NTDOP Strategy

March 2020 Update

NTDOP Mul�cap Midcap 5 years CAGR is 10.6%. This is be�er than

Performance* Category Category Ni�y 500 the Mul�cap category average of 6.5% -
Period CAGR % Average Average this is despite a muted performance in
5 Years 10.6% 6.5% 6.9% 5.0% the 2 year and 3 year periods.
3 Years 6.6% 7.3% 5.6% 6.2% 1 year returns are 8.3% - in line with the
2 Years 1.3% 1.7% -1.3% -0.1% category averages of Mul�cap and
Midcap Universe.
1 Years 8.3% 8.2% 9.3% 3.1%
Data as on 28-Feb-2020. *Returns for periods >=1 year are absolute <=1 year are annualized;
Source: MFI Explorer and Internal Analysis
The above informa�on is used to explain the concept and is for illustra�on purpose only and should not used for development or implementa�on of an investment strategy
Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.

Marketcap Change (Since Feb 2018 �ll Dec 2019)

The last two years have seen an index polarisa�on of
43.1% an unprecedented nature. The adjoining chart
20.9% highlights the extent of polarisa�on of returns in the
6.2% last two years. This is even more pronounced for the
Returns

0.7%
previous year.
-4.3%
-23.2% NTDOP is benchmarked against Ni�y 500. While Ni�y
500 has ~80% alloca�on in large cap space, NTDOP has
Number of Stocks -56.5% only ~45%. The near term performance of NTDOP
Top 10 11-20 21-50 51-100 101-250 251-500 >500 needs to be seen in this context.
Total Universe considered is 1690 listed stocks. Stocks are arranged in descending As the broader markets start par�cipa�ng in the rally,
order as per Marketcap. Marketcap change is considered for period between NTDOP will stand to benefit given its high quality
28-Feb-18 and 20-Dec-19. Source: Capitaline. Past performance may or may not por�olio with strong fundamentals.
sustain in future. The above graph is used to explain the concept and is for illustra�on
purpose only and should not used for development or implementa�on of an
investment strategy. Past performance may or may not be sustained in future.

Market cap-wise sources of returns (Posi�ve Contributors) Small Cap Mid Cap Large Cap
Contribu�on as % of Total

100%
80%
60%
40%
20%
0%
24 M 21 M 18 M 15 M 12 M 9M 6M 3M 2M 1M
Period in Months

Data as on 20-Feb-2020; Source: ValueFY and Internal Analysis. The above graph is used to explain the concept and is for illustra�on purpose only and should not used for
development or implementa�on of an investment strategy. Past performance may or may not be sustained in future.

As we analyse the periodic returns of the por�olio, we observe that mid cap segment’s contribu�on to the total posi�ve
contribu�on steadily increases.
Green shoots are visible in the por�olio with stocks such as Aegis Logis�cs (39%), IPCA Laboratories (26%), L&T
Technology Services (21%) and Alkem Laboratories (28%) giving strong returns in the past 3 months.
This shows that the near-term improvement in performance is a�ributable to midcap and small cap exposure.

Stock returns as on 20-Feb-2020; Source: Capitaline and Internal Analysis

 Smart recovery of Mid Cap Stocks in NTDOP Strategy
Current Contribu�on
Stock Date of 52 52 Week Market Rise from NTDOP to Por�olio
Week Low Low Price Price* 52 Week Low Weightage Returns
Ipca Laboratories Ltd. 26-02-2019 799 1378 72% 4.0% 2.0%

Max Financial Services Ltd. 08-08-2019 370 588 59% 4.2% 1.7%
Alkem Laboratories Ltd. 28-06-2019 1660 2632 59% 2.7% 1.1%
Bayer Cropscience Ltd. 02-08-2019 2952 4457 51% 1.6% 0.6%
Voltas Ltd. 22-02-2019 537 692 29% 10.4% 2.7%
Page Industries Ltd. 23-08-2019 17140 22119 29% 8.6% 1.9%
City Union Bank Ltd. 25-02-2019 178 218 22% 5.0% 1.2%
Bharat Forge Ltd. 04-09-2019 378 458 21% 2.9% 0.6%
L&T Technology Services Ltd. 14-11-2019 1396 1680 20% 4.5% 0.7%
*Stock Price data as on 26-02-2020; Source: Capitaline
The stocks forming part of the exis�ng por�olio 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 men�oned above is only for the purpose of explaining the concept and should not be construed as recommenda�ons from
MOAMC. They should not be used for development or implementa�on of an investment strategy. It shall not be cons�tute as an advice, an offer to sell/purchase or as an
invita�on or solicita�on to do so for any securi�es.

Market Cap Bias

9 Stocks which represent a weight of ~44% of the
Large Cap Mid Cap Small Cap por�olio strategy have shown a smart rise from their
52 weeks lows
3 Years 44.9% 52.3% 2.7%
3 Years 80.3% 13.5% 6.1% Any further recovery in broad markets is likely to aid
Source: Capitaline, NSE Indices and MOAMC Internal Analysis; Data as on 28.02.2020. and improve por�olio performance in rela�ve terms
The above informa�on is used to explain the concept and is for illustra�on purpose
only and should not used for development or implementa�on of an investment The adjoining table shows the midcap alloca�on in
strategy. NTDOP Strategy vs its benchmark (Ni�y 500)
Ageing
NTDOP being ~52% midcap vs Benchmark (Ni�y 500)
Number of Scrips Holding Period which has only 13.5% midcap
2 Since Incep�on (10+ Years)
14 > 5 Years As seen from the stock ageing table NTDOP strategy
7 > 2 Years but < 5 Years believes in holding high convic�on ideas for a long
2 < 2 Years period of �me for meaningful wealth crea�on
Source: MOAMC Internal Analysis; Data as on 28.02.2020

Disclaimer: NTDOP Strategy Incep�on Date: 11th December 2007. The above strategy returns are of a Model Client. Returns of individual clients may differ depending on �me
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. Strategy returns
shown above are post fees & expenses. Investment in securi�es is subject to market and other risks, and there is no assurance or guarantee that the objec�ves of any of the
strategies of the Por�olio Management Services will be achieved. The statements contained herein may include statements of future expecta�ons and other forward-looking
statements that are based on our current views and assump�ons and involve known and unknown risks and uncertain�es that could cause actual results, performance or
events to differ materially from those expressed or implied in such statements. . Investments in Equity Markets are subject to Market Risk. Please read Disclosure document
carefully before inves�ng.