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US President Century Jeff Bezos third manufacturing
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2
 The Giant Leap :
From 'Fragile Five' to Fifth Largest Economy

CORPORATE
DEBT AS %
OF GDP
GST
COLLECTIONS 2015 : 62%
2023 : 50%
HIGHWAYS
RBI CPI 2018 : $87.68 B
INFLATION 2014 : 25,700 KM 2023 : $219.51 B
2023 : 53,700 KM
CORPORATE 2013 : 10%
TAX RATE 2023 : 4.7%
2013 : 33.90%
2023 : 22%

MUTUAL DIGITAL FOREIGN DIRECT REAL

ELECTRIFIED
FUND TRANSACTIONs DIRECT BENEFITS ESTATE
RAILWAYS
INVESTMENTS AS % OF GDP INVESTMENT TRANSFER (PROJECTS)
2013 : $100.73B 2016 : 4.4% 2013 : $22 B 2014 : 4,100 KM 2013 : $897.32 M 2015 : 50,000
2023 : $507.32B 2023 : 76.1% 2023 : $46 B 2023 : 28,100 KM 2023 : $32.07 B 2023 : 75,000
A Shining India
Progress Indicator Rank of India Country Displaced Top Countries
2014 2021

Economy Size (GDP) 10 6 France, Brazil, Italy, Russian US, China, Japan, Germany, UK

Auto Market 7 4 Germany, South Korea China, US, Japan

Electricity Generation 4 3 Russia China, US

Mobile Phone Production 12 2 Vietnam, Korea, USA China

Steel Production 4 2 Japan, US China

Climate Change Performance 31 10 Switzerland, France Sweden, UK, Denmark

Global Innovation Index 83 46 Greece, Philippines Switzerland, Sweden, US

WGI Governance Index Russia, Indonesia Finland, Switzerland

103 49

Ease of doing Business

142 63 Ukraine, Oman New Zealand, Singapore

4
India a beneficiary of global
power shifts, says MSCI Research MSCI EM WEIGHT
China India
Global power shifts, with India being an undisputed
beneficiary of the changing power dynamics, is expected
to be one among the five major investment themes that
39.1
are expected to play out in 2024, according to 40
researchers at MSCI.
34.3
As of February 2024, India's weightage in the MSCI 35 32.4
30.4
Emerging Markets (EM) index is 18.2%, a record high. 31.2
29.7
This is almost double India's representation in the index 30 26.6 26.5
from 2015 until October 2020, when it stood at around
8%. India's weightage has also surpassed Taiwan's.
24.9
25
21.8
19.8
20 18.3 18.0
15.1
15 12.5

8.8 9.4
10 8.6 9.2
7.1 8.7 8.3
6.6 6.3
05

Dec 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Jan 2024
5
India could surpass Germany and Japan
become the world's third-largest economy by 2030

COUNTRY 1990 COUNTRY 2000 COUNTRY 2010 COUNTRY 2022 COUNTRY 2028

USA 6.0 USA 10.3 USA 14.9 USA 25.5 USA 32.4

JAPAN 3.2 JAPAN 5.0 CHINA 6.1 CHINA 18.1 CHINA 27.5

GERMANY 1.6 GERMANY 1.9 JAPAN 5.7 JAPAN 4.2 INDIA 5.6

FRANCE 1.3 UK 1.7 GERMANY 3.4 GERMANY 4.1 JAPAN 5.3

UK 1.2 FRANCE 1.4 FRANCE 2.6 INDIA 3.4 GERMANY 5.0

ITALY 1.2 CHINA 1.2 UK 2.4 UK 3.1 UK 4.2

CANADA 0.6 ITALY 1.1 BRAZIL 2.2 FRANCE 2.8 FRANCE 3.4

IRAN 0.6 CANADA 0.7 ITALY 2.1 RUSSIA 2.2 BRAZIL 2.8

SPAIN 0.5 MEXICO 0.7 INDIA 1.7 CANADA 2.1 CANADA 2.6

BRAZIL 0.4 BRAZIL 0.7 RUSSIA 1.6 ITALY 2.0 ITALY 2.5

6
 Reforms Have Transformed India’s Outlook

STRUCTURAL REFORMS FORMALIZATION MACROS

• GST • UPI - Digital payment Infra • Sharply Improving Tax Buoyancy

• RERA • FASTag • High Forex Reserves
• PLI Scheme • Jan Dhan/Financial Inclusion • Demographic Dividend
• IBC • Direct Benefit Transfer • Massive Urbanization Scope
• Corporate tax cuts • Low-Cast Data Availability • Strong FII Inflows
• Aadhaar • Stricter Tax Compliance Rules • Vibrant Start-up Ecosystem
• NIP-Infra spend • ONDC • Shift of saving from Hard Assets to Financial Assets
• Jal Jeevan Mission • Account Aggregator • Manufacturing shift to India (China + 1)
• Affordable housing • Inflation in Control, Interest Rates Favorable
7
India : All Set for the ‘Big Leap’

