Seers Group - Portfolio Management India. Decade old experience in investing in Equity Markets and delivering 42% CAGR (annualized return) for over 12 years.

1. Investing with
‘Seers Group’
White Paper
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2. w w w . S e e r s . g r o u p
CONTENT PAGE
INDIAS POSITION IN GLOBAL TERMS 2
HOW DO INDIANS PARK THEIR SAVINGS 3
16 YEAR PAST PERFORMANCE – VARIOUS ASSETS 5
WHY EQUITY INVESTMENTS OVER OTHERS 7
HOW SIGNIFICANT IS COMPOUNDING 8
WHO WE ARE – THE TEAM 9
WHAT WE DO & HOW WE DO IT 10
INVESTMENT MATRIX 11
PERFORMANCE OF SEERS STRATEGY OVER THE PAST 12 YEARS 12

3. INDIAS POSITION IN GLOBAL TERMS
o India’s Savings to GDP ratio is one of the highest in the
world economies.
o India domestic savings are about 31% of its Gross Domestic
Product.
o Essentially these savings are routed to investments amongst
various assets classes (Physical and Financial assets).
o Thus India, inherently has been a high savings nation.
10
15
20
25
30
35
40
2001 2003 2005 2007 2009 2011 2013
GROSS DOMESTIC SAVINGS (% of GDP)
India IND Japan JPN United States USA
SOURCE : THE WORLD
IND = 31%
JPN = 21%
USA = 17%
36%
47% 45%
43%
58%
65%
52%
34%
40%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1954 1959 1964 1969 1974 1979 1984 1989 1994 1999 2004 2009 2014
FINANCIAL ASSETS vs PHYSICAL ASSETS
SOURCE : RESERVE BANK OF INDIA
P H Y S I C A L S A V I N G S
F I N A N C I A L S A V I N G S
o Currently in India only about 40% of our savings are routed to
financial assets.
o Previously this ratio has been as high as 65%.
o The share of financial assets is bound to grow looking at the
domestic demographic and economic factors.
o Indian savings are majorly routed to the Physical Asset – namely Real
Estate and Gold.
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4. HOW DO INDIANS PARK THEIR SAVINGS
The flow of investments into equity markets is
merely 5% of the total flow into Financial Savings.
The share of equities amongst the total
bouquet of investments is merely 2%.
60%
14%
24%
2%
100%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Physical
Savings
LIC - PF -
Pension Funds
Currency +
Deposits
Shares &
debentures Total Savings
Share of Equities amongst Total Assets
For the year ended 31, March 2015
35%
60%
5%
100%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
LIC - PF - Pension Funds Currency + Deposits Shares & debentures Total Financial Savings
Share of Equities amongst Financial Assets
For the year ended 31, March 2015
SOURCE : RESERVE BANK OF INDIA SOURCE : RESERVE BANK OF INDIA
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5. 100
139
165
201
227 275
415
505
526
565
582
592
565 565
100
128
207
223
288
575
674
653
613
599
637
83
160
169
316
363
459
309
469
511
466
527
595
727
698
815
120 127
135
143
151
161
170
180
191
209
228
249
270
289
80
180
280
380
480
580
680
780
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Historic Returns from Various Asset Classes
Real Estate Gold Nifty Fixed Deposit
SOURCE : REAL ESTATE - NATIONAL HOUSING BANK.
GOLD - RESERVE BANK OF INDIA.
NIFTY - NATIONAL STOCK EXCHANGE.
Showing Present Value of ₹100/- invested in various assets over the period of 16 years
except for Real Estate where data available is only until 2016
16 YEAR PAST PERFORMANCE – VARIOUS ASSETS
o Historical returns from equity market index has
outperformed the most preferred asset classes.
o 16 years annualized returns.
NIFTY – 14.0%
GOLD – 12.3%
REAL ESTATE – 11.4%
FIXED DEPOSITS – 6.9%
NIFTY
GOLD
REAL
ESTATE
FIXED
DEPOSITS
Economic Crises
Economic Crises
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6. INFLATION ADJUSTED RETURNS
1978-79 1983-84 1989-90 1994-95 1999-00 2004-05 2009-10 2014-15
Historical Inflation Adjusted Returns from
Equity Markets vs Fixed Deposits
in the past 37 years.
FD Inflation adjusted return Sensex Inflation adjusted return
13,86,253
1,61,129
100,000
9,56,241
4,57,735
3,23,464
12,47,903
1979-80 1984-85 1989-90 1994-95 1999-00 2004-05 2009-10 2014-15
Historical returns from
Equity Markets vs Fixed Deposits
in the past 37 years.
Return from FD Return from Sensex
2,25,19,122
26,17,482
100,000
34,51,470
24,55,675
1,26,01,240
SOURCE : SENSEX – BOMBAY STOCK EXCHANGE FIXED DEPOSITS - RESERVE BANK OF INDIA.
