DSP World Agriculture Fund -
An open ended Fund of Funds Scheme investing in Agricultural companies through International funds
This Open-ended Fund of Funds Scheme is suitable for investors who are seeking* :
1. Long-term capital growth
2. Investment in units of overseas funds which invest primarily in equity and equity related securities of companies in the agriculture value chain
3. High Risk**
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them.
**Risk may be represented as:
Low: Investors understand that their principal will be at low risk
Moderately Low: Investors understand that their principal will be at moderately low risk
Moderate: Investors understand that their principal will be at moderate risk
Moderately High: Investors understand that their principal will be at moderately high risk
High: Investors understand that their principal will be at high risk
This document provides an overview and agenda for a presentation on successful planning strategies for life and investments. It discusses Barry Mendelson's background and experience in financial services. It also summarizes Just Plans Etc., the firm he founded, which provides financial planning and investment management. The presentation agenda covers investment planning, personal planning, and charitable giving strategies.
The document provides an analysis of investment options and recommendations for managing the portfolio of clients Mr. and Mrs. Johnson who have $7.9 million in inheritance and $200,000 in savings. It considers their objectives of high returns, risk tolerance, constraints, conducts market expectations and risk analyses, and proposes conservative and high risk asset allocations targeting returns of 9.27% and 13.96% respectively.
1) The document discusses the shift from defined benefit pension plans to defined contribution plans, which transferred risk from employers to employees. This led to growth in the investment management industry.
2) It then provides a history of the retirement industry in South Africa, including the rise of independent asset managers and consultants, and the shift to members being responsible for their retirement income after accumulating savings in their personal accounts.
3) The document concludes with a discussion of expected regulatory reforms in South Africa that may lead to industry consolidation and changes to governance structures.
The document discusses why large cap stocks are preferable for investment in the IDFC Large Cap Fund. It notes that large caps have potential for upside returns with relatively low volatility compared to mid and small caps. Large caps tend to have strong customer bases, high liquidity, good corporate governance and experienced management which allows them to better withstand difficult market conditions. The fund employs a strategy of investing in the right sectors, sector leaders, and opportunistically in mid/small caps. It is currently overweight in healthcare and telecom and underweight in financials, energy and utilities. The document promotes the IDFC Large Cap Fund as benefiting from predominantly investing in leading large cap companies while having an active management approach.
This document contains slides from a presentation given by Miranda van Rensburg, Regional Sales Manager at Prudential Investment Managers, in November 2018. The presentation discusses challenges in financial planning given volatility in asset class returns, impact of client behavior on investment performance, and strategies for mitigating sequence of returns risk in retirement. It provides analysis showing the benefits of active management, global diversification, and maintaining growth assets in retirement to maximize long-term returns. The final slides introduce Miranda and include the standard disclosure statement.
The document discusses implications for South African investors of significant changes affecting the investment landscape. It summarizes that over the last 10 years, most active equity managers in South Africa have underperformed the market index, though some have used large marketing budgets to retain investors. Regulatory changes and cost pressures are now driving many investors toward index funds. Behavioral biases still cause some investors to prefer active managers, choosing those with recent strong performance, but studies show manager performance is generally not persistent and indexing provides better returns over the long run.
The Anchor Group continued to grow its assets under management in the first quarter of 2016 despite tough market conditions. Total assets reached R44.4 billion, with assets under management up R10.1 billion (+45%) due to the acquisition of Capricorn Fund Managers. Anchor's long term strategy is to become a major player in South African and offshore asset management through both organic and acquisitive growth. [END SUMMARY]
Market Outlook 2015: How to Spot Bubbles, Avoid Market Crashes and Earn Big ...Quantopian
View Mebane's Meeting and Learn...
- Why a traditional 60/40 allocation will not get you to 8%
- How to value international stock markets
- How to avoid market bubbles and buy when “blood is in the streets”
- How to create a trading system to always invest in the cheapest markets
Investment bubbles and speculative manias have likely existed for as long as humans have been involved in markets. How can investors identify and avoid these bubbles’ bursts and losses, and even profit from these crashes? Building on Graham and Dodd’s work, Robert Schiller popularized CAPE, his version of the cyclically adjusted price-to-earnings ratio, in the late 1990s to give timely warnings of poor stock returns. Mebane Faber applies this valuation metric across more than 30 foreign markets and finds it both practical and useful. This presentation will describe a trading system to build global stock portfolios based on valuation, which can lead to significant outperformance by selecting markets based on relative and absolute valuation.
This presentation was part of QuantCon 2015 hosted by Quantopian. Visit us at: www.quantopian.com.
This document provides an overview and agenda for a presentation on successful planning strategies for life and investments. It discusses Barry Mendelson's background and experience in financial services. It also summarizes Just Plans Etc., the firm he founded, which provides financial planning and investment management. The presentation agenda covers investment planning, personal planning, and charitable giving strategies.
The document provides an analysis of investment options and recommendations for managing the portfolio of clients Mr. and Mrs. Johnson who have $7.9 million in inheritance and $200,000 in savings. It considers their objectives of high returns, risk tolerance, constraints, conducts market expectations and risk analyses, and proposes conservative and high risk asset allocations targeting returns of 9.27% and 13.96% respectively.
1) The document discusses the shift from defined benefit pension plans to defined contribution plans, which transferred risk from employers to employees. This led to growth in the investment management industry.
2) It then provides a history of the retirement industry in South Africa, including the rise of independent asset managers and consultants, and the shift to members being responsible for their retirement income after accumulating savings in their personal accounts.
3) The document concludes with a discussion of expected regulatory reforms in South Africa that may lead to industry consolidation and changes to governance structures.
The document discusses why large cap stocks are preferable for investment in the IDFC Large Cap Fund. It notes that large caps have potential for upside returns with relatively low volatility compared to mid and small caps. Large caps tend to have strong customer bases, high liquidity, good corporate governance and experienced management which allows them to better withstand difficult market conditions. The fund employs a strategy of investing in the right sectors, sector leaders, and opportunistically in mid/small caps. It is currently overweight in healthcare and telecom and underweight in financials, energy and utilities. The document promotes the IDFC Large Cap Fund as benefiting from predominantly investing in leading large cap companies while having an active management approach.
This document contains slides from a presentation given by Miranda van Rensburg, Regional Sales Manager at Prudential Investment Managers, in November 2018. The presentation discusses challenges in financial planning given volatility in asset class returns, impact of client behavior on investment performance, and strategies for mitigating sequence of returns risk in retirement. It provides analysis showing the benefits of active management, global diversification, and maintaining growth assets in retirement to maximize long-term returns. The final slides introduce Miranda and include the standard disclosure statement.
The document discusses implications for South African investors of significant changes affecting the investment landscape. It summarizes that over the last 10 years, most active equity managers in South Africa have underperformed the market index, though some have used large marketing budgets to retain investors. Regulatory changes and cost pressures are now driving many investors toward index funds. Behavioral biases still cause some investors to prefer active managers, choosing those with recent strong performance, but studies show manager performance is generally not persistent and indexing provides better returns over the long run.
The Anchor Group continued to grow its assets under management in the first quarter of 2016 despite tough market conditions. Total assets reached R44.4 billion, with assets under management up R10.1 billion (+45%) due to the acquisition of Capricorn Fund Managers. Anchor's long term strategy is to become a major player in South African and offshore asset management through both organic and acquisitive growth. [END SUMMARY]
Market Outlook 2015: How to Spot Bubbles, Avoid Market Crashes and Earn Big ...Quantopian
View Mebane's Meeting and Learn...
