Create

Protect

Capital

Wealth
1

Rule No 1: Never lose money

Rule No 2: Never forget rule No 1.
- Warren Buffet

Successful investing is about owning

businesses and reaping the huge
rewards provided by the dividends and
earnings growth
- John Bogle

In the short run, the market is a voting

machine, But in the long term,
it is a weighing machine
- Ben Graham

We Protect Capital
Investment Universe

Staggered Approach

Diversification across industries

Diversification across Mcap with
focus on liquidity
Flexible investment style Growth
as well as Value with focus on
Margin of Safety

Not averse to raise cash

Portfolio exposure increased
over a period

Exposure Limits
Exposure limits to minimize risks
o 50% in large cap USD1bn+
o 10% in one stock
o 30% in one sector
o 50% in the top 10 stocks
o Minimum investments in 30 stocks
Tactically switching to cash from time to time

Review Points
Sharp Price movement
triggers review of stock
Close eye on valuation
with focus on Margin of
Safety

Portfolio Liquidity
Unlevered portfolio
Continuous monitoring
of liquidity risk

A prudent risk management strategy is the core of our investment philosophy

We Create Wealth

3 Tenets to Equity
investing

3M Stock Selection
Approach

Long term investment

approach

Flexible investment
style

Sectoral diversification

Believe in Time in the

Market rather than Timing
the market

Growth as well as Value with

focus on Margin of Safety

Diversification across sectors

helps us to play sectoral
over/underweight strategy

M:
Market Size

M:
Market Share

M:
Margin of Safety

Identify Size of Sector

Opportunity

Identify top 5 (Profitable)

players in the sector

Identify the stock for

investment with
Reasonable Valuation

Size of the opportunity should be huge to generate significant investment returns

The company be consistently profitable and should be among the leading players in the industry
The company should provide reasonable growth opportunity at reasonable Margin of Safety

Wealth Creation A Case Study

Hitachi Home and Life Solutions Ltd

Indo Count Industries Ltd

M1
Market size

M3
Margin of safety

M2
Market Share

Investment
Details

Global home textile segment of $74bn growing at 5%

USA imports 17% made ups with imports growing at
~12%
Huge opportunity to improve market share for Indian
players in USA and Europe
4th largest bed sheet exporter to USA & 13th largest
globally
Capacity expansion from 36 to 68 mn meters in last 5
years and further expanding to 90 mn meters
Focus on improving value chain by entering premium bed
linen segment leading to improved operating margins
No major investment in backward integration leading to
highest ROE of 44% in the industry
Reported healthy revenue and profit growth in last 5
years
Ongoing expansion will lead to healthy profit growth over
next 2-3 years
Purchased at one year forward PE of ~6x significantly
lower considering its net profit size (Rs 100 crs+ FY14)
and 45% ROE

Purchase Price: Rs297 (19 Dec 2014)

CMP: Rs967

India expected to become the 5th largest consumer

durables market by 2025, reaching $400 Bn by 2020
Total Size of Indian A/C industry pegged at Rs.14750 Crs,
with volume growth expectation of CAGR 13-15% over
FY16-20E
At 3%, India is one of the lowest penetrated market,
leading to significant headroom for growth
Market share of ~8%
Entry into Tier 2&3 markets with sub premium product to
improve its market share
Launched new products to reach mass consumer levels
Strong parentage means access to new technology to
offer world class products to Indian consumers

Expect significant growth in profitability backed by

operating efficiency and higher volume growth
Market cap at Rs 800 crs, i.e. PER of below 10x FY15E
lowest in the industry compared to all consumer MNC
which trades at average PE of >20x

Purchase Price: Rs300 (22 May 2014)

CMP: Rs1396
5

The Investment Process.

