Equity Investment Strategy

and
Recommendations

April 2025
 Equity Outlook & Strategy
• Global economic tensions have escalated as US announced its country specific tariffs on April 2nd, which has disrupted international trade and prompted widespread concerns about a potential global recession. China
has retaliated with higher tariff against US, while Europe is also set to retaliate. India has been slapped with an ~27% tariff. Increase in tariff have raised the fears of global growth slowdown and global equity markets
reflected that with sharp correction. Global markets ended mixed. Brazil, India and Indonesia were up 7%, 6% and 4% whereas Taiwan, US SPX and Malaysia declined 6%, 6% and 4% respectively.
• India’s CPI for February softened more than expected to 3.61% vs 4.26% in the previous month, largely led by food inflation moderating to 3.8%. Food inflation declined by 1.6% m-o-m on back of vegetable prices
cooling off by 11.2%. However, Core inflation inched up to 4.05% from 3.74% in previous month, driven by increase in gold prices. Global uncertainty around tariffs and resultant impact on growth could lead to faster
moderation in inflation.
• Manufacturing PMI for March rose to 58.1 from 56.3 in the previous month driven by stronger new orders growth. Services PMI declined marginally to 58.5 from 59.0 in the previous month, led by slowdown in output
and sales, with weaker demand conditions and easing inflationary pressures. India’s trade deficit for February substantially declined to USD 14.1 bn vs USD 23.0 bn in the previous month largely on the back decline in gold
imports. This also marked the first month when net service export exceeded the trade deficit. FX reserves at the week ending 28 March were USD 665 bn, up from USD 638.6 bn from the end of previous month. India’s
gross fiscal deficit till February 2025 touched 83.5% of its annual budget target vs 84.0% same period last year. Expenditure increased by 3.9% y-o-y, while net tax collections increased by 9.0% vs 1.3% same period last
year. Overall domestic demand and activity levels show moderation.
• India’s macroeconomic fundamentals remain strong, although growth has seen a cyclical slowdown in near term. This was driven by lower government capex during 11MFY25 (+1% yoy) and inflation impacting
consumption. The union budget not only aimed to stimulate consumption by providing relief to the middle class, it provided scope for RBI to cut rate, thereby reviving growth. Government capex is expected to pick up
from 4Q onwards. Rural economy is also expected to see a pickup led by a healthy rabi season. As a result, corporate earnings may bottom out over the next 1-2 quarters.
• Medium to long term India story remains intact driven by robust macros such as Fiscal consolidation, Strong Balance Sheets, Recovery in Consumption etc) amidst slowing global growth. India's long-term growth
prospects is projected at 6.5% real GDP growth and 10-11% nominal GDP growth. The strength of banks and corporate balance sheets is notable. India Inc.’s profits are growing strong and generating large amounts of free
cashflows. Household debt levels are also reasonable compared to global standards. India's aggregate debt to GDP is lower than in 2010, while it has risen globally.
• FII equity inflows has seen an appreciable pickup to a marginal $0.2 bn, after $(13.8) bn of outflows in the first two months of 2025. Debt flows have witnessed surprising strength with $3.7bn of FII inflows, on the back
of recent currency strength and a sharp drop in inflation. Cumulative inflows into the equity and debt markets from DIIs remained strong at $22bn for the Mar’25 quarter.
• Nifty rebounded by 6% in March after five consecutive monthly declines. Mid and small cap index were up by 8% and 9.5% respectively. Almost all sectors ended in green except IT, which declined 1.5%. Power, Capital
goods, oil & gas and metals sectors were up 10-15%. The Nifty is trading at ~20.5x FY26E and ~18x FY27E P/E. Earnings growth is expected to recover in CY25 and CY26. While equities in general have seen meaningful
correction between Sep 24-Feb 25 period, some pockets of the market are still trading at a premium. Mean reversion is expected in these richly valued segments.
• However, noting global uncertainties, investment returns are expected to accrue slowly and lesser in intensity than recent past. We would advise investors to take advantage of the improved risk-reward equation and
use this phase of the market to incrementally build their equity allocations in line with their risk appetite. We anticipate near to medium term consolidation and a rotation towards large-cap stocks. We prefer strategies
focusing on 'Growth at a Reasonable Price', 'Quality', and 'Low Volatility’ as they are expected to perform well in the near to medium term.
Equity Market Strategy:
• We suggest a combination of the following strategies to optimize risk-adjusted returns, while ensuring diversification across various fund manager styles and participation across market caps.
o Index Plus / Large Cap proxies: Objective is to achieve superior risk-adjusted returns without taking undue risk. Large-caps provides relative stability and a demonstrated track record. Historically, active managers
have faced challenges in consistently outperforming large-cap indices and the alpha has significantly reduced. Therefore, we recommend allocating to ETF/Index Funds and quant-based strategies in the large cap
space to generate index plus returns.
o Alpha Generation: Focus is on skilled money managers striving to generate meaningful alpha over broad index like Nifty50 or Nifty500. In our views, emerging sectors and evolving economic trends are better
captured in the Mid & Small cap space.
o Thematic Strategies: Serves as a satellite part of the portfolio with the objective of capitalizing on structural themes benefitting from macro and policy tailwinds, such as the Manufacturing theme.
 Recommended Fund & Strategy
AUM Absolute (%) CAGR (%) Portfolio M-Cap (%)
Total
Category Managed Solutions - Curated List (INR Large Mid Small
1M 3M 6M 1Y 2Y 3Y 5Y Cash Stocks
Crore) Cap Cap cap
Large Cap AlphaGrep Index Plus Fund (AIF) ~223 6.2 0.9 -7.2 9.5 -- 18 33.1 -- -- -- -- --
Proxies AlphaGrep Multi-Factor Quant Fund (PMS) 89 7.3 -4.4 -11.8 6 21.9 -- -- 55 45 -- -- 30-50
Bay Capital India Leaders Fund (AIF) 130 4.1 -7.3 -11.7 13.6 19.6 -- -- 35 21 40 4 29
Bay India Opportunities Fund (PMS) 110 3.0 -8.3 -14 6.4 21.4 -- -- 35 11 53 1 27
BugleRock Special Situations Portfolio (PMS) 84 3.8 -15.2 -17.1 -2.5 29.1 -- -- -- -- 85 15 20-25
Carnelian Bharat Amritkaal Fund (AIF) ~300 6.9 -10.8 -15 -- -- -- -- 30 27 42 2 25-30
Green Lantern Capital Growth (PMS) 899 5.0 -4.4 -5.2 24.6 62 47.5 58.1 13 8 26 54 20-25
Multi Cap / Guardian Capital Partners - Opportunities Scheme (AIF) ~418 6.1 -2.8 -10.5 12.4 23.1 20 33.5 47 7 32 14 15-30
Mid & Small ICICI Prudential AMC - Value Strategy (PMS) ~875 7.3 -6.2 -13.4 5.1 32.8 24.9 31.3 53 15 32 -- 30
Cap Negen Special Situations & Technology Fund (PMS) 932 4.6 -14.2 -13.5 18.8 40 20 50.1 9 42 41 8 35-40
Orientation Negen Undiscovered Value Fund (AIF) 540 -5.2 -15.9 0.1 33.6 -- -- -- -- -- -- 11 35-40
PGIM India Equity Portfolio (PMS) ~140 9.2 -10.9 -13.9 6.6 -- -- -- 27 7 63 -- 15-20
SageOne Large & Midcap Portfolio (PMS) 147 7.6 -4.1 -12 14.9 32.5 -- -- 68 27 5 -- 24
SageOne Core Portfolio (PMS) ~3820 11.4 9.7 35 37.2 -- 27 21.8 18 39 38 4 15-20
SBI Funds – Aeon Alpha (PMS) 627 3.9 -14.7 -16.2 7 22.6 15.9 -- 26 13 51 11 20
Valentis Advisors - Rising Star Opportunity (PMS) 876 6.4 -16.2 -22.2 4 -- 14.1 40.1 -- 10 82 8 15-20
Structural
Carnelian Capital - Shift Strategy (PMS) 3410 9.1 -12.2 -10.6 18.4 43.3 28.1 -- -- -- -- -- 20-25
Theme
NIFTY 50 - TRI -- 6.3 -1.0 -9.8 6.7 19.2 12.3 23.5 -- -- -- -- --
BSE 100 - TRI -- 7.0 -2.2 -10.9 6.8 21.2 13.5 24.7 -- -- -- -- --
Indices NIFTY 500 - TRI -- 7.4 -4.7 -12.6 6.4 23.7 14.4 26.2 -- -- -- -- --
Nifty Midcap 150 - TRI -- 7.7 -9.2 -14.3 8.2 32.2 21.3 34.6 -- -- -- -- --
Nifty Smallcap 250 - TRI -- 9.1 -14.7 -17.8 6.0 34.0 18.6 37.6 -- -- -- -- --
Large Cap Category Average -- 6.7 -3.5 -10.8 6.9 21.2 13.3 22.6 -- -- -- -- --
Flexi Cap Category Average -- 6.8 -7.5 -13.1 6.8 23.7 14.1 24.4 -- -- -- -- --
MF Category
Mid Cap Category Average -- 7.8 -10.2 -14.4 10.5 30.1 19.2 31.2 -- -- -- -- --
Small Cap Category Average -- 7.6 -13.8 -16.5 7.6 27.6 17.8 35.4 -- -- -- -- --
Source: AMC . Performance as of 31st March 2025.
 Recommended Equity MF
Absolute Returns (%) CAGR Returns (%) Risk Ratios Market Cap Allocation % AUM
Fund
Scheme Name Sharpe
Category 6M 1Y 2Y 3Y 5Y 10Y SD Large Cap Mid Cap Small Cap (INR Crore)
Ratio
ICICI Pru Large & Mid Cap Fund(G) -9.6 11.6 29.0 20.9 31.8 14.6 1.2 12.0 51 39 11 19,328
Large & Mid HDFC Large and Mid Cap Fund-Reg(G) -12.9 7.8 28.7 19.4 31.0 13.4 0.9 14.0 49 36 15 23,377
Cap Bandhan Core Equity Fund-Reg(G) -12.8 11.8 32.2 21.9 30.8 14.4 1.1 13.8 48 38 14 7,975
Motilal Oswal Large & Midcap Fund-Reg(G) -14.4 13.8 33.2 24.3 29.7 -- 1.1 16.4 37 41 22 8,716
Edelweiss Mid Cap Fund-Reg(G) -12.4 17.6 34.7 22.9 35.1 16.9 1.0 15.9 11 76 13 8,624
Mid Cap
Motilal Oswal Midcap Fund-Reg(G) -13.9 16.9 38.5 28.3 36.6 16.9 1.3 16.2 9 91 -- 26,138
Bandhan Small Cap Fund-Reg(G) -16.1 18.5 43.2 25.3 36.1 -- 1.2 16.2 6 12 82 9,521
Small Cap Nippon India Small Cap Fund(G) -17.9 6.1 30.2 21.7 40.8 20.4 1.0 15.9 13 16 71 55,516
Tata Small Cap Fund-Reg(G) -16.8 11.8 25.9 21.9 36.4 -- 1.0 15.6 -- 9 91 9,265
Franklin India Flexi Cap Fund(G) -10.8 9.1 26.8 17.7 29.7 13.3 12.8 0.9 75 17 8 17,439
Parag Parikh Flexi Cap Fund-Reg(G) -3.5 13.8 26.3 16.8 30.3 17.1 9.6 0.7 60 2 2 88,004
Flexi Cap /
HDFC Flexi Cap Fund(G) -6.5 15.0 29.8 22.6 32.5 14.9 11.8 0.8 84 5 11 69,548
Multi Cap
Nippon India Multi Cap Fund(G) -12.8 10.1 30.3 22.0 32.9 13.8 1.1 13.9 46 27 27 38,729
Mahindra Manulife Multi Cap Fund-Reg(G) -14.1 6.7 27.8 16.3 29.4 -- 0.6 16.1 48 26 26 4,884
UTI Nifty200 Mom. 30 Index Fund-Reg(G) -26.0 -8.1 26.3 12.3 -- -- 0.3 18.9 65 35 -- 7,405
Smart Beta UTI BSE Low Volatility Index Fund-Reg(G) -14.2 0.0 20.3 15.7 -- -- 0.9 10.7 75 21 4 534
Index Funds DSP Nifty 50 Equal Weight Index Fund-Reg(G) -12.5 3.8 22.1 14.7 28.1 -- -- -- 96 4 -- 1,946
Edelweiss Nifty Midcap150 Mom. 50 Index -17.3 4.6 33.0 -- -- -- -- -- 9 91 -- 696
NIFTY 50 - TRI -9.8 6.7 19.2 12.3 23.5 12.3 -- -- -- -- -- --
Indices BSE 100 - TRI -10.9 6.8 21.2 13.5 24.7 12.7 -- -- -- -- -- --
NIFTY 500 - TRI -12.6 6.4 23.7 14.4 26.2 13.3 -- -- -- -- -- --
Nifty Midcap 150 - TRI -14.3 8.2 32.2 21.3 34.6 17.2 -- -- -- -- -- --
Nifty Smallcap 250 - TRI -17.8 6.0 34.0 18.6 37.6 14.8 -- -- -- -- -- --
Large Cap Category Average -10.8 6.9 21.2 13.3 22.6 11.7 -- -- -- -- -- --
MF
Flexi Cap Category Average -13.1 6.8 23.7 14.1 24.4 12.6 -- -- -- -- -- --
Category
Mid Cap Category Average -14.4 10.5 30.1 19.2 31.2 15.2 -- -- -- -- -- --
Averages
Small Cap Category Average -16.5 7.6 27.6 17.8 35.4 16.2 -- -- -- -- -- --
Source: AMCs. Performance as of 31st March 2025.
 Recommended Hybrid MF
Absolute Returns Market Cap
(%) CAGR Returns (%) Risk Ratios Asset Allocation % Allocation %
Fund Category Scheme Name AUM
Sharpe Cash/ Large Mid Small (INR
6M 1Y 2Y 3Y 5Y 10Y Ratio SD Equity Debt Others Cap Cap Cap Crore)
HDFC Hybrid Equity Fund(G) -5.6 7.2 15.7 12.3 21.1 10.2 0.6 9.4 70 18 11 74 4 22 23,231
Aggressive Hybrid
ICICI Prudential Equity & Debt Fund(G) -6.0 9.4 25.3 17.8 28.4 15.1 1.2 9.5 67 31 2 90 4 6 40,936
HDFC Balanced Advantage Fund(G) -5.2 8.6 24.1 19.8 27.0 14.3 1.4 9.5 56 31 13 81 11 8 94,763
Balanced Edelweiss Balanced Advantage Fund-Reg(G) -7.1 6.4 16.4 11.1 16.8 10.0 0.6 8.3 64 11 24 75 16 9 12,237
Advantage Fund
ICICI Prudential Balanced Advantage Fund(G) -3.4 7.6 15.7 12.1 17.8 10.7 1.1 5.3 46 15 39 90 9 1 60,572
Multi Asset
ICICI Prudential Multi-Asset Fund(G) -1.5 13.3 23.5 18.5 28.0 14.4 1.6 7.4 56 10 35 78 17 5 55,296
Allocation
Kotak Equity Savings Fund(G) -3.2 6.1 13.2 10.4 13.2 9.0 0.8 4.9 36 25 39 75 13 12 8,030
Equity Savings
ICICI Prudential Equity Savings Fund(G) 1.2 7.7 9.8 8.3 11.5 7.9 0.9 2.2 21 16 63 96 3 1 12,825
HDFC Gold ETF FOF(G) 17.0 31.3 20.5 18.7 13.8 11.6 -- -- -- -- -- -- -- -- 3,303
Gold / Silver
Motilal Oswal Gold and Silver ETFs FoF(G) 14.9 31.7 19.4 -- -- -- -- -- -- -- -- -- -- -- 244
Funds
ICICI Prudential Silver ETF FOF(G) 10.2 33.3 16.7 13.0 -- -- -- -- -- -- -- -- -- -- 1,032
Arbitrage ( for Kotak Equity Arbitrage Fund(G) 7.6 7.5 7.7 6.9 5.7 6.0 0.5 0.9 0 28 72 -- -- -- 59,612
liquidity parking) Invesco India Arbitrage Fund(G) 7.4 7.4 7.6 7.0 5.6 5.9 0.6 0.9 0 23 78 -- -- -- 19,306
Nifty 50 Arbitrage Index 8.8 7.7 8.0 7.1 5.4 5.6 -- -- -- -- -- -- -- -- --
NIFTY 50 Hybrid Composite Debt 15:85 Index 1.7 8.4 10.1 7.8 9.4 8.5 -- -- -- -- -- -- -- -- --
Aggressive Hybrid Category Average -8.4 8.4 20.4 13.3 21.5 11.3 -- -- -- -- -- -- -- -- --
Indices
Balanced Advantage Category Average -5.8 6.3 16.1 11.1 15.4 9.3 -- -- -- -- -- -- -- -- --
Equity Savings Category Average -1.2 7.5 12.5 8.9 12.3 7.9 -- -- -- -- -- -- -- -- --
Price of Gold in India 17.6 32.4 22.8 19.8 16.7 12.8 -- -- -- -- -- -- -- -- --
Source: AMCs. Performance as of 31st March 2025.
Index Plus Strategies

