcap) has expanded from 19% in FY12 to 25% in June’23
(Exhibit 12) and this has been led in a big way by DIIs. The strong inflows that DIIs have received in last 10 years
have been invested in these companies with a long-term holding mindset. Another striking feature in India has
been the fact that promoters have chosen to stay invested despite increasing valuations and have provided limited
liquidity in the market (Exhibit 11). Promoter stake reduction has been limited to 200bps in last 12 years with
aggregate stake of promoters still at ~56%. This has led to free float getting squeezed from 23% in FY12 to 19% in
June’23, which in turn has pushed up the valuations materially for quality companies.

Exhibit 11: Promoter stake has remained high and still Exhibit 12: Institutional holding gone up by 600bps in
above 55% despite partial reduction last decade and reduced the free float

Promoter Stake Trend (%) 27.0

25.1
65 25.0
22.9
23.0
60 57.9
57.6 57.6 21.0
56.6 56.4 19.0 19.0
56.1 55.8
19.0
55
17.0

15.0
50

Instt (FII + DII) Free Float (Excl promoter & Instt)

Source: Aceequity, Monarch AIF, *All cos>5000cr Mcap Source: Aceequity, Monarch AIF, *All cos>5000cr Mcap

Monarch AIF Newsletter (Confidential, not for circulation) October 2023

2. Expanding valuation multiples for good ROE (quality) companies led by high institutional
demand and limited need for churn
The valuation multiples of well-managed companies in India have been continuously expanding with no meaningful
correction, which has puzzled many investors (us included). We believe that some of this may also be happening
due to high DII activity and its long-term orientation coupled with limited liquidity provided by promoters at higher
valuations. The average P/E for all companies with Mcap>5000cr and 5Y avg ROE>15% has expanded from 22x in
FY15 to 39x in June’23 (an increase of whopping 75%). Similarly, EV/EBITDA multiple for the same set has expanded
from 14x to 22x (increase of 60%).
Exhibit 13: Valuation expansion of good ROE Exhibit 14: Valuation expansion of good ROE
companies* has been phenomenal companies* has been phenomenal
38.7 33.8 25.0
40.0 35.0
36.5 24.0
35.0 22.0 28.3
30.0
22.4 20.0 20.0
30.0
20.7 25.0 20.6
25.0 22.5 21.2 18.0
16.5 15.0
16.0 20.0 18.9
20.0
14.0 10.0
15.0 13.9 15.0 10.0
12.0
11.9
10.0 10.0 10.0 5.0

Avg P/E Avg EV/EBITDA Median P/E Median EV/EBITDA

Source: Bloomberg, Monarch AIF, *All cos>5000cr Mcap and 5Y Avg ROE>15% Source: Bloomberg, Monarch AIF, *All cos>5000cr Mcap and 5Y Avg ROE>15%

3. Requirement of continuous promoter stake sales to make way for higher free floats – already
underway in CY23
We believe that increased promoter stake sales may be required to absorb the increased institutional flows and
make way for higher free floats. We had earlier mentioned that data shows that promoter stake reductions (Exhibit
11) have been limited to less than 200bps over the last 12 years. However, higher levels of promoter stake sales
have taken place in 9MCY23 and stand at Rs807bn. We would not be surprised to see continuation of higher
liquidity being provided by promoter groups in the coming years. Additionally, we note that PE/VC stake sales have
aggregated to Rs256bn in listed stocks in 9MCY23 which was easily absorbed in the sea of inflows.

Exhibit 15: Promoter stake sales have increased in CY23

Promoter Stake Sale Amount (Rs Cr)

90000
80754
80000
70000
60000 51371
50000
38266 41020
40000 32870
30000
19258
20000
10000
0
CY18 CY19 CY20 CY21 CY22 CY23*

Source: Prime database, Moneycontrol, Monarch AIF

Monarch AIF Newsletter (Confidential, not for circulation) October 2023

4. Increase in new listings (IPOs) would be required in scale and size
Increase in liquidity through new IPOs is another area which needs to buildup in both scale and size to absorb the
high institutional inflows in our view. Barring FY22 when a slew of big-ticket IPOs (mainly from new age tech
platform companies), the money raised in IPOs have remained well below Rs50,000cr annually in the last several
years. So, while the popular opinion may be that IPO activity is currently on the higher side, we believe that it is
well below what might be required in the face of sustained level of institutional flows.

Exhibit 16: Money raised in IPOs has remained in a range barring FY22

140000
119672
120000

100000

80000
67453
60000 51367

40000 30178 28266

25620 22693
20000 13912 13193

0
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 YTDFY24

IPO Amount (Rs Cr)

Source: SEBI, Monarch AIF

Monarch AIF Newsletter (Confidential, not for circulation) October 2023

D – Implications for investors
We see several implications for investors from our study and list them below: -

I. Opening of new sub-sectors within larger sectors led by new listings – We see increased
opportunity for investors to invest in several new sub-sectors (within larger sectors) that are getting
created due to new listings as well as spin-offs. In the last 5-7 years alone, a multitude of new sub-sectors
have been created which include electronic manufacturing, diagnostics, wealth management, small finance
banks, hospitals and many more. We see this trend continuing due to strong demand for investment
options by institutional investors to allocate incremental capital that is being received by them.

