2. India - High Growth Investment Destination
PRESENT
A
TION
F
L
O
W
1
2
3
4
3
Introducing : Motilal Oswal Alternative Investment
(IFSC) Trust
22
About Motilal OswalAMC 29
About GIFT City 43
4. INDIAIST
H
EG
R
O
W
T
HDESTINA
T
I
O
NO
FT
H
EW
O
R
L
D
Indian economy, while not being immune to the global turmoil has demonstrated strong performance across key indicators. GDP expected to grow to $30trn by 2047
Source: Internal Analysis, GDP = Nominal GDP Source: Internal Analysis, GDP = Real GDP
Data as of Feb’24. Disclaimer: The above graph/data is an illustration of a stated example and not actual performance of any scheme. the above is for representation purpose only and should not used for development or
implementation of an investment strategy. Past performance may or may not be sustained in future.
FY15
2.
0
FY16
2.1
FY17
2.3
FY18
2.7
FY19
2.7
FY20
2.8
FY21
2.7
FY22
3.
2
FY23
3.
4
FY24
3.7
FY25
4.1
FY26
4.5
FY27
4.9
FY28
5.4
FY29
5.9
FY30
6.4
FY35
10.1
FY40
15.9
FY45
25.0
FY47
30.
0
Estimate
s
Health Care Ecosystem Estimate Projections
Real GDP, annual % change 2023 2024 2025
World Output 3.1 3.1 3.2
Advanced Economies 1.6 1.5 1.8
United States 2.5 2.1 1.7
Euro Area 0.5 0.9 1.7
Japan 1.9 0.9 0.8
United Kingdom 0.5 0.6 1.6
Other Advance Economies 1.7 2.1 2.5
Emerging Market and Developing Economies 4.1 4.1 4.2
Emerging and Developing Asia 5.4 5.2 4.8
China 5.2 4.6 4.1
India 6.7 6.5 6.5
Emerging Market and Middle-Income Economies 4.2 4.0 4.0
Low-Income Developing Countries 4.0 5.0 5.6
5. K
E
YC
O
N
T
R
I
B
U
T
O
R
SO
FINDIA’SE
C
O
N
O
M
I
CG
R
O
W
T
H
Per Capita GDP to double
from $2,300 to $5,200
Growth in Per Capita GDP
Multiple supply side reforms in the last decade have
started showing results on ground
Policy Reforms
Seeing signs that the rural
household balance sheet is on the mend, which
bodes well for rural consumption
Recovering Rural Demand
Government capital spending has grown from
`2 trn in FY15 to `11 trn in FY25E
Government Spending
Expect 10% CAGR growth in next 5 years v/s
5% in the previous decade
Housing Upcycle
Implementation of bankruptcy code led
to stronger balance sheet of Indian banks
Healthier Bank Balance Sheets
Household Equity holding at ~5% provides a
huge runway for growth
Financialisation of Savings
Capacity utilisation is near 12-yr high of 75%. Large housing
and corporate spending will drive the capex levels higher
Corporate Capex
Consumption Investment
Source: Internal. Data as of Feb’24. Disclaimer: The above graph/data is an illustration of a stated example and not actual performance of any scheme. the above is for representation purpose only and should not used for
development or implementation of an investment strategy. Past performance may or may not be sustained in future.
6. G
R
O
W
T
HPILLAREDBYAR
R
A
YO
FREFORMS
Source: Source: CRISIL India Outlook March 2024, Internal. Disclaimer: The above graph/data is an illustration of a stated example and the above is for representation purpose only and should not used for development or
implementation of an investment strategy. Past performance may or may not be sustained in future
Infrastructure
Focused
Manufacturing
Focused
2
0
1
4 2
0
1
5 2
0
1
6 2
0
1
7 2
0
1
9 2
0
2
0 2
0
2
1 2
0
2
2 2
0
2
3
Make in India
Phased Manufacturing
Programme
PLI Scheme
Bharatmala
Pariyojana
SPECS
Semiconductor
Mission
National Industrial
Corridor Development
Programme
Smart Cities
Mission
GST
RERA
National
Infrastructure
Pipeline
National
Monetisation
Pipeline
PM
Gati Shakti
Pradhaan Mantri
Awaas Yojna
7. C
O
N
S
U
M
P
T
I
O
NBASEDG
R
O
W
T
H
:RISEO
FA
F
F
L
U
E
N
TINDIA
Source: Jefferies, Internal. Disclaimer: The above graph/data is an illustration of a stated example and not actual performance of any scheme. the above is for representation purpose only and should not used for development or
implementation of an investment strategy. Past performance may or may not be sustained in future
>20
10-20
5-10
5-10
1.5-3
0.5-1.5
1.125-0.5
<0.125
1.1 70%
63%
57%
43%
36%
1.5
2.0
2.3
10.1
1.8
2.4
3.2
3.3
13.8
77.1
160.8
46.2
135.6
136.2
19.9
9.1
9.3
9.3
7.5
29.4
61.1
156.0
46.5
2015-16
400%
280%
190%
130%
113%
2020-21 2030-31F
GDP Per capita: $1600 $2,300 $5,200
Distribution of househols by annual income
(`mn)
(No. of
Households)
8. RISEINA
N
N
U
A
LINCOMEW
O
U
L
DDRIVEC
O
N
S
U
M
P
T
I
O
NSPENDING
75.9%
90.8% 88.2% 83.9%
68.9%
100%
80%
60%
40%
20%
0%
1,000
0
7,000
6,000
5,000
4,000
3,000
2,000
Indian jewellery market: Rise of orgnised segment
Passenger vehicle market share by segment
Monthly per capital consumption expenditure (MPCE) Top-7 city housing sales
Share of Rural MPCE Rising
FY00 FY05
Rural
FY10 FY12 FY23
Urban Diff as a % of MPCE
48 50 50 48 47 47 46 38 34
18 19 14 11
10 10
26 32 40 43
11
23
12
23
13 11 12 12
0
20
00
13 12 11
80 15 16 20
60 24 23 19
40
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
120 Hatchback Sedan SUV
1
MPV/Vans
32 35 40
95 94
68 65 60
0
40
20
100
80
60
120
5
2000
6
2007 2020 2021 2025P
Organised Unorganised
Sales (m sf)
5% sales cagr over 2010- 28E
CY10
CY11
CY12
CY13
CY14
CY15
CY16
CY17
CY18
CY19
CY20
CY21
CY22
CY23E
CY28E
~10% cagr in
medium term
1,200 m sf
1,000
800