Combination of Quant Strategy and Index Funds / ETF

 Importance of Index Plus Strategies
Alpha shrinking in the large cap space therefore Index Plus Strategies (Quant based/Index/ETFs) are better positioned for large cap allocation
Outperformance / % of LC funds outperforming
CY Nifty 50 TRI Large Cap-Category Avg
Underperformance Nifty 50
CY06 41.9 40.3 -1.6 57.1%
CY07 56.8 58.9 2.1 56.3%
CY08 -51.3 -51.7 -0.4 58.8%
CY09 77.6 77.6 0.0 42.1%
CY10 19.2 18.3 -0.9 28.6%
CY11 -23.8 -21.8 2.0 73.9%
CY12 29.4 28.8 -0.6 43.5%
CY13 8.1 6.4 -1.7 33.3%
CY14 32.9 41.1 8.2 91.7%
CY15 -3.0 0.7 3.7 91.7%
CY16 4.4 3.1 -1.3 37.5%
CY17 30.3 31.1 0.9 50.0%
CY18 4.6 -1.4 -6.0 4.0%
CY19 13.5 11.8 -1.7 36.0%
CY20 16.1 13.8 -2.4 34.6%
CY21 25.6 25.8 0.2 55.6%
CY22 5.7 2.0 -3.7 14.3%
CY23 21.3 23.9 2.6 86.7%
CY24 10.1 15.4 5.3 96.7%
 Post SEBI categorization (Oct’17), large cap fund category is unable to generate consistent alpha over Nifty50 TRI index.
o In 5 out of last 10 yrs, Large cap category average returns < Nifty 50TRI
o Over the last 10yrs, Large cap category average returns < Nifty 50; only 30-40% of the scheme outperformed Nifty50 TRI
 Better proxy to large cap strategies are Quant based strategies and Index Funds / ETF.
Source: AMCs, NSE
What is smart beta index fund or factor-based index fund
 Smart Beta Funds come under the universe of factor investing. And these funds Factor based indices outperformed broad market indices
follow factors like value, momentum, quality, low risk, etc., that can be used in 30%
isolation or as a combination to create some unique basket of stocks. This
approach is also known as factor investing. 25%

 Transparent Rule-based approach to select stocks that get included in the 20%

portfolio that significantly reduces emotions and subjectivity of a FM.

15%

 Smart-beta strategies assists investors to diversify their portfolios and reduce

10%
correlation in the portfolio as the underlying stock selection is based on factor
or a combination of factors 5%

 Smart Beta Funds are a compelling alternative to traditional market-capped 0%

index funds. These funds are cost efficient than actively managed funds, yet Nifty 50 TR Nifty 200 TR Nifty 500 TR Nifty Alpha Nifty200 Nifty Midcap Nifty100 Low
INR INR INR Low- Momentum 150 Volatility 30
they have the potential to outperform the traditional market-cap weighted form Volatility 30 30 TR INR Momentum TR INR
of investing over the longer term. TR INR 50 TR INR

2Y 3Y 5Y 10Y
 Compared to the Indian fund industry, where the assets under management of
all smart-beta strategies is less than $1.2bn put together, the popularity and
acceptance of Smart-beta funds is way higher with assets under management • Provides diversification across market caps.
of $1.3 trn-plus in the global investing world.
• Elimination of non-systematic risks like stock
 Given these benefits, allocating 10-20% of your portfolio to Smart Beta funds picking and portfolio manager selection.
can be a prudent strategy. But having said this, it will still be important to keep
track of these funds. That is because it is still at its nascent stage and the
• TERs are much lower than actively managed equity
markets, the sectors, and the companies within these sectors are constantly funds.
changing. And the industry is evolving with new factor based funds. • Invest through Systematic Investment Plans (SIPs).