By 2025 2017 - 2025 2017 - 2025

DEMOGRAPHIC DIVIDEND RISING CONSUMPTION DIGITAL INDIA

29 Years - Average age $ 1.3 Tn. to $ 3.6 Tn 450 Mn to 900 Mn Internet users

J.A.M Trinity 2016 - 2023 By 2025

FINANCIAL INCLUSION ROBUST INFRASTRUCTURE URBANIZATION

100% Aadhar linked bank A/c s $1.5 Tn - $2 Tn financing demand. 100+ smart cities, 30 people move
every minute to urban areas

By 2025 Expected Cost Reduction By 2025

UPWARD MOBILITY GST IMPACT STARTUP ECOSYSTEMS

150Mn to be added to middle class 12-14% in capital goods, 5% in 1,00,000+ Startups, 90 Unicorns
retailer’s cost, 20% in logistics currently

8
 Central And State Government
Capex Touches New High
STATE CAPEX

CENTRE CAPEX

8.8
15
Combined capex of State and Central 7.4
Govt. Breaches INR 15 trn in TTM Sep’23
12 5.9
CAPEX (INR trn)

09 4.3
3.4
3.1
2.9 2.6 6.8
2.5 5.9
06
2.0 5.3
1.7 1.9 4.1
1.6
1.6 3.8 4.2 3.9
03 1.1 3.9
2.7 3.3
1.8 2.0 2.2
1.4 1.5

0
FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

*TTM
Note : TTM represents capex data till Sep’23
Source : CEIC, I-Sec Research
9
 Corporate Profitability is on Higher Growth Trajectory

CORP PROFIT TO GDP (%)

Start of a new profit cycle for INDIA Inc?
9.0

8.0 7.8
7.3
7.0 6.5 6.3
6.3
6.0 5.4 5.5
5.0 4.7 4.8
4.3 4.4 4.4
4.0 3.5 3.8
3.5
3.0 3.3
2.9 2.8
3.0 2.7
2.2 2.4 1.9 2.3
2.0

1.0

0
FY02

FY03

FY04

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22E

FY23E

FY24E

FY25E
Source : CEIC, Capitaline, motilal oswal research
10
Net Tax Collection Strong ; Supporting Fiscal Consolidation

FY24RE : 11% growth, FY25BE 11.9% YoY, FY24 actual tracking at 11.2% FY24RE vs FY23
FY25BE vs FY24RE
22.7%

13.0% 13.1%
11.7% 12.4% 11.9%
11.5% 10.8%

5.8%

2.5%

Corporate Tax Income Tax Customs GST Net Tax Collection

Source : India budget documents, BOFA Global research 11

 India’s Amrit Kaal : Growth Surprise on the Upside
Median GDP Growth Projection For FY2024 Revised Upwards To 6.3% ; RBI Raises
7.0 Its Forecast To 7.0% ; Government has Recently Upped It To 7.3%
7.0
6.0 6.7 6.5
6.6 6.3 6.4 6.0 6.3 6.2 6.3 5.9 6.3 6.3 6.3
5.9
5.0 5.7

4.0

3.0

2.0

1.0

Median CRISIL Fitch Rating IMF Moody’s OECD RBI World Bank

Jul-Dec 2023 Jan-Jun 2023

Note : The Data Shown Above is The Projections Made By Same Agencies Across Two Time Periods
Source : Centre for Monitoring Indian Economy, NIIF Research
12
Translated to size of Opportunity for Wealth Creation

Market Cap ($ Tn) Market Cap ($ Tn)

2.8 3.6

1.4
2X 2.7 1.3X
1980 1988 1987 1994

Market Cap ($ Tn) Market Cap ($ Tn)