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7. Risk comes from not knowing what you're doing. - Warren Buffett
HOW EQUITY MARKETS POSE TO BE THE BEST INVESTMENT OPTION
WHY EQUITY INVESTMENTS OVER OTHERS
Best Performing Asset Class:
Investments in equity markets have
outperformed all other asset classes
with a major leap over a longer period.
Liquid Asset:
Equity market investments are the
easiest and fastest to liquidate
Tax Free Returns:
The long-term returns from investing in
equity markets are exempt from tax.
Least Transactional Cost:
Buying and Selling in equity markets and
holding cost of equities are the most
inexpensive.
In comparison to investing in Real
Estate and Gold, investing in
Equity markets is an extremely
skilful job.
This is the reason for it being the
least popular and the most
rewarding.
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8. HOW SIGNIFICANT IS COMPOUNDING?
o The compounding effect by a marginal change in the degree of return can make massive differences to realized returns.
o Rs.100 invested for 10 years multiplies to 2.6 times @ 10% pa, 3.7 times @ 14% , 11 times @ 27% and 34.5 times @ 42.5%
COMPOUNDING EFFECT
Year 7.0% 10.0% 11.5% 12.5% 14.0% 18.0% 21.0% 24.0% 27.0% 30.0% 37.0% 42.5%
0 100 100 100 100 100 100 100 100 100 100 100 100
1 107 110 112 113 114 118 121 124 127 130 137 143
2 114 121 124 127 130 139 146 154 161 169 188 203
3 123 133 139 142 148 164 177 191 205 220 257 289
4 131 146 155 160 169 194 214 236 260 286 352 412
5 140 161 172 180 193 229 259 293 330 371 483 588
6 150 177 192 203 219 270 314 364 420 483 661 837
7 161 195 214 228 250 319 380 451 533 627 906 1,193
8 172 214 239 257 285 376 459 559 677 816 1,241 1,700
9 184 236 266 289 325 444 556 693 859 1,060 1,700 2,423
10 197 259 297 325 371 523 673 859 1,092 1,379 2,329 3,453
15 276 418 512 585 714 1,197 1,745 2,520 3,606 5,119 11,241 20,287
20 387 673 882 1,055 1,374 2,739 4,526 7,386 11,914 19,005 54,251 119,206
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9. WHO WE ARE – THE TEAM
Seers Group was seeded by FCA Rajesh Seth and CMA Chander Bhatia, who have been investing in equity markets since 2005. The experience and
wisdom they have gathered while testing waters by investing their own capital for over a decade has helped them craft a well tested investment
philosophy and strategy. These learning have helped them achieve an annualized return of more than 42% over the past 12 years.
• Mr. Rajesh Seth is a Fellow Member of Institute of Chartered Accountants of India since 1987 and an Associate Member since 1982. After experiencing the
‘Art of Successful Stock Investing’ he decided to move ahead, primarily and solely in this discipline, which had its foundation on 23 years of experience as a
Chartered Accountant. Today he is a managing partner of the SEBI registered Advisory Firm, M/s Seers Advisors and the Chief Executive Officer of the SEBI
registered Portfolio Manager Namely M/s Seers Fund Management Private Limited, looking after Administration, Business Development, Research,
Compliance and a member of the Allocation Committee taking the collective call of fund allocation.
RAJESH SETH
• CMA Chander Bhatia is a qualified Cost and Management Accountant from the Institute of Cost Accountants of India and Masters in Commerce. He has
proudly served Indian Air force and Indian Customs. During his stint with customs he was regularly investing in equity market. The success he acclaimed
through investing made him leave customs to start Equity Investing as a soul profession. He has been a prolific reader for 25 years and has developed deep
understanding about Macros, Industries and Companies. Currently. He is a managing partner of the SEBI registered Advisory Firm, M/s Seers Advisors and
the Chief Investment Officer of the SEBI registered Portfolio Manager namely M/s Seers Fund Management Private Limited, he is looking after Equity
Research, Investment Strategy, Business Development and also acts as a member of the allocation committee taking collective calls on fund allocation.
CHANDER BHATIA
• Shaleen Seth holds a Masters’ degree in finance and a Bachelors Honours degree in Commerce from Kirori Mal College (Delhi University). He has also
attained ‘The Gold Standard’ of The International Award for Young People, by HRH Prince Philip, Duke of Edinburgh (United Kingdom). While pursuing his
Bachelor’s Degree at Delhi University, he developed deep interest in the fundamental study of companies, correlations between Macro – Micro, Quantitative
and most importantly Qualitative measures that spearhead the success of a business. He currently acts as Vice President – Equity Research and also aids
Business Development and Marketing at M/s Seers Fund Management Private Limited.