Source: AMCs
Combination of Momentum and Low Volatility

Nifty 200 Momentum 30 Index Nifty100 Low Volatility 30 Index

Aims to track the performance of the Top 30 companies in

Aims to track the performance of the top 30 companies with
Characteristics Nifty 100 index with the lowest volatilities, as measured by
high momentum within the Nifty200 Index
standard deviation

Constituents 30 30

Universe Nifty 200 Nifty 100

1. Listing history of 1 year 1. Minimum listing history of 1 year

Eligibility Criteria
2. Available for trading in derivative segment 2. Available for trading in derivative segment

Volatility over the prior one year

Score 6-month and 12-month price return, adjusted for volatility
(Standard deviation of log normal daily price returns)

Weightage FF MCap * Normalised Momentum Score Inversely proportional to the stock's volatility

3% cap for stocks with 6-month average turnover less than

Capping Lower of 5% or 5 x FF Mcap
that of the Nifty 50 constituent with lowest turnover

Reconstitution Semi-annually in June and December Quarterly in Mar, Jun, Sept, Dec
Source: AMCs
Combination of Momentum and Low Volatility
Combination of Momentum & Low Volatility index has Blend of Momentum and Low Vol has generated alpha
outperformed Nifty 50 in 16 out of 19 years of ~4% p.a. over the last 10 years
Nifty 200 Nifty 100 Low Outperform
Nifty 50 Nifty 100 Outperfor
CY Momentum Volatility 30 50%:50% ance over Nifty 200
TRI Low Nifty 50 mance
30 Index TRI TRI Nifty 50 TRI P2P Momentum 50%:50%
Volatility TRI over Nifty
CY 06 44.2% 43.3% 43.8% 41.9% 1.9% 30 Index TRI
30 TRI 50 TRI
CY 07 100.8% 31.5% 66.2% 56.8% 9.4%
CY 08 -60.0% -42.3% -51.2% -51.3% 0.1%
3m -10.4% -12.5% -11.4% -8.3% -3.19%
CY 09 69.3% 92.9% 81.1% 77.6% 3.5%
CY 10 19.8% 25.5% 22.6% 19.2% 3.4%
CY 11 -16.1% -12.0% -14.0% -23.8% 9.8% 6m 1.1% -6.5% -2.7% -1.1% -1.64%
CY 12 38.8% 32.1% 35.4% 29.4% 6.0%
CY 13 12.9% 6.6% 9.7% 8.1% 1.7% 1yr 12.4% 21.3% 16.9% 10.1% 6.77%
CY 14 49.6% 36.8% 43.2% 32.9% 10.3%
CY 15 10.8% 9.8% 10.3% -3.0% 13.4%
CY 16 9.6% 3.1% 6.3% 4.4% 1.9% 2yr 21.7% 31.1% 26.4% 15.6% 10.88%
CY 17 57.5% 30.3% 43.9% 30.3% 13.6%
CY 18 -1.7% 7.4% 2.9% 4.6% -1.8% 3yr 14.8% 17.6% 16.2% 12.2% 4.00%
CY 19 10.6% 5.2% 7.9% 13.5% -5.6%
CY 20 20.0% 24.3% 22.1% 16.1% 6.0%
CY 21 53.8% 24.2% 39.0% 25.6% 13.4% 5yr 18.5% 24.6% 21.5% 15.5% 5.98%
CY 22 -5.4% 2.0% -1.7% 5.7% -7.4%
CY23 41.7% 31.9% 36.79 21.3% 15.5% 10yr 14.6% 20.1% 17.3% 12.4% 4.90%
CY24 21.3% 12.4% 16.9% 10.1% 6.8%
Source: AMCs, NSE. Performance as of 31st December 2024
Combination of Momentum and Low Volatility
Since April’05, Blended Index has generated CAGR of ~20% vs Blended index has generated superior risk-adjusted vs
Nifty 50 index of ~15%; cumulatively more than 2x of Nifty 50 Nifty 50 Index => higher returns, lower drawdown
Nifty 200 Nifty 100 Low
Momentum 30 Volatility 30 50%:50% Nifty 50 TRI
Momentum, Low Vol, Combination of two vs Nifty 50
38x Index TRI TRI
4000
1yr RR
3500 Avg 21.4 16.2 19.7 14.5
31x Min -63.4 -44.4 -55.0 -56.6
3000 Max 112.7 112.7 112.7 106.3
2500 25x Std 28.1 22.8 24.7 24.0
Sharpe 0.63 0.59 0.63 0.46
2000 3yr RR
1500 14x Avg 19.3 15.4 17.0 12.4
Min -10.5 -2.6 -2.7 -4.5
1000 Max 49.0 38.6 43.9 41.8
500 Std 9.6 6.4 7.5 7.0
Sharpe 1.3 1.6 1.5 0.9
0 5yr RR
Mar/05
Mar/06
Mar/07
Mar/08
Mar/09
Mar/10
Mar/11
Mar/12
Mar/13
Mar/14
Mar/15
Mar/16
Mar/17
Mar/18
Mar/19
Mar/20
Mar/21
Mar/22
Mar/23
Mar/24
Avg 19.8 16.0 18.3 12.8
Min -1.9 2.1 3.7 -1.2
Nifty 200 Momentum 30 Index TRI Nifty 100 Low Volatility 30 TRI Max 30.3 28.2 26.7 24.3
50%:50% Nifty 50 TRI Std 6.3 4.0 4.7 4.7
Sharpe 1.9 2.5 2.4 1.3

Source: AMCs
Managed Solutions – Large Cap Proxies
 AlphaGrep Index Plus Fund (Cat. III AIF)
Strategy & Key Features: Strategy Name AlphaGrep Index Plus Fund
Category Open-ended Category III AIF
• Founded in 2010 by Mohit Mutreja and Parshant Mittal, AlphaGrep specializes
in quantitative trading, quantitative research on large data sets, and low-latency Launch Date 1st January 2024
trading platform technology. Benchmark Nifty 50 TRI Index
Fund Manager Mohit Mutreja / Praveen Kumar
• The Fund expects to outperform an index benchmark on a risk-adjusted basis
across a 3-year time window. AUM of the Fund INR ~223 Crore

• The fund targets an average annualized gross alpha 6-8% across a 2-year period AUM of the AMC INR ~2,020 Crore
(over Nifty 50 Index) Option1: 1-5crs: F.F 0.20%; 25% PF over HR of Nifty
• The targeted post fee post tax returns is index +2 to 4% with a recommended >5crs: F.F 0.20%; 20% PF over HR of Nifty
holding period of 24m+ Fees
Option2: 1-5crs: F.F 1.75%
• The fund is a combination of a passive Long only strategy and an active
>5crs: 1.5%
Long/Short strategy
Exit Load 1% for upto 12m
• Passive Long: Index replicating, provides equity exposure, upto 100% long
exposure Minimum
About Contribution
AlphaGrep: INR 1 Crore
• Active Long Short: uncorrelated variable bias strategies, provides active
• Over 300+ members including quant researchers, traders, software developers and
alpha, upto 100% long/short exposure
operations personnel
• The Long/Short strategy is a multi strategy variable bias portfolio across index
• Core technology team of 100+ developers, 150+ quant researchers, and traders
derivatives
across more than 15 internal trading teams
Investment Philosophy: • 200+ team members with backgrounds in computer science, engineering ,
• Passive index tracking; Systematic active alpha; Uncorrelated active strategies; mathematics, statistics from top tier universities in India and globally
High portfolio liquidity; Tax efficient structure; Active risk monitoring • Offices in India (Mumbai, Bengaluru & Gurugram), Dubai, Singapore, Shanghai,
Chicago, London, Paris and Sydney
 AlphaGrep Index Plus Fund (Cat. III AIF)
Monthly Performance:

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
2018 2.9% -0.4% 1.7% -0.1% -0.4% -0.8% 1.1% 0.8% 0.9% 1.3% 0.4% -0.2% 7.4%
2019 -1.1% -1.4% 3.8% -1.1% 1.6% -0.2% 2.1% 0.7% -1.7% 0.2% 0.9% -0.1% 3.7%
2020 -0.8% -0.2% 7.5% -0.3% -2.2% 2.3% 2.9% 3.1% 0.3% 0.8% 5.1% 1.7% 21.8%
2021 2.2% 0.6% -1.9% -1.8% 1.2% 0.3% -0.3% 4.4% -0.9% 1.7% 0.9% -0.2% 6.3%
2022 0.5% 0.5% 1.2% 0.0% 2.4% -1.1% 4.1% 2.4% 0.4% -1.0% 1.8% 0.5% 12.2%
2023 -0.1% 0.4% 1.4% 1.4% 0.7% 0.3% 1.0% -0.3% -0.3% 0.5% -0.5% 3.5% 8.2%
2024 -0.6% -1.3% -0.7% 0.2% -0.5% 0.8% -0.3% -0.1% 1.3% 0.1% 0.1% 0.1% -1.2%
2025 0.4% 0.8% -0.2% 1.1%
* Inception date: 1st January 2024. The monthly returns are based on historical simulated data. The monthly returns since inception are on actual basis.

Performance Quants (Since Jan 2018, Monthly): Trailing Returns:

Max Min 1 Yr Min 2 Yr Sharpe
Returns Volatility Period 1M 3M 6M 12M Inception
Drawdown Return Return Ratio
Fund 22% 18% -23% -16% 1% 0.9 Fund 6.2% 0.9% -7.2% 9.5% 7.7%
Nifty TRI 14% 17% -29% -25% -7% 0.5 Nifty TRI 6.3% -0.3% -8.5% 6.7% 7.7%
* Inception date: 1st January 2024. The numbers are based on historical simulated data. Gross returns before fees and taxes. Gross Returns before Fees & Taxes. Returns greater than 1year are annualised.

Source: AMC. Data as of 31st March 2025. Performance quants on monthly returns since inception
 AlphaGrep Multi-Factor Quant Fund (PMS)
Strategy & Key Features: Strategy Name AlphaGrep Multi-factor Quant Fund (PMS)
Category Open ended PMS
• Founded in 2010 by Mohit Mutreja and Parshant Mittal, AlphaGrep specializes
Benchmark BSE 500
in quantitative trading, quantitative research on large data sets, and low-latency
Fund Manager Mohit Mutreja / Praveen Kumar
trading platform technology.
AUM of the Fund INR ~89 Crore
• It combines empirical techniques with advanced statistical and portfolio AUM of the AMC INR ~2,020 Crore
construction methods to generate alpha using state-of-the-art technology for Option1: Management Fee: 2%
trade execution, portfolio management and risk monitoring Fees Option2: Management Fee: 1.5% + Performance Fee:
15% + Hurdle Rate: 10%
• Objective of the fund is to outperform the benchmark consistently on a risk Exit Load 1% Upto 24 months & NIL thereafter.
adjusted basis from a diverse universe Minimum Contribution INR 50 Lacs
• Approach: Systematic data-driven approach combining more than 500
About AlphaGrep:
orthogonal factors
• Over 300+ members including quant researchers, traders, software developers and
• Portfolio construction: Dynamic risk-return optimization designed to diversify
operations personnel
across factors and styles
• Core technology team of 100+ developers, 150+ quant researchers, and traders
• Constraints: Single stock initial exposure capped at 8%, single factor exposure across more than 15 internal trading teams
capped at 10%, liquidity and size • 200+ team members with backgrounds in computer science, engineering ,
mathematics, statistics from top tier universities in India and globally
• Building blocks: Quantitative factors, machine learning techniques, constrained
• Offices in India (Mumbai, Bengaluru & Gurugram), Dubai, Singapore, Shanghai,
portfolio optimization
Chicago, London, Paris and Sydney
 AlphaGrep Multi-Factor Quant Fund (PMS)
Risk Ratios AlphaGrep S&P BSE 500 Top 5 Sector (%)
Performance Summary (%) (Since Inception) MFQ (PMS) TRI
AlphaGrep MFQ (PMS) BSE 500 TRI
Financial Services 23%
Beta 0.9 --
27.2 Healthcare 13%
Sharpe Ratio 1.3 0.6
21.9
FMCG 9%
Information Ratio 1.6 --
Return 28.7 15.7 Telecom 8%
7.3 7.6
6.0 5.4 Volatility 17.2 16.2 Automobile 7%
Based on Gross Returns
1M 3M 6M 1Y 2Y
-4.4 Portfolio Info Top 5 Holdings (%)
-7.0
-11.8 -12.9 No of Stocks 50 AXISBANK 5.7%

BHARTIARTL 5.2%

TRENT 4.4%
Calendar Year Returns (%) Portfolio Composition
HDFCAMC 3.9%
BSE 500 TRI (%) AlphaGrep MFQ (PMS)
LUPIN 3.8%

15.8
CT24
24.6 Midcap
45%
Largecap
55%
15.8
CYTD
-14.1

Source: AMC. Data as of 31st March 2025.

