ASK Growth India Fund Presentation_Final.pdf

A Close Ended, Category III Alternative Investment Fund

Increasing GDP: Bigger the Economy - Bigger the Opportunity
3
Source: IMF
1,980
2,169
2,362
3,086
3,687
3,894
4,565
5,291
21,865
26,695
Brazil
Italy
Canada
France
UK
India
Germany
Japan
China
US
Nominal GDP ($ billion)
5th Largest Economy
How India`s economy has inched up over the years
India is expected to cross the $5 trillion mark by 2026-27 and likely to remain the fastest growing large economy
2029E
Also Refer to Private Placement Memorandum (PPM) of the scheme before you make your decision to invest in this scheme offering

4
Likely Acceleration Ahead: GDP per Capita- India at Inflection Point
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
Per Capita GDP (USD)
India Brazil Russsia China
2,277
4,356
6,950
7,336
7,564
12,198
12,359
0 5,000 10,000 15,000
India
Indonesia
South Africa
Thailand
Brazil
Russsia
China
Per Capita GDP (USD) - 2021
Source: Bloomberg, ASK IM Research
Economies where per capita GDP increased above USD 2,500 had strong growth in the decade following the
threshold crossing

With Expanding Addressable Market: Rise in Disposable Incomes
5
Source: BCG
Elite
(+20 lacs)
Affluent
(10-20 lacs)
Aspirers
(5-10 lacs)
Next Billion
(1.5-5.0 lacs)
Strugglers
(<1.5 lacs)
Annual Gross HH Income
INR Lakh p.a
3.9 5.2 7.3
2010 2019 2030E
No. of household in Mn 354
289
238
3(1%)
13(5%)
35(15%)
108(45%)
10(3%)
26(9%)
130(45%)
64(22%)
59(21%)
23(7%)
40(11%)
142(40%)
56(16%)
93(26%) 1.6x
1.1x
0.6x
2.1x
2.3x
Growth
(19-30)
79(33%)
Elite & Affluent Households will more than double, and Aspirers will increase by 50%+

6
Large Addition to Workforce
Source: Prop Equity, Edelweiss research; Note: H1CY21 is an annualized number based on data of last 4 quarters
-6 -4 -2 0 2 4 6 8 10 12 14 16 18 20 22 24
India
Islamic States
Indonesia
Philippines
Mexico
South Africa
Brazil
Malaysia
United States
Taiwan
Thailand
South Korea
Japan
Russia
EU (28)
China
Proportion of Worlds Incremental Labor Force (2020 to 2030)
India is the only large EM which
will add a large labor force over
the next decade

7
Source: Bain & Company
The Trillion-Dollar Manufacturing Exports Opportunity for India
1.6
2.3
3.7
7.9 8.3
15.0
3.8 3.2
6.0 4.5
24.6
17.3
0
5
10
15
20
25
India UK Japan Germany US China
% of world export % of world GDP
Median : 6.7
Despite being the 5th Largest economy in the world and contributing 3.1% to the World GDP,
India`s export contribution to global trade is only 1.6%

Improving Corporate Profitability to Boost Confidence & Aid Investments
8
Source: MOFSL
3.0%
4.7%
5.4%
6.3%
7.3%
7.8%
5.5%
6.5%
6.3%
4.8%
4.3% 4.3%
3.5%
3.0%
3.5%
2.4%
2.8%
2.2%
4.5% 4.5%
0%
1%
2%
3%
4%
5%
6%
7%
8%
FY
2003
FY
2004
FY
2005
FY
2006
FY
2007
FY
2008
FY
2009
FY
2010
FY
2011
FY
2012
FY
2013
FY
2014
FY
2015
FY
2016
FY
2017
FY
2018
FY
2019
FY
2020
FY
2021
FY
2022
Multiple new business models, providing solutions at scale & low cost, with internet as the
backbone, could bring forth interesting prospects