Stock
Identification

Identify emerging trends and opportunities from a universe of 450 companies

Filter approach using variety of valuation parameters
Strong intermediary relationship

Analysis &
Decision making
Process

Initial screening
Corporate meeting and detailed due diligence
Presentation to investment committee seeking recommendation and approval

Portfolio
Construction
Monitoring &
Nurturing

Combination of Top Down and Bottom Up approach with a benchmark agnostic

strategy to achieve Long term investment objective
Continuous portfolio monitoring ensures prudent risk management
Regular interaction to provide strategic inputs to strengthen systems, controls and CG
in line with best practices

Exiting &
Realizing
Value

Constant evaluation of valuation metrics to decide optimum return potential

Intrinsic value V/s Current Market Price to evaluate Margin of Safety
Change in underlying assumptions of investment thesis

Leading To Multibagger Returns

Stock
Motherson Sumi
Eicher Motors*
Hitachi Life*
Shree Cement
Indo Count Industries
Everready*
Maruti Suzuki
Ramco Cements
Timken India
Bayer Cropscience*
Welspun India*
Atlas Copco*
Mannapuram Finance*
ITD Cementation
3M India
Capital Trust
HDFC
Bajaj Finance
KNR Construction*
CARE*
HDFC Bank
Gabriel India
L&T
Alfa Laval India*
Honeywell Automation
Siyaram Silk Mills
Balrampur Chini Mills
Capital First*
Cholamandalam Investments
SQS india*
Satin Credicare
ABB India

Purchase Purchase Price

Date
(Rs)
28-Jan-10
08-Aug-13
22-May-14
12-Nov-11
19-Dec-14
29-Sep-14
29-Jan-14
28-Mar-14
22-May-14
05-May-14
09-Jan-14
28-Jun-10
16-Dec-15
23-Feb-15
24-Nov-14
29-Jun-15
10-Dec-10
14-Sep-15
03-Dec-14
25-Mar-14
28-Oct-10
01-Aug-14
11-Apr-13
17-Nov-11
30-Jun-14
01-Aug-14
19-Nov-15
06-Nov-13
01-Mar-16
11-Apr-14
15-Jun-16
09-May-15

41
3343
300
3983
297
102
1659
213
233
1427
80
1115
29
65
6475
253
669
5142
304
732
670
55
869
2246
5790
604
77
218
654
366
380
831

Price (Rs)
29-Jul-2016
285
15249
1360
16110
898
302
4757
550
600
3547
198
2750
69
148
14619
556
1374
10373
608
1447
1246
102
1558
3856
9922
1035
133
372
1092
587
606
1264

Note: Purchase price adjusted for any corporate action like split/bonus
Gain % indicates return since purchase, *Stock sold as per price mentioned

Gain (%)
595%
356%
353%
304%

202%
196%
187%
158%
158%
149%
148%
147%
135%
128%
126%
120%
105%
102%
100%
98%
86%
86%
79%
72%
71%
71%
71%
71%
67%
60%
59%
52%

Exit Strategy As Important As Entry Strategy

Exit from Sensex
01 Jan 2011 Vs
01 Jan 2001
ACC
Ambuja Cement

Bajaj Holdings

Exit from Sensex

30 May 2016 vs
01 Jan 2011
DLF

GSK Pharma

Reliance
Communication

MTNL
Novartis
Ranbaxy
Reliance Infra

PAT growth 20%+ every year during FY06-FY15

Revenue growth of 10%+ every year with ROE

15%+ during FY06-15

16

Jaiprakash Associates
JSPL

HPCL

No. of BSE 500 Stocks

Hindalco

Castrol India

Grasim

Fundamental Consistency check

Sterlite
Tata Power

Exit Strategy
When target price of the stock is reached and the risk rewards
seems unfavorable
When change in business fundamentals resulting in negative
earnings expectations
When weightage of the stock is higher than the desired allocation
When the other stock has better risk-reward

Reliance Petro

Satyam
Zee

Market Outlook

Round Up July 2016

US economic data threw confusing signals while the consumer spending increased at 4.2% in the Q2, fastest in two
years, the GDP growth at 1.2% was weakest since 2013. The interest rate in the US, near term, are expected to be benign
as reflected in FOMCs recent statement: The stance of monetary policy remains accommodative, thereby supporting
further improvement in labour market conditions and a return to 2% inflation. Chinas Q2 economic growth at 6.7% was
slightly better than the estimate of 6.6%. The up move in the global markets, post the BrExit vote, is more stimulus driven
and the same is likely to continue in near future, as is evident from Japan PMs recent announcement of USD275bn
stimulus package.

