The document introduces the Ashvattha India Index (AI Index) Series I, an alternative investment fund that aims to provide absolute returns with low correlation to the Nifty index. Some key points about the fund: - It utilizes proprietary trading models designed by Ashvattha Advisors to trade futures and options on the Nifty 50 and Nifty Bank indices, providing exposure between -100% to 100%. - Returns are largely uncorrelated with little to no exposure to counterparty risk due to being based on exchange-traded contracts. - Over its history from 2006-2019, the fund has achieved an annualized return of 26.42% with a maximum drawdown of -21.66%

1. Ashvattha Advisors LLP
Alternate Investment Fund, Category III (Proposed)
Ashvattha India Index (Series I)

2. Key Features
• AII is based on Proprietary Models
designed by Ashvattha Advisors LLP
• Since it is entirely exchange traded
contracts, there is Insignificant
counterparty risks
• No borrowed leverage
• Underlying product is highly liquid
and hence the proposed AIF size is
scalable
AI Index is an
• Absolute Return Product
• Utilizes fully systematic
proprietary methods
A. Features
The underlying traded in AI Index
are Nifty : 50%
Nifty Bank : 50%
B. Underlying
AII is an excellent diversifier
to a long only portfolio. Its
correlation with nifty is
close to 0
C. An Excellent Diversifier
Lock in period: 1 Year
Redemption: Every Month thereafter
D. Highly Liquid
WE ARE
THE BEST
Introducing Ashvattha India Index (AI Index) Series I (Max Equity Expsoure:100%)

3. Key Points
• Returns are daily
compounded
• Gross Returns are post costs
and Net Returns are post
Management Fees of 20%
Return Profile Ashvattha India Index (AI Index) Series I
FY Returns Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Net -0.36% -1.78% 2.38% 1.39% 1.76% 5.66% -0.70% -5.58% 1.38% 2.04% 3.71% 2.85% 12.74%
Gross -0.45% -2.23% 2.98% 1.74% 2.20% 7.07% -0.88% -6.97% 1.72% 2.55% 4.63% 3.56% 15.92%
Nifty 5.80% 2.45% 10.66% 4.56% -13.68% 1.86% 0.48% 8.61% 5.11% 4.34% 5.62% 0.30% 36.11%
Net -1.99% 1.35% 6.19% 4.62% 0.29% 2.80% 2.99% -9.93% 5.70% 7.03% -4.05% 9.70% 24.70%
Gross -2.48% 1.69% 7.74% 5.77% 0.36% 3.50% 3.74% -12.41% 7.12% 8.79% -5.07% 12.12% 30.87%
Nifty 2.93% -8.26% 2.04% 6.97% 5.09% 0.52% 4.88% -1.43% 12.49% 17.51% -2.34% 6.52% 46.92%
Net 4.28% 9.14% 11.55% 4.40% 9.27% 1.14% 11.83% -1.18% 10.21% 9.20% 6.20% -1.41% 74.63%
Gross 5.35% 11.42% 14.44% 5.50% 11.59% 1.43% 14.79% -1.48% 12.77% 11.50% 7.75% -1.76% 93.29%
Nifty -16.31% 1.67% -9.36% 9.11% -5.73% -17.03% 7.24% 0.62% -10.06% -26.41% -4.52% 7.41% -63.37%
Net -3.96% 0.09% 7.82% 0.04% 8.50% 3.76% 1.57% 1.68% 0.25% 1.19% 1.79% 4.43% 27.16%
Gross -4.95% 0.11% 9.77% 0.05% 10.63% 4.70% 1.96% 2.10% 0.32% 1.48% 2.24% 5.54% 33.95%
Nifty -2.85% -3.87% 9.31% 15.00% 28.07% -3.55% 8.05% 0.55% 9.05% -7.32% 6.81% 3.35% 62.60%
Net 3.48% 4.33% 4.01% 0.69% -1.62% -1.47% -0.63% -4.54% 0.30% -0.33% -3.49% 4.23% 4.96%
Gross 4.35% 5.42% 5.01% 0.86% -2.03% -1.83% -0.79% -5.67% 0.38% -0.41% -4.36% 5.28% 6.21%
Nifty -6.13% 0.82% 6.64% 0.55% -3.63% 4.45% 1.04% 0.65% 11.62% -0.20% -2.58% 4.64% 17.87%
Net -0.94% 1.52% 3.43% 1.85% -0.80% 1.18% -5.16% 1.69% -11.40% 6.14% 9.36% 4.85% 11.72%
Gross -1.17% 1.89% 4.29% 2.31% -1.00% 1.47% -6.45% 2.11% -14.25% 7.68% 11.70% 6.07% 14.65%
Nifty -10.25% -3.14% 9.38% -1.44% -3.29% 1.57% -2.93% -8.77% -1.15% 7.76% -9.28% -4.30% -25.84%
Net -1.97% 3.66% -1.13% 1.96% 7.42% 2.88% -1.02% -0.40% 3.84% -1.18% 3.38% -0.89% 16.53%
Gross -2.47% 4.58% -1.41% 2.45% 9.27% 3.60% -1.28% -0.50% 4.80% -1.48% 4.22% -1.12% 20.66%
Nifty 12.43% 3.58% -1.66% -0.90% -6.17% 7.20% -0.95% 0.56% 8.46% -1.47% 4.63% 0.43% 26.14%
2012200620072008200920102011