600
400
200
0
Source: Propequity, Jefferies
Source: SIAM, CLSA Source: Technopak Analysis, World Gold Council
Disclaimer: The above graph/data is an illustration of a stated example and not actual performance of any scheme. the above is for representation purpose only and should not used for development or implementation of an
investment strategy. Past performance may or may not be sustained in future
9. FER
TILEG
R
O
U
N
DF
O
RG
R
O
W
T
HINC
A
P
E
XC
Y
C
L
E
Source: Jefferies, Internal. Disclaimer: The above graph/data is an illustration of a stated example and not actual performance of any scheme. the above is for representation purpose only and should not used for development or
implementation of an investment strategy. Past performance may or may not be sustained in future
Corp Profit/GDP (%)
3.0
2.2
4.8
7.9
7.3
6.4
5.5
6.6
6.4
5.6
4.8
4.3
4.3
3.5 3.5
3.0 2.7
2.4 2.0
4.6 5.8
6.1 5.3
4.8
6.1 6.4
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24E
FY25E
Gross D/E ratio of large listed companies
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24e
Corporate Leverage at ~ 15
year lows
1.2 (x)
1.0
0.8
0.6
0.4
0.2
0.0
ROE of listed companies
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24e
ROE’s at 15% by FY24, upside as
expansion stays discipline
2.5 (%)
2.0
15
10
5
0.0
Govt capex
Corporate capex Corporate Leveraging
Interest
rates*
Asset quality
Housing
Corporate Profitability
Maturing Declining
Rising Bottoming
10. F
U
L
LBLO
W
NC
A
P
E
XC
YC
L
EVISIBLEA
F
T
E
R1
0YEARS
Source: CMIE, Jefferies, Internal. Disclaimer: The above graph/data is an illustration of a stated example and not actual performance of any scheme. the above is for representation purpose only and should not used for devel-
opment or implementation of an investment strategy. Past performance may or may not be sustained in future
2 2.5 2.8 2.6
3.1 3.4
4.3
5.9
7.4
9.5
11.1
2
0
4
6
8
12
10
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
(RE)
FY25
(BE)
Source: Budget documents, Jefferies
Gross Fixed Capital Formation (GFCF- Nominal) as a % of GDP
Central government capital spending trend GFCF breakup by institution
Capital expenditure (Rs bn)
Central govt.capex (as % of GDP)
27.5
26.0
29.9
28.3
28.3
30.7
32.8
33.6
35.8
34.7
34.0
33.2
34.3
33.4
31.3
30.1
28.7
28.2
28.2
29.5
28.5
27.5
28.9
29.3
30.0
40
35
30
25
20
15
10
5
0
FY00
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24E
Jun-
09
Dec-
09
Jun-10
Dec-
10
Jun-11
Dec-11
Jun-12
Dec-
12
Jun-13
Dec-
13
Jun-14
Dec-
14
Jun-15
Dec-
15
Jun-16
Dec-
16
Jun-17
Dec-
17
Jun-18
Dec-
18
Jun-19
Dec-
19
Jun-20
85%
80%
75%
70%
65%
60%
Capacity Utilization
Current: 74.6%
GFCF in FY23 = `79 trn
Household non
property 13%
Private Corporation 35%
Household
property 27%
Govt. owned cos 10%
General Govt. 15%
11. M
U
L
TIPLEINDICA
T
ORSDRIVINGM
A
C
R
OST
ABILITY
Current account balance in a benign range in this Inflation has tracked lower
Policymakers have kept real policy rates high
1.8
MS fcast
6
4
2
0
-2
-4
-6
Real policy rate (12M forward CPI)
India (pp)
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
Dec-22
Dec-23
Dec-24
4Q23E:
-1.0%:
4%
3%
2%
1%
0%
-1%
-2%
-3%
-4%
-5%
-6%
Dec-01
Nov-02
Oct-03
Sep-04
Ang-05
Jul-06
Jun-07
May-08
Apr-09
Mar-10
Feb-11
Jan-12
Dec-12
Nov-13
Oct-14
Sep-15
Ang-16
Jul-17
Jun-18
May-19
Apr-20
Mar-21
Feb-22
Jan-23
Dec-23
2009-14 avg: 9.5%Y
5.3%
13%
11%
9%
7%
5%
3%
1%
India headline CPI (%Y 3MMA)
Feb-02
Feb-04
Feb-06
Feb-08
Feb-10
Feb-12
Feb-14
Feb-16
Feb-18
Feb-20
Feb-22
Feb-24
2003-07 avg: 4.8%Y
Current account balance (% of GDP, 4Q trailing sum)
India
2003-07 avg: 0.3% of GDP
2003-07 avg: 1.1%
Source: Morgan Stanley. Data as of Feb’24. Disclaimer: The above graph/data is an
illustration of a stated example and not actual performance of any scheme. the above is for
representation purpose only and should not used for development or implementation of an
investment strategy. Past performance may or may not be sustained in future
2009-14 avg:
-0.3% of GDP
13. O
U
T
L
O
O
KO
NV
A
L
U
A
TIONSAR
EF
A
V
O
U
R
A
B
L
E
Source: MOSL, Estimates data from Bloomberg consensus.Disclaimer: The above graph is used to explain the concept and is for illustrative purposes only. It should not be used for development or implementation of an invest-
ment strategy. Past performance may or may not be sustained in future
12-month forward Nifty P/B (x) Markets consolidates, valuations near historical averages
Earnings v/s Bond Yield near historical averages Market cap to GDP (%)
3.1
1.5
2.0
2.5
3.0
3.5
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Mar-20
Mar-21
Mar-22
Mar-23
Mar-24
10 Year Avg: 2.8x
21,998
13.0
17.0
19.3 21.0
25.0
29.0
4,000
12,000
8,000
16,000
20,000
24,000
Mar-14
Sep-14
Mar-15
Sep-15
Mar-16
Sep-16
Mar-17
Sep-17
Mar-18
Sep-18
Mar-19
Sep-19
Mar-20
Sep-20
Mar-21
Sep-21
Mar-22
Sep-22
Mar-23
Sep-23
Mar-24
Nifty Nifty P/E (x)
FY13-23:
Nifty CAGR: 11.8%
Avg P/E: 19.9x
0.73
0.50
0.70
0.90
1.10
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Mar-20
Mar-21
Mar-22
Mar-23
Mar-24
10 Year Avg: 0.71%
FY00
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
Average of 70%
for the period
45
26 26 23
43
53
83 83
105
56