Alpha Seekers
Curated List of Money Managers Striving for Alpha
Bay Capital India Leaders Fund (Cat III AIF)
Strategy & Key Features: Strategy Name Bay Capital India Leaders Fund

• The Fund will seek to achieve long term capital appreciation by primarily Category Open Ended , Category III AIF (Long only)
investing in a diversified portfolio of equity and equity related securities, Benchmark NSE Nifty 50
listed on the recognized stock exchanges
Fund Manager Keyur Majmudar
• The fund also has the option to invest up to a maximum of 10% of the
committed portfolio corpus in IPO, Pre-IPO and private equity related AUM of the Fund INR ~130 Crore
transactions. AUM of the AMC INR ~250 Crore
• The prime focus is to provide long term sustainable returns based on a A1: FF 2.5% p.a (<5cr commitment)
maximum stock universe of 30 securities in order to diversify risk. A2 : FF 2.0% p.a (5-10 cr commitment)
A3 : FF 1.5% p.a (>=10 cr commitment)
• The Fund’s core strategy is to identify businesses with deep, entrenched Fees
A4 : FF 1.5% p.a + 20% PF(<5cr commitment)
‘moats’ around them which may be in the form of brands, distribution, A5 : FF 1.25% p.a + 20% PF (5-10 cr commitment)
technology or market share through which it is able to maintain its A6 : FF 1.0% p.a + 20% PF (>=10 cr commitment)
competitive edge in an industry. Exit Load 2 % for the 1st year, 1 % for 2nd year, 0.5 % for 3rd year
• These ‘moats’ usually allow businesses to generate high return on capital Minimum Contribution INR 1 crore
and consistent free cash flows.
About the FM:
• The Fund aims to invest through the bottom-up approach to stock picking in
Keyur is the Managing Partner, Principal Officer and CIO-AIF at Bay Capital. He has
emerging and existing themes to take advantage of the overall economic
30 years of experience covering Investment Banking, Equity Advisory and Fund
growth cycle.
Management. Prior to Bay Capital, he has worked with Kotak Securities, Kotak
• The investment style of the portfolio would be a suitable blend of top-down
Mahindra UK, Lazard Credit Capital.
macro themes and bottom-up investment ideas at the micro level.
Keyur holds a Bachelor’s degree from Mumbai University and a Masters in
• Portfolio allocation is likely to fall within the following broad themes:
Management from Boston University.
Consumption, Financialization, Digital first businesses and i-Outsourcing
 Bay Capital India Leaders Fund (Cat III AIF)
Portfolio Characteristics BCILF Risk Ratios BCILF
Performance Summary (%) Standard Deviation 13.6
P/E Forward 30.1x
BCILF Nifty 50 TRI Alpha 3.1
12m EPS Growth 27.1%
Beta 0.9
19.6
ROE (Forward) 31.4% Sharpe Ratio 0.3
16.4
13.6

5.3 Top 5 Sector (%) Top 5 Holdings (%)

4.1
Financials 33.7 Car Trade 8.2
Consumer Discretionary 23.0 SBI Cards 6.4
1M 3M-0.5 6M 1Y 2Y
Consumer Staples 22.0 Bajaj Finserv 5.6
-7.3
-8.9
Industrials 8.1 HDFC Bank Ltd 5.0
-11.7 Healthcare 5.6 Jubilant Foodworks 4.9

Calendar Year Returns (%) Portfolio Info

Portfolio Composition No of Stocks 29
NSE Nifty 50 (%) Bay Capital India Leaders Fund (AIF) (%)
Avg. Market Cap (INR Cr.) 21,171
Cash
4% AUM (INR Cr.) 130

-4.8
CY23 Largecap
-4.0
35%
Smallcap
28.6 40%
CY24
25.9

5.3
CYTD
13.6
Midcap
21%

Source: AMC. Data as of 31st March 2025.

Bay India Opportunities Fund (PMS)
Strategy & Key Features: Strategy Name Bay India Opportunities Fund

• The strategy aims to generate capital appreciation over the medium to long Category Open Ended , Discretionary PMS
term by investing in select equity shares and equity related instruments in a Benchmark NSE Nifty 50 TR
concentrated manner.
Fund Manager Nikunj Doshi
• The portfolio will typically have less than 30 stocks, however, in the case of a
AUM of the Fund INR 120 Crore
portfolio transition the number of stocks could be more.
AUM of the AMC INR ~250 Crore
• The target segment of investment ideas would be bottom-up and market cap I: FF 2.0% p.a (<5cr commitment)
agnostic. II : FF 1.75% p.a (5-10 cr commitment)
III : FF 1.5% p.a (>=10 cr commitment)
• The Fund aims to invest through the bottom-up approach to stock picking in IV : FF 1.25% p.a + 20% PF (<5cr commitment)
emerging and existing themes to take advantage of the overall economic Fees
V : FF 1.0% p.a + 20% PF (5-10 cr commitment)
growth cycle. VI : FF 0.75% p.a + 20% PF (>=10 cr commitment)
10% hurdle (High Watermark applicable)
• The investment style of the portfolio would be a suitable blend of top-down Other Charges: 0.25% p.a.
macro themes and bottom-up investment ideas at the micro level. Exit Load 2 % for the 1st year, 1 % for 2nd year, 0.5 % for 3rd year
• Since the portfolio will have a smaller concentration of stocks, the key Minimum Contribution INR 50 Lacs
objective would be to look at a more customized approach to investments
About the FM:
with investors with a longer term horizon i.e., three to five years
Nikunj is the Managing Partner, Principal Officer and CIO-PMS at Bay Capital. He
• Portfolio allocation is likely to fall within the following broad themes:
has over 32 years of professional experience in Fund Management and Equity
Consumption, Financialization, Digital first businesses and i-Outsourcing
Research. Prior to Bay Capital, Nikunj was at Kotak Mahindra AMC managing
AUM of over USD 500Mn. Previously, he was Head of Research at Refco-Sify
Securities & Ventura Securities.
Nikunj is an Electronics Engineer from MS University of Baroda and has
completed MMS from the University of Mumbai.
 Bay India Opportunities Fund (PMS)
Performance Summary (%) Portfolio Characteristics BIOP Risk Ratios BIOP
Bay India Opportunities Fund (PMS) Nifty 50 TRI
Standard Deviation 16.1%
P/E Forward 25x
Alpha 3.2%
21.4
12m EPS Growth 27.9%
16.7 Beta 0.9
ROE (Forward) 20.4% Sharpe Ratio -0.03
9.5
6.4
3.0
Top 5 Holdings (%) Top 5 Sector (%)
1M-0.4 3M 6M 1Y 2Y Bajaj Finserv Ltd. 10.4% Financials 33.8%
-2.7
-5.3 SBI Cards and Payment Services 10.2% Industrials 17.8%
-8.3
CarTrade Tech Ltd 9.4% Consumer Discretionary 14.9%
-14.0
ICICI Lombard General Insurance 8.1% Materials 11.5%
Mankind Pharma Ltd. 6.1% Consumer Staples 7.4%
Financial Year Returns (%)
Portfolio Composition
Nifty 50 TRI (%) Bay India Opportunities Fund (PMS) (%)
Portfolio Info
No of Stocks 27
-4.34%
FY23 Cash Avg. Market Cap INR 1,87,954 Cr.
-4.38% 1%
AUM INR 110 Cr.

30.08% Largecap
FY24 35%
38.67%

Smallcap
6.65% 53%
FYTD
6.36%

Midcap
11%

Source: AMC. Data as of 31st March 2025.

BugleRock Special Situations Portfolio (PMS)
Strategy & Key Features: Strategy Name BugleRock Special Situations Portfolio PMS
Category Open ended Discretionary PMS
Focus of this portfolio is to invest in a business which is emerging from a difficult
period; either due to company or industry specific issues, but with improving Benchmark BSE 500 TRI
prospects going forward resulting in a visible change in operating parameters. The Fund Manager Himanshu Upadhyay
improving prospects can be because of AUM of the Fund INR ~84 Crore
 change in the outlook for the industry
AUM of the AMC INR ~3,732 Crore
 impact of change in regulations
2.50% p.a. fixed OR 2% p.a. fixed with 15% profit
 corporate restructuring or change in the management Fees sharing on positive alpha over benchmark
 increased demand for the products of the industry
Exit Load Nil
 company having won new business or customers
 new capacities coming for the company, etc. Minimum Contribution INR 50 Lacs
About the FM:
Himanshu Upadhyay Vice President & Portfolio Manager – Public Markets 15+
Improvement in the business prospects is expected to result in sizable increase in years of experience on the buy side in Max Life Insurance, M3 Investments and
revenue and profits, cash the company is generating, improvement in the quality PGIM India Mutual Fund.
of balance sheet and increase in the scale of the business. Impact of these changes
Portfolio Construct:
will be visible in the next few quarters in the financials of the company.
Portfolio Construct: 15 to 20 stocks; Maximum of 35% in a single theme; Minimum
Companies will be chosen from the mid and small cap space having significant 80% portfolio will be constructed over 8-10 weeks, unless market provides an
focus on their niche business segment, a strong competitive position, unique opportunity; Maximum weight in a stock 10%; Cash is residual
business model, competent management and visible traction in the business over Focus Themes:
next few quarters (4 to 12 quarters). The reason to focus on small and midcap is Small Giants & Turnaround, Real Estate Sector, Electricity Growth with Disruption,
there is a very wide spectrum of available companies which are less tracked and Warehousing & Urbanisation, Consolidation in and revival of NBFC space,
researched. Improving outlook for the shipping industry, Corporate debt restructuring, Revival
in travel and tourism.
Note: BugleRock (formerly known as O3 Securities)
 BugleRock Special Situations Portfolio (PMS)
Performance Summary (%)
Portfolio BugleRock
BugleRock SSP (PMS) BSE 500 TRI BSE 500 TRI Portfolio Info
Characteristics SSP
P/E Forward 12.93 26.83 No of Stocks 15-20
29.1 PEG Ratio 0.82 1.77 Avg. Market Cap INR 4655 Cr.
21.9

7.3 Top 5 Sector (%) Top 5 Holdings (%)

5.9
3.8
Consumer Discretionary 22.3 Sobha 6.6
1M 3M 6M 1Y 2Y Financials 15.0 Great Eastern Shipping 5.9
-2.5
-4.4

-11.8
Real Estate 14.5 Kolte Patil Developers 5.7
-15.2
-17.1 Materials 13.3 DCB Bank 5.7
Energy 5.5 Ashiana Housing Ltd 5.1
Calendar Year Returns (%)
BSE 500 TRI (%) BugleRock Special Situations Portfolio (PMS) (%) Portfolio Composition

26.5
CY23 Cash
58.7 15%

15.8
CY24
26.8

15.8
CYTD Smallcap
-15.2
85%

Source: AMC. Data as of 31st March 2025.