3.6 5.5

0.4
9X 2.2
3.4 ~2.5X
2005 2009 2018 2021 2026-27E

13
 Fiscal Consolidation Continues
As anticipated, the govt. continued its fiscal consolidation pathway : 5.8%/5.1% of
GDP in FY24RE/FY25BE
12

9.2%

8
6.7%
6.4%
5.8%
5.1%
4.6% 4.50%
4.1% 3.9% 3.5% 3.5% 3.4%
4

0 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24RE FY25BE Target
FY26

Source : India budget Documents, BOFA Global Research

14
 India’s Golden Decade

NOMINAL GDP GDP PER CAPITA

CHINA INDIA CHINA INDIA

USD Bn USD

12,000 10,000
2035 : 10,643
9,000
10,000
2014 : 10,524 2035 : 7512
8,000

7,000 2014 : 7646

8,000
6,000

6,000 5,000

4,000
4,000 3,000 2023 : 2612
2023 : 3391
2,000 2007 : 2691
2007 : 3556
2,000
1,000

0 0
1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035
Source : IMF, YES SEC
15
 China + 1 is a multi - year theme

India electronics production vs export World production of ceramic tiles breakup

350 India : Electronics production ($ bn)

300
300 India : Electronics exports ($ bn)
OCEANIA 0.0%
250 NORTH AMERICA 2.1%
200 OTHER EUROPE 4.0%
150 AFRICA 4.8%
120
100
102 CENTRAL SOUTH AMERICA 7.4%
75 EUROPEAN UNION 7.6%
50 37 24
6 12 ASIA 74.1%
0
FY16 FY20 FY23 GOVT
FY26 TARGET

Source : Govt of India, Avalon, Jefferies

16
 Cables & Wires - share
of export from India by
countries (CY21) 5% 3% 3%
6%
9% 9% AUSTRALIA FRANCE BANGLADESH
NIGERIA
UAE UK
18%
USA

47%
OTHERS

Fluorine related rev growth (%y/y)

Indian Fluorochemical 60% 57%
majors seeing strong 50% 44%
40% 40%
growth over China 40%
30% 19% 20%
17% 19%
20% 11% 13%
7% 7%
10% 1%
-3% -3% -1%
0%
-10%
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23

Key Chinese Players India (Navin +SRF +GFL)

Source : Govt of India, Avalon, Jefferies
17
 India Remains One Of The Preferred
Destination within Asia for Factory Relocation

% of Respondents
US

90%

Moving production out of China, countries / regions companies

75%
Central / Eastern Europe considering relocating or already relocated

60%
Canada

Western Europe
45%
Japan

Rest of America
Mexico

Middle East
Hong Kong

Singapore

Philippines
Thailand
30%
Africa

Rest Of Asia
Vietnam
Russia

Indonesia
Taiwan
Korea

Malaysia
Brazil

India

Oceania
15%

Source : UBS Evidence Lab

18
Global Supply Chain Diversification Beneficiaries

NET EXPORTER OF MOBILE PHONE (IN $BN) NET EXPORTER OF TOYS (IN $MN)

2.8 3.3 153.1

0.9
0

-4.9
-2.1
-3.3
-4 -3.6 -158.0

-5.8 -228.2
-292.9
-7.7

2017 – 18

2018 – 19

2019 – 20

2020 - 21

2021 - 22
FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

SOURCE : MINISTRY OF COMMERCE, FY DENOTES FISCAL YEAR WHICH

RUNS FROM APRIL TO MARCH. FY22 : APR 2021 TO MARCH 2022

19
PLI Scheme boost for
Domestic Manufacturing
Estimated Expenditure - The Government has rolled out Production linked
Sectors (in crore) incentive (PLI) schemes with targeted expenditure
of ~₹ 2.65 lakh crore (excl. semi conductors).
Mobile Phones Manufacturing 40,995
- PLI is aimed at increasing the manufacturing
IT Hardware 17,000
output by US$ 520 bn over the next 5 years and to
API and Others 6,940 drive exports as well as imports substitution.
Manufacturing of Medical Device 3,820
Advance Cell Chemistry Battery 18,100
Automobiles & Auto Component 74,850
Pharmaceuticals Drugs 15,000
Telecom & Networking Products 12,195
Textile Products 14,990
Food Products 10,900
Mobile manufacturing PLI has led to total mobile
Millet Based Products 800
manufacturing of over rupees 2 lakh crore (likely to reach
High Efficiency Solar PV Module 19,500 rupees 5.5 lakh crore by FY26) and it includes exports of
rupees 80000 crore already over the last 2 years
White Goods 6,238
Speciality Steel 6,322
Green Hydrogen 17,490
TOTAL 2,65,140
Source : Government estimates, Industry reports, ICICI Direct Research
20
Housing cycle : At Inflection Point