9
Government Reforms – Driving Growth…
• GST
• Demonetisation
• RERA
• Insolvency & Bankruptcy
Code
• Closure of Shell Companies
• Benami Properties Act
• Bank Recap
• Labour Laws
• Housing for All
• Jan Dhan Yojana
• Insurance
• Electricity
• Sanitation
• Swachh Bharat
• Ujjwala Yojana
• Gati Shakti
• National Logistics Policy
• Dedicated Freight Corridors
• Highways/ Expressways
• Metros
• Airports
• Aadhaar
• DBT
Economic Reforms Socio-Economic Infra Social

10
Massive Growth in Infrastructure Capacity
0
60
120
FY 1950 FY 2015 FY 2025E
Rail track (`000 kms)
10k kms
63k kms
0
1000
2000
3000
FY 1950 FY 2015 FY 2025E
Port capacity (MTPA)
1911 MTPA
773 MTPA
0
1000
2000
3000
4000
FY 16 FY 22
Power transmission assets (Rs
Bn)
0
50
100
FY 15 FY 22
Renewables (GWs)
0
60
120
180
FY 1950 FY 2015 FY 2025E
National Highways (`000 kms)
10 Yrs > 65 Yrs
77k
kms
81k kms
10 Yrs > 65 Yrs 10 Yrs > 65 Yrs
Source: BofA & Edelweiss research

11
Source: InvestIndia.gov
PLI Scheme – Fillip to Manufacturing economy
15
420
500
650
810
920
1,200
1,600
1,800
1,820
2,300
3,000
5,000
5,600
10,500
0 2,000 4,000 6,000 8,000 10,000 12,000
Drones and Components
KSM/DI/API in Pharma
High-Efficiency Solar PV Modules
Mfg of Medical Devices
White Goods (Acs & LED)
Advance Chemistry Cell Battery
Food Products
IT Hardware
Manufacturing of Pharma Drugs
Telecom & Networking Products
Automobiles & Auto Components
Textile Products
Semiconductor
Speciality Steel
Large Scale Electronics
Incremental Sales (INR Bn)

12
Globally Competitive Tax Rates
Source: Deloitte, KPMG, Kotak Institutional Equities
30 30
28
25 25 25 25
24 23.2
22
20 20 20 20
17
15
0
5
10
15
20
25
30
35
India
(Old)
Philippines
Sri
Lanka
Bangladesh
China
Indonesia
Korea
Malaysia
Japan
India
(New)
Cambodia
Taiwan
Thailand
Vietnam
Singapore
India
(new
mfg)
Corporate Tax (%)

13
India Increasingly to Attract More FDI
Source: UNCTAD, IMF, Kotak Institutional Equities
0.3
0.6
1.7
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
FY 2003-12 FY 2013-22 FY 2023-32E
FDI (USD Tn)
36
27
16
11
10
5 4
3 3 3 3 3 2 2 2 2 2 1 1 1
0
10
20
30
40
Hong
Kong
Singapore
Hungary
Belgium
South
Africa
Poland
Swedan
Canada
France
Brazil
Spain
Mexico
Russia
USA
China
Germany
Australia
India
UK
Japan
Net FDI-to-GDP ratio
Avg - 7

14
Source: NPCI, TRAI and BofA Global Research
84.2
41.0
21.3
8.8
1.1
0.1
FY22
FY21
FY20
FY19
FY18
FY17
UPI transaction Value (Rs Trillion)
Digital India at the Forefront Globally
Data Consumes (GB) Per Month
• India – 18
• China – 14.5
• World avg – 12
25
75
201
441
445
515
634
688
228
75
18
12 10 9 7
0
50
100
150
200
250
0
100
200
300
400
500
600
700
800
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22
Mobile Internet Users (Mn) Data Cost Rs Per GB (RHS)
Cost of Data in India Rs/GB
UPI Transactions already surpassed FY22 full
year numbers in first 5 months of FY23

Digitization Expanding the Opportunity Universe
15
Source: VC Circle, Inc42 Media
39
61
250
0
50
100
150
200
250
300
2011-2020
(Unicorns in
Last Decade)
2021-2022 By 2025
Unicorns
Number of Unicorns
15
17
19
25
29
44
96
100
174
618
0 200 400 600
South Korea
Brazil
Canada
France
Germany
UK
Israel
India
China
USA
Count of Unicorns
India Minting
Unicorns Faster
than China
India produced
63% of its unicorns
in last 20 months
and 19 in CY 2022
India total Unicorns
value is at $341bn
& combined value
of 571k startups is
$450bn
Multiple new business models, providing solutions at scale & low cost, with internet as
the backbone, could bring forth interesting prospects

