buy right : sit tight 30 years of capital markets experience of our sponsors molal oswal securies...

BUY RIGHT : SIT TIGHTBuying quality companies and riding their growth cycle

THINK EQUITYTHINK MOTILAL OSWAL

Mo�lal Oswal Asset Management Company (MOAMC) is one of India's fastest

growing asset management companies.

With a focus on equity inves�ng and equity investment exper�se inherited from

over 30 years of capital markets experience of our sponsors Mo�lal Oswal

Securi�es Ltd., we have created a single inves�ng philosophy be it Mutual Fund

(MF) or Por�olio Management Services (PMS).

Like our inves�ng philosophy, our product basket is also focused with

concentrated 'buy and hold' PMS Strategies and Mutual Fund schemes in the

Large Cap, Midcap and Mul�cap space respec�vely.

Our Value Strategy is one of the longest running products in PMS with a track

record of 14 years. And our MF offerings come with unique features such as “Low

Churn” and “Focused” por�olios.

With an investment management team of 21; we aim to be seen as an investment

management house focused on wholesaling through marquee distribu�on

pla�orms and strong rela�onships, backed by performance track record.

AMC

MOTILALOSWAL

1

SIT TIGHTBUY RIGHT

At Mo�lal Oswal Asset Management Company (MOAMC), our

investment philosophy is centered on two cri�cal pillars of equity

inves�ng – 'Buy Right: Sit Tight'. 'Buy Right' means buying quality

companies at a reasonable price and 'Sit Tight' means staying invested

in them for a long �me to realise the full growth poten�al of the stocks.

Our Investment Philosophy

Data as on March 31, 2018

Past performance may or may not be sustained in future.

For detailed performance tables, please refer page no. 11 to 16 for Mutual Fund Schemes and 18 to 20 for Strategies of Por�olio Management Services

Process2Performance

Delivered an annualized return of 25.14% since incep�on as a ainst

25.73% by Ni�y Midap 100 TRI


12.79% by Ni�y 50 TRI

MOF35Incep�on Date:28 Apr 2014

MOF25Incep�on Date: 13 May 2013

MOF30 Incep�on Date: 24 Feb 2014

Delivered an annualized return of 17.99% since incep�on as a ainst 5.59%

by Ni�y 500 Ind xNTDOP StrategyIncep�on D te: 11 Dec 2007

Delivered an annualized return of 19.76% since incep�on as

against 8.66% by Ni�y5 00 TRIMOFLTE

Incep�on Date: 21 Jan 2015


15.39% by Ni�y 500 TRI


12.41% by Ni�y Midap 100 IndexIOP Strategy Incep�on Date: 11 Feb 2010

Delivered an annualized return of 23.93% since incep�on as a ainst 16.56%

by Ni�y 50 Ind xValue Strategy Incep�on Date: 24 Mar 2003

2

MOFDYNAMICIncep�on Date:27 Sep 2016


10.46% by CRISIL Hybrid 35 + 65 - Aggressive TRI

How do we 'Buy Right' ?

Over the last 22 years, our chairman, Raamdeo Agrawal (one of India's foremost

value investors) has been analyzing the Indian equity market to come up with

inves�ng insights in the form of the Annual Mo�lal Oswal Wealth Crea�on Study.

The learnings from all these studies have helped us evolve a unique and focused

inves�ng process - 'QGLP'.

Every stock we buy in our Mutual Fund Schemes or PMS Strategies is based on

our QGLP parameters.

RIGHTBUY

Qfor QUALITY

Gfor GROWTH

Lfor LONGEVITY

Pfor PRICE

‘Quality’ denotes quality of the business and management

‘Growth’ denotes growth in earnings and sustained RoE

‘Longevity’ denotes longevity of the compe��ve

advantage or economic moat of

the business

‘Price’ denotes our approach of

buying a good business for a fair price rather than

buying a fair business for a

good price

Performance of QGLP stocks

Company Name CAGR %

Eicher Motors Ltd

Berger Paints Ltd

Pidilite Industries Ltd

Asian Paints Ltd

HDFC Bank Ltd

60.42

34.81

30.02

25.02

21.75

Here are a few more examples that show how QGLP stocks have fared in terms of compounded annual growth return (CAGR) over the last 20 years or since lis�ng; whichever is later.

The given stocks are part of por�olio. The Stocks men�oned above are used to explain the concept and are for illustra�on purpose only and should not be used for development or implementa�on of an investment strategy. It shall not be cons�tute as an advice, an offer to sell/purchase or as an invita�on or solicita�on to do so for any securi�es. The statements made herein may include statements of future expecta�ons and other forward-looking statements that are based on our current views and assump�ons and involve known and unknown risks and uncertain�es that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Past performance may or may not be sustained in future. Source: Bloomberg Consensus & Internal Research


3

TIGHTSIT

While Buying Right is all about following a process, Si�ng Tight on a good buy

requires Focus & Discipline.

Buy and Hold: We believe in focused stock por�olios and are strictly buy and hold

investors and believe that while picking the right business needs skill; holding onto

these businesses to enable our investors to benefit from the en�re growth cycle

needs even more skill.

Focus: Our por�olios are high convic�on por�olios with 20 to 25 stocks being our

ideal number. We believe in adequate diversifica�on as over-diversifica�on

results in dilu�ng returns for our investors and adding market risk.

Source: Bloomberg | Data as on March 31, 2018

The graph above is used to explain the concept and is for illustra�on purpose only and should not be used for development or implementa�on of an investment strategy. It should not be construed as investment advice to any party. The above figures are infla�on adjusted.

Focused Portolio

Ris

k

1 Stock 20 Stocks 100 Stocks

Risk reducing as the number of stocks raise. But after 20

stocks in portfolio, change ofrisk is minimal

Number of Stocks

How do we 'Sit Tight' ?

If you had invested ` 100 in the Sensex in 1979, your investment would have

mul�plied o ` 2,942 with dividend and to ` 1,646 without dividend.

Buy & Hold

Diversificaa�obeyond your control becomes unmanageable and adds no value to your portolio. Over diversificaca�can impact the overall performance of your portolio. As in case of mosst porolios, the top 5 good quality stocks contribute 80% of overall performance of your portolio while the rest 20% is contributed by bad quality stocks.