97
90
71
64 66
81
69
79 83 80
56
112
103
96
127
Peak :149% (Dec’07)
14. S
T
R
U
C
T
U
R
A
LC
H
A
N
G
EINH
O
U
S
E
H
O
L
DSAVINGSP
A
T
T
E
R
N
Source: Internal Research, AMFI, Data as of Feb’24. Disclaimer: Past performance may or may not be sustained in future. The above graph is used to explain the concept and is for illustration purpose only and should not used
for development or implementation of an investment strategy.
Structural domestic money towards mid and small caps; Demat account monthly addition at a rapid pace
Category (INR Bn) FY21 FY22 FY23 FY24TD
Multicap Fund -127.0 640.3 283.8 339.0
Large Cap Fund -105.9 135.2 83.7 -27.5
Large & Mid Cap Fund 3.9 147.3 182.2 192.0
Mid Cap Fund -37.5 163.1 202.1 212.1
Small Cap Fund -30.4 101.2 221.1 394.7
Dividend Yield Fund 12.7 11.4 39.0 31.4
Value/Contra Fund -91.0 -0.3 77.3 131.0
Focused Fund 18.9 160.0 63.6 -41.2
Sectoral/Thematic Fund 98.0 271.3 237.3 382.2
ELSS Fund -1.5 14.5 76.6 -9.2
Equity Total -259.7 1,644.0 1,466.8 1,612.5
148
160
140
120
100
80
60
40
20
0
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Apr-10
Nov-10
Jun-11
Jan-12
Aug-12
Apr-13
Nov-13
Jun-14
Jan-15
Sep-15
Apr-16
Nov-16
Jun-17
Jan-18
Sep-18
Apr-19
Nov-19
Jun-20
Feb-21
Sep-21
Apr-22
Nov-22
Jul-23
Feb-24
No of Demat accounts (mn)
Monthly addition Total (RHS)
SIP Flows – INR Bn
85.3
73.0
191.8
Jan-20
Feb-20
Mar-20
Apr-20
May-20
June-20
July-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
June-21
July-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
June-22
July-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
15. S
N
A
P
S
H
O
TO
FTRAILING1
2
MMSCIR
E
T
U
R
N
S
;INDIAC
O
N
T
I
N
U
E
ST
OB
E
A
TEMERGINGMARKETS
Source: Internal. Data as of Feb’24. Disclaimer: The above graph/data is an illustration of a stated example and not actual performance of any scheme. the above is for representation purpose only and should not used for
development or implementation of an investment strategy. Past performance may or may not be sustained in future
135
MSCI China MSCI India MSCI US MSCI EM
(%)
120
105
90
75
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Dec-23
Jan-24
Feb-24
133
128
126
107
88
16. INDIA
’SRISINGW
E
I
G
H
TINMSCIINDEX
75 75 68 66 63 59 60 51 50 56 54 57
8 8 9
9 9
8 9
12 13
18
18
7
18
7
25 26 28 33 32
41 41 32 33 25
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024YTD
Weight in the MSCI EM Index continues to increase, claiming the second rank
MSCI EM Weight %
Others EMs India China
Source: Internal. Disclaimer: The above graph/data is an illustration of a stated example and not actual performance of any scheme. the above is for representation purpose only and should not used for development or
implementation of an investment strategy. Past performance may or may not be sustained in future
17. DOMESTICCYCLICALSE
X
P
E
C
T
E
DT
ODRIVEEARNINGSG
R
O
W
T
HF
O
RN
I
F
T
Y
BFSI, Autos, and O&G expected to drive earnings for the Nifty
Sector FY23 3QFY24 FY24E FY25E FY26E
Automobiles 402 223 797 898 1029
Capital Goods 55 224 277 336
Cement 176 47 226 266 313
Chemicals - Specialty 38 7 30 38 46
Consumer 502 150 587 660 737
EMS 1 6 9 14
Financials 2870 875 3542 4341 5235
Healthcare 327 101 408 487 565
Infrastructure 20 4 19 23 26
Logistics 21 29 109 130 157
Media 24 6 25 32 39
Metals 874 230 754 1012 1164
O&G 1473 464 2348 2169 2385
Real Estate 79 22 100 142 155
Retail 84 27 97 133 173
Staffing 6 1 8 13 15
Technology 1083 284 1118 1284 1509
Telecom -181 -35 -125 1 77
Others 178 49 195 278 352
MOFSL Universe 7,976 2,538 10,468 12,193 14,327
Source: MOIE. Disclaimer: The above graph/data is an illustration of a stated example and not actual performance of any scheme. the above is for representation purpose only and should not used for development or imple-
mentation of an investment strategy. Past performance may or may not be sustained in future
18. H
I
G
H
E
REARNINGSG
R
O
W
T
HE
X
P
E
C
T
E
DINMIDA
N
DSMALLM
A
R
K
E
TC
APSPACE
FY08-21 CAGR4.2%
FY08-21 CAGR 2.8%
92 131 169 184 281
236 251 247 315 348 369 406 415 397 426 449 483 477 542
728 812
1100
Nifty 50 EPS
FY08-21 CAGR 5.1%
233 324 493 481
456 403 449 451 430 376
566 564 570 570
149 151 188 167
783
1286 1450
FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY25E
Nifty Midcap100 EPS
2,488
132
150 161 158 191
91 101 38 101
2 56 66
143 148 144
230
412 507
FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY25E
NSE SmallCap 250 EPS
893
FY03^ FY04^ FY05^ FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY25E
Source: Internal Research. Disclaimer: Past performance may or may not be sustained in future. The above graph is used to explain the concept and is for illustration purpose only and should not used for development or
implementation of an investment strategy. Data as on 31 Dec 23. "Data unavailable
19. O
P
P
O
R
T
U
N
EG
R
O
W
T
HT
H
E
M
E
SA
R
EU
N
D
E
R
R
E
P
R
E
S
E
N
T
E
DINL
A
R
G
ECAPS
Source: Internal Analysis, Disclaimer: The above graph is used to explain the concept and is for illustrative purposes only. It should not be used for development or implementation of an investment strategy. Past performance
may or may not be sustained in future.
