Trust Line. Delivering Value.
|
|
- Alexander Berry
- 6 years ago
- Views:
Transcription
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
12 TrustLine Products Intri nsic Series
13 Trust Line Delivering Value Intrinsic Deep Value Fund
14
15 Success Stories Intri nsic Deep Value Fund
16
17
18 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
19 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
20 Trust Line Delivering Value Intrinsic Floater
21 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
22 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
23
24 Comparison: Intrinsic Floater v/s Debt funds v/s Equity funds Intrinsic Floater Intrinsic Floater Fund
25 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
26 Trust Line Delivering Value Intrinsic FloaterPlus
27 Intrinsic FloaterPlus: Product Details Intrinsic FloaterPlus is an risk-arbitrage long horizon fund from TrustLine staple. This fund aims to provide superior riskadjusted returns by investing in equity and debt securities of companies that are impacted by potential or ongoing corporate events such as open offers, delisting, mergers, acquisitions, asset sales, restructurings, reorganizations or other special situations. With primary objective of Capital preservation across market cycles the fund aims to generate superior risk adjusted returns relative to high-yield fixed income instruments such as high-yield NCD / Bonds (about 500 basis points higher than high-yield debt), by identifying and quickly executing event based risk-arbitrage opportunities (both ongoing and potential).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 FloaterPlus
28 Intrinsic FloaterPlus Intrinsic FloaterPlus Asset Allocation / Portfolio structure The Fund will primarily invest in fixed income securities with an option to invest up to 80% in Equity. While the fixed Income securities & Liquid funds generally provide steady and consistent return, the arbitrage component would enhance the return of the total portfolio to offer a potentially higher return to the investors over a long term. Investments in arbitrage opportunities will be distributed across risk and risk-free opportunities; Typically the exposure to any arbitrage opportunity will not be less than 2.5% and not exceeding 10-15% of the portfolio. The higher allocation will be done gradually over time and only after better understanding and attractiveness of the opportunity. And, within the overall equity component, portfolio model has been designed to ensure that the allocation towards riskarbitrage opportunities (potential corporate action based opportunities) does not exceed the upper limit of 30% while the rest coming from risk-free arbitrage (publicly announced events). Investment in certain arbitrage opportunities may have uncertainty on time period but when things unfold they tend give superior returns and enhance the overall return profile of the portfolio Months Intrinsic FloaterPlus
29 Intrinsic FloaterPlus Investment Horizon In view of medium risk profile of the product, we have designed this plan as a months investment horizon, renewable at the end of every year. Initial Investment Initial investment can be made either through cheque or in the form of approved securities. In the later 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. Return Sharing Fee Structure Item Hurdle Rate Fixed Fee Profit Sharing Fee Minimum Investment Fee 10% 1.0% 15% 25 Lakhs * Profit sharing % applies to returns in excess of hurdle rate Payout of Fees Fixed management fee is charged quarterly as per the above annual rates on the average NAV. Profit sharing will be charged after twelve months of joining or on withdrawal of funds from the portfolio. Portfolio concentration risk: Since the fund will be taking high conviction arbitrage bets, the overall returns of the portfolio will be highly dependent on the performance of some of the underlying securities. Equity Risk: The portfolio bears the risk that some of the corporate events may not fructify or may take longer time than anticipated resulting in marked-to-market (notional) losses in the short-term. Investment manager: The performance of the fund will be highly dependent on the ability of the investment team in identifying potential and ongoing event based arbitrage opportunities. Intrinsic FloaterPlus
30 Investment Approach Research Specialization in PMS Track Record Advantage Soft Skills Client Profile SEBI Registered Robust Back-end (IT) Intri nsic Series
31 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.
Trust Line Delivering Value 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
More informationTrust Line. Delivering Value.