 Carnelian Bharat Amritkaal Fund (CAT III AIF)
Strategy & Key Features: Strategy Name Carnelian Bharat Amritkaal Fund
Category Open Ended – Cat III AIF
• Bharat Amritkaal Fund is a multi-cap portfolio with a flexi approach that focuses
on high-growth companies poised to benefit from key “megatrends” across Benchmark BSE 500 TRI
sectors such as Banking, Financial Services, Insurance (BFSI), Manufacturing, Fund Manager Vikas Khemani CA, CFA
Services Exports, Infrastructure and Consumption. AUM of the Fund INR ~300 Crore
• Objective of the fund is to generate superior risk adjusted return and help AUM of the AMC INR ~11,300 Crore
investors compound wealth capitalizing on India’s exponential growth during Fixed Fees:
the transformative period of Amritkaal, a 25-year period culminating in the INR 5 Cr. – 15 Cr.: 2.25%
nation’s centenary of independence in 2047. INR 15 Cr. – 25 Cr.: 2.00%
INR 25 Cr – 50 Cr.: 1.75%
• This strategy aims to invest in the companies with niche capabilities and INR 50 Cr. – 100 Cr.: 1.50%
business leadership, expected to grow earnings > 20% (CAGR) over the Fees Semi Variable Fees:
investment horizon of 3-5 years across various sectors. INR 5 Cr. – 15 Cr.: FF 1.75% + PF 15% over HR 8%
INR 15 Cr. – 25 Cr.: 1.50% + PF 15% over HR 8%
• It aims to identify opportunities early on, aligning with the evolving landscape
INR 25 Cr – 50 Cr.: 1.25% + PF 15% over HR 8%
of India's economy with a concentrated portfolio comprising 25-30 select stocks. INR 50 Cr. – 100 Cr.: 1.00% + PF 15% over HR 8%
• The fund continues to mitigate risk by buying good quality businesses managed If 100% of commitment given within 1 year from the
by competent management at reasonable prices. Their “Faster, Stronger, and Exit Load date of allotment - 2%. After 1 year – Nil
If 100% is not given, anytime - 2%.
Cheaper” framework provides perspective on portfolio quality.
Minimum Contribution INR 5 Crore
• Investment Style: Concentrated QGARP (quality growth companies at a
About the FM:
reasonable price)
Vikas Khemani, CEO & CIO – CA, CFA (USA). He has ~27 years of capital markets
• Red Flags for the FM:
experience, most recently as the CEO of Edelweiss Securities Ltd, where he spent 17
- Aggressive accounting practices; High financial leverage; Low tax incidence
- Management having: no skin in the game / misaligned objective; a poor years incubating and building several businesses to leadership including
governance track record; hurry to create value Institutional Equities business and Equity Research.
 Carnelian Bharat Amritkaal Fund (CAT III AIF)
Performance Summary (%)
Portfolio Characteristics Carnelian BAF BSE 500
CBAF BSE 500
Debt/ Equity 0.1 0.6
6.9 7.3 Beta 0.9 1
PEG Ratio 1 1.4
ROE (Forward) 18.4 15.2
1M 3M 6M

-4.6 Top 5 Sector (%)

Manufacturing 36.1
-10.8
-12.2 BFSI 28.7
-15.0 Services 12.0
Infrastructure 10.8
Consumption 10.4
Portfolio Composition

Cash Top 5 Holdings (%)

2%
Kotak Mahindra Bank 7.9
Largecap Aditya Birla Capita 5.5
30%
Biocon 4.6
Smallcap Timken India 3.5
42%
Laurus Labs 3.2

Midcap
Portfolio Info
26% Avg. Market Cap INR 1,50,628 Cr

Source: AMC. Data as of 31st March 2025.

 Green Lantern Capital Growth Fund (PMS)
About the Strategy & Key Features:
Strategy Name Green Lantern Capital Growth Fund
• The fund strategy endeavors to generate superior risk adjusted returns, in
Category Open ended Discretionary PMS
varying market conditions, by investing in Mid & Small Cap companies.
Benchmark BSE 500 TRI
• Ideal long-term investment (3-5 year Horizon) option for investors where FM
build a portfolio of companies that are Industry leaders, have potential to Fund Manager Nilesh Doshi

generate healthy ROE, and are trading at high margin of safety. AUM of the Fund INR 899 Crore
• Portfolio Structure: Portfolio of 20-25 stocks
AUM of the AMC INR ~940 Crore
• Large Cap – 0 - 30%
Fees Structure FF of 1.5% + 12% PF over HR of 10%
• Mid & small Cap - 70 -100%
Exit Loads 3% upto12m; 2% 12m-24m; >24m:Nil
• Number of stocks: 20 – 25
Minimum
About theContribution
FM: INR 1 Crore
• Investment Approach: Focus is Quality companies in growth markets; Strong
franchises + good/ethical managements; Large market opportunities, strong Nilesh Doshi, B. Tech.(Chemical) IIT Bombay, a technocrat, an engineer and a
competitive characteristics and high ROE; Industry leaders; Hunger for growth researcher at heart, he has a knack to identify large macro-economic trends and
high quality companies that would stand to benefit from them. He also has 30+
• Flexible Approach: Combine top down and bottom-up approach; Asymmetric years of work experience under his belt working with companies like Pidilite,
risk return approach; Undiscovered/underperformed; Capitalising on Praxair, Floatglass India, before moving on to pursue his passion in investing and
occasional tactical opportunities; Ability to use cash as a hedge honing his skills by joining as Head – Equity Research & Institutional Sales at
Techno Shares & Stocks, Way 2 Wealth Brokers and later at Edelweiss Financial.
Nilesh has a distinguished track record with his calls generating 5 -10x returns.
 Green Lantern Capital Growth Fund (PMS)
Performance Summary (%)
Green Lantern Capital Growth BSE 500 TRI Green Lantern Portfolio Info
Risk Ratios BSE 500
Capital Growth
62.0 No of Stocks 20-25
58.1 Sharpe Ratio 1.16 0.45
Beta 0.84 1 Avg. Market Cap INR 36,000 Cr.
47.5

24.6 26.3 Top 5 Sector (%) Top 5 Holdings

21.9
Financials 12 Kaveri Seed Company Ltd
13.7
5.0 7.3 6.0 Cap Goods/Eng 9 Glenmark Pharma
Agri/Food 7 Isgec Heavy Engg
1M 3M 6M 1Y 2Y 3Y 5Y Pharma 7 SBI
-4.4 -4.4 -5.2
-11.8
Power Infra 4 Triveni Engg

Calendar Year Returns (%) Portfolio Composition

BSE 500 TRI (%) Green Lantern Capital Growth (%)
Largecap
CY17 37.6 13%
0.9
-1.8
CY18
-19.5
9.5
Midcap
-10.3 CY19 8%
CY20 17.8
24.5
31.6 Cash
CY21 88.6 53%
CY22 4.8
15.1 Smallcap
CY23 26.5 26%
84.7
CY24 15.8
46.4
CYTD 15.8
-4.4

Source: AMC. Data as of 31st March 2025.

Guardian Capital Partner - Opportunities (CAT III-AIF)
Strategy & Key Features: Strategy Name Guardian Capital Partner Fund- Opportunities Scheme
Category Open Ended – Cat III AIF (Long Only)
• Invest in equity of all sizes of companies (large, mid and small): ~70% in Larger
Benchmark BSE 500 TRI
Companies (Large & Mid Caps) and ~30% in Smaller Companies. Limited
Fund Manager Manav Saraf, CFA and Kabir Kewalramani
investment in very small companies (below $250m market cap)
AUM of the Fund INR 418 Crore
• To generate 20% returns annually over any 3-5 year rolling period, while limiting
AUM of the AMC INR 418 Crore
the risk the AMC takes
B1: 2.50% p.a (<5cr commitment)
• Fundamental bottom-up research-based stock picking B2 : 2.25% p.a (5-10 cr commitment)
Fees
• Strategy is to buy “good” companies if they are cheap, and ONLY if they are B3 : 2.00% p.a (>=10 cr commitment)
cheap. If they are not cheap, stay on the side-lines in cash for periods Performance fee: Nil
• For Small Caps, use a private equity style approach which involves many months Exit Load 2% up to 12m; 1% for 12-24m
of research and diligence, especially on the promoters and sector Minimum Contribution INR 1 Crore
• Long term investors, take a 2-4year view at point of investment into a name About the Team:
• Sector agnostic; Market cap agnostic; typical portfolio allocation has ~30% Small
• Manav Saraf, CFA and Kabir Kewalramani are the 2 Co-CIOs and Sponsors
Caps.
• Started their careers together more than 25 years ago at Indocean Chase
Capital, the Indian arm of JPMorgan Partners
Investment philosophy:
• Only invest in public equity, or hold cash • Private equity careers with leading global investment firms like Lone Star Funds,
Citadel and Berggruen
• Number of stocks in portfolio: 15 - 30–Single stock limits: 10%, additionally
never higher than 5% in a Small Cap (based on their internal risk framework) • Have set up Guardian Capital Partners at the beginning of 2020 and have been
• Sector limits: no limits, FM can and have taken a strong bias towards a sector investing their proprietary capital through it, before accepting third party
money from 2022. Sponsors and their families have invested over INR 60 crores
• Market cap limits: average Small Cap ownership so far is 23% of the Portfolio
into the Fund -> strong alignment of interest
 Guardian Capital Partner - Opportunities (CAT III-AIF)
Portfolio Risk Ratios GCP Sensex
Performance Summary (%) GCP Sensex
Characteristics
GCP Sensex Beta (3 Yr) 0.6x 1
P/E Forward 16.3x 20.2x
12m EPS Growth 10.80% 9.50% Sharpe Ratio (3 Yr) 124% 29%
33.5
PEG Ratio 1.5x 2.1x

P/B Ratio (Forward) 2.1x 3.0x

23.1 Top 5 Sector (%)
20.0
21.3 ROE (Forward) 14.20% 14.90%
Financials 57.1
14.6
12.4
Consumer, Healthcare 15.9
9.7
Utilities, Industrials 13.2
6.1 5.8
5.1
Cash 13.8
Portfolio Composition
1M 3M-0.9 6M 1Y 2Y 3Y 5Y
-2.8
Cash
14%
-8.2
-10.5

Largecap
47%
Smallcap
32%

Midcap
7%

Source: AMC. Data as of 31st March 2025.