4

Sensex

Sensex cu

mD

ividen

d

` 2,942

` 1,646

If you had invested Rs 100 .....

-

500

1,000

1,500

2,000

2,500

3,000

Mar

-79

Jun-

80

Sep-

81

Dec

-82

Mar

-84

Jun-

85

Sep-

86

Dec

-87

Mar

-89

Jun-

90

Sep-

91

Dec

-92

Mar

-94

Jun-

95

Sep-

96

Dec

-97

Mar

-99

Jun-

00

Sep-

01

Dec

-02

Mar

-04

Jun-

05

Sep-

06

Dec

-07

Mar

-09

Jun-

10

Sep-

11

Dec

-12

Mar

-14

Jun-

15

Sep-

16

Dec

-17

Mar

-18

Pu

rch

asin

g P

ow

er

Sensex Sensex cum Dividend

"Great companies to invest are like wonderful castles, surrounded by deep, dangerous moats where the leader inside is an honest and decent person. Preferably, the castle gets its strength from the genius inside; the moat is permanent and acts as a powerful deterrent to those considering an a�ack; and inside, the leader makes gold but doesn't keep it all for himself.”

Large profit pool

Economic Moat i.e. sustained compe��ve advantage reflected in return ra�os (RoE, RoCE) higher than cost of capital and also those of peers

Favourable compe��ve structure like monopoly or oligopoly

Secular and stable business, preferably consumer facing

Posi�ve demand-supply situa�on

Quality of Management

Competence

Sound business strategy

Excellence in execu�on

Ra�onal dividend payout policy

Integrity

Honest and transparent

Concern for all stakeholders

Growth mindset

Long-range profit outlook

Efficient capital alloca�on, including growth by acquisi�ons

Quality of Business

Quality of business Quality of managementx

There are two aspects to Q: (1) Quality of business and (2) Quality of manage-ment. The rela�onshipbetween the two is mul�pl acae and not ot adde. Thus, if one of the aspects is zero, Q will be equal to zero, no mater how high the other.

Quality is a subjec� e concept, and yet there are several object e indicators of the same, as listed below:

Q INDICATORS

Q Quality

Q =

5

Growth

"Growth creates value only when it takes place within the limits of a strong and sustainable company franchise, and these are rare.”GG Growth in earnings=

In inves�n , there are two dimensions of growth: (1) Earnings growth and (2) Valua�ongrowth. The G of QGLP addresses earnings growth, whereas the P(rice) takes care of the Valua�ongrowth.

Earnings growth by itself doesn't mean much. It adds value only when the com-pany earns returns on capital higher than the cost of capital. Hence, growth is simply an amplifier: good when returns exceed the cost of capital, bad when returns are below the cost of capital, and neutral when returns equal the cost of capital.

In the final analysis, G (i.e. earnings growth in a company) is a quanntatve refleccon of Q (i.e. quality of business and management). G has four dimensions:

Mul�pli aate dimensions ofearnings growth

EARNINGS GROWTH

Sales VolumeGrowth

Realisa�onGrowth

Opera�ngLeverage

FinancialLeverage

1. Volume growth - a functon of demand growth matched by company's capacity to supply

2. Price growth - a functon of company's pricing power, which in turn is a functon of the compe�ve landscape

3. Operatng leverage - a functon of the company's operatng cost structure. Higher the fixed cost, lower the unit cost incidence and higher the operatng leverage

4. Financial Leverage - a functon of capital structure. Higher the debt-equity, higher the financial leverage and vice versa

6

L Longevity

L Longevity of quality and growth=

Having established the present quality and earnings growth of the company, the next challenge to investors is assessing how long it can sustain both. In the context of longevity, competence of management is tested at two levels:

(1) Extending CAP (i.e. Compe�t e Advantage Period), and

(2) Delaying growth slowdown.

"We like great companies with dominant posi�ons, whose franchise is hard to duplicate and has tremendous staying power or some permanence to it.”

Extending CAP: Compe�t e Advantage Period (CAP) is the e � during which a company generates returns on investment that exceed its cost of capital. Compe��o eventually drives down returns to cost of capital, and someme�mes even below it. However, a company with a great business and great management keeps extending its CAP, sustaining high return both for itself and its equity investors.

Delaying growth slowdown: Competent managements can delay growth slowdown by

(1) new streams of organic growth, and/or

(2) inorganic growth via judicious acquisi�ons.

Companies usually enjoy acertain CAP …

Compe�t e forces work tobring down excess return

RateofReturn

WACC

CAPTime (in years)

Return=WACC

… but high-quality companiestend to extend it

Incrementalexcess return

RateofReturn

WACC

CAP rolls over by 1 year

Time (in years)

Return=WACC

0 Year 1

WACC is the Weighted Average Cost of Capital

7

Case Study – Shriram Transport

PriceP "In the Bible, it says that love covers a mul�tudeof sins. Well, in the inves�ng field, price covers a a mul�tu of mistakes. For human beings, there is no subs�tue for love. For invess�n there is no subs�tue for paying the right price – absolutely none.”

P Price (i.e. Favourable valua�on)=

Growth in stock price is a mul�pliaate e func� of growth in earnings and growth in valua�on.The simplest way to improve the odds of valuaa�ogrowth is by ensuring favourable purchase price.

The price of a stock has to be seen in conjunc�onwith the value it offers. Price is what we pay; value is what we get. Therefore, stock prices are a�racte only when they are less than the value perceived in the stock.

A simple rule of thumb of favourable purchase price is low P/E, preferably single-digit. However, in certain situa�ons,low P/E may not be the sole determinant of favourable price e.g. during botom-of-the-cycle, earnings of cyclical stocks are depressed leading to high P/Es; likewise, where companies are expected to turn from loss to profit, current P/E cannot be calculated.

