STRING OF PEARLS (Deep Value III) PORTFOLIO

Discretionary Portfolio Management Services

Portfolio Management Services

For Private Circulation Only

Content

Investment Approach
Investment Objective and Horizon
Investment Process
Portfolio Composition
Key Investment Themes
Market and Valuation
Wealth Creation : Case Studies
Wealth Creation : @ Centrum PMS
Performance Of PMS Schemes
PMS Product Suite
Centrum Team
Annexure

Private and Confidential

Investment Approach
He who would search for pearls must dive below - John Dryden
This is our philosophy with stock selection We deep dive into companies and their
operational working before we make an investment in the stock.
While there are many Oysters in the Ocean but only a few will yield a Pearl

We believe that our bottom-up approach would help us find those Oysters which will
have Pearls Good companies within the overall universe of stocks.
To build a concentrated portfolio of select stocks with a focus to create significant value
over the long term by identifying and investing in deep value stocks some of which may
be relatively under researched small and mid caps.
Pearls from Oysters are not made in a day
The fund will largely adopt a Buy and Hold strategy. It will hold the stocks till the
expected return from the potential opportunity is not fully realized. At the same time,
the objective is not to stay invested in a stock idea through out the life-time of the
fund. As the market typically delivers a non-linear return profile, the fund manager may
opportunistically seek to re-allocate money across stock ideas dynamically. We may also
exit our investment for loss or insignificant gain if there is any adverse development in
our view.
Private and Confidential

Investment Objective and Horizon

Seek superior returns by identifying companies which are :
Deep value, across sectors and segments; companies that are likely to deliver superior
performance over time. Valuation of companies based on various parameters like
price/cash flow, ROE, price/book, sum-of-part valuation, dividend yield,
price/earnings, replacement cost, etc.
Emerging themes offering strong growth outlook and value unlocking potential.

A stock which is bought at a sufficient discount to intrinsic value gives potential for
wealth creation after allowing for a margin of safety to reduce risk.

Market Cap definition: Large-cap stock > Rs. 20,000 Crore, Mid-cap stock - Rs 1000 Crore
to 20,000 Crore, Small-cap stock - Rs 100 Crore to 1000 Crore.

Target Investment Criterion Investment of Rs. One Crore per account.

Private and Confidential

Investment Process
1) IDEA GENERATION:
Quarterly Results
Macro Trends
Policy Changes
Corporate Actions
Broker Reports
News
Stock Screens
Historical Price movement

Stock suitability
Market Cap
Liquidity
Management Background
Key return ratios

5) PORFOLIO MONITORING
& REVIEW:
Performance
Attribution analysis
Back to step 1

4) PORTFOLIO ACTION:
Compliance check
Stock weight
Sector weight
Index v/v non index
Sector view
Decision on sector weight
Decision stock weight
Final decision:

2) BASIC CHECK:

Buy/Sell/Hold
Private and Confidential

3) DETAILED
FUNDAMENTAL
ANALYSIS:
Financial Modeling
Management meeting
Valuation
Detailed peer analysis
Detailed Team Discussion
5

Portfolio Composition
Portfolio will have exposure to around 15 stocks. This is a reasonable concentration thus
lending a higher risk to the portfolio. At the same time, the potential to earn good return
would also be reasonably higher.
Portfolio will predominantly be invested in mid-cap and small-cap companies which may
be illiquid at the time of investment.

Client Suitability
Suitable for equity investors with high risk appetite seeking relatively superior returns
and with longer term investment horizon.

Private and Confidential

Key Investment Themes

Government intent to push
through reforms seen from
recent ordinances

Recovery in Credit Growth

Interest rate reduction

Decline in yields would

reduce interest burden for
companies

Indian currency is expected

to remain range bound and
this would help the exporters

Cyclical
RecoveryInfra,
Logistics

Banking and
Financial
Services

Exporters

Auto and Auto

Ancillary

The global growth is

expected to rebound in CY15
which should give further
fillip to growth

Improvement in asset quality

Indian auto ancillary have

gained prominence among
global OEMs
This segment could be major
beneficiary of Make In
India campaign