Sectors That Benefit

Strong Growth Across Multiple Segments of the Economy
17
Rising India
Improving Consumption
and Discretionary
Spending
Increasing
Manufacturing
Growing
Exports
Increasing
Digitisation
Expanding Financing
Requirements
Better
Infrastructure

Improving Consumption & Discretionary Spending
18
23% 24%
29%
31%
33%
36%
39%
42%
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23E
Organized Share in Jewellery Segment
20%
25%
33%
40%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
FY 2012 FY 2018 FY 2020 FY2025P
Organized Share in Apparel Segment
6
25
69
1.9%
4.3%
7.3%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
0
10
20
30
40
50
60
70
80
FY 13 FY 19 FY 24E
Size of Organised F&G (USD Bn)
Organised F&G Penetration (RHS)
Source: Company Annual Reports

Low Penetration… Offers Long Runway Ahead
19
2.5
4.9
13.7
5.0
11.0
27.3
12.4
21.8
47.5
0
5
10
15
20
25
30
35
40
45
50
Air Conditioners Washing Machines Referigerators
Low Penetration (% Households) of Consumer
Durables
2005 2016 2026 E
Source: RBI, Bloomberg, SIAM
2%
5%
22%
60%
67%
0%
15%
30%
45%
60%
75%
India Indonesia China Japan USA
Car Ownership Penetration of Population (2021)
Low Car Ownership Penetration

Expanding Financing Requirements
20
11%
18% 20%
34%
39%
44% 45%
52%
56%
68%
0%
10%
20%
30%
40%
50%
60%
70%
India
China
Thailand
Malaysia
Japan
Singapore
Germany
USA
Australia
UK
Mortgages as a % of Nominal GDP
31.8
76.9
37.1
80.0
0
10
20
30
40
50
60
70
80
90
India US
Household Debt to GDP
Dec 18 Dec-21
Source: RBI, Bloomberg, UN

21
Increasing Manufacturing… and Growing Exports
Import Substitution and Global drive for China +1 to drive the Chemical sector.
Source: IBEF, WTO, IndiaDataHub, ASK IM Research
22
64
0
25
50
75
FY 2015 FY 2025E
Indian Specialty Chemical Industry
(USD Bn)
3x

22
Acceleration in Growth in Various Industrial Segments Driven by Govt. Policies
Source: BofA
159
374
0
100
200
300
400
FY 20 FY 25E
Defense Prod. By Pvt players (Rs bn)
58
184
0
50
100
150
200
FY 19 FY 24E
Commercial Mining Target (MT)
8
25.8
37.4
0
10
20
30
40
FY 2015 FY 2021 FY 2024E
City Gas Dist. Capex in (Rs Bn)
1
25
0
10
20
30
FY 2015 FY 2022
Affordable Housing - Rural
(#houses, mn)

23
Few Opportunities We are Looking at
Source: Bloomberg. Data as on 31 July 2022
*For illustration only. Stocks may or may not be part of ASK IM’s PMS Investment Approaches and AIF Schemes
Sector Stocks*
Consumption
D-Mart
Varun Beverages
Manufacturing & Exports
SRF
Navin Fluorine
Industrials
Solar Industries
APL Apollo
Finance
AU Small Finance Bank
Aavas Financiers

ASK Growth India
Fund

Achieved through…
• Long-term investments in high-quality
companies with strong growth prospects
Key investment objectives
• Capital preservation* over a period of time
• Capital appreciation over a period of time
*ASK IM endeavors to preserve the capital however equity investments are subject to market risks and may result in loss of capital.
Size of the
Opportunity
• Size of pond v/s size of fish
• Dominance
• Resilience
• Liquidity
• High quality of business (Superior
RoCE)
• Strong moat. Impregnability
• Sustainability
• Key pivot of strong wealth creation
• Favorable price-value gap
• Margin of safety
• Quantum
• Consistency
• Durability
• Predating (early v/s later)
• Compounding power
GOOD
MANAGEMENT
QUALITY
Earnings
Growth
Value
Quality of
Business
Key Investment Objectives and Attributes
25

