Clearview Capital

SEBI Registered Portfolio Management Services Firm

Why Invest with Us?

▪ 20+ years experience in Financial services with ~10 years in Investment Banking with J.P. Morgan & Citi

Pedigreed Founders ▪ Rich experience of working on Private Equity and M&A transactions

▪ Graduates from eminent academic institutions like IIM Ahmedabad, IIM Calcutta, CFA (USA), CA and CS

▪ Proprietary portfolio construction and stock selection approach designed to perform across market cycles

▪ Unique combination of Fundamentals and Special Situations results in superior risk adjusted returns

▪ S.M.A.R.T investment framework with particular focus on identifying trigger for alpha creation
Unique Investment
Strategy
▪ Execution of strategy demonstrated in superior returns generated during both bull and bear markets (1)

✓ Jul-22 to Sep-24 (Rising Markets) - 43.3% return for Clearview vs 29.5% for BSE 500

✓ Oct-24 to Dec-24 (Falling Markets) - 2.9% absolute return for Clearview vs -7.7% for BSE 500

▪ Most of the Founder's net worth co-invested in the PMS along side clients with no other allied business

Skin in the Game ▪ Maximum incentive alignment with Performance driven Fee Structure

▪ Personal Engagement to generate trust and create a long-term relationship

Note: (1) Performance-related information provided here is for the proprietary portfolio and is not verified by SEBI or any other independent agency.
Please read the detailed notes on return calculation methodology in the performance annexure 2
Clear Differentiators with Clearview

Mutual Funds / Most Other PMS VS Clearview Capital

Benchmark hugging, highly diversified model 10-15 high-conviction investments with a focus on
portfolio destined to give +- 2% of benchmark delivering alpha

Investment philosophy suited to outperform only Secular investment philosophy suited to

during bull markets outperform across all phases of the market

Misaligned incentives with high fixed fee – Focus Low fixed fee to ensure focus is only on
on asset gathering instead of performance performance with AUM being a by-product

Star fund managers involved more in Investing first approach with focus on in-depth
marketing than investing research, management meetings, channel checks

Minimal skin in the game with separate Most of the Founders’ net worth co-invested in the
personal portfolios and allied businesses PMS with no other allied business

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Pedigreed Founders

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Founders

Ayush Vimal Vedant Bagry

MBA (IIM Ahmedabad), CA, CS MBA (IIM Calcutta), CFA, CA, CS
+91 9874013401 +91 9830379600
[Link]@[Link] [Link]@[Link]

▪ 10+ years experience in Financial services ▪ 10+ years experience in Financial services
across Citi, PwC across J.P. Morgan, Moelis, PwC

▪ Deal experience of $20bn while at Citi ▪ Deal experience of $12bn while at J.P.
Investment Banking across telecom, Morgan Investment Banking across
infrastructure and consumer sectors financial services and infrastructure sectors

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Unique Investment Strategy

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Markets are Inherently Cyclical
Cyclicality in markets makes (1) Entry valuations and (2) Market timing crucial to generate returns

Broader Market Indices

Annualized Return (%) NIFTY 50 Index
62%
49%

28%
13%

-17% -15% -19%

-47%
May 03 - Dec 07 Dec 07 - Feb 09 Feb 09 - Oct 10 Oct 10 - Dec 11 Dec 11 - Aug 18 Aug 18 - Mar 20 Mar 20 - Sep 24 Sep 24 - Feb 25

Sectoral Indices
Annualized Return (%)

NIFTY PSU Bank Index NIFTY Pharma Index NIFTY Metals Index
101%

65% 65% 61%

57% 52%
37% 43%
27% 28%

-10% -10%
-32% -31% -30% -34% -29%
-47%
Aug 13- Dec 14- Jan 16- Sep 17- Apr 20- Jun 24- Mar 09- Nov 15- Mar 20- Sep 21- Feb 13- Mar 09- Dec 10- Jun 13- May 14- Jan 16- Dec 18- Mar 20-
Dec 14 Jan 16 Sep 17 Apr 20 Jun 24 Feb 25 Nov 15 Mar 20 Sep 21 Feb 23 Dec 24 Dec 10 Jun 13 May 14 Jan 16 Dec 18 Mar 20 Sep 24

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Entry Valuations Matter - Great Businesses don’t always make Great Investments
Entry valuations for various high-quality businesses peaked in Dec-19 resulting in them delivering sub-optimal returns over the
last 5 years. This is despite continued strength in the underlying businesses.