Back home, dream of GST is almost on the verge of becoming a reality as the Cabinet has amended the bill by dropping
1% additional tax on inter-state sales as per the Opposition's demand. Once GST becomes a reality, it is likely to add 1-2%
to our GDP growth. Monsoons are catching up pretty well across the nations and July16 rainfall has been 7% above the
LPA. IMD and Skymet, both are forecasting above normal monsoon. June core sector posted a 5.2% YoY growth driven by
jump in output of electricity, coal and cement. Electricity soared by 8.1% Vs 1.2% YoY, coal output increased by 12% Vs
5.4% YoY and cement production increased to 10.3% Vs 2.9% YoY. IIP registered 1.2% growth, the highest reading in the
last three months, the surge was led by an improvement in manufacturing registering positive growth of 0.7% Vs (-) 3.7%
in April16. CPI inflation slightly moved up in June to 5.77%, largely led by +2.4% in food inflation.

1QFY17 earnings has been in line with estimates as 25 companies out of Nifty 50 companies have reported net profit
growth of 5.5%. The effect of normal monsoon and implementations of Seventh Pay recommendations will lead to better
earnings growth in 2HFY17. Negative interest rates policy in Germany, Switzerland and Japan has resulted in rally in global
equities and India, being one of the high growth markets, is also a beneficiary of it.

Sensex presently trades at PER of 18x on FY17 basis, marginally higher than its last 10 years average PER of 17x. We
continue to remain positive on equity market with 2-3 years view and advise investors to use any correction as an
opportunity to add to equity asset class.

10

Drivers Of Growth Investment By Government

Plan Capital Expenditure ahead of budgeted rate
Expenditure Head

*FY16
(Rs.Tn)

Total
17.7
Total Plan
4.7
Plan Revenue
3.2
Plan Capital
1.4
Total Non - Plan
13.0
Non-Plan Revenue
12.1
Non-Plan capital
0.9
FY16 is from 01 Apr 2015 31 Mar 2016

7.8
3.8
-8.5
49.7
9.3
10.1
0.5

99.3
98.7
69.9
101.2
99.5
99.8
95.6

Source: Emkay Research , AAA Research

Source: IDFC Research, AAA Research

Railways Plan Expenditure growth Apr - Mar 2016(%)

45

Order inflow trend saw jump of 39% YoY

%Budgeted
Expenditure
Growth(%)
(achievement
in FY16)

30000

MORTH Project Awards

25000

42

25000

40
20000

35
30
25

21
17

20

15000
10000

10000

9900

7980

15
10

5000

2000

3621

0
FY13
Source: Emkay Research, AAA Research

FY14

FY15

FY16

FY12

FY13

FY14

FY15

FY16

FY17E

Source: MORTH, AAA Research

11

Drivers Of Growth Consumption

Source: Elara Research, AAA Research

12

Improving Macro Economic Factors

Cement Volume Growth (%)

0.8

4.6

6.6

3.5

0
Jun-16

Mar-16

Dec-15

Sep-15

Jun-15

Mar-15

Dec-14

Jun-14

Sep-14

Mar-14

Dec-13

Sep-13

Jun-13

Jun-12

4QFY16

3QFY16

2QFY16

1QFY16

4QFY15

3QFY15

2QFY15

1QFY15

4QFY14

YoY Change (LHS)

Source: Antique Research, AAA Research

1QFY17

4QFY16

3QFY16

2QFY16

20

(10)
3QFY14

2QFY14

30

10

1.6

-0.3
1QFY14

2000
1800
1600
1400
1200
1000
800
600
400
200
0

40
(% YoY)