Ÿ Discount to historical valua�on bands – P/E, Price/Book

Ÿ PEG Ra�o (i.e. P/E ÷ Earnings growth; the lower the be�er)

Ÿ Discount to DCF value (Discounted Cash Flow) or Replacement cost

Few other measures of favourable purchase price

Ÿ Low Payback ra�o (i.e. Market cap / Expected profits of next 5 years)

Ÿ High dividend yield

Ÿ Absolute market cap rela�ve to the size of opportunity

Few other measures of favourable purchase price

8

For whom: Our equity exper�se can be accessed by individual investors with an approach to long term savings through our Mutual Fund products for as low as Rs. 500 through a systema�c investment plan (SIP).

Benefits: Our Mutual Fund Schemes pass through a rigorous investment process with an aim to deliver consistent performance. Investments in the Schemes can also be conveniently done online. As an investment house, since we have only one investment philosophy, we aim to keep life simple for us and our investors by having a focused menu of equity funds – one large cap, one midcap, one mul�cap, one tax saver fund and one dynamic fund.

MUTUAL

Mo�lal Owal Focused 25 Fund (MOF25)

Mo�lal Owal Midcap 30 Fund (MOF30)

Mo�lal Owwal Multap 35 Fund (MOF35)

Mo�lal Owal Long Term Equity Fund (MOFLTE)

Mo�lal Owal Dynamic Fund (MOFDYNAMIC)

Invests in enduring wealth creators

Invests in emerging wealth creators

Invests in emerging and enduring wealth creators

Lock in fund that invests in wealth creators plus saves tax

Invest in equity, deriva� es, debt, money market instruments and units issued by REITs and InvITs.

Our Funds

FUNDS

Reap the full growthpoten�al of tocks

Low Churn

We do not buy morethan 25-30 stocks,reducing the riskof diversificaa�on

FocusedPortfolio

Benefits of our Funds

9

For whom: Our PMS products are meant for financially savvy high net worth individuals (HNIs) who wish to u�liseour eexper�sin building a a poolio of high quality companies or who have a large portolio of stocks but lack the bandwidth to monitor them.

Benefits: With our Portolio Management Services one can build an equity portolio in the large cap and midcap segment with highly personalized service. Also, the 'Buy Right : Sit Tight' approach results in low churn in our portolios and makes the cos�ngof our PPorolio Management Services very a a�ra e.

Value Strategy

Next Trillion Dollar Opportunity Strategy

India Opportunity Portolio Strategy

Concentrated large cap portolio with only 20-25 stocks

Concentrated mul� cap porolio with only 25-30 stocks

Concentrated midcap portolio with only 20-25 stocks

PORTFOLIOMANAGEMENTSERVICES

Our Strategies

Benefits of our Strategies

Reap the full growthpoten�al of tocks

Low Churn

We do not buy morethan 25-30 stocks,reducing the riskof diversificaa�on

FocusedPortfolio

High BrandRecall

Widely accepted anddistributed product

Behavior of an investor won't

impact the portolio ofother investors

SegregatedPortfolio

One of the longestrunning strategies inthe industry with a

14+ years track record

Track Record Transparency

Transparency inportolio holdings,

transac�onsand expenses

10

Motilal Oswal Focused 25 Fund (MOF25)LARGE CAPFUND

“Date of incep�on: 13-May-2013. Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computa�on of returns. The NAV per unit shown in the table is as on the start date of the said period. Past performance may or may not be sustained in the future. Performance is for Regular Plan Growth Op�on. Different plans have different expense structure. This scheme is currently managed by Mr. Siddharth Bothra. He is the Fund Manager for equity component since 23-Nov-2016; Mr. Gautam Sinha Roy is the Co-Fund Manager for equity component since 26-Dec-2016 and Mr. Abhiroop Mukherjee is the Fund Manager for debt component since incep�on. The performance of the Schemes managed by them are on page no. 12,13,14,15 and 16. The scheme has been in existence for less than 5 years."

MOF25

Ni�y 50 TRI (Benchmark)

BSE Sensex (Addi�onal benchmark)

NAV (Rs.) Per Unit (20.5125 as on 31-Mar-2018)

11,018

11,176

11,270

10.18

11.76

12.70

Performance*

Current Value ofInvestment of ` 10,000CAGR (%)

1 Year

18.6180

12,694

12,378

12,295

8.28

7.37

7.13


3 Years

16.1589

20,512

17,999

17,986

15.84

12.79

12.77


Since Incep�on

10.0000

11

InvestmentObjec�ve

The investment objec�ve of the Scheme is to achieve long term capital apprecia�on by inves�ng in upto 25 companies with long term sustainable compe��ve advantage and growth poten�al. However, there can be no assurance or guarantee that the investment objec�ve of the Scheme would be achieved.

Type of Scheme

An open ended equity scheme inves�ng in maximum 25 stocks intending to focus on Large Cap stocks

Benchmark Ni�y 50 TRI

:

:

:

Entry Nil:

Exit Load 1% - If redeemed on or before 1 year from the date of allotment; Nil - If redeemed a�er 1 year from the date of allotment

:

No Exit Load applies for switch between MOF25, MOF30, MOF35 & MOFDYNAMIC. No Load for switch between Op�ons within the Scheme. Investors have op�on to withdraw up to 12% p.a. of original investment cost (OIC) within 1 year (from date of investment) with no exit load. If the withdrawal amount is beyond 12% p.a. of OIC, the normal exit load applies on the amount greater than 12 % p.a.