II. Quicker re-rating of companies showing strong execution and solid governance standards – We
expect that there would be quicker re-rating and discovery of companies showing strong execution and
solid governance standards. Institutional flows would spot them as good long-term bets and not choose to
wait for long. Promoters have also become aware of this fact and are continuously striving to improve their
execution and governance standards, as they stand to benefit the most from sustainable re-rating of their
companies. We have already seen this in several sectors in the last few years and we could see the trend
becoming stronger if the flow momentum sustains.

III. Valuations of quality franchises could sustain at higher levels for longer – The valuation expansion
of quality franchises across many sectors in India has been a topic of much debate (for long now) and we
have ourselves presented strong views on this through our past newsletters. However, we believe that the
primary reason for valuations sustaining at higher levels for longer has been the long-term holding mindset
of DII flows and limited liquidity provided by promoters. Given that DII flows could be resilient (backed by
SIP flows, as we have argued earlier in this note), this trend could be the norm going ahead unless there
are large exits by either FIIs/Promoters to benefit from high valuation.

IV. Indian market direction could be driven more by DII flows going ahead – If the SIP flow momentum
sustains and keeps taking the absolute size of DII flows higher than the market direction (and to some
extent the multiples) could well be driven by DII flows and show better resilience. This is because the DIIs
understand the long-term Indian story better and would not over-react to short-term disruption events.

E – What can change the equation

I. Large lump sum outflows by both DIIs and FIIs – Large one-time outflows by both DIIs and FIIs can
put brakes on flows story of India and can upset the equation. In recent years there has been no large
lump sum drawdowns simultaneously by DIIs and FIIs (except during Covid times), and hence it would
have to be a major global event or a black swan event to cause the same.

II. Reduction in gross SIPs by 30-40% and thereby reducing the new inflow of money for DIIs –
Fall in gross SIP amount by that big a percentage would be the key monitorable in our view and large
reduction in the same can upset the equation. Since SIP flows are more structural and regular by
design, the impact would be material in case of a large reduction.

Monarch AIF Newsletter (Confidential, not for circulation) October 2023

Portfolio performance & updates
MNCL Capital Compounder Fund - I
MNCL CCF – I went live in August 2022 and current AUM stands at Rs322cr. As at end-Sep 2023, fund was 87.3%
invested into equities and the balance 12.7% was held in liquid/cash instruments. The fund held 20 stocks and the
mix in terms of large cap/midcap/small cap stocks stood at 19.5%/27.8%/40% as per SEBI classification.

Exhibit 17: Portfolio Performance (as at end-Sep 2023 - % change)

30.0% 28.5%
27.3%
25.8%
25.0%
19.6%
20.0% 17.6%
15.6%
15.0%

10.0% 8.7%
5.6%
5.0% 3.8%
2.2%

0.0%
1M 3M 6M 12M Since Inception*
MNCL CCF - I NIFTY 500 TRI

Source: Kotak FA, Monarch AIF, Note: i) *Absolute returns, Inception date is 23 Aug 2022, ii) Returns as on 30th Sep 2023, iii) Returns are net of fees and expenses but
on pre-tax basis, iv) NIFTY 500 total return index considered for comparison, *Please refer the disclaimer

Our portfolio positioning

We have executed limited churn in our portfolio with fundamentals remaining strong for majority of the companies
though valuation expansion has been swift in few cases. Our exposure to BFSI has been high since inception of
MNCL CCF - I and we continue to remain positive on the space (particularly large banks). We have made a new
entry in a high-quality and ROCE-focused auto retailer as a play on the growth of premium 4W vehicles in the
country. We continue to prefer sectors like healthcare (branded generics and CDMO), cement and select pockets
in infra (high quality and strong B/S road construction players).
On an overall basis, we remain highly confident in the portfolio positioning which consists of growing good quality
businesses, trading at fair to attractive valuations. We have continued to keep cash at slightly elevated levels in the
portfolio to balance risk-reward and make space for new positions where we are looking to make an entry at
appropriate levels. As at Sep’23-end, the portfolio had 20 stocks and FY25E P/E stood at 20.9x with expected EPS
CAGR of 31% over FY23-25E for the portfolio on an aggregate basis.
We once again thank you for your investment and trust in Monarch AIF. We immensely value your collective belief
in our ability to make the optimal investment decisions on your behalf through our fund.

Please refer all our previous investor newsletters here: Monarch AIF - Investor Newsletters

We would be happy to hear your feedback and/or any queries.

Warm Regards
Abhisar Jain, CFA
Head & Fund Manager
Monarch AIF

Monarch AIF Newsletter (Confidential, not for circulation) October 2023

Disclaimer
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be suitable for all investors. Prospective investors are advised to review the Disclosure Document, Private Placement Memorandum, the Contribution
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The views and recommendations are based on information and analysis as on specific date and may change based on various factors, including, but not limited
to, changes in the market conditions, micro and macro factors and forces affecting capital markets.

Monarch AIF Newsletter (Confidential, not for circulation) October 2023