Invesco India Caterpillar Portfolio. June 2017

Transcription

1 Invesco India Caterpillar Portfolio June 2017

2 Dec-90 Dec-92 Dec-94 Dec-96 Dec-98 Dec-00 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10 Dec-12 Dec-14 Dec-16 Favorable Demographics Increase in India s working population 48.14% Young working population compared to peers Median age of the population, % Russia China Brazil India Source: The World Bank. India s working age population aged between 15 and 64 has significantly increased over last fifteen years On the contrary, major developed economies are seeing rising proportions of retirees Source: Statista.com. India s median age is the lowest even amongst the BRIC countries Over the next decade India s working age populated aged between 15 and 64 is expected to rise, while it is expected to decline in China, Brazil & Russia 2

3 Rising Income Levels Rising Per Capita GDP GDP per capita (Current USD) Transformation of Indian Households Distribution of Indian household by consumption expenditure 100% 2,611 80% 1,430 1,604 60% 40% E Source: International Monetary Fund, Bloomberg. Per capita income rose by just USD 77 from 1990 to 2000, whereas it rose by a massive USD 966 between 2000 to It is expected to increase by USD 1,181 between 2010 to 2020 Consumption patterns & economic growth change once critical levels like USD 1,000 & USD 2,000 are crossed 20% 0% FY2010 FY2015E FY2020E FY2025E Surviving Emerging Evolving Prospering Upper Class Real-rich Source: Kotak Institutional Equities. With incomes rising more households are expected to migrate towards Evolving and Prospering class The number of households under the surviving category is expected to be eliminated by 2025 Distribution of Indian household by consumption expenditure. Category Definition: Surviving: Up to USD 3,000. Emerging: From USD 3,000 to USD 6,000. Evolving: USD 6,000 to USD 12,000. Prospering: USD 12,000 to USD 24,000. Upper Class: USD 24,000 to USD 36,000. Real-Rich: USD 36,000 and above. 3

4 Consumption: The Big Opportunity Growth Expected in Indian Consumption Expenditure Period- March 2012 to March 2025 Sectors Expected to Benefit Period March 2012 to March 2025 Incremental Growth Expected in Consumption Expenditure INR Trillion INR Trillion Category % Share of Incremental Growth Expected in Consumption Expenditure Food & beverages 27.43% Housing 15.28% Transport 10.24% INR Trillion Healthcare 6.52% Leisure 5.24% Household goods 4.72% Clothing & footwear 4.47% Others 26.10% Source: Kotak Institutional Equities Research. Others Include: Hotels, Communications, Education, Alcohol & Tobacco and Miscellaneous. 4

5 India in a Sweet Spot Favorable Demographics Rising Income Levels Increased Consumption Govt. Policy Action Tax Reforms Make in India Thrust on Infrastructure Sectors that may benefit Consumer Discretionary Consumer Staples Banking & Financials Industrials (Manufacturing & Infrastructure) The above analysis is based on current view and subject to change without notice. Sector Source Classification: Bloomberg GICS. 5

6 Why Mid and Small Caps? Better compounding machines Provides exposure to structural growth stories Offers participation in emerging businesses Beneficiaries of earning growth and P/E multiple expansion Provides alpha generation as they are under-researched & largely overlooked Widening pool of entrepreneurial talent in India is best tapped in mid & small cap stocks 6

7 How has Midcaps Performed? Midcap indices have outperformed large cap indices consistently 1 Years 2 Years 3 Years 4 Years 5 Years 6 Years 7 Years 8 Years 9 Years 10 Years11 Years12 Years13 Years14 Years Nifty 50 Index Nifty Free Float Midcap 100 Index Data as on June 30, (in %) Past performance may or may not be sustained in future. Source: NSE. The base date of Nifty Free Float Midcap 100 Index is January 1, Returns up to 1 year are absolute Returns and returns over 1 year are Compound Annual Growth Return. The above simulation is for illustration purpose only and should not be construed as a promise on minimum returns and safeguard of capital. Invesco Asset Management (India) Private Limited is not guaranteeing or forecasting any returns. 7

8 Invesco India Caterpillar Portfolio How Mid and Small caps are defined Midcaps: Companies which have market capitalization between the Simple Average Market Capitalization of Top 5 Constituents of Nifty Free Float Midcap 100 Index and Simple Average Market Capitalization of bottom 5 Constituents of Nifty Free Float Midcap 100 Index. Small Caps: Companies which have market capitalization lesser than Simple Average Market Capitalization of bottom 5 Constituents of Nifty Free Float Midcap 100 Index. 8