Nifty MidSmall 400 Nifty 50
0.0%
0.0%
0.0%
0.0%
0.6%
0.4%
3.7%
0.4%
2.3%
2.3%
2.5%
2.9%
5.8%
13.5%
Defence
Fintech
Capital Markets
EMS
Hospitals
Chemicals
Industrials
Sustained growth in themes under owned in large cap space provides opportunities for alpha generation
Sector Allocation (%)
20. H
I
G
HG
R
O
W
T
HT
H
E
M
E
SH
A
V
EG
E
N
E
R
A
T
E
DA
L
P
H
AO
V
E
RL
A
S
T1Y
E
A
R
Themes
Alpha
3M 6M 9M 12M
Auto + EV 24.4% 39.2% 88.0% 158.3%
Life insurance -2.3% -5.4% 4.8% -1.3%
Capital Market 1.1% 43.1% 80.7 81.5%
Digital tech -3.2% 0.7% 7.0% 7.9
Offshoring - Small and Mid caps 1.4% 9.7% 24.7% 35.4%
Capex Engineering -3.9% 2.7% 15.0% 26.4%
China + 1 -28.4% 37.5% 100.7 135.3%
Defence -0.2% 1.3% 37.7% 47.7%
Energy 41.2% 56.5% 95.2% 136.4%
Hospitals 7.8% 22.1% 35.4% 41.9%
Large diversified Businesses 22.2% -1.2% 10.2% 23.5%
Leisure and Luxury -2.2% 10.6% 19.5% 28.0%
Renewable power ecosystem 63.6% 158.5% 411.1% 454.1%
Source: MOIE. Data as of Feb’24. Disclaimer: The above graph/data is an illustration of a stated example and not actual performance of any scheme. the above is for representation purpose only and should not used for devel-
opment or implementation of an investment strategy. Past performance may or may not be sustained in future
21. M
O
AMC’SHI-QU
ALIT
YHI-GRO
W
T
HINVESTING
ALIG
NEDT
OT
H
E
M
E
SW
H
I
C
HA
R
EP
O
T
E
N
T
I
A
LLEADERSO
FC
U
R
R
E
N
TM
A
R
K
E
TC
Y
C
L
E
Health Care
Ecosystem Financialisation Tech & Tech Services China + 1 Make in India Urbanization
Hospitals
High AUM growth
Retail Focused Lenders
New Age
Consumer Tech Chemicals Auto+EV Leisure and Luxury
Diagnostics
Capital Market
Companies
High Growth
Tech Companies
Electronic
Manufacturing
Services
Capital Goods &
Engineering
Travel & Hospitality
Health &
Life Insurance
Textiles & Garments
Infrastructure
Ancillaries
Brands
Renewable power Premiumization
Defense
Hi-Quality Hi-Growth Themes which could be potential leaders of current market cycle
Source: Internal. Disclaimer: The above graph/data is an illustration of a stated example and not actual performance of any scheme. the above is for representation purpose only and should not used for development or imple-
mentation of an investment strategy. Past performance may or may not be sustained in future
24. P
R
O
M
O
T
E
RDRIVENCOMPANIES:IMPROVINGT
H
E
I
RSHAREINB
R
O
A
D
E
RM
A
R
K
E
TC
A
P
I
T
A
L
I
Z
A
T
I
O
N
The Stocks/Sectors/table mentioned above are used to explain the concept and is for illustration purpose only and should not be used for development or implementation of any investment strategy. It should not be construed as
investment advice to any party. Past performance may or may not be sustained in future. Source: MOAMC Internal Analysis. Data as of Dec’22. Data considered is for Nifty companies ex BFSI
Year 2012-13 2021-22 Inference
No. of Companies
in Nifty 500
306 1.1x 322
Promoter Driven companies
increased from 306 to 322 in
the Nifty 500 list
% of Market Cap.
(Top 500) 50% 1.4x 69%
The % of promoter driven
companies market cap in the
list increased from 50 to
~70% in 9 years
Avg. Market Cap.
($ Bn)
1.8 3.2x 5.8
Promoter Driven companies
average market cap
increased 3x in 9 years in the
Nifty 500 implying higher
price rally
25. T
O
P1
0W
E
A
L
T
HCREA
T
ORSO
F2
5YRS:ALLF
O
U
N
D
E
RDRIVEN!
