For Q3FY 2023

Investment Approach

30th April, 2025

Objective & Investment Philosophy

Focus on Return Optimization by investing in multicap portfolio of rising

Objective enterprises with sound corporate track record and sustainable business
model keeping balance between value and growth strategy.

Value investing is the art Growth investing is a

of buying stocks which style of investment
trade at a significant strategy focused on
discount to their capital appreciation.
intrinsic value. Portfolio Portfolio Manager
Manager achieve this by invest in companies that
looking for companies exhibit signs of above-
on cheap valuation average growth, even if
metrics, typically low the share price appears
multiples of their profits expensive in terms of
or assets, for reasons metrics such as price-to-
which are not justified earnings or price-to-
over the longer term. book ratios.

Value Growth
Why Multicap Strategy

Bull Period • The table shows outperformance of the Mid

Apr-03 Dec-07 CAGR Volatility Cap and Small Cap Index over the Sensex Index
Sensex 2960 20287 51.0% 22.0%
during the Bull Period.
BSE Mid Cap 952 9789 64.6% 25.0%
BSE Small Cap 893 13348 78.4% 31.6% • Outperformance of the Mid Cap and small caps
Bear Period happens because of better earnings growth in
Dec-07 Dec-11 CAGR Volatility the bull phase.
Sensex 20287 15455 -6.6% 31.2%
BSE Mid Cap 9789 5135 -14.9% 40.5%
• The P/E for Mid cap and Small Caps also
BSE Small Cap 13348 5550 -19.7% 45.4% expands as earnings growth is superior v/s
Current Bull period Sensex earnings growth.
Dec-11 Mar-25 CAGR Volatility • Identifying the business within attractive
Sensex 15455 77415 12.9% 9.0%
valuation compare to their growth is key factor
BSE Mid Cap 5135 41531 17.1% 12.0%
BSE Small Cap 5550 46638 17.4% 13.5%
for outperformance.

Today’s are tomorrows

Small Cap Mid cap • Returns delivered from Mid Cap and Small Cap
Which may do outperform the Large Cap, however one
eventually should keep in mind the risk associated with it
become as we see the higher volatility in it. Therefore
Large Cap
we emphasis on stringent stock selection
strategy and create a diversified Multicap
Small Cap Mid Cap Large Cap portfolio to create alpha over the benchmark.
4P Strategy – Stock Selection

Past Analysis Present Analysis

Business Moat /Market Share
Current vs Historical
Operating efficiency
Valuation, Margins, leverage, Asset Turnover
Working Capital Management
Capacity and utilisation
Balance sheet growth
Capex and Cashflow
ROE And ROCE growth etc

4P
Potential
Pedigree
Sector Outook Favourable Macro
Management Experience and Qualification
Sufficient capacity
Corporate Governance Practices
Outstanding Order Book,
Shareholding patterns
Multi year Contract, Client Addition,
Product Pipeline etc

Companies to undergo 4 P Analysis to make it to the Universe

Investment Process
Re-VIEW Strategy

Valuation Check
A constant check is kept on the valuation of the companies so that any stock whose

V valuation becomes relatively high, due to any reasons like sentiments or increase in
liquidity, is exited before any price correction comes to the stock. We then shift the
money to a new stock with a reasonable valuation.

Impact of Events
A stock price can be highly affected by an event or series of events,

I recent examples: COVID crisis, Russia-Ukraine War, Increase in Crude

Price, Interest Rates Hike etc. Our team actively tracks these events and
makes timely modifications as per the situation’s needs to minimize risks
& optimize returns.

Earnings Visibility Changes

E
Our fundamental research team scrutinizes the quarterly results of the
companies to understand the current & future estimated growth. If we
are not satisfied with 2 or 3 quarterly results of the company & don’t see
growth, we take an exit to move to another stock.