Trust Line Delivering Value 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
More information39/19, IInd Floor, Aspen Court, 6th Main Road, Raja Annamalaipuram, Chennai /17, Town Planning Scheme Road, Mandaveli, Chennai ;
Overview P R O P O S I T I O N 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
More informationInvestor Presentation April 2018
Investor Presentation April 2018 Hayden Capital, LLC 79 Madison Ave, 3 rd Floor New York, NY. 10016 Fred Liu, CFA Managing Partner Office: (646) 883-8805 Mobile: (513) 304-3313 Email: fred.liu@haydencapital.com
More informationFORM C SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS,1993. (Regulation 14)
FORM C SECURITIES AND EXCHANGE BOARD OF INDIA (PORTFOLIO MANAGERS) REGULATIONS,1993 (Regulation 14) PORTFOLIO MANAGER TRUSTLINE HOLDINGS (P) LTD. 39/19,IInd Floor, Aspen Court 6 th Main Road,Raja Annamalai
More informationPortfolio Management Service January 2019
Securities Investment Mgmt Pvt Ltd Portfolio Management Service January 2019 1 Index Investment Philosophy & Objectives Endeavour Core Portfolio Features Portfolio Construction Approach Market Views Performance
More informationFor product labelling please refer to slide no 16
For product labelling please refer to slide no 16 Structural bull markets see intermittent correction phases Actively managed Small & Midcap funds vs Indices -11.9% -13.4% -19.4% -34.5% -15.7% Growth of
More information: FES Chief Investment Officer Report on Q Results_V_2.1
Memorandum To From : Forum Staff : BW Date : May 3 rd, 2018 Subject : FES Chief Investment Officer Report on Q1 2018 Results_V_2.1 This report of the CIO has been put together for stakeholders interested
More informationSPW Global Equity - investment philosophy
/ SPW Global Equity - investment philosophy This document is for authorised intermediaries and professional investors only and not for distribution to retail clients The overarching investment approach
More informationSTRATEGY INSIGHT EUROPEAN LONG/SHORT
STRATEGY INSIGHT EUROPEAN LONG/SHORT FEBRUARY 2018 FOR PROFESSIONAL CLIENTS ONLY In today s markets, investors are increasingly seeking greater stability in returns and managed volatility as well as an
More informationEquity Funds Ready Reckoner
Equity Funds Ready Reckoner Name Investment Theme Product Positioning Key Features Fund Manager Monthly AAUM Mcap (%) Overweight Underweight Beta (Rs. Crs) Sharpe Standard Deviation (%) 5 years Alpha (%)
More informationEquity Funds Ready Reckoner
Equity Funds Ready Reckoner Name Investment Theme Product Positioning Key Features Fund Manager Monthly AAUM Mcap (%) Overweight Underweight Beta (Rs. Crs) Sharpe Standard Deviation (%) 5 years Alpha (%)
More informationFranklin Mutual European Fund
Franklin Templeton Investment Funds Franklin Mutual European Fund Deep Value Fund Profile Fund Details Inception Date 3 April 2000 Investment Style Benchmark(s) Deep Value MSCI Europe NETR (Price with
More informationThe Little Guide to Prudent Investing
The Little Guide to Prudent Investing www.valuehuntr.com What is Value Investing? Most analysts feel they must choose between two approaches customarily thought to be in opposition: value and growth. Indeed,
More information3.1 INTRODUCTION TO SBI MUTUAL FUND
3.1 INTRODUCTION TO SBI MUTUAL FUND UTI ruled more than two decades over mutual fund industry; in 1987 SBI mutual fund became the first non UTI public sector mutual fund in India & in the 1990 s a new
More informationTACTICAL DIVIDEND INCOME
TACTICAL DIVIDEND INCOME THE PROBLEM WITH BUY & HOLD WBI does not stand for We Beat Indexes ; it stands for Wealth Builders, Inc. At WBI, we believe preserving capital to unleash the powerful benefits
More informationTHE PROBLEM WITH BUY & HOLD
RETIREMENT INCOME THE PROBLEM WITH BUY & HOLD WBI does not stand for We Beat Indexes ; it stands for Wealth Builders, Inc. At WBI, we believe preserving capital to unleash the powerful benefits of compounding
More informationEquity Investing T. ROWE PRICE S GLOBAL STOCK FUND
FUND SPOTLIGHT November 2017 In-depth analysis and insights to inform your decision-making. Equity Investing T. ROWE PRICE S GLOBAL STOCK FUND David Eiswert Portfolio Manager, Global Stock Fund EXECUTIVE
More informationConvertible bond investing Invesco s Convertible Securities Strategy
1 Convertible bond investing Invesco s Convertible Securities Strategy Introduction to convertible bonds A primer Convertible securities provide investors the opportunity to participate in the upside of
More informationList of mutual fund schemes offered as part of Investment Advisory Services
List of mutual fund schemes offered as part of This document provides the list of mutual fund schemes offered by The Hongkong and Shanghai Banking Corporation Limited, India (HSBC India) as part of the.