1,200 m sf TOP 7 CITY HOUSING SALES ~10% CAGR in medium term

1,000

800

600 Sales (m sf)

400

200

0
CY11

CY12

CY13

CY28E
CY17
CY16

CY21
CY18
CY14
CY10

CY19
CY15

CY20

CY23E
CY22
Source : PropEquity, Jefferies
21
 The Big Shift in Financialisation

SIP flows on an uptrend Insurance penetration gradually improving

(Rs. Bn)

180.0 3.0%
160.0
FY23
140.0
120.0
100.0 FY22 3.2%
80.0
60.0 FY21
40.0 3.2%
20.0
0 FY20

Apr 23
Aug 17

Aug 18

Aug 19
Dec 19

Aug 23
Dec 17
Apr 18

Dec 18
Apr 19

Apr 20
Aug 20

Aug 21

Aug 22
Dec 20
Apr 21

Dec 21
Apr 22

Dec 22 2.8%
FY19
2.7%

Source : Nirmal Bang institution equities research

22
Financialisation of household savings gain pace

Retail loans on the rise Household debt still relatively low in India

Personal Loan as % of total credit Total credit to households as

% of GDP

% %
35 120
101.7
30 100
80.7
25 80 73.7
62 64.7 67.5
20 53.5
60
15 34.3 40.3
40
10 16.1
5 20
0 0

Germany

Korea
China

France

India

Indonesia

Japan
Brazil

United States
United Kingdom
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24YTD

Source : AMFI, Nirmal Bang Institutional Equities Research Source : IRDAI, Nirmal Bang Institutional Equities Research
23
India’s moment after a Decade of Structural Reforms

Production Linked Incentive

To boast domestic manufacturing

Insolvency & Bankruptcy Code

Provides for insolvency resolution in time
bound manner

National Asset Reconstruction Co.LTD

A ‘bad bank’ to aggregate & acquire stressed loans
Structural reforms good
policy measures bode well Land Reforms
for an economy in terms Creation of land banks to make land easily
identifiable for industrial projects
of growth
PM Gati Shakti
Allocation of Rs 100 Tn. to expedite the projects
of National Infrastructure Pipeline

Taxation Reforms
Cut in corporate tax rates to 22%* introduction
of GST & faceless tax assessment

SOURCE : NSSO, INCOME TAX DATA, CENSUS, SPARK CAPITAL RESEARCH, MORGAN STANLEY.*15% FOR MANUFACTURING COMPANIES, ARC
ASSET RECONSTRUCTION COMPANY,FOR MORE DETAILS ON TAXATION CONSULT YOUR TAX ADVISOR
24
SMALL CAPS
BIG GAINS

25
 Small Is Beautiful
EPS Growth For Different Periods ; Small Is Beautiful

M C A P C L A S S I F I C AT I O N
AVERAGE EPS GROWTH (%) FY03-08 FY08-19 FY19-23 FY23-25E FY24-25E

Large Cap 29.7 5.2 10.1 28.0 23.6

Mid Cap 27.3 7.3 11.3 31.5 32.6
Small Cap 34.3 12.0 21.3 36.9 47.9

TRIMMED MEAN EPS GROWTH (%)

Large Cap 29.4 5.7 8.4 24.9 19.2

Mid Cap 26.0 7.1 11.0 28.8 26.3

Small Cap 32.8 11.7 19.5 30.6 31.9

Source: Bloomberg, Prowess CMIE, IIFL Research

26
Mid & Small Caps have delivered 20-22% returns in the last 10 years…
(High co-relation with reform and governance)

Compounded Annualized Returns (%) - as on 31-Dec-2023

INDEX 1Y 3Y 5Y 10Y 15Y 20Y
LARGE CAP

S&P BSE Sensex TRI 20.3 16.2 16.3 14.5 15.9 15.1
Nifty 50 TRI 21.3 17.2 16.2 14.6 15.5 14.5
Nifty 100 TRI 21.2 17.2 15.9 14.8 16.1 14.8
MID CAP