SHALEEN SETH
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10. ‘ART OF WEALTH CREATION’
PATIENCE
CONSISTENCY
LONG-TERM
PERSPECTIVE
WHAT WE DO & HOW WE DO IT
The SEERS strategy of investing is based on an approach which is a close harmony of a ‘Top – Down’ and
‘Bottom – Up’ approach of evaluating business opportunities. We invest in businesses that we are of an
opinion have a strong spine to withstand strong headwinds and thus are positioned to benefit the most in
favorable business conditions.
“S” – Seeing the dawn of an opportunity
• To keep a close track of macro developments to recognize investment opportunities.
• With a ‘Domestic’ as well as ‘Global’ perspective.
• These are backed with deep understanding of sector specific – long term cyclical movements.
“E” – Evaluating the opportunity
• This is a rigorous culling process which involves various parameters that ‘Seers’ have developed over the years.
• These parameters tested on a 10 years of data in most of the cases.
• In-depth ‘Quantitative’ as well as ‘Qualitative’ analysis.
• We focus all our energies in finding businesses that are managed with utmost integrity towards all of its
stakeholders.
“E” – Exposure
• Our investment view is long-term thus we believe a 3-5-year perspective is the best to show true value of an
investment.
“R” – Revaluating
• Investing in equity markets needs high degree of patience.
• To be at the forefront of ‘Value Investing’ we are required to continuously evaluate all developments which have
multi-facet effect on the business.
• This is done on the basis of our investment matrix to adapt and respond to the dynamism of businesses.
“S” – Seeing off an investment
• We try to be extremely selective in our investments and only liquidate them when they breach our valuation or
quality parameters
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11. INVESTMENT MATRIX
• How does the management prefer to
grow, Organic - Inorganic.
• Wide analysis of capital allocation
and emphasis given to business
integration.
• How much skin do the promoters have
in the business.
• How do they maintain integrity with
various stakeholders.
• Utilisation of raised funds and
subsequent raised funds
• Dependence on debt, in
comparison to internal accruals.
• Dividend payments.
• This factor defines any leadership that
the business hold over its competitors
and how has the company been using
it to its benefit
Special
Characteristics
Capital Structure
Capital Utilisation
Management
Integrity
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12. 315%
42%
-30%
-66%
137%
119%
-22%
13%
30%
157%
14%
83%
43%
303%
28%
-29%
-67%
152%
118%
-22%
13%
29%
149%
12%
91%
42%
67%
12%
24%
-36%
74%
11%
-9%
7%
18%
27%
-9%
19% 13%
FY-06 FY-07 FY-08 FY-09 FY-10 FY-11 FY-12 FY-13 FY-14 FY-15 FY-16 FY-17
2005-17 (12
Years-CAGR)
SP 01 315% 42% -30% -66% 137% 119% -22% 13% 30% 157% 14% 83% 43%
SP 02 303% 28% -29% -67% 152% 118% -22% 13% 29% 149% 12% 91% 42%
NIFTY’S % 67% 12% 24% -36% 74% 11% -9% 7% 18% 27% -9% 19% 13%
12 Year Annualized Return of Seers Portfolio – 43%/42% VS. Market index (NIFTY) return – 13%
PERFORMANCE OF SEERS STRATEGY OVER THE PAST 12 YEARS
Disclaimer: Investment in equity shares have their own inherent risks. Sincere efforts have been made to present the right investment perspective. There is no guarantee in investing in stocks. The past performance may not
always be a reliable indicator of future results i.e. it may or may not be sustained in future. 12
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13. OUTCOMES OF INVESTING WISELY
Investing your savings for a better future should
be done wisely.
Nobody has ever become rich by merely
investing into Fixed Deposits.
Optimization of the Risk and Reward Matrix of
investments is the key to Wealth creation.
226 281
470 482
4520
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
Fixed Deposit Real Estate Gold Nifty Seers Portfolio
Value of ₹100/- invested in various investment options after a period of 12 years as on 31
March 2017
*Real Estate Return are as per data available until 2016
*
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14. w w w . S e e r s . G r o u p
SEBI registered PORTFOLIO MANAGER vide registration number INP000005398
SEBI registered INVESTMENT ADVISOR vide registration number INA100004715
Email: connect@seers.group Registered Office: H 11/B, 1st Floor, Vijay Nagar, Delhi 110009
Ph.: +91-9999-646-222 Business Office: 812, 8th Floor, Wave Silver Tower, Sector 18, NOIDA, UP 201301
DISCLAIMER
Investments in equity shares have their own inherent risks. Sincere efforts have been made to present the right investment perspective.
The information contained herein is based on analysis and on sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof.
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The information, data and analysis shared and discussed in this document are provided only for the sake of providing information and do not constitute to be an Investment Advice.
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