 ICICI Prudential Value Strategy (PMS)
Strategy & Key Features: Strategy Name ICICI Prudential PMS Value Strategy
Category Open ended Discretionary PMS
• ICICI Prudential PMS Value Strategy aims to follow a value investment style and
intends to offer a diversified portfolio of stocks that have a high potential but Benchmark BSE 500 TRI
are quoting at a discount to their fair/intrinsic value Fund Manager Anand Shah & Chockalingam Narayanan
• The Strategy defines Value Investing as “Good business at reasonable / AUM of the Fund INR ~875 Crore
attractive price” and not mediocre business at a bargain price
AUM of the AMC INR ~30,000+ Crore
• 25 stock portfolio created from this filtered universe
FF: 2.5%
• Sectors benefiting from rising energy intensity / increased power connectivity – Fees
Hybrid: FF:1.5%; PF 20% over HR of 10%
Power sector; cap goods equipment manufacturers; EPC solution providers.
Exit Load 1yr:1%, >1yr:Nil
• Sectors benefiting from increased urbanization – Real Estate; Construction; Fast
moving electrical goods Minimum Contribution INR 50 Lacs

• Sectors benefiting from Govt Capex – EPC players; Mobility equipment; Defence About the FM:
equipment; Railways.
AMC has a team of over 27 analysts, with a combined experience of over 7 decades,
• Financialization – Banks; AMCs; Insurance Cos; Wealth Managers; NBFCs; Tech the research team covers as many as 585 companies across 20+ sectors
providers / Telecom.
• Shift towards “Experimental Consumption” – Aviation; Hospitality; Real Estate Anand Shah has extensive experience of 24 yrs. Past Experience: VP investments
etc (Kotak MF), Co-Head Equities (ICICI Pru AMC), Head Equities (Canara Robeco AMC),
Dy CEO & Head of Investments (BNP Paribas AMC), CEO (NJ AMC).
• Currently fund is o/w Metal & Mining, BFSI, Telecom, Cap goods and u/w on IT,
Consumer non-durables, energy and pharma sector. Chockalingam Narayanan has over 17 years of extensive experience in Fund
Management, Investment Research and Market Analysis. He has earlier worked with
leading organisations like Baroda BNP Paribas Asset Management India Pvt Ltd,
Deutsche Equities India Private Limited and Batlivala & Karani Securities.
 ICICI Prudential Value Strategy (PMS)
ICICI Pru Value
Performace Summary (%) Risk Ratios
Strategy
BSE 500 TRI Top 5 Sector (%)
ICICI Pru Value Strategy BSE 500 TRI Standard Banks 28.4
18.9 14.8
Deviation
32.80 31.28 Alpha 8.9 -- Ferrous Metals 19.3
24.93 26.31 Beta 1.2 1.0 Auto Components 9.5
21.85
Sortino Ratio 1.7 0.8
13.74
Construction 7.7
Sharpe Ratio 0.9 0.5
7.29 7.32
5.14 5.96 Information Ratio 1.4 -- Telecom 6.5

1M 3M 6M 1Y 2Y 3Y 5Y Portfolio Info Top 5 Holdings (%)

-6.21-4.39
No of Stocks 30 ICICI Bank Ltd 8.1
-11.84
-13.39
L&T 7.3
Bharti Airtel 6.1
Calendar Year Returns (%)
Portfolio Composition Sarda Energy & Minerals 5.8
BSE 500 TRI (%) ICICI Pru Value Strategy (%)
SBI 4.6
CY20 18.41
13.3

CY21 31.63
28.5
Smallcap
CY22 4.77 32%
24.5

CY23 26.55
47.8 Largecap
53%
CY24 15.81
21.8
-4.39 Midcap
-6.2 CYTD 15%

Source: AMC. Data as of 31st March 2025.

Negen Capital Special Situations & Technology Fund (PMS)
About the Strategy & Key Features Strategy Name Negen Capital Special Situations & Technology Fund
Category Open Ended Discretionary PMS
• A smallcap and midcap focused PMS with a keen interest in identifying value Benchmark BSE 500 TRI
investing opportunities via special situations like Demergers and Spinoffs.
Fund Manager Niel Bahal
• The special situations are: Forced Selling from institutions in Demergers, Value AUM of the Fund Rs. 932 crore
Discovery in Delisting, Following the smart money with Promoter Buying,
AUM of the AMC INR ~1,800 Crore
Buying into 'Promoter Change' which results in tremendous improvement in
Fixed Fees (FF): 2.5%
Corporate Governance.
Fees Or PF of 15% at the end of every FY, with adjusted for
• FM takes active cash as well during market vagaries. high water mark system
• FM intends to take less risk by avoiding cyclical, commodities and PSUs, and Exit Load Nil
stick to Technology, IT, Demergers and Promoter change. Minimum Contribution INR 50 Lacs
Investment philosophy: About the FM:
• Idea Generation: Most of portfolio companies have a unique combination of
Beginning his remarkable journey at just 15 years old, he has accumulated over 24
Special Situation Investing. FM look for ideas from demerger and promoter
years of profound experience in navigating the capital markets and investment arena.
change with better management. These situations have delivered alpha.
His investment style is characterized by meticulous research into special situations,
• MEGA Trends: FM identifies mega trends and invests in the companies enabling him to enter equities opportunistically and at optimal valuations.
benefitting the most from them. FM has been investing in consumer companies
Uniquely Placed:
and being early in this, thereby generated alpha.
• Conservative Approach: FM would stay away from PSUs and cyclical • Special Situations: Value investing with a trigger
Investments. FM would take active cash calls based on market conditions. I. Demergers II. Change in promoters

• 2. Technology: A permanent super-cycle

I. Indian Tech II. Global Tech (FAANG plus)

 Negen Capital Special Situations & Technology Fund (PMS)
Performance Summary (%)
Negen Special Situations & Technology Fund (PMS) BSE 500 TRI
Risk Ratios Negen SST Portfolio Characteristics Negen SST
50.1
Standard Deviation 23.6 P/E Forward 26.7
40.0
Beta 1.0
P/B Ratio (Forward) 2.9
Sharpe Ratio 0.5
26.3 Information Ratio 6.9
21.9 20.0
18.8
13.7 Top 5 Sector (%)
7.3 6.0
4.6 Top 5 Holdings (%) Speciality Chemicals 13.4
Camlin Fine Sciences Ltd 6.9
1M 3M 6M 1Y 2Y 3Y 5Y Stockbroking & Allied 11.1
-4.4 HEG Ltd 6.9
-14.2 -13.5 -11.8 Sugar 8.79
Nuvama Wealth Management Ltd 6.7
Triveni Engineering & Industries Ltd 6.2 Heavy Electrical Equipment 6.42
Calendar Year Returns (%) Manappuram Finance Ltd 5.9 NBFC 5.94
BSE 500 TRI (%) Negen Special Situations & Technology Fund (%)

CY17 15.0
37.6 Portfolio Composition Portfolio Info
-1.8
CY18
-32.6 Cash Largecap No of Stocks 33
CY19 9.5 8% 9%
0.2 Avg. Market Cap 9636
CY20 17.8
39.2 AUM (INR Cr.) 932
CY21 31.6
84.6
CY22 4.8
-2.2 Smallcap
CY23 26.5 41% Midcap
53.2 42%
CY24 15.8
32.9
-4.4
CYTD
-14.2

Source: AMC. Data as of 31st March 2025.

Negen Undiscovered Value Fund (CAT III AIF)
Strategy & Key Features: Strategy Name Negen Undiscovered Value Fund
Category Open Ended – Cat III AIF
Fund focuses on finding undervalued investment opportunities with identifiable
catalysts such as corporate actions, long term industry trends or regulatory changes Benchmark BSE 500 TRI
to generate attractive risk-adjusted returns across different market segments. Fund Manager Niel Bahal

Special Situations Investments: Fund actively seek investment opportunities in AUM of Fund INR 540 Crore
special situations such as management change, spin-offs, distressed assets, AUM of the AMC INR ~1,800 Crore
turnaround opportunities, and restructuring scenarios.
Management Fee: 1.1% * P.A. of Average Daily NAV
Anchor Book Investments: The fund seeks to participate in the anchor book portion Fees Profit Sharing: 11% * P.A. on Pre-Tax NAV with
of IPOs. Highwater Mark
Upto 12m: Lock-in
Exit Load
Pre - IPOs: The fund is actively looking for opportunities to invest in the SME-Pre 12-24m: 1%; 24-36m: 0.5%; >36m: Nil
IPOs, that allows to participate in the growth potential of companies before they Minimum Contribution INR 1 Crore
become publicly listed.
About the FM:
Other Investment Strategies: The fund also does regular value investing to buy
good quality businesses below their perceived fair value. Neil Bahal is the founder & the fund manager at Negen Capital. He has over 2 decades of
experience in the Indian capital market. He founded Negen Capital PMS in April 2017
Investment philosophy is based on 3 core principles: which has maintained its highest ‘5 Star’ rating at PMS Bazaar and CRISIL rankings over the
1. Uncovering Undervalued Assets: FM strives to identify undervalued assets across past 3 years (FY21, FY22 & FY23) and remained one of India’s top performing PMS in the
different market segments. Multicap category.
2. Catalyst-Driven Approach: Focus on investment opportunities with identifiable
catalysts such as corporate actions, industry trends, regulatory changes, or Success stories in private equity: To capture the startup industry of the ever-
management actions. growing consumer markets of India, Neil Bahal founded Negen Capital AIF (Angel Fund) in
3. Risk Management: Prioritize effective risk management to protect capital and April 2022 with an aim to invest in startups and consumer centric brands. Its portfolio
manage downside risks by following disciplined approach & rigorous due diligence. investments include Blue Tokai, R for Rabbit, Burma Burma, Snapmint, Dwija Foods,
Burger Singh & WLDD.
 Negen Undiscovered Value Fund (CAT III AIF)
Performance Summary (%)
Negen Undiscovered Value Fund Nifty 50 TRI
Risk Ratios NUVF
33.6 Standard Deviation 23.2
Sharpe Ratio 0.54

7.3 6.0
0.1 Top 5 Sector
1M 3M 6M 1Y Industrial Products
-5.2 -4.4
Power Generation
-11.8
-15.9 Electrical Equipments
Packaged Foods
Hotels & Resorts
Calendar Year Returns (%)
BSE 500 TRI (%) NUVF (%)

Top 5 holdings
24.48
CY23 Insolare Energy Limited
27.0
Chatha Foods Limited
14.72 Grand Continent Hotels Limited
CY24
57.2 Manappuram Finance Limited
Gala Precision Engineering Limited
-4.4
CYTD
-15.9

Source: AMC. Data as of 31st March 2025.