5.4

Employment Index

50

14.7

11.0 11.1

1.4

-21.0

Index

Fuel Consumption Growth(%)

4.4

-25.0 -25.0

Source: Antique Research, AAA Research

Source: Antique Research, AAA Research

16
14
12
10
8
6
4
2
0
-2

-4.0

-22.0

1QFY17

4QFY16

3QFY16

2QFY16

-3.1
4QFY15

3QFY15

2QFY15

1QFY15

4QFY14

3QFY14

2QFY14

1QFY14

-4

1QFY16

-2

-3.0

3.6

1QFY16

5.0

4QFY15

4.0

3QFY15

2.8

2QFY15

3.6

5.5

Mar-13

2.8

4.3

Dec-12

4.5

17.0

9.7 11.1

Sep-12

6.6

19.6

1QFY15

25
20
15
10
5
0
-5
-10
-15
-20
-25
-30

4QFY14

7.2

8.0

3QFY14

8.6

2QFY14

10.0

9.9

10

Total CV Growth (%)

1QFY14

12

Index (RHS)

Source: Indoedge naukri report, AAA Research

13

Improving Macro Economic Factors

Power Generation Volumes (%)

Traffic Growth (%)

16
39

12

11

4.6

3.5

3.1

1.3

8.0
6.6

5.6

6.0

14

9.6

9.0

10
19

11.8

11.4

12

0.7

Jun-16

May-16

Apr-16

Mar-16

Feb-16

Jan-16

Dec-15

Nov-15

Oct-15

Sep-15

Aug-15

Jul-15

Jun-15

Apr-15

-0.5
May-15

-2

Q4FY16

Q3FY16

Q2FY16

Q1FY16

Q4FY15

Q3FY15

Q2FY15

Q1FY15

Q4FY14

Q3FY14

Q2FY14

Source: Elara Research, AAA Research

Source: Emkay Research, AAA Research

Port Volumes (%)

13.1

13

Apr-16

-3.6

0.9

Feb-16

1.6

1.1

3.8

1.9

Dec-15

3.5

Aug-15

6.2
4.4

Oct-15

2.8

Jun-15

2.6

Apr-15

Dec-14

Oct-14

Jun-14

0.6

3.1

4.7

Feb-15

2.9

Aug-14

1.1

9.5
7.5

5.9
3.5

9.9

9.4

Jun-16

10.3

8.9

Apr-14

15
13
11
9
7
5
3
1
-1
-3
-5

14.6

14

32

Q1FY14

45
40
35
30
25
20
15
10
5
0

Source: Elara Research, AAA Research

14

India Economy Recovery: Likely Repeat of FY03-08

12

GDP Growth (%)

9.5

10
8.0
8

9.6

9.3

7.1

8.6

8.9

6.7

6.7

Average GDP: 7.0% 7.3

5.4

4.2

3.8

4.5

4.7

FY13

FY14

7.6

7.7

FY16

FY17E

0
FY01

FY02

FY03

FY04

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY15

Source: RBI, AAA Research

18.0

IIP Growth (%)

15.5

16.0
14.0
12.0
10.0

8.6

8.0

6.0

12.9

11.7

5.7

5.0

8.2

7.0

2.7

4.0

Average IIP: 5.9%

5.3
2.9

2.5

5.0
2.8

2.4

FY15

FY16

1.1

2.0
0.0

-0.1

-2.0
FY01

FY02

FY03

FY04

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY17E

Source: CSO,MOSL, AAA Research

15

Dissecting the economic recovery of FY03-08

Sectoral CAGR FY03-08 (%)