Private and Confidential

Market and Valuation

Private and Confidential

GDP Growth and Market

1200

12
11

1000
10
800

9
8

600
7
400

6
5

200
4
0
Dec-04

Dec-05

Dec-06

Dec-07

BSE-MID CAP

Dec-08

Dec-09

BSE SENSEX

Dec-10

Dec-11

Dec-12

Dec-13

3
Dec-14

GDP % Change (YoY), RHS

The sharp market rise between 2007 and 2010 coincided with higher economic
growth. Within that mid caps outperformed.
Similarly, the period of sharp correction coincided with reduced economic growth
and within that mid caps underperformed.
Source: Bloomberg, Centrum

Private and Confidential

Midcap Returns: Pre & Post Elections

Election Year

Pre Election
3 Month

1991
1996
1998
1999
2004
2009
2014

2004
2009
2014

2004
2009
2014

Post Election
1 Year

18 Months

2 Year

36.3%
-5.5%
13.3%
-0.4%
-14.3%
30.2%
9.4%

SENSEX
46.4%
-11.2%
-13.9%
19.8%
-2.2%
57.4%
16.9%

177.9%
1.6%
-3.0%
-2.3%
7.6%
60.7%
?

125.0%
12.3%
17.1%
-15.1%
26.6%
63.9%
?

79.9%
8.4%
69.1%
-31.5%
107.2%
77.1%
?

2.9%
13.6%
16.5%

-8.6%
44.8%
18.1%

BSE MIDCAP
4.8%
89.1%
31.9%

34.7%
104.2%
?

62.3%
113.9%
?

149.4%
109.6%
?

-1.7%
15.1%
18.8%

BSE SMALLCAP
-5.5%
21.7%
40.6%
92.5%
27.4%
43.7%

82.5%
129.5%
?

138.3%
138.5%
?

238.6%
124.2%
?

11.7%
33.2%
-2.0%
16.5%
0.8%
17.4%
10.4%

3 Months

6 Months

Source: Bloomberg, Centrum

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10

Global Economy 1990-2000 & its relevance today

The global economic environment today - dj vu...?
The FED had sharply reduced the interest rate by almost 500bps during the early part of 1990s
The Crude price had corrected by almost 50% from the high of USD40/bbl to almost USD20/bbl
Dollar was strengthening vis--vis the other currencies globally
Japan was showing deflationary environment which is more or less now being shown by the
Eurozone
While these conditions on their own would look deflationary but they set up the market for rally
which lasted almost a decade.

45.00
40.00
35.00
30.00
25.00
20.00
15.00
10.00
5.00
0.11% 0.00

8.00%
7.00%
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%

1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013

0.00%

26.80

3-Jun-90
3-Dec-90
3-Jun-91
3-Dec-91
3-Jun-92
3-Dec-92
3-Jun-93
3-Dec-93
3-Jun-94
3-Dec-94
3-Jun-95
3-Dec-95
3-Jun-96
3-Dec-96
3-Jun-97
3-Dec-97
3-Jun-98
3-Dec-98
3-Jun-99
3-Dec-99
3-Jun-00
3-Dec-00

9.00%

Crude Oil Prices (1990-2000)

Fed Interest rates (%)

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11

Another bull run in the making?

Low Global Yields, range bound commodity prices were ripe conditions for an investment boom
to happen
The investment led boom resulted in strong GDP recovery in the developed world
Buoyed by the investment boom in the US economy the equity markets in the US entered a 10
year bull run which ended with the dot-com bust.
We believe that the global tailwinds are currently in favor of India with the commodity prices
sharply corrected, global yields down and hence easy availability of investment and a
government which has strong focus on infrastructure growth and reforms.
The global conditions coupled with a decisive government could push India in to a sustainable
bull run similar to the one witnessed in 1990-2000 in the US

1600
1400
1200
1000
800
600
400
200
0

1480

1500
1300
1320

1100

900
700
500

S&P 500 Index (1990-2000)

Nifty (1990-1999)