Category Focused Fund intending to invest in large cap stocks:

1

2

3

4

5

6

7

8

9

10

Top 10 Holdings* Sector Alloca�on*

*Data as on March 31, 2018

HDFC Bank Ltd

Maru� Suzuki India Ltd

Housing Development Finance Corpora�on Ltd

HDFC Standard Life Insurance Company Ltd

ICICI Lombard General Insurance Company Ltd

ABB India Ltd

Britannia Industries Ltd

Container Corpora�on of India Ltd

Kotak Mahindra Bank Ltd

Eicher Motors Ltd

9.33

9.04

7.28

6.56

6.08

5.45

5.37

5.15

4.77

4.20

2.94%

3.32%

5.15%

5.45%

6.80%

10.73%

14.09%

15.93%

27.49%

So�ware

Consumer Durables

Petroleum Products

Industrial Capital Goods

Transporta�on

Consumer Non Durables

Bank

Auto

FinanceSr. No. Name of Instrument % to Net Assets

Pharmaceu�cals 2.54%

Commercial Services 2.44%

Cement 2.01%

Cash & Equivalent 1.10%

Fund Manager

Mr. Siddharth Bothra

Experience

Mr. Gautam Sinha RoyCo-Fund Manager

He has close to 15 years of experience in fund management and investment research. He has been co-managing this fund since 26-Dec-2016

He has a rich experience of more than 17 years in the field of research and investments. He has been managing this fund since 23-Nov-2016

Fund Manager

Name

SIP Performance*

Incep�on date: 13-May-2013.For SIP returns, monthly investment of ` 10,000/- invested on the 1st day of every month has been considered. Performance is for Regular Plan Growth Op�on. Past performance may or may not be sustained in the future.

1 Year

Scheme Ni�y 50 TRI

Invested Amount

Market Value

Returns (CAGR)%

119,981

-0.03%

1,20,000

122,328

3.64%

123,265

5.11

BSESensex

TRI^

Since Incep�on3 Year

Scheme

424,315

10.99%

3,60,000

425,727

11.22%

425,426

14.79

BSESensex

TRI^Scheme

816,336

14.14%

5,80,000

765,694

11.46%

758,467

11.06

BSESensex

TRI^

Ni�y 50 TRI

Ni�y 50 TRI

^Also represents addi�onal benchmark

0.64%Cash & Equivalent

1

2

3

4

5

6

7

8

9

10

6.00

5.34

5.32

5.27

5.27

5.20

5.18

4.81

4.70

4.41


12

MIDCAPFUND

Motilal Oswal Midcap 30 Fund (MOF30)

RBL Bank Ltd

Voltas Ltd

AU Small Finance Bank Ltd

Astral Poly Technik Ltd

IndusInd Bank Ltd

Kansai Nerolac Paints Ltd

Bajaj Finance Ltd

Indraprastha Gas Ltd

Kajaria Ceramics Ltd

Quess Corp Ltd

Fund Manager

Mr. Akash Singhania

Experience

Mr. Niket ShahAssociate Fund Manager

He has been appointed as Associate Fund Manager since March 1, 2018 vide addendum dated March 14, 2018He has overall 9 years of experience

He has overall 13 years of experience and more than 11 years of experience in Fund management across the tenure. He has been appointed as the Fund Manager since 28-Jul-2017

Fund Manager

Name

Date of incep�on: 24-Feb-14. = Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computa�on of returns. The NAV per unit shown in the table is as on the start date of the said period. Past performance may or may not be sustained in the future. Performance is for Regular Plan Growth op�on. Different plans have different expense structure. = Mr. Akash Singhania is the Fund Manager for equity component since 28-Jul-2017; Mr. Siddharth Bothra had managed this fund from 23-Nov-16 to 28-Feb-18. Further, Mr. Niket Shah is the Associate Fund Manager since March 1, 2018 vide addendum dated March 14, 2018 and Mr. Abhiroop Mukherjee is the Fund Manager for debt component since 24-Feb-2014. The performance of the Schemes is the Associate Fund Manager managed by them are on page no. 11,1 3,1 4, and 15 = The scheme has been in existence for less than 5 years.

Performance*

MOF30

Nify Midcap 100 TRI (Benchmark)

Nify 50 TRI (Addiional Benchmark)


10,342

11,025

11,176

3.42

10.25

11.76

Current Value ofInvestment of ` 10,000

CAGR (%)

24.2406

12,879

14,958

12,378

8.80

14.36

7.37


CAGR (%)

19.4655

25,069

25,559

17,204

25.14

25.73

14.15


CAGR (%)

10.0000


SIP Performance*

Incep�on date: 24-Feb-2014. ^Also represents addi�onal benchmarkFor SIP returns, monthly investment of Rs. 10000/- invested on the 1st day of every month has been considered. Performance is for Regular Plan Growth Op�on. Past performance may or may not be sustained in the future.

1 Year

SchemeNi�y

Midcap 100 TRI

Invested Amount

Market Value

Returns (CAGR)%

117,544

-3.79%

1,20,000

120,166

0.26%

122,328

3.64%

Ni�y 50 TRI^


Scheme

405,953

7.97%

3,60,000

454,963

15.84%

425,727

11.22%

Ni�y 50 TRI^ Scheme

639,083

13.05%

4,90,000

691,530

17.04%

604,641

10.28%

Ni�y 50 TRI^

Ni�y Midcap 100

TRI

Ni�y Midcap 100

TRI

Sr. No. Name of Instrument % to Net Assets

3.44%

3.92%

4.12%

4.26%

4.41%

4.81%

5.34%

8.05%

8.21%

8.26%

9.24%

12.45%

19.62%

Pharmaceu�cals

Auto Ancillaries

Auto

Tex�le Products

Commercial Services

Gas

Construc�on Project

Construc�on


Consumer Durables

Industrial Products

Finance

Banks

3.23%Cement

1 Year 3 Years Since Incep�on


The investment objec�ve of the Scheme is to achieve long term capital apprecia�on by inves�ng in a maximum of 30 quality mid-cap companies having long-term compe��ve advantages and poten�al for growth.

Type of Scheme Mid Cap Fund - An open ended equity scheme predominantly inves�ng in mid cap stocks

Benchmark Ni�y Midcap 100 TRI

:

:

:

Entry Nil:Exit Load 1% - If redeemed on or before 1 year from the date of allotment; Nil - If redeemed a�er 1

year from the date of allotment:


Category Mid Cap Fund:

However, there can be no assurance or guarantee that the investment objec�ve of the Scheme would be achieved.

1

2

3

4

5

6

7

8

9

10

9.20

7.71

7.70

5.15

4.71

4.67

4.48

4.33

4.02

3.99


Motilal Oswal Multicap 35 Fund (MOF35)MULTICAPFUND

Incep�on date: 28-Apr-2014. ^Also represents addi�onal benchmark For SIP returns, monthly investment of Rs. 10000/- invested on the 1st day of every month has been considered. Performance is for Regular Plan Growth Op�on. Past performance may or may not be sustained in the future.