Fastest CAGR 25 Year Price
Infosys 30% 705.6x
Pidilite Inds 25% 264.7x
Eicher Motors 25% 264.7x
Shree Cement 25% 264.7x
Berger Paints 24% 216.5x
Honeywell Auto 24% 216.5x
Sun Pharma 23% 176.9x
Bajaj Finance 23% 176.9x
Motherson Sumi 23% 176.9x
Britannia Inds 22% 144.2x
Consistent CAGR 25 Year Price
Kotak Mahindra 21% 117.4x
Berger Paints 24% 216.5x
HDFC 19% 77.4x
Pidilite Inds 25% 264.7x
Shree Cement 25% 264.7x
Honeywell Auto 24% 216.5x
Motherson Sumi 23% 176.9x
Asian Paints 22% 144.2x
Dabur India 20% 95.4x
Sun Pharma 23% 176.9x
All Round Rank 1995-2020 Price CAGR
Promoter Driven Companies ; 10 out of 10 all rounders are “Founders”
The Stocks/Sectors/table mentioned above are used to explain the concept and is for illustration purpose only and should not be used for development or implementation of any investment strategy. It should not be construed as
investment advice to any party. Past performance may or may not be sustained in future. Source: MOAMC Internal Analysis Source: Raamdeo Agrawal’s Wealth Creation Studies. Data as of Dec’20
All Round Rank CAGR 1995-2020 Price
Kotak Mahindra 1 21% 117.4x
Pidilite Inds 2 25% 264.7x
Asian Paints 3 22% 144.2x
Shree Cement 4 25% 264.7x
Berger Paints 5 24% 216.5x
All Round Rank CAGR 1995-2020 Price
Sun Pharma 6 23% 176.9x
HDFC 7 19% 77.4x
Bajaj Finance 8 23% 176.9x
Dabur India 9 20% 95.4x
Eicher Motors 10 25% 264.7x
Biggest NWC (INR b)
Reliance Industries 6,307
Hind. Unilever 4,893
Infosys 2,700
HDFC 2,475
Kotak Mahindra 2,293
ITC 1,945
Asian Paints 1,586
Nestle India 1,549
Bajaj Finance 1,162
Larsen & Toubro 998
NWC – Net Wealth Created
26. P
R
O
M
O
T
E
RDRIVENCOMPANIES:DELIVERINGH
I
G
H
E
RG
R
O
W
T
HINPROFITABILITYMETRICS
12.7%
9.7%
12.7%
7.0%
10.0%
9.0%
9.4%
9.3%
8.4%
The Stocks/Sectors/table mentioned above are used to explain the concept and is for illustration purpose only and should not be used for development or implementation of any investment strategy. It should not be construed as
investment advice to any party. Past performance may or may not be sustained in future. Source: MOAMC Internal Analysis, Capitaline. Data as of Dec’22.
PAT Revenue
10 Y
ear Data
Op Profit
Promoter Driven MNC PSU
Operating Profit, Top line and bottom line growth over the last 10 years has been higher for Promoter driven companies compared to PSUs and MNCs.
Promoters are more driven to improve the margins compared to PSUs or MNCs
27. I
N
V
E
S
T
M
E
N
TF
R
A
M
E
W
O
R
K
:E
Q
U
I
T
YW
I
T
HG
R
O
W
T
HO
R
I
E
N
T
A
T
I
O
N
Top 500
By market Cap. Current range from 5kCr to 11 Lakh Cr.
Min 26% Promoter Holding
Including companies significant ESOPs/ shares with management professionals. Exception for
Financials.
PBT>100
Minimum PBT of INR 100 Crs
Capital Efficiency
Quality of Business, Minimum Cycle ROCE of 15%
QGLP
Corporate Governance, Management Quality – Vision, Execution, Succession Planning and Capital
AllocationDecisions
Earnings Expectations
Companies with Min Additional Expected Earnings 3-5Y Growth of 3% Over Benchmark, Available at
RelativelyAttractive Valuation
5
0
0
300-200
260-280
150-170
70-90
<20-30
Upto20%oftheportfoliomaybeanexceptiontotheabove
The Stocks/Sectors/table mentioned above are used to explain the concept and is for illustration purpose only and should not be used for development or implementation of any investment strategy. It should not be construed as
investment advice to any party. Past performance may or may not be sustained in future.
28. K
E
YTERMS&S
T
R
U
C
T
U
R
E
Please refer PPM for further details.
Plan Name Type Min Commitment (USD)
Carried Interest
(Without Catchup) Hurdle Rate Management Fees
B1 Fixed 150k or more but less than 300k
NA NA
2.50%
B2 Fixed 300k or more but less than 500k 2.25%
B3 Fixed 500k or more but less than 1mn 2.00%
B4 Fixed 1mn and above 1.75%
C1 Only Variable 150k and above 15% 0% 0%
C2 Only Variable 150k and above 20% 6% 0%
D1 Hybrid 150k or more but less than 300k
10% 0%
1.50%
D2 Hybrid 300k or more but less than 500k 1.25%
D3 Hybrid 500k or more but less than 1mn 1.00%
D4 Hybrid 1mn and above 0.75%
Name of the scheme Motilal Oswal Alternative Investment (IFSC) Trust
Type Category III, open ended scheme
Exit Load from
allotment date
3% Upto 12 months 2% between 12 24 months, 1% between 24 36 months, Nil Thereafter For All Classes
30. *Please refer next slide
FME receives an advice from Motilal Oswal Capital Limited (MOCL) on trades of the Trust. MOCL is 100% subsidiary of Motilal Oswal Asset Management Company Ltd. (MOAMC) and MOAMC is a 100% subsidiary of MOFSL.