PGIM India Equity Portfolio (PMS)
Strategy & Key Features: Strategy Name PGIM India Equity Portfolio (PMS)
Category Open ended Discretionary PMS
The portfolio is cap-agnostic, spanning large, mid, and small caps to capture
growth opportunities at all levels. Benchmark Nifty 50 TRI

It focuses on emerging Megatrends to capture the next wave of growth in India’s Fund Manager Aniruddha Naha & Surjitt Singh Arora
evolving economy such as financialization, manufacturing, digitization, healthcare, AUM of the Fund INR ~140 Crore
and consumerism, these trends represent untapped opportunities. AUM of the AMC INR ~400 Crore
Combination of Top-Down and Bottom-Up Approach: It combines macroeconomic Option 1: FF 2.50% p.a.
trend analysis with deep fundamental research for optimal stock selection. Option 2: Hybrid: FF:1.5%; PF 20% over HR of 10%
Fees Option 3: Hybrid: FF:1%; PF 20%.
High-conviction portfolio with 20-25 carefully selected stocks, ensuring optimal Option 4: FF 2.00% p.a.
position sizing and liquidity.
Option 1: 0.50% - 1 yr. Option 2: 1.50% - 2 yrs.
The FM employs a disciplined approach to identify and manage investments, Exit Load Option 3: 3% - 1st yr, 2% - 2nd yr and 1% -3rd yr.
focusing on quality, growth potential and risk management. Option 4: Nil
Identifying potential growth opportunities: The FM seeks companies with above- Minimum Contribution INR 50 Lacs
industry growth potential over next 3-5 years, strong internal cash generation
without heavy reliance on external funding and management with a solid track About the FM:
record. Aniruddha Naha is the CIO – Alternatives at PGIM India AMC. He has more than
FM focuses on companies with positive operating cash flows at least 60% of the 22+ years of experience in the equity and debt market. Before this, he has worked
time and avoids highly leveraged companies. with DHFL Pramerica AMC, Avendus Wealth, IDFC AMC, Mirae Asset Global
Investments and DSP BlackRock.
FM follows a disciplined approach to selling stocks when the original investment
Surjitt Singh Arora is a Principal Officer - PMS at PGIM India AMC. He has more
thesis fundamentally changes, ensuring capital preservation. Additionally, if
than 18 years of rich work experience in the Equity Markets. Prior to this, he was
valuations appear to exceed reasonable PEG levels, he may consider exiting the
with Tata AMC. He holds a Bachelor’s and Master’s degree in Management
position.
Studies.
 PGIM India Equity Portfolio (PMS)
Performance Summary (%) PGIM India Equity Risk Ratios
PGIM India Equity
Portfolio Characteristics
Portfolio (PMS) Portfolio (PMS)
PGIM India Equity Portfolio (PMS) Nifty 50 TRI
P/E Forward 33.19 Standard Deviation 21.8
20.7
17.8 P/B Ratio (Forward) 5.42 Beta 1.29
Sharpe Ratio 0.07
9.2
6.3 6.6 6.7 Information Ratio 7.6

1M 3M -0.3 6M 1Y 2Y Portfolio Composition Top 5 Sector (%)

-8.5 Capital Goods 33.2
-10.9
-13.9 Healthcare 22.8
Largecap IT 10.7
28%
Chemicals 9.2
Finserv 7.2
Calendar Year Returns (%) Midcap
Smallcap
Nifty 50 TRI (%) PGIM India Equity Portfolio (PMS) (%) 65% 7%
Portfolio Info
No of Stocks 20
21.3
CY23 Avg. Market Cap 117454
2.3
AUM (INR Cr.) 138
10.1
CY24
20.0

0
CYTD
-10.8

Source: AMC. Data as of 31st March 2025.

 SageOne Large & Midcap Portfolio (PMS)
Strategy & Key Features : Strategy Name SageOne Large and Midcap Portfolio
Category Open ended Discretionary PMS
• To invest in High Quality Stable Large and Larger Mid cap companies with an
aim to double the portfolio in ~4.5 - 5years i.e. 4-5 % alpha over Nifty 50 post Benchmark BSE 200 TRI
fees Fund Manager Mr. Satish Kothari, CFA and Mr. Kshitij Kaji, CFA
• Curated portfolio with a mix of Compounder (Growth Bucket) and Tactical AUM of the Fund INR 147Crore
(Value Bucket) ideas across sectors in large & mid cap space. Majority of the AUM of the AMC INR ~5,700 Crore
portfolio is ~5 bn$+ Fixed Fees:
INR 50 Lacs – 2 Crore: 1.75%
• Market cap ranking – Top 200 stocks
INR 2 Crore – 5 Crore: 1.50%
• The strategy will have a portfolio of 18-25 stocks INR 5 Crore & above: 1.25%
Fees Variable Management Fees:
• Compounder (Growth Bucket) will comprise of companies falling in the INR 50 Lacs – 2 Crore: 20% above 8% HR
proprietary magic quadrant; 2x Earnings growth in ~4.5 years (~16% + INR 2 Crore – 5 Crore: 18% above 8% HR
earnings growth targeted); Portfolio weight at ~70%; and Valuations closer INR 5 Crore & above: 16% above 8% HR
to fair value (High Watermark applicable)
Exit Load Nil
• Tactical (Value Bucket) will comprise of companies/industries undergoing a
Minimum Contribution INR 50 Lacs
transition; Alpha creation through earnings growth and a re-rating (shorter
holding period); Portfolio weight at ~30%; Tactical ideas can morph into About the FM:
compounders Mr. Satish Kothari, CFA has 18 years of rich experience in financial markets across
• Fundamental bottom-up research to identify companies with a.) long-term sell side and buy side research. He has a deep understanding of BFSI, consumer
structural growth, b.) high profitability and c.) quality management, aided by sectors and built a strong network of channel checks.
plant visits, channel checks and multiple stakeholder interactions
Mr. Kshitij Kaji, CFA has 9 years experience in equity research on sell side and buy
• In-depth quantitative and qualitative analysis (avoid poor corporate
side. He enjoys identifying mega trends, focuses on softer qualitative aspects
governance companies)
and behavioural finance
 SageOne Large & Midcap Portfolio (PMS)
Performance Summary (%)
SLMP BSE 200 TRI Portfolio Characteristics SLMP Portfolio Info
32.5 No of Stocks 24
P/E Forward 23x
Avg. Market Cap 114000
22.0 Debt/ Equity 0.1x
ROE (Forward) 21% AUM (INR Cr.) ~147
14.9

7.6 7.3 7.5

Top 5 Sector (%) Top 5 Holdings
BFSI 38 Trent
1M 3M 6M 1Y 2Y
-4.1
-2.4 Consumer 17 Axis Bank
Auto 14 Bharti Airtel
-9.9
-12.0 Telecom 10 Tata Comm
IT 6 Cummins
Portfolio Composition

Cash
5%

Midcap
27%

Largecap
68%

Source: AMC. Data as of 31st March 2025.

SageOne Core Portfolio (PMS)
Strategy & Key Features:
Strategy Name SageOne Core Portfolio
• To invest in High Quality Structural Growth Businesses in India and seek to
Category Open ended Discretionary PMS
generate meaningful alpha (5-7% at gross level) for investors over time
• The portfolio will have exposure to mid cap & small cap. Market cap ranking Benchmark BSE 500 TRI
101st – 600th stocks
Fund Manager Mr. Samit Vartak, CFA
• The strategy will have a portfolio of 12-20 stocks
AUM of the Fund INR ~3,820 Crore
• Fundamental bottom-up research to identify companies with a.) long-term
structural growth, b.) high profitability and c.) quality management, aided by AUM of the AMC INR ~5,700 Crore
plant visits, channel checks and multiple stakeholder interactions 2.5% management fee OR
• Rigorous & thorough research process on companies and industry Fees 1.25% management fee + 12% profit sharing above 10%
hurdle (High Watermark applicable)
• Bottom-up research supported by scientific screening process for shortlisting
Exit Load 3 % for the 1st year, 2 % for 2nd year, 1 % for 3rd year
sectors & stocks
• Superior risk adjusted returns & alpha generation; proven track record of Minimum Contribution INR 2 Crore
identifying multi-baggers & timely exits Half of companies invested so far have delivered more than 1x
• The management’s proprietorship in the Fund serves as an assurance to returns
>10x (# 3 stocks) Bajaj Finance, APL Apollo, Kaveri Seeds, KEI Ind.
investors about their investment
5-10x (# 5 stocks) PI Ind, Deepak Nitrite, Polycab
About the FM:
Mr. Samit Varthak has spent a decade in the USA in the field of management 1-5x (# 18 stocks) Century Textiles, Page Ind, Godrej Prop, Aarti Ind, Trent
consultancy and valuation before returning to India in 2006. He has worked with 0-1x (# 21 stocks) -
Deloitte FAS, E&Y, PwC Consulting and Gap Inc. during his career.
-ve returns (# 12 stocks) -
Qualification
Note: Above data captures stocks holdings till March 2024 ; Source: SOIM estimates
MBA (USA), CFA (USA), and Bachelor of Engineering with Honors
 SageOne Core Portfolio (PMS)
Performance Summary (%)
SCP BSE 500 TRI Portfolio Characteristics SCP Risk Ratios SCP
35.2 34.3 Standard Deviation 21.5
P/E Forward 23.2x
26.3 Beta 0.8
21.9 Debt/ Equity 0.3x
Sortino Ratio 1.2
11.4 10.0
7.1 6.0 Sharpe Ratio 0.9
Top 5 Sector (%) Information Ratio 1.0
1M 3M 6M 1Y 2Y 5Y Financials 22
-4.4
-10.6
Building Materials 11
-11.8
-17.5 Real Estate 10 Portfolio Info
Capital Goods 9 No of Stocks 18
IT/ Telecom/ Media 8
Calendar Year Returns (%) Avg. Market Cap 29300
AUM (INR Cr.) ~3820
BSE 500 TRI (%) SageOne Core Portfolio (%)

37.6
Portfolio Composition
CY17 51.1
-1.8
CY18
-16.8 Cash
9.5
4% Largecap
CY19 6.7 18%
CY20 17.8
38.3
CY21 31.6
58.4 Smallcap
4.8
39%
-18.7 CY22

CY23 26.5
52.7
Midcap
CY24 15.8
30.2 39%
-4.4CYTD
-10.6

Source: AMC. Data as of 31st January 2025.

 SBI Aeon Alpha PMS
Strategy & Key Features: Strategy Name SBI AEON Alpha PMS
• A 3-in-1 portfolio aiming to have 15 - 20 stocks which will be a combination of Category Open ended Discretionary PMS
long-term structural ideas, medium-term tactical opportunities and active cash Benchmark Nifty 50 TRI
calls.
Fund Manager Gaurav Mehta
• SBI Aeon Alpha PMS follows a multi-cap strategy, wherein investments are
AUM of the Fund INR ~627 Crore
strategically made across the market's capitalization curve, with a slight bias
towards mid and small-cap segments. AUM of the AMC INR ~1,300 Crore
Fixed Fees: 2.5%
• Active Cash Calls: A recourse available in case of inadequate opportunities; Hybrid: Fixed Fee is Nil; Performance Fee of 33% of
Aims to reduce drawdown; Helps to avoid forced buying; Allocation range to be Fees
excess returns over and above HR i.e. Nifty 50 TRI
0% 35% of the overall-portfolio Hurdle Rate: Annualised performance of NIFTY 50 TRI
• Core Holdings: Focus on long-term earnings compounders; Absolute return Exit Load 0-12m: 1%, >12m: Nil
portfolio with low churn. Allocation range: 50% or more of the equity portion.
Minimum Contribution INR 50 Lacs
• Satellite Holdings: Focus on medium-term tactical opportunities; Relative
return with a “high risk - high reward” expectation; Clearly defined exit strategy About The AMC: SBI PMS team is part of the SBI FM ecosystem with a proven
resulting in a higher churn ratio; Allocation range: Upto 50% of the equity track record. A stable team of 69 professionals with an average work experience of
portion 15 years+. Portfolio managers have an average experience of 20+ years.
• While there will be no sectoral bias, a stock exposure limit of 10% will be there
at the time of investment About the FM: Gaurav Mehta is the CIO, Alternatives. He has 15+ years’
experience in Indian Financial Markets having worked with Ambit Investment
Investment Philosophy: Advisors, Ambit Capital, and Edelweiss Capital.
• Business: Economic Moat: Size of Opportunity; Return on Capital; Pricing Risk Management:
Power; Capital Intensity; Risk of Disruption
• Management: Integrity: Track Record; Skin in the Game ; Transparency and • Performance and risk analysis: Risk attribution and performance attribution
Accountability • Performance and risk vis-a-vis peer set: Attribution analysis, ex-post TE,IR
• Valuations: Discounted Cash Flow; Relative Valuations; Exclusions ‘Bigger Fool’; • Portfolio liquidity, concentration
Market Timing; Technical Analysis • Assessment of positions: Global exposures; concentrations, cash
 SBI Aeon Alpha PMS
Performance Summary (%) Portfolio SBI Funds - Nifty 50 SBI Funds - Nifty 50
Risk Ratios
Characteristics Aeon Alpha TRI Aeon Alpha TRI
SBI Funds – Aeon Alpha (PMS) Nifty 50 TRI
P/E Forward 21.7 17.4 Standard Deviation 12.8% -
22.6
Debt/ Equity 0.2 0.8 Beta 0.9 1
17.8
15.9 ROE (Forward) 14.7 15 Sharpe Ratio 0.08 -
11.8

6.3 7.0 6.7

3.9 Top 5 Sector (%)
Top 5 Holdings (%) Finserv 29.5
1M 3M-0.3 6M 1Y 2Y 3Y 5Y Capital Goods 12.9
HDFC Bank 7.8 Chemicals 12.3
-8.5 ICICI Bank 6.9 Textiles 10.2
-14.7 Kotak Mahindra Bank 5.9 Consumer Durables 7.2
-16.2
ICICI Lombard 5.4
Portfolio Composition Ganesha Eco 5.3 Portfolio Info
No of Stocks 20
Cash
11%
AUM (INR Cr.) 627

Largecap
26%

Midcap
Smallcap 13%
50%

Source: AMC. Data as of 31st March 2025.

