Portfolio Manager Insight
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- Candice Miller
- 5 years ago
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1 Growth Equity Product Profile Product Details Composite Assets $3,439,925, Inception Date 30/11/2005 Base Currency USD Investment Style Growth Overview We seek to capture the growth potential of India s economy by employing a bottom-up security selection process based on in-depth company research. Through this long-term oriented approach, we focus on identifying high-quality companies that can achieve sustainable growth over time with reasonable valuations. We believe that the quality and thoroughness of our research combined with our flexible yet disciplined approach to investing in Indian equities offer the potential for strong returns in any investment climate. Performance Data Average Annual Total Returns (USD %) 1 Since Inception 3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs (30/11/2005) Franklin India Equity Composite - GROSS Franklin India Equity Composite - NET MSCI India Index Nifty % 20% 0% -20% Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Inception Franklin India Equity Composite - GROSS Franklin India Equity Composite - NET MSCI India Index Nifty 500 Calendar Year Returns (USD %) Franklin India Equity Composite - GROSS Franklin India Equity Composite - NET MSCI India Index Nifty Portfolio Manager Insight Market Review India s equity market edged down slightly in the second quarter but performed significantly better than broader emerging markets overall. Gains at the start of the period were on the back of domestic economic strength and strong corporate earnings However, this gave way to losses later in the quarter, triggered by global factors such as rising oil prices, trade tensions and political uncertainty in Europe. The rupee declined to a record low against the US dollar. In economic news, India s gross domestic product (GDP) grew 7.7% year-on-year (y/y) in the quarter ended 31 March 2018, to end its fiscal year (FY2018) with an annual growth of 6.7%. This compared with 7% y/y in the previous quarter ended 31 December 2017, and 7.1% for FY Periods of more than one year are annualised. Past performance is not an indicator or a guarantee of future performance.
2 Performance Review The strategy declined over the second quarter and underperformed the benchmark index. In relative terms, stock selection and overweights in consumer discretionary, industrials and telecommunication services detracted the most. Underweighting the information technology sector also dragged down results. Conversely, financials was a substantial relative contributor, thanks to stock selection. Stocks were lifted by a rally across the industry driven by easing worries about asset quality. In addition, India s central bank raised policy rates by 25 basis points in June. Selection in materials also aided relative returns, as did a lack of exposure to utilities and energy. Outlook & Strategy Looking ahead, we believe India s economic growth remains on a recovery path and the bottom-up corporate earnings trend has improved. We also see definite signs of a recovery in economic growth after the recent softening trend led by the disruptive effect of one-off events, such as demonetization and the implementation of the Goods and Sales Tax (GST). Moreover, India benefits from several secular growth drivers including favourable demographics, infrastructure investment, urban consumption growth and increasing income levels, as well as the impressive reform agenda being pursued by the government. Many of the changes currently taking place in the country could serve as a positive catalyst, spurring future growth, in our view. While the election calendar may distract investors, ultimately, regardless of which party wins the 2019 general election, we do not believe the election result will change the course of the economy. The pillars of economic growth are moving in the right direction: rural consumption, urban consumption, public capex have been in positive trends for a while, while private capex has showed signs of picking up, and we also expect exports to improve. In addition, although concerns have emerged around macroeconomic stability due to rising oil prices and the potential impact on the current account deficit, inflation and fiscal situation, we believe the government is committed to staying on the path to fiscal consolidation and managing government finances prudently. Meanwhile, inflation targeting by the central bank should also help keep inflation in check. It is