S&P BSE Mid Cap TRI 47.2 28.7 20.5 20.1 19.2 -
Nifty Midcap 150 TRI 44.6 30.7 23.1 22.0 21.6 -

S&P BSE Small Cap TRI 48.8 34.4 25.1 21.7 19.2 -

Nifty Small Cap 250 TRI 49.1 33.4 22.9 20.3 19.2 -

FLEXI CAP
Nifty 500 TRI 26.9 20.3 17.5 16.1 16.6 15.0
Source: MFI, FundsIndia Research. Updated as on 31 dec 2023
27
Growing size, scale & depth. Small caps are now part of the core asset allocation
cr Median Marketcap for Nifty Smallcap 250
14,000 11,525
Smallest Company Marketcap in Nifty Smallcap 250
12,000
10,000 7,081 7,579 cr
8,000 3290
3500
6,000 4,246 4,380
3,529 3,520
4,000 3000
2,000
2422
0 2500
2017 2018 2019 2020 2021 2022 2023

2000
1620
cr Median PAT for Nifty Smallcap 250 1500 1208
350 290
258
300 1000
201 632
250
441
200 165 165 500 355
141
150
109 0
100 2017 2018 2019 2020 2021 2022 2023
50
0
2017 2018 2019 2020 2021 2022 2023 Source: Bloomberg, yes Sec
28
 FPI holding in Indian stocks hit a decadal low despite
strong domestic fundamentals

REGULAR PLAN - INVESTMENT HURDLE RATE PERFORMANCE

SHARE CLASS AMT (RS)FPI HOLDING IN INDIAN EQUITIES (XIRR) FEE
%

40.00
33.61
35.00

30.00 26.86
23.58 23.93 23.92
25.00 21.91
21.44 19.89 19.42 20.60
20.00 19.03 18.47

15.00

10.00

5.00

0.00
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Source : CEIC, NSDL, Nirmal Bang Institutional equities research

29
Small Caps, Big Gains
Scope for returns owing to potential Under Researched : Limited Analyst Coverage
increase in size and analyst coverage

• As the size of the business increases, more analysts tend

to start tracking the company ANALYST
INDEX AVERAGE COVERAGE
• Institutional holding often increases as companies get
larger
S&P BSE 100 Index 29 31
• Better disclosure levels can lead to greater familiarity and S&P BSE 150 MidCap Index 20 18
higher multiples
S&P BSE 250 SmallCap Index 9 8
• As a result, mispriced smaller stocks may get re-priced

For small cap stocks, company specific factors have a much

higher impact than macro factors

SOURCE : BLOOMBERG, COMPANY REPORTS AVERAGE ANALYST COVERAGE IS THE SIMPLE AVERAGE OF NUMBER OF ANALYSTS COVERING VARIOUS INDEX
CONSTITUENTS AS ON SEPTEMBER 23. SMALL CAP STOCKS CARRY A HIGHER RISK FLUCTUATIONS AND ARE ALSO PRONE TO LIQUIDITY RISKS.
30
 The Basket of opportunity in small size business has expanded

TATA POWER

TRENT
ALKYI AMINES • Invest in new sectors and emerging themes
INFO EDGE (INDIA) NAVIN FLUORINE • Bank on entrepreneurship which is thriving in India
BAJAJ FINANCE KEI INDUSTRIES • Companies with unique positioning in their respective sector
BHARAT ELECTRONICS TITAN COMPANY MCX • Small companies but in niche sectors
APL APOLLO TUBES

ASTRA MICROWAVE
SRF
RATNAMANI METALS

PI INDUSTRIES
OLECTRA GREENTECH
GODREJ PROPERTIES
PRAJ INDUSTRIES
THE PHOENIX MILLS

• Opportunistic exposure to events, special situations

COFORGE CENTUM ELECTRONICS
SAREGAMA D E E PA K N I T R I T E • Under penetrated sectors/ industries having macro tailwinds
TATA ELXSI CHOLAMANDALAM INVESTMENT • Invest in potential turnaround stories
THE INDIAN HOTELS
• Improved availability of funds from PE and MFs
GOKALDAS EXPORTS
T V S M O T O R C O M PA N Y
SOLAR INDUSTRIES

Source : Bloomberg, Company Reports Average analyst coverage is the simple average of number of analysts covering
various index constituents as on September 23. Small cap stocks carry a higher risk fluctuations and are also prone to liquidity risks.