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12

Dec-00

Dec-99

Dec-98

Dec-97

Dec-96

Dec-95

Dec-94

Dec-93

Dec-92

Dec-91

100

Dec-90

1-Dec-99

1-Dec-98

1-Dec-97

1-Dec-96

1-Dec-95

1-Dec-94

1-Dec-93

1-Dec-92

1-Dec-91

1-Dec-90

300

Midcap Index performance & Valuations

The 10 year data on BSE Midcap shows that
while markets today have peaked since 200607 levels, the Valuations havent reached their
peak
Forward valuation, presently, for the BSE
Midcap index is close to 19x* while it made a
peak of 24x* in 2007; (Bloomberg)
The current earnings would not be able to
capture the expected growth in the next two
three years and hence we need to look at
forward valuations

12000

25

10000

20

8000

15

6000

24
18

4000

GDP Growth %

BSE Midcap

Dec-14

0
Dec-13

Dec-12

2
Dec-11

5000

Dec-10

Dec-09

10000

Dec-08

Dec-07

15000

Dec-06

Dec-05

20000

SENSEX

BSE MIDCAP P/E (RHS)

Jan-14

Jan-13

Jan-12

Jan-11

Jan-10

Jan-09

Jan-08

0
Jan-07

0
Jan-06

Jan-05

10

10

2000

12
25000

19

16

BSE Midcap (LHS)

Empirical evidence suggests that the

market peaks out when the economic
fundamentals of the underlying economy
peak out. This was observed in 2007 and
then again when the economy revived in
2010
We believe that the economy has not
reached its full potential and hence do
not expect that the equity indices have
topped out yet

Source: Bloomberg, Centrum, as of 31st December 2014; * in order to avoid any near term volatility in earnings the
forward P/E has been calculated based on the average earnings over the next two years.

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13

Reasonable Market Valuation

Mean
Max; ;
20.15

Mean + Std Dev

Jan-15

May-14

Sep-13

Jan-13

May-12

Sep-11

Jan-11

May-10

Sep-09

May-08

Jan-09

Min; ; 7.45

Sep-07

Nifty
forward
P/E
is
currently at 15.5x (as of 31st
Jan 2015), just above the
long term average of close
to 14x and 23% below the
peak of 20x in Jan 2008.

Jan-07

May-06

Though Benchmark indices

are at all time highs, market
valuation is in comfortable
zone.

Sep-05

P/E

21
19
17
15
13
11
9
7

Source: Bloomberg, Centrum

160

146.5

140

Market Cap to GDP

120
95.6 96.7

100

86.0

80
60

76.6 80.6

67.3

65.5
45.3

53.5

54.4

52.1

60.8

Currently ~80.6% as compared

to last 10 years average of
75% and peak of 146% in
CY2007.

CY2015*

CY2014

CY2013

CY2012

CY2011

CY2010

CY2009

CY2008

CY2007

CY2006

CY2005

CY2004

CY2003

40

Market Cap to GDP %

Source: Bloomberg, Centrum, *Based on Government budgeted GDP estimate of FY2015E, (*As of 31st Jan, 2015)

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14

Wealth Creation : Case Studies

Private and Confidential

Stock Selection Increases Alpha

Return analysis of BSE 500 during the period 2005-2014

Returns

Number of
firms

Annualized Returns

Greater than 15x

71

Ranged between 36% to 213%

Greater than 10x

34

Ranged between 31% to 36%

Greater than 5x

70

Ranged between 22% to 30%

Total

175/500

(35%)

Ranged between 22% to 213%

Source: Bloomberg, Centrum Broking, data from Jan 2005 to June 2014
146 firms out of current BSE 500 are not part of this analysis as they were added to BSE500 later or were listed post 2005

Stock selection significantly improves alpha as is evident from the above statistic

Source: Bloomberg, Centrum

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16

Micro stories of success in stagnant times

During the stagnant markets between December 2007 November 2010,when BSE
500 did not gain, there were success stories which created significant wealth -