- Why a traditional 60/40 allocation will not get you to 8%
- How to value international stock markets
- How to avoid market bubbles and buy when “blood is in the streets”
- How to create a trading system to always invest in the cheapest markets
Investment bubbles and speculative manias have likely existed for as long as humans have been involved in markets. How can investors identify and avoid these bubbles’ bursts and losses, and even profit from these crashes? Building on Graham and Dodd’s work, Robert Schiller popularized CAPE, his version of the cyclically adjusted price-to-earnings ratio, in the late 1990s to give timely warnings of poor stock returns. Mebane Faber applies this valuation metric across more than 30 foreign markets and finds it both practical and useful. This presentation will describe a trading system to build global stock portfolios based on valuation, which can lead to significant outperformance by selecting markets based on relative and absolute valuation.
This presentation was part of QuantCon 2015 hosted by Quantopian. Visit us at: www.quantopian.com.
This document provides an overview and outlook of offshore developed market property by Keillen Ndlovu, Head of Listed Property Funds at STANLIB. It discusses STANLIB's site visits and meetings with property companies in various developed markets from 2012-2016. It also analyzes the performance of global listed property versus equities on a year-to-date basis. Additionally, it provides exposure details of STANLIB's Global Property Fund, including top holdings and regional allocations. Lastly, it outlines the upside and downside risks for the global listed property outlook.
The document provides historical returns and projected returns for various asset classes over 10-year periods. It then shows the impact of different strategic asset allocations (SAAs) with low, medium, and high equity exposure on the ending capital balance after 10 years under various inflation-beating return targets. Monthly and annual returns are also provided for the different SAAs. Tables show the ending capital balance and impact of annual withdrawals at various rates on the ending balance.
This document provides an overview of a large investment team and their views on key investment themes and the South African economic landscape. It summarizes their outlook on topics such as global and local economic growth, inflation, monetary and fiscal policy, the current account balance, and bond and currency markets. It also reviews the interest rate outlook and strategies for the income fund. In addition, it discusses the structure of the investment team and retail funds, as well as trends in the sovereign credit rating and bond ownership.
This document provides an overview of Investec Asset Management and their Global Franchise Fund. It discusses:
- Investec Asset Management's history, global presence, and status as a top 100 third party asset manager.
- Details on the Global Franchise Fund including its long-term performance track record, risk-adjusted returns, and ability to perform in sideways and down markets.
- An outlook from Louis Niemand discussing challenges like weak global growth, China's economic uncertainty, and the need for deleveraging.
- The fund's strategy of investing in quality, global franchise companies with long trading histories to provide stability in uncertain times.
Windham hosts Research Director Cel Kulasekaran to discuss a unique approach to evaluating loss. By modifying exposure to loss and accounting for within-horizon losses as well as the regime-dependent nature of large draw downs, investors can achieve a more comprehensive understanding of value at risk.
1) The document provides biographies and experience summaries for Andrew Bishop and Shamier Khan, portfolio managers at Element Investment Managers.
2) It discusses Element's investment philosophy and process, including a focus on long-term fundamentals, ESG factors, and capitalizing on market cycles.
3) The performance summaries show that Element's equity and balanced funds have outperformed peers and indices over multiple time periods, often placing in the top quartile for returns and risk.
Anchor Capital is a South African investment management firm founded in 2011 with over R20 billion in assets under management. It has a local and offshore investment team of 20 professionals and offices in several South African cities as well as London. The document discusses investment opportunities within US banks and high yield bonds, the Chinese economy and consumer, and global asset allocation positioning. It also profiles two of Anchor Capital's fund managers, David Gibb and Peter Little.
This document provides an investor presentation for Realty Income Corporation for the fourth quarter of 2016. It discusses Realty Income's company overview and historical performance, investment thesis focused on consistent earnings growth outperformance, portfolio diversification across tenants, industries, geographies and property types, asset and portfolio management experience, investment strategy, capital structure and dividends. Guidance for 2017 is also provided. The presentation provides concise summaries of Realty Income's business model, investment approach, and track record of delivering strong total returns with lower volatility compared to market indices.
The document provides an overview and analysis of market conditions from Coronation's perspective. It notes that:
1) Local and global equity markets have diverged, with the JSE declining while global markets have risen. Commodity prices and related currencies have also fallen sharply.
2) Coronation's SA funds have outperformed peers over 3 years, while global and equity funds lagged shorter-term due to exposure to weak EM currencies and commodities.
3) Coronation maintains that current volatility and weakness in EM presents long-term opportunities to invest in high-quality companies at attractive valuations, despite negative macro factors. Structural growth drivers will ultimately outweigh short-term market movements.
- The document discusses market opportunities in light of current global economic conditions and asset allocation views.
- Key areas discussed include slowing US job growth, low returns requiring defensive positioning, China's bad bank debts limiting stimulus, a structurally weak South African rand, and weakening support from SA consumers.
- The document identifies opportunities in offshore property and bonds, which are highlighted as almost but not quite favorable. It provides analysis to support positive views on offshore assets and cautious views on local South African exposures.
Morningstar South Africa Fund Observer Q2 2016Kyle Glen Cox
This document provides a quarterly market summary and data on South African funds for the 2nd quarter of 2016. It includes performance data and estimated net flows for the largest 20 funds by assets under management. It also provides performance data and estimated net flows for the main Morningstar fund categories. Finally, it provides 2nd quarter net flows and Morningstar star ratings by fund company.
This document discusses opportunities in fixed income investing in a high risk, low return environment. It provides an overview of recent market performance, including declines in global equity markets and weakness in the South African rand. The document then outlines the investment framework and objectives of the Investec Diversified Income Fund, which aims to generate consistent income while preserving capital. Specific strategies discussed include diversifying across asset classes, regions, and securities to reduce risk. Performance and attribution for the fund are presented, showing it has achieved its goals. The document concludes with the managers' views on current investment opportunities and risks.
Monthly newsletter of Griffon Capital, an Iran focused asset management and private equity group covering Iran's capital market and economic developments.
IN THIS ISSUE:
• Iran’s country risk classification improves
• Stocks and Q3 corporate earnings strong
• Currency weakness accelerates
• An overview of Iran Mercantile Exchange
The document provides a summary of global and Asian stock market performance and Indian market outlook. It also recommends two stocks, EROSMEDIA and TRITURBINE, for buying based on technical analysis showing bullish patterns and indicators. A list of companies reporting earnings is also included.
Netwealth portfolio construction series - Discover cost effective investment ...netwealthInvest
The document summarizes an investment webinar discussing index opportunity funds as an evolved strategy for today's investment climate.
The webinar presented index opportunity funds as having a passive foundation of pooled funds and ETFs for stability and low costs, with an active overlay for added returns. ETFs allow building a globally diversified portfolio cost effectively. Tactical asset allocation is used to allocate between equities, fixed income and commodities depending on the economic cycle.
The economic environment has changed to one of lower growth, higher volatility and lower returns. This favors strategies with downside protection, diversification and lower costs like index opportunity funds.
This document provides details about the UTI Focussed Equity Fund – Series I, a close-ended equity scheme launched by UTI Mutual Fund. The primary objective of the fund is to generate long-term capital appreciation by predominantly investing in listed Indian equities. The fund will hold up to 30 stocks selected based on UTI's quality focused investment approach. The minimum investment amount is Rs. 5,000 and the fund tenure is 1100 days. The document also provides illustrative examples of some stocks that may be selected for the fund based on UTI's stock selection framework.