31
INVESTMENT
PROCESS

32
Investment Process

Fundamental Technical Parameters Thematic

Parameters & Special Situation Parameters
• Robust business models • Market Capitalization • Changing consumer behaviour
• Corporate governance • Institutional holdings • Market leadership : Gaining
• Earnings & balance sheet quality • Liquidity/ Volumes market share
• Valuations pattern • Technical Charts • Regulatory & technology changes
• Event driven • Structural sectoral changes
• Tactical trades • Temporary business headwinds
• IPOs/ QIP/ OFS/ PRE-IPO

33
 Small Cap Universe
Market
Capitalization

Market Cap No of Market Cap Cumulative Market % of Total Market

Segment Companies* Range* Cap^* (Rs Trillion) Cap^*

Large Cap 100 Rs ~77000cr & Above ~243.07 64%

Mid Cap 150 Rs ~26200cr to ~77000cr ~69.14 18%

Small Cap 2157^ Below ~26200 cr ~70.40 18%

Large universe of small caps provides more

opportunities for alpha generation

Source : Classification as per SEBI circular (SEBI/ HOI/IMDI/DF3/CIR/P/2017/114) dated Oct 6, 2017 , wherein the universe of “Small Cap” shall consist of companies below 250th company in
terms of full market capitalization. *AMFI - As on 2nd Feb 2024 ^ Stock cut off - Market Cap above 150cr. 2157 small cap companies mentioned above are those small cap companies with market cap>150 cr

34
FUNDS &
PROCESS

35
Strategy Synopsis

Key Themes
Target high quality small cap business which are undervalued and have a sustainable
business. The fund shall seek to invest with a time horizon of 3-5 years. Fund
may also consider investing in companies which may be undergoing special situations
or are in the midst of unfavorable business cycle and mispriced by the market.
Disruptive trends/ new theme will create opportunities for the investors.

Stock Holdings
Well diversified concentrated portfolio Flexibility
driven by bottom up stock selection. Unconstrained w.r.t sector.

Strategy Risk Mitigation

Invest at least 60% in small cap companies Emphasis on management quality
which have high growth potential. Rest and entrepreneurship. Strong
of the portfolio will be allocated
Amrit Kaal investment process to complement
across large, mid cap companies. Opportunities Fund risk management.
CAT III
Disclaimer : The investment manager reserves the prerogative to alter/ modify the investment themes according to the evolving environment while keeping the sanctity of the
investment objective. There is no guarantee that the fund will achieve its objective.
36
 Risk management

Bottom - up research on the promoter, business & history plays an important role.
1. Company Risk Focused balance sheet & numbers will help us in mitigating company risk.

2.
Getting it early & discount to fair value is an important objective. Detached to flavor
Valuation Risk
of the season & narrative will also help in optimising the valuation.

3. Market Risk Focusing on the fair value of the stock than euphoria and bear phase of the market.

4. Portfolio will take advantage of the optimal growth stage over the 3-5 year horizon.
Liquidity Risk
Appropriate mix of stocks will neutralise the portfolio liquidity risk.

5. Concentration Risk Diversified portfolio & 10% stock level cap will help in mitigating the risk.

37
Fund Terms

Parameters Terms of the Fund

Scheme Name Amrit Kaal Opportunities Fund

The scheme would make long-term growth-related investments through equity and/or equity-linked
Investment Objective
instruments, Exchange Traded Funds (ETFs) or debt securities in listed and unlisted companies and
other permissible securities/ instruments in accordance with the AIF regulations to generate long
term capital appreciation.

Investment Manager Stellar Asset Managers LLP

AIF Type Open Ended CAT III

Initial Contribution Minimum Rs. 1 Crore (INR)

Fund Strategy Long - Only Fund

Redemption Period 15 (Fifteen) Business Days

Exit Load 2% Prior to the completion of 36 (Thirty Six) months from the subscription date of the relevant
series of units
NAV Frequency Once a month

38
Key Management (1/2)

Gaurang Vasani is a well-respected professional with over 18 years of experience in investor relations
(IR) and corporate finance.