26
Investment Approach Research Methodology and Filtration
• Top 500 as per market capitalization
• Profit Before Tax (PBT) above INR 200 crs* for trailing 4 quarters
• Subjective evaluation of management quality (integrity, vision, execution, capital
allocation skills and capital distribution)
• Finally, an investment approach emerges of 20-25 businesses, representing an optimal blend
of the overall characteristics, and adequate diversity, with a minimum Margin of Safety of 15%.*
• Rigorous filters of minimum of 25% Return on Capital Employed (capital efficiency) and
minimum of 15% Earnings Growth over the next 3 to 5 years*
306
210
123
59
500
299
150
59
20-25
Note: Maximum of 20% of the portfolio may be an exception to the above.
*at the time of 1st purchase of the stock

27
Key Terms: ASK Growth India Fund
Parameter Description
Fund Name ASK Growth India Fund
Structure Close ended, Long-only Category III, Alternative Investment Fund
Term
4.5 years (from date of Final Closing), may be extended up to 2 years with necessary
approvals
Sponsor ASK Investment Managers Limited
Investment Manager ASK Investment Managers Limited
Trustee Amicorp Trustees (India) Private Limited
Custody Deutsche Bank A.G.
Registrar and Transfer Agent KFin Technologies Limited
Minimum Commitment Amount Rs 1 Cr and multiples of Rs 1 Lakh thereafter
Final Closing Within 12 months from the date of First Closing
Lock-in Period Nil
Exit Charge 5% in Year 1, 4% in Year 2, 3% in Year 3; 1% in Year 4; Nil post Year 4, all from Final Closing.
Kindly refer to the Private Placement Memorandum (PPM) or further details.

28
Key Terms: ASK Growth India Fund
*Share Class A for Domestic Contributors, Share Class B for Offshore Contributors
** Performance Fees will be charged at the end of tenure of the fund.
Plus all applicable taxes and statutory levies as applicable. Operating Expenses at actuals subject to a threshold of 0.25% p.a.
The scheme also offers other Class of units for subscription, details of which are not furnished above. Kindly refer to the PPM for further details.
Tier / Class of
Investor*
Commitment Amount Set-up Cost Management Fees (p.a.) Performance Fees**
A1 / B1 Rs. 1 Cr to < Rs. 5 Cr Upto 2.00% 2.50% p.a. Nil
A4 / B4 Rs. 25 Cr and more Upto 2.00% 1.25% p.a. Nil
A5 / B5 Rs. 1 Cr to < Rs. 5 Cr Upto 2.00% 1.50% p.a. 20% over 10% XIRR
A6 / B6 Rs. 5 Cr to < Rs. 10 Cr Upto 2.00% 1.25% p.a. 20% over 10% XIRR
A7 / B7 Rs. 10 Cr and more Upto 2.00% 1.00% p.a. 20% over 10% XIRR

Mr. Bharat Shah holds a Bachelor’s degree in
Commerce from the University of Bombay and a
Post-Graduate Diploma in Management from the
Indian Institute of Management, Calcutta.
He is also a member of the Institute of Chartered
Accountants of India and a member of the
Institute of Cost and Works Accountants of India.
He has been on the Board since 2008.
He has over 30 years of experience in the field of
investment management and has previously
worked at Birla Capital International AMC Limited
and Asian Paints (India) Limited
29
Mr. Sumit Jain has over 16 years of experience
in Indian equity markets. He was actively
involved in the conceptualization of the Indian
Entrepreneur strategy and currently manages the
Indian Entrepreneur Portfolio with an AUM of
over USD2.5 billion. He has also been
instrumental in building the proprietary valuation
models at ASK.
In the past Sumit has worked with ICICI
Prudential Life Insurance and First Global
Securities in the past. He is a Post-Graduate in
Management from Mumbai University. He first
joined ASK in October 2005.
Mr. Sandip Bansal has a work experience of over
18 years with about 14 years in equity research.
Sandip joined ASK from SBI Life Insurance
where he has been an Equity Fund Manager &
was Head of Investment Research, leading
research across asset classes. Sandip has also
worked on the Sell-side with UBS Securities and
Kotak Institutional Equities. Before that Sandip
was a business consultant at KPMG and also
has banking experience with Citibank.
Sandip is a Chartered Accountant, Company
Secretary, and an MBA from IIM, Ahmedabad.
Sandip joined ASK in July 2021
Bharat Shah
Executive Director
Sumit Jain
Deputy CIO
Sandip Bansal
Senior Portfolio Manager
Biographies

30
Disclaimer
This presentation is in relation to ASK Growth India Fund (“Fund”), a scheme of ASK Equity AIF (“Trust”), an alternative investment fund managed by ASK Investment Managers Limited] (“Manager”) and
which is registered with the Securities and Exchange Board of India (“SEBI”) as a [Category III Alternative Investment Fund] under the SEBI (AIF) Regulations, 2012 (“AIF Regulations”) bearing registration
number IN/AIF3/17-18/0378.
This presentation is confidential and is intended only for the personal use of the prospective investors to whom it is addressed or delivered and must not be reproduced or redistributed or disclosed in any form
to any other person or duplicated or used for any purpose other than the purpose for which it is meant without the prior written consent of the Manager.
This presentation is neither a general offer or solicitation to invest in the Fund. Prospective investors shall note that no returns/objective from the Fund/Trust are assured or guaranteed as investment in
securities are subject to market and other risks. This presentation does not purport to be all-inclusive, nor does it contain all of the information which a prospective investor may desire. An offering on a private
placement basis will be made pursuant to a private placement memorandum and other definitive fund documents, which will be furnished to eligible prospective investors on a confidential basis at their request
for their consideration of such offering. Any such offer or solicitation shall only be made pursuant to a final confidential private placement memorandum (as amended or supplemented from time to time) of the
Fund, which will contain numerous disclosures concerning the risks of investing in such Fund. The information contained herein is qualified in its entirety by the Fund’s private placement memorandum and the
other fund documents. The Manager (including its affiliates) and any of its directors, shareholders, officers, employees and other personnel will not accept any liability, loss, damage of any nature, including but
not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of this presentation in any manner whatsoever.
Except where otherwise indicated herein, the information provided herein is based on matters that exist as of the date of preparation and not as of any future date. The contents of this presentation are
provisional and may be subject to change without notice. In the preparation of the material contained in this presentation, the Manager has used information that is publicly available and certain research
reports including information developed in-house. The Manager shall not be liable for relevance, accuracy or completeness of the information contained herein or for complying with laws/licensing requirement
as otherwise applicable with respect to the recipient of this presentation and disclaim any and all liability as to the information set forth herein or omissions here from, including, without limitation, any express
or implied representation or warranty with respect to such information.
This presentation may include certain statements which contain words or phrases such as “believe”, “expect”, “anticipate”, “intend”, and similar expressions that are speculative and forward-looking, which may
be formed on the basis of historical information or past performance. This may include statements relating to a company’s general business plans and strategy, its future growth prospects, and future
developments in its industry and its competitive and regulatory environment. All opinions, figures, charts/graphs, estimates and data included in this presentation are as on date and are subject to change
without notice. Actual results may differ materially from those suggested by the speculative and forward-looking statements due to risks, uncertainties or assumptions.
This presentation cannot be copied, reproduced, in whole or in part or otherwise distributed without prior written approval of the Manager.
Prospective investors should make an independent assessment, and consult their own counsel, business advisor and tax advisor as to legal, business and tax related matters concerning this presentation and
the other related documents before investing in the Fund. The information contained in this presentation has been prepared by Manager for general guidance and does not constitute a professional advice and
no person should act upon any information contained herein without obtaining specific professional advice.
The information in this presentation has not been evaluated from the specific legal-regulatory requirement of any particular jurisdiction other than India. The Trust and the Manager is not registered/licensed
with or approved by any regulatory or governmental authority of any other jurisdiction other than India as of date. Neither the Manager nor its directors, shareholders employees and agents would be held
responsible for any reliance placed on the content of this presentation or for any decision based on it.
Each prospective investor, by accepting delivery of this presentation agrees to the foregoing.

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