More informationCANARA ROBECO LARGE CAP+ FUND FEBRUARY 2018
CANARA ROBECO LARGE CAP+ FUND FEBRUARY 2018 Canara Robeco Large Cap+ Fund The sign (+) in the name of the fund has been used in terms of asset allocation and not in return/yield An Open Ended Equity Scheme
More informationSTRATEGY INSIGHT JAPAN LONG/SHORT
STRATEGY INSIGHT JAPAN LONG/SHORT FEBRUARY 2018 FOR PROFESSIONAL CLIENTS ONLY In today s markets, investors are increasingly seeking greater stability in returns and managed volatility as well as a focus
More informationExperienced investment management
BRINKER CAPITAL Experienced investment management 30 years of excellence in investment management Our time-tested and disciplined investment process Better outcomes through experience, consistency, and
More informationVoya Large Cap Growth Strategy
Separately Managed Account I For Quarter Ending June 3, 18 I Strategy Brief I 2Q 18 Voya Large Cap Growth Strategy Strategy-At-A-Glance Objective 1 Inception Date Benchmark Vehicles To outperform the Russell
More informationBrookdale Defensive Long/Short
Brookdale Defensive Long/Short Strategy Overview: Fundamentally driven, quantitative strategy focused on defensive sectors, specifically consumer staples and healthcare. The strategy uses a proprietary
More informationINVESTMENT APPROACH & PHILOSOPHY
INVESTMENT APPROACH & PHILOSOPHY INVESTMENT APPROACH & PHILOSOPHY - Equities 2. Invest regularly 1. Invest early 3. Stay Invested Research: We receive in-depth research on companies and the macro environment
More informationDHFL Pramerica Deep Value Strategy
DHFL Pramerica Deep Value Strategy Be Yourself To be yourself in a world that is constantly trying to make you something else is the greatest accomplishment - Ralph Waldo Emerson PMS in an Investor s Portfolio
More informationInvestment Ideas. Options Strategies
MOSL s Advisory Investment Ideas Momentum Calls Delivery Ideas Positional Calls Market Momentum Few to Few Intraday For Traders who wish to settle their positions on the same day Stocks are held for a
More informationImpetus to medium-risk high-return stock, by capturing the complete up moves in the stock
Merger & Acquisi tion Impetus to medium-risk high-return stock, by capturing the complete up moves in the stock Adroit special situation portfolio usually Event Driven & Opportunistic in nature. Special
More informationReliance Focused Large Cap Fund
Reliance Focused Large Cap Fund Formerly, Reliance Equity Fund (An open ended Diversified Equity Scheme) To know more call us at 1800 300 11111 visit www.reliancemutual.com Download Free App Download with
More informationreit real estate income trust
reit real estate income trust THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY SHARES OF THE OAKTREE REIT. AN OFFERING IS ONLY MADE BY PROSPECTUS, WHICH DESCRIBES MORE FULLY ALL OF
More informationDiversified Growth Fund
Diversified Growth Fund A Sophisticated Approach to Multi-Asset Investing Introduction The Trustee of the NOW: Pensions Scheme has appointed NOW: Pensions Investment A/S Fondsmæglerselskab A/S as Investment
More informationWith the power of focus, you can see constellations where others only see stars. Motilal Oswal MOSt Focused 25 Fund. (An open ended Equity Scheme)
The Power of FOCUS With the power of focus, you can see constellations where others only see stars Motilal Oswal MOSt Focused 25 Fund (An open ended Equity Scheme) NO LOAD FUND Call: 1800-200-6626 SMS:
More informationTACTICAL DIVIDEND GROWTH
TACTICAL DIVIDEND GROWTH THE PROBLEM WITH BUY & HOLD WBI does not stand for We Beat Indexes ; it stands for Wealth Builders, Inc. At WBI, we believe preserving capital to unleash the powerful benefits
More informationTime Value of Money & When to Start Investing
Time Value of Money & When to Start Investing An Investor Education & Awareness Initiative By Franklin Templeton Mutual Fund The dream home... which was worth Rs 50 lac few years ago costs Rs 1 crore today.