MOAMC houses the asset management business of the group, which started in the year 2003. Please refer PPM for further details.
MOFSL Group
MO Alternative IFSC Private Ltd. (FME)
Motilal Oswal
Asset Management Company Ltd. (MOAMC)
Other Group
Companies*
Motilal Oswal
Capital Limited
(MOCL)
Advisor
M
O
T
I
L
ALO
S
W
A
LFINANCIALSERVICE(MOFSL)G
R
O
U
PS
T
R
U
C
T
U
R
E
31. FME receives an advice from Motilal Oswal Capital Limited (MOCL) on trades of the Trust. MOCL is 100% subsidiary of Motilal Oswal Asset Management Company Ltd. (MOAMC) and MOAMC is a 100% subsidiary of MOFSL.
MOAMC houses the asset management business of the group, which started in the year 2003. Please refer PPM for further details.
M
O
TILALOSW
A
LFINANCIALSERVICES(MOFSL)G
R
O
U
PS
T
R
U
C
T
U
R
E
MOFSL Group - (A listed entity with a current market cap of $3.3 bn)
Capital Markets Asset and Wealth Management
Housing
Finance
Broking &
Distribution
Motilal Oswal
Financial Services Ltd.
(MOFSL)
Motilal Oswal
InvestmentAdvisors Ltd.
(MOIAL)
Motilal Oswal
Home Finance
Ltd. (MOHFL)
Institutional
Equities
Investment
Banking
Motilal Oswal
Finvest Ltd. (MOFL)
Asset
Management
Company
Motilal Oswal
Wealth Ltd.
(MOWL)
Motilal Oswal
Alternate
Investment
Advisors Pvt. Ltd.
(MOAIAPL)
Motilal Oswal
Asset
Management
Company Ltd.
(MOAMC)
GIFT City
Business
(MOAMC)
Motilal Oswal
MO A
A
lt
s
e
sre
ntative
M
I
F
a
S
n
C
a
g
P
e
r
i
m
v
a
e
t
n
e
t
Co
L
m
td
p
.(
a
F
nM
yE
L)
td.
Private Equity &
Real Estate
Wealth
Management
32. I
N
T
R
O
D
U
C
I
N
G:M
O
T
I
L
ALO
S
W
A
LASSETM
A
N
A
G
E
M
E
N
TC
O
M
P
A
N
Y
Leaders in PMS & CAT III Long Only AIF’s
Mid-sized Equity Focused House
managing ~$8 bn across products
Style of Management –
High Quality & High Growth
Focused High Conviction Investing:
Upto 35 stock portfolios
High Process Orientation
Strong performance track record
over last 2 Years
High alignment of interest:
i. Pure Equity Managers ; ii. $800 mn
treasury/promoter money in own funds
1
2
3
4
5
6
7
FME receives an advice from Motilal Oswal Capital Limited (MOCL) on trades of the Trust. MOCL is 100% subsidiary of Motilal Oswal Asset Management Company Ltd. (MOAMC) and MOAMC is a 100% subsidiary of MOFSL.
MOAMC houses the asset management business of the group, which started in the year 2003. Please refer PPM for further details.
33. Data as of Jan’24. Disclaimer: FME receives an advice from Motilal Oswal Capital Limited (MOCL) on trades of the Trust. MOCL is 100% subsidiary of Motilal Oswal Asset Management Company Ltd. (MOAMC) and MOAMC
is a 100% subsidiary of MOFSL. MOAMC houses the asset management business of the group, which started in the year 2003. Please refer PPM for further details.
Particulars AUM (in $ mn)
Active Mutual Funds 3350
AIFs 1250
PMS 1470
Passive Mutual Funds 1940
Others 110
Total 8129
M
O
A
M
CG
R
O
W
T
HST
O
R
Y
:3
6
XA
U
MG
R
O
W
T
HINL
AS
T1
0YEARS
224
710
1,237
2,425
4,294
4,686
3,577
5,489
5,922
5,496
8,129
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Jan-24
AuM ($ mn.)
34. K
E
YSUMMARY
*Asiamoney poll 2023. Data as of 31st Jan, 2024. FME receives an advice from Motilal Oswal Capital Limited (MOCL) on trades of the Trust. MOCL is 100% subsidiary of Motilal Oswal Asset Management Company Ltd.
(MOAMC) and MOAMC is a 100% subsidiary of MOFSL. MOAMC houses the asset management business of the group, which started in the year 2003. Please refer PPM for further details.
$
5
3BN
Group’s Asset under Advice
2
1
Years of Track Record.
First PMS Strategy launched in 2003
2
2
Member expert Investment Team
for Asset Management
2n
d
Ranked Domestic Brokerage house
for Institutional Sales*
10,000+
Group Employees
~$8BN
MO Asset Management AUM
250+
Companies under coverage for
Institutional Research Team across 21
sectors managed by 38 analysts
35. MID-SIZEDE
Q
U
I
T
YF
O
C
U
S
E
DH
O
U
S
E
RESEARCHAND
E
Q
U
I
T
YISINO
U
RD
N
A
Co-founded by Raamdeo
Agrawal and Motilal Oswal
Formed in 1987 First generation
equity specialist
Who are we?
Mid-sized Equity Focused House managing ~$8 bn across products
At Motilal Oswal, we follow “Hi-Quality Hi-Growth” Investment Philosophy within the overall
QGLP investment framework.
We subscribe to the quote by Thomas Phelps, “Vision to see, courage to buy and patience to hold!”
FME receives an advice from Motilal Oswal Capital Limited (MOCL) on trades of the Trust. MOCL is 100% subsidiary of Motilal Oswal Asset Management Company Ltd. (MOAMC) and MOAMC is a 100% subsidiary of MOFSL.
MOAMC houses the asset management business of the group, which started in the year 2003. Please refer PPM for further details.