5 Year 5 Year
Company Dec’14 (Dec’14 – Dec’19) Dec’19 (Dec’19 – Dec’24)
Annualized Returns Annualized Returns

Nifty 50 8.2% 14.1%

Reasonable Peak
Median Valuations 21.3% Valuations 4.2%

Hindustan Unilever 20.6% 3.7%

Nestlé India 18.5% 8.2%

Dabur India 14.7% 2.0%

Asian Paints 19.6% 4.7%

Berger Paints 29.4% 0.5%

HDFC Bank 22.1% 6.7%

Kotak Mahindra Bank 22.3% 0.5%

Bajaj Finance 64.4% 10.5%

Maruti Suzuki India 16.7% 8.0%

Whirlpool India 28.6% -3.4%

Good Sub-optimal
returns returns
Note: As of Dec 24, 2024 8
Timing of Entry is Crucial for Returns
We refrain from investing in businesses when valuations are euphoric and displaced from underlying fundamentals since it
exposes us to significant downside risk, should valuations normalize
Earnings Stock Price

Exit when
valuations
Earnings / Stock Price

are euphoric
Revisit
entry

Sweet spot
for entry

High Growth Phase Stable Growth Phase

Time

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Our Approach to Navigating Market Cycles
Our proprietary portfolio construction and stock selection approach allows us to generate superior risk adjusted returns
across market cycles

Portfolio Construction Approach Stock Selection Approach

1 Fundamental Investing
Evolved from experience of working with Private
S Structurally Attractive
:
Edge Equity teams on large ticket M&A transactions

Quality Businesses Margin of Safety

M Management Quality

Strong Governance 3-5 year horizon

Special Situations
A Attractive Valuation
2
Evolved from our experience of closing multiple
:
Edge M&A transactions

Event specific Predictable returns

R Risk Assessment
opportunities

De-linked from broader Limited risk of event

market movement not fructifying
T Trigger for Value Convergence

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Portfolio Construction Approach:
Unique Combination of Fundamentals & Special Situations results in Superior Risk Adjusted
Returns
Special Situation % in Portfolio increases when trade-off between risk and reward seems unfavourable

Aggressive Stance Defensive Stance

When valuations are reasonable and risk-reward is in favor When valuations are euphoric and risk-reward is out of favor

Fundamental Investments > Special Situations Special Situations > Fundamental Investments

Fundamental Investments Special Situations

Fundamental
Special Situations
Investments

Higher % of Special
Situations enables: Resilient portfolio with Cash conservation for Alpha generation during all
reasonable returns during fundamental ideas when risk- seasons
market downturns reward turns favorable

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Portfolio Construction Approach:
Capability in Special Situations leads to better Fundamental Investing in Euphoric Markets
Our focus on special situations prevents us from sitting on cash or deploying capital forcefully when risk-reward is not in favour

Special situations provide the patience to wait Superior returns

for higher quality fundamental ideas with

superior returns by offering a better alternative
to cash during Euphoric markets

15-20%

While most funds generated a return of 6% on

undeployed corpus, we are able to generate a
return of 15-20% by investing in special situations

6%

Return on Idle Cash Return on Special Returns for

/ Liquid Funds Situations Fundamental bets

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Stock Selection Approach:
Unique S.M.A.R.T Investment Framework

Structurally attractive
S ▪ Sustainably High ROCE
▪ Tailwinds for Growth Leads from our experience,
▪ Competitive moat ecosystem of investors, in-house
screeners and news flow

Management quality
Ensure Hygiene factors are met
M ▪ Competent with a proven track record

Hygiene Factors
▪ Incentive alignment through In-depth Analysis,
▪ Good Governance Management Meetings,
Channel Checks

Trigger must be
Attractive Valuation present to create
▪ Growth at a reasonable price
A ▪ Margin of safety
Alpha
▪ Implied expectations in the price
Few Triggers we focus on:
Risk assessment Change in Promoter/Management
(CG Power, Eveready)
R ▪ Risk is Permanent Loss of Capital
▪ Understanding of key risks
▪ Probability based scenario analysis Change in Structural Dynamics
(Saregama, Sugar post ethanol)
Alpha Creator