Fund Manager

Mr. GautamSinha Roy

Fund Manager

Name Experience

Mr. SiddharthBothra

Co-Fund Manager

He has a rich experience of more than 17 years in the field of research and investments. He has been co-managing this fund since 23-Nov-2016

He has close to 15 years of experience in fund management and investment research. He has been managing this fund since 5-May-2014



HDFC Bank Ltd

IndusInd Bank Ltd

Interglobe Avia�on Ltd

Hindustan Petroleum Corpora�on Ltd

Bharat Petroleum Corpora�on Ltd

Eicher Motors Ltd

Bajaj Finance Ltd

United Spirits Ltd

Date of incep�on: 28-Apr-14. = Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computa�on of returns. The NAV per unit shown in the table is as on the start date of the said period. Past performance may or may not be sustained in the future. Performance is for Regular Plan Growth op�on. Different plans have different expense structure. =Mr. Gautam Sinha Roy is the Fund Manager for equity component since 5-May-2014; = Mr. Siddharth Bothra is the Co-Fund Manager for equity component since 23-Nov-2016, Mr. Abhiroop Mukherjee is the Fund Manager for debt component since 28-Apr-2014 and Mr. Swapnil Mayekar for Foreign Securi�es since 10-Aug-2015. The performance of the Schemes managed by them are on page no. 11,12,14,15 and 16 = The scheme has been in existence for less than 5 years.

MOF35

Ni�y 500 TRI (Benchmark)

Ni�y 50 TRI (Addi�onal Benchmark)


Performance*


11,552

11,287

11,176

15.52

12.87

11.76


CAGR (%)

1 Year

22.7704

15,456

13,240

12,378

15.62

9.81

7.37


CAGR (%)

3 Years

17.0181

26,303

17,539

15,730

27.93

15.39

12.23


CAGR (%)

Since Incep�on

10.0000

SIP Performance*

13

1 Year


Invested Amount

Market Value

Returns (CAGR)%

124,545

7.14%

120,000

122,282

3.56%

122,328

3.64%

Ni�y 50 TRI^


Scheme

471,576

18.37%

360,000

439,110

13.36%

425,727

11.22%

Ni�y 50 TRI^

Scheme

690,836

20.00%

470,000

597,919

12.33%

571,456

9.97%

Ni�y 50 TRI^

Ni�y 500 TRI

Ni�y 500 TRI


2.51%

2.88%

3.16%

4.71%

8.87%

9.16%

9.54%

13.92%

17.25%

26.76%

So�ware

Consumer Durables

Gas

Transporta�on


Petroleum Products

Pharmaceu�cals

Auto

Banks

Finance



The investment objec�ve of the Scheme is to achieve long term capital apprecia�on by primarily inves�ng in a maximum of 35 equity & equity related instruments across sectors and market-capitaliza�on levels.

Type of Scheme

Mul�Cap - An open ended equity scheme inves�ng across large cap, mid cap, small cap stocks


:

:

:




Category Mul�Cap:


1

2

3

4

5

6

7

8

9

10

8.17

7.40

6.39

6.38

5.30

4.59

4.45

4.38

4.19

3.88


14

Motilal Oswal Long Term Equity Fund (MOFLTE)TAX SAVERFUND


HDFC Bank Ltd


IndusInd Bank Ltd

Interglobe Avia�on Ltd

ICICI Lombard General Insurance Company Ltd

Eris Lifesciences Ltd

Eicher Motors Ltd

Bharat Petroleum Corpora�on Ltd

Quess Corp Ltd

“Date of incep�on: 21-Jan-2015. Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computa�on of returns. The NAV per unit shown in the table is as on the start date of the said period. Past performance may or may not be sustained in the future. Performance is for Regular Plan Growth Op�on. Different plans have different expense structure. This scheme is currently managed by Mr. Gautam Sinha Roy is the Fund Manager for equity component since incep�on; Mr. Siddharth Bothra is the Co-Fund Manager for equity component since 26-Dec-2016 and Mr. Abhiroop Mukherjee is the Fund Manager for debt component since incep�on. The performance of the Schemes managed by them are on page no. 11,12,13,15 and 16. The scheme has been in existence for less than 5 years."

MOFLTE

Nify 500 TRI (Benchmark)



12,025

11,287

11,176

20.25

12.87

11.76

Performance*

Current Value of Investmentof ` 10,000

CAGR (%)

1 Year

14.7884

17,783

13,036

12,065

19.76

8.66

6.06


CAGR (%)

Since Incep�on

10.7054



1.56%Auto Ancillaries

2.16%Industrial Products

3.61%

3.65%

3.84%

3.88%

5.30%

6.27%

8.56%

13.78%

14.52%

24.26%

Gas

So�ware


Commercial Services

Transporta�on

Petroleum Products

Pharmaceu�cals

Banks

Auto

Finance

2.34%Consumer Durables

16,611

13,240

12,378

18.43

9.81

7.37


CAGR (%)

3 Years

10.0000


Fund Manager

Mr. Gautam Sinha Roy

Experience

Mr. Siddharth BothraCo-Fund Manager

He has a rich experience of more than 17 years in the field of research and investments. He has been co-managing this fund since 26-Dec-2016

He has close to 15 years of experience in fund management and investment research. He has been managing this fund since incep�on

Fund Manager

Name

SIP Performance*

Incep�on date: 21-Jan-2015. ^Also represents addi�onal benchmarkFor SIP returns, monthly investment of Rs. 10000/- invested on the 1st day of every month has been considered. Performance is for Regular Plan Growth Op�on. Past performance may or may not be sustained in the future.

1 Year


Invested Amount

Market Value

Returns (CAGR)%

127,198

11.37%

1,20,000

122,282

3.56%

122,328

3.64%

Ni�y 50 TRI^


Scheme

494,861

21.83%

3,60,000

439,110

13.36%

425,727

11.22%

Ni�y 50 TRI^ Scheme

529,114

21.46%

3,70,000

464,817

12.81%

449,546

10.63%

Ni�y 50 TRI^

Ni�y 500 TRI

Ni�y 500 TRI


The investment objec�ve of the Scheme is to generate long-term capital apprecia�on from a diversified por�olio of predominantly equity and equity related instruments. However, there can be no assurance or guarantee that the investment objec�ve of the Scheme would be achieved.

