NTDOP Strategy November 2019

Investment Objective
The Strategy aims to deliver superior returns by investing in stocks from sectors that can benefit from the Next Trillion Dollar
GDP growth by focusing on different multi-cap stocks

Key Features
1. A multi-cap strategy focused on identifying businesses benefitting from India’s growing GDP
2. 11+ years track record with consistent outperformance over benchmark across market cycles (10 out 11 calendar years)
3. High quality concentrated portfolio of 25 stocks
4. Buy and Hold strategy with 16 stocks held for more than 5 years (Page Industries held since inception) resulting in wealth
creation for investors
5. Identifying and investing in companies that are in their initial phases of growth and benefiting from it

Portfolio Attributes
1. Index agnostic: ~88% away from benchmark Nifty 500
2. Key sector allocation is to Consumer Discretionary, FMCG and Private Banks
3. Portfolio is aligned to changing business dynamics. Recently added allocation to IT sector companies and corporate-
oriented private sector banks. This has enhanced the earnings profile of the portfolio
4. For Q1FY20, the portfolio earnings grew by 10% (excluding ICICI Bank) vs 3% for the Nifty 500 (weighted average ex of
ICICI Bank has been taken as the growth % for the same is high and results in abnormal weighted percentage)

Portfolio Actions in last 6 months

No companies were added or exited from the portfolio in the last 6 months

How Buy Right : Sit Tight works

Market Cap Market Cap

Initial Purchase Absolute
Company Rs. Crores Rs. Crores CAGR (%)
Date Growth Wealth creation is
(Purchase Date) (31st Oct 19)
achieved through
Page Industries Dec-07 466 28,712 61.6X 41% holding quality
companies for a
Bajaj Finance Aug-10 2,836 2,33,555 82.4X 61%
long period of time
Eicher Motors Aug-10 3,464 61,506 17.8X 36%
HPCL Jun-14 14,339 49,562 3.5X 26%

Top 10 Holdings & Sectoral Allocation

Banks 26.7
Scrip Names % Holdings
FMCG 17.5
Kotak Mahindra Bank 13.6 Auto & Auto Ancillaries 10.9
Voltas 10.9 Consumer Discretionary 10.9
Page Industries 9.3 Infotech 7.6
Pharmaceuticals 5.5
ICICI Bank 6.1
Oil and Gas 5.1
City Union Bank 4.9
Insurance 3.5
Eicher Motors 4.9
Logistic Services 3.1
L&T Technology Services 4.1 Diversified 2.8
Tech Mahindra 3.5 NBFC 2.6
Max Financial Services 3.5 Engineering & Electricals 2.4
Glaxosmithkline Consumer Healthcare 3.3 Chemicals 1.4

Disclaimers and Risk Factors

NTDOP Strategy Inception Date: 5th Dec 2007; Data as on 31st October 2019; Data Source: MOAMC Internal Research; RFR: 7.25% ; *Earnings as of June 2019 quarter and market price as on 31st October 2019;
Source: Bloomberg consensus, Capitaline and Internal Analysis; Please Note: The above strategy returns are of a Model Client as on 31st October 2019. Returns of individual clients may differ depending on time of
entry in the Strategy. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. Returns below 1 year are absolute and above 1 year are
annualized. Strategy returns shown above are post fees & expenses. The stocks forming part of the existing portfolio under NTDOP Strategy may or may not be bought for new client. Name of the PMS Strategy does
not in any manner indicate its future prospects and returns. The Company names mentioned above is only for the purpose of explaining the concept and should not be construed as recommendations from MOAMC.
NTDOP Strategy November 2019
Performance Since Inception
60 NTDOP Strategy Nifty 500
50 NTDOP Strategy has
40 5.9X delivered a CAGR of
30 16.1% vs. Nifty 500
20 returns of 5.6%, an
10 outperformance of
1.9X
0 10.5% (CAGR) since
inception (5th
Apr-10

Apr-17

Jun-18
Dec-07

Dec-14
Aug-12
Mar-13

May-14

Aug-19
Jun-11

Oct-13
Nov-10

Jan-12

Nov-17

Jan-19
Jul-08
Feb-09
Sep-09

Jul-15
Feb-16
Sep-16
December 2007)

NTDOP Strategy Nifty 500

22.6
21.2
16.2 16.1
12.4 11.8
10.7 9.5 9.7
8.2 8.9 7.7
6.9
5.6
2.9
1.4

1 year 2 Year 3 Years 4 Years 5 Years 7 Years 10 years Since Inception

Fund Contributors (1 Year Trailing 31st October 2019) Ageing

Top 5 Contribution Number of Scrips Holding Period
Kotak Mahindra Bank 4.2% 2 Since Inception (10+ Years)

Voltas 3.3% 14 > 5 Years

Bajaj Finance 3.0% 7 > 2 Years but < 5 Years

2 < 2 Years
Ipca Laboratories 1.2%
The average holding period for stocks held under
City Union Bank 1.2% NTDOP Strategy is over 5 years 11 months
Bottom 5 Contribution Market Capitalization
L&T Technology Services -0.5% 2.5%
46.6% Large Cap
Aegis Logistics -0.6%
Mid Cap
Bharat Forge -0.8%
Bosch -1.1% 50.7% Small Cap

Page Industries -1.4% Weighted Average Market Cap Rs. 87,442 Crs

*Portfolio Fundamentals Risk Ratios

TTM FY20E FY21E 3 Year Data Strategy Benchmark

Churn Ratio 11.9% -
PAT Growth 15% 36% 20%
Standard Deviation 15.5% 13.0%
RoE 20% 19% 20% Beta 1.0 1.0
PE 39 27 23 Sharpe Ratio -0.2 0.1

Disclaimers and Risk Factors

NTDOP Strategy Inception Date: 5th Dec 2007; Data as on 31st October 2019; Data Source: MOAMC Internal Research; RFR: 7.25% ; *Earnings as of June 2019 quarter and market price as on 31st October 2019;
Source: Bloomberg consensus, Capitaline and Internal Analysis; Please Note: The above strategy returns are of a Model Client as on 31st October 2019. Returns of individual clients may differ depending on time of
entry in the Strategy. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. Returns below 1 year are absolute and above 1 year are
annualized. Strategy returns shown above are post fees & expenses. The stocks forming part of the existing portfolio under NTDOP Strategy may or may not be bought for new client. Name of the PMS Strategy does
not in any manner indicate its future prospects and returns. The Company names mentioned above is only for the purpose of explaining the concept and should not be construed as recommendations from MOAMC.