100%

90%

80%
60%
40%

72.3%

65%
47.9%

40% 39.7%

31%

27%

26%

45.8%

23%

16%

20%

60%

53%

47.3%

73%
62%

54.4%

38.7%
26.6%
25%
21% 21%

32%

33%

26.1%

52.2%

43%
22.0%

17.6%
15.6%

11%

Auto

Banking

Cement

Consumer
FMCG

Consumer
Durables

Engineering

IT

Mining &
Metal

Oil & Gas

Pharma

Mcap

PAT

Mcap

PAT

Revenue

Mcap

PAT

Revenue

Mcap

PAT

Revenue

Mcap

PAT

Revenue

Mcap

PAT

Revenue

Mcap

PAT

Revenue

Mcap

PAT

Revenue

Mcap

PAT

Revenue

Mcap

PAT

Revenue

Mcap

PAT

Revenue

0%

Sensex

Source: BSE, AAA Research

Sensex Net profit CAGR: 25.0%

Sensex Returns CAGR : 38.7%
Market Cap Returns > Net Profit Growth

16

Dissecting The Economic Recovery Of FY03-08

16

15x

14
12
10

8.7x

7x

6.6x
5.1x

5.3x

6
4

3.3x

3.2x

2.7x

BSE FMCG

BSE
Healthcare

BSE IT

2
0
BSE Auto
Source: BSE

BSE Banking

BSE
Consumer
Durable

BSE Capital
Goods

BSE Metal

Sensex

Sensex went up by 5.1x

Cyclical indices went up by 5-15x

17

Focus On Stock Earnings Growth - Earnings Growth To Bounce Back

After reporting single digit earnings growth (FY08-16), Sensex
is expected to report healthy double digit growth (FY16-18E)

Sensex
CAGR
??
Sensex
CAGR
5%

Sensex
CAGR
38.7%

Sensex
CAGR
-1.4%

Sensex
CAGR
13.9%

FY16-18E EPS
CAGR 18%

1,580
FY08-16 EPS
CAGR 6.1%

450

833 820 834

718

523

Source: Bloomberg , AAA Research

18

FY18E

FY17E

FY16

FY15

FY14

FY13

FY12

FY11

FY10

FY09

FY08

FY07

FY06

348

FY04

FY03

FY02

FY01

FY00

FY99

FY98

FY97

FY96

250 266 291 278 280 216 236 272

181

FY95

FY94

FY96-03: EPS CAGR 1%

FY05

FY93-96
EPS CAGR 45%

FY93

1,3401,3551,340

1,183
1,124
1,024
FY03-08 EPS
CAGR 25%

81 129

1,864

Market Valuations
Sensex @28051
EPS (Rs)
EPS G(%)
BV (Rs)
P/E(x)
P/BV(x)

FY08
833
16%
3,787

FY09
821
-1%
4,441

FY10
826
1%
5,101

FY11
1,013
23%
5,944

FY12 FY13
1,123 1,185
10%
6%
6,842 7,790
24.8 23.5
3.7
3.8

FY14 FY15 FY16

1,340 1,355 1340
13%
1%
-1%
8,862 9,540 10143
20.1 19.9
20.9
3.0
2.8
2.8

FY17E
1580
18%
10775
17.8
2.6

FY18E
1864
18%
11521
15.0
2.4

ROE(%)

22.0%

18.5%

16.2%

17.0%

16.4% 15.2% 15.1% 14.2% 13.2%

14.7%

16.2%

Source: Bloomberg, AAA Research

P/E Fwd (x)

27

P/B Fwd (x)

5.3
4.8

22

4.3
3.8

17

3.3

Mean 16.8x

Mean 2.7x

2.8

12

2.3
1.8

Source: AAA Research

19

Jul-16

Jul-15

Jul-14

Jul-13

Jul-12

Jul-11

Jul-10

P/B Fwd(x)

P/E Fwd(x)
Source: AAA Research

Jul-09

Jul-08

Jul-07

Jul-06

Jul-16

Jul-15

Jul-14

Jul-13

Jul-12

Jul-11

Jul-10

Jul-09

Jul-08

Jul-07

Jul-06

1.3

The people running the show at AlfAccurate Advisors

20

The AlfAccurate Advisors Team

Govind Agrawal

Rajesh Kothari
Founder and Managing Director

Director

Bhushan
BhushanKoli
Koli
Head Operations and Compliance

21

Award Winning Investment Team

Mr. Rajesh Kothari Managing Director (Grad CWA, MBA)