Type of Scheme

An open ended equity linked saving scheme with a statutory lock in of 3 years and tax benefit


:

:

:

Category ELSS:

Entry NIL:

Exit NIL:

1.05%Industrial Products

NAV (Rs.) Per Unit (12.0253 : as on 31-Mar-2018)

11.86

9.96

11.76

11,186

10,996

11,176

13.02

10.46

11.76

12,025

11,616

11,824

Date of incep�on: 27-Sep-2016 Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computa�on of returns. The NAV per unit shown in the table is as on the start date of the said period. Past performance may or may not be sustained in the future. Performance is for Regular Plan Growth Op�on. Different plans have different expense structure. This scheme is currently managed by Mr. Gautam Sinha Roy. He has been managing equity component since 23-Nov-2016; Mr. Siddharth Bothra is the Co-Fund Manager for equity component since 23-Nov-2016 and Mr. Abhiroop Mukherjee is the Fund Manager for debt component since incep�on. The performanceof the Schemes managed by them are on page no. 11,12,13,14 and 16. The scheme has been in existence for less than 3 years

MOFDYNAMIC

Performance*

Current Value of Investment of ` 10,000CAGR (%)

1 Year

10.7500

Current Value of Investment of ` 10,000CAGR (%)

Since Incep�on

10.0000

CRISIL Hybrid 35 + 65 - Aggressive Index TRI (Benchmark)

Ni�y 50 TRI (Addi�onal Benchmark)

Motilal Oswal Dynamic Fund (MOFDYNAMIC)DYNAMICFUND

Fund Manager

Mr. Gautam Sinha Roy -

Name Experience

Fund Manager

He has close to 15 years of experience in fund management and investment research. He has been managing this fund since 23-Nov-2016

He has a rich experience of more than 17 years in the field of research and investments. He has been co-managing this fund since 23-Nov-2016

Mr. Siddharth Bothra -Co-Fund Manager

Mr. Abhiroop Mukherjee -Fund Manager for Debt Component

He has 10 years of experience in Trading Fixed Income Securi�es viz. G-sec, T-bills, Corporate Bonds CP, CD etc. He has been managing this fund since incep�on

1

2

3

4

5

6

Alloca�on*

Total Equity

Bonds and NCDs

Fixed Deposits

CBLO

Cash and Cash Equivalent (including Book Value of Futures)

Equity Deriva�ves

Total

66.55

24.15

0.60

1.41

29.67

-22.38

100.00


Sector Alloca�on*

15

^ Also represents addi�onal benchmarkDate of incep�on: 27-Sep-2016 For SIP returns, monthly investment of ` 10,000/- invested on the 1st day of every month has been considered. Performance is for Regular Plan Growth Op�on. Past performance may or may not be sustained in the future.

Housing Development Finance Corpora�on Ltd1 7.78

Bajaj Finance Ltd2 7.37

Maru� Suzuki India Ltd3 6.87

HDFC Bank Ltd4 4.50

United Spirits Ltd5 4.07

Eicher Motors Ltd6 2.74

Jubilant Life Sciences Ltd7 2.64

Max Financial Services Ltd8 2.45

Bharat Petroleum Corpora�on Ltd9 2.32Quess Corp Ltd10 2.31

SIP Performance*1 Year Since Incep�on

Invested Amount 120,000

Market Value

Returns (CAGR)%

SchemeCRISIL Hybrid

35 + 65 - Aggressive

TRI

Ni�y 50 TRI^

124,932

7.75%

122,489

3.89%

122,329

3.64%

180,000

196,777

11.83%

192,254

8.64%

194,461

10.20%

Scheme Ni�y 50 TRI^

Transporta�on

Commercial Services

Petroleum Products


Pharmaceu�cals

Bank

Auto

Finance

2.24%

2.29%

2.31%

3.04%

4.82%

6.03%

6.70%

11.59%

22.59%

Consumer Durables

Sr. No. Name of Instrument % to Net Assets CRISIL Hybrid 35 + 65

- Aggressive TRI

2.01%So�ware

1.87%Gas


The investment objec�ve is to generate long term capital apprecia�on by inves�ng in equity and equity related instruments including equity deriva�ves, debt, money market instruments and units issued by REITs and InvITs.

Type of Scheme An open ended dynamic asset alloca�on fund

Benchmark CRISIL Hybrid 35 + 65 - Aggressive TRI

:

:

:




Category Dynamic Asset Alloca�on:


OTHERFUNDS

Mo�lal Oswal NASDAQ 100 ETF (MOFN100) Performance*

Mr. Swapnil Mayekar is the fund manager of the scheme Mo�lal Oswal NASDAQ 100 ETF (MOFN100) & for foreign securi�es of the scheme, Mo�lal Oswal Mul�cap 35 Fund (MOF35).

16

“Date of incep�on: 29-Mar-11. Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computa�on of returns. The NAV per unit shown in the table is as on the start date of the said period. Past performance may or may not be sustained in the future. Performance is for Regular Plan Growth Op�on. Different plans have different expense structure.This scheme is currently managed by Mr. Swapnil Mayekar. He has been managing this fund since 10-Aug-2015". Other Scheme managed by him are on page 13.