9 Small Cap & Mid Cap Transition in a Decade Small Cap Co s of March-2007 Mid Cap Co s of March Market Cap Range: INR 435 Crs to INR 891 Crs March-2017 Market Cap Range: INR 891 Crs to INR 11,330 Crs March Co s Remained Small Cap in March 2017 Co s Transitioned to Mid Cap in March 2017 Company Transitioned to Large Cap in March 2017 Co s slipped to Small Cap in March 2017 Co s Remained Mid Cap in March 2017 Co s Transitioned to Large Cap in March 2017 Market Cap Range: INR 648 Crs to INR 4,202 Crs Market Cap Range: INR 4,202 Crs to INR 61,803 Crs Market Cap Range: INR 61,803 Crs and Above Market Cap Range: INR 648 Crs to INR 4,202 Crs Market Cap Range: INR 4,202 Crs to INR 61,803 Crs Market Cap Range: INR 61,803 Crs and Above Period: March 31, 2007 March 31, Past performance may or may not be sustained in future. Source: Bloomberg. The definition of capitalization is based on internal analysis and views. Definition: Large Caps are defined as companies having market capitalization above the Simple Average Market Capitalization of Top 5 Constituents of Nifty Free Float Midcap 100 Index. Midcaps are defined as companies having market capitalization between the Simple Average Market Capitalization of Top 5 Constituents of Nifty Free Float Midcap 100 Index and Simple Average Market Capitalization of bottom 5 Constituents of Nifty Free Float Midcap 100 Index. Small Caps are defined as companies having market capitalization lesser than Simple Average Market Capitalization of bottom 5 Constituents of Nifty Free Float Midcap 100 Index. 9

10 Transition Leads to Superior Performance Period: March 31, 2007 March 31, Return: Average CAGR 59.14% 26.44% 26.64% 13.66% Mid Cap (2007) - Mid Cap (2017) Mid Cap (2007) - Large Cap (2017) Small Cap (2007) - Mid Cap (2017) Small Cap (2007) - Large Cap (2017) Mid Cap (2007) - Mid Cap (2017) Mid Cap (2007) - Large Cap (2017) Small Cap (2007) - Mid Cap (2017) Small Cap (2007) - Large Cap (2017) Past performance may or may not be sustained in future. Source: Bloomberg. The definition of capitalization is based on internal analysis and views. Definition: Large Caps are defined as companies having market capitalization above the Simple Average Market Capitalization of Top 5 Constituents of Nifty Free Float Midcap 100 Index. Midcaps are defined as companies having market capitalization between the Simple Average Market Capitalization of Top 5 Constituents of Nifty Free Float Midcap 100 Index and Simple Average Market Capitalization of bottom 5 Constituents of Nifty Free Float Midcap 100 Index. Small Caps are defined as companies having market capitalization lesser than Simple Average Market Capitalization of bottom 5 Constituents of Nifty Free Float Midcap 100 Index. Return Method: Compound Annual Growth Return (CAGR). The return of individual stock in a category is based on adjusted stock price considering corporate action excluding dividends. The average return of each category is calculated as simple average of CAGR returns of all the stocks in that particular category. 10

11 Divergent Stock Performance Stock Selection is the key Period: March 31, 2007 March 31, % 40% 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% Maximum Return 36.53% Minimum Return % Average Return 13.66% Maximum Return 42.18% Minimum Return 12.40% Average Return 26.44% Maximum Return 42.05% Minimum Return 16.55% Average Return 26.64% Mid Cap (2007) to Mid Cap (2017) Mid Cap (2007) to Large Cap (2017) Small Cap (2007) to Mid Cap (2017) Past performance may or may not be sustained in future. Return Method: Compound Annual Growth Return (CAGR). Source: Bloomberg. The definition of capitalization is based on internal analysis and views. Definition: Large Caps are defined as companies having market capitalization above the Simple Average Market Capitalization of Top 5 Constituents of Nifty Free Float Midcap 100 Index. Midcaps are defined as companies having market capitalization between the Simple Average Market Capitalization of Top 5 Constituents of Nifty Free Float Midcap 100 Index and Simple Average Market Capitalization of bottom 5 Constituents of Nifty Free Float Midcap 100 Index. Small Caps are defined as companies having market capitalization lesser than Simple Average Market Capitalization of bottom 5 Constituents of Nifty Free Float Midcap 100 Index. The return of individual stock in a category is based on adjusted stock price considering corporate action excluding dividends. Maximum Return and Minimum Return are of individual stock in that particular category. The average return of each category is calculated as simple average of CAGR returns of all the stocks in that particular category. 11