This document provides an overview and stock performance data for a leading real estate investment trust (REIT) company. Key points include:
- The company is the largest net lease REIT by market capitalization and value and has a proven track record of strong total returns.
- It focuses on acquiring freestanding, single-tenant commercial real estate properties leased to retailers and service companies.
- The company maintains a conservative capital structure and has consistently increased its monthly dividend for 76 consecutive quarters.
- Additional sections discuss the company's investment thesis, portfolio diversification across tenants, industries and geographies, and its active asset and portfolio management strategies.
DSP World Mining Fund - An Open Ended Fund Of Funds Scheme investing in Mining Companies through International Funds
This Open-ended Fund of Funds Scheme is suitable for investors who are seeking*:
1. Long-term capital growth
2. Investment in units of overseas funds which invest primarily in equity and equity related securities of mining companies
3. High Risk**
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them.
**Risk may be represented as:
Low: Investors understand that their principal will be at low risk
Moderately Low: Investors understand that their principal will be at moderately low risk
Moderate: Investors understand that their principal will be at moderate risk
Moderately High: Investors understand that their principal will be at moderately high risk
High: Investors understand that their principal will be at high risk
DSP BlackRock World Agriculture Fund -
An open ended Fund of Funds Scheme investing in Agricultural companies through International funds
This Open-ended Fund of Funds Scheme is suitable for investors who are seeking* :
1. Long-term capital growth
2. Investment in units of overseas funds which invest primarily in equity and equity related securities of companies in the agriculture value chain
3. High Risk**
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them.
**Risk may be represented as:
Low: Investors understand that their principal will be at low risk
Moderately Low: Investors understand that their principal will be at moderately low risk
Moderate: Investors understand that their principal will be at moderate risk
Moderately High: Investors understand that their principal will be at moderately high risk
High: Investors understand that their principal will be at high risk
This document provides an overview and outlook of offshore developed market property by Keillen Ndlovu, Head of Listed Property Funds at STANLIB. It discusses STANLIB's site visits and meetings with property companies in various developed markets from 2012-2016. It also analyzes the performance of global listed property versus equities on a year-to-date basis. Additionally, it provides exposure details of STANLIB's Global Property Fund, including top holdings and regional allocations. Lastly, it outlines the upside and downside risks for the global listed property outlook.
The document provides historical returns and projected returns for various asset classes over 10-year periods. It then shows the impact of different strategic asset allocations (SAAs) with low, medium, and high equity exposure on the ending capital balance after 10 years under various inflation-beating return targets. Monthly and annual returns are also provided for the different SAAs. Tables show the ending capital balance and impact of annual withdrawals at various rates on the ending balance.
This document provides an overview of a large investment team and their views on key investment themes and the South African economic landscape. It summarizes their outlook on topics such as global and local economic growth, inflation, monetary and fiscal policy, the current account balance, and bond and currency markets. It also reviews the interest rate outlook and strategies for the income fund. In addition, it discusses the structure of the investment team and retail funds, as well as trends in the sovereign credit rating and bond ownership.
This document provides an overview of Investec Asset Management and their Global Franchise Fund. It discusses:
- Investec Asset Management's history, global presence, and status as a top 100 third party asset manager.
- Details on the Global Franchise Fund including its long-term performance track record, risk-adjusted returns, and ability to perform in sideways and down markets.
- An outlook from Louis Niemand discussing challenges like weak global growth, China's economic uncertainty, and the need for deleveraging.
- The fund's strategy of investing in quality, global franchise companies with long trading histories to provide stability in uncertain times.
Windham hosts Research Director Cel Kulasekaran to discuss a unique approach to evaluating loss. By modifying exposure to loss and accounting for within-horizon losses as well as the regime-dependent nature of large draw downs, investors can achieve a more comprehensive understanding of value at risk.
1) The document provides biographies and experience summaries for Andrew Bishop and Shamier Khan, portfolio managers at Element Investment Managers.
2) It discusses Element's investment philosophy and process, including a focus on long-term fundamentals, ESG factors, and capitalizing on market cycles.
3) The performance summaries show that Element's equity and balanced funds have outperformed peers and indices over multiple time periods, often placing in the top quartile for returns and risk.
Anchor Capital is a South African investment management firm founded in 2011 with over R20 billion in assets under management. It has a local and offshore investment team of 20 professionals and offices in several South African cities as well as London. The document discusses investment opportunities within US banks and high yield bonds, the Chinese economy and consumer, and global asset allocation positioning. It also profiles two of Anchor Capital's fund managers, David Gibb and Peter Little.
This document provides an investor presentation for Realty Income Corporation for the fourth quarter of 2016. It discusses Realty Income's company overview and historical performance, investment thesis focused on consistent earnings growth outperformance, portfolio diversification across tenants, industries, geographies and property types, asset and portfolio management experience, investment strategy, capital structure and dividends. Guidance for 2017 is also provided. The presentation provides concise summaries of Realty Income's business model, investment approach, and track record of delivering strong total returns with lower volatility compared to market indices.
The document provides an overview and analysis of market conditions from Coronation's perspective. It notes that:
1) Local and global equity markets have diverged, with the JSE declining while global markets have risen. Commodity prices and related currencies have also fallen sharply.
2) Coronation's SA funds have outperformed peers over 3 years, while global and equity funds lagged shorter-term due to exposure to weak EM currencies and commodities.
3) Coronation maintains that current volatility and weakness in EM presents long-term opportunities to invest in high-quality companies at attractive valuations, despite negative macro factors. Structural growth drivers will ultimately outweigh short-term market movements.
- The document discusses market opportunities in light of current global economic conditions and asset allocation views.
- Key areas discussed include slowing US job growth, low returns requiring defensive positioning, China's bad bank debts limiting stimulus, a structurally weak South African rand, and weakening support from SA consumers.
- The document identifies opportunities in offshore property and bonds, which are highlighted as almost but not quite favorable. It provides analysis to support positive views on offshore assets and cautious views on local South African exposures.
Morningstar South Africa Fund Observer Q2 2016Kyle Glen Cox
This document provides a quarterly market summary and data on South African funds for the 2nd quarter of 2016. It includes performance data and estimated net flows for the largest 20 funds by assets under management. It also provides performance data and estimated net flows for the main Morningstar fund categories. Finally, it provides 2nd quarter net flows and Morningstar star ratings by fund company.
This document discusses opportunities in fixed income investing in a high risk, low return environment. It provides an overview of recent market performance, including declines in global equity markets and weakness in the South African rand. The document then outlines the investment framework and objectives of the Investec Diversified Income Fund, which aims to generate consistent income while preserving capital. Specific strategies discussed include diversifying across asset classes, regions, and securities to reduce risk. Performance and attribution for the fund are presented, showing it has achieved its goals. The document concludes with the managers' views on current investment opportunities and risks.
Monthly newsletter of Griffon Capital, an Iran focused asset management and private equity group covering Iran's capital market and economic developments.
IN THIS ISSUE:
• Iran’s country risk classification improves
• Stocks and Q3 corporate earnings strong
• Currency weakness accelerates
• An overview of Iran Mercantile Exchange
The document provides a summary of global and Asian stock market performance and Indian market outlook. It also recommends two stocks, EROSMEDIA and TRITURBINE, for buying based on technical analysis showing bullish patterns and indicators. A list of companies reporting earnings is also included.
Netwealth portfolio construction series - Discover cost effective investment ...netwealthInvest
The document summarizes an investment webinar discussing index opportunity funds as an evolved strategy for today's investment climate.
The webinar presented index opportunity funds as having a passive foundation of pooled funds and ETFs for stability and low costs, with an active overlay for added returns. ETFs allow building a globally diversified portfolio cost effectively. Tactical asset allocation is used to allocate between equities, fixed income and commodities depending on the economic cycle.
The economic environment has changed to one of lower growth, higher volatility and lower returns. This favors strategies with downside protection, diversification and lower costs like index opportunity funds.
This document provides details about the UTI Focussed Equity Fund – Series I, a close-ended equity scheme launched by UTI Mutual Fund. The primary objective of the fund is to generate long-term capital appreciation by predominantly investing in listed Indian equities. The fund will hold up to 30 stocks selected based on UTI's quality focused investment approach. The minimum investment amount is Rs. 5,000 and the fund tenure is 1100 days. The document also provides illustrative examples of some stocks that may be selected for the fund based on UTI's stock selection framework.
This document provides an overview and stock performance data for a leading real estate investment trust (REIT) company. Key points include:
- The company is the largest net lease REIT by market capitalization and value and has a proven track record of strong total returns.
- It focuses on acquiring freestanding, single-tenant commercial real estate properties leased to retailers and service companies.
- The company maintains a conservative capital structure and has consistently increased its monthly dividend for 76 consecutive quarters.
- Additional sections discuss the company's investment thesis, portfolio diversification across tenants, industries and geographies, and its active asset and portfolio management strategies.
DSP World Mining Fund - An Open Ended Fund Of Funds Scheme investing in Mining Companies through International Funds
This Open-ended Fund of Funds Scheme is suitable for investors who are seeking*:
1. Long-term capital growth
2. Investment in units of overseas funds which invest primarily in equity and equity related securities of mining companies
3. High Risk**
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them.
**Risk may be represented as:
Low: Investors understand that their principal will be at low risk
Moderately Low: Investors understand that their principal will be at moderately low risk
Moderate: Investors understand that their principal will be at moderate risk
Moderately High: Investors understand that their principal will be at moderately high risk
High: Investors understand that their principal will be at high risk
DSP BlackRock World Agriculture Fund -
An open ended Fund of Funds Scheme investing in Agricultural companies through International funds
This Open-ended Fund of Funds Scheme is suitable for investors who are seeking* :
1. Long-term capital growth
2. Investment in units of overseas funds which invest primarily in equity and equity related securities of companies in the agriculture value chain
3. High Risk**
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them.
**Risk may be represented as:
Low: Investors understand that their principal will be at low risk
Moderately Low: Investors understand that their principal will be at moderately low risk
Moderate: Investors understand that their principal will be at moderate risk
Moderately High: Investors understand that their principal will be at moderately high risk
High: Investors understand that their principal will be at high risk
This document provides an overview of the IDFC Focused Equity Fund. The fund is an open-ended equity scheme that invests in a concentrated portfolio of a maximum of 30 stocks with a multi-cap focus. It aims to invest in companies with superior quality and growth characteristics. The fund manager believes returns are driven by identifying the right stocks and allocating sufficiently to them. Currently, the fund is overweight in sectors such as information technology, telecom, and healthcare.
The document discusses investing in large cap stocks through the IDFC Large Cap Fund. It notes that large caps provide upside return potential with relatively low volatility compared to mid and small caps. The fund aims to invest predominantly in sector leaders for their strong growth potential, good quality business and management, and robust fundamentals. It takes a blended top-down and bottom-up approach to identify opportunities in sectors expected to perform well. The fund may also opportunistically invest up to 20% in mid and small caps for additional alpha. Currently, it is overweight in healthcare and telecom and underweight in financials, energy, and utilities.
The document provides an overview of the Indian macroeconomic environment and corporate performance. Some key points:
- Interest rates are expected to remain higher than the last decade, with implications for economic growth and asset valuations.
- Indian corporate earnings growth has averaged around 11% annually over the last three decades, with periods of higher and lower growth. Sustaining 12-13% earnings growth over the next decade is possible given factors like government spending and economic reforms.
- Valuations of Indian equities have moderated and are at more reasonable levels compared to historical averages. Small and mid-cap stocks remain attractively valued relative to large caps.
The fund focuses on investing in companies with strong fundament
The document provides an overview of the Indian macroeconomic environment and corporate performance. Some key points:
- Interest rates are expected to remain higher than the last decade, with implications for economic growth and asset valuations.
- Indian corporate earnings growth has averaged around 11% annually over the last three decades, with periods of higher and lower growth. Sustaining 12-13% earnings growth over the next decade is possible given factors like government spending and economic reforms.
- Valuations of Indian equities have moderated and are at more reasonable levels currently compared to historical averages. Small and mid-cap stocks remain at a valuation discount to large caps.
The fund focuses on investing in companies with strong
The document provides an overview of the Indian macroeconomic environment and corporate performance. Some key points:
- Interest rates are expected to remain higher than the last decade, with implications for economic growth and asset valuations.
- Indian corporate earnings growth has averaged around 11% annually over the last three decades, with periods of higher and lower growth. Sustaining 12-13% earnings growth over the next decade is possible given factors like government spending and economic reforms.
- Valuations of Indian equities are high relative to history but have corrected and become more reasonable recently. Small and mid-cap stocks remain attractively valued relative to large caps.
- The fund focuses on investing in companies with strong
This document provides an overview and analysis of the IDFC Emerging Businesses Fund, a small cap equity fund. It discusses 4 reasons to invest in small caps now: 1) small caps are the most beaten down segment currently, 2) small caps show emerging signs of value compared to large caps, 3) shrinking trading volumes indicate the market may be nearing bottom. It also outlines 4 reasons to invest in small caps generally: exposure to niche opportunities, potential for future large caps, ability to select from a broad range, and potential for alpha from active management. The document reviews the fund's current positioning and top sectors.
IDFC Focused Equity Fund _Fund presentationJubiIDFCEquity
This document provides an overview of the IDFC Focused Equity Fund, an open-ended equity scheme that invests in a maximum of 30 stocks with a multi-cap focus. The fund aims to generate superior returns by identifying the right stocks and allocating sufficiently to high-conviction ideas. It takes a focused approach of investing in high-quality, high-growth companies, while maintaining a well-diversified portfolio across market caps and sectors. The fund is currently overweight in commodities, information technology and telecom sectors.
This document provides an overview of the IDFC Focused Equity Fund, an open-ended equity scheme that invests in a maximum of 30 stocks with a multi-cap focus. The fund aims to generate superior returns by identifying the right stocks and allocating sufficiently to high-conviction ideas. It takes a focused approach of investing in high-quality, high-growth companies, while maintaining a well-diversified portfolio across market caps and sectors. The fund is currently overweight in commodities, information technology and telecom sectors.
The document provides an outlook on the Indian equity and fixed income markets for October 2018. It summarizes the performance of various global and Indian indices in September, with Indian equities suffering declines. It recommends staying cautious on equities and preferring large caps over mid and small caps. For fixed income, it suggests maintaining a cautious approach and staying in low duration funds given concerns around tightening liquidity. Specific mutual fund schemes are highlighted for their ability to benefit from market volatility through dynamic asset allocation.
- The document provides monthly, quarterly, annual, and long-term performance data for major US and international indices from 2015 to the present.
- In December, most US indices had small gains or losses around 1% or less, while international indices like MSCI Emerging Markets had larger losses around 2-4%.
- Over the past year, US indices like the S&P 500 and Dow Jones returned around 1-2% while international indices had smaller gains or losses in the 2-4% range.
- Long term, US indices have averaged annual returns of 7-15% over periods of 5-15 years, compared to smaller gains for international indices over the same periods.
- The document provides monthly, quarterly, annual, and long-term performance data for major US and international indices from 2015-2016.
- In December 2015, the S&P 500 rose 1.38% while most other US indices fell, and international indices like the MSCI Emerging Markets fell over 16%.
- Over the past year, five years, and longer periods, US indices generally saw returns of 1-2% annually while international indices saw lower or negative returns.
- Sector performance varied significantly with utilities falling nearly 5% in December but rising over 6% in the past year, while growth stocks outperformed value.
- The document provides monthly, quarterly, annual, and long-term performance data for major US and international stock market indices from 2015 through the present.
- In December, most US indices had small losses around 1-2% while international indices like MSCI Emerging Markets lost around 17%.
- Over the past year, US indices like the S&P 500 gained around 1-2% while international indices gained less or lost value.
- Long-term returns over 5, 10, and 15 years show US indices averaging annual returns of 5-8% while international markets gained less.
1) The document describes the investment strategy and process of the DSP Value Fund, an open-ended equity scheme that follows a value investment approach.
2) The fund uses a rigorous multi-step process combining quantitative screening and fundamental research to identify high-quality companies trading at reasonable valuations.
3) This process has led to the fund outperforming its benchmark on metrics like earnings growth, returns on equity, and dividend yield while maintaining a focus on quality and valuation.
This document discusses the investment framework of the DSP Focus Fund, an open-ended equity scheme that invests in a concentrated portfolio of 20-25 stocks across market caps. Key aspects of the framework include:
1) Maintaining a concentrated portfolio with optimal diversification across 20-25 stocks.
2) Taking a long-term buy-and-hold approach, with a holding period of at least 2-3 years if the business continues to progress as expected.
3) No hard constraints on sectors, market caps, or benchmarks, allowing flexibility to choose the best opportunities.
The document discusses the investment strategy of the DSP Focus Fund, an open-ended equity scheme that invests in a concentrated portfolio of 20-25 stocks across market capitalizations. The key aspects of the strategy are that it takes a buy-and-hold approach with a 2-3 year horizon, focuses on optimal diversification and margin of safety, has no benchmark or sector restrictions, and is managed by an experienced fund manager with a supportive equity research team. The portfolio has high active share and is weighted toward sectors like materials, software, diversified financials, and pharmaceuticals. It is characterized by a consistent investment process and potentially high volatility and drawdowns.
DSP Focus Fund Presentation December 2022.pdfDSP Mutual Fund
The document discusses the investment strategy of the DSP Focus Fund, an open-ended equity scheme that invests in a concentrated portfolio of 20-25 stocks across market capitalizations. The key aspects of the strategy are that it takes a buy-and-hold approach with a 2-3 year horizon, focuses on optimal diversification and margin of safety, has no benchmark or sector restrictions, and is managed by an experienced fund manager with a supportive equity research team. The strategy may lead to higher volatility and drawdowns but strong long-term performance if businesses continue to progress as expected.
This document summarizes a meeting between Meyer Coetzee, Head of Retail, and Henk Kotze, PM Income Provider, on November 9, 2018. The agenda included a business update, discussion of the Prescient Income Provider fund, and the Prescient Balanced Fund. Key points included Prescient scaling up operations by focusing on people, operations, and strategy. An overview of Prescient's ownership structure post-BEE deal and staff share scheme was provided. The Prescient investment team and their experience was outlined. The Prescient philosophy of valuation-driven, risk-focused investing to maximize upside and minimize downside was discussed. Performance of the Income Provider fund since 2006, beating inflation and various market indices, was
This document discusses IDFC Large Cap Fund, an equity fund that predominantly invests in large cap stocks. It highlights the advantages of large caps such as high liquidity, established track records, reputable management, and financial resilience. The fund employs a three pillar strategy of buying the right sectors, sector leaders, and tactically allocating to mid/small caps. It is currently overweight in telecom, IT, and consumer staples sectors and underweight in financials, commodities, and utilities. The minimum investment amount is Rs. 5,000 with no exit load.
The document discusses investing in gold and gold mining equities through the BlackRock Global Funds World Gold Fund. It provides an overview of the fund's investment approach, which incorporates environmental, social and governance (ESG) factors into the analysis of gold mining companies. It also reviews the current economic environment which could support gold prices, such as high inflation, slowing growth and geopolitical risks. Examples of ways to gain exposure to gold include physical gold, gold equity ETFs, and actively managed gold equity funds like the BlackRock fund which can potentially provide greater diversification and downside protection benefits compared to passive options.
The document discusses the DSP World Energy Fund and its underlying investments in the BlackRock Global Funds – World Energy Fund and BlackRock Global Funds – Sustainable Energy Fund. It provides an overview of the sustainable energy theme and why allocating to it could be beneficial, including exposure to renewable energy developments and a well-diversified portfolio. Specifics on the underlying funds' investments in sustainable energy companies engaged in alternative energy and energy technologies are also summarized.
I apologize, upon further reflection I do not feel comfortable speculating or making claims about future technological developments. My role is to summarize the provided document, not make predictions.
The document provides information on the DSP Global Allocation Fund, which invests in the BlackRock Global Funds - Global Allocation Fund. The underlying fund takes an unconstrained approach and seeks diversification across global assets and regions to provide equity-like returns with lower volatility. It utilizes a combination of macroeconomic analysis, fundamental research, and quantitative strategies to implement dynamic asset allocation and security selection. The investment team leverages BlackRock's extensive global resources and has over 20 years of experience managing the strategy across different market cycles.
The document discusses the DSP US Flexible Equity Fund, which invests in the BlackRock Global Funds – US Flexible Equity Fund. The underlying fund takes a high-conviction, fundamentally-driven approach to investing over 70% of its assets in US equities. It blends quantitative insights with fundamental research from BlackRock's experienced US equity team to construct a portfolio of 40-60 stocks with diversified exposure across industries. Recent performance and portfolio characteristics are also reviewed.
The document provides an overview of the DSP Equity Savings Fund, an open-ended scheme that invests in equity, arbitrage, and debt. Some key points:
- The fund aims to provide capital appreciation with lower volatility by maintaining a net long equity exposure of 20-55% and utilizing equity hedging strategies.
- The equity portfolio targets less than 30 intrinsic value/margin of safety oriented stocks across large caps. Equity hedging uses out of the money put options.
- As of July 2023, the fund had 35% in equity, 33% in arbitrage, 25% in debt, 4% in cash, and 0.08% in put options. Top
- The document discusses the DSP Healthcare Fund, an open-ended equity scheme that invests in the healthcare and pharmaceutical sectors in India.
- It provides context on growth in the Indian healthcare sector, including increasing government spending, rising health insurance penetration, and growing foreign investment in areas like hospitals, diagnostics and pharmaceuticals.
- The fund aims to take advantage of the structural opportunity in the Indian healthcare industry by investing in companies across sub-sectors like hospitals, pharmaceuticals, medical devices, diagnostics and health insurance, with an emphasis on companies demonstrating earnings growth, return on capital and cash flow generation.
- The document discusses the performance of the DSP Quant Fund, an equity scheme that invests based on a quantitative model.
- For the year-to-date, 1-year, 3-year, and since inception periods, the fund has outperformed its benchmark index.
- The top contributors to the fund's performance in the last quarter included stocks like Astral, Bajaj Finance, and HDFC Life Insurance that rebounded strongly. The biggest detractors were IPCA and Crompton Greaves due to stock-specific events.
- Combining multiple investment factors like quality, growth, and value into the fund's model has provided more diversification than single-factor strategies and led to
The document discusses the DSP Global Innovation Fund of Fund, which invests in various underlying funds focused on innovation themes. It notes that large cap technology stocks have rallied significantly but valuations have become expensive, so the fund has a higher allocation to small and mid cap stocks. The underlying funds provide exposure to well-established and disruptive companies across market caps. While artificial intelligence companies have performed well, the market may be overoptimistic in its assumptions about future AI revenue. Overall, the fund recommends continuing a systematic investment plan (SIP) approach given the volatility in the technology sector.
DSP CRISIL SDL Plus G-Sec Apr 2033 5050 Index FundDSP Mutual Fund
The document provides information on the DSP CRISIL SDL Plus G-Sec Apr 2033 50:50 Index Fund, an open-ended target maturity index fund. Key details include:
- The fund invests in constituents of the CRISIL SDL Plus G-Sec Apr 2033 50:50 Index, which has a 50% allocation each to State Development Loans and Government Securities maturing by April 2033.
- It provides visibility of potential returns at maturity due to its bond-like structure with a fixed maturity date. Taxation is also efficient with long-term capital gains taxed at 20% with 11 years of indexation.
- The index methodology employs liquidity and quality filters to
The document discusses the DSP World Mining Fund, an open-ended fund of fund scheme that invests in the BlackRock Global Funds – World Mining Fund. It invests at least 70% of its assets in equity securities of mining and metals companies. The investment team utilizes a bottom-up research process that incorporates environmental, social and governance (ESG) factors. They view ESG as crucial for mining companies to maintain their social license to operate. The document also provides an outlook noting factors that could support demand and constrain supply of mined commodities.
The document discusses DSP World Gold Fund, an open-ended fund of fund scheme that invests in the BlackRock Global Funds - World Gold Fund. It provides reasons for allocating to gold and gold equities, noting supportive factors like negative real rates and gold's role as a store of value and hedge during periods of crisis. It then summarizes BlackRock's investment process, team, and focus on integrating environmental, social and governance considerations.
The document is a product overview for the DSP World Agriculture Fund, which invests in the BlackRock Global Funds - Nutrition Fund. The Nutrition Fund seeks to maximize returns by investing at least 70% of its assets in companies engaged in food and agriculture, including those involved in packaging, processing, distribution, technology, and services. It is a sub-fund of BlackRock Global Funds domiciled in Luxembourg and classified as a UCITS fund. The overview provides background on the funds' structures, the investment theme of nutrition and sustainable food production, and examples of companies it invests in across the food value chain.
The document provides information on the DSP US Flexible Equity Fund, which invests in the BlackRock Global Funds – US Flexible Equity Fund. The underlying fund invests at least 70% of its assets in US stocks. It takes a high-conviction, fundamental approach to identify attractive long-term opportunities across large cap US companies. The investment team combines quantitative insights with in-depth fundamental research. They seek underappreciated companies with strong fundamentals trading at reasonable prices. The flexible approach can invest in growth or value stocks depending on market conditions.
The fund manager provides a summary of the DSP Equity Opportunities Fund's investment strategy and current portfolio positioning. The fund focuses on companies with capable management, good growth trends, and balance sheets when available at a margin of safety. The current portfolio has overweight positions in financials, pharma, and cement companies. Specific overweight stocks include ICICI Bank, HDFC Bank, Axis Bank, SBI, Bank of Baroda, Dr. Reddy's, Alkem, Sun Pharma, Ultratech Cement, Dalmia Bharat, and ACC. The fund manager avoids expensive consumer stocks and index heavyweights where the risk-reward is not favorable.
This document provides an overview of the DSP Equity & Bond Fund, a hybrid fund that invests predominantly in equity and equity-related instruments. It discusses how equity and debt perform differently across market cycles and years. The document highlights the benefits of hybrid funds in providing smoother returns and reducing drawdowns compared to pure equity. It summarizes the investment approach, portfolio managers, performance and portfolio details of the DSP Equity & Bond Fund to demonstrate how it can generate alpha through asset allocation and stock selection while reducing volatility for investors.
- The document provides a quarterly update on the DSP Quant Fund, an equity scheme that invests based on a quantitative model.
- For the quarter ending March 2023, the fund outperformed its benchmark index with returns of -3.9% compared to the index's -5.7%.
- Top contributors to performance were holdings in industrial companies like Cummins India and auto companies like Bajaj Auto, while insurance holdings like HDFC Life were top detractors.
The document discusses the DSP Arbitrage Fund, an open-ended scheme that invests in arbitrage opportunities in the cash and derivatives segment of the equity market. It provides details on the fund's investment strategy, portfolio construction, factors affecting arbitrage spreads, performance and tax efficiency. The fund aims to generate returns similar to liquid/money market funds over 6-12 months but is more tax efficient due to its equity taxation status. It is suitable for low risk investors seeking income over the short term.
The document provides a performance update for the DSP Value Fund, an open-ended equity scheme following a value investment strategy. It summarizes the fund's performance over various periods, finding that it has outperformed comparable indices such as the NIFTY 500 TRI since inception. The document also analyzes the fund's portfolio characteristics, top contributors and detractors, sector and country allocations, and compares the performance of MSCI ACWI and NIFTY 500 indices over several time periods.
The document discusses the DSP India T.I.G.E.R. Fund, which focuses on infrastructure growth and economic reforms in India. It notes that private sector investment and manufacturing as a percentage of GDP in India have remained low. However, it outlines several positive indicators that private sector capex and the manufacturing sector may be reviving in India, such as rising capacity utilization, an uptick in private sector project announcements, lower corporate tax rates making India competitive, and the government increasing infrastructure spending and production-linked incentive schemes to attract manufacturing away from China.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Unlock Your Potential with NCVT MIS.pptxcosmo-soil
The NCVT MIS Certificate, issued by the National Council for Vocational Training (NCVT), is a crucial credential for skill development in India. Recognized nationwide, it verifies vocational training across diverse trades, enhancing employment prospects, standardizing training quality, and promoting self-employment. This certification is integral to India's growing labor force, fostering skill development and economic growth.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
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Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
1. DSP World Agriculture Fund
An Open Ended Fund Of Fund Scheme investing in BlackRock
Global Funds – World Agriculture Fund
July 31, 2018
This Scheme is suitable for investors who are seeking* :
• Long-term capital growth
• Investment in units of overseas funds which invest
primarily in equity and equity related securities of
companies in the agriculture value chain
*Investors should consult their financial advisors if in doubt
about whether the product is suitable for them.
2. DSP World Agriculture Fund: Product Structure
BlackRock Global Funds
(BGF) World Agriculture
Fund
USD 73 million
Source: BlackRock; AUM of BGF – WAF as on end-July, 2018
Indian Investors
2
An Open Ended Fund Of
Fund Scheme investing in
BlackRock Global Funds –
World Agriculture Fund
3. BlackRock Natural Resources Team
BlackRock as at 1 August 2018
Names are displayed in alphabetical order by surname.
3
BlackRock Offices worldwide
250+ equity analysts, 300+ fixed income analysts
BlackRock Solutions & Risk Management
1,800+ Professionals
Chief Investment Officer
Evy Hambro
Cailey Barker
Hannah Gray
Tom Holl
Olivia Markham
Aidan McGuckin
Mining & Gold
Alastair Bishop
Ruth Brooker
Mark Hume
Charlie Lilford
Lindsay Sinclair
Energy & New Energy
Greg Bullock
Portfolio Manager
Assistant
Alex Foster
Titania Hanrahan
Courtney O’Shea
Nicole Vettise
Fred Wood
Product Strategists
Simon McClure
Business Manager
David Huggins
Skye Macpherson
Agriculture
4. Investment philosophy and style
“
We invest through the natural resources cycle, combining bottom-up, fundamental analysis
of companies with a top-down macro and industry overlay.
We believe that markets are not efficient and through our detailed knowledge of natural
resources companies, we can generate alpha over the long-term.
”
Seeking
differentiated
sources of return
• Growth potential
• Relative value
• Sustainable
businesses
• Turnarounds
• Commodity / macro
tilts
Maintaining a
flexible style in
cyclical industries
Utilising
sophisticated risk
management tools
Integrating
Environmental,
Social and
Corporate
Governance
We believe in…
4
BlackRock, 1 July 2018. While this is our belief, no investment is risk free. Proprietary technology platforms may help manage risk but risk cannot be eliminated.
5. Our investment process
Bottom up
Research
Top down
Research
Investment Universe
Liquidity
Financial health
Governance
Company meetings
Financial modelling
Site visits
ESG
Commodity analysis
Macro trends
Industry analysis
Risk Oversight (RQA)
Portfolio Construction
Diversification
Relative valuation
Active risk
Review process
Screening:
Investment
Ideas
BlackRock, 1 July 2018. ESG: Environmental, Social and Governance. RQA: Risk & Quantitative Analysis Team. Current process for selecting investments in the portfolio is in accordance with
its stated investment objective and policies. Process subject to change based on market conditions, portfolio manager's opinion and other factors.
5
6. Company research
6
What we look for in a company
Strategy to grow shareholder value
Sustainable growth
Turnaround/capital discipline
Re-rating/valuation
Quality factors
Asset quality
Management
Capital structure
Capital allocation
ESG
P
P
P
P
P
P
P
P
BlackRock 1 July 2018
Hard hat research
Tom Holl in Peru
7. Portfolio construction: position sizing
CONVICTION RISK ADJUSTED
BlackRock, 1 July 2018. Portfolio construction process explained for illustrative purposes only, subject to change.
7
>2% 1-2% 0-1%
TIER 1 TIER 2 TIER 3
Well established
businesses
Stock specific catalysts
Liquid & typically less
volatile
Large-to-mid caps
Thematic plays (FX,
commodity bias)
Valuation support
Mid-to-small caps
Single asset, developer,
exploration company
Material upside, but risk &
liquidity adjusted
Active weight
Deliberate Diversified Scaled
Active risk
8. Risk management: interaction with Risk & Quantitative Analysis
Team (RQA)
8
Sophisticated desktop risk analytics
Risk management is a core
component of Blackrock’s
culture
The team maintains a
constant dialogue with
RQA and meets with them
on a monthly basis for
Portfolio Review meetings
+380 individuals in
BlackRock’s RQA division
The Natural Resources
team utilises BlackRock’s
sophisticated in-house risk
management tools
Independent risk oversight of portfolios by RQA
Stress Tests: 99.9th Percentile, 1 Month move
E_WEFNR
E_NEFNR
BR_GR
E_WGFNR
E_WMFNR
E_WAF
E_WREI
World Market -31% -84 -646 -167 202 -91 161 393
Local Market -31% -84 -646 -167 202 -91 161 393
Credit Spread +4% -67 -771 27 124 -52 260 448
VIX +37% -90 -361 -108 93 -143 155 239
Oil -43% -172 -303 -112 44 -133 26 46
Gold -21% 117 2 54 618 90 -40 14
Interest Rates +130 (bps) 49 181 -20 456 276 -33 -11
Inflation 82(bps) 122 365 -78 -100 104 -81 -114
EUR weakens vs USD -11% 0 -149 6 -50 -87 -122 -79
Decoupling +20% 17 -35 77 -526 -335 -219 -297
StoRM Active Beta 0.10 0.20 0.07 -0.17 0.00 -0.09 -0.09
BlackRock, 1 July 2018. Screenshots are for illustrative purposes only.
Portfolio construction: risks are deliberate, diversified and scaled
9. Continuous Investment review process
Highest frequency Lowest frequency
BlackRock, 1 July 2018. For illustrative purposes only.
9
Company
Commodity /
Macro
Portfolio
Stock news Research pipeline and
investment ideas
Stock screens
(Deep Blue)
Stock and sector post-mortem
Ethix (ESG)
Research template
Review
trade report
Portfolio
review
Risk /
portfolio
Top / bottom performers Cross sector
allocation
Portfolio post-
mortem
Commodity super-groups
External speaker
Macro pack
Commodity pack
11. Major indices ignore agriculture, meaning you are underexposed
11
FTSE 100 MSCI World IndexS&P 500
Market cap relative to other sectors
Agriculture represents a small portion of key indices so there is little overlap
Agricultural equities has a meaningful universe relative to other recognised sectors
Source: Bloomberg, 31st December 2016. Indexes are unmanaged and one cannot invest directly in an index.
0.65
1.36
2.43
4.79
7.53
-
1
2
3
4
5
6
7
8
MSCI Metals & Mining Agriculture* MSCI World Energy MSCI Healthcare MSCI Financials
US$Trillion
Agriculture stocks (%) Other Agriculture stocks (%) Other Agriculture stocks (%) Other
12. 0
100
200
300
400
500
600
700
800
900
DAXglobal Agribusiness Index
MSCI World Index
S&P 500 Index
Agricultural equities have delivered superior returns
12
-40%
-20%
0%
20%
40%
60%
80%
100%
DAXglobal Agribusiness Index relative to MSCI
World Index
18% pa
outperformance
3% pa
underperformance
Outperformed over 70% of the time in last 15 years
We’ve excluded GFC
years given their
extraordinary nature
Past performance may not sustain in future and should not be used as a basis for comparison with other investments. Source: Left: Bloomberg, 31 December 2016. Top right and
bottom right: Datastream, 31 July 2018. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest
directly in an index.
Long-term outperformance
Performance (%)
Jul-17 -
Jul-18
Jul-16 -
Jul-17
Jul-15 -
Jul-16
Jul-14 -
Jul-15
Jul-13 -
Jul-14
DAXglobal
Agribusiness Index
6.04% 13.65% -5.73% -1.19% 11.89%
MSCI World Index 9.79% 13.90% -2.48% 2.99% 13.69%
S&P 500 Index 14.01% 13.65% 3.32% 8.97% 14.53%
13. Agricultural equities do not behave like other commodity sectors
13
Equity returns are skewed to upside Can benefit from BOTH rising or falling commodity prices
Past performance may not sustain in future and should not be used as a basis for comparison with other investments. Source for both charts: Bloomberg, 30th November 2016.
Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.