Rich experience of more than 20 years in Indian capital market

Expertise in both Long Only & Long Short investment strategy

Former Director with Voyager Investment Advisors (US$500m) USA based India dedicated
fund for two and half years

During his tenure, fund Outperformed the benchmark indices significantly

Former Fund Manager with DSP Merrill Lynch (now DSP Blackrock) Fund Managers Ltd for
more than four years

During his tenure equity assets under management grew from USD100m to USD1.5bn

The schemes delivered annualized return of 55% (Equity Fund) & 62% (Top100 Fund) outperforming
benchmark indices by more than 20% & 10% respectively

The equity schemes maintained its 1st Quartile Ranking consistently during his tenure

22

Award Winning Investment Team

Achievements:

Received CMA Young Achiever Award 2014

Rated as Platinum Fund Manager by Economic Times for DSP ML Equity Fund on a risk-adjusted return
basis in July 2006

Rated as Gold Fund Manager by Economic Times for DSP ML Balanced Fund on a risk-adjusted return
basis in July 2006

CNBC TV18 - CRISIL Mutual Fund of the Year Award 2006 for DSPML Equity Fund

Lipper India Fund Awards 2006 for best equity fund group for 3 years

DSPML Technology.com Fund - best fund in the equity sector in the IT category (5 years, 8 eligible schemes)

He was invited at Maharashtra Economic Summit to present views on Indian Infrastructure

(http: //maharashtrasummit.mieda.in/Program.aspx)

Invited by Institute of Directors to present views on Governance Deficit

Invited by World Council for Corporate Governance to present views on Governance

Elected on the advisory panel of World CSR forum.

Actively involved with Arham Yuva Group - a philanthropic initiative

23

Glimpses Of Superior Performance To Benchmark Index

Consistent Superior returns to Benchmark Index
Funds Managed by Rajesh

Benchmark Index

150
100
50
0
-50
FY03

FY04

FY05

FY06

DSP MerillLynch MF

Jun06-08

FY10*

FY11

FY12

FY13

Voyager

FY14

FY15

FY16

FY17YTD#

AlfAccurate Advisors

27.5% CAGR

2600
2400
2200
2000
1800
1600
1400
1200
1000
800
600
400
200
0

13.5% CAGR
FY03

FY04

FY05

FY06

Jun06Dec08

FY10

Funds managed by Rajesh(%)

FY11

FY12

FY13

FY14

FY15

FY16

FY17YTD#

BSE 500 Index(%)

*(FY10 is from 23 Nov 2009 - 31 Mar 2010) #(1 April 2016 31 Jul 2016)
Note: Past performance may or may not be sustained in future

24

Award Winning Investment Team

Mr. Govind Agrawal Director (FCA Chartered Accountant, LLB)

Rich experience of 28 years in finance out of which last 21 years in Indian capital market

Former Fund Manager with Reliance Capital Asset Management Company (USD 20bn) for
over four years.

Reliance Emergent India Fund (USD 100m offshore fund) outperformed benchmark indices by 35%
since its inception.

Travelled intensely across globe to meet the investors and presented the firm for India and Emerging
Market as Investment Theme

Played instrumental role in setting up Macro Economic Research desk

Former Executive Director with UBS Securities India P Ltd, a Swiss Bank subsidiary, for 4 years

Responsible for India Account Manager for large FIIs

Guided the portfolio managers for right country, sectors and stocks weightings

25

Award Winning Investment Team

Former Senior VP Equity Sales with Motilal Oswal Securities Ltd for 10 years

Played key role in establishing institutional equity broking business, systems and processes