12 Invesco India Caterpillar Portfolio Capitalizing on Transformational Opportunities Capitalize on the transformation of small and mid sized companies Participate in companies with structural growth trends Participate in niche or emerging business areas Exploit overlooked investment opportunities Benefit from both earning growth and P/E multiple expansion 12

13 Invesco India Caterpillar Portfolio Investment Guidelines Universe Fundamentally strong and high growth midcap 1 and smallcap 2 companies Stock Selection Approach Investment Focus Portfolio Construct Bottom-up stock picking Potential of strong and sustainable growth Attractive Returns on Capital and adequate cash flow Competitive Advantages and Industry attractiveness Good quality management with sound corporate governance High conviction portfolio 15 to 25 Stock Portfolio 1 Midcaps are defined as companies having market capitalization between the Simple Average Market Capitalization of Top 5 Constituents of Nifty Free Float Midcap 100 Index and Simple Average Market Capitalization of bottom 5 Constituents of Nifty Free Float Midcap 100 Index. 2 Small Caps are defined as companies having market capitalization lesser than Simple Average Market Capitalization of bottom 5 Constituents of Nifty Free Float Midcap 100 Index. 13

14 Since Inception Performance As on June 30, 2017 If Rs. 25 Lahks were invested in Invesco India Caterpillar Portfolio, Nifty Free Float Midcap 100 Index and Nifty 50 Index on June 26, 2006, its present value would have been Rs Crs CAGR: 20.46% Rs Crs CAGR: 10.88% Rs Crs CAGR: 14.45% Nifty 50 Index Nifty Free Float Midcap 100 Index Invesco India Caterpillar Portfolio Period: June 26, 2006 June 30, Past performance may or may not be sustained in future. The data given above is for model portfolio. The returns are calculated on the basis of daily market value of the Portfolio. Disclaimer: The returns of model portfolio given above are for illustration purpose only. Model portfolio returns does not take into account expenses/charges and Profit/Loss on account of derivative transactions. Returns under client wise portfolio may vary vis-à-vis returns of model portfolio due to various factors viz. timing of investment/additional investment in client s portfolio, timing of withdrawals in client s portfolio, mandates given by respective client, profit/loss on account of derivative transactions, expenses charged to respective portfolio, dividend income in the respective portfolio etc. The Portfolio manager does not offer guaranteed or assured returns. Securities investments are subject to market risks, please read the Disclosure Document carefully before investing. 14

15 20.66% 16.73% 16.90% 30.34% 27.21% 26.73% 23.17% 20.42% 17.37% 20.48% 20.46% 28.32% 24.66% 19.25% 14.25% 11.78% 15.95% 14.50% 11.48% 14.63% 14.45% 36.68% 32.44% 28.30% Portfolio Performance As on June 30, Year 2 Years 3 Years 4 Years 5 Years 6 Years 7 Years 8 Years 9 Years 10 Years 11 Years Since Inception (June 26, 2006) Invesco India Caterpillar Portfolio Nifty Free Float Midcap 100 Index Past performance may or may not be sustained in future. Returns up to 1 year are absolute Returns and returns over 1 year are Compound Annual Growth Return. The data given above is for model portfolio. The returns are calculated on the basis of daily market value of the Portfolio. Disclaimer: The returns of model portfolio given above are for illustration purpose only. Model portfolio returns does not take into account expenses/charges and Profit/Loss on account of derivative transactions. Returns under client wise portfolio may vary vis-à-vis returns of model portfolio due to various factors viz. timing of investment/additional investment in client s portfolio, timing of withdrawals in client s portfolio, mandates given by respective client, profit/loss on account of derivative transactions, expenses charged to respective portfolio, dividend income in the respective portfolio etc. The Portfolio manager does not offer guaranteed or assured returns. Securities investments are subject to market risks, please read the Disclosure Document carefully before investing. 15