MOFN100

NASDAQ 100 TRI (In INR) (Benchmark)


NAV (Rs.) Per Unit ( 416.0052 as on 31-Mar-2018)

11,904

12,142

11,176

19.04

21.42

11.76

Current Valueof Investment

of ` 10,000CAGR (%)

1 Year

349.4604

15,198

16,002

12,378

14.97

16.97

7.37


of ` 10,000CAGR (%)

3 Years

273.7202

40,296

44,780

19,243

21.99

23.84

9.79


of ` 10,000CAGR (%)

Since Incep�on

103.2365

27,313

29,544

18,954

22.26

24.19

13.64


of ` 10,000CAGR (%)

5 Years

152.3124


PRODUCTLABEL

*Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

Name of the Scheme This product is suitable for investors who are seeking*

Mo�lal Oswal Focused 25 Fund (MOF25)

• Return by inves�ng in upto 25 companies with long term sustainable compe��ve advantage and growth poten�al

• Investment in Equity and equity related instruments subject to overall limit of 25 companies

Mo�lal OswalMidcap 30 Fund (MOF30)

• Long-term capital growth• Investment in equity and equity related instruments in a maximum of 30

quality mid-cap companies having long-term compe��ve advantages and poten�al for growth

Mo�lal OswalMul�cap 35 Fund (MOF35)

• Long-term capital growth• Investment in a maximum of 35 equity and equity related instruments

across sectors and market capitaliza�on levels.

Mo�lal OswalLong Term Equity Fund(MOFLTE)

• Long-term capital growth• Investment predominantly in equity and equity related instruments

Low

Modera

tely

Low

High

ModeratelyHigh

Moderate

HighLow

Investors understand that their principal will be at Moderately High risk

Riskometer

Mo�lal Oswal NASDAQ 100 ETF (MOFN100)

• Return that corresponds generally to the performance of the NASDAQ 100 Index, subject to tracking error

• Investment in equity securi�es of NASDAQ 100 Index Low

Modera

tely

Low

High

ModeratelyHigh

Moderate

HighLow

Investors understand that their principal will be at High risk

Riskometer

Mo�lal Oswal Dynamic Fund (MOFDYNAMIC)

• Long term capital apprecia�on• Investment in equity, deriva�ves and debt instruments

17

Value Strategy

Key Por�olio Analysis

Performance

The Strategy aims to benefit from the long term compounding effect on investments done in good businesses, run by great business managers for superior wealth crea�on.


1

2

3

4

5

6

7

8

9

10

Top 10 HoldingsStrategy Details

Shrey Loonker

Kunal Jadhwani

Open ended

24th March 2003

Ni�y 50 Index

3 Years +

Daily

Daily

Daily

LARGE CAPSTRATEGY

Ÿ Concentrated large cap with only 20-25 stocks

Ÿ One of the longest running products in the industry with a 14 years track record

Ÿ The corpus under this Strategy is over Rs. 2,644 cr as on March 31, 2018

Investment objec�ve:

Performance Data (5 Years) Value Strategy Ni�y 50 Index

46.78

24.01

9.56

5.68

5.05

Sector Alloca�on

Sr. No. Sector Alloca�on % Alloca�on

1

2

3

4

5

Banking & Finance

Auto & Auto Ancillaries

Oil & Gas

Engineering & Electricals

Pharmaceu�cals

Fund Manager:

Co - Fund Manager:

Strategy Type:

Date of Incep�on:

Benchmark:

Investment Horizon:

Subscrip�on:

Redemp�on:

Valua�onPoint:

Both, Value Strategy and Ni�y 50 Index are rebased to 10 as on Mar 24, 2003

The Above strategy returns are of a Model Client as on March 31, 2018. Returns of individual clients may differ depending on factors such as �me of entry/exit/ addi�onal inflows in the strategies. The stocks forming part of the exis�ng por�olio may or may not be bought for new client. Returns below 1 year are absolute and above 1 year are annualized. Strategy returns shown above are post fees & expenses. Past performance should not be used as a basis for comparison with other investments. Past performance may or may not be sustained in future.


Value Strategy Ni�y 50 Ind x

Inve

stm

ent

Val

ue

-10.00

40.00

90.00

140.00

190.00

240.0025.12X

10.00X

Ma

r-0

3

De

c-0

3

Se

p-0

4

Jun

-05

Ma

r-0

6

De

c-0

6

Se

p-0

7

Jun

-08

Ma

r-0

9

De

c-0

9

Se

p-1

0

Jun

-11

Ma

r-1

2

De

c-1

2

Se

p-1

3

Jun

-14

Ma

r-1

5

De

c-1

5

Se

p-1

6

Jun

-17

Ma

r-1

8

18

Standard Devia�on (%)

Beta

13.73%

1.00

14.93%

0.95

The selec�on of the stocks will be based on the criteria of strategy at the �me of ini�al idea�on and investment made as per the model por�olio of the strategy

HDFC Bank Ltd.

Kotak Mahindra Bank Ltd.

Bharat Petroleum Corpora�on Ltd.

AU Small Finance Bank Ltd.

Bharat Forge Ltd.

Eicher Motors Ltd.

Housing Development Finance Corpora�on Ltd.

Larsen & Toubro Ltd.

Bajaj Finserv Ltd.

ICICI Lombard General Insurance Company Ltd.

10.53

8.07

7.50

6.38

6.37

6.37

5.68

5.68

5.64

5.52

Next Trillion Dollar Opportunity Strategy (NTDOP)


Performance Data (5 Years) Ni�y 500 IndexNTDOP Strategy

Performance

The Strategy aims to deliver superior returns by inves�ng in stocks from sectors that can benefit from the Next Trillion Dollar GDP growth.

It aims to pre-dominantly invest in large and midcap stocks with a focus on iden�fying poten�al winners that would par�cipate in successive phases of GDP growth.

Inve

stm

ent

Val

ue

NTDOP Strategy Ni�y 500 Ind x

Fund Manager:

Strategy Type:

Date of Incep�on:

Benchmark:

Investment Horizon:

Subscrip�on:

Redemp�on:

Valua�onPoint:

Manish Sonthalia

Open ended

11th Dec 2007

Ni�y 500 Index

3 Years +

Daily

Daily

Daily

Strategy Details

MULTICAPSTRATEGY

Ÿ Concentrated mul�cap por�olio with only 25-30 stocks

Ÿ Focused on the 'Next Trillion Dollar Growth Opportunity’