36. T
H
O
U
G
H
TLEADERSHIPINE
Q
U
I
T
YT
H
R
O
U
G
HIDEAG
E
N
E
R
A
T
I
O
N
Launch of the
asset management
business with first
PMS offering –
Value Strategy
Launch of Flagship
PMS Strategy –
NTDOP
Launch of first
Mutual Fund
offering –
Focused 25 Fund
Launch of first
AIF offering
Motilal Oswal
AMC Awarded
"Best Portfolio
Management
Services Product
2018"
Motilal Oswal
NTDOP Strategy
Ranked #1
Best PMS in 10
years performance
across all categories
Wealth Creation Studies - Raamdeo Agrawal has hosted and presented 28 Wealth Creation Studies till date with 28th
event just completed and delivered on Dec’23
We have based and founded multiple alternate and mutual funds through this idea generation process
23rd WCS - Valuation Insights - using PEG as a metric
24th WCS - Management Integrity - Understanding Sharp Practices
26th WCS - Valuation Framework of digital business and portfolio investments
Fund Inspired by WCS
12th WCS - Next Trillion Dollar Opportunity - Launched NTDOP PMS
20th WCS - Mid to Mega - Launched AIF fund based on Mid to Mega WCS
2003 2007 2013 2016 2018 2021
Source: Data as on 31st March, 2023. FME receives an advice from Motilal Oswal Capital Limited (MOCL) on trades of the Trust. MOCL is 100% subsidiary of Motilal Oswal Asset Management Company Ltd. (MOAMC) and
MOAMC is a 100% subsidiary of MOFSL. MOAMC houses the asset management business of the group, which started in the year 2003. Please refer PPM for further details.
38. INSTITUTIONALIZINGT
H
ERESEARCHPROCESS
Cross Pollination
of Ideas
Investment team sits
together regularly to
brainstorm on new ideas
Premortem
of ideas
Before buying any new
stock FM presents it to
the team, with details
sent in advance
FM portfolio review
FMS portfolios are
reviewed on a monthly
basis
Standardised Portfolio
Monitoring Template
Portfolio monitoring
template is
standardized for all the
team members helping
develop analytics
Continuous monitoring
by the Risk team
Risk team is
continuously
monitoring portfolios
and highlights any
liquidity/regulatory risks
Premortem and cross pollination creates synergies between a highly experienced investment team. Also, it helps
remove biases and oversights before buying. Regular monitoring helps the FM to be on top of his portfolio and keeps
him aware of any evolving risk or opportunity
39. H
I
G
HQ
U
ALITY&H
I
G
HG
R
O
W
T
HF
O
C
U
S
E
DH
O
U
S
E
G L
Minimum threshold set for ROCE/ROE
Application of PE,PEG framework and
Expanding the framework through rolling out
DCF, implied returns and implied growth
Ensuring Longevity of Growth by investing in sustainable themes
identified by the Investment team collectively
Q P
House theme representation in
portfolio. Stock picking by FME = 65%
The above graph/data is used to explain the concept and is for illustration purpose Only. The data mentioned herein are for general and comparison purpose only and not a complete disclosure of every material fact and should not
used for development or implementation of an investment strategy. Past performance may or may not be sustained in future. FME receives an advice from Motilal Oswal Capital Limited (MOCL) on trades of the Trust. MOCL is
100% subsidiary of Motilal Oswal Asset Management Company Ltd. (MOAMC) and MOAMC is a 100% subsidiary of MOFSL. MOAMC houses the asset management business of the group, which started in the year 2003.
Please refer PPM for further details.
Flexibility to FME to Invest Outside
house themes = 25%
Provision for risk mitigation = 10%
40. RISKM
A
N
A
G
E
M
E
N
TF
R
A
M
E
W
O
R
KF
O
RSUSTAINABILITY
Stock Weightage & Stock Sizing
Minimum and maximum exposure limits set
Sector Sizing
Limits on sector deviations relative to benchmark
Diversification Strategy
Portfolio size capped up to 35 stocks
The above graph/data is used to explain the concept and is for illustration purpose Only. The data mentioned herein are for general and comparison purpose only and not a complete disclosure of every material fact and should not used for development or implementation
of an investment strategy. Past performance may or may not be sustained in future.
Profit Taking / Stop Loss Framework
Proprietary framework for measuring triggers
Stringent Liquidity Framework
Ensuring efficient management for ability to take necessary action
41. O
U
RRELEV
A
N
C
ET
OY
O
U
RP
O
R
T
F
O
L
I
O
Our relevance to your portfolio
Dominant part of high quality high growth allocation
Disciplined adherence to philosophy of QGLP
Supported by strong ideation
Providing diversification benefits over other High Quality High Growth Players
Best exponent of high quality high growth style of investing following the QGLP philosophy, sticking to our core DNA
Product
Focused, High Conviction Portfolios
More equi-weighted portfolios showing conviction across the portfolio
Risk controlled
Focus on quality reduces risk: relatively lower volatility of earnings, lesser need to source outside capital
Top 10 stock weights would be inline/ lower than index and peerset
Sector sizing, profit booking and stop loss frameworks in place
High Quality High Growth
MOAMC
25%
Value Style
50%
Highest Quality
Players 25%
FME receives an advice from Motilal Oswal Capital Limited (MOCL) on trades of the Trust. MOCL is 100% subsidiary of Motilal Oswal Asset Management Company Ltd. (MOAMC) and MOAMC is a 100% subsidiary of MOFSL.
MOAMC houses the asset management business of the group, which started in the year 2003. Please refer PPM for further details.
42. FME receives an advice from Motilal Oswal Capital Limited (MOCL) on trades of the Trust. MOCL is 100% subsidiary of Motilal Oswal Asset Management Company Ltd. (MOAMC) and MOAMC is a 100% subsidiary of MOFSL.
MOAMC houses the asset management business of the group, which started in the year 2003. Please refer PPM for further details.