16 Portfolio Performance Calendar Year YTD Invesco India Caterpillar Portfolio Nifty Free Float Midcap 100 Index YTD: up to June 30, Past performance may or may not be sustained in future. Returns method: Absolute Returns The data given above is for model portfolio. The returns are calculated on the basis of daily market value of the Portfolio. Disclaimer: The returns of model portfolio given above are for illustration purpose only. Model portfolio returns does not take into account expenses/charges and Profit/Loss on account of derivative transactions. Returns under client wise portfolio may vary vis-à-vis returns of model portfolio due to various factors viz. timing of investment/additional investment in client s portfolio, timing of withdrawals in client s portfolio, mandates given by respective client, profit/loss on account of derivative transactions, expenses charged to respective portfolio, dividend income in the respective portfolio etc. The Portfolio manager does not offer guaranteed or assured returns. Securities investments are subject to market risks, please read the Disclosure Document carefully before investing. 16

17 Alpha Generators CCL Products (India) Ltd. Heritage Foods India Ltd. Purchase Date Aug 28, 2014 Purchase Date Dec 18, 2015 Holding Date Jun 30, 2017 Holding Date Jun 30, % Holding Period 1,038 Return Method CAGR 54.96% Holding Period 561 Return Method CAGR 17.85% 21.29% CCL Products (India) Ltd. Nifty Free Float Midcap 100 Index Heritage Foods India Ltd. Nifty Free Float Midcap 100 Index Sticky international clients for Instant Coffee Capacity utilization improved from 61% in FY14 to 78% in FY17. Average Return on Capital Employed of 24.6% for last 5 years ending FY 2017 Available at reasonable valuations Established brands in dairy business Expanded presence in newer business territories Average Return on Capital Employed of 47.5% for last 5 years ending FY 2017 in Dairy Business Reasonable valuations Past performance may or may not be sustained in future. Return Method: Compound Annual Growth Return (CAGR). Note: Performance has been shown from the period when stock was included in the portfolio. Source: NSE/Capitaline/Internal. Alpha indicates excess return of the stock relative to the return of the benchmark index. The stock referred above should not be construed as recommendations from Invesco Asset Management (India) Private Limited. The Portfolio may or may not have any present or future positions in these stocks or in any other portfolios offered by Invesco Asset Management (India) Private Limited. The performance of above stocks should not be construed as performance of the portfolio as the portfolio would be constituted of number of stocks having different weights and the individual stock held by the portfolio may or may not give positive returns. Invesco Asset Management (India) Private Limited is not guaranteeing or promising or forecasting any returns. 17

18 Alpha Generators Hindustan Petroleum Corporation Ltd. Amara Raja Batteries Ltd. Purchase Date Dec 17, 2015 Sale Date Feb 17, 2017 Purchase Date Apr 17, 2013 Sale Date May 24, % Holding Period Return Method 429 days CAGR 53.58% Holding Period Return Method 1,134 days CAGR 18.76% 18.68% Hindustan Petroleum Corporation Ltd. Nifty Free Float Midcap 100 Index Amara Raja Batteries Ltd. Nifty Free Float Midcap 100 Index Implementation of market linked fuel prices. Significant reduction in Working Capital & Steady Marketing Margins Improvement in Net Refining Margin from US$ 3.4/barrel in FY 2014 to US$ 6.7/barrel in FY 2016 Reduction in discounts on batteries versus industry leader. Higher sales contribution due to migration from replacement battery market. Witnessed capacity expansion Re-rating potential Past performance may or may not be sustained in future. Returns up to 1 year are absolute and over 1 year are Compounded Annualized. Note: Performance has been shown from the period when stock was included in the portfolio. Source: NSE/Capitaline/Internal. Alpha indicates excess return of the stock relative to the return of the benchmark index. The stock referred above should not be construed as recommendations from Invesco Asset Management (India) Private Limited. The Portfolio may or may not have any present or future positions in these stocks or in any other portfolios offered by Invesco Asset Management (India) Private Limited. The performance of above stocks should not be construed as performance of the portfolio as the portfolio would be constituted of number of stocks having different weights and the individual stock held by the portfolio may or may not give positive returns. Invesco Asset Management (India) Private Limited is not guaranteeing or promising or forecasting any returns. 18