Trigger Good businesses with temporary issues

T ▪ What is Changing?
▪ Events in the horizon
(MCX during software issue, Nestle during Maggi crisis)
▪ Disruptive structural trends Mergers & Acquisitions leading to value creation,
debt resolution

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Track Record - Proprietary Portfolio Performance
Our unique investment strategy of capturing market upside while protecting downside is demonstrated in superior returns
generated during both bull and bear markets

Jul’22 – Sep’24 Oct’24 – Dec’24 Overall

Rising markets Falling markets Total
[Annualized %] [Absolute %] [Annualized %]

Proprietary
43.3% 2.9% 40.0%
Portfolio

BSE 500 29.5% (7.7%) 22.4%

Disclaimer: Performance-related information provided here is not verified by SEBI or any other independent agency. Past performance is not a guarantee of
future returns
Note:
1. Returns till Dec 27, 2024 since majority of the proprietary portfolio was transferred to the PMS on that date.
2. Please note these returns are not for the PMS but for our proprietary portfolio.
3. Both portfolio and benchmark returns exclude income from dividends
4. As mandated by SEBI, returns are calculated on a time-weighted basis (TWRR) on the aggregate portfolio.

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Proprietary Portfolio Performance

Clearview Portfolio Return BSE 500 Price Return

Year
Returns (in %) Returns (in %)

2022 (Annualized: From 1-Jul-22 to 31-Dec-22) +98.2% +32.6%

2023 (Annualized) +45.4% +24.3%

2024 (Annualized: From 1-Jan-24 to 27-Dec-24) +12.8% +14.8%

Compounded Annual Gain: (1-Jul-22 to 27-Dec-24) +40.0% +22.4%

Overall Gain: (1-Jul-22 to 27-Dec-24) +131.4% +65.4%

Value of INR INR 1Cr invested at Inception INR 2.3 Cr INR 1.6 Cr

Disclaimer: Performance-related information provided here is not verified by SEBI or any other independent agency. Disclaimer: Past performance is not a
guarantee of future returns
Note:
1. Returns till Dec 27, 2024 since majority of the proprietary portfolio was transferred to the PMS on that date.
2. Please note these returns are not for the PMS but for our proprietary portfolio.
3. Both portfolio and benchmark returns exclude income from dividends
4. As mandated by SEBI, returns are calculated on a time-weighted basis (TWRR) on the aggregate portfolio.

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PMS Performance

Clearview Portfolio Return BSE 500

Year
Absolute Returns (in %) Absolute Returns (in %)

Absolute Returns: From 6-Dec-24 to 31-Jan-25 -0.82% -7.20%

Disclaimer: Performance-related information provided here is not verified by SEBI. Past performance is not a guarantee of future returns

Note:
1. The above returns are part of the statutory filings with SEBI and can be independently verified from SEBI’s portal
2. Since these returns are for ~2 months, they have not been annualized and are presented in absolute terms
3. As mandated by SEBI, returns are calculated on a time-weighted basis (TWRR) on the aggregate portfolio including dividends
4. Returns are net of expenses and fees
5. Returns of individual clients will differ from the above numbers based on the timing of their investments. The above returns are on the consolidated pool of
capital.

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Skin in the Game

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Partnership Approach towards Clients

Low Fixed Fee Performance Fee

Ensures Investing > Business of We make money only when our
Investing Clients make money

Skin in the game Personal Engagement

Most of the Founders’ net worth To generate trust and create a
co-invested with Clients’ with no long-term relationship
other allied business

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Annexure

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Fundamental Case Study: Virtuoso Optoelectronics (‘VOEPL’) – An EMS Play
Invested for the long term at ~INR 304 with price ~INR 470 now, looking to add as our thesis continues to play out
Founded by a young BITS Pilani first-generation technocrat, VOEPL is a sub-contractor to Voltas and other MNCs for manufacturing
ACs, AC components, LED lights and commercial refrigerators

▪ Idea sourced from B-School alumni who knew the promoter from his undergraduate Idea Sourcing Network:
Superior network for days
idea generation ▪ Added on to our bullish thesis on the Electronics Manufacturing Services sector
where names like Amber, Dixon, PG Electroplast are trading at expensive valuations