 Valentis Rising Star Opportunity Fund (PMS)
Strategy & Key Features: Strategy Name Valentis Rising Star Opportunity Fund

• The objective of the portfolio is to provide superior risk adjusted returns over Category Open ended Discretionary PMS
medium to long term.
Benchmark BSE 500 TRI
• The portfolio will have exposure to mid cap & small cap.
Fund Manager Jyotivardhan Jaipuria
• The strategy will have a portfolio of 15-18 stocks.
• Research is the cornerstone of all investment decisions. AUM of the Fund INR 876 Crore

• Seek large discrepancies in risk-reward. AUM of the AMC INR ~1,630 Crore
• Look for earnings inflection points in companies. Fixed Fees (FF): 2.5%
Fees
Hybrid: FF of 1.5%, PF of 15% over 10% HR
• Aim to buy stocks early – the 3 U principle identifies (a) Undervalued (b)
Exit Load 3% upto 12m, 2% 12m to 24m, 1% 24 to 36m
Under owned and (c) Under performing companies.
• The portfolio focuses primarily on a buy and hold strategy at most times. Minimum Contribution INR 50 Lacs

About the FM:

The portfolio is managed by Jyotivardhan Jaipuria since inception on Sep 30, 2016.
He has an overall 38 years of experience in the Indian Capital Market including 21
years at DSP Merrill Lynch and 8 years at ICICI.
At DSP Merrill Lynch in Mumbai he was the Head of Research and India Strategist
providing cutting edge research to institutional investors across the world.
 Valentis Rising Star Opportunity Fund (PMS)
Performance Summary (%)
Risk Ratios Valentis RSO BSE 500 TRI Portfolio Info
Valentis Advisors - Rising Star Opportunity (PMS) BSE 500 TRI
Standard No of Stocks 17
23.3 17.0
Deviation
40.1 Beta 1.1 1.0 Avg. Market Cap 12147
Sharpe Ratio 0.8 0.9 AUM (INR Cr.) 876
26.3

14.1 13.7 Top 5 Sector (%) Top 5 Holdings

6.4 7.3 6.0
Capital Good 15
4.0 Va Tech Wabag
Infra 15
Pharma 12 Ganesha Ecosphere
1M 3M 6M 1Y 3Y 5Y
-4.4 BFSI 10 Kingfa Science
-11.8 Auto 10 JTL Ind
-16.24
-22.2 Aurobindo Pharma

Calendar Year Returns (%) Portfolio Compsition

BSE 500 TRI (%) Valentis RSO (%)
Cash Midcap
8% 10%
4.8
CY22
8.2

26.5
CY23
40.3

15.8
CY24
17.1
Smallcap
82%
15.8
CYTD
-16.2

Source: AMC. Data as of 31st March 2025.

Thematic Ideas
Emerging themes gaining momentum from structural
tailwind
 Carnelian Shift Strategy (PMS)
Strategy & Key Features: Strategy Name Carnelian Shift Strategy
Category Open ended Discretionary PMS
• “SHIFT Strategy” is a Multicap Portfolio with a focus on Mid & Small caps to tap
niche manufacturing businesses that gain from global supply diversification, Benchmark BSE 500 TRI
recent policy reforms, and cost competitiveness. Fund Manager Vikas Khemani CA, CFA
• India is set to benefit from the emergence of manufacturing-led opportunities AUM of the Fund INR 3,360 Crore
due to Global supply chain diversification from China, Recent government AUM of the AMC INR ~11,200 Crore
reforms & initiatives, Cost competitiveness and Strong domestic markets.
FF: 2.25%
Detailed research reveals multi-billion, multi-decade opportunities for
manufacturing sectors in India. Fees Hybrid: FF of 1.5%, PF 15% over HR of 8% without
• This strategy aims to invest in the companies with niche capabilities and catch-up/ PF 20% over HR of 8% with catch-up
business leadership, expected to grow earnings > 20% (CAGR) over the Exit Load Nil
investment horizon of 3-5 years across various sectors.
Minimum
About theContribution
AMC & FM: INR 50 Lacs
• This strategy is sector agnostic and Multicap with a predominant focus on Mid
A boutique investment management firm founded in 2019 with an aspiration to
and small caps. Portfolio of 20-25 companies. create a best-in-class asset management platform known for its values, expertise,
• Strategy designed to capture structural decadal shifts presenting large and best practices.
opportunity in: (a) Manufacturing led by conducive regulatory and global
Vikas Khemani, CEO & CIO – CA, CFA (USA). He has ~27 years of capital markets
environment, (b) Tech evolution empowered by digitalization globally
experience, most recently as the CEO of Edelweiss Securities Ltd, where he spent 17
• Concentrated QGARP (quality growth companies at a reasonable price) years incubating and building several businesses to leadership including
portfolio: Blend of mid & small cap listed companies with niche core Institutional Equities business and Equity Research.
competence & large opportunity size, proven track record & impeccable Red Flags for the FM:
management capabilities
- Aggressive accounting practices; High financial leverage; Low tax incidence
- Management having: no skin in the game / misaligned objective; a poor
governance track record; hurry to create value
 Carnelian Shift Strategy (PMS)
Performance Summary (%) Portfolio
Fund BSE 500 Portfolio Info
CBAF BSE 500
Characteristics
Debt/ Equity 0 0.6 No of Stocks 20-25
43.3 Beta 0.9 1
PEG Ratio 1 1.4
28.1 ROE (Forward) 19.6 15.2
21.8 Earnings Growth 25.4 13.1
18.4
13.7
9.1 7.3 6.0 Top 5 Holdings (%) Top 5 Sector (%)
Laurus Labs 7.2 Pharma 20.2
1M 3M 6M 1Y 2Y 3Y Eng & Cap Goods 16.7
-4.4 SRF 5.7
-12.2 -10.6 -11.8 Shaily Eng Plastics 4.5 Auto 13.8
Concord Biotech 4.4 Chemicals 12.7
Portfolio Composition Biocon 4.1 IT 12.5

Cash Largecap
5% 10%

Midcap
17%

Smallcap
68%

Source: AMC. Data as of 31st March 2025.

 GrowthCap Venture Fund I (CAT II AIF)
About the AMC & FM: Strategy Name GrowthCap Venture Fund I
Pratekk Agarwaal is the Founder & General Partner at GrowthCap Ventures. He is
a seasoned entrepreneur & operator with over 20 years of multi-industry Category Open-ended Category II AIF
experience in setting up and scaling successful businesses, with a focus on Fund Size INR 50-100 Crore
the financial services domain. In his earlier roles, he has held key positions
with leading fintech and NBFCs such as Bajaj Finance, Fullerton, IndoStar Fund Manager Prateek Agarwaal, IIMK
Capital, ftcash, and BharatPe. Ticket Size INR 2-6 Crore

At GCV, Pratekk works closely with the portfolio founders as an operator and Investments 15-18 companies (from seed to pre-Series A)
extends his deep network in the financial services, payments, insurance, Drawdowns Immediate: 37%. Balance: In 6 quarters
fintech ecosystems, FMCG, Pharma, and IIMK Alumni network to the portfolio
companies. Sponsor Commitment INR 2.5 Cr or 5%

Fixed Fees:
He has launched and managed products covering secured and unsecured Class A: INR 1-3Cr.: 2%
lending, including LAP, consumer lending, MSME, SMB, POS, and supply Class B: INR 3-5Cr.: 1.5%
chain finance. Class C: INR 5Cr.: 1.5%
Management Fees Carried Interest with Catchup:
Strategy & Key
Some of the Features:made by Partekk Decentro, FidyPay, Klub,
investments Class A: 20%
Karmalife, Fundly, Transbnk, EximPe, Finsire, Threedots, Coffeee.io, Class B: 17.5%
•Coverself,
The fundPumPumPum.
aims to back startups that are developing cutting-edge solutions in Class C: 15%
areas such as Digital Payments, Regtech (regulatory compliance), Decentralized (Hurdle rate: 10%)
Finance (DeFi), SaaS applications etc.
Exit Load Nil
• GCV will actively engage with its portfolio companies by offering a blend of
operational expertise, tailored advisory services, and access to NBFCs within the Minimum Contribution INR 1 Crore
portfolio, along with network capital from mentors, operators, and venture
capitalists.
• Eligibility for investment requires the product to have already demonstrated
early traction and the potential for significant scalability.
Disclaimer
This Confidential Document has been prepared by Negen Wealth Private Ltd. The same is circulated to distribution clients who propose
to invest in the products mentioned in the document and accordingly provide mandate to Negen Wealth Private Ltd to facilitate the
investments. Negen Wealth Private Ltd has not provided, nor seek to provide, any advice with respect to investment product.

The client should read the information memorandum, offer documents, private placement memorandum, application form, contribution
agreement (as applicable), through which the Investment product is offered by the issuer, carefully before investing. There is no
assurance or guarantee that the objectives of the investment portfolio will be achieved. The past performance of the investments /
mutual funds / fund managers is not necessarily indicative of future performance of the investments / scheme.

This document is for the personal information of the authorised recipient(s) and is not for public distribution and should not be
reproduced or redistributed to any other person or in any form without Negen Wealth Pvt Ltd’s prior permission. The information and
opinions provided in this document is from the offer documents and other sources, which Negen Wealth Pvt Ltd believes is reliable. All
information, opinions and estimates contained in this document should be considered as preliminary & indicative, veracity of which
cannot be ascertained without further detailed information availability and analysis.

Some of the information presented is based on current tax and legislation which are subject to change. Hence, it is imperative that the
client review their financial plan regularly to ensure it is up- to- date and addresses their current needs. It is also important to look at a
few different scenarios to get an idea of the impact of various assumptions on your planning objectives.

Information provided in the attached report is general in nature and should not be construed as providing legal, accounting and / or tax
advice. Should you have any specific questions and / or issues in these areas, please consult your legal, tax and / or accounting advisor.
THANK
YOU!