19 Alpha Generators Astral Poly Technik Ltd. Britannia Industries Ltd. Purchase Date Feb 01, 2011 Purchase Date Jun 06, 2013 Sale Date Sep 18, 2014 Sale Date Feb 08, % Holding Period 1,326 days 72.44% Holding Period 978 days Return Method CAGR Return Method CAGR 18.39% 12.17% Astral Poly Technik Ltd. Nifty Free Float Midcap 100 Index Britannia Industries Ltd. Nifty Free Float Midcap 100 Index Creation of newer market in Chlorinated PVC pipes. Annualized growth of 41% in Sales & Net Profits for 5 Years ending FY 2014 Average Return on Capital Employed of 30% for 5 years ending FY 2014 Stock had Re-rating potential as valuation were cheap. Established brands in biscuits & snacks Margin expansion from 6.7% in FY 2012 to 14.8% in FY 2016 Improvement in Return on Capital Employed from 27.5% in FY 2012 to 71.9% in FY Stock was available at reasonable valuations Past performance may or may not be sustained in future. Returns up to 1 year are absolute and over 1 year are Compounded Annualized. Note: Performance has been shown from the period when stock was included in the portfolio. Source: NSE/Capitaline/Internal. Alpha indicates excess return of the stock relative to the return of the benchmark index. The stock referred above should not be construed as recommendations from Invesco Asset Management (India) Private Limited. The Portfolio may or may not have any present or future positions in these stocks or in any other portfolios offered by Invesco Asset Management (India) Private Limited. The performance of above stocks should not be construed as performance of the portfolio as the portfolio would be constituted of number of stocks having different weights and the individual stock held by the portfolio may or may not give positive returns. Invesco Asset Management (India) Private Limited is not guaranteeing or promising or forecasting any returns. 19

20 Model Portfolio Holdings & Characteristic June 30, 2017 Portfolio Holdings Top 10 Holding % of Net Assets KEC International Ltd Persistent Systems Ltd Karur Vysya Bank Ltd LIC Housing Finance Ltd J K Cement Ltd CCL Products I Ltd Heritage Foods India Ltd RBL Bank Ltd Petronet Lng Ltd Tata Metaliks Ltd Total Equity Exposure Sector Allocation Sectors % of Net Assets Financials Industrials Consumer Staples Information Technology Materials Energy 5.28 Consumer Discretionary 4.90 Utilities 3.00 Cash & Cash Equivalent 3.48 Portfolio Characteristics No. of Holdings (June 30, 2017) Month Avg. Wgt. Market Cap (INR Crs) 12,613 Mid & Small Cap Stocks Allocation 100% Standard Deviation 4.16% Beta 0.86 Sharpe Ratio 0.38 Based on 3 years, monthly data points (Risk-free rate of 6.25% based on Overnight MIBOR) The data given above is for model portfolio as on June 30, Disclaimer: The stocks / sectors referred above should not be construed as recommendations from Invesco Asset Management (India) Private Limited. The Portfolio may or may not have any present or future positions in these stocks or in any other portfolios offered by Invesco Asset Management (India) Private Limited. This should not be seen as an investment advice. Securities investments are subject to market risks, please read the Disclosure Document carefully before investing. 20

21 Portfolio Facts Portfolio Name Investment Objective Invesco India Caterpillar Portfolio To achieve capital appreciation over a long term by investing in a diversified portfolio. Indicative Asset Allocation Instruments Indicative Allocation (% of Portfolio Value) Risk Profile Equity & Equity Related Instruments % High Cash & Cash Equivalent 0 10% Low to medium 1 The Portfolio may have exposure to derivatives upto 30% of portfolio value in accordance with guidelines issued by SEBI. Benchmark Nifty Free Float Midcap 100 Index Portfolio Manager Mr. Chetan Shah Total Experience: 23 Years. Experience in managing this portfolio: Since December 21, Inception Date June 26, 2006 Minimum Investment INR 25 Lacs Subscription Mode: Cheque and/or Stock Transfer. 21

22 Who Should Invest Investor with ability to take higher risk Investor seeking long term capital appreciation Investor who is comfortable with short term volatility Investor without short term liquidity needs 22

23 Portfolio Manager Mr. Chetan Shah, CFA Senior Portfolio Manager Portfolio Management Services Chetan has experience of 23 years in Indian equity markets; of which 11 years were spent in portfolio management and previous 11 years were in equity research. He has been with PMS division since inception. Prior to this he worked with Quantum Securities as Head of Research and at DBS Securities India as a Senior Analyst. Quantum Securities was ranked amongst the Top 20 local brokers in Asia Money Broker Poll for 2003 under the 'Most Independent Research', 'IT Services' and 'Overall' categories. In the 2004 poll was ranked amongst the Top 20 local brokers in 'Auto Ancillaries' category under his leadership. Chetan holds an Electronics Engineering degree, a PGDM from Jamnalal Bajaj Institute of Management Studies and a CFA charter from CFA Institute, USA. He is a member of the Board of the Director of Indian Association of Investment Professionals (IAIP), a not-for-profit organization and member society of CFA Institute, promoting ethics and professional excellence in the industry 23