SKININT
H
EG
A
M
E
Skin in the Game : Where the Fund House invests
heavily in its own funds along with the investor
T
H
EL
A
R
G
E
S
TINVEST
ORS
INM
O
TILALOSW
AL
M
U
T
U
A
LF
U
N
D
S
A
R
EITSP
R
O
M
O
TERS.
W
h
a
tisatStake?~$800m
n
Skin in the Game is the ultimate fiduciary test
Promoters invest at the same structures as
institutional investors
When interests are aligned – Benefits &
Rewards are also aligned
44. Gujarat International Finance-Tec City (GIFT) consists of a Multi-Service Special Economic Zone (SEZ), which has been notified as India’s maiden
International Financial Services Centre
Single unified regulator for IFSC-Powers vested in IFSCA with respect to regulation of financial institutions, financial services and financial products
in the IFSC
The GIFT City promises to offer a wide range of services like capital market transactions,
banking services, offshore asset management, and other financial transactions
The goal is to create a welcoming place where India-centric trading that's moved to
Dubai, Mauritius or Singapore can return home
A free trade zone with various tax incentives enabling flow of finance, financial
products and services across borders
W
H
A
TISG
I
F
TCITY?
45. W
H
YG
I
F
TCITY?
Lower Operating Costs Competitive T
ax Regime Engagement with
Unified financial
regulator
Enabling ecosystem for
fund management with
presence of key
stakeholders including
custodians and fund
administrators
No diversification limits
on investments made by
AIF in IFSC provided the
investment made is in line
with the risk appetite of the
investors and appropriate
disclosures are made
46. K
E
YT
A
XINCENTIVES&BENEFITSF
O
RC
A
TIIIAIFSING
I
F
TCITY
Non-resident investors are exempt from obtaining PAN and filing return of income in India
CAT III AIFs are subject to fund level taxation
Exemption from tax for non-resident investors on income from:-
Transfer of Indian securities (other than shares of Indian Company)
Securities issued by non-resident (not being a PE) with no accrual of
income in India
Transfer of offshore securities/certain securities traded in IFSC exchanges
Securitization trust which is chargeable under the head profits and gains of
business or profession
Income on transfer of shares in an Indian company is taxable as follows:
Short term Capital Gains: 15% if Securities Transaction Tax paid, else 30%
Long term Capital Gains: 10%
49. DOMESTICP
O
R
T
F
O
L
I
OA
TAG
L
A
N
C
E
Others, 10.0 Banking & Financial
Services, 19.3
Make in
India, 26.6
China +1 7.1
Healthcare, 6.8
Tech & Tech
Services, 14.1
Urbanization, 15.9
Tech &
Tech
Services
Information Technology
eMudhra
New Age Tech
Zomato
One 97 Communications
Urbanization
Information Technology
eMudhra
New Age Tech
Suzlon
Inox Wind
Others
China +1
Archean Chemical
Industries Gujarat Flurochemicals
Banks
BFS
IDFC First Bank
IndusInd Bank
Lenders
Piramal Enterprises
Jio Financial Services
IDFC Ltd
Capital Markets
Angel One
Make in
India
Industrials
Amber Enterprises
Finolex Cables
Apar Industries
CG Power & Industrial Solutions
Welspun Corp
Engineering Auto & Auto Anc
Tube Investments of India
EMS
KaynesTechnology
Healthcare Global Health
Medplus Health Services
Data as of 31st Jan’24. Please refer PPM for further details. Disclaimer: The above graph/data is an illustration of a stated example and not actual
performance of any scheme. the above is for representation purpose only and should not used for development or implementation of an investment
strategy. Past performance may or may not be sustained in future
50. STRA
T
E
G
YP
E
R
F
O
R
M
A
N
C
E
Data as on 31st Jan 2024; Data Source: Internal Research; Please Note: Returns up to 1 year are absolute & over 1 year are Compounded Annualized.
26.0%
19.0% 17.9%
16.2%
36.7% 34.4%
Founders Strategy BSE500TRI
61.7%
56.0%
Founders Theme
AUM
(in $ mn)
PMS: Motilal Oswal Founders Portfolio 107
AIF: Motilal Oswal GrowthAnchors Fund 131
AIF: Motilal Oswal GrowthAnchors Fund Series II 60
Total 298
3.8%
1.9%
1M 3M 6M FYTD Since Inception
Above Calculations arrived at by weighing the Returns as on the report date by
weighing it with Latest AUM as on the Report Date
51. DISCLAIMER
This presentation is meant for circulation for the intended recipient only and not for the general public. The presentation may contain forward looking statements. Due to various
risks and uncertainties, actual events or results may differ materially from those contemplated in such forward looking statements. This presentation is made for informational
purposes only and should not be regarded as an official opinion of any kind or a recommendation. It does not constitute an offer, solicitation or an invitation to the public in
general, and is intended for the use by persons only to whom it is addressed.The information contained in this presentation is obtained from sources believed to be reliable. We
do not represent that any information, including any third party information, is accurate or complete and it should not be relied upon without proper investigation. Motilal Oswal or
any of its directors, officers, employees, do not assure/give guarantee for accuracy of any of the facts/interpretations of this presentation, and shall not be liable to any person
including the recipient for any claim or demand for damages or otherwise in relation to this opinion or its contents. The aimed returns mentioned anywhere in this presentation are
purely indicative and are not promised or guaranteed in any manner. The information contained herein should not be altered in any way, transmitted to, copied or distributed, in
part or in whole, to any other person or to the media or reproduced in any form.The contents of this presentation should not be treated as advice relating to investment, legal or
taxation matters. It is recommended that recipients consult their own professional advisors to understand the contents of this presentation. In considering the performance
information contained in this presentation, recipients should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance that
Motilal Oswal will achieve comparable results or that Motilal Oswal will be able to achieve the investment objective.