More informationWe always strive to buy into high quality businesses at prices that are low compared to their long-term investment valuation.
We always strive to buy into high quality businesses at prices that are low compared to their long-term investment valuation. Neil Brown & Richard Hasson Co-Heads GRANDMASTERS We are fundamental valuation-based
More informationPRODUCT KEY FACTS. PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC - Low Average Duration Fund. 10 April 2019
PRODUCT KEY FACTS Issuer: PIMCO Funds: Global Investors Series plc PIMCO FUNDS: GLOBAL INVESTORS SERIES PLC - Low Average Duration Fund 10 April 2019 This statement provides you with key information about
More informationSchroder US Small Cap Equity
Schroder US Small Cap Equity Strategy Overview Summary Firm highlights The Schroder US Small Cap Equity Strategy is a bottom-up, fundamental and researchbased approach. The portfolio manager and analysts
More informationCover Headline Here (Title Case) The Power of Focus:
Q2 Month 20182015 Cover Headline Here (Title Case) The Power of Focus: Cover Looking subhead for here Alpha (sentence in a case) Sea of Beta CONTENTS 2 Executive Summary 3 Introduction 4 Acute Need for
More informationDISCRETIONARY PORTFOLIO MANAGEMENT SERVICE EXPLAINING YOUR PORTFOLIO. A description of how we construct and manage our clients investment portfolios
DISCRETIONARY PORTFOLIO MANAGEMENT SERVICE EXPLAINING YOUR PORTFOLIO A description of how we construct and manage our clients investment portfolios INNOVATION BUILT ON TRADITION CONTENTS Page 5. Explaining
More informationAxis Multicap Fund. An Open-ended Equity Scheme investing across large cap, mid cap, small cap stocks
Axis Multicap Fund An Open-ended Equity Scheme investing across large cap, mid cap, small cap stocks Why Multicap: Offers participation in stocks across market cap spectrum (Market Cap in INR crores) (
More informationEquity Funds Ready Reckoner
s Ready Reckoner Name Investment Theme Product Positioning Key Features Manager Monthly AAUM Mcap (%)* (Rs. Crs) Overweight Underweight Beta Sharpe Standard Deviation (%) 3 years Alpha (%) Kotak 50 Large
More informationTempleton Emerging Markets Smaller Companies Fund
Franklin Templeton Investment Funds Templeton Emerging Markets Smaller Companies Fund Core Value Fund Profile Fund Details Inception Date 18 October 2007 Investment Style Benchmark(s) Core Value MSCI Emerging
More informationSpecialist International Share Fund
Specialist International Share Fund Manager Profile January 2016 Adviser use only Specialist International Share Fund process process for this Fund is structured in the following steps: Step 1 Objectives:
More informationPreparing for Your Retirement: An IRA Review Prepared for: Great Southern Bank
Preparing for Your Retirement: An IRA Review Prepared for: Great Southern Bank Presented by: Marketing Financial Advanced Case Design 2960 E. Battlefield Springfield, MO 65804 Office: (800) 677-1087 Dennis@marketingfinancial.com
More informationIntroduction Forest Avenue, Suite 130 Chico, CA PH:
Introduction Pinyon Pine Capital (PPC) is a registered investment advisory firm that began managing client accounts in March of 2011. The firm has three investment strategies: long-only, highly concentrated