Industry & Market Feedback (extremely important in Small-Cap) Reference Checks:

▪ Conducted a background check of the promoter from industry sources and Promoter
promoter’s BITS Pilani batchmates to assess management competence & integrity batchmate

▪ Spent ~INR 50,000/hr for an expert call with Department Head at Voltas to get
customer feedback – VOEPL derives 65% of revenue from Voltas Primary
Customer
▪ Had a 1-1 meeting with the Founder and the CFO to understand vision and assess (65% revenue)
the business
Secondary Research
Growing Revenue
In-Depth Research ▪ Major tailwinds in the EMS industry driven by government’s PLI initiative and China (INR Cr)
531
with focus on +1 theme
337
scuttlebutt ▪ Great performance track record over the last 5 years – Revenues increased 10x 200
115
over 5 years with consistent profitability 55 68

▪ Visibility of 25-30% growth for the next 3 years driven by new products and FY19 FY20 FY21 FY22 FY23 FY24

customers coupled with continuing growth in the AC business

High & Consistent ROCE
▪ Competent management with strong governance - Moderate payout, promoter (%)

infusing growth capital, negligible related party transactions and no other conflicting 14%
12% 13% 13%
11%
business 6%

▪ Reasonable valuations of 17x EV/EBITDA compared to peers at a median of 41x

EV/EBITDA FY19 FY20 FY21 FY22 FY23 FY24

Disclaimer: This investment was made in the personal portfolio of Clearview Capital and we continue to hold in the PMS 20
Special Situations Case Study: Cigniti Technologies

Cigniti Stock Price

Details
1,550 Open offer
last date
May’24: Coforge agreed to acquire majority
Trigger 1,500
stake in Cigniti Technologies

Open offer price INR 1,415 1,450 Beats

Open offer expectations in
Price: INR 1,415 Q2FY25 results

Min. Acceptance 57% 1,400 Acquisition

announced –
Entry Point
Est. Acceptance 100% (Based on our assessment) 1,350

Est. time to 1,300

4 months from our date of evaluation
complete
1,250
Risk Low as minimal approvals required

1,200
Apr'24 Jun'24 Jul'24 Aug'24 Sep'24 Nov'24

▪ At INR 1,353.8 (our weighted average buying price), there was an opportunity to get a minimum return of ~4.5% in 4 months
providing an annualized yield of 14.4%

▪ But post a good quarterly result the stock went up resulting in an XIRR of ~33% on this situation

Disclaimer: This investment was made in the personal portfolio of Clearview Capital 21
Frequently Asked Questions
• What is the minimum limit for investing in Portfolio Management Services?
As per SEBI Regulations, the minimum investment in a PMS is INR 50 lakhs

• After the initial investment, can I bring in additional funds later?

Post your initial investment, we accept additional top-up with no minimum acceptance amount

• Should the investment in PMS be in the form of cash or stocks?

We accept investment in the form of both cash (cheque / bank transfer) and stocks, provided the market value of
stocks at the time of investment is at least INR 50 lakhs.
If the investment is made in stocks, we request you to transfer your stock holdings from your existing demat
account to the demat account to be opened with us.

• Can I withdraw funds after investing?

We offer investors the flexibility to withdraw funds any time with no lock-in or exit load. You can withdraw any
amount such that post withdrawal, the portfolio value does not fall below INR 50 lakhs or else the full portfolio
would need to be redeemed.
However, we strongly encourage investors to invest only if they are willing to stay invested for at least 3-5 years.
We don’t expect investors to park short term funds in the PMS.

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Frequently Asked Questions
• Who can open an account with Clearview PMS?
Accounts can be opened by resident individuals, NRIs, companies, partnership firms, trusts, AOP / BOI or any
other legal entity.

• What is the tax treatment of a PMS?

Gains within the fund in an investor’s demat account will be taxed the same way as that of an investor directly
buying or selling stocks. The legal structure of a PMS is akin to an investor buying / selling stock on its own, except
that investment decisions and actions will be taken by us by virtue of the Power of Attorney provided by the
investor.

• Do I get access to my portfolio with Clearview PMS?