Company Name

Returns

LIC Housing Finance Ltd

193%

GlaxoSmithKline Consumer Healthcare Ltd

238%

Godrej Consumer Products Ltd

236%

McLeod Russel India Ltd

242%

EID Parry India Ltd

248%

Castrol India Ltd

260%

Unichem Laboratories Ltd

272%

Cadila Healthcare Ltd

350%

Lupin Ltd

396%

Coromandel International Ltd

413%

Source: Bloomberg, Centrum

Private and Confidential

17

Examples Of Wealth Creation In Market

1600
1400
1200
1000
800
600
400
200
0
Dec-07

1600

8000

Eclerx (7 times in 7 years)

Page Industries (29 times in 7 Years)

7000

6000
5000

4000
3000

2000
1000

Dec-08

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

0
Dec-07

Dec-08

900

Sundaram Finance (15 times in 10 years)

1400

800

1200

700

Dec-09

Dec-10

Dec-11

Dec-12

Dec-13

Dec-14

Amara Raja Batteries (68 times in 10 years)

600

1000

500

800

400

600

300

400

200

200

100

0
Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14

0
Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14

Source: Bloomberg, Centrum, as of 31st December 2014

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18

Wealth Creation Stories : @ Centrum PMS

Private and Confidential

Wealth Creation Stories

a. What did we see?
The company is one of the
largest manufacturers and
exporters of stainless steel
tubes with dominant 40%
market share. It is a key
beneficiary of revival in the
economic growth especially in
the power, oil & gas and water
segments. Strong track record
of financial performance and
dividend payment history.

b. Our Expectations
The company was witnessing
improved order book flow and was
building further capacity in the
stainless
steel
segment.
We
expected the state and central
government to increase orders
which would help the company post
robust numbers going forward. The
reduction in debt owing to high
free cash flow generation were
other triggers

c. Performance
As of 31st January
2015, the stock is
up by 88% from
our
average
purchase price in
a time frame of
seven months.

600

500

400

b
a

300
200
100
0
Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Source: Bloomberg, Centrum, price on base of 100

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20

Wealth Creation Stories

a. What did we see?
The company is a south
based housing finance NBFC
which caters to the salaried
and non-salaried segment. It
has created a niche in the
non-salaried segment with
55% of the loan book from
this segment. The company
has a track record of low
write-offs and high margins.

b. Our Expectations
We had expected that the company
would be able to grow its loan book
on a consistent basis owing to lesser
competition in the non-salaried
segment. Moreover, geographical
diversification was another growth
driver. Further, we had expected that
the growth in the housing sector
would be key emphasis of any
government.

c. Performance
As
of
31st
January 2015,
the stock is up
by 115% from
our
average
purchase price
in a time frame
of one year.

220

200
180
160

140
120
100

80

60
40
Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Source: Bloomberg, Centrum, price on base of 100

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21

Wealth Creation Stories

a. What did we see?
Among the largest microfinance
company in the country. It was one
of the few listed plays in the
microfinance space.
Microfinance industry had gone
thru a tough phase owing to
changes in regulations and high
asset quality pressures; although
the prevailing prices factored the
decline in earnings.

b. Our Expectations
The company was on recovery
path as was visible from the
quarterly numbers. With the
revival in the return ratios and
better regulations in place the rerating possibility was very high.
We believed that the company
would continue to benefit from
increased
penetration
of
organized microfinance in the
rural areas.

c. Performance
As
of
31st
January 2015,
the stock is up
by 118% from
our
average
purchase price
in a time frame
of ten months.

300

250
200
150

100

50
0
Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Source: Bloomberg, Centrum, price on base of 100

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22

Wealth Creation Stories

a. What did we see?
The company is a leading player in
the power T&D space. The
company had managed it balance
sheet and earnings quite well in a
tough
macroeconomic
environment when many EPC
players had gone out of business.
Healthy, order book, efficient
working capital management made
the company one of the best plays
in the power T&D space.

b. Our Expectations
The company exhibited strong
revival in earnings and order
flow showed a sharp uptrend.
The quarterly numbers had
bottomed out and the y-o-y
numbers started showing good
upward trend.
The
companys
calibrated
approach in the BOOT projects
also was working well.

c. Performance
As
of
31st
January 2015,
the stock is up
by 145% from
our
average
purchase price
in a time frame
of
seven
months.