More informationEfficient Capital Markets
Efficient Capital Markets Why Should Capital Markets Be Efficient? Alternative Efficient Market Hypotheses Tests and Results of the Hypotheses Behavioural Finance Implications of Efficient Capital Markets
More informationTempleton Africa Fund
Franklin Templeton Investment Funds Templeton Africa Fund Core Value Fund Profile Fund Details Inception Date 4 May 2012 Investment Style Benchmark(s) Core Value Dow Jones Titans Africa 50 Index FUND OBJECTIVE
More informationDynamic Risk Management Arrives in Target Date Funds A market-aware approach targeting better retirement outcomes
Dynamic Risk Management Arrives in Target Date Funds A market-aware approach targeting better retirement outcomes September 2018 Key takeaways Target date funds that maintain high equity allocations are
More informationCREATING CONDITIONS FOR SUCCESS CREATING CONDITIONS FOR SUCCESS 01
CREATING CONDITIONS FOR SUCCESS CREATING CONDITIONS FOR SUCCESS 01 " Connor, Clark & Lunn Financial Group brings together the talents of diverse investment teams in a multi-boutique structure. Together,
More informationT I M E S C H A N G E. T R A D I T I O N S D O N T. DALAL & BROACHA
T I M E S C H A N G E. T R A D I T I O N S D O N T. DALAL & BROACHA O U R S E R V I C E S U I T E Institutional Equities Desk Retail Equities Desk Portfolio Management Services NRI Desk Corporate Treasur
More informationSTUDY ON THE PERFORMANCE DRIVERS FOR EMERGING MANAGERS THREE YEARS ENDING DECEMBER 31, Property of FIS Group, Inc.
STUDY ON THE PERFORMANCE DRIVERS FOR EMERGING MANAGERS THREE YEARS ENDING DECEMBER 31, 2006 BY: TINA BYLES WILLIAMS, CIO AND CEO, FIS GROUP, INC XIAOFAN YANG, VICE PRESIDENT, FIS GROUP, INC Performance
More informationINVESTMENT PHILOSOPHY Investing is most intelligent, when it is most business-like. Benjamin Graham. The Intelligent Investor
INVESTMENT PHILOSOPHY Investing is most intelligent, when it is most business-like Benjamin Graham The Intelligent Investor INVESTMENT PHILOSOPHY Investing is most intelligent, when it is most business-like
More informationASSET MANAGEMENT. Who We Are & What We Do
ASSET MANAGEMENT Who We Are & What We Do Our Mission Our mission is to provide investment advice and investment management that best serve the needs and objectives of each and every client. We strive to
More informationArtisan Partners U.S. Value Team
Artisan Partners U.S. Value Team Investment Philosophy and Process Artisan Value Fund Artisan Mid Cap Value Fund We seek cash-producing businesses in strong financial condition that are selling at undemanding
More informationUsing our various valuation approaches we estimate the Fundamental Value of the Sensex on a top down basis for Calendar year 2017 as follows:
30 th December 2016 A Rational Analysis of the Sensex for the Year 2017 Review of our Rational Analysis of SENSEX for Year ended December 2016: The year 2016 had started on a very weak note. Market was
More informationVarious Investment options offered by Mutual Funds
Various Investment options offered by Mutual Funds An Investor Education & Awareness Initiative By Franklin Templeton Mutual Fund Typical classification of mutual funds Basis Type of funds/schemes 1 2
More informationInterview With John Khabbaz of Phoenician Capital
