Trust Line. Delivering Value.
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1 Trust Line Delivering Value
2 Overview TrustLine Holdings Pvt Ltd, incorporated in March 2004, is a leading Chennai based Equity Research and Business Analytics Firm. Financial Research is the core activity of TrustLine. The company tracks and studies over 700+ businesses in the small and medium cap. sector as part of its investment research. The company took the major initiative of obtaining SEBI registration for Portfolio Management Services in April 07 and availed the registration vide Reg. No. INP in July 07. As part of this initiative, the company undertook major investments in the core areas of operations such as research and client investment management by IT enabling these functions. These investments underscore our strong commitment to grow this portfolio management services business in a focused and dedicated manner. We believe that specialization often produces very good business economics and builds durable competitive edge. At TrustLine, Portfolio Management is our specialization and we will continue to focus on this space to grow our business. From this perspective we are an unique organization that is only into Portfolio Management with no other intermediary business like broking or any other related services. This sets us apart from competition and gives us a unique competitive advantage.
3 TrustLine: Investment Approach At the core of our investment philosophy lies this strong belief that Investing in publicly tradedequities is no different from buying or acquiring businesses. When we invest in a stock, it is viewed as buying a piece of business, not a piece of paper. We view ourselves as Business Analysts than as Market or Investment Analysts. As a result, our focus is on the economics of business, not on the price action or market-action. Our key objective is, first to protect the principal and then to grow it at an above-average Long-term rate of return. We strive to meet this objective thro our stead-fast commitment to the concept of Margin of Safety (MOS) in all our investment opportunities. Fundamentally, our approach to stock selection is bottom-up, stock specific from under-researched/ under-discovered universe with huge emphasis on Intrinsic Value ( Free- Cash flow ), Return on Equity(ROE) and Margin of Safety. In summary, our broad strategy is to look for profitable businesses that have superior long-term economic characteristics (durable competitive advantage ) and are run by able and honest managements and available at attractive valuations with reasonable Margin of Safety. Intri nsic Series
4 Intrinsic Value: Definition Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life. The calculation of intrinsic value, though, is not so simple. As our definition suggests, intrinsic value is an estimate rather than a precise figure, and it is additionally an estimate that must be changed if interest rates move or forecasts of future cash flows are revised. Investing based on Intrinsic Value is all about shunning flavour-of-the-season trend stories in favour of opportunities that have superior economics-ofbusiness, while available at attractive Margin-of- Safety (discount from Intrinsic Value). In other words, it is all about identifying hidden gems from under-researched and under-discovered space. Intri nsic Series
5 Growth Investing Chasing Momentum stories (Flavor of the season) Short-term out-performance at the cost of Long-term under performance Value Investing Value investing is the discipline of buying securities at a significant discount to underlying value and holding them until the full potential value is unlocked. The degree of bargain is the key to the process. We come from the school of Value Investment Philosophy and our investing model is inspired from Buffett s principles. Investments driven by Intrinsic value and Margin-of-safety. It is a low-risk and long-term high-return model. Intri nsic Series
6 In Short-term, market is a Voting Machine & In Long-term, it is a Weighing Machine In BULL markets Investors become blind to RISK & In BEAR markets Investors become blind to OPPORTUNITIES Understanding both the power of compounding and the difficulty of getting it is the heart and soul of understanding a lot of things - Charlie Munger Value Investment: Demystified Rule 1 : Not to lose MONEY Rule 2 : Not to forget RULE 1 Return-of-Capital than Return-on-Capital Business Analyst approach (not Market Analyst) Low-Risk and High-Return Strategy Intri nsic Series Compound interest is the eighth wonder of the world. He who understands it, earns it... he who doesn't, pays it.? - Albert Einstein
7 Research Value Investing Temperamental Skills
8 Research Bottom up & Stock specific Under researched & Under discovered space Business Analyst Vs Market Analyst Approach Focus on ROE, Free Cash Flow, Margin of Safety Intrinsic Value driven (vs balance sheet value) Snap shots Template to keep record of ongoing Developments in our Stock Universe (about 700 Companies in our universe) Research Template Research Template that has 400 Check points, check lists across Four dimensions i.e. Business, Financial, Management & Valuation tenets. Management Meeting Discussion with CFO or Business Manager; gets captured in the Field survey template Process Scuttle Butt Discussion Revalidation with Fund Managers & Research Analysts Network; Captured in Field Survey Template Final Decision Post final decision, regular Quarterly review based on Earnings and Analyst meet Reports Intri nsic Series Data Mining Software tool for fundamental Analysis (Annual Rep, Analyst Meet transcripts, Research report, AGM minutes etc), Filters, Screens for Short listing