Weightage Check of the Holdings

W Every stock & sector has been capped to a certain percentage of the total allocation
to limit downside due to any uncertainties and also diversify the portfolio. If any stock
or sector reaches near to the decided percent of allocation, we book profits and
reduce the weightage and invest into any other stock.
 Top Holdings & Market Cap Allocation

Sr No Top 10 Holdings % Holdings Sector Allocation

1 PG Electroplast Ltd. 8.9% 0.0% 5.0% 10.0% 15.0%

2 Bharat Electronics Ltd. 8.1% Power

3 Radico Khaitan Ltd. 7.7% Pharma

4 ITD Cementation India Ltd. 6.3% EMS

Defence
5 Varun Beverages Ltd. 6.3% Liquor
6 Ratnamani Metals & Tubes Ltd. 5.7% Construction
7 KEC International Ltd. 5.6% FMCG
Metal Product
8 KPI Green Energy Ltd. 5.6%
Railways
9 Titagarh Rail Systems Ltd. 5.4% IT
10 Coforge Ltd. 5.2% Power Cables
Electric Equipment
Textiles
Market Cap Allocation Cement
Industrials
Cash Large Cap, Consumer Durables
1.7% 14.4%

Mid Cap,
Small Cap, 22.5%
61.5%
The current model client portfolio comprise of 18 stocks. Portfolio is well
diversified across market capitalization and sector. We have shown top 10
stocks based on current portfolio. Most of the stocks are given more or less
equal and sizable weightage in portfolio.
Data as on 30th April 2025
Portfolio Strategy

High
Portfolio Positioning
Medium to High
IMPRESS Risk & Reward 36%
Portfolio 39x
Avg
Fwd
Reward

Est.
Overall Portfolio Average P/E
Estimated* EPS expected EPS
FY26
to grow at 36% CAGR CAGR
from FY25 to FY26
*Estimates Data as on 1st March 2025

Low Risk High

Focus on Quality Midcap
and Small Cap.
No stock less then
2000 cr Market Cap Value
Avg Market Cap (cr) 35%
Large Cap 202825 Growth
The portfolio is well
Midcap 41502 balanced between the 65%
value and growth style of
Small Cap 15703
investment
Overall Portfolio 46327
Data as on 30th April 2025
Note: The above stocks are part of model client portfolio.
Source : Internal Research, Ace Equity, Bloomberg* (Estimates) 8
 Portfolio Performance

Performance as on 30th April, 2025

40% IMPRESS PMS BSE 500 TRI

35%

30% 29.5%

25% 24.1% 23.7%

21.0% 21.2% 21.5%
20% 19.3%
16.6% 16.0%
15.2% 14.1%14.4%
15%

10% 9.6%
5.7%
5% 3.2% 2.2%
0%

-5% -3.4% -2.8%

-6.1%
-10%
-10.6%
-15%
1M 3M 6M 1Y 2Y 3Y 4Y 5Y 6Y Inception
31st May
Note: - Returns above one year are annualized. Returns net of fees and expenses. 2017
Disclaimer: Past Performance is not necessarily indicative of likely future performance. Performance mentioned above are not verified by SEBI. We have
shown the performance as Aggregate performance of all clients on TWRR basis.
 Top Contributors

Top Contributors
500%

450%

400%

350%

300%
% Gains

250%

200%

150%

100%

50%

0%

Disclaimer: Past Performance is not necessarily indicative of likely future performance.

Key Ratios

Ratios (5 Years Data)

Standard Sharpe Treynor Avg. Portfolio
Particulars BETA Jenson Alpha
Deviation Ratio Ratio Turnover
IMPRESS PMS 0.91 17.6 1.62 31.3 8.1 41.4%
BSE 500 TRI 1 15.6 1.54 22.5 NA NA

Beta: It measures how much an investment moves compared to the overall market. Beta of 1 means it moves with the
market, less than 1 means less risk and greater than 1 means more risk.
Standard Deviation: Shows how much the returns of an investment can go up or down. High ratio means the returns
can be very different from the average, making it riskier, while a low standard deviation means the returns are more
stable and predictable.
Sharpe Ratio: It tells us how much return we get for the risk we take with an investment. A higher Sharpe ratio means
better returns for each unit of risk, making it a good measure of how well an investment compensates for its risk.
Portfolio Turnover: Also called as churn ratio, is used to reflect the frequency of transactions done in the portfolio.
High turnover means high frequency of trading, while low turnover means the investments are mostly held for longer
periods.
Treynor: It shows how much return an investment gives for the risk taken from market movements. A higher Treynor
ratio means better performance for the given risk.
Jenson Alpha: It is used to determine if a portfolio is earning proper returns for the level of its risk. Positive value
means that the fund manager is outperforming the market with their stock-picking skills.
 Success Stories – Ratnamani Metals