Interview With John Khabbaz of Phoenician Capital Interview With John Khabbaz of Phoenician Capital To start off, can you tell us a bit about Phoenician Capital and the team working at the fund? Phoenician
More informationInvesco Comstock Fund. Finding opportunity
Invesco Comstock Fund Finding opportunity in deep value Equity Objective The fund seeks total return through growth of capital and current income. Symbols A: ACSTX C: ACSYX Y: ACSDX R: ACSRX R5: ACSHX
More informationGlobal Innovators Fund
Global Innovators Fund 2 nd Quarter 2015 Investing in Human Progress Who we are 2 Global Equity Manager Part of the Guinness Group of investment strategies Founded in 2002 $1.1bn AUM (Guinness Group assets
More informationRiskometer. *Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
1 Product Labeling This product is suitable for investors who are seeking*: Regular income and capital appreciation. To generate income by investing in arbitrage opportunities in the cash and derivatives
More informationBONHOEFFER CAPITAL MANAGEMENT
BONHOEFFER CAPITAL MANAGEMENT Dear Partner, Welcome to the Bonhoeffer Fund, LP. As the fund manager, I want to humbly thank you for entrusting me with the responsibility of investing and growing your hard-earned
More informationPROSPECTUS January 28, 2018
CHASE GROWTH FUND Class N Institutional Class CHASX CHAIX CHASE MID-CAP GROWTH FUND Class N Institutional Class CHAMX CHIMX www.chaseinv.com PROSPECTUS January 28, 2018 TABLE OF CONTENTS PRINCIPAL INVESTMENT
More informationCompanies Composite. Product Details 1. Overview. Performance Data. Value Equity September 30, Product Profile
Smaller Companies Composite Value Equity Product Profile Product Details 1 Strategy Assets $552,294,064.87 Inception Date 06/30/2001 Base Currency USD Investment Style Value Overview Our time-tested investment
More informationChurchill Management Group
hurchillmanagement hurchillmanagement Group hurchillmanagement Group ll Management Group hurchillmanagement G hurchillmanagement Group It is the mission of to build wealth for our Clients over the long
More informationTempleton China Fund
Franklin Templeton Investment Funds Templeton China Fund Core Value Fund Profile Fund Details Inception Date 1 September 1994 Investment Style Benchmark(s) Core Value MSCI Golden Dragon Index FUND OBJECTIVE
More informationINVESTMENT COUNSEL CHASE GROWTH FUND. Summary Prospectus. Institutional Class. January 28, 2019 C O R P O R A T I O N
CHASE INVESTMENT COUNSEL C O R P O R A T I O N CHASE GROWTH FUND Summary Prospectus January 28, 2019 Class N Institutional Class CHASX CHAIX Beginning on January 1, 2021, as permitted by regulations adopted
More informationViews expressed at the July Face to Face with Fidelity in Boston
Daniel Dupont and Hugo Lavallée s Perspectives on Canadian Equities Dan Dupont manages a number of Fidelity Funds, including Fidelity Concentrated Value Private Pool. The Pool typically has between 20
More informationDeutsche Large Cap Value Fund
SUPPLEMENT TO THE CURRENTLY EFFECTIVE SUMMARY PROSPECTUS Deutsche Large Cap Value Fund The Board of Directors of Deutsche Large Cap Value Fund (Acquired Fund) has given approval to proposals by Deutsche
More informationMulti-Cap Portfolio. Small- Mid- Cap. Cap. Large- Cap.