4. Return Profile Ashvattha India Index (AI Index) Series I
FY Returns Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
Net 0.65% -1.26% -1.54% 3.46% -3.97% 2.76% 2.06% -6.67% -4.99% -1.38% 2.32% 0.90% -7.67%
Gross 0.81% -1.58% -1.93% 4.33% -4.96% 3.45% 2.57% -8.34% -6.24% -1.73% 2.90% 1.13% -9.58%
Nifty 2.20% -5.66% -0.18% 4.36% 0.94% -2.40% -1.72% -4.71% 4.82% 9.83% -1.95% 2.07% 7.60%
Net 2.29% 1.31% 7.58% 0.15% 3.09% -4.19% 1.45% 1.74% 1.78% -3.36% -0.53% 0.72% 12.04%
Gross 2.86% 1.64% 9.48% 0.19% 3.86% -5.23% 1.81% 2.18% 2.23% -4.20% -0.66% 0.90% 15.06%
Nifty -3.40% 3.08% 6.81% -0.12% 7.97% 5.28% 1.44% 3.02% 0.13% 4.49% 3.20% -3.56% 28.34%
Net 1.02% 3.40% -0.93% 4.21% -1.38% 1.71% 2.14% 10.20% 0.51% 0.41% 1.02% 1.75% 24.07%
Gross 1.27% 4.25% -1.17% 5.27% -1.72% 2.13% 2.68% 12.75% 0.64% 0.51% 1.27% 2.19% 30.09%
Nifty 6.35% 1.06% -4.62% -3.65% 3.08% -0.77% 1.96% -6.58% -0.28% 1.47% -1.62% 0.14% -3.46%
Net -3.61% -2.30% 6.87% 4.12% 3.70% 1.04% 0.97% 0.82% 0.02% 1.18% 2.44% -0.07% 15.17%
Gross -4.51% -2.88% 8.59% 5.15% 4.62% 1.30% 1.21% 1.03% 0.02% 1.47% 3.05% -0.09% 18.96%
Nifty -4.82% -7.62% 10.75% 1.44% 3.95% 1.56% 4.23% 1.71% -1.99% 0.17% -4.65% -0.47% 4.26%
Net 3.14% -1.26% 2.49% 1.16% -2.16% -0.02% 2.46% -2.34% 1.47% 2.37% 2.16% -1.09% 8.39%
Gross 3.92% -1.57% 3.11% 1.45% -2.70% -0.02% 3.07% -2.92% 1.84% 2.96% 2.71% -1.36% 10.49%
Nifty 4.59% 3.72% 3.31% 1.42% 3.41% -1.04% 5.84% -1.58% -1.30% 5.59% -1.05% 2.97% 25.88%
Net 3.77% 5.05% 2.26% 3.13% 0.97% 1.08% -0.93% -0.71% 0.76% -0.60% 1.59% 0.16% 16.53%
Gross 4.71% 6.31% 2.82% 3.92% 1.22% 1.35% -1.17% -0.89% 0.95% -0.74% 1.98% 0.20% 20.66%
Nifty 4.72% -4.85% -3.61% 6.19% -0.03% -0.20% 5.99% 2.85% -6.42% -4.98% 4.72% -0.13% 4.25%
Net 1.87% 3.92% 0.78% 1.80% 2.26% -1.43% -1.61% 0.45% 11.61% 5.30% -0.41% 24.54%
Gross 2.33% 4.90% 0.97% 2.26% 2.83% -1.78% -2.01% 0.56% 14.51% 6.62% -0.51% 30.67%
Nifty -0.29% -0.36% 7.70% 1.07% 1.49% -1.12% -5.97% -0.85% 4.30% 3.51% 1.50% 10.98%
2019201320142015201620172018