Was account manager for major institutional domestic and foreign accounts advising the clients on sectoral allocation
and stock selection

Achievements

Represented Reliance AMC on international platforms and panel discussion on Emerging Markets and Indian
Equity Market

Addressed investors meet and the private banking teams of large banks in Middle East, Asia, London,
Europe and in India

At UBS, was voted as the Best Equity Sales PersonMega Funds category, Asia Money 2006

Won several awards at Motilal Oswal for consistently contributing to Institutional Equity Sales

26

The AlfAccurate Advisors philosophy

27

AlfAccurate Advisors

To be the worlds most admired investment

advisor

We are specialists in Indian capital markets with

combined experience of 70+ years

Protect Capital , Create Wealth

28

Our Guiding Principles

Teamwork
Integrity

Ambition
Commitment

Meritocracy
Excellence
Entrepreneurship

Passion

Accountability

29

Investment Philosophy...

Emphasis on value research

Vs commodity research
Constant endeavor to be
ahead of the Market

Benchmark aware but not

driven

Long Term Horizon

Flexible investment style

Fundamental Research core of

our investment management

Focus on margin safety

30

Combined With Investment Discipline...

Parameter

Rules

Current Position

Cap Exposure

At least 50% in large cap(More than USD1bn)

55.0% invested in large cap

Sector Weightage

Not more than 30% in one sector

Maximum exposure in a given sector is 24.9%

Stock Weightage

Not more than 10% in a given stock and not more

than 50% in the top 10 Stocks

Maximum Exposure in a given stock is 3.5%.

Top 10 stocks as percentage of portfolio is 27.1%

Number of Stocks

Minimum 30 Stocks

59 stocks

Stock Universe

450 Corporates

450 Corporates
Sectoral Allocation

Portfolio Allocation
3%

11%

55%

31%

Large

Mid

Small

Number of Stocks: 59
Number of Sectors: 16
Top 10 Stocks as % of portfolio: 27.1%
Data as on 31 Jul 2016

Cash

Agri Input
Cement
Engineering
Power
Cash & Cash Equivalent

Auto
Chemicals
Oil & Gas
Software

Auto Ancillary
Construction
Others
Sugar

Banking
Consumer
Pharma
Textiles

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Leading To Superior Performance

AAA India Opportunity Plan - Equity Vs BSE 500 Index (%)
80

71.9

60
40
20

33.2

29
18.2
7.5

11.7

9.7

17.4 13.8

17.1
4.8

2.8

0
-7.8

-9.1

-20
FY11

FY12

FY13

FY14

FY15

AAA India Opportunity Plan - Equity

Performance (%)

FY16

FY17YTD#

BSE 500 Index

FY17YTD#

FY16

FY15

FY14

FY13

FY12

FY11

Since Inception*

AAA India Opp. Plan

17.4

2.8

71.9

29.0

11.7

9.7

18.2

310.6

BSE 500 Index

13.8

(7.8)

33.2

17.1

4.8

(9.1)

7.5

74.0

BSE Sensex

10.7

(9.4)

24.9

18.8

8.2

(10.5)

10.9

63.3

S&P CNX NIFTY

11.6
(8.9)
26.7
17.9
7.3
(9.2)
11.1
*(23 Nov 2009 31 Jul 2016)(Management fees adjusted); #(1 April 2016 31 Jul 2016)

69.3

AAA India Opp. plan consistently not only outperformed but also generated Positive return in volatile markets
Note: Returns of individual clients may differ depending on time of entry in the Strategy. Past performance may or may not be sustained in future and should
not be used as a basis for comparison with other investments

32

Leading To Superior Performance

33

Leading To Superior Performance

Compounded Annual
Returns (%)

1 YEAR

2 YEARS

3 YEARS

5 YEARS

Since Inception*

AAA India Opp. Plan

7.2

26.8

37.8

25.4

23.6

BSE 500 Index

3.1

8.6

18.4

10.3

8.7

BSE Sensex

(0.2)

4.1

13.2

9.0

7.6

S&P CNX NIFTY

1.2

5.8

14.6

9.5

8.2

Performance Vs leading Mutual Funds Since Inception(%)

310.6

170.7
121.5

96.7
54.9

AAA India Opp.