important to note that not all industries would be equally affected, and while lower crude prices were a tailwind, India benefits from a variety of cyclical and structural growth catalysts that preserve its growth potential. In such market conditions, we believe investors should use a fundamental bottom-up approach in stock selection. Our investment team has been actively focusing on names with superior sustainability and high-quality characteristics to increase portfolio resilience against macroeconomic uncertainty. At the micro level, we are encouraged by positive feedback from companies on the ground seeing strong demand. All in all, the case for investing in India remains strong while Indian equities may not consistently generate returns in the high thirties as they did in 2017, we believe they offer enough opportunities to achieve healthy returns. Portfolio Characteristics Portfolio MSCI India Index Price to Earnings (12 Month Trailing) 26.24x 22.77x Price to Book Value 3.41x 3.19x Price to Cash Flow 15.66x 13.92x Market Capitalisation (Millions in USD) 24,940 58,943 Number of Issuers Price to Earnings Growth Ratio 0.98x 1.13x Historical 3-Year EPS Growth 8.91% 11.19% Estimated 3-5 Yr EPS Growth 21.68% 16.19% Price to Earnings (12 Month Forward) 22.43x 18.69x Number of issuers based on a representative portfolio in the composite. Securities will vary among individual accounts in the composite 2. Based on a representative portfolio in the composite. Securities will vary among individual accounts in the composite. 2
3 Portfolio Diversification Sector Weightings vs. MSCI India Index 3 Percent of Total Financials Information Technology Consumer Discretionary Industrials Materials 8.79 Consumer Staples Telecommunication Services 2.43 Health Care Real Estate 2.42 Energy Utilities Cash & Cash Equivalents 0% 5% 10% 15% 20% 25% 30% 35% Top Ten Holdings 4 Percent of Total Top Holdings Sector % INFOSYS LTD Software & Services HDFC BANK LTD Banks 9.49 KOTAK MAHINDRA Banks 8.82 BANK LTD TATA MOTORS LTD Automobiles & 3.89 Components YES BANK LTD Banks 3.84 HINDUSTAN Household & Personal 3.47 UNILEVER LTD Products ULTRATECH CEMENT Materials 3.05 LTD LARSEN & TOUBRO Capital Goods 3.00 LTD DR REDDY S Pharmaceuticals, 2.93 LABORATORIES LTD Biotechnology & Life Sciences BHARTI AIRTEL LTD Telecommunication Services 2.72 Franklin India Equity Composite MSCI India Index Supplemental Performance Statistics 3 Yrs 5 Yrs 10 Yrs Since Inception Standard Deviation (%) Franklin India Equity Composite MSCI India Index Tracking Error (%) Information Ratio Beta Sharpe Ratio Franklin India Equity Composite MSCI India Index Investment Philosophy We view our primary strengths as the Franklin India Equity team s presence on the ground and in-depth approach to fundamental research, its expertise in India equity investing, its investment process and its ability to think independently. Our bottom-up approach to investing is focused on the fundamental analysis of individual companies, based on internal research. It is the foundation of our investment process, aimed at identifying and selecting companies that combine growth, quality and sustainability characteristics at a sensible price. Stock Selection Philosophy Growth Quality Sustainability of Results Use of financial analysis to evaluate: Capital return and management analysis to determine: Analysis of a company s long-term ability to: potential to generate positive cash flows or earnings that appear to be increasing at a rate faster than that of the industry/economy profitable reinvestment opportunities potential to sustain high return on capital in the long term company management s strategic thinking and execution abilities integrity, depth, capital allocation and corporate governance standards sustain its competitive product/service brand/cost advantage create sustainable shareholder value 5. Risk statistics are calculated using gross of fees composite performance. 6. Beta, Information Ratio and Tracking Error information are measured against the MSCI India Index. 3