Ratnamani Metals & Tubes (RMTL) RATNAMANI

is a niche player with superior 4500
capabilities in the domestic
industrial pipes and tube segment. 4000
Partial Profit
3500 Book
RMTL manufactures a wide range 3000
of stainless steel and carbon steel
pipes & tubes, which find application 2500
Partial Profit
in key end user industries like oil & 2000 Book
gas refineries, power, healthcare, 1500 Partial Profit
etc. Initial buy Book
1000
Company has expanded capacity 500
over the years and increased steel 0
pipes & value added products which

2-Oct-20
2-Apr-18

2-Apr-23
2-Mar-21
2-Jun-17

2-Dec-19
2-May-20

2-Aug-21
2-Jan-17

2-Nov-17

2-Jun-22
2-Nov-22
2-Jul-19

2-Jan-22

2-Jul-24
2-Sep-18
2-Feb-19

2-Sep-23
2-Feb-24
has higher margins.
 Success Stories – Radico Khaitan

Radico Khaitan Limited (RKL) is one of

the oldest and the largest
RADICO
manufacturers of Indian Made Foreign
Liquor (IMFL) in India. 2000
1800
RKL is one of the few companies in 1600
India to have developed its entire 1400
brand portfolio organically, with in- Partial
1200
house capabilities. Profit
1000 Book Partial Profit
With over 15 brands including four 800 Book
millionaire brands in its portfolio – 8PM 600 Initial buy
Whisky, Magic Moments Vodka, 400
Contessa XXX Rum and Old Admiral
200
Brandy - the rich history of over 75
years continues to set the pace for 0

2-Oct-20
2-Apr-18

2-Apr-23
2-Jan-17
2-Jun-17
2-Nov-17

2-Dec-19
2-May-20

2-Mar-21
2-Aug-21

2-Jun-22
2-Nov-22
2-Jul-19

2-Jan-22

2-Jul-24
2-Sep-18
2-Feb-19

2-Sep-23
2-Feb-24
today and shape the business outlook
for tomorrow.
Through premium brand launches,
backward integration, better pricing
and wider distribution, Radico Khaitan
is in a sweet spot.
Success Stories - Bajaj Finance

Bajaj Finance
BAJAJ FINANCE
• One of the Fastest growing and well Partial Profit
diversified NBFC from the Bajaj 9000 Full
Book
Group. 8000 Profit
Book
7000
• Consistent growth in NII and ROA
with NPA under control. 6000 Full
Profit
5000 Added Back
Book
• Focus on retail franchise. 4000 Partial Profit
Book
3000
• Always got better valuation then
Initial buy
peers. 2000
Added Back
1000
• Exited full investment as credit
0
growth is lilkely to be slower and

2-Oct-20
2-Apr-18

2-Apr-23
2-Dec-19
2-May-20

2-Mar-21
2-Aug-21
2-Jan-17
2-Jun-17
2-Nov-17

2-Jun-22
2-Nov-22
2-Jul-19

2-Jan-22

2-Jul-24
2-Sep-18
2-Feb-19

2-Sep-23
2-Feb-24
with base reaching so high for NBFC
and Capital raising to dilute earning.
Which will pull down the premium
valuation it command due to high
growth.
Founder & Promoter (Anand Rathi Group)

Gold medalist Chartered Accountant having more than four decades of rich and varied
experience in corporate management, financial & capital markets and corporate &
management consultancy.

Served Aditya Birla Group at very senior positions for more than 25 years before starting his
own financial services outfit. Shri Rathi was earlier President of BSE for two terms.

Anand Rathi Group derives its strength and vision from legendary leadership of Shri Anand
Rathi and charting growth path in his able guidance.
Anand Rathi
Founder & Chairman

Over twenty years broad based experience in the securities market and key driver of the
Retail and Institutional Equities business of the group.

Under his leadership, the Group’s Institutional & Retail Business has won great recognition
and many accolades. He has played a pivotal role in the Group’s network expansion and
pan India growth.