Yes. Every investor in Clearview PMS will receive a user ID and password with which he can login on our website
anytime & see his complete portfolio with full details of his holdings, purchase price, current market price, realized
& unrealised gain/loss, etc. These can be viewed as on the close of the last trading day. Besides this, every
investor will also receive a monthly report on his registered email with the above details.

• Can investors also take investment decisions on the portfolio maintained with Clearview PMS?
Clearview PMS is a discretionary PMS where all investment decisions are taken solely by our fund management
team and the investor has no say in which stocks or sectors we should buy, hold or sell.

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Disclaimer
About Us
Clearview Capital Advisors Private Limited (“Clearview”) is registered as a Portfolio Manager with SEBI under SEBI (Portfolio Managers) Regulations, 2020 as
amended from time to time and the Circulars & Guidelines issued there under from time to time vide SEBI Reg. No.: INP000009029 dated September 27, 2024

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Clients) to whom it is addressed or delivered and must not be reproduced or redistributed in any form to any other person without prior written consent of
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This website/email/content is neither approved, certified nor its contents is verified by SEBI. Clearview retains all the rights in relation to all information
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offer nor solicitation to avail the service of investment from the SEBI Registered Intermediary under the services offered by Clearview nor is it an offer to sell or
a generally solicit an offer to become an investor in the services offered by Clearview. The delivery of this email/content at any time does not imply that
information herein is correct as of any time subsequent to its date. The contents of this website/email/content are provisional and may be subject to change. In
the preparation of the material contained in this website/email/content, Clearview has used information that is publicly available, certain research reports
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guarantees/warrants the sequence, accuracy, completeness, or timeliness of the report. Neither the Clearview nor its affiliates or their partners, directors,
employees, agents, or representatives, shall be responsible or liable in any manner, directly or indirectly, for views or opinions expressed in this analysis or the
contents or any systemic errors or discrepancies or for any decisions or actions taken in reliance on the analysis. Clearview does not take any responsibility for
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consistent with the information provided in this content and the past performance, if any is not the guarantee of the future/assured performance. Any decision
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from the use of this website/email/document or any information in any manner whatsoever.

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Disclaimer
This website/email/document may include certain forward-looking words, statements and scenario which contain words or phrases such as “believe”,
“expect”, “anticipate”, “estimate”, “intend”, “plan”, “objective”, “goal”, “project”, "endeavor“, “should” and similar expressions or variations of such expressions
that are forward-looking statements, words, and scenario. Actual results may differ materially from those suggested by the forward-looking statements due to
risks, uncertainties, or assumptions. Clearview takes no responsibility of updating any data/information. The contents of this website/email/document cannot
be copied, reproduced, in whole or in part or otherwise distributed without prior written approval of Clearview. Prospective investors/clients are advised to
review this website/email/document, the Private Placement Memorandum/Disclosure Document, the Contribution Agreement/Client Agreement,
representations and presentation(s) and other related documents carefully and in its entirety and seek clarification wherever required from the SEBI
Registered Intermediary/Clearview. Prospective investors should make an independent assessment, and consult their own counsel, business advisor and tax
advisor as to legal, business and tax related matters concerning this document and the other related documents before becoming investing with Clearview.
The information contained in this website/email/document has been prepared for general guidance and does not constitute a professional advice/assurance
and no person should act upon any information contained herein without obtaining specific professional advice/Assurance. Neither Clearview nor its Affiliates
or advisors would be held responsible for any reliance placed on the content of this document or for any decision based on it. Each existing/prospective client,
by accepting delivery of this document agrees to the foregoing. The Investment portfolio are subject to several risk factors including but not limited to political,
legal, social, economic, and overall market risks. The recipient alone shall be fully responsible/are liable for any decision taken on the basis of this document.
Clearview, its partners, employees, PMS clients, may have existing exposure to the stocks that form part of the PMS portfolio. Further, in view of the investment
objective/strategy of the PMS scheme(s) there may be situations where Clearview may be selling a stock which is part of the PMS portfolio as the case may be.
Clearview operates from within India and is subject to Indian laws and any dispute shall be resolved in the courts of Kolkata, West Bengal only.

You may refer the Disclosure Document available at [Link] for detailed disclosures.

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