Plan*

Quartile 1

Quartile 2

Quartile 3

Quartile 4

74.0

63.3

69.3

BSE 500 Index

BSE Sensex

S&P CNX Nifty

Source: Bloomberg

Since Inception of AAA: *(23 Nov 2009 31 Jul 2016 )(Management fees adjusted)

AAA India Opp Plan ranks # 1 compared with 141 diversified funds of each reputed fund house
Note: Returns of individual clients may differ depending on time of entry in the Strategy. Past performance may or may not be sustained in future and
should not be used as a basis for comparison with other investments

34

The Power Of Compounding A Scenario Analysis

Scenarios based on investment of Rs 5 Crores
The real power of compounding is seen only over the long term
12% CAGR

15% CAGR
150 Cr

20% CAGR

18% CAGR
331 Cr

717 Cr

1,187 Cr

137 Cr

82 Cr

192 Cr

48 Cr

26 Cr

20 Cr

31 Cr

16 Cr
10 Cr

9 Cr

5Yrs

10Yrs

20Yrs

30Yrs

5Yrs

11 Cr

10Yrs

20Yrs

30Yrs

5Yrs

12 Cr

10Yrs

20Yrs

30Yrs

5Yrs

10Yrs

20Yrs

30Yrs

Note: Equity return scenarios are assumed expected returns.

35

Why We Should Be Your Choice Of Investment Advisory

Access to Founders founders are fund managers

Award winning investment team and track record

Process driven organization

Client centric business model

Strong domain knowledge in Indian Capital markets

Expertise in both Long Only and Long Short Investment Strategy

Sound Research capabilities

Staggered investment approach

Integrity and ethics as the core of the business
Adequate infrastructure to support scalability

No conflict of interest
36

Product Features

Name of plan

AAA India Opportunity Equity PMS Plan

Objective

Long Term Capital Appreciation

Investment Theme

To invest in listed companies with

combination of high growth stocks as well
as value stocks

Principal Officer

Rajesh Kothari

Director

Govind Agrawal

Custodians

Deutsche Bank, India

Fund Accountant

Deutsche Bank, India

Depository Participant

IL&FS, India

Mode of payment

Fund transfer/cheque/stock transfer

37

Awards and Recognitions

Dr. Jitendra Singh, Union Minister of State (I/C), Prime

Minister Office, giving Certificate of Merit CMA
Young Achiever Award 2014

Lipper Fund Award India 2007

38

Contact us:

Thank You

AlfAccurate Advisors Pvt. Ltd

503, B Wing, Naman Midtown,
Elphinstone Road,
Mumbai - 400 013, India
T: +91 22 42360300; F: +91 22 42360333
info@alfaccurate.com
www.alfaccurate.com
Rajesh Kothari
T: +91 22 42360301
M:+91 98200 09226
rajeshkothari@alfaccurate.com
Govind Agrawal
T: +91 22 42360 311
M: +91 93208 51013
govindagrawal@alfaccurate.com

Disclaimer: Equity Investments are subject to market risks , read all plan related documents carefully. This document is not for public distribution and has been furnished to you solely for
your information and may not be reproduced or redistributed to any other person. This material is for the personal information of the authorized recipient. The material is based upon
publicly available information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon. Opinions expressed are our current
opinions as of the date appearing on this material only. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to
change without notice. Past performance may or may not be sustained in future. No part of this material may be duplicated in any form and/or redistributed without AlfAccurate Advisors
Pvt Ltd.'s prior written consent. In so far as this report includes current or historical information, it is believed to be reliable, although its accuracy and completeness cannot be
guaranteed. Alfaccurate Advisors Pvt. Ltd and any person connected with the firm, does not accept any liability arising from the use of this document.

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