24 MKTG/PMSPRODPPT/0717/C00161 Compliance Information Disclaimer: This presentation does not solicit any action based on the material contained herein. Invesco Asset Management (India) Private Limited ( the Portfolio Manager/the Company/IAM ) will not treat recipients as clients by virtue of their receiving this presentation. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situation/circumstances and the particular needs of any specific person who may receive this presentation. The Co's/sectors referred in this presentation are only for the purpose of explaining the concept of Portfolio and should not be construed as recommendations from Portfolio Manager. The Portfolio may or may not have any present or future positions in these stocks. The Portfolio(s) discussed in the presentation may not be suitable for all the investors. The recipient of this material alone shall be fully responsible/liable for any decision taken on the basis of this material. The appropriateness of a particular investment or strategy will depend on an investor s individual circumstances and objectives. The distribution of this presentation in certain jurisdictions may be restricted or totally prohibited to registration requirements and accordingly, persons who come into possession of this presentation are required to inform themselves about and to observe any such restrictions and/ or legal compliance requirements. Persons who may receive this presentation should consider and independently evaluate whether it is suitable for his/her/their particular circumstances and are requested to seek professional/financial advice. Past performance is not a guide for future performance. Future returns are not guaranteed and a loss of principal may occur. The Company and its affiliates accept no liabilities for any kind of loss arising out of the use of this presentation. With respect to all information found in this presentation the Company has obtained data from sources it considers reliable however, the Company and its directors, officers, agents, or employees and its affiliates make no warranty, express or implied, including the warranties of merchantability and fitness for a particular purpose, or assume any legal liability or responsibility for the accuracy, completeness, or usefulness of any information contained therein and the Company shall not be liable for any indirect, incidental or consequential damages sustained or incurred in connection with the use, operation, or inability to use this presentation and information contained therein. Under no circumstances will the Portfolio Manager be liable for any loss or damage caused by anyone s reliance on information contained in this presentation. Risk Factors: All securities investments are subject to market risks and there can be no assurance that the objectives of the portfolio(s) will be achieved. Each portfolio will be exposed to various risks depending on the investment objective, investment strategy and the asset allocation. The performance of the portfolio may be affected by changes in factors affecting the securities markets such as volume and volatility in the capital markets, interest rates, currency exchange rates, changes in law/policies of the Government, taxation laws, political, economic or other developments, general decline in the Indian markets, which may have an adverse impact on individual securities, a specific sector or all sectors. Further, the investments by the portfolio shall involve investment risks such as trading volumes, settlement risk, liquidity risk, default risk including the possible loss of capital. The portfolio with investment objective to invest in a specific sector/industry would be exposed to risk associated with such sector/industry and its performance will be dependent on performance of such sector/industry. The Portfolio Manager in accordance with the features of respective Portfolio may use derivatives which require an understanding not only of the underlying instrument but of the derivative itself. Derivative products are leveraged instruments and can provide disproportionate gains as well as disproportionate losses to the investor. Execution of such strategies depends upon the ability of the Portfolio Manager to identify such opportunities. The decisions of Portfolio Manager may not always be profitable. The portfolio, returns and expenses charged including Portfolio Management fees for each Client may differ from that of the other Client. Investors of the Portfolio Management Services are not being offered any guaranteed/assured returns. The Portfolio Manager may invest in shares, debt, units of mutual funds, deposits or other financial instruments of associate/ group Co's. The name of the portfolio(s) does not in any manner indicate either the quality of the product or their future prospects and returns. Securities investments are subject to market risk, investors are advised to read the risk factors given in the Portfolio Management Services Agreement and Disclosure Document carefully before making investments. 24

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27 Get in Touch Corporate Office: Invesco Asset Management (India) Private Limited 2101-A, A Wing, 21st Floor, Marathon Futurex, N. M. Joshi Marg, Lower Parel, Mumbai T F To invest: Call sms Invest to Invest Online Follow us on 27

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