His valuable contribution towards professionalizing the management of the Group has won
him immense respect from the corporate world.
Pradeep Gupta
Co Founder &
Vice Chairman
Fund Management Team

More than 19 years of rich experience in Investment advisory, Product Development and
Portfolio Management.

Working with Anand Rathi since 2007 across Portfolio Management and Private Client Group
Equity Advisory.

Started Career with “Kotak Securities Ltd” in 2005 as an Investment Advisor subsequently got
into developing Equity products and running the same.
Mayur Shah Qualified MBA (Finance) from Mumbai University and Certified Financial Planner.
Fund Manager

More than 20 years of rich experience in Investment advisory, Portfolio Management and
research.

Worked in past with Standard Chartered Securities, Religare Securities, Enam Securities.

PGDBM from Mumbai.

Vinod Vaya
Features

IMPRESS Portfolio
Minimum investment Rs. 50 lakhs.
Strategy EQUITY
Allocation 15-20 STOCKS, diversified across sectors. Multicap – Spread between Small, Mid
and Large Cap

Investment Approach Multicap Portfolio - Balanced between Value and Growth. Most of the companies
have adequate analyst coverage. Most of the stocks will be part of core portfolio.

Risk - Reward & Tenure Medium to High Risk. Investment tenure 3 year plus

Type of instruments Equity & Equity Related Instruments, Fixed Income Instruments, Cash & Cash
Equivalent

Benchmark BSE 500 TRI

Fees & Charges

Benefits
• Dedicated Web Login for client to monitor portfolio. AMC fees : 2.5% p.a (Charged Pro-rata at end of each quarter)
• A relationship manager to cater to investment needs Brokerage : 0.10% on Equity delivery transaction
• Constant monitoring of the portfolio Exit Load : 2% - 1st Year, 1% - 2nd Year, NIL after 2nd Year.
• Audited statement at year end for tax filing purpose. Other Charges : GST, Other charges levied by Exchange, Custodial
Support charges (3 bps) levied by custodian and any other
• Back office customer service desk to address client statutory charges.
queries
 Specific Disclaimer

All Investment are subject to Market Risk.

Please read the risk factors before investing in the same.
Past Performance is not necessarily indicative of likely future performance

Registration Details Direct On-Boarding

To invest directly into our PMS, please:
PMS registered under : Anand Rathi Advisors Ltd.
Mail: pmsdesk@rathi.com
PMS Registration Number : INP00000282. Contact: 022-62813851, 52
Custodian : Orbis Financial Corporation Ltd. Or click here:
https://www.anandrathipms.com/contact-us.php

Product Support Back Office Support More Information

Name : Vinod Vaya Name : Namita Thakur / Sourabh Visit Our Website: https://www.anandrathipms.com
Tel : 022 - 6281 3851 Tel : 022 – 6281 1577 Click here for Disclosure Document
Email ID : vinodvaya@rathi.com Email ID : pmsdesk@rathi.com

OFFICIAL ADDRESS: 10th Floor, Express Zone - A Wing, Western Express Highway, Malad (East),
Mumbai - 400063, India
BOARD LINE : +91 22 6281 7000
 THANK YOU

Disclaimer:-This presentation has been issued by Anand Rathi Advisors Limited (ARAL), which is regulated by SEBI. Neither the information
nor any opinion expressed constitutes an offer, or an invitation to make an offer, to buy or sell any securities or any options, futures or other
derivatives related to such securities ("related investments"). ARAL and its affiliates may trade for their own accounts as market maker /
jobber and/or arbitrageur in any securities of this issuer(s) or in related investments, and may be on the opposite side of public orders. ARAL,
its affiliates, directors, officers, and employees may have a long or short position in any securities of this issuer(s) or in related investments.
ARAL or its affiliates may from time to time perform investment banking or other services for, or solicit investment banking or other business
from, any entity mentioned in this report. This presentation is prepared for private circulation. It does not have regard to the specific
investment objectives, financial situation and the particular needs of any specific person who may receive this report. Investors should seek
financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report
and should understand that statements regarding future prospects may not be realized. Investors should note that income from such
securities, if any, may fluctuate and that each security's price or value may rise or fall. Past performance is not necessarily a guide to future
performance. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related investment
mentioned in this report.