Gaurang started his career with Suzlon Energy, heading the company’s growth capital funding and
investor relations (IR) department for almost 8 years. He then moved to GMR Infrastructure, where
he headed the global IR department. In 2010, he started his entrepreneurial journey with the
co-founding of Strategic Growth Advisors. In 2014, he founded Stellar IR. Under his able leadership,
the company has cemented its position as a premier IR advisor to many listed corporates, in a short
period since its inception. Leveraging his corporate experience, he has helped develop a strong
corporate focused culture at Stellar. As an investor, Gaurang has been able to find opportunities in
small cap companies. His exceptional ability to spot the right promoter and invest in their business
using the buy-and-hold strategy, has helped build a successful portfolio. Armed with decades of
experience across multiple business cycles, he has been able to steer the leadership team in the right
direction by providing strategic advice.

GAURANG VASANI Undoubtedly, his experience, insights and network will be instrumental in launching Amrit Kaal
Opportunities Fund CAT III.
FOUNDER Gaurang is a mechanical engineer with an MBA in finance.

39
Key Management (2/2)

Sadanand Shetty has over two decades of experience in equity research, fund management and family
office advisory. He has been part of the leadership team at Kotak-PMS(now part of Kotak AMC), Taurus
AMC, Truequity, Subhkam Group and News Corp (now Disney+ Hotstar),managing proprietary, HNI and
mutual fund assets.

His schemes have won several awards from Value Research, ICRA, Money Today, The Economic Times,
Business Today and Business Standard. In 2010, he was recognised as one of India’s best fund managers
and Taurus Mutual Fund ranked among the top 4 fund houses in India by BT-Value Research.
His analytical and research skills were crafted at the institutional research team of Soc-Gen Securities. He
serviced top international investors from the sell side during the early stages of his career. Later, he moved
on to more hands-on buy-side roles with direct responsibility for money management. His experience is
underpinned by having worked across economic cycles and the coming-of-age of companies in India.
Sadanand notched up several firsts during his investing career, some of which include:

• Launching a scheme with a concentrated 10-stock portfolio.

SADANAND SHETTY
• Establishing India’s first Shariah-compliant fund.

CHIEF INVESTMENT OFFICER • Launching one of the first closed-ended PMS offerings.

• Being the first to launch a product in the Middle East catering to NRIs.

• He is one of the first few fund managers in India to manage eight diverse equity schemes.

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Disclaimer

This document is not intended to be complete and the terms described herein are qualified in their entirety by reference to the Fund Documents i.e. the Trust Deed, the Investment
Management Agreement, Private Placement Memorandum and the Contribution Agreement. You may address any queries to the Investment Manager of the Fund.

This presentation is being furnished to you by STELLAR ASSET MANAGERS LLP (SAM) strictly on a confidential basis and must not be reproduced or redistributed to any other person. This
document is for informational purposes only and does not constitute an offer for participating in the proposed AMRIT KAAL OPPORTUNITIES FUND, which is in the process of being set up.
SAM will be an investment manager for Fund. This information profile has been provided to its recipient upon the express understanding that the information contained herein, or made
available in connection with any further investigation, is strictly confidential and is intended for the exclusive use of its recipient. The information contained in this presentation is subject to
the information contained in the other Fund documents including its private placement memorandum. This document is neither a prospectus nor an invitation to subscribe to the units of
Fund. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any
product or service. The information herein is subject to change without notice. The facts and figures used in this presentation reflect the latest available information and have been sourced
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investors in Fund are not being offered any guaranteed/assured returns. The name of the Fund does not in any manner indicate its prospects of return. The investment strategy may not be
suited to all the categories of investors. The material is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should be reliable as
such. All forward-looking statements are not predictions and may be subject to change without notice. Such forward-looking statements included are based on information available on the
date hereof and none of SAM, or any of its affiliates assumes any duty to update any forward-looking statement. Certain important factors that could cause actual results to differ materially
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statements/presentations cannot disclose all the risks and characteristics. The recipient is requested to take into consideration all the risk factors including their financial condition, suitability
to risky return profile and the like and take professional advice before investing. As with any investment in securities, the value of portfolio under management may go up or down
depending upon the various factors and forces affecting the capital market. Any discussion as regards taxation in this document is included for general information purposes only and does
not address every potential tax consequence that might be relevant to a particular investor. The tax consequences depend upon each investor’s particular tax status and other tax related
facts of each individual case. Accordingly, each prospective investor should consult its own professional advisers as to the tax consequences of an investment in the fund.

This document is not for public distribution and has been furnished solely for information and must not be reproduced or redistributed to any other person. Persons into whose possession
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