9 Research Infrastructure Tools Corporate Research Database Software Research Template Portfolio Allocation Model Stock Matrix Model (for diff stages of Market Cycles) Proprietary Tool for Arbitrate Oppr Discounted Cash flow Model Field Survey Template Other facilities Annual Reports Library Subscription to Analyst Meet forums Fund Managers Network Senior Management Network Experienced team Intri nsic Series
10 Research Value Investing Temperamental Skills
11 Temperamental Skills Conviction Driven by rational facts than by popularity of those Objectivity Not influenced by herd behaviour Value Investing Driven by Process Focus on process, not on proceeds. Self-Awareness Focus within circle of competence Temperament Driven by neither greed nor by Fear Intri nsic Series
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13 Trust Line Delivering Value Intrinsic Deep Value Fund
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16 Success Stories Intri nsic Deep Value Fund
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19 Why Equity Now? Moderation in Inflation Softening of Interest Rates Turn of tide (Economic Cycle) Policy Actions Strong Govt. & Reforms Shift of domestic savings from gold and real estate (to Equities) Beware: Mistakes in down-market Cash is King (mistaken notion in a falling market) Waiting for Economy to turn-around Urge for constant activity; idea that money needs to work all the time Dis-proportional focus on Macro Timing the market (wait to time the bottom) Investing Now Reality Check Notional Erosions in the short-medium term Quotational Losses Potential IRR returns of over 20% + over next 2-3 years Nibbling over time to mitigate risks of worst case Effective use of ARBITRAGE for Enhancing returns Intri nsic Deep Value Fund
20 Intri nsic Deep Value Fund: Fee Structure In view of our long-term approach, we have designed this fund as a 3+ years investment horizon. Fee details are as below. Minimum Investment Management Fee Profit Sharing Fee Hurdle Rate 25 Lakhs 1% 20% 10% Profit Sharing % applies to returns in excess of hurdle rate. Initial Investment Initial investment can be made either through cheque or in the form of approved securities. In the latter option, the value of initial investment will be taken at the net realizable sale value of the securities as on date of transfer. BSE or NSE quote on the relevant date (date of transfer) will be used to compute the net realizable value. In the case of cheque, it is to be drawn in favor of TrustLine Holdings (P) Ltd A/c PMS Payout of Fees Profit sharing will be charged at the end of every client year or on withdrawal of funds from the portfolio. Intri nsic Deep Value Fund
21 Trust Line Delivering Value Intrinsic Floater
22 Intrinsic Floater Fund: Product Details Intrinsic Floater is an arbitrage fund from TrustLine staple. This fund aims to provide stable moderate returns by investing in equity and debt securities of companies that are impacted by corporate events such as open offers, delisting, mergers, acquisitions, asset sales, restructurings, reorganizations or other special situations. With main objective of Capital preservation across market cycles the fund aims to generate superior returns (about 400 to 500+ basis points over FMP / FD returns) than fixed income instruments (Fixed deposits, Bonds, etc) by identifying and quickly executing the low risk unique event based arbitrage opportunities. Typically, arbitrage opportunities emerge in above mentioned situation due to the perceived discount in the pre-event market price in relation to the post event market price happens largely due to the following reasons Asymmetric information distribution about the event Difference in investment objectives Expectation among investors on stock price movement and market conditions Intrinsic Floater Fund
23 Intrinsic A security is trading on the fundamentals of the market, interest rates, industry trends, etc. Floater Fund: Anatomy of an Event Sell Opportunity Price An event occurs, and the security diverges from its path, trading either up or down. Examples of events in which the fund will invest include open offer, delisting, merger, rights issue, acquisitions, corporate restructuring and other special situations Buy Opportunity Event Opportunity Depending on the type of event, the security may cease trading, or the event ends and it resumes trading on its normal course. Buy Opportunity Time Intrinsic Floater Fund
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25 Comparison: Intrinsic Floater v/s Debt funds v/s Equity funds Intrinsic Floater Intrinsic Floater Fund
26 Intrinsic Floater Fund: Fee Structure In view of our long-term approach, we have designed this plan as a 2-3 year investment horizon, renewable at the end of every year. Fee details are as below. Minimum Investment Fixed Fee Profit Sharing Fee Hurdle Rate Option 1 25 Lakhs 1.50% NIL NA Option 2 25 Lakhs 0.5% 15% 8% Profit Sharing % applies to returns in excess of hurdle rate Initial Investment Initial investment can be made either through cheque or in the form of approved securities. In the latter option, the value of initial investment will be taken at the net realizable sale value of the securities as on date of transfer. BSE or NSE quote on the relevant date ( date of transfer ) will be used to compute the net realizable value. In the case of cheque, it is to be drawn in favor of TrustLine Holdings (P) Ltd A/c PMS Payout of Fees Fixed management fee is charged quarterly as per the above annual rates at the end of financial quarter on the daily average NAV basis. Profit sharing will be charged at the end of every client year or on withdrawal of funds from the portfolio. Intrinsic Floater Fund
27 Investment Approach Research Specialization in PMS Track Record Advantage Soft Skills Client Profile SEBI Registered Robust Back-end (IT) Intri nsic Series
28 TrustLine Holdings (P) Ltd 39/19, 2nd Floor, Aspen Court 6th Main Road, Raja Annamalaipuram, Chennai , INDIA T: pms@trustlineindia.com
Trust Line. Delivering Value.
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