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INTRODUCTION
WHO WE ARE
P/E Average
30
28
26
24
22
20
18
16
14
12
10
Large Cap equity markets indices above long term averages. Only a well
selected portfolio of reasonable valuations is likely to outperform the
broader market.
P/E
11.5
11
10.5
10
9.5
9
8.5
8
7.5
Aug-14
14
Jul-14
14
Jun-14
14
May-14
14
Apr-14
14
Mar-14
14
Feb-14
14
Jan-14
14
Dec-13
13
Nov-13
13
Oct-13
13
Sep-13
13
Aug-13
13
Jul-13
13
Jun-13
13
May-13
13
Apr-13
13
Mar-13
13
Feb-13
13
Jan-13
13
Dec-12
12
Nov-12
12
Oct-12
12
Sep-12
12
Aug-12
12
Jul-12
12
Jun-12
12
May-12
12
Apr-12
12
Mar-12
12
Feb-12
12
Inflation has started falling due to stronger check on credit flow and
better control on govt. finances especially the fiscal deficit.
Lower expenditure on non-essential rural guarantee schemes, combined
with higher exports has kept the deficit in check.
Reserve Bank of Indias recent inflation targeting has sent strong signal
within the markets on inflation expectations.
12.0
10.0
8.0
6.0
4.0
2.0
0.0
-2.0
-4.0
Source: Reserve Bank of India
Industrial Production Levels have started coming off decade lows for the
basic goods.
We expect that the RBIs strong stance on inflation control will keep raw
material prices in check in near and long term, thereby improving
industrial operating margins and RoE for cyclical and non-cyclical sectors.
However, our expectation is of a gradual recovery and not a sudden spurt
as the cyclicals come off a prolonged slowdown.
August
2.29%
September
10.98%
October
-11.46%
November
16.97%
After
PERFORMANCE FIGURES
Performance Table
80.00%
70.00%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
Min
Average
Max
The average annual sales growth in the non-cylical portfolio assets has
been 24%.
The average annual profit growth in the portfolio assets has been 42%.
The average RoE for the portfolio is 39%.
The momentum of this abnormal growth is expected to continue due to
continued investment in expansion of product portfolio for the individual
companies and the strong domestic and export demand for their products.
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