450

400

350
300
250

200
150

100
50
0
Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Source: Bloomberg, Centrum, price on base of 100

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23

Wealth Creation Stories

a. What did we see?
The company is a leading
player in the power T&D
space
with
strong
MNC
parentage. The Company is
market leader in the power
transmission space with close
to 19% market share. It is also
the market leader in the
765kV equipment with close
to 60% market share.

b. Our Expectations
Increased order book owing to
higher
Transmission
and
Distribution spends to drive
revenue growth from FY16E.
With increased emphasis on Grid
connectivity and higher capex in
the HVDC and GIS segments the
company stands to benefit.

c. Performance
As of 31st January
2015, the stock is
up by 9% from our
average purchase
price in a time
frame of one and
half month.

170
160
150

140

130

120

110
100
90
80
70
Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Source: Bloomberg, Centrum, price on base of 100

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24

Wealth Creation Stories

a. What did we see?
The company is worlds
largest manufacturer and
supplier of specialty
chemicals especially ATBS and
IBB with a market share of
40% and 60% respectively.
Consistent track record of
growth and profitability.
Industry leading return ratios,
margins and cash flow
generation profile.

b. Our Expectations
Indian specialty chemical sector
to benefit from revival in end
user industry and higher share in
global markets vis--vis China.
Consistent ramp up in capacity to
aid further growth.
Further diversification into newer
products to be other growth
driver..

c. Performance
As of 31st January
2015, the stock is
up by 26% from our
average purchase
price in a time
frame
of
five
months.

180

170
160

150

140

130
120
110
100
90
80
Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Source: Bloomberg, Centrum, price on base of 100

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25

Wealth Creation Stories

a. What did we see?
Company commands more
than 50% market share in
the
two-wheeler
transmission industry in
India. It Company caters to
75%-80% of Bajaj Autos &
HMSIs
transmission
requirement (chains and
sprockets) and ~30% of
Hero Motocorp and TVS
Motors need.

b. Our Expectations
The company is a key play on the
growth of the 2-wheeler industry.
Increased penetration in the 4-wheeler
segment and pick-up in exports to be
other growth drivers.
Acquisitions done by the company
expected to be EPS accretive in the
future.

c. Performance
As
of
31st
January 2015,
the stock is up
by 17% from
our
average
purchase price
in a time frame
of five months.

170

160
150

140
130

120

110
100
90
80
Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Source: Bloomberg, Centrum, price on base of 100

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PMS Performance

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27

PMS Performance
WEALTH CREATOR
Index / PMS
Models
BSE 500
Wealth Creator

6-M
15.4%
41.8%

Absolute Return
12-M
24-M
51.3%
48.0%
86.8%
68.0%

30-M
71.8%
82.5%

Absolute Return
12-M
24-M
51.3%
48.0%
98.3%
85.8%

30-M
71.8%
121.8%

DEEP VALUE - I
Index / PMS
Models
BSE 500
Deep Value

6-M
15.4%
40.1%

Portfolio performance is the median performance of clients in the respective scheme & Net of charges;
Performance as of 31st January 2015
M-month

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28

PMS Performance

DEEP VALUE - II
Index / PMS
Models
BSE 500
DV2

Absolute Return
3-M
5-M
7.09%
12.38%
13.56%
28.68%

Portfolio performance is the median performance of clients in the respective scheme & Net of charges;
Performance as of 31st January 2015
M-month

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29

PMS Product Suite

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30

Centrum Discretionary Mandates

Risk reward mapping of models

Risk

Glocal
Portfolio

Deep Value
Portfolio I, II, III

Wealth
Creator
Portfolio
Growth
Portfolio

Return
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31

Comparison of Models
PORTFOLIO

OBJECTIVE

STRATEGY

SUITABILITY

Balanced portfolio with 70%-80% in large

Seek to deliver capital cap stocks and remaining in mid & small Moderate risk appetite
cap stocks
GROWTH
appreciation through
with medium term
PORTFOLIO participation in large
investment horizon (1
cap stocks
year)
Invest in dominant players with strong
fundamentals and track record

