1) The document describes a new close-ended equity fund called ICICI Prudential Value Fund Series 1 that will invest in undervalued stocks using a value investing strategy.
2) The fund will take a focused approach, investing in 25-30 high conviction stocks, in order to benefit more from potential price increases in these stocks compared to broader funds.
3) It will use fundamental analysis to identify stocks trading at low price-to-earnings or price-to-book valuations, with strong dividends, and attractive returns on equity and capital employed. The strategy aims to find good companies at reasonable prices.
An empirical study on sectoral indices and bseSubham Gupta
The document discusses stock markets and sectoral indices in India. It provides background on the Bombay Stock Exchange (BSE) and key indices like Sensex. Sensex is an index of the top 30 companies traded on BSE and is used to track the overall market. The document also examines sectoral indices for different industries like banking, autos, IT, FMCG, and healthcare. Through regression analysis, it finds that banking, autos, and healthcare indices have high positive correlations with Sensex, suggesting they impact the overall market more than IT and FMCG. The analysis leads to the conclusion that banking and autos may be best sectors for investment to earn high returns.
Standard Chartered is issuing Indian Depository Receipts (IDRs) that will allow Indian investors to invest in the company. The bank stands to benefit from emerging market recovery as Asia accounted for 83% of its profits in 2009. It has a strong presence in growing markets like India, Hong Kong, and Singapore. The bank has superior returns on assets and equity compared to its peers. The IDR issue provides exposure to a globally diversified bank that is well positioned in high-growth emerging markets.
This document discusses the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) stock indices of India. It provides background on the objectives, basics, criteria for inclusion, and methodology for calculating the BSE SENSEX index. The SENSEX is a market capitalization-weighted stock market index of 30 well-established companies listed on the BSE. It covers key aspects like the selection criteria, procedures for adjustments, and maintenance to ensure the index accurately reflects market movements over time.
This document discusses a new fund called the DSP Floater Fund. The fund aims to generate returns from periodic accruals from sovereign positions, capital gains/losses from sovereign and paid overnight index swap positions, and benefits from both active and passive fund management through its strategy of active management of paid overnight index swap positions and a roll down strategy for government securities. The fund seeks to invest only in sovereign securities and paid positions in overnight index swaps to avoid credit risk. It aims to help investors navigate rising and falling interest rate cycles by using gains from government securities in falling cycles and gains from paid OIS positions in rising cycles. The document discusses the fund's strategy, risks, and positioning based on current spreads between government securities and
Project Report On "An Empirical Study on Sectoral and BSE"Subham Gupta
It is a project report on "An Empirical Study on Sectoral and BSE", which will help the student as well as the investor to get required information for further investment.
This document provides an overview of the DSP Dynamic Asset Allocation Fund. The fund dynamically manages allocation between equity and debt based on attractiveness of equity markets.
The fund determines a core equity allocation by assessing market valuations using the price-to-earnings and price-to-book ratios of the Nifty 50 index. Technical signals are then used to add 10% more allocation to participate in bull markets.
The asset allocation model uses a combination of fundamental factors like market valuations and technical indicators to systematically determine equity exposure on a daily basis. This aims to reduce volatility for investors while allowing participation in equity uptrends.
Finance Project: Beta Values of StocksAashay Verma
This was a project in our FIN101: Introduction to Finance course with Prof. Ajit Mishra. We calculated the risk and return on 5 stocks listed on the BSE SENSEX and analysed them.
An empirical study on sectoral indices and bseSubham Gupta
The document discusses stock markets and sectoral indices in India. It provides background on the Bombay Stock Exchange (BSE) and key indices like Sensex. Sensex is an index of the top 30 companies traded on BSE and is used to track the overall market. The document also examines sectoral indices for different industries like banking, autos, IT, FMCG, and healthcare. Through regression analysis, it finds that banking, autos, and healthcare indices have high positive correlations with Sensex, suggesting they impact the overall market more than IT and FMCG. The analysis leads to the conclusion that banking and autos may be best sectors for investment to earn high returns.
Standard Chartered is issuing Indian Depository Receipts (IDRs) that will allow Indian investors to invest in the company. The bank stands to benefit from emerging market recovery as Asia accounted for 83% of its profits in 2009. It has a strong presence in growing markets like India, Hong Kong, and Singapore. The bank has superior returns on assets and equity compared to its peers. The IDR issue provides exposure to a globally diversified bank that is well positioned in high-growth emerging markets.
This document discusses the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) stock indices of India. It provides background on the objectives, basics, criteria for inclusion, and methodology for calculating the BSE SENSEX index. The SENSEX is a market capitalization-weighted stock market index of 30 well-established companies listed on the BSE. It covers key aspects like the selection criteria, procedures for adjustments, and maintenance to ensure the index accurately reflects market movements over time.
This document discusses a new fund called the DSP Floater Fund. The fund aims to generate returns from periodic accruals from sovereign positions, capital gains/losses from sovereign and paid overnight index swap positions, and benefits from both active and passive fund management through its strategy of active management of paid overnight index swap positions and a roll down strategy for government securities. The fund seeks to invest only in sovereign securities and paid positions in overnight index swaps to avoid credit risk. It aims to help investors navigate rising and falling interest rate cycles by using gains from government securities in falling cycles and gains from paid OIS positions in rising cycles. The document discusses the fund's strategy, risks, and positioning based on current spreads between government securities and
Project Report On "An Empirical Study on Sectoral and BSE"Subham Gupta
It is a project report on "An Empirical Study on Sectoral and BSE", which will help the student as well as the investor to get required information for further investment.
This document provides an overview of the DSP Dynamic Asset Allocation Fund. The fund dynamically manages allocation between equity and debt based on attractiveness of equity markets.
The fund determines a core equity allocation by assessing market valuations using the price-to-earnings and price-to-book ratios of the Nifty 50 index. Technical signals are then used to add 10% more allocation to participate in bull markets.
The asset allocation model uses a combination of fundamental factors like market valuations and technical indicators to systematically determine equity exposure on a daily basis. This aims to reduce volatility for investors while allowing participation in equity uptrends.
Finance Project: Beta Values of StocksAashay Verma
This was a project in our FIN101: Introduction to Finance course with Prof. Ajit Mishra. We calculated the risk and return on 5 stocks listed on the BSE SENSEX and analysed them.
This document discusses an investment strategy focused on India. Section 1 discusses why India presents a good investment opportunity. Section 2 summarizes the fund's philosophy and process of focusing on fundamentals over short-term results. Section 3 highlights the "India Underserved" investment construct, providing illustrations of investments in PVR Cinemas and Mahindra & Mahindra Financial Services that have untapped growth potential. Section 4 discusses the "India Undervalued" construct and provides an illustration of an investment in Shree Cement. Section 5 covers market irrationality, the investment team, fund terms, and historical performance.
- The document discusses a mutual fund newsletter that introduces new portfolio analysis and goal tracking features on the FundsIndia investment platform.
- The new features allow investors to view the asset allocation of each portfolio, set goals for portfolio values at future dates, and track progress towards goals.
- The newsletter explains that these features are aimed at helping investors develop financial plans and track their progress towards different goals over time.
- The Sensex gained 150 points to close near 20,000 and the Nifty closed just below 5,900 as global markets were optimistic ahead of the FOMC outcome.
- FDI rose nearly 13% in July from a year ago, with large inflows into services, pharmaceuticals, automobiles and construction. The government hiked import duty on gold and silver jewelry to 15% to reduce the current account deficit.
- Most sector indices closed higher led by real estate, banks and FMCG. NTPC, Tata Power and Dr. Reddy's were among the top gainers while BHEL and Hero MotoCorp lost the most.
Equity research fundamental and technical analysis and its impact on stock p...ramoo07
This document provides a project report on equity research and analysis conducted at Reliance Money. It includes an introduction to the company, objectives of the project, research methodology used, data presentation and analysis, findings, suggestions and conclusions. The report was submitted in partial fulfillment of an MBA degree and analyzes the impact of fundamental and technical analysis on stock prices. It acknowledges those who provided guidance and assistance with the project.
1) The document provides an outlook on the Indian equity and fixed income markets for May 2019, noting several factors that may lead to volatility such as the general election outcome, budget, MSCI index rebalancing, monsoon conditions, crude oil price fluctuations, and FPI flows.
2) It recommends investment in dynamic asset allocation or balanced advantage funds to benefit from expected market volatility. Value and special situation investing themes are also expected to perform well.
3) The document emphasizes that India's long-term growth story remains intact, supported by improving ease of doing business, increasing share of global manufacturing exports, favorable demographics, and rising consumer confidence.
The document discusses the DSP Equal Nifty 50 Fund, an index fund that tracks the Nifty 50 Equal Weight Index. It notes that the fund aims to achieve diversification across stocks and sectors by investing equally in the 50 companies that make up the Nifty 50 index. This equal weighting reduces concentration risk compared to the traditional Nifty 50 index, which weights companies based on market capitalization. The summary also provides high-level information on the fund manager, Anil Ghelani, and his experience.
This is a report on Indian Automobile industry, which separate comments on each segment, future trends. it also has specific focus on valuation of Maruti Suzuki India Ltd.
Griffon quarterly report - capital markets update September 2017Griffon Capital
- The Griffon Asset Management fund had returned 5.64% since inception in April 2016, outperforming the Tehran stock market index which was down -8.80% in euros.
- Strong corporate earnings have continued, with the number of companies downgrading earnings decreasing each year since sanctions were lifted. Most sectors are expected to see earnings growth in the current year.
- While corporate earnings have rebounded, Iran's capital markets have been constrained by domestic liquidity issues caused by government payments and banking sector challenges. However, interest rates have begun declining which could boost the stock market.
This presentation covers all the details on Mid Cap Funds. It gives an investor a clear overview about the given mutual fund category. The presentation also covers the brief information on top performing mid cap funds individually.
This report prepared in summer internship. The report can use for more information about customer perception & stock market. the report can not plagiarism.
The document provides a weekly market outlook report for the Nifty 50 and Bank Nifty indices in India. It includes technical analysis showing support and resistance levels for the indices. It also provides sector performance data and FII/DII figures. Analysis is given for the daily and weekly charts of the indices, noting potential support and resistance levels.
Rakesh Jhunjhunwala would be an ideal leader for investing in the Indian stock market. He is one of India's most successful investors, with a net worth over $1 billion from stock investments. He manages his own portfolio and is on the board of many companies. Jhunjhunwala advocates for focusing on understanding businesses, having conviction in investments, ignoring short-term fluctuations and holding stocks for long periods. His success and advice demonstrate qualities of a strong investment leader, such as integrity, optimism, courage and leading by example.
- Sesa Sterlite reported consolidated EBITDA that beat expectations, driven by strong performance in its aluminium, zinc international and copper operations.
- The aluminium business benefited from continued high premiums over LME prices and lower input costs.
- Copper cash costs were also better than guided.
- Key will be ability to convert its IPP power plant in Jharsuguda to CPP, which would allow the aluminium smelter to achieve full utilization, but clarity is still needed on the process and strategy.
The ICICI Prudential Focused Bluechip Fund has consistently outperformed its benchmark index 11 out of 12 quarters since 2008. It has an average outperformance of 5.39% in down markets compared to 1.04% in up markets. The fund outperforms other large cap funds over 1 and 3 year periods. It takes moderately risky positions in large cap stocks from sectors like banking, IT, automobiles and metals. The fund's use of derivatives and focus on stable sectors helps balance the risks in its portfolio.
Rakesh Jhunjhunwala gave a presentation to students of IIT Mumbai about his career in value investing, India's growth opportunities, and some advice. He discussed his humble beginnings in 1984 and lessons learned over his career. Jhunjhunwala believes India is on a strong long-term growth trajectory due to various economic and demographic factors, but the next few months may be tough due to global economic turmoil. He encouraged the students to pursue their dreams and build a fighting spirit.
This document is a term paper submitted by Pranab Chandra Ghosh on the present state of Bangladesh's capital market, its problems, and prospects. The paper includes an introduction outlining the background and objectives of the study. It also provides an overview of Bangladesh's stock market history and regulatory bodies. The paper then examines the two major stock market crashes that occurred in Bangladesh in 1996 and 2010-2011 in detail. It analyzes the current scenario of the capital market and identifies ongoing problems. Finally, the paper provides recommendations to improve the stability and efficiency of the Bangladesh capital market going forward.
A project report on fundamental & technical analysis of automobile sector at ...Babasab Patil
This document provides an executive summary of a study analyzing the automobile sector in India through fundamental and technical analysis. Specifically, it analyzes Tata Motors and Maruti Suzuki.
The study aims to predict stock prices and identify optimal times to buy and sell shares. It uses tools like Relative Strength Index (RSI), moving averages, and candlestick charts to analyze past stock performance and identify trends.
Key findings include identifying periods when RSI signals indicated selling Tata Motors and Maruti Suzuki shares, as well as periods of low RSI that signaled buying opportunities. Moving averages and candlestick charts also provided insights into price trends.
The automobile sector in India is growing rapidly and these companies are financially
The document is a summer training report on equity analysis of infrastructure firms. It includes an analysis of 5 infrastructure companies - GMR, DLF, Unitech, Reliance Industrial Infrastructure and Jaiprakash Associates. The analysis includes both fundamental analysis using techniques like discounted cash flow valuation and technical analysis using tools like MACD, RSI and moving averages. The report also includes projections of the cash flows and intrinsic valuation of DLF using a discounted cash flow model.
This document provides a technical analysis of the performance of various sectors relative to the Sensex index over the past week. It analyzes the BSE Auto, Banks, Capital Goods, FMCG, and Metals indices, identifying which have outperformed or underperformed the broader market. For each sector, it examines charts to determine near-term outlook and identifies specific stocks that are expected to outperform or underperform within that sector. Pair trading strategies are recommended for some sectors.
Sensex has only crossed into positive territory twice in the last 30 years, with only a 7% probability of rising further and a 30% risk of declining from current levels. The risk-reward ratio is currently not favorable for the Sensex stock index.
This document discusses an investment strategy focused on India. Section 1 discusses why India presents a good investment opportunity. Section 2 summarizes the fund's philosophy and process of focusing on fundamentals over short-term results. Section 3 highlights the "India Underserved" investment construct, providing illustrations of investments in PVR Cinemas and Mahindra & Mahindra Financial Services that have untapped growth potential. Section 4 discusses the "India Undervalued" construct and provides an illustration of an investment in Shree Cement. Section 5 covers market irrationality, the investment team, fund terms, and historical performance.
- The document discusses a mutual fund newsletter that introduces new portfolio analysis and goal tracking features on the FundsIndia investment platform.
- The new features allow investors to view the asset allocation of each portfolio, set goals for portfolio values at future dates, and track progress towards goals.
- The newsletter explains that these features are aimed at helping investors develop financial plans and track their progress towards different goals over time.
- The Sensex gained 150 points to close near 20,000 and the Nifty closed just below 5,900 as global markets were optimistic ahead of the FOMC outcome.
- FDI rose nearly 13% in July from a year ago, with large inflows into services, pharmaceuticals, automobiles and construction. The government hiked import duty on gold and silver jewelry to 15% to reduce the current account deficit.
- Most sector indices closed higher led by real estate, banks and FMCG. NTPC, Tata Power and Dr. Reddy's were among the top gainers while BHEL and Hero MotoCorp lost the most.
Equity research fundamental and technical analysis and its impact on stock p...ramoo07
This document provides a project report on equity research and analysis conducted at Reliance Money. It includes an introduction to the company, objectives of the project, research methodology used, data presentation and analysis, findings, suggestions and conclusions. The report was submitted in partial fulfillment of an MBA degree and analyzes the impact of fundamental and technical analysis on stock prices. It acknowledges those who provided guidance and assistance with the project.
1) The document provides an outlook on the Indian equity and fixed income markets for May 2019, noting several factors that may lead to volatility such as the general election outcome, budget, MSCI index rebalancing, monsoon conditions, crude oil price fluctuations, and FPI flows.
2) It recommends investment in dynamic asset allocation or balanced advantage funds to benefit from expected market volatility. Value and special situation investing themes are also expected to perform well.
3) The document emphasizes that India's long-term growth story remains intact, supported by improving ease of doing business, increasing share of global manufacturing exports, favorable demographics, and rising consumer confidence.
The document discusses the DSP Equal Nifty 50 Fund, an index fund that tracks the Nifty 50 Equal Weight Index. It notes that the fund aims to achieve diversification across stocks and sectors by investing equally in the 50 companies that make up the Nifty 50 index. This equal weighting reduces concentration risk compared to the traditional Nifty 50 index, which weights companies based on market capitalization. The summary also provides high-level information on the fund manager, Anil Ghelani, and his experience.
This is a report on Indian Automobile industry, which separate comments on each segment, future trends. it also has specific focus on valuation of Maruti Suzuki India Ltd.
Griffon quarterly report - capital markets update September 2017Griffon Capital
- The Griffon Asset Management fund had returned 5.64% since inception in April 2016, outperforming the Tehran stock market index which was down -8.80% in euros.
- Strong corporate earnings have continued, with the number of companies downgrading earnings decreasing each year since sanctions were lifted. Most sectors are expected to see earnings growth in the current year.
- While corporate earnings have rebounded, Iran's capital markets have been constrained by domestic liquidity issues caused by government payments and banking sector challenges. However, interest rates have begun declining which could boost the stock market.
This presentation covers all the details on Mid Cap Funds. It gives an investor a clear overview about the given mutual fund category. The presentation also covers the brief information on top performing mid cap funds individually.
This report prepared in summer internship. The report can use for more information about customer perception & stock market. the report can not plagiarism.
The document provides a weekly market outlook report for the Nifty 50 and Bank Nifty indices in India. It includes technical analysis showing support and resistance levels for the indices. It also provides sector performance data and FII/DII figures. Analysis is given for the daily and weekly charts of the indices, noting potential support and resistance levels.
Rakesh Jhunjhunwala would be an ideal leader for investing in the Indian stock market. He is one of India's most successful investors, with a net worth over $1 billion from stock investments. He manages his own portfolio and is on the board of many companies. Jhunjhunwala advocates for focusing on understanding businesses, having conviction in investments, ignoring short-term fluctuations and holding stocks for long periods. His success and advice demonstrate qualities of a strong investment leader, such as integrity, optimism, courage and leading by example.
- Sesa Sterlite reported consolidated EBITDA that beat expectations, driven by strong performance in its aluminium, zinc international and copper operations.
- The aluminium business benefited from continued high premiums over LME prices and lower input costs.
- Copper cash costs were also better than guided.
- Key will be ability to convert its IPP power plant in Jharsuguda to CPP, which would allow the aluminium smelter to achieve full utilization, but clarity is still needed on the process and strategy.
The ICICI Prudential Focused Bluechip Fund has consistently outperformed its benchmark index 11 out of 12 quarters since 2008. It has an average outperformance of 5.39% in down markets compared to 1.04% in up markets. The fund outperforms other large cap funds over 1 and 3 year periods. It takes moderately risky positions in large cap stocks from sectors like banking, IT, automobiles and metals. The fund's use of derivatives and focus on stable sectors helps balance the risks in its portfolio.
Rakesh Jhunjhunwala gave a presentation to students of IIT Mumbai about his career in value investing, India's growth opportunities, and some advice. He discussed his humble beginnings in 1984 and lessons learned over his career. Jhunjhunwala believes India is on a strong long-term growth trajectory due to various economic and demographic factors, but the next few months may be tough due to global economic turmoil. He encouraged the students to pursue their dreams and build a fighting spirit.
This document is a term paper submitted by Pranab Chandra Ghosh on the present state of Bangladesh's capital market, its problems, and prospects. The paper includes an introduction outlining the background and objectives of the study. It also provides an overview of Bangladesh's stock market history and regulatory bodies. The paper then examines the two major stock market crashes that occurred in Bangladesh in 1996 and 2010-2011 in detail. It analyzes the current scenario of the capital market and identifies ongoing problems. Finally, the paper provides recommendations to improve the stability and efficiency of the Bangladesh capital market going forward.
A project report on fundamental & technical analysis of automobile sector at ...Babasab Patil
This document provides an executive summary of a study analyzing the automobile sector in India through fundamental and technical analysis. Specifically, it analyzes Tata Motors and Maruti Suzuki.
The study aims to predict stock prices and identify optimal times to buy and sell shares. It uses tools like Relative Strength Index (RSI), moving averages, and candlestick charts to analyze past stock performance and identify trends.
Key findings include identifying periods when RSI signals indicated selling Tata Motors and Maruti Suzuki shares, as well as periods of low RSI that signaled buying opportunities. Moving averages and candlestick charts also provided insights into price trends.
The automobile sector in India is growing rapidly and these companies are financially
The document is a summer training report on equity analysis of infrastructure firms. It includes an analysis of 5 infrastructure companies - GMR, DLF, Unitech, Reliance Industrial Infrastructure and Jaiprakash Associates. The analysis includes both fundamental analysis using techniques like discounted cash flow valuation and technical analysis using tools like MACD, RSI and moving averages. The report also includes projections of the cash flows and intrinsic valuation of DLF using a discounted cash flow model.
This document provides a technical analysis of the performance of various sectors relative to the Sensex index over the past week. It analyzes the BSE Auto, Banks, Capital Goods, FMCG, and Metals indices, identifying which have outperformed or underperformed the broader market. For each sector, it examines charts to determine near-term outlook and identifies specific stocks that are expected to outperform or underperform within that sector. Pair trading strategies are recommended for some sectors.
Sensex has only crossed into positive territory twice in the last 30 years, with only a 7% probability of rising further and a 30% risk of declining from current levels. The risk-reward ratio is currently not favorable for the Sensex stock index.
Movement of Share Prices and Sectoral Analysis: A Reflection Through Interact...Waqas Tariq
Interaction in graphs gives the user with an advantage to analyze the data in greater depth. With the help of interactive graphics users can get better insight of the data in comparison to the static graphical tools. This paper introduces an interactive graphical tool consisting of two graphs, a line diagram complemented by a boxplot. The line diagram helps to understand how successive values of a variable are related to time and box plot can help the visual comparison of several such variables. Here the line diagram is used to visualize share prices of a company corresponding to a number of days and the boxplot displays the position of the Share price of all companies in a particular sector. An investor in share market needs to consider a number of factors before making any decision about investment. Some of the factors influencing the decision are the performance of the particular security in recent past, its position in terms of share price in its own sector. The graphical technique used in this software tool shall be helpful while making investment decision.
The document contains charts showing the performance of the S&P 500 index over various time periods from 1926 to 2012. It provides rolling returns for 5-year and 10-year periods. The charts show that the index has fluctuated over time but generally increased in value, especially over longer periods. Standardized performance data is also presented along with disclosures about risks of investing in various funds, including market risk, small companies risk, and foreign securities risk.
Three major stock market scams in India are summarized. Harshad Mehta initiated a securities scam from 1991-1992 diverting Rs. 5,000 crore from banks to stockbrokers, crashing the stock market after exposure and leading to his arrest. Ramalinga Raju, as CEO of Satyam, cooked the books from 2003-2008 to inflate sales, profits and margins, being found guilty in 2015. Subrata Roy issued Rs. 24,029 crore in unregulated Sahara Housing bonds to 29.6 million investors without following SEBI regulations, being discovered in 2010 with the case still ongoing.
The document provides an overview of the Indian apparel industry. It notes that India is the world's 2nd largest producer of textiles and garments, with the industry estimated at $99 billion currently and projected to reach $223 billion by 2021. The apparel sector contributes significantly to India's GDP and exports. It also discusses key segments within the Indian apparel market like men's, women's and kids wear. The document outlines some of the major challenges faced by the industry and factors driving its continued growth.
The document describes the various indices of the Bombay Stock Exchange categorized as broad based indices, thematic indices, investment strategy indices, and sectoral indices. Some of the key indices mentioned include the S&P BSE SENSEX (broad based), S&P BSE GREENEX and S&P BSE CARBONEX (thematic), S&P BSE IPO and S&P BSE SME IPO (investment strategy), and S&P BSE AUTO, S&P BSE BANKEX, S&P BSE IT (sectoral). Details provided for each index include its composition, launch date, base period, base value, and calculation methodology.
The document discusses the Satyam fraud scandal where the founder Ramalinga Raju confessed to fraudulently inflating profits and falsifying financial records of Satyam Computers over several years. It had a major impact on India's reputation as an outsourcing destination and caused stock markets to tumble. There are still many unanswered questions around how such a large fraud was not detected, who enabled it and what the consequences will be.
fundamental and technical analysis of banking sector in indiaKarthik Ezil
The document provides an overview of the banking industry in India. It discusses the structure of the banking industry, including the roles of the Reserve Bank of India and other public and private sector banks. It also covers topics like the history and development of banking in India, types of banks, fundamental and technical analysis approaches used in the industry, and recent trends and initiatives regarding the Indian banking sector.
A project report on technical analysis at share khanBabasab Patil
The document provides an overview of the stock market and technical analysis. It discusses the industry overview including definitions of a stock market and its key participants. It also examines the importance of stock markets and covers topics such as market indices, derivative instruments, investment strategies, taxation, irrational behavior and crashes. The document then provides a profile of Sharekhan, an Indian stock broker, outlining its services, achievements and competitors. It closes with an introduction to the Indian cement industry and profiles three major cement companies - ACC, Ultratech and Grasim.
A study of technical analysis in different sectors stocksProjects Kart
1) Fundamental analysis determines a stock's intrinsic value by analyzing factors like the economy, industry, and company. It identifies underpriced and overpriced stocks based on comparing intrinsic value to market value.
2) Technical analysis predicts future stock price movements by studying historical price data and trading volumes. It analyzes charts and patterns to identify trends but does not consider fundamental company factors.
3) The study analyzes 5 stocks from the Nifty index using limited technical analysis tools to predict future stock behavior and help investors make informed buy/sell decisions. It has limitations such as only analyzing a few stocks and tools.
The document is a project report on technical analysis of public sector units in India. It includes an introduction to technical analysis, objectives of studying technical analysis, research methodology used, and literature review on technical analysis. The report analyzes stock price data of 5 public sector companies over one year to identify trends and provide investment suggestions through technical indicators like Relative Strength Index and Rate of Change.
ICICI Prudential Growth Fund - Series 2 (Presentation)iciciprumf
This document summarizes an investment product called the ICICI Prudential Growth Fund - Series 2. The following points are highlighted:
1. It is a 3.5 year close-ended diversified equity fund that aims to provide capital appreciation by investing in 40-60 stocks across market caps with a focus on mid and small caps.
2. The fund maturity is set to end 1 year before the elected government's term to potentially benefit from large deliveries in the last 1-2 years of their term when market valuations may reflect government efforts.
3. A high conviction portfolio will be created using screens for data integrity, company characteristics like competitive edge and financial strength. Valuations will also be
ICICI Prudential Equity Savings Fund Series 1- Presentationiciciprumf
This product is suitable for investors seeking a long term wealth creation solution through a close-ended equity scheme that invests in stocks specified under the Rajiv Gandhi Equity Savings Scheme and aims to generate capital appreciation. It carries a high risk as per the product labeling.
ICICI Prudential Dividend Yield Equity Fund - Presentationiciciprumf
This document provides an overview of the ICICI Prudential Dividend Yield Equity Fund. It discusses why investing in dividend yielding stocks may provide opportunities given the current market environment. The fund aims to invest at least 80% of assets in companies with dividend yields greater than the CNX Nifty Index. It describes the fund's investment approach, screening process, risk management process and portfolio management team. Key details about the fund such as investment objective, options available, minimum investment amounts and benchmark are also summarized.
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
ICICI Prudential Growth Fund - Series 1 (Presentation)iciciprumf
This document provides an overview of the ICICI Prudential Growth Fund - Series 1, a close-ended equity fund. The fund aims to provide capital appreciation by investing in 40-60 stocks across market caps with a focus on mid and small caps as well as infrastructure and banking. It will identify companies with potential earnings growth over 3 years. The fund follows a high conviction approach and conducts rigorous research and risk management. It aims to outperform the CNX Nifty Index over the long run through investing in quality companies with strong fundamentals and earnings growth potential. Investors should be aware that the principal investment is of high risk.
This document provides information on DSP's index funds that track the Nifty 50 and Nifty Next 50 indices. It discusses the advantages of passive index funds such as lower costs and market-matching returns. It highlights the relevance of index funds today given reduced outperformance by active funds. It also profiles the Nifty 50 and Nifty Next 50 indices, including their historical performance and sector/company diversification. The document recommends these index funds for first-time investors, those seeking market exposure at low cost or core portfolio allocation.
The document discusses the Nifty Midcap 150 Quality 50 Index Fund, an open-ended scheme replicating the Nifty Midcap 150 Quality 50 Index. It highlights that the index focuses on mid-cap stocks selected based on quality filters like return on equity, financial leverage, and earnings growth variation. This provides exposure to the higher growth potential of mid-caps while focusing on quality to mitigate risks. Analysis shows the index has outperformed over the long term with more consistent returns than mid-cap indexes or active mid-cap funds on average.
This document discusses the performance of equity and debt markets over different time periods and market phases. It shows that equity markets see much larger gains in bull phases but also larger losses in bear phases compared to debt markets. The document then discusses how a hybrid fund like DSP Equity & Bond Fund aims to provide better risk-adjusted returns than pure equity funds by maintaining a mix of around 65-75% in equities and 25-35% in high-quality debt securities. The fund has outperformed hybrid benchmarks with higher returns and lower volatility over various periods due to its robust framework for equity selection, asset allocation and rebalancing.
This document provides information on DSP's index funds that track the Nifty 50 and Nifty Next 50 indices. It discusses the advantages of passive investing including lower costs and market-linked returns. It highlights why index funds are relevant today given reduced outperformance by active funds. It then provides details on the composition, performance and suitability of both indices. The document concludes with fund details, the fund manager's profile and disclaimers.
The document discusses the benefits of diversification through multi-asset allocation. It provides evidence that combining different asset classes like equity, debt and gold in a portfolio can help reduce drawdowns during market crises compared to investing only in equities. Diversification is best achieved between different asset classes rather than within the same asset class. A multi-asset allocation approach incorporating global diversification can also help safeguard portfolios during economic or political crises in individual countries. Historical data on countries like India, US, UK and others demonstrates that a multi-asset strategy may provide superior risk-adjusted returns over the long term compared to investing only in domestic equities or debt.
This document discusses the DSP Equity & Bond Fund, a hybrid fund that invests predominantly in equity and equity-related instruments as well as debt securities. It notes that mixing equity and debt can help provide a smoother investment experience for investors compared to investing only in equities. The DSP Equity & Bond Fund aims to provide capital appreciation through its equity allocation while also generating income through its debt allocation and reducing volatility through asset allocation and periodic rebalancing between equity and debt. The document provides details on the fund's investment framework, portfolio managers, historical performance compared to benchmarks, and current allocations within its equity and debt portions.
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.
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.
This document provides an overview of the DSP Multicap Fund NFO. It is an open-ended equity scheme that will invest across large cap, mid cap and small cap stocks in India. The fund will follow a multicap approach to take advantage of investing in winners across different market capitalization ranges. It highlights that investment styles, sectors and market caps tend to rotate in terms of performance, so a multicap strategy can help capture upside from various segments over time. The document outlines the fund's investment framework, stock selection process, portfolio construction approach and criteria for exiting investments. It also discusses current market conditions and recommends systematic investment options like SIPs for investing in the fund.
This document discusses the performance of the DSP Equity & Bond Fund, a hybrid fund that invests between 65-75% in equities and 25-35% in debt instruments. It shows that over various periods, the fund has outperformed its benchmark index, the CRISIL Hybrid 35+65 Aggressive Index, with higher returns and better risk-adjusted returns. The fund aims to provide capital appreciation through its equity allocation while its debt component helps reduce volatility. The document highlights the fund's investment framework and the experience of its portfolio managers.
SBI Long Term Advantage Fund Series V - A Close-Ended Equity Linked Savings S...SBI Mutual Fund
SBI Long Term Advantage Fund Series V aims to generate capital appreciation over a period of ten years by investing predominantly in equity and equity-related instruments of companies along with income tax benefit under 80C of the Income Tax Act, 1961. Key benefits of SBI Long Term Advantage Fund - Series V include Tax Savings, Potential Capital Appreciation and Tax Free Returns. Know more about this mutual fund at https://www.sbimf.com/en-us/sbi-long-term-advantage-fund-series-v
Similar to ICICI Prudential Value Fund-Series 1 Presentation (20)
- Weighted average yields are provided for various Indian government securities (G-Secs) and treasury bills (T-Bills) with maturities from 1 to 30 years, as well as commercial paper (CP) and certificates of deposit (CD), based on data from CRISIL Research.
- Yields have decreased over the past day, week and month for most securities, with the largest decreases seen in 10-30 year G-Secs and lower rated corporate bonds.
- The US 10-year Treasury yield has increased over the past day but remains up significantly compared to one year ago.
- The document provides weighted average yield rates for various Indian government securities (G-secs) and treasury bills (T-bills) over different time periods, ranging from 1 day to 1 year. It also includes commercial paper (CP) and certificate of deposit (CD) rates.
- Most yields decreased over the past day but increased from 1 month ago. The 10-year G-sec yield saw the largest month-over-month increase of 16 basis points.
- US 10-year Treasury yields increased 14 basis points in the past day but remain higher than 1 month ago.
Does your portfolio have a blend of reasonable stability and potential growth?
Just as how a Sturdy Suspension and Powerful Engine together contribute to a smoother car ride, investing in a combination of Large and Mid cap stocks can offer the best of both worlds – Reasonable Stability + Potential Growth.
Know more: https://bit.ly/3UuS9x8
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- The document provides weighted average yield rates for various Indian government securities (G-secs) and treasury bills (T-bills) over different time periods, ranging from 1 day to 1 year. It also includes commercial paper (CP) and certificate of deposit (CD) rates.
- Most yields declined over the past day, week and month except for shorter term T-bills and CPs. Rates remain lower than one year ago, except for the US 10-year yield which is higher by 45 basis points from a year ago.
- The source is CRISIL Research and performance shown may not indicate future yields.
The rising sun of 2024 brings new hope for global markets! This sun shines a little brighter on the Indian economy as it gets off the tag of a 'fragile economy' to emerge as a robust one. The world economy is headed towards a 'Paradigm Shift' with India leading the way.
Explore this shift further with our Annual Outlook Report 2024!
#ICICIPrudentialMutualFund #AnnualOutlook #ETF
- The document provides weighted average yields for various Indian government securities (G-secs) and treasury bills (T-bills) over different time periods, ranging from 1 day to 1 year.
- It also lists current call money rates, repo rates set by the RBI, and yields on certificates of deposit (CDs), commercial paper (CP), and corporate bonds of different credit ratings and maturities.
- The source is CRISIL Research and all figures are in basis points, with most yields down from 1 day to 1 month ago but higher than the last day of the previous fiscal year.
This document provides weighted average yield data for various Indian government securities (G-secs) and treasury bills (T-bills) over different time periods, as well as commercial paper (CP) and certificate of deposit (CD) rates. It shows small decreases in most short-term rates over the past day and larger decreases over the past month. Long-term government bond yields have increased slightly over the past day but remain lower than one month ago.
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#ICICIPrudentialMutualFund #Equity #Investments #MutualFunds
Stepping into 2024 with resilience and foresight!
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Explore the 2024 Outlook for insights on this Paradigm Shift!
#ICICIPrudentialMutualFund #MutualFunds #Investments #NewYear #2024
- The document provides weighted average yield rates for various Indian government securities (G-secs) and treasury bills (T-bills) over different time periods, ranging from overnight to 30 years. It also lists commercial paper (CP) and certificate of deposit (CD) rates across tenors.
- Yield rates decreased slightly over the past day for most securities, but were down more substantially from a month ago. The largest monthly decreases were seen in 1-month CP (down 42 basis points) and 1-year AAA corporate bonds (down 25 basis points).
- US 10-year Treasury yields increased 6 basis points from the previous day but remain lower than a month ago, when they were 49 basis points higher
- The document provides weighted average yield data for various Indian government securities (G-secs) and treasury bills (T-bills) with maturities ranging from 1 day to 30 years, as well as commercial paper (CP) and certificates of deposit (CD), for the last day, 1 day ago, 1 week ago, 1 month ago, and the last day of the previous fiscal year.
- Yields have generally decreased over the past month for most tenors of G-secs, T-bills, CPs and CDs, while corporate bond yields have shown mixed movements depending on credit rating.
- The US 10-year Treasury yield has fallen 45 basis points over the past month but risen
The document provides weighted average yield data for various Indian government securities (G-secs) and treasury bills (T-bills) with maturities ranging from 1 day to 30 years. It also includes commercial paper (CP) and certificate of deposit (CD) rates across different durations as well as corporate bond yields segmented by credit ratings. The yields have decreased over the past week and month but are higher than the last day of the previous fiscal year for most instruments.
While there is some decline in China, there are positive market situations for India. What does that mean for an investor like you? See in December's Monthly Market Outlook here.
#ICICIPrudentialMutualFund #Investment #December2023 #MonthlyMarketOutlook #MutualFunds
The document provides weighted average yield data for various Indian government securities (G-secs) and treasury bills (T-bills) with maturities ranging from 1 day to 30 years. It also includes commercial paper (CP) and certificate of deposit (CD) rates as well as corporate bond yields across rating categories. Yields have increased over the past month but remain lower than 1 year ago, with the exception of 30-year G-secs which have risen, and US 10-year treasury yields which are substantially higher than last fiscal year.
The document provides weighted average yields for various Indian government securities (G-Secs) and treasury bills (T-Bills) with tenors ranging from 1 day to 30 years. It also lists yields on commercial paper (CP), certificates of deposit (CD), and corporate bonds (CB) of different credit ratings and maturities from the previous day, week, month, and fiscal year. Yields on most instruments decreased in the past day but increased from the last day of the previous fiscal year.
Amidst global tensions, the global economies might be taking the strain but Indian economy continues the Goldilocks streak. Take a holistic view at what that might mean for you as an investor with the Monthly Market Outlook.
#ICICIPrudentialMutualFund #MonthlyMarketOutlook
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#ICICIPrudentialMutuaFund #Equity #EquityValuationIndex #Market #Investments
- The document provides weighted average yield rates for various Indian government securities (G-secs) and treasury bills (T-bills) over different time periods, ranging from 1 day to 1 year.
- It also lists commercial paper (CP) and certificate of deposit (CD) rates, as well as corporate bond yields of different credit ratings.
- The source is CRISIL Research and yields are as of November 1st, with changes shown in basis points compared to various prior periods.
- US 10 year bond yields are also provided for comparison.
- The document provides weighted average yield rates for various Indian government securities (G-secs) and treasury bills (T-bills) with maturity periods ranging from 1 day to 30 years. It also lists rates for commercial paper (CP), certificates of deposit (CD), and corporate bonds (CB) of different credit ratings and maturity periods.
- The yields are shown as of October 27th, 2022 along with changes over the past 1 day, 1 week, 1 month, and compared to the last day of the previous fiscal year (March 31st, 2023).
- US 10 year bond yields are also provided, showing a 25 basis point increase over 1 month but 136 basis point rise compared to
How can we prepare for the mood of the market? Use micro indicators for a comprehensive look at the market in this month's Market Outlook!
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years in a row, the Labrador Retriever has dropped to second place
in the American Kennel Club's annual survey of the country's most
popular canines. The French Bulldog is the new top dog in the
United States as of 2022. The stylish puppy has ascended the
rankings in rapid time despite having health concerns and limited
color choices.”
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Discover timeless style with the 2022 Vintage Roman Numerals Men's Ring. Crafted from premium stainless steel, this 6mm wide ring embodies elegance and durability. Perfect as a gift, it seamlessly blends classic Roman numeral detailing with modern sophistication, making it an ideal accessory for any occasion.
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How to Start Up a Company: A Step-by-Step Guide Starting a company is an exciting adventure that combines creativity, strategy, and hard work. It can seem overwhelming at first, but with the right guidance, anyone can transform a great idea into a successful business. Let's dive into how to start up a company, from the initial spark of an idea to securing funding and launching your startup.
Introduction
Have you ever dreamed of turning your innovative idea into a thriving business? Starting a company involves numerous steps and decisions, but don't worry—we're here to help. Whether you're exploring how to start a startup company or wondering how to start up a small business, this guide will walk you through the process, step by step.
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Key Components:
- Stakeholder Analysis
- Strategy Decomposition
- Adoption of Business Frameworks
- Goal Setting
- Initiatives and Action Plans
- KPIs and Performance Metrics
- Learning and Adaptation
- Alignment and Cascading of Scorecards
Benefits:
- Systematic strategy formulation and execution.
- Framework flexibility and automation.
- Enhanced alignment and strategic focus across the organization.
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Easily Verify Compliance and Security with Binance KYCAny kyc Account
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https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
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2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
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9. Christensen’s Disruptive Innovation Theory
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12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
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In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
1. GOOD COMPANIES
at
DISCOUNTED PRICES
OUR VALUE INVESTMENT PHILOSOPHY
Value Fund - Series 1
A Close-Ended Equity Scheme
NFO Period: October 18, 2013 to October 31, 2013
2. Contents
1
Why Equities Now?
2
Value Investing
3
Identifying Value in the market
4
Value Investing - Globally
5
ICICI Prudential Value Fund Series 1
6
Key Take Aways
2
4. Why Equities now? –
Valuations lagging Fundamentals
1,20,000
1,00,000
INR bn
80,000
60,000
40,000
Nominal GDP
2013
2012
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
0
2011
20,000
Mcap (BSE)
•
India's market cap to GDP indicates valuations are at historical low.
•
The gap between nominal GDP and market cap of BSE has widened post 2010
Source: Bloomberg
4
5. Why Equities now? – 2014 General Elections
S&P BSE Sensex
25000
20000
15000
10000
5000
1991 Elections Previous Govt
was dissolved just
16 months after
formation
1999 Elections - first time
a united front of parties
attained a majority
1996 Elections Hung parliament
1998 – Re-elections as
the Govt collapsed
0
19
99
90 991 992 993 994 995 996 997 998
1 1 1 1 1 1 1 1
19
2009 Elections - The
United Progressive
Alliance (UPA) led
by the Indian
National Congress
formed the
government.
2004 Elections –The Indian national
Congress gained majority with the
help of its allies.
00 001 002 003 004 005 006 007 008 009 010 011 012 013
2 2 2 2 2 2 2 2 2 2 2 2 2
20
In the past, elections have been a good trigger point for market direction.
Red mark represents elections in that year
5
6. Why Equities now? –
S&P BSE Sensex & Elections
Elections
Absolute Appreciation
Election Year
Date
Sensex
20%
Appreciation
50%
Appreciation
70%
Appreciation
1991
21-Jun-91
1361.7
Within 1 year
Within 1 year
Within 1 year
1996
9-May-96
3694.3
Within 2 years
1998
3-Mar-98
3646.0
Within 2 years
1999
7-Oct-99
4963.1
Within 1 year
2004
13-May-04
5399.5
Within 1 year
Within 2 years
Within 2 years
2009
16-May-09
12173.4
Within 1 year
Within 2 years
Within 2 years
The bull phase that started in 1991
ended in 1997.
Within 2 years
Above chart explains how S&P BSE Sensex has performed post elections.
Provided only for reference and understanding of market movement post elections. Nothing in the slide must be construed as
future performance of S&P BSE Sensex.
Source: www.bseindia.com and Election Commission of India
6
7. Why Equities now? –
Broad Market Valuations
Sensex P/E Ratio
Sensex P/B Ratio
29
8
26
7
23
6
20
Avg PE
17
5
4
Avg PB
3
14
2
20
13
20
12
20
11
20
10
20
09
20
08
20
07
20
06
20
05
0
20
04
1
8
20
03
11
Current valuations below 10 year average, despite some stocks trading at very high valuations
Source:www.bseindia.com
7
8. Why Equities now? –
Polarisation of Valuation
Defensives vs Cyclicals
P/E
30.0x
Defensives
25.0x
20.0x
15.0x
10.0x
Cyclicals
•
In the past, valuation gap between cyclical and defensives have converged
•
2013
2012
2011
2010
2009
2008
2007
2006
2005
5.0x
Since 2010, the gap has widened and defensives are trading at high valuations
Cyclical – Consumer Discretionary, Energy, Financials, Industrials, IT, Materials
Defensives – Consumer Staples, Healthcare, Telecom, Utilities
Source: UBS Securities
8
9. Why Equities now? – Market Segmented
Mid & Small Cap discount to Sensex
100%
90%
Mid cap discount
to Sensex
80%
70%
60%
Small cap discount to
Sensex
50%
Nov-10
Mar-11
Jul-11
Nov-11
Mar-12
S&P BSE Mid Cap
Jul-12
Nov-12
Mar-13
Jul-13
S&P BSE Small Cap
Since the last peak in Nov 2010 the Small and Mid cap stocks are trading at a discount to their Large cap
counterparts
Discount is calculated taking Nov’10 index values as base.
Source:www.bseindia.com
9
11. Value Investing
• Investing in stocks that trade at a discount to their true value.
• Investing at a price lower than what justifies the company’s long
term fundamentals.
• Value investing is a long-term strategy - it does not provide
instant gratification.
11
12. Value Investing – Margin of Safety
Margin of Safety is the difference between the intrinsic value of a stock and the price arrived
at after taking the worst case scenario in calculation of intrinsic value.
12
13. Understanding Value Investing
40,000
Values rebased to 10,000
35,000
Rs 34,405
30,000
25,000
Rs 20,193
20,000
Rs 19,892
15,000
10,000
Rs 10,386
5,000
0
0
c-1
De
1
r-1
Ma
S&P BSE Sensex
•
•
1
n-1
Ju
1
p-1
Se
1
c-1
De
2
r-1
Ma
Natco Pharma Ltd
2
n-1
Ju
2
p-1
Se
Amara Raja
2
c-1
De
3
r-1
Ma
3
n-1
Ju
3
p-1
Se
Tech Mahindra Ltd
During the period 2011-2013, BSE Sensex remained range bound.
However, during the same period stocks shown above have grown multi fold times.
This is a high level oversimplified illustration to explain the concept of Value Investing. Actual results may vary significantly from the ones mentioned here and may not
always be beneficial or profitable. The stocks given above should not in any manner be construed as recommendation and ICICI Prudential Mutual Fund/AMC may or
may not have any future position in these stocks. There may be other value stocks in the market which may have significantly underperformed large cap stocks. No
inference must be drawn that value stocks generate long term performance as there may be cases where such value stocks may actually be value trap.
Source: Bloomberg
13
15. Identifying Value in the Market
Earnings
180
Market Cap
7,000
MS Coverage Consumer Basket - Earnings vs Market Cap
160
6,000
140
Trailing Net Profit
120
5,000
Market Cap (RS)
100
4,000
80
3,000
60
2,000
40
1,000
20
0
in INR Bn
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
0
•
Between 2001 and 2003, the stocks in the consumer basket represented a value buying opportunity.
•
Market cap of these stocks did not mirror the consistently growing profits.
•
In the ensuing period the market realized the true value of these stocks and market cap soared.
•
Consumption basket is currently, trading near historical high valuations
Source: Morgan Stanley Research
15
16. Identifying Value in the Market
P/E
Large cap IT vs Midcap IT
40
35
30
25
20
15
10
5
0
2005
2006
2007
2008
TOP 4
2009
2010
2011
2012
2013
Mid Caps
•
It is believed that currently mid cap IT stocks are trading at attractive valuations compared to large cap IT stocks.
•
Revenue growth led to re-rating of mid cap IT companies in 2006.
This is a high level oversimplified illustration to explain the concept of identifying value. Actual results may vary significantly from the ones mentioned here and may not always be beneficial or profitable.
The stocks given above should not in any manner be construed as recommendation and ICICI Prudential Mutual Fund/AMC may or may not have any future position in these stocks. The performance
of stocks would ultimately depend on various factors such as prevailing market conditions, global political scenario, exchange rate etc. It may have adverse bearing on their performance.
Source: MSCI, RIMES, Top 4 - TCS, Infosys, Wipro, HCL Tech Midcap – Mindtree, Hexaware & Infotec Ent.
16
17. Identifying Value in the Market
S&P BSE Midcap Index
P/B
9
10000
8
9000
7
8000
7000
6
6000
5
5000
4
4000
3
3000
2
2000
1
0
2006
1000
Current valuations close to 2009 lows
2007
2008
2009
2010
2011
BSE Midcap P/B
BSE Midcap
2012
0
2013
•
Midcap valuations are currently at 2009 lows. The midcap index rallied from 3300 levels to 8000 levels between
2009-2011.
•
The increase in book value of the stocks in the midcap index has not been accompanied by increase in
valuations.
Source:www.bseindia.com
17
18. Identifying Value in the Market
Top 20 performers vs Rest of the market
350
300
Values rebased to 100
250
200
150
100
50
0
2007
2008
2009
Top 20 performers
2010
2011
Bottom 80 performers
2012
2013
BSE100
•
The top 20 stocks have trebled, now making up 30% of the BSE100 market cap versus barely 10% in Dec-07
•
These stocks continue to outperform, providing gloss to the headline indices like Sensex and Nifty
Source: Bloomberg, Jefferies estimates
18
20. Value Investing – Globally, is working
600
500
400
CHINA INDICES
MSCI China Value Index
MSCI China Index
Values rebased to 100
RUSSIA INDICES
1200
MSCI Russia Index
1000
Values rebased to 100
800
2500
2000
13
12
20
11
20
10
20
09
20
08
20
07
20
06
20
05
20
20
20
20
04
0
0
1
2
3
4
5
6
7
8
9
0
1
2
200 200 200 200 200 200 200 200 200 200 201 201 201
20
0
03
200
20
100
02
400
20
200
01
600
00
300
MSCI Russia Value Index
US INDICES
Values rebased to 1000
1500
1000
500
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
S&P 500 Value Index
Source: Bloomberg
Russell 2000 Value Index
S&P 500 Growth index
20
21. The Product
Value Fund - Series 1
(A Close-ended Equity Scheme)
This product is suitable for investors who are seeking*:
• Long term wealth creation solution
• A close-ended diversified equity fund that aims to provide capital appreciation by investing in a well
diversified portfolio of stocks through fundamental analysis.
HIGH RISK
(BROWN)
* Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Note: Risk may be represented as:
(BLUE) investors understand that
their principal will be at low risk
(YELLOW) investors understand that
their principal will be at medium risk
(BROWN) investors understand that
their principal will be at high risk
21
22. About the fund
• A 3 year close ended scheme of focused 25-30 high conviction stocks.#
• Aims to:
• Find commendable companies at reasonable price rather than generic companies
at bargain price.
• Capture profits by selling equities or using derivatives.
• Declare commensurate dividends.*
• Invest in multi-cap stocks.
*Dividends will be declared subject to availability of distributable surplus and approval from Trustees
#The number of stocks provided is to explain the investment philosophy and the actual number may go up or down depending on then prevailing market conditions
at the time of investment
22
23. Why Focused Approach?
Some value picks in existing funds
Fund 1
% to NAV
Fund 2
% to NAV
Value Stock 1
0.21%
0.60%
Value Stock 2
0.25%
1.38%
Value Stock 3
0.56%
0.30%
Value Stock 4
0.57%
1.33%
Company/Issuer
• Due to large fund size and liquidity condition of the above stocks, size of holding is small.
• Any favourable movement in the stock prices may have a nominal effect on the overall portfolio
returns.
For illustration purpose only
23
24. Why close ended?
Exposure to
less traded
stocks
Aiming to
identify
potential
much ahead
of the market
Restrict
in/outflow to
capture limited
market
opportunity
Lock-in brings in the necessary discipline
24
25. Investment Approach
Absolute and
relative basis
• Low P/E, P/B
• Good Dividend Yield
• Valuation attractive relative to peers / market
Cyclical stocks
• Aim to identify sectors in a downturn
• Aiming to buy good companies to play for revival of the sector
Contra play
• Companies going through bad news-flows
• Increased competitive environment, etc.
Growth stocks at
reasonable valuations
• High Return on equity and capital employed
• Low Debt
Others
• Demerger / Spin-offs by companies
• Mergers & Acquisitions
• Value unlocking from subsidiaries, sale of assets
25
26. Stock Selection Process
Recurring process
5000+ stocks
300
Data Integrity Screens
Investable Universe
Company Characteristics
Financial Strength • Business Durability • Management Behavior
100
Valuation & Fundamental verification
Value Parameters
Low PE/PB • Good Dividend Yields • Attractive ROE/ROCE
High Conviction Portfolio (25 - 30 stocks)*
Daily Risk control
*The number of stocks provided is to explain the investment philosophy and the actual number may go up or down depending on then prevailing market conditions
at the time of investment
26
27. Key Take Aways
•
Institutional participation lopsided towards the top 15-20 stocks; valuations attractive
in other pockets.
•
The fund aims to hold limited number of stocks; allowing the scheme to benefit from
potential positive price movements.
•
Post 2008, the fund house has gained experience in managing close ended funds.
•
Existing track record of managing value oriented funds.
•
Past experience has shown that investors have earned returns when investments are
made in bear phases.
27
28. Scheme Features
Type of scheme
A Close ended equity scheme
Investment Objective
The investment objective of the Scheme is to provide capital appreciation
by investing in a well diversified portfolio of stocks through fundamental
analysis. However, there can be no assurance that the investment
objectives of the scheme will be realized.
Options
Direct Plan – Dividend Option; Regular Plan – Dividend Option
Only Dividend payout facility available
Minimum Application Amount
Rs 5,000 (plus in multiple of Rs.10)
Entry Load
Not Applicable
Exit Load
Not Applicable
Benchmark Index
S&P BSE 500 Index
Fund Manager
Mr. Sankaran Naren & Mr. Mittul Kalawadia
28
29. Disclaimers
Disclaimer: In the preparation of the material contained in this document, the AMC has used information that is publicly available, including information
developed in-house. Some of the material used in the document may have been obtained from members/persons other than the AMC and/or its
affiliates and which may have been made available to the AMC and/or to its affiliates. Information gathered and material used in this document is
believed to be from reliable sources. The AMC however does not warrant the accuracy, reasonableness and / or completeness of any information. We
have included statements / opinions / recommendations in this document, which contain words, or phrases such as “will”, “expect”, “should”,
“believe” and similar expressions or variations of such expressions, that are “forward looking statements”. Actual results may differ materially from
those suggested by the forward looking statements due to risk or uncertainties associated with our expectations with respect to, but not limited to,
exposure to market risks, general economic and political conditions in India and other countries globally, which have an impact on our services and /
or investments, the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity
prices or other rates or prices etc.
The AMC (including its affiliates), the Mutual Fund, the trust and any of its officers, directors, personnel and employees, shall not liable for any 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 material in any manner. The recipient alone shall be fully responsible/are liable for any decision taken on this material.
The sector(s)/stock(s) mentioned in this presentation do not constitute any recommendation of the same and ICICI Prudential Mutual Fund may or may
not have any future position in these sector(s)/stock(s). Past performance may or may not be sustained in the future. The portfolio of the scheme is
subject to changes within the provisions of the Scheme Information document of the scheme. Please refer to the SID for investment pattern, strategy
and risk factors.
Investors are advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial implication or
consequence of subscribing to the units of ICICI Prudential Mutual Fund.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
29