4 Investment Process 1. Develop Universe 2. Fundamental Research 3. Valuations 4. Stock Recommendations 5. Portfolio Construction Shortlist companies from the universe of over 5,500 companies. Identify companies with sound business models, strong growth opportunities, sustainable competitive advantages, and quality management. 360-degree, in-depth analysis based on regular interactions with management, employees, customers, competitors & independent industry professionals as well as study reports/news. Financial Analysis and forecasts. Flexible approach use suitable valuation tools depending on the industry & market situation. Focus on the long-term strategic view in the valuation approach. Conduct rigorous team discussion and debate between analysts and managers on potential companies entry onto a buy, hold or sell list. Stocks rated buy, sell or hold based on growth, quality and valuation. Model Portfolio constructed from the analysts buy and hold lists. Final Portfolio: Security sizing determined by stock conviction as well as risk alignment. Portfolio Manager has discretion over exposure to stocks outside the model portfolio. Investment Team Franklin India Equity Management Team Years with Firm Years Experience Stephen Dover, CFA Sukumar Rajah, Senior Managing Director, Director of Portfolio Management, Emerging Market Purav Jhaveri, CFA Anand Radhakrishnan, CFA, Senior Vice President & Chief Investment Officer, Franklin India Equity Murali Yerram, Vice President & Portfolio Manager Additional Resources Franklin US Equity Team Global Portfolio Compliance Investment Risk Management Group Group Product Managers Years with Firm Years Experience Anh-Mai Nguyen Hieu 3 10 Stan Hong
5 Important Legal Information Franklin claims compliance with the Global Investment Performance Standards (GIPS ). Franklin (the firm ) encompasses the equity, fixed income and balanced accounts managed by Franklin Advisers, Inc., and related Franklin affiliates, including, effective 1 January 2007, the equity accounts managed by the institutional investment teams of Franklin Templeton Institutional, LLC under the former firm name of Fiduciary Global Advisors. The combined equity assets of Franklin and Fiduciary Global Advisors form the Franklin Equity Group (formerly Franklin Global Advisers prior to 30 June 2010) unit of Franklin. Effective 1 January 2006, the fixed income assets managed from that date forward by Franklin Templeton Institutional, LLC ( FTI ) or its related affiliates (managed previously by Fiduciary Trust Company International - Institutional Division or FTCI s Institutional Division ) that went through the institutional portfolio review process were combined with the fixed income assets of Franklin to form the Franklin Templeton Fixed Income unit of Franklin. The primary reason for these changes to the firm definition was to consolidate equity and fixed income asset management for Franklin (as previously defined), Fiduciary Global Advisors (institutional equities) and FTCI s Institutional Division (institutional fixed income) under one firm, Franklin. The firm definition for Franklin does not include multistrategy asset allocation portfolios managed by Franklin Templeton Multi-Asset Solutions (FTMAS), which was previously known as Franklin Templeton Solutions as well as Franklin Templeton Multi-Asset Strategies and the wrap-fee and non-wrap-fee accounts managed by Franklin Separately Managed Accounts (formerly Franklin Portfolio Advisors) or Franklin Europe which integrated into the Templeton firm definition effective 1 December The Franklin India Equity Composite consists of all portfolios managed on a fully discretionary basis with an investment objective that seeks capital appreciation by investing in small, mid or large cap companies which have their principal business activities in India. From composite inception to the present, the Franklin India Equity Composite includes accounts that are managed by Franklin Advisers, Inc (FAI) and sub-advised to Franklin Templeton Asset Management (India) Pvt. (FTAMI). All accounts in the composite are managed on a discretionary basis by Franklin Advisers, Inc., part of the firm Franklin. FTAMI provides non-binding, non-discretionary advice to FAI, in connection with FAI s management of the Franklin India Equity strategy. FTAMI is a separate firm which does not claim GIPS compliance. Total returns are presented in U.S. dollars both gross and net of investment advisory fees, are inclusive of commissions and transaction costs, and assume reinvestment of any dividends, interest income, capital gains, or other earnings. Periods greater than one year are shown as average annual total returns. Performance data is shown rounded to the nearest hundredth. Past performance is not an indicator or a guarantee of future performance. When performance for either the portfolio or its benchmark has been converted, different foreign exchange closing rates may be used between the portfolio and its benchmark. The MSCI India Index (USD-based) is a free float-adjusted market capitalisation weighted equity index denominated in U.S. dollars comprised of securities in the emerging market of India. The benchmark is used for comparative purposes only and is provided to represent the investment environment existing during the time periods shown. Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges. To receive a complete list and description of Franklin composites (including any single account mutual fund composite) and/or a presentation that adheres to the GIPS standards for any composite, contact your Franklin Templeton institutional representative listed below. CFA and Chartered Financial Analyst are trademarks owned by CFA Institute. MSCI makes no warranties and shall have no liability with respect to any MSCI data reproduced herein. No further redistribution or use is permitted. This report is not prepared or endorsed by MSCI. Standard & Poor s, S&P and S&P 500 are registered trademarks of Standard & Poor s Financial Services LLC. Important data provider notices and terms available at 3. Information is historical and may not reflect current or future portfolio characteristics. Percentage may not equal 100% due to rounding. All holdings are subject to change. 4. Holdings of the same issuers have been combined. Top ten holdings information is historical and may not reflect current or future portfolio characteristics. All holdings are subject to change. 7. Information Ratio is a way to evaluate a manager s ability to outperform a benchmark in relation to the risk that manager is assuming, with risk defined as deviation from the benchmark. This measure is calculated by dividing the portfolio s excess return (portfolio return less the benchmark return) by the tracking error (derived by taking the standard deviation of the monthly differences between the portfolio return and the benchmark return over time). For Institutional Professional Investors only not for distribution to retail clients. This material is intended to be of general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy. It does not constitute legal or tax advice. The views expressed are those of the investment manager and the comments, opinions and analyses are rendered as at publication date and may change without notice. The information provided in this material is not intended as a complete analysis of every material fact regarding any country, region or market. All investments involve risks, including possible loss of principal. This material is made available by the following Franklin Templeton entities in those countries where it is allowed to carry out relevant business: Europe: Franklin Templeton Investment Management Limited (FTIML), registered office: Cannon Place 5th Floor, 78 Cannon Street, London EC4N6HL. Tel +44 (0) Authorised and regulated in the United Kingdom by the Financial Conduct Authority and authorised to conduct specific investment business in other European countries either via MiFID outward service or via any of the following outward branches in: Germany: FTIML Branch Frankfurt, Mainzer Landstr. 16, Frankfurt/Main, Germany. Tel +49 (0) 69/ , Fax +49 (0) 69/ , institutional@franklintempleton.de Netherlands: FTIML Branch Amsterdam, World Trade Center Amsterdam, H-Toren, 5e verdieping, Zuidplein 36, 1077 XV Amsterdam, Netherlands. Tel Romania: FTIML Branch Bucharest, Buzesti Street, Premium Point, 7th-8th Floor, Bucharest 1, Romania. Registered with Romania Financial Supervisory Authority under no. PJM01SFIM/400005/ , authorised and regulated in the UK by the Financial Conduct Authority. Tel , Fax , Spain: FTIML Branch Madrid, Professional of the Financial Sector under the Supervision of CNMV, José Ortega y Gasset 29, Madrid, Spain. Tel , Fax Sweden: FTIML Branch Stockholm, Blasieholmsgatan 5, SE , Stockholm, Sweden. Tel +46 (0) , 2018 Franklin Templeton Investments. All rights reserved.
6 Switzerland: Franklin Templeton Switzerland Ltd., Stockerstrasse 38, CH-8002 Zurich, Switzerland. Tel , Fax , South Africa: Franklin Templeton Investments SA (PTY) Ltd., which is an authorised Financial Services Provider. Kildare House, The Oval, 1 Oakdale Road, Newlands, 7700 Cape Town, South Africa. Tel +27 (21) , Fax +27 (11) , Dubai: Issued by Franklin Templeton Investments (ME) Limited, authorised and regulated by the Dubai Financial Services Authority. Dubai office: Franklin Templeton Investments, The Gate, East Wing, Level 2, Dubai International Financial Centre, P.O. Box , Dubai, U.A.E. Tel , Fax Please visit to be directed to your local Franklin Templeton website with further contact details/information Franklin Templeton Investments. All rights reserved.
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