1

2

3

4

5

6

7

8

9

10

Top 10 Holdings

32.00

16.38

14.56

14.04

6.52

Sector Alloca�on


1

2

3

4

5

Banking & Finance

FMCG

Auto & Auto Ancillaries

Diversified

Oil & Gas


0.00

10.00

20.00

30.00

40.00

50.00

60.00

Dec

-07

Mar

-08

Jun

-08

Sep

-08

Dec

-08

Mar

-09

Jun

-09

Sep

-09

Dec

-09

Mar

-10

Jun

-10

Sep

-10

Dec

-10

Mar

-11

Jun

-11

Sep

-11

Dec

-11

Mar

-12

Jun

-12

Sep

-12

Dec

-12

Mar

-13

Jun

-13

Sep

-13

Dec

-13

Mar

-14

Jun

-14

Sep

-14

Dec

-14

Mar

-15

Jun

-15

Sep

-15

Dec

-15

Mar

-16

Jun

-16

Sep

-16

Dec

-16

Mar

-17

Jun

-17

Sep

-17

Dec

-17

Mar

-18

5.52X

Both, NTDOP Strategy and Ni�y 500 Index are rebased to 10 as on Dec 11, 2007


19

1.75X


Beta

14.27%

1.00

18.07%

1.00


Kotak Mahindra Bank

Voltas

Page Industries

Bajaj Finance

Eicher Motors

City Union Bank

Bosch

Max Financial Services

Bharat Forge

Godrej Industries

11.40

10.09

8.63

8.61

6.48

4.56

4.11

4.08

3.98

3.95

India Opportunity Portfolio Strategy (IOP)

Manish Sonthalia

Mythili Balakrishnan

Open ended

11th Feb. 2010

Ni�y Midcap 100

3 Years +

Closed

Daily

Daily

Strategy Details

Fund Manager:

Co - Fund Manager:

Strategy Type:

Date of Incep�on:

Benchmark:

Investment Horizon:

Subscrip�on:

Redemp�on :

Valua�on Point:


Performance

MIDCAPSTRATEGY

Both, IOP Strategy and Ni�y Free Float Midcap 100 Index are rebased to 10 as on Feb 11, 2010.



1

2

3

4

5

6

7

8

9

10

Development Credit Bank Ltd.

Quess Corp Ltd.

Aegis Logis�cs Ltd.

Birla Corpora�on Ltd.

AU Small Finance Bank Ltd.

Canfin Homes Ltd.

Gabriel India Ltd.

Mahanagar Gas Ltd.

TTK Pres�ge Ltd.

Alkem Laboratories Ltd.

8.98

8.60

7.55

7.21

7.10

5.92

5.38

5.37

5.02

4.84

Top 10 Holdings

28.67

12.92

12.31

10.45

9.75

Sector Alloca�on


1

2

3

4

5

Banking & Finance

Oil & Gas

Pharmaceu�cals

Cement & Infrastructure

Consumer Durable

The Strategy aims to generate long term capital apprecia�on by crea�ng a focused por�olio of high growth stocks having the poten�al to grow more than the nominal GDP for next 5-7 years across mid and smallcap stocks; and which are available at reasonable market prices.

Ÿ Concentrated midcap por�olio with 20-25 stocks

Ÿ Three Focused themes: ‘Make in India’, ‘Revival in Capex Cycle’ & ‘Third Trillion Dollar Consump�on Opportuni�es’

Ÿ Flexibility to own best performing stocks irrespec�ve of market capitaliza�on



Performance Data (5 Years)Ni�y Free Float

Midcap 100 IndexIOP Strategy


Beta

17.14%

1.00

17.31%

0.85


India Opportunity Portolio Strategy Ni�y Midap 100 Index

3.31X

5.00

10.00

15.00

20.00

25.00

30.00

De

c-1

0

Mar

-11

Jun

-11

Sep

-11

De

c-1

1

Mar

-12

Jun

-12

Sep

-12

De

c-1

2

Mar

-13

Jun

-13

Sep

-13

De

c-1

3

Mar

-14

Jun

-14

Sep

-14

De

c-1

4

Mar

-15

Jun

-15

Sep

-15

De

c-1

5

Mar

-16

Jun

-16

Sep

-16

De

c-1

6

Mar

-17

Jun

-17

Sep

-17

De

c-1

7

Mar

-18

2.37X

3.15X

20

2.59X35.00

40.00

45.00


TEAMMANAGEMENT

21

Raamdeo AgrawalChairman

Aashish P Somaiyaa CEO

MFFund

Manager

Gautam Sinha RoyVice President & Fund Manager

Equity Mutual Funds

Siddharth BothraSr. Vice President & Fund Manager

Equity Mutual Funds

Akash SinghaniaSr. Vice President & Fund Manager

Equity Mutual Funds

PMSFund

Manager

Manish SonthaliaSr. Vice President & Head Equity PMS

Mythili BalakrishnanVice President & Fund Manager

Equity PMS

Kunal JadhwaniVice President & Fund Manager

Equity PMS

Shrey LoonkerVice President & Fund Manager

Equity PMS

Vice President & Associate Fund ManagerEquity Mutual Funds

Niket Shah

DISCLAIMER

This document has been issued on the basis of internal data, publicly available informa�on and other sources believed to be reliable. The informa�on contained in this document is for general purposes only and not a complete disclosure of every material fact. The informa�on / data herein alone is not sufficient and shouldn't be used for the development or implementa�on of an investment strategy. It should not be construed as investment advice to any party. All opinions, figures, es�mates and data included in this document are as on the date men�oned in the document. The document does not warrant the completeness or accuracy of the informa�on and disclaims all liabili�es, losses and damages arising out of the use of this informa�on. The statements contained herein may include statements of future expecta�ons and other forward-looking statements that are based on our current views and assump�ons and involve known and unknown risks and uncertain�es that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Readers shall be fully responsible/liable for any decision taken on the basis of this document. Investments in Securi�es are subject to market and other risks and there is no assurance or guarantee that the objec�ves of any of the strategies of the Por�olio Management Services will be achieved. Name of the Scheme(s)/Strategy(ies) does not in any manner indicate its future prospects and returns. Investors are advised to consult his / her own professional advisor. Past performance may or may not be sustained in future.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully22

For any Mutual Fund queries, please write to mfservice@mo�lalowal.com, Similarly for PMS queries please call us on 022-39804238 or write to

moamc.customercare@mo�lalowal.ccom or visit mo�lal walmf.com

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