5. Key Statistics Ashvattha India Index (AI Index) Series I
12 Month Average rolling Return
Nifty Worst 10 Months Nifty Best 10 Months Exposure Distribution
-2.000%
0.000%
2.000%
4.000%
6.000%
8.000%
10.000%
Dec-06
May-07
Oct-07
Mar-08
Aug-08
Jan-09
Jun-09
Nov-09
Apr-10
Sep-10
Feb-11
Jul-11
Dec-11
May-12
Oct-12
Mar-13
Aug-13
Jan-14
Jun-14
Nov-14
Apr-15
Sep-15
Feb-16
Jul-16
Dec-16
May-17
Oct-17
Mar-18
Aug-18
Jan-19
Jun-19
Nov-19
The 12 month rolling window provides long term perspective on the
strategy performance. Chart indicates 92% of the 12 month rolling
windows from Dec 2006 through October 2019 are positive.
0 10 20 30 40 50 60
-20%
-10%
-6%
-2%
0%
2%
6%
10%
20%
More
Nifty AI Index
Distribution of Monthly Return
-30.000%
-25.000%
-20.000%
-15.000%
-10.000%
-5.000%
0.000%
5.000%
10.000%
15.000%
20.000%
AI Index Nifty
-5.000%
0.000%
5.000%
10.000%
15.000%
20.000%
25.000%
30.000% AI Index Nifty
30.87%
43.39%
25.73%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
100% 0 -100%

6. 0.04
Low Correlation
Correlation with Nifty
Nifty : -129.41%
AI Index : 62%
In Nifty Loss Month
AII cumulative Returns at cumulative top
10 Nifty Negative Months
Excellent Hedge
AI Index Positive Returns
Months vs
Nifty Negative Return Months
64%
An Excellent Diversifier to Investment Portfolio
Key Points
• AII acts as an excellent
diversifier to the long only
equity portfolio
• Very low correlation with
Nifty
• Excellent performance in fat
tail scenario
Summary
Annualized Return : 26.42%
Low Correlation
Maximum Drawdown : -21.66%

7. Regression Analysis of AII v/s Nifty
Key Points
• Portfolio beta is at 0.05 thus
returns are non correlated to
Index.
y = 0.0549x + 0.0096
R² = 0.0017
-30.00%
-20.00%
-10.00%
0.00%
10.00%
20.00%
30.00%
40.00%
-20.000% -15.000% -10.000% -5.000% 0.000% 5.000% 10.000% 15.000% 20.000%
Nifty
R2 Alpha Beta
0.0017 0.95 0.05

8. About Us
Ashvattha Advisors LLP is a
consulting and analytics firm focused
on:
• Devising systematic trading rules
• Risk management consulting
• Consulting trading desks
• Proprietary trading
It is in the process of launching an
Alternate Investment Fund (Category
III) based on market tested methods.
Dummy Title
rishi.m.sharma@gmail.com
+91 98215 24727
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www.ashvatthagroup.com
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About Ashvattha Advisors LLP and Contact Details
We work
Goregaon East
Mumbai - 400063