50-60% of portfolio invested in deep

value & mid cap stocks and remaining in
Large cap stocks
Seek to deliver long
High Risk appetite with
WEALTH
term wealth creation
medium to long term
CREATOR
while meeting liquidity
investment horizon (1 PORTFOLIO
needs
2 years)
Bottom up & value stock picking strategy
identifying deep value stocks, emerging
themes, outperforming sectors

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32

Comparison of Models
PORTFOLIO

OBJECTIVE

STRATEGY

SUITABILITY

Predominantly invest in sectors of Banking

& Financials and Export oriented
Seek to deliver capital
High Risk appetite
companies with strong fundamentals,
appreciation by investing in track record and without market cap bias with medium to
GLOCAL
companies benefitting
long term
PORTFOLIO
through local and global
investment horizon
Minimum 20% and maximum 60% exposure
recovery
(> 2 years)
across sectors. Only20% allocation to
opportunities across other sectors
Predominantly invest in mid-cap and small
cap stocks which may be illiquid at time
DEEP
of investment
Seek to generate longer term
VALUE
High Risk appetite
wealth creation by investing
MULTIwith longer term
in deep value stocks
Bottom up & value stock picking strategy investment horizon
BAGGER
including relatively unknown
identifying deep value stocks,
PORTFOLIO
(> 2 years)
small & mid-cap stocks
outperforming sectors, emerging themes,
I, II, III
hidden gems and other macro themes for
major upsides

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33

Centrum Team

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34

Investment Team
Key Personnel
Kunj Bansal
Executive Director & Chief Investment Officer

Senior investment professional with over 2 decades of experience in

financial market
Has seen multiple cycles in the market and managed money across
different formats such as Mutual Funds, Offshore Funds and PMS
Started his career as a Research Analyst at Unit Trust of India (UTI)
which was Indias biggest mutual fund at that time
Subsequently, he worked with the biggest and best names in the
financial services industry such as Reliance, Kotak and Sanlam (a South
African group) managed money up to Rs 50 bn in these assignments
He writes for various magazines and newspapers and his valued opinion
is sought by various news/business channels. He has been a Speaker in
various seminars & conferences
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Investment Team
Key Personnel
Ankit Agarwal
Fund Manager
6

Ankit got his MBA from IIM Bangalore ,one of the premier B-schools in the world.
His most recent engagement has been with the wealth & investment management arm of Barclays where he was
leading a part of the equity research team, instrumental in managing over USD 300mn in total equity assets under
management.
He brings in diverse international experiences in the financial services industry having worked with Lehman
Brothers, London and BNP Paribas, Hong Kong on their institutional trading desk and D.E.Shaw India, US based
hedge fund.
He has a strong academic pedigree along with expertise in the Indian equity markets and works closely with the CIO
in taking macro and micro calls for the funds investments.
Ankit frequently comes on various business channels and print media to give views on the markets.

Abhishek Anand
Fund Manager

Abhishek has 10 years of experience with 8 years in institutional equity research covering multiple sectors such as
Telecom, Media ,IT & Consumer.
He won the Starmine Top Analyst Award for 2011-12 (Rank 3rd for Information Technology sector) and 2012-13 (Rank
1st for Information Technology sector and 5th overall sector) by Thomson Reuters.
Abhishek has been quoted frequently on the Telecom sector in various financial dailies and appears on business
channels to give his views on the Telecom sector.
His previous assignments were with institutional research division of SBI Capital Markets, Dun & Bradstreet & CMIE.
He is an MBA Finance from Mumbai University & PGDTFM from ICFAI University.
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Private Wealth Core Team

Rajnish Bahl- Managing Director and Chief Executive Officer

Over 25 years of experience in banking and financial services
Has been career banker with stints across Citibank, ANZ Grindlays, Standard Chartered Bank and
HSBC. Previously, Regional Head Distribution- HSBC MENA
Rank holding Chartered Accountant with Gold Medal in Auditing

S. Ganashyam- Executive Director and Chief Operating Officer

Over two decades of experience in setting up and running businesses across Wealth Management,
Private Banking and Institutional and Retail Equities.

Previously, Head of Wealth Management , HSBC India.

An MBA (University of Mumbai) and a CFA Charter holder from the CFA Institute, