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 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.
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.
- Burlington Stores is a leading off-price retailer of branded apparel and home goods known for offering trendy merchandise from over 5,000 vendors at savings of up to 65% off other retailers' prices.
- The company has a national footprint of 592 stores across 45 states and Puerto Rico and saw net sales grow from $5.1 billion in FY2015 to $5.7 billion in FY2016.
- Burlington has a proven track record of performance, with strong current business trends driven by its flexible sourcing model, attractive store economics, experienced management team, and continued opportunities for growth through new stores and improving comparable sales.
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 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.
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.
- Burlington Stores is a leading off-price retailer of branded apparel and home goods known for offering trendy merchandise from over 5,000 vendors at savings of up to 65% off other retailers' prices.
- The company has a national footprint of 592 stores across 45 states and Puerto Rico and saw net sales grow from $5.1 billion in FY2015 to $5.7 billion in FY2016.
- Burlington has a proven track record of performance, with strong current business trends driven by its flexible sourcing model, attractive store economics, experienced management team, and continued opportunities for growth through new stores and improving comparable sales.
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.
This document provides an overview and summary of Synacor's business strategy and growth opportunities. It outlines Synacor's mission to help customers better engage with consumers. It discusses Synacor's two primary sources of revenue: search and advertising, and recurring and fee-based services. These include multi-platform portal experiences, email/collaboration, video platform/cloud ID, and advertising solutions. The document also summarizes Synacor's growth agenda and financial targets, outlining its path to achieving $300 million in revenue and $30 million in EBITDA within three years.
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 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.
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 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.
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 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, 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.
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%.
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.
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.
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.
XBRL Financials for Investor Relations Websites - Q4 Web SystemsDarrell Heaps
Q4’s web platform delivers a highly accurate real-time rendering of XBRL tagged
SEC filings enabling users to review, customize, and share their
views of the filings while maintaining the linkage to the source filings.
Within minutes your website is updated with the complete filing displayed in
HTML with many interactive features.
This presentation provides an overview of Intact Financial Corporation, a leading property and casualty insurer in Canada. Key points include:
- Intact is the largest P&C insurer in Canada with $6.5 billion in direct premiums written and dominant market positions in several provinces.
- Intact has significant scale advantages over competitors and has consistently outperformed the industry in terms of growth, underwriting results, and returns.
- The company has a strong capital position with excess capital, high credit ratings, and a diversified, high-quality investment portfolio.
- Management's capital priorities are paying dividends to shareholders and pursuing acquisitions to further grow the business.
Mercer Capital's Value Focus: Insurance Industry | Q4 2015 Mercer Capital
Mercer Capital’s Insurance Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to insurance brokers, underwriters, and other industry professionals. Each issue includes a segment focus, market overview, mergers and acquisitions review, and more.
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 fund manager provides a summary of the DSP Equity Opportunities Fund's investment strategy and current portfolio positioning. The fund focuses on companies with capable management, good growth trends, and balance sheets when available at a margin of safety. The current portfolio has overweight positions in financials, pharma, and cement companies. Specific overweight stocks include ICICI Bank, HDFC Bank, Axis Bank, SBI, Bank of Baroda, Dr. Reddy's, Alkem, Sun Pharma, Ultratech Cement, Dalmia Bharat, and ACC. The fund manager avoids expensive consumer stocks and index heavyweights where the risk-reward is not favorable.
This document provides an overview and summary of Synacor's business strategy and growth opportunities. It outlines Synacor's mission to help customers better engage with consumers. It discusses Synacor's two primary sources of revenue: search and advertising, and recurring and fee-based services. These include multi-platform portal experiences, email/collaboration, video platform/cloud ID, and advertising solutions. The document also summarizes Synacor's growth agenda and financial targets, outlining its path to achieving $300 million in revenue and $30 million in EBITDA within three years.
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 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.
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 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.
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 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, 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.
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%.
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.
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.
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.
XBRL Financials for Investor Relations Websites - Q4 Web SystemsDarrell Heaps
Q4’s web platform delivers a highly accurate real-time rendering of XBRL tagged
SEC filings enabling users to review, customize, and share their
views of the filings while maintaining the linkage to the source filings.
Within minutes your website is updated with the complete filing displayed in
HTML with many interactive features.
This presentation provides an overview of Intact Financial Corporation, a leading property and casualty insurer in Canada. Key points include:
- Intact is the largest P&C insurer in Canada with $6.5 billion in direct premiums written and dominant market positions in several provinces.
- Intact has significant scale advantages over competitors and has consistently outperformed the industry in terms of growth, underwriting results, and returns.
- The company has a strong capital position with excess capital, high credit ratings, and a diversified, high-quality investment portfolio.
- Management's capital priorities are paying dividends to shareholders and pursuing acquisitions to further grow the business.
Mercer Capital's Value Focus: Insurance Industry | Q4 2015 Mercer Capital
Mercer Capital’s Insurance Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to insurance brokers, underwriters, and other industry professionals. Each issue includes a segment focus, market overview, mergers and acquisitions review, and more.
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 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.
Milwaukee Growth Fund-February Client Meeting MaterialsAlexander D. Sagal
The Milwaukee Growth Fund seeks to outperform its benchmark, the Russell 3000 Growth Index, through long-term capital appreciation by investing primarily in equity securities of companies positioned for growth. It utilizes a bottom-up fundamental analysis approach combined with macroeconomic and thematic overlays to identify high-quality companies with exceptional growth potential. The portfolio is actively managed through weekly reviews and formal reviews of holdings. Since its inception in October 2010, the fund has produced a total return of 67.81%, outperforming its benchmark by 2.58%.
Mercer Capital's Value Focus: FinTech Industry | First Quarter 2022Mercer 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.
1) The fund has recently underperformed its category benchmark due to cyclical downturns in mid-cap stocks it holds and certain stocks dragging performance. However, the fund manager believes current underperformance may be cyclical and recovery could follow as with past periods.
2) The fund's portfolio consists of many category-leading companies with strong long-term growth potential. While some sectors and stocks have faced short-term issues, the fund manager believes their quality and market positions provide long-term alpha potential.
3) The fund manager continues evaluating the portfolio based on their investment framework, exiting positions where warranted but also adding to cyclically downturn stocks with good long-term prospects trading at attractive valuations now
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.
De acuerdo con el estudio State of Consumer Outlook 2023 realizado por GfK, las ventas del sector de tecnología y bienes de consumo duraderos cae en Latam 5% en el primer semestre de 2022 en comparación con el mismo periodo de 2021
This document provides key financial data and an analysis of ACE Limited, a property and casualty insurer. It highlights that ACE has a strong record of pricing risk, is expanding globally to spread risk more widely, and has high earnings per share. The analyst recommends an overweight position and believes the stock remains undervalued relative to its fundamentals. Risks include potential weakness in emerging markets or from natural disasters.
The forbes m+a group 2021 ma market outlook v finalSara Cody
This document provides an overview and agenda for a webinar on the 2021 M&A market outlook. It introduces the panelists who will discuss the transaction environment over the coming year. The document then reviews the 2020 M&A market, noting elevated pre-Covid valuations and a strong start to the year before the pandemic caused deals to be suspended. Government support and stabilizing capital markets helped drive a rebound in the second half of the year. The outlook section notes factors like available capital and leverage could support deal activity in 2021, while sectors impacted by Covid may see lower valuations and deal disruption remains in some areas. Public market valuations imply opportunity for sellers to monetize assets in the year ahead if
Husky Growth Fund - Equity Research - Information Technology SectorNick Gearhart
The report provides an overview of the Husky Growth Fund's Information Technology sector holdings. The fund has an overweight allocation of 22% in the sector, compared to Fidelity's suggested 19.99% allocation. Key opportunities in the sector include digital advertising and cloud technology. The fund's current IT holdings - Apple, Ambarella, Fortinet, and Google - are described along with their industries, acquisition dates, returns and ratings. The report recommends reviewing Ambarella due to its reliance on two large customers.
Mercer Capital's Investment Management Industry Newsletter | Q1 2021 | Focus:...Mercer Capital
Mercer Capital’s Investment Management Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to asset managers, trust companies, and investment consultants.
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.
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 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 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.
Similar to IDFC Large Cap Fund _Quarterly note (20)
The IDFC Flexi Cap Fund is an open-ended equity scheme that invests across large, mid, and small cap stocks with a focus on long-term wealth creation. It takes a benchmark agnostic approach and focuses on high quality companies with strong financials and scalable businesses. Top sectors are consumer non-durables, finance, and consumer durables. The fund is currently overweight in sectors like industrials, consumer discretionary, cement/building materials, and underweight in financials, utilities, healthcare, and information technology relative to its benchmark.
IDFC Flexi Cap Fund_Key information memorandumJubiIDFCEquity
The document provides a key information memorandum for the IDFC Multi Cap Fund, an open-ended equity scheme that invests across large cap, mid cap and small cap stocks. The fund aims to generate long-term capital growth from a predominantly equity and equity-related portfolio. It seeks to identify undervalued small and medium businesses with good long-term potential through fundamental research. The fund maintains a flexible asset allocation with a maximum of 100% in equities and 65% as minimum. It aims to remain fully invested for most periods and may hold cash temporarily during market downturns. The document outlines the investment strategy, risk profile and asset allocation policy of the fund.
This document provides an overview of IDFC Mutual Fund schemes as of February 28, 2021. It includes details on the investment objective, style and framework for 17 equity funds, 7 hybrid/fund of funds, and 12 debt funds. Performance metrics like month-end AUM, top 10 holdings, sector allocation and fund managers are provided for each scheme. Commentary on the equity and debt market outlook is also included.
The document provides information on the IDFC Flexi Cap Fund, an open-ended equity scheme that invests across large cap, mid cap, and small cap stocks in Indian equities. As of February 28, 2021, the fund was invested 98.6% in equity and equity related instruments diversified across multiple sectors. The top sectors included banks at 20.52%, consumer durables at 9.97%, and consumer non-durables at 9.17%. The document also outlines the fund features, portfolio details, and sector allocation.
IDFC Emerging Businesses Fund_Scheme information documentJubiIDFCEquity
1) The document is a Scheme Information Document for IDFC Emerging Businesses Fund, an open-ended equity scheme predominantly investing in small cap stocks.
2) The scheme aims to generate long term capital appreciation by investing predominantly in equities and equity linked securities of small cap companies.
3) The scheme offers two plans - Regular and Direct plan, with growth and dividend option under both. The minimum subscription amount is Rs. 5,000 for fresh purchase and Rs. 1,000 for additional purchase.
IDFC Emerging Businesses Fund_Key information memorandumJubiIDFCEquity
This document provides key information about the IDFC Emerging Businesses Fund, including its investment objective to invest in equity and equity-related instruments of small cap companies to create wealth over the long term. It lists the name and addresses of the mutual fund, asset management company and trustee company. It notes that the NFO period opens on February 03, 2020 and closes on February 17, 2020. Investors are directed to read the Scheme Information Document, Statement of Additional Information, and risk factors carefully before investing.
This document provides an overview of IDFC Mutual Fund schemes as of February 28, 2021. It includes details on the investment objective, style and framework for 17 equity funds, 7 hybrid/fund of funds, and 12 debt funds. Performance metrics like month-end AUM, top 10 holdings, sector allocation and fund managers are provided for each scheme. Commentary on the equity and debt market outlook is also included.
IDFC Tax Advantage (ELSS) Fund_Scheme information documentJubiIDFCEquity
The document provides details about the IDFC Tax Advantage (ELSS) Fund scheme. It is an open-ended equity linked savings scheme with a statutory lock-in period of 3 years and associated tax benefits. The objective is to generate long-term capital growth from a diversified equity and equity-related portfolio. The scheme invests predominantly in equity and equity-related securities and carries moderately high risk. It offers growth and dividend options with daily liquidity subject to the 3-year lock-in period.
This document provides information on the IDFC Tax Advantage (ELSS) Fund, which aims to generate long-term capital growth from a diversified equity portfolio while also providing tax benefits under Section 80C of the Income Tax Act. The fund follows a growth-at-a-reasonable-price philosophy and multi-cap approach to investing in companies based on industry growth potential and management interactions. Key details include the fund's manager, benchmark, expenses, and top holdings in sectors like banks, pharmaceuticals, software, and chemicals.
IDFC Tax Advantage (ELSS) Fund_Key information memorandumJubiIDFCEquity
The IDFC Tax Advantage (ELSS) Fund is an open-ended equity linked savings scheme with a statutory lock-in of 3 years and tax benefits. The objective is to generate long-term capital growth from a diversified portfolio of predominantly equity and equity related securities. The fund invests at least 80% of assets in equities with the goal of capital appreciation over the long run. It carries a moderately high risk due to its equity focus. The fund benchmarks its performance against the S&P BSE 200 TRI index.
The IDFC Tax Advantage (ELSS) Fund is an equity linked savings scheme that aims to generate long-term capital growth from a diversified equity portfolio while also providing tax benefits under Section 80C of the Income Tax Act. It had average assets under management of Rs. 2,968.96 crores as of February 2021. The fund performed well in February with small and mid cap stocks providing the highest returns of 12% and 10% respectively. However, global markets saw increased volatility driven by concerns over rising bond yields and their potential impact on inflation and economic growth.
This document provides an overview of IDFC Mutual Fund schemes as of February 28, 2021. It includes details on the investment objective, style and framework for 17 equity funds, 7 hybrid/fund of funds, and 12 debt funds. Performance metrics like month-end AUM, top 10 holdings, sector allocation and fund managers are provided for each scheme. Commentary on the equity and debt market outlook is also included.
IDFC Focused Equity Fund _Key information memorandumJubiIDFCEquity
The document provides a key information memorandum for the IDFC Focused Equity Fund, an open-ended equity scheme that invests in a maximum of 30 stocks with a multi-cap focus. The fund aims to generate long-term capital appreciation by investing in a concentrated portfolio of equity and equity-related instruments. It is suitable for investors seeking to create wealth over the long term through a moderately high-risk investment in a focused portfolio of up to 30 companies. The fund will be actively managed with flexibility to invest across market caps and sectors.
IDFC Focused Equity Fund _Scheme information documentJubiIDFCEquity
The document provides information on the IDFC Focused Equity Fund scheme. In 3 sentences:
The scheme aims to generate long-term capital appreciation by investing in a concentrated portfolio of up to 30 equity and equity-related stocks. It is an open-ended scheme that will predominantly invest in equities with a multi-cap focus. The scheme benchmarks its performance against the S&P BSE 500 index and is managed by Mr. Sumit Agarwal since October 2016.
IDFC Focused Equity Fund _Fund presentationJubiIDFCEquity
This document provides an overview of the IDFC Focused Equity Fund, an open-ended equity scheme that invests in a maximum of 30 stocks with a multi-cap focus. The fund aims to generate superior returns by identifying the right stocks and allocating sufficiently to high-conviction ideas. It takes a focused approach of investing in high-quality, high-growth companies, while maintaining a well-diversified portfolio across market caps and sectors. The fund is currently overweight in commodities, information technology and telecom sectors.
The IDFC Focused Equity Fund is an equity fund that invests in a concentrated portfolio of up to 30 stocks across all market caps. The core portfolio focuses on growth-oriented businesses with strong fundamentals, while the tactical portfolio includes businesses that have potential to improve due to changes in their environment. The fund aims to create wealth over the long term by investing in this focused portfolio of stocks.
This document provides an overview of IDFC Mutual Fund schemes as of February 28, 2021. It includes fund details such as investment objectives, managers, top holdings, sector and market cap allocations for 17 equity funds, 7 hybrid/fund of funds, and 12 debt funds. Commentary is also provided on the equity and debt market outlooks. Performance metrics like returns, standard deviation and Sharpe ratios are included in tables for various periods.
This document summarizes information about the IDFC Focused Equity Fund, an open-ended equity scheme that invests in a maximum of 30 stocks across market caps and sectors. The fund focuses on investing in high-quality, growth-oriented businesses as its core holdings, along with some investments in turnaround opportunities. It has a flexible mandate to invest across market caps and sectors. The fund aims to create long-term wealth for investors while their principal will be at very high risk.
IDFC Sterling Value Fund_Key information memorandumJubiIDFCEquity
- The document provides key information about the IDFC Sterling Value Fund, an open-ended equity scheme that follows a value investment strategy.
- The fund aims to generate capital appreciation from a diversified portfolio of equity and equity-related instruments using a value investment approach.
- It can invest 65-100% of assets in equity and equity-related instruments, with the remainder in debt securities and money market instruments.
IDFC Sterling Value Fund_Scheme information documentJubiIDFCEquity
The document is a Scheme Information Document (SID) for IDFC Sterling Value Fund, an open-ended equity scheme following a value investment strategy.
The SID provides key details about the scheme including its investment objective to generate capital appreciation from a diversified portfolio of equity and equity related instruments following a value strategy. It describes the plan options available, minimum investment amounts, benchmark, fund managers and risk factors associated with the scheme. The document also includes details on ongoing offer related information, fees and expenses and ongoing disclosures that will be provided.
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IDFC Large Cap Fund _Quarterly note
1. Quarterly Update January 2021
1
IDFC Large Cap Fund
(Large Cap Fund -An open-ended equity scheme predominantly investing in large cap
stocks)
The fund aims to generate relatively steady returns by investing in sector leader stocks in the chosen
sectors, predominantly in the large cap universe. The portfolio approach is based on a robust three pillar
strategy:
❖ Buying the right sectors – Identifying and investing in the right sectors with a flexibility to have
large deviation from the benchmark sector weights.
❖ Buying the sector leaders - Investing in the sector leader companies having strong fundamentals,
solid execution track record as well as resilient balance sheet to withstand any cyclical
downturns.
❖ Tactical allocation to mid/small caps – Opportunistic allocation to take advantage of any
mispriced opportunities or a benevolent risk-on environment.
The fund has a “Growth” and “Quality” oriented investment style, and focuses on companies having
strong visibility of earnings growth coupled with healthy return on capital employed.
During the quarter ended Dec-20, the fund underperformed the benchmark (S&P BSE 100 TRI) and large
cap index (Nifty 50 TRI).
% return during the quarter Dec-20
Fund 18.4%
Benchmark - S&P BSE 100 TRI 24.1%
Nifty 50 TRI 24.6%
Nifty Midcap 100 TRI 22.9%
Nifty Small cap 100 TRI 21.9%
At a sectoral level, the top positive contributors were Energy (UW), Cement / Building Materials (OW)
and Information Technology (OW). The top 3 negative contributors were Financials (UW), Commodities
(OW) and Health Care (OW).
Source: Bloomberg report for Sep-Dec’20 quarter. Contribution considers allocation as well as selection effect.
Market cap mix Fund Benchmark OW/UW
Large cap 100% 96% 4%
Mid cap 0% 4% -4%
Small cap 0% 0% 0%
Cash 0% 0%
Top 3 negative contributors Sector OW/UW
Financials Underweight
Commodities Overweight
Health Care Overweight
Top 3 positive contributors Sector OW/UW
Energy Underweight
Cement / Building Mat Overweight
Information Technology Overweight
Performance Update
2. Quarterly Update January 2021
2
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
Realty, Metals, Banking & Finance, Capital Goods and PSUs.
The fund being defensively positioned did not have much exposure to these sectors except in Cement
sector, which is an outcome of bottom up choice. In addition to this, the only other key contributor
which boosted fund returns was exposure towards Information Technology. Existing positions in the
underweight sectors 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 Bajaj Finance, ICICI Bank, SBI,
HDFC, L&T, Asian Paints, HDFC Bank, Ultratech, Titan, Divis, Infosys, Avenue Supermart & Tech
Mahindra.
Fund has been defensively positioned throughout CY2020. While this helped the fund preforming
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 overweight position in Health Care and a large
underweight position in Financials 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, Britannia Industries, IPCA Labs & Dr. Reddy’s Labs.
Sep-20
Sector/Weight Fund Benchmark OW/UW Fund
Telecommunication Services 7.2% 2.1% 5.2% 7.0% 0.2%
Information Technology 19.7% 14.6% 5.1% 16.3% 3.4%
Consumer Staples 11.7% 9.6% 2.1% 10.2% 1.5%
Health Care 6.1% 4.7% 1.4% 11.5% -5.4%
Auto 6.9% 5.9% 1.0% 10.9% -4.0%
Cement / Building Mat 3.0% 2.2% 0.8% 3.4% -0.4%
Industrials 2.4% 3.6% -1.1% 2.0% 0.4%
Consumer Discretionary 3.9% 5.2% -1.4% 4.1% -0.3%
Energy 8.5% 10.7% -2.3% 9.0% -0.5%
Utilities 0.0% 2.9% -2.9% 0.0% 0.0%
Commodities 0.0% 3.2% -3.2% 5.1% -5.1%
Financials 30.8% 35.4% -4.6% 20.0% 10.9%
Dec-20 Change during the
Qtr
During the quarter, the fund has reduced its underweight in Financials and hence the exposure has
increased compared to previous quarter end. Some more weight has been added to an already
overweight position like Information Technology. Fund has booked profits in some of the strong
performers in sectors like Health Care & Auto.
Key changes during the quarter
What did not work
What worked
3. Quarterly Update January 2021
3
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
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 ARPU (Average Revenue Per User). We believe the sector is at
reasonable valuations and likely to witness accelerated revenue and profitability growth, and hence is
positioned attractively.
Portfolio Metrics Fund Benchmark Commentary
PB Ratio 3.9 3.1
P/B ratio appears higher due to exposure to the
private sector Financials & Consumer Staples
Source: Bloomberg, Based on trailing 12 months data
The fund has been delivering outperformance over then 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 the three pillar strategy of having exposure to the right sectors, buying
sector leaders and taking some tactical benefit of Mid/Small caps.
Fund – Key metrics
Portfolio stance – Key sectors
Fund Manager Commentary
4. Quarterly Update January 2021
4
Fund’s defensive position 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.
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. In addition, we have used this strong rally to book profits in the
Mid/Small cap segment. Our approach would be to monitor the economic revival closely and stick to a
more fundamental led portfolio rather than “flows”.
The fund has a relatively higher tilt towards stable sector vs the benchmark. Also, the current portfolio
now comprises of 100% large cap stocks vs 96% for the benchmark.
Stable Sectors: Retail Banks & NBFC’s, IT, Consumer Staples & Discretionary, Auto, HealthCare
Cyclical Sectors: Corp Banks & NBFC’s, Energy & Utilities, Industrials, Cement, Commodities, Telecom
Benchmark Stable Cyclical Total
Large Cap 61% 35% 96%
Mid Cap 2% 2% 4%
Small Cap 0% 0% 0%
Total 63% 37%
Fund Stable Cyclical Total
Large Cap 65% 35% 100%
Mid Cap 0% 0% 0%
Small Cap 0% 0% 0%
Total 65% 35%
Fund positioning – Stable & Cyclical Framework
5. Quarterly Update January 2021
5
Cyclical & Stable Exposure with Top 3 Stocks in each sector
Banks - Corp 12.1% 9.4% Banks - Retail 8.6% 13.3%
ICICI BANK 6.1% 5.3% HDFC BANK 8.6% 8.4%
STATE BANK IND 3.0% 1.5%
AXIS BANK 3.0% 2.3%
Energy 8.5% 10.7% Information Technology 19.7% 14.6%
RELIANCE INDUSTRIES 8.5% 9.2% INFOSYS 8.4% 6.6%
TATA CONSULTANCY 5.3% 4.3%
HCL TECHNOLOGIES 2.5% 1.5%
Industrials 2.4% 3.6% NBFC - Stable 10.1% 11.8%
LARSEN & TOUBRO 2.4% 2.2% HDFC 6.8% 6.6%
BAJAJ FINANCE 2.3% 2.0%
MUTHOOT FINANCE 1.0% 0.0%
Cement / Building Mat 3.0% 2.2% Consumer Staples 11.7% 9.6%
ULTRATECH CEMENT 3.0% 0.9% HINDUSTAN UNILEVER 3.1% 3.1%
ITC 2.6% 2.6%
BRITANNIA INDUSTRIES 1.0% 0.6%
Telecom. Services 7.2% 2.1% Auto 6.9% 5.9%
BHARTI AIRTEL 7.2% 1.8% MAHINDRA & MAHINDRA 2.1% 1.0%
MARUTI SUZUKI 1.9% 1.5%
BAJAJ AUTO 1.5% 0.6%
Health Care 6.1% 4.7%
DIVIS LABS 1.7% 0.7%
DR REDDY'S LABS 1.7% 0.9%
AUROBINDO PHARMA 1.7% 0.4%
Consumer Discretionary 3.9% 5.2%
ASIAN PAINTS 1.8% 1.8%
TITAN 1.1% 0.9%
AVENUE SUPERMART 1.0% 0.6%
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 fund has been repositioned from an IPO fund to a large cap fund w.e.f. April 18,
2017. 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). The Fund Manager of the fund is Mr. Sumit Agrawal & Mr. Arpit Kapoor (w.e.f. 1st March 2017).
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. 2The fund has been repositioned from an IPO fund to a large cap fund w.e.f. April 18, 2017. §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). 5The fund has been
repositioned w.e.f. May 28, 2018 and since will invest only in the schemes of IDFC Mutual Funds. ^Current Index performance adjusted for the period from
since inception to May 28, 2018 with the performance of CRISIL Hybrid 85+15 Conservative Index (Benchmark) and CRISIL Hybrid 35+65 - Aggressive Index
(Benchmark).
IDFC Large Cap Fund
(Large Cap Fund- An open-ended equity scheme predominantly investing in large cap stocks)
7. Quarterly Update January 2021
7
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 considered 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.