The fund underperformed its benchmark during the quarter due to its overweight positions in commodities and underweight positions in financials. The fund's exposure to stable sectors like IT and consumer staples helped performance earlier in the year but hindered returns this quarter as cyclical sectors strongly outperformed. The fund manager maintained a focus on quality companies and took profits in past winners, while modestly increasing exposure to financial and auto stocks to start building positions in recovery sectors.
The document discusses the concept of a quarter. A quarter is a unit of measurement that represents one-fourth of a whole or complete unit. There are four quarters in a year, with each quarter representing three months. Quarters are commonly used to divide fiscal years and are an important unit of measurement in accounting and business.
1. The document provides a quarterly update on the IDFC Sterling Value Fund for January 2021.
2. During the quarter, the fund outperformed its benchmark index and maintained its focus on companies that benefit from positive liquidity, low interest rates, and attractive valuations.
3. Top positive contributors were commodities, cement/building materials, and consumer discretionary, while top negative contributors were utilities, information technology, and financials.
Intact Financial Corporation is Canada's largest personal and commercial property and casualty insurer. Some key points from the document:
- Intact has over $7.3 billion in annual premiums and leads the market in several Canadian provinces.
- The company has a diversified business across personal and commercial lines as well as different distribution channels.
- Intact aims to outperform the industry in key metrics like return on equity by at least 500 basis points annually through initiatives like pricing segmentation, claims management, and investments.
- The company has an $13.4 billion investment portfolio and a strategy to generate higher returns than peers from active management and preferred exposures.
- Intact will pursue growth organically and through
Intact Financial Corporation is Canada's largest personal and commercial insurer. Some key points:
- IFC has $6.5 billion in annual premiums and holds the #1 market share position in several Canadian provinces.
- IFC has consistently outperformed the Canadian P&C insurance industry over the past 10 years based on metrics like combined ratio, return on equity, and premium growth.
- IFC has a strong financial position with $11.8 billion in invested assets and excess capital of $435 million. The company pursues growth through acquisitions, organic expansion, and returning capital to shareholders.
- Looking ahead, IFC is well-positioned to continue outperforming competitors
The document discusses Intact Financial Corporation's acquisition of AXA Canada. The key points are:
1) The acquisition strengthens IFC's position as the largest property and casualty insurer in Canada, increasing its premiums by over 40%.
2) The acquisition is financially compelling with an expected internal rate of return of 20% and accretion to net operating income per share.
3) Combining the two companies creates a leading P&C insurer in Canada and provides numerous diversification and synergistic benefits.
Intact Financial Corporation is Canada's largest personal and commercial property and casualty insurer, with $7 billion in annual premiums written. It has leading market shares in several Canadian provinces and consistently outperforms the industry on key metrics like combined ratio and return on equity. Intact has a diversified business mix across personal and commercial lines as well as regions. It expects to continue outperforming peers in 2013 through scale advantages, underwriting expertise, and a balanced investment portfolio.
The survey of over 100 top dealmakers finds strong confidence in the global M&A market in 2013. North American, European, and Greater China advisors largely expect increased deal activity globally and within their own regions compared to 2012. Key drivers are seen as strong CEO confidence, improving economies, and growing appetite for Chinese outward expansion. In North America, domestic deals and the consumer goods sector are expected to be most active. Greater China advisors anticipate outbound Chinese deals, while European advisors foresee foreign acquisitions in Europe driving activity.
This document provides an investor presentation for Intact Financial Corporation, a leading property and casualty insurer in Canada. Some key points:
1) Intact has consistently outperformed the industry in terms of return on equity, combined ratio, premium growth, and market share over the past 10 years.
2) Intact aims to beat industry return on equity by 5 points annually through initiatives like pricing and segmentation, claims management, and capital management.
3) Intact has a strong financial position with excess capital, high credit ratings, and a track record of growth and profitability. Management sees opportunities for further industry consolidation.
The document discusses the concept of a quarter. A quarter is a unit of measurement that represents one-fourth of a whole or complete unit. There are four quarters in a year, with each quarter representing three months. Quarters are commonly used to divide fiscal years and are an important unit of measurement in accounting and business.
1. The document provides a quarterly update on the IDFC Sterling Value Fund for January 2021.
2. During the quarter, the fund outperformed its benchmark index and maintained its focus on companies that benefit from positive liquidity, low interest rates, and attractive valuations.
3. Top positive contributors were commodities, cement/building materials, and consumer discretionary, while top negative contributors were utilities, information technology, and financials.
Intact Financial Corporation is Canada's largest personal and commercial property and casualty insurer. Some key points from the document:
- Intact has over $7.3 billion in annual premiums and leads the market in several Canadian provinces.
- The company has a diversified business across personal and commercial lines as well as different distribution channels.
- Intact aims to outperform the industry in key metrics like return on equity by at least 500 basis points annually through initiatives like pricing segmentation, claims management, and investments.
- The company has an $13.4 billion investment portfolio and a strategy to generate higher returns than peers from active management and preferred exposures.
- Intact will pursue growth organically and through
Intact Financial Corporation is Canada's largest personal and commercial insurer. Some key points:
- IFC has $6.5 billion in annual premiums and holds the #1 market share position in several Canadian provinces.
- IFC has consistently outperformed the Canadian P&C insurance industry over the past 10 years based on metrics like combined ratio, return on equity, and premium growth.
- IFC has a strong financial position with $11.8 billion in invested assets and excess capital of $435 million. The company pursues growth through acquisitions, organic expansion, and returning capital to shareholders.
- Looking ahead, IFC is well-positioned to continue outperforming competitors
The document discusses Intact Financial Corporation's acquisition of AXA Canada. The key points are:
1) The acquisition strengthens IFC's position as the largest property and casualty insurer in Canada, increasing its premiums by over 40%.
2) The acquisition is financially compelling with an expected internal rate of return of 20% and accretion to net operating income per share.
3) Combining the two companies creates a leading P&C insurer in Canada and provides numerous diversification and synergistic benefits.
Intact Financial Corporation is Canada's largest personal and commercial property and casualty insurer, with $7 billion in annual premiums written. It has leading market shares in several Canadian provinces and consistently outperforms the industry on key metrics like combined ratio and return on equity. Intact has a diversified business mix across personal and commercial lines as well as regions. It expects to continue outperforming peers in 2013 through scale advantages, underwriting expertise, and a balanced investment portfolio.
The survey of over 100 top dealmakers finds strong confidence in the global M&A market in 2013. North American, European, and Greater China advisors largely expect increased deal activity globally and within their own regions compared to 2012. Key drivers are seen as strong CEO confidence, improving economies, and growing appetite for Chinese outward expansion. In North America, domestic deals and the consumer goods sector are expected to be most active. Greater China advisors anticipate outbound Chinese deals, while European advisors foresee foreign acquisitions in Europe driving activity.
This document provides an investor presentation for Intact Financial Corporation, a leading property and casualty insurer in Canada. Some key points:
1) Intact has consistently outperformed the industry in terms of return on equity, combined ratio, premium growth, and market share over the past 10 years.
2) Intact aims to beat industry return on equity by 5 points annually through initiatives like pricing and segmentation, claims management, and capital management.
3) Intact has a strong financial position with excess capital, high credit ratings, and a track record of growth and profitability. Management sees opportunities for further industry consolidation.
Intact Financial Corporation is Canada's largest home, auto and business insurer, with a 17% market share in a fragmented industry. It has consistently outperformed the industry over 10 years in terms of premium growth, combined ratio, and return on equity. Intact has several competitive advantages including scale, sophisticated pricing and underwriting, in-house claims expertise, and broker relationships. The presentation outlines Intact's strategy to continue growing organically and through acquisitions to consolidate the Canadian property and casualty insurance market.
Intact Financial Corporation held an investor presentation in February 2011. The presentation discussed IFC's position as the largest property and casualty insurer in Canada, with $4.5 billion in direct premiums written. It highlighted IFC's consistent outperformance of the Canadian P&C industry, including a 10-year combined ratio that was 3.8 percentage points better than the industry average. The presentation also outlined IFC's growth strategies, including organic growth through its multiple distribution channels and the potential for industry consolidation through acquisitions.
This document provides an investor presentation for Intact Financial Corporation, a leading property and casualty insurer in Canada. Some key points:
- Intact has consistently outperformed the P&C industry over the past 10 years in measures like return on equity, combined ratio, and premium growth.
- Intact has a significant scale advantage compared to competitors and employs sophisticated pricing, underwriting, claims management, and distribution strategies.
- Intact's goals are to beat the industry ROE by 5 points annually and achieve 10% net operating income per share growth over time through organic growth, margin improvement, and capital deployment including acquisitions.
Local Dynamos – emerging-market companies focused largely on their home markets - are beating both local state-owned companies and multinational corporations, thanks to savvy digital strategies and an ability to meet rising consumer expectations. MNCs need to understand how the Dynamos are rewriting the rules in emerging markets.
Financial Institutions need a strategy to help maximize their level of resilience and prepare for any macroeconomic and financial scenario amid the COVID-19 crisis.
In our view, it is critical for Financial Institutions to take specific steps both for the short term and the medium term. In this White Paper we have identified ten key action points to be addressed.
Intact Financial Corporation is Canada's largest home and auto insurer, with $7 billion in annual premiums. It has consistently outperformed the industry in key metrics like combined ratio, return on equity, and growth. Intact aims to continue growing organically and through acquisitions in Canada's fragmented insurance market. Recent acquisitions of AXA Canada and JEVCO are on track to deliver synergies. Challenges include a low interest rate environment and elevated catastrophe losses. Intact is well capitalized and pursuing growth through firming market conditions, developing existing brands, industry consolidation, and potential international expansion.
Intact Financial Corporation is Canada's largest personal and commercial insurer. It has $6.5 billion in direct premiums written and is the number 1 insurer in several Canadian provinces. The presentation outlines Intact's scale advantages, consistent outperformance of industry metrics like combined ratio and return on equity, and strategic focus areas of enhancing its business mix, pursuing acquisitions, and returning capital to shareholders. Intact is well positioned for continued growth and outperformance relative to the Canadian property and casualty insurance industry.
This document provides contact information for Devon Energy's investor relations team. It also includes standard legal disclaimers about forward-looking statements and the use of non-GAAP financial measures in company presentations. The document encourages investors to review Devon's SEC filings for additional important disclosures.
Intact Financial Corporation presented its investor presentation for June 2010. The presentation highlighted Intact's position as the dominant property and casualty insurer in Canada with over $4 billion in annual premiums written. Intact has a significant scale advantage over its competitors and has consistently outperformed the industry on key metrics like combined ratio and return on equity. The presentation also summarized Intact's strong financial results for the first quarter of 2010, including net operating income per share growth of 62.1% and an annualized return on equity of 16.1%.
TRC provides engineering, consulting and construction management services to the energy, environmental and infrastructure industries. In the first quarter of fiscal year 2014, TRC's net service revenue grew 6% year-over-year to $81.3 million. TRC's business is diversified across its three segments and large client base. TRC is focused on profitable organic growth through strategic investments in its highest margin sectors such as utility/power and oil and gas. TRC also pursues strategic acquisitions to enhance its service offerings and geographic footprint. TRC has a strong balance sheet and stable backlog to support its continued growth.
The document discusses potential strategic alternatives for HD Supply, including the acquisition of John Deere Landscapes (JDL). JDL is presented as an attractive acquisition target as its core competencies in landscape distribution align well with HD Supply's goals. Deutsche Bank provides a valuation range of 9.5-10.0x EV/EBITDA for JDL based on precedent transactions and comparable company analyses. The acquisition of JDL could help HD Supply expand its product offerings and geographical footprint in the construction industry.
Intact Financial Corporation is Canada's largest property and casualty insurer with an estimated 17% market share. The presentation outlines Intact's consistent outperformance versus the industry through scale advantages, underwriting expertise, and acquisition strategy. Intact has achieved returns on equity 5 points higher than the industry average each year and targets net operating income per share growth of 10% annually. The company is well positioned for future growth through firming market conditions, expanding existing platforms, consolidating the Canadian market, and potential international expansion.
This document provides an investor presentation for Intact Financial Corporation (IFC), Canada's largest property and casualty insurer. Some key points:
- IFC has consistently outperformed the industry on measures like return on equity, combined ratio, and premium growth over the past 10 years.
- IFC aims to continue beating the industry ROE by 500 basis points annually and growing net operating income per share by 10% per year through initiatives like pricing segmentation, claims management improvements, and pursuing growth opportunities.
- IFC has a strong financial position with over $850 million in excess capital and debt below target levels. It maintains high credit ratings from major agencies.
- The Canadian P&C insurance industry
- Intact Financial Corporation is Canada's largest home, auto and business insurer with over 5.9 billion in direct premiums written and a 17.3% market share.
- IFC has consistently outperformed the industry over 10 years in terms of premium growth, combined ratio, and return on equity.
- IFC aims to grow its net operating income per share by 10% per year, outperform the industry return on equity by 500 basis points annually, and have over 2 million customer advocates by 2020.
USA Podiatry Market High Level OverviewNiraj Singhvi
This report is prepared by Maple Growth Partners, an investment research and strategic advisory firm.
The primary purpose of this quick-turnaround project was to provide a high-level market overview of podiatry practices’ growth prospects and market dynamics in the US. Our client, a US-based healthcare private equity investment professional, was largely interested in understanding the prevailing market trends, growth drivers, and podiatry economics.
Major pointers we highlighted for podiatry industry investment consideration:
- While podiatry overhead expenses has increased significantly, podiatrists are able to pass on the incremental cost to the patient/payer with a year in lag
- Current supply of ~13,000 podiatrists are most likely meeting sufficient portion of the unmet demand and this supply-demand gap will likely diminish going forward
- High student debt will likely inhibit incoming podiatrists to start their own practice and will likely compel them to join a group practice
- Podiatry is a local/regional play as opposed to other limited practitioners such as dentists which is truly a national play
Following trends were presented that influenced the economics of a podiatry practice:
- Gross income and net income for overall types of US podiatry practices have increased in recent years
- Contrary to the market perception, gross income for solo practices in the US has shown signs of decent growth in recent years
- On an overall basis (both solo and group practices) for net income, recently-formed group practices have been driving up the net income range for practices that are less than 10 years old
- They are utilizing new tech to differentiate themselves and to improve the diagnosis and treatment quality
- Podiatrists are looking to utilize assistance of nurse practitioners and physician assistants
- Share of older practices (>30 years) and aging podiatrists (>61 years) has been increasing in recent years
We had also included podiatry transactions in the previous 10 years; one-pager profiles of major competitors; and regulations by states.
The Boston Consulting Group's report finds that while the global financial crisis has been painful for corporate banking, it has also created opportunities for those who can adapt. The report identifies several megatrends that will shape the future landscape, such as globalization, technological changes, and new regulations. To succeed, the top banks are building premium client relationships, enhancing risk management, improving transaction banking capabilities, and developing next-generation operating models with end-to-end transparency. Banks that can leverage these dynamics may deepen their competitive advantage over weaker rivals in the coming years.
The fund underperformed its benchmark in the quarter ending December 2020 due to its defensive positioning. The fund is predominantly invested in large cap stocks and has a quality and growth oriented investment style. In the quarter, sectors like energy, cement, and information technology contributed positively, while financials, commodities, and healthcare detracted. The fund manager comments that the fund's defensive stance helped performance earlier in 2020 but hurt it this quarter as cyclical sectors rallied sharply on vaccine news. The manager is gradually adding recovery names and remains focused on fundamentals over chasing flows.
The document discusses the concept of a quarter. A quarter is a unit of measurement that represents one-fourth of a whole or complete unit. There are four quarters in a year, with each quarter representing three months. Quarters are commonly used to divide fiscal years and are an important unit of measurement in accounting and business.
The fund underperformed its benchmark in the quarter ending December 2020 due to its defensive positioning. The fund is predominantly invested in large cap stocks and has a quality and growth focus. In the quarter, sectors like energy, cement, and information technology contributed positively, while financials, commodities, and healthcare detracted. The top holdings include companies from information technology, retail banking, and energy.
1) The fund update provides performance information for IDFC Sterling Value Fund for the quarter ending December 2020. The fund focuses on a value investment strategy in mid and small cap companies.
2) For the quarter, the fund outperformed its benchmark index with a return of 22.9% versus the benchmark return of 21.2%.
3) Top positive contributors were commodities, cement/building materials, and consumer discretionary, while top negative contributors were utilities, information technology, and financials.
1) The fund provides a quarterly update on the IDFC Sterling Value Fund, an open-ended equity scheme that follows a value investment strategy focused on mid and small cap companies.
2) During the quarter, the fund outperformed its benchmark index and had its strongest positive contributors in the Commodities, Cement/Building Materials, and Consumer Discretionary sectors. Its underweight in Financials and overweight in Information Technology negatively impacted performance.
3) The fund manager maintains a positive outlook on commodities and financials due to an expected economic recovery and earnings growth. Cement and building materials are also expected to benefit from increased government spending and rural demand.
- The IDFC Hybrid Equity Fund underperformed its benchmark during the quarter due to its underweight position in the outperforming financials sector.
- Key overweight sectors that contributed positively were pharmaceuticals, IT services, chemicals, industrials, and consumer staples.
- Going forward, the fund will look to raise its exposure to financials and large caps while remaining selective in small caps. It will focus on maintaining a stable portfolio.
Intact Financial Corporation is Canada's largest home, auto and business insurer, with a 17% market share in a fragmented industry. It has consistently outperformed the industry over 10 years in terms of premium growth, combined ratio, and return on equity. Intact has several competitive advantages including scale, sophisticated pricing and underwriting, in-house claims expertise, and broker relationships. The presentation outlines Intact's strategy to continue growing organically and through acquisitions to consolidate the Canadian property and casualty insurance market.
Intact Financial Corporation held an investor presentation in February 2011. The presentation discussed IFC's position as the largest property and casualty insurer in Canada, with $4.5 billion in direct premiums written. It highlighted IFC's consistent outperformance of the Canadian P&C industry, including a 10-year combined ratio that was 3.8 percentage points better than the industry average. The presentation also outlined IFC's growth strategies, including organic growth through its multiple distribution channels and the potential for industry consolidation through acquisitions.
This document provides an investor presentation for Intact Financial Corporation, a leading property and casualty insurer in Canada. Some key points:
- Intact has consistently outperformed the P&C industry over the past 10 years in measures like return on equity, combined ratio, and premium growth.
- Intact has a significant scale advantage compared to competitors and employs sophisticated pricing, underwriting, claims management, and distribution strategies.
- Intact's goals are to beat the industry ROE by 5 points annually and achieve 10% net operating income per share growth over time through organic growth, margin improvement, and capital deployment including acquisitions.
Local Dynamos – emerging-market companies focused largely on their home markets - are beating both local state-owned companies and multinational corporations, thanks to savvy digital strategies and an ability to meet rising consumer expectations. MNCs need to understand how the Dynamos are rewriting the rules in emerging markets.
Financial Institutions need a strategy to help maximize their level of resilience and prepare for any macroeconomic and financial scenario amid the COVID-19 crisis.
In our view, it is critical for Financial Institutions to take specific steps both for the short term and the medium term. In this White Paper we have identified ten key action points to be addressed.
Intact Financial Corporation is Canada's largest home and auto insurer, with $7 billion in annual premiums. It has consistently outperformed the industry in key metrics like combined ratio, return on equity, and growth. Intact aims to continue growing organically and through acquisitions in Canada's fragmented insurance market. Recent acquisitions of AXA Canada and JEVCO are on track to deliver synergies. Challenges include a low interest rate environment and elevated catastrophe losses. Intact is well capitalized and pursuing growth through firming market conditions, developing existing brands, industry consolidation, and potential international expansion.
Intact Financial Corporation is Canada's largest personal and commercial insurer. It has $6.5 billion in direct premiums written and is the number 1 insurer in several Canadian provinces. The presentation outlines Intact's scale advantages, consistent outperformance of industry metrics like combined ratio and return on equity, and strategic focus areas of enhancing its business mix, pursuing acquisitions, and returning capital to shareholders. Intact is well positioned for continued growth and outperformance relative to the Canadian property and casualty insurance industry.
This document provides contact information for Devon Energy's investor relations team. It also includes standard legal disclaimers about forward-looking statements and the use of non-GAAP financial measures in company presentations. The document encourages investors to review Devon's SEC filings for additional important disclosures.
Intact Financial Corporation presented its investor presentation for June 2010. The presentation highlighted Intact's position as the dominant property and casualty insurer in Canada with over $4 billion in annual premiums written. Intact has a significant scale advantage over its competitors and has consistently outperformed the industry on key metrics like combined ratio and return on equity. The presentation also summarized Intact's strong financial results for the first quarter of 2010, including net operating income per share growth of 62.1% and an annualized return on equity of 16.1%.
TRC provides engineering, consulting and construction management services to the energy, environmental and infrastructure industries. In the first quarter of fiscal year 2014, TRC's net service revenue grew 6% year-over-year to $81.3 million. TRC's business is diversified across its three segments and large client base. TRC is focused on profitable organic growth through strategic investments in its highest margin sectors such as utility/power and oil and gas. TRC also pursues strategic acquisitions to enhance its service offerings and geographic footprint. TRC has a strong balance sheet and stable backlog to support its continued growth.
The document discusses potential strategic alternatives for HD Supply, including the acquisition of John Deere Landscapes (JDL). JDL is presented as an attractive acquisition target as its core competencies in landscape distribution align well with HD Supply's goals. Deutsche Bank provides a valuation range of 9.5-10.0x EV/EBITDA for JDL based on precedent transactions and comparable company analyses. The acquisition of JDL could help HD Supply expand its product offerings and geographical footprint in the construction industry.
Intact Financial Corporation is Canada's largest property and casualty insurer with an estimated 17% market share. The presentation outlines Intact's consistent outperformance versus the industry through scale advantages, underwriting expertise, and acquisition strategy. Intact has achieved returns on equity 5 points higher than the industry average each year and targets net operating income per share growth of 10% annually. The company is well positioned for future growth through firming market conditions, expanding existing platforms, consolidating the Canadian market, and potential international expansion.
This document provides an investor presentation for Intact Financial Corporation (IFC), Canada's largest property and casualty insurer. Some key points:
- IFC has consistently outperformed the industry on measures like return on equity, combined ratio, and premium growth over the past 10 years.
- IFC aims to continue beating the industry ROE by 500 basis points annually and growing net operating income per share by 10% per year through initiatives like pricing segmentation, claims management improvements, and pursuing growth opportunities.
- IFC has a strong financial position with over $850 million in excess capital and debt below target levels. It maintains high credit ratings from major agencies.
- The Canadian P&C insurance industry
- Intact Financial Corporation is Canada's largest home, auto and business insurer with over 5.9 billion in direct premiums written and a 17.3% market share.
- IFC has consistently outperformed the industry over 10 years in terms of premium growth, combined ratio, and return on equity.
- IFC aims to grow its net operating income per share by 10% per year, outperform the industry return on equity by 500 basis points annually, and have over 2 million customer advocates by 2020.
USA Podiatry Market High Level OverviewNiraj Singhvi
This report is prepared by Maple Growth Partners, an investment research and strategic advisory firm.
The primary purpose of this quick-turnaround project was to provide a high-level market overview of podiatry practices’ growth prospects and market dynamics in the US. Our client, a US-based healthcare private equity investment professional, was largely interested in understanding the prevailing market trends, growth drivers, and podiatry economics.
Major pointers we highlighted for podiatry industry investment consideration:
- While podiatry overhead expenses has increased significantly, podiatrists are able to pass on the incremental cost to the patient/payer with a year in lag
- Current supply of ~13,000 podiatrists are most likely meeting sufficient portion of the unmet demand and this supply-demand gap will likely diminish going forward
- High student debt will likely inhibit incoming podiatrists to start their own practice and will likely compel them to join a group practice
- Podiatry is a local/regional play as opposed to other limited practitioners such as dentists which is truly a national play
Following trends were presented that influenced the economics of a podiatry practice:
- Gross income and net income for overall types of US podiatry practices have increased in recent years
- Contrary to the market perception, gross income for solo practices in the US has shown signs of decent growth in recent years
- On an overall basis (both solo and group practices) for net income, recently-formed group practices have been driving up the net income range for practices that are less than 10 years old
- They are utilizing new tech to differentiate themselves and to improve the diagnosis and treatment quality
- Podiatrists are looking to utilize assistance of nurse practitioners and physician assistants
- Share of older practices (>30 years) and aging podiatrists (>61 years) has been increasing in recent years
We had also included podiatry transactions in the previous 10 years; one-pager profiles of major competitors; and regulations by states.
The Boston Consulting Group's report finds that while the global financial crisis has been painful for corporate banking, it has also created opportunities for those who can adapt. The report identifies several megatrends that will shape the future landscape, such as globalization, technological changes, and new regulations. To succeed, the top banks are building premium client relationships, enhancing risk management, improving transaction banking capabilities, and developing next-generation operating models with end-to-end transparency. Banks that can leverage these dynamics may deepen their competitive advantage over weaker rivals in the coming years.
The fund underperformed its benchmark in the quarter ending December 2020 due to its defensive positioning. The fund is predominantly invested in large cap stocks and has a quality and growth oriented investment style. In the quarter, sectors like energy, cement, and information technology contributed positively, while financials, commodities, and healthcare detracted. The fund manager comments that the fund's defensive stance helped performance earlier in 2020 but hurt it this quarter as cyclical sectors rallied sharply on vaccine news. The manager is gradually adding recovery names and remains focused on fundamentals over chasing flows.
The document discusses the concept of a quarter. A quarter is a unit of measurement that represents one-fourth of a whole or complete unit. There are four quarters in a year, with each quarter representing three months. Quarters are commonly used to divide fiscal years and are an important unit of measurement in accounting and business.
The fund underperformed its benchmark in the quarter ending December 2020 due to its defensive positioning. The fund is predominantly invested in large cap stocks and has a quality and growth focus. In the quarter, sectors like energy, cement, and information technology contributed positively, while financials, commodities, and healthcare detracted. The top holdings include companies from information technology, retail banking, and energy.
1) The fund update provides performance information for IDFC Sterling Value Fund for the quarter ending December 2020. The fund focuses on a value investment strategy in mid and small cap companies.
2) For the quarter, the fund outperformed its benchmark index with a return of 22.9% versus the benchmark return of 21.2%.
3) Top positive contributors were commodities, cement/building materials, and consumer discretionary, while top negative contributors were utilities, information technology, and financials.
1) The fund provides a quarterly update on the IDFC Sterling Value Fund, an open-ended equity scheme that follows a value investment strategy focused on mid and small cap companies.
2) During the quarter, the fund outperformed its benchmark index and had its strongest positive contributors in the Commodities, Cement/Building Materials, and Consumer Discretionary sectors. Its underweight in Financials and overweight in Information Technology negatively impacted performance.
3) The fund manager maintains a positive outlook on commodities and financials due to an expected economic recovery and earnings growth. Cement and building materials are also expected to benefit from increased government spending and rural demand.
- The IDFC Hybrid Equity Fund underperformed its benchmark during the quarter due to its underweight position in the outperforming financials sector.
- Key overweight sectors that contributed positively were pharmaceuticals, IT services, chemicals, industrials, and consumer staples.
- Going forward, the fund will look to raise its exposure to financials and large caps while remaining selective in small caps. It will focus on maintaining a stable portfolio.
- The IDFC Hybrid Equity Fund underperformed its benchmark during the quarter due to its underweight position in the outperforming financials sector.
- Key overweight sectors that contributed positively were pharmaceuticals, IT services, chemicals, industrials, and consumer staples.
- Going forward, the fund will look to raise its exposure to financials and large caps while being more selective with small caps.
While security servicing providers have performed well in recent years, they face anemic core growth, shifting client expectations, rising pressure on fees, and the potential for disruption. The COVID-19 pandemic and associated recession will put further pressure on the industry. In response, they must be bold in their planning and approach to service delivery.
The document is a report on the IDFC Sterling Value Fund, an open-ended equity scheme that follows a value investment strategy focusing on mid and small cap stocks. It discusses the fund's strong performance in the December 2020 quarter. The report also notes that while domestic markets continued to rise in February 2021, concerns remain about rising bond yields and inflation potentially slowing economic growth. The fund remains focused on investing in leader and challenger companies with low debt, high returns on capital and emerging businesses with growth potential.
The document is a report on the IDFC Sterling Value Fund, an open-ended equity scheme following a value investment strategy. It provides details on the fund's performance, portfolio allocation, investment strategy and outlook. The fund focuses on investing in mid and small cap companies following a bottom-up stock selection process. It looks for leaders and challengers in sectors with good return on capital and cash flow. The fund had strong returns in February 2021 with small and mid caps performing best.
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.
Mercer Capital's Bank Watch | October 2022 | How Are Tech-Forward Banks Perfo...Mercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
Mercer Capital's Bank Watch | October 2020 | Low Rates and Tighter NIMs Spur ...Mercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
Mercer Capital's Value Focus: FinTech Industry | Fourth Quarter 2022 Mercer Capital
Mercer Capital’s quarterly newsletter, FinTech Watch, provides an overview of the FinTech industry, including public market performance, valuation multiples for public FinTech companies, and articles of interest from around the web. This newsletter focuses on FinTech segments, including payment processors, technology, and solutions companies, examining general economic and industry trends as well as a summary of M&A and venture capital activity.
This report provides an evidence-based overview of developments in capital markets globally leading up to the COVID-19 crisis. It then documents the impact of the crisis on the use of capital markets and the introduction of temporary corporate governance measures.
The fund underperformed its benchmark during the quarter due to its lower equity allocation of 37% compared to the benchmark. Key positives were overweight positions in the IT and healthcare sectors. Key detractors were underweight positions in financials. The fund continues to follow a 'buy low, sell high' strategy, reducing equity allocation from 46% to 37% over the year as valuations increased. Going forward, the fund intends to maintain a cautious stance and increase equity exposure only if valuations correct through earnings growth or price declines.
The fund provides a dynamic equity allocation model between 30-100% based on the trailing P/E of the Nifty 50 index. In the past quarter, the fund underperformed its benchmark due to its reduced equity exposure of 37% as markets rose sharply. Key positive contributors were overweight in IT and select IPOs, while underweight in financials detracted. Going forward, the fund will look to increase equity exposure if valuations correct through earnings growth or price declines.
Analysing the financial statements of WIPRO LTD.pptxNewsLetter7
- Wipro is an Indian IT services company headquartered in Bangalore that has over 250,000 employees and clients in 66 countries.
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IDFC Focused Equity Fund_Quarterly note
1. Quarterly Update January 2021
1
IDFC Focused Equity Fund
(An open ended equity scheme investing in maximum 30 stocks with multi cap focus)
IDFC Focused Equity Fund is a concentrated multi cap portfolio of a maximum of 30 stocks. It has the
flexibility to invest across market cap and across sectors. The fund seeks to invest in companies with
superior quality and growth characteristics.
The portfolio approach focuses on investing in high quality and growth oriented businesses which form
the core of the portfolio along with some tactical investments in turnaround opportunities:
➢ Good quality business; generally reflected in a superior Return on Capital Employed (ROCE);
ability to generate healthy operating cash flow and low capital intensity
➢ Good quality of management; generally reflected in shareholder value creation, strong corporate
governance and efficient capital allocation.
During the quarter, the fund underperformed the benchmark (S&P BSE 500 TRI).
% return during the quarter Dec-20
Fund 13.1%
Benchmark - S&P BSE 500 TRI 23.5%
Nifty 50 TRI 24.6%
Nifty Mid cap 100 TRI 22.9%
Nifty Small cap 100 TRI 21.9%
At a sectoral level, the top positive contributor was Consumer Staples (UW). The top 3 negative
contributors were Commodities (OW), Financials (UW) and Auto (OW).
Source: Bloomberg report for Sep-Dec’20 quarter. Contribution takes into account both allocation as well as
selection effect
The beginning of the quarter witnessed a major news on visible progress on Covid-19 vaccine and this
led to a sharp rotation back into the reversal ideas/stocks mainly in the high beta, beaten down sectors
which so far have been laggards in the post-Covid world. Top performing sectors during the quarter were
Market cap mix Fund Benchmark OW/UW
Large cap 68% 81% -12%
Mid cap 10% 13% -3%
Small cap 22% 7% 15%
Cash 0% 0%
Top 3 positive contributors Sector OW/UW
Consumer Staples Underweight
Top 3 negative contributors Sector OW/UW
Commodities Overweight
Financials Underweight
Auto Overweight
Performance Update
What worked
2. Quarterly Update January 2021
2
Realty, Metals, Banking & Finance, Capital Goods and PSUs. The fund did not have any material positions
in any of these sectors.
The fund’s underweight position in Consumer Staples was the only positive contributor for the quarter
at a sector level. Existing positions in the underweight sector like Financials performed strongly but were
not sufficient enough to match the exposure in the benchmark in this short period.
Stocks which rose higher than the benchmark during the quarter were ICICI Bank, HDFC Bank, Divi’s Labs
and Infosys.
The fund has been having higher exposure to stable stocks so far in CY2020. While this helped the fund
perform strongly during the first 3 quarters, the current quarter saw some slip, led by a very strong
reversal in the cyclical stocks, post the vaccine news. A large underweight position in Financials and a
large overweight position in Commodities (largely the small cap stable speciality chemical and packaging
companies) impacted the relative performance for the quarter.
Some of the stocks which gave negative to negligible returns during the quarter were Reliance Industries,
Fine Organics, Divi’s Labs, Hero MotoCorp, IPCA Labs & Dr. Reddy’s Labs.
Sep-20
Sector/Weight Fund Benchmark OW/UW Fund
Commodities 13.3% 5.4% 7.9% 13.6% -0.3%
Telecommunication Services 9.9% 2.0% 7.9% 9.4% 0.4%
Information Technology 17.2% 13.4% 3.8% 22.7% -5.5%
Auto 7.4% 6.0% 1.4% 12.2% -4.8%
Industrials 4.7% 5.3% -0.6% 4.7% 0.1%
Health Care 5.2% 6.1% -0.9% 12.4% -7.2%
Energy 7.7% 8.9% -1.2% 10.6% -2.9%
Cement / Building Mat 1.5% 2.8% -1.2% 2.8% -1.2%
Financials 29.5% 32.3% -2.8% 8.6% 20.9%
Utilities 0.0% 3.2% -3.2% 0.0% 0.0%
Consumer Discretionary 1.5% 6.0% -4.4% 0.0% 1.5%
Consumer Staples 2.3% 8.7% -6.4% 2.1% 0.2%
Dec-20 Change during the
Qtr
During the quarter, the fund has increased its exposure in Financials compared to previous quarter end.
This has been done through addition of some Mid-cap cyclical stocks. Weight in Technology sector has
come off led by unwinding of a special situation positioning in Small cap company. Fund has booked
profits in some of the strong performers in sectors like Pharma & Auto.
Financials
Financials have seen a rollercoaster ride in the entire CY2020. While the initial fall was attributed to
moratorium led NPA concerns, the subsequent rally was fuelled by receding concern on ultimate loss
given default and abundant liquidity. The sector still is on a recovery mode, with more than normal
support given by the regulator and the government. However, the credit growth in the sector remains
Key changes during the quarter
Portfolio stance – Key sectors
What did not work
3. Quarterly Update January 2021
3
feeble at mid-single digit. Even if the asset quality stress may recede at the margin, revenue growth is
contingent on the revival of the broader economy. In this context, we have now added some exposure
towards recovery-oriented ideas, though over-all we continue to be underweight. The progress still
needs to be monitored closely, as the sector remains a large weight in the benchmark and is highly liquid
as well.
Information Technology
Cyclically, the momentum remains strong for Tech services going into FY22E, led by increasing demand
for Cloud/SaaS solutions in the key industry verticals (Banking/ Retail/ Technology). Key enabler is scaling
up of digital projects with the modernization of IT stacks as software, middleware, database and IT
hardware. In addition, the need to reduce costs is leading to pick-up in outsourcing and potentially
offshoring to low cost locations, with Work From Anywhere (WFA) becoming accepted norm potentially
even after the pandemic. With the most efficient supply chains having significant cost differential and
large digital talent pool Indian IT services companies are positioned favourably.
Telecom
Going into 2021, sector revenues should grow again after growing 20% in 2020. This is likely to be led by
tariff hikes and rising 4G data adoption. Secondly, after the adverse AGR (Adjusted Gross Revenue) case
verdict in 2020, there could be a potential review of AGR dues led by incumbents’ petitions. Thirdly,
2021 would be decisive for digital services and for big players having varied models of own apps/content
vs partnerships to boost subscribers and APRU (Average Revenue Per User). Sector is at reasonable
valuations and likely to witness accelerated revenue and profitability growth, and hence we believe it is
positioned attractively.
Portfolio Metrics Fund Benchmark Commentary
PB Ratio 3.1 3.0
The PB ratio of the portfolio is marginally higher than
the PB ratio of the benchmark.
Source: Bloomberg, Based on trailing 12 months data
The fund has been delivering outperformance over the benchmark on a one-year basis for most part of
CY2020. A large part of this performance has emerged from a better stock selection. Our investment
approach has been driven by investing in Growth and Quality oriented companies with an active multi-
cap approach. The fund has a relatively lower share of the large cap stocks as compared to its peers.
The fund’s stable positioning helped in preventing the drawdowns in the early part of this calendar year.
However, world over markets have seen a rotation back to the cyclical trade which is concentrated into
beaten down, high beta names and sectors. While this impacted the relative performance in the short
term, it has come as a surprise to many market participants, given that the actual levels of activity remain
below the pre-Covid levels on most parameters. Market seems to be reacting more to the delta in the
activity than the activity itself. This coupled with abundant liquidity and a generally risk on sentiment
has led to exuberance, which now has engulfed the Mid & Small cap segment as well.
Fund Manager Commentary
Fund – Key metrics
4. Quarterly Update January 2021
4
Faster than expected pickup in aggregate demand going ahead could make it a consensus buy for both
FPIs and DIIs thereby further fuelling the bull market rally. However, currently, the drivers of near-term
aggregate demand remain weak in the form of household spending driven by weak consumer sentiment,
fiscal constraints on government spending, and corporates cutting back on capex and opex.
Going onto 2021, we have made some tweaks to the portfolio to start building moderate exposure to
recovery-oriented names gradually. This has been done via adding exposure to some Midcap cyclical
ideas in the Financial, Auto and Consumer Discretionary space and small cap ideas on Consumer Staples.
In addition, we have used this strong rally to book profits to lighten some positions in the Small cap
segment.
Our approach would be to monitor the economic revival closely and stick to a more fundamental led
portfolio rather than “flows”. As we progress towards economic revival and base effect also begins to
playout in the second half of 2021, most of the growth metrics may start looking promising. We would
continue to closely monitor the portfolios and will take small steps to realign to new realities.
Stable Sectors: Retail Banks & NBFC’s, IT, Consumer Staple & Discretionary, Auto, HealthCare
Cyclical Sectors: Corp Banks & NBFC’s, Energy & Utilities, Industrials, Cement, Commodities, Telecom
Fund Stable Cyclical Total
Large Cap 33% 35% 68%
Mid Cap 3% 8% 10%
Small Cap 2% 20% 22%
Total 38% 62%
Benchmark Stable Cyclical Total
Large Cap 51% 29% 81%
Mid Cap 6% 7% 13%
Small Cap 2% 4% 7%
Total 60% 40%
Fund positioning – Stable & Cyclical Framework
5. Quarterly Update January 2021
5
Cyclical & Stable Exposure with Top 3 Stocks in each sector
Fund Benchmark Fund Benchmark
Banks - Corp 18.9% 8.2% Banks - Retail 7.6% 11.5%
ICICI 7.9% 4.4% HDFC 7.6% 6.9%
STATE BANK IND 4.8% 1.2%
AXIS 3.2% 1.9%
Energy 7.7% 8.9% Information Technology 17.2% 13.4%
RELIANCE INDUSTRIES 7.7% 7.6% INFOSYS 7.8% 5.4%
TATA CONSULTANCY 5.1% 3.6%
HCL TECHNOLOGIES 2.1% 1.2%
Industrials 4.7% 5.3% Consumer Staples 2.3% 8.7%
SECURITY & INTELLIGENCE SERVICES 4.7% 0.0% PRATAAP SNACKS 2.3% 0.0%
Commodities 13.3% 5.4% Auto 7.4% 6.0%
FINE ORGANIC 7.3% 0.0% MARUTI SUZUKI 1.5% 1.2%
EPL 6.0% 0.0% MRF 1.5% 0.2%
HERO MOTOCORP 1.5% 0.5%
Cement / Building Mat 1.5% 2.8% Health Care 5.2% 6.1%
PRINCE PIPES & FITTINGS 1.5% 0.0% AUROBINDO PHARMA 1.1% 0.3%
DR REDDY'S LABS 1.1% 0.7%
DIVIS LABS 1.0% 0.6%
Telecommunication Services 9.9% 2.0% Consumer Discretionary 1.5% 6.0%
BHARTI AIRTEL 9.9% 1.4% BATA INDIA 1.5% 0.1%
NBFC - Cyclical 3.1% 1.6%
M&M FIN SERVICES 3.1% 0.1%
The sectors / stocks mentioned herein should not be construed as an investment advice from IDFC Mutual Fund and IDFC
Mutual Fund may or may not have any future position in these sectors / stocks.
All data as on 31st December 2020
Fund Performance
Performance based on NAV as on 31/12/2020. Past performance may or may not be sustained in future.
The performances given are of regular plan growth option. Regular and Direct Plans have different expense structure. Direct Plan shall have a lower expense
ratio excluding distribution expenses, commission expenses etc. #Benchmark Returns. ##Alternate Benchmark Returns.
$$ The strategy of the Fund has been changed from large cap to focused fund w.e.f. April 18, 2017. The Fund Manager of the fund is Mr. Sumit Agrawal
(w.e.f. 20th October 2016)
Cyclical Stable
6. Quarterly Update January 2021
6
Other Funds managed by the Fund Manager
Performance based on NAV as on 31/12/2020. Past Performance may or may not be sustained in future. The performance details provided herein are of
regular plan growth option. Regular and Direct Plans have different expense structure. Direct Plan shall have a lower expense ratio excluding distribution
expenses, commission expenses etc. §Current Index performance adjusted for the period from since inception to June 28, 2007 with the performance of
S&P BSE 100 price return index (Benchmark). 2The fund has been repositioned from an IPO fund to a large cap fund w.e.f. April 18, 2017.
@The benchmark of IDFC Focused Equity Fund has been changed from Nifty 50 TRI Benchmark change to S&P BSE 500 TRI w.e.f. Nov 11,2019.
IDFC Focused Equity Fund
(An open ended equity scheme investing in maximum 30 stocks with multi cap focus)
Disclaimer: MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.
The Disclosures of opinions/in house views/strategy incorporated herein is provided solely to enhance the transparency about the investment strategy /
theme of the Scheme and should not be treated as endorsement of the views / opinions or as an investment advice. This document should not be construed
as a research report or a recommendation to buy or sell any security. This document has been prepared on the basis of information, which is already available
in publicly accessible media or developed through analysis of IDFC Mutual Fund. The information/ views / opinions provided is for informative purpose only
and may have ceased to be current by the time it may reach the recipient, which should be taken into account before interpreting this document. The
recipient should note and understand that the information provided above may not contain all the material aspects relevant for making an investment
decision and the security may or may not continue to form part of the scheme’s portfolio in future. Investors are advised to consult their own investment
advisor before making any investment decision in light of their risk appetite, investment goals and horizon. The decision of the Investment Manager may
not always be profitable; as such decisions are based on the prevailing market conditions and the understanding of the Investment Manager. Actual market
movements may vary from the anticipated trends. This information is subject to change without any prior notice. The Company reserves the right to make
modifications and alterations to this statement as may be required from time to time. Neither IDFC Mutual Fund / IDFC AMC Trustee Co. Ltd./ IDFC Asset
Management Co. Ltd nor IDFC, its Directors or representatives shall be liable for any damages whether direct or indirect, incidental, punitive special or
consequential including lost revenue or lost profits that may arise from or in connection with the use of the information.