Multi-Cap Portfolio Multi-Cap Portfolio in which we are invest in stocks across multiple across market capitalization. That is, portfolio comprises of large cap, midcap and small cap stocks. Multi cap
More informationIIFL INDIA GROWTH FUND. (An open ended equity Scheme)
IIFL INDIA GROWTH FUND (An open ended equity Scheme) IIFL INDIA GROWTH FUND (An open ended equity Scheme) This product is suitable for investors who are seeking* capital appreciation over long term; Investment
More information*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Product Labeling This product is suitable for investors who are seeking*: Long term capital appreciation and current income Investment in equity and equity related instruments as well as fixed income securities
More informationCornerstone US Long/Short Alpha
Cornerstone US Long/Short Alpha Strategy Overview: The investment objective of the Strategy is to earn attractive riskadjusted returns that are uncorrelated with the broad equity market, while seeking
More informationFIDELITY CANADIAN DISCIPLINED EQUITY FUND
FIDELITY CANADIAN DISCIPLINED EQUITY FUND QUARTERLY FUND REVIEW June 30, 2018 Fund overview Investment objective The Fund aims to achieve long term capital growth by investing primarily in Canadian equity
More informationNOTICE OF MERGER TO SHAREHOLDERS OF. NORDEA 1 Stable Equity Long/Short Fund Euro Hedged AND. NORDEA 1 Alpha 10 MA Fund
NOTICE OF MERGER TO SHAREHOLDERS OF NORDEA 1 Stable Equity Long/Short Fund Euro Hedged AND NORDEA 1 Alpha 10 MA Fund It is brought to the attention of the shareholders of Nordea 1 Stable Equity Long/Short
More informationManaged Accounts Available at Charles Schwab & Co., Inc. Investment Strategy: U.S. Trust Focused Large Cap Growth Investment Style: Large Cap Growth
Managed Accounts Available at Charles Schwab & Co., Inc. Investment Strategy: U.S. Trust Investment Style: Large Cap Growth All information as of December 31, 2006 The management team seeks outstanding
More informationDDJ CAPITAL MANAGEMENT, LLC SPECIALISTS IN HIGH YIELD, DISTRESSED & SPECIAL SITUATION INVESTING
DDJ CAPITAL MANAGEMENT, LLC SPECIALISTS IN HIGH YIELD, DISTRESSED & SPECIAL SITUATION INVESTING DDJ Capital Management, LLC DDJ Capital Management, LLC, based in Waltham, Massachusetts, is an investment
More informationBAROMETER PRIVATE POOLS
OFFERING MEMORANDUM November 9, 2018 BAROMETER PRIVATE POOLS Offering Class A, F and O Units of: BAROMETER EQUITY POOL BAROMETER TACTICAL BALANCED POOL BAROMETER TACTICAL INCOME POOL BAROMETER TACTICAL
More informationQ&A. An Interview with Richard Shuster on Robeco Weiss, Peck & Greer Micro Cap Opportunities
Q&A An Interview with Richard Shuster on Robeco Weiss, Peck & Greer Micro Cap Opportunities October Few managers can claim to have a true competitive advantage; the RWPG Micro Cap team is the exception.
More informationKotak Mahindra Mutual Fund
Kotak Mahindra Mutual Fund 36-38A, Nariman Bhavan 227, Nariman Point Mumbai - 400 021 KEY INFORMATION MEMORANDUM & APPLICATION FORMS CONTINUOUS OFFER: Unit of all s available at prices related to Applicable
More informationIdea Cellular Ltd. 19 th January, 2015 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Idea Cellular Ltd. 19 th January, 2015 BUY CMP Target Price Rs.155.20 Rs.210.00 BSE Code 532822 Market Cap (Rs Cr.) 55,832.96 52 Week High/Low
More informationActive vs. Passive Money Management
Active vs. Passive Money Management Exploring the costs and benefits of two alternative investment approaches By Baird s Advisory Services Research Synopsis Proponents of active and passive investment
More informationFidelity FIRST Global Fund
Fidelity FIRST Global Fund Product Disclosure Statement Issued 28 June 2017 Important information This Product Disclosure Statement (PDS) is a summary of significant information relating to the Fidelity
More informationInvestment Management Philosophy
Investment Management Philosophy Executive Overview The investment marketplace has grown increasingly complex and unpredictable for individual investors. This reality may make it difficult for many people
More informationMicrocaps. Microcap describes the share market. segment of the smallest investable stocks. While exact definitions vary, the representative market
Microcaps Microcap describes the share market segment of the smallest investable stocks. While exact definitions vary, the representative market capitalisation for Australian Microcaps is stocks below
More information: FES Chief Investment Officer Report on Q Results_V_2.1
Memorandum To From : Forum Staff : BW Date : July 25th, 2018 Subject : FES Chief Investment Officer Report on Q2 2018 Results_V_2.1 This report of the CIO has been put together for stakeholders interested
More informationInvestment Selection A focus on Alternatives. Mary Cahill & Ciara Connolly
Investment Selection A focus on Alternatives Mary Cahill & Ciara Connolly On the process of investing We have no control over outcomes, but we can control the process. Of course outcomes matter, but by
More information1. Kotak Opportunities (contd.) SUBJECT. Proposed features. Kotak Banking and PSU Debt Fund. Nature of Scheme/ Type of Scheme. Investment Objective
Any queries/clarifications in this regard may be addressed to: Kotak Mahindra Asset Management Company Limited CIN: U65991MH1994PLC080009 ( Manager for Kotak Mahindra Mutual Fund) SEBI issued circulars
More informationResource Credit Income Fund (the Fund ) Supplement dated July 2, 2018 to the Prospectus dated February 1, 2018 (the Prospectus )
Resource Credit Income Fund (the Fund ) Supplement dated July 2, 2018 to the Prospectus dated February 1, 2018 (the Prospectus ) Effective July 2, 2018: 1. The address for Resource Alternative Advisor,
More informationPart 1: Understanding the Major Investment Options
Part 1: Understanding the Major Investment Options Today we will take the first step in this journey to become an Expert Investor. First, let us get an overview of all the Major Investment Options in the
More informationMARS MUTUAL FUND AUTOMATED PORTFOLIO REBALANCING SYSTEM
Every investor while investing wishes to maximise his returns while minimising his risk. Asset Allocation and Superior scheme selection are time tested proven ways for doing the same. But time and again
More informationSchroder Oriental Income Fund
1 Fund Ltd is a client of Kepler Trust Intelligence. Material produced by Kepler Trust Intelligence covering should be considered a marketing communication, and is not independent research. Please see
More informationPIMCO s Asset Allocation Solution for Inflation-Related Investments
Inflation Response Multi-Asset Strategy Your Global Investment Authority Product Profile September 2011 PIMCO s Asset Allocation Solution for Inflation-Related Investments In an evolving, multi-speed world,
More informationThe HSBC Global Investment Funds Menu
The HSBC Global Investment Funds Menu Your Selection Simplified July 2012 For professional clients only www.globalfunds.hsbc.com This Fund Menu provides an overview of HSBC Global Investment Funds and
More informationAlternative. Investment Analyst Review. Image Here. WHAT A CAIA MEMBER SHOULD KNOW The Case for Investing in Non-Traded REITs Sameer Jain
Alternative Image Here Investment Analyst Review WHAT A CAIA MEMBER SHOULD KNOW The Case for Investing in Non-Traded REITs Sameer Jain Q1 2014, Volume 2, Issue 4 Chartered Alternative Investment Analyst
More informationCANARA ROBECO BLUE CHIP EQUITY FUND
CANARA ROBECO BLUE CHIP EQUITY FUND JULY 2018 CONTENTS Blue Chip Equity Funds Risk-Reward Matrix An Introduction Canara Robeco Blue Chip Equity Fund Investment Process Portfolio Performance Why Canara
More informationTempleton Emerging Markets Fund
Franklin Templeton Investment Funds Templeton Emerging Markets Fund Core Value Fund Profile Fund Details Inception Date 28 February 1991 Investment Style Benchmark(s) Core Value MSCI Emerging Markets Index
More informationINVESTMENT MANAGEMENT
INVESTMENT MANAGEMENT 2017 Our services are fully bespoke and your investment objective is always aligned with ours. OUR INVESTMENT OFFERING We are an independent, owner managed investment firm. We cater
More informationKEY INFORMATION MEMORANDUM AND APPLICATION FORM
KEY INFORMATION MEMORANDUM AND APPLICATION FORM Motilal Oswal MOSt Focused Midcap 30 Fund (An open ended equity scheme) This product is suitable for investors who are seeking*: 1. Long Term Capital Growth
More informationMOMENTUM TRADING ON THE INDIAN STOCK MARKET
MOMENTUM TRADING ON THE INDIAN STOCK MARKET PDF File: Momentum Trading On The Indian Stock Market 1 RELATED BOOK : StockHifi Indian Stock Market tips Share Market tips Welcome aboard to www.stockhifi.com,
More information