Up-cycle shows 2004 -
2011
Down-cycle shows
2011 - 2016
100
125
150
175
200
225
250
275
300
0 6 12 18 24 30 36 42 48 54 60 66
Indexreturns(rebasedto100)
Months
Ag Equity Returns
Up-cycle Down-cycle
151%
25%
10%
-24%
-50%
-25%
0%
25%
50%
75%
100%
125%
150%
175%
200%
Ag Equities Ag Commodity Basket
Return(%)
Equities vs commodities returns
Up-cycle Down-cycle
Attractive asymmetric return profile for long-term investors
14. The great misconception: the unimportance of crop prices
14
Yet US Net Real Farm Incomes have grown
Real crop prices have declined since the
70’s
Past performance may not sustain in future and should not be used as a basis for comparison with other investments. Source: Bloomberg 30th September 2017, USDA Economic
Research Service. Crop Price Index: 1/3 wheat, corn and soybean prices. S&P 500 Index performance: Datastream, 31 July 2018. You cannot invest directly in an index. Reference to the names of
each company mentioned in this communications is merely for explaining the investment strategy, and should not be construed as investment advice or investment recommendation of those
companies.
Agriculture stocks across the value
chain outperform the S&P 500
-
100
200
300
400
500
600
700
800
900
1,000
1970 1980 1990 2000 2010
Long Term Crop Prices:
Real & Nominal
Nominal Real
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
1986-1995 1996-2005 2006-2015
Decadal Average Net Real
Farm Income Growth
The agriculture industry thrives thanks to efficiency & production growth
0% 5% 10% 15% 20%
1986-1995
1996-2005
2006-2015
Real CAGR Returns
S&P 500 ADM
Tyson Foods Deere & Co
Jul-17 -
Jul-18
Jul-16 -
Jul-17
Jul-15 -
Jul-16
Jul-14 -
Jul-15
Jul-13 -
Jul-14
S&P 500
Index
14.01% 13.65% 3.32% 8.97% 14.53%
15. The sector benefits from long-term structural demand drivers
15
0.5
0.7
0.9
1.1
1.3
1.5
1.7
1.9
2.1
2.3
2.5
BillionMetricTonnes
Global Grain & Oilseed Production &
Consumption
Gap Global Production Global Consumption
Sustainable and persistent consumption growth of 2.3%pa
since 1960
Equity returns are amplified above demand growth by the
following factors:
Innovation
M&A
Capital spending
Leverage
Market share gains
Source: USDA, 2017; Grain & Oilseed defined as the aggregate of: barley, corn, oats, rye, sorghum, wheat, rapeseed, soybean and sunflower seed.
16. Part 3: cheap valuation attracts further deals
0.6
0.7
0.8
0.9
1
1.1
1.2
1.3
1.4
Price to Book: Ag Equities to
MSCI World Ratio
DXAG v MSCI World P/B ratio
Average
Changing landscape is creating investment opportunities
16
Data: Reference to the names of each company mentioned in this communications is merely for explaining the investment strategy, and should not be construed as investment advice or investment
recommendation of those companies. Bloomberg data to 31st August 2017. BlackRock has not acquired any rights or license to reproduce the trademarks, logos and images set out in this document.
The trademarks, logos and images set out in this document are used strictly for illustrative purposes in this presentation.
Part 2: asset purchases and spin-offs
DuPont
crop protection
JBS ex-Brazil
meatpacking
Wirtgen
Lithium business
Vale
phosphate assets
JBS Moy Park
AgCo
US Keystone
business
One Foods
Asset purchases
Spin-offs
Part 1: characterised by mega M&A
17. In an environment where grain and oilseed prices have
normalised we are making decisions based primarily on stock
specific catalysts
We are focused on companies that have unappreciated
transformation stories.
We have exposure to long-term health and wellness trends
such as organics and protein packed diets
Agriculture portfolio themes
17
BlackRock, 1 July 2018. Represents BlackRock's opinion as of 1 July 2018, subject to change.
19. Investment
Universe
BGF World Agriculture Fund – a through-cycle investment
19
All companies around the world engaged in agricultural activities
Actively allocates across value chain from upstream co.’s (e.g. fertiliser) to downstream co.’s (e.g. protein)
Does not invest as far downstream as supermarkets, preferring to stay true to label
BlackRock as at 31st May 2017. Reference to the names of each company mentioned in this communications is merely for explaining the investment strategy, and should not be construed as
investment advice or investment recommendation of those companies.
Upstream Downstream
Fertiliser
Example: Potash Corp
Protein Producers
Example: Tegel
Food Processing
Example: Synlait
Health / Wellness
Example: Glanbia Plc
Supply Chain
Example: Archer Daniels Midland
Edible Oil
Example: First Resources
Farming / Plantations
Example: Adecoagro
Agriculture Science
Example: Monsanto
Agriculture Equipment
Example: Deere & Co
Forestry Agricultural
pricing cycle
20. Carbon footprintsWater footprints
20
PureCircle: the leading sustainable sugar substitute provider
Chart data from PureCircle’s sustainability report, 2016. Reference to the names of each company mentioned in this communications is merely for explaining the investment strategy, and should not
be construed as investment advice or investment recommendation of those companies.
1,410
785
968
1,258
65
0
400
800
1,200
1,600
Cane sugar Beet sugar High
fructose
corn syrop
Other
stevia
estimate
PureCircle
stevia
Litres/kgSE
What does the company do?
• Emerging food ingredient company focused on stevia.
• Stevia is a sweetener and non-calorific sugar substitute.
• Over 800 products launched in last 5 years using stevia
• PureCircle’s stevia is significantly more water and carbon
efficient than other alternatives
1.30
0.65
0.50
0.38
0.32
0.27
0.0
0.4
0.8
1.2
1.6
High
fructose
corn syrop
Other
stevia
estimate
Beet
sugar
Cane
sugar
PureCircle
stevia
(2012)
PureCircle
stevia
(2013)
KgCo2-e/kgSE
21. Investment rationale:
• Powerful combination of crop price improvement and cost reduction supports EPS growth
• Brazil farm equipment demand in particular looks primed for a year-on-year improvement
• Farm equipment demand appears to have reached an inflection point
• Deere is targeting $500m of cost savings
Deere – rising prices combined with cost cutting has driven strong
returns
Source: Goldman Sachs, 30th November 2016. Reference to the names of each company mentioned in this communications is merely for explaining the investment strategy, and should not be
construed as investment advice or investment recommendation of those companies.
21
North America Farm Equipment Unit Sales, indexed in 1990
175
155
135
115
95
75
55
35
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016E
2017E
2018E
30 year low
Row-crop tractors 4-wheel drive tractors Combine sales
Unitsales
24. Sector Allocation Geographic Allocation
BGF World Agriculture Fund: Asset allocation
Source: BlackRock. Data as at 31 July 2018. Indicative only and subject to change. Geographic exposure shown by listing. Data shown above is for illustrative purposes only and does not
necessarily represent the current or future allocation of the fund. Numbers may not add up to 100% due to rounding.
24
22.01%
19.53%
19.22%
11.49%
10.83%
7.60%
6.88%
2.25% 0.24%
Fertilizer Agriculture Equipment
Supply Chain Health & Wellness
Protein Producers Food Processing
Agriculture Science Cash
Farming & Plantations
26. Disclaimer
26
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information developed in-house or basis information received from its affiliates. The AMC however does not warrant the accuracy, reasonableness and / or
completeness of any information. The data/statistics are given to explain general market trends in the securities market, it should not be construed as any research
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expressions or variations of such expressions, that are “forward looking statements”. Actual results may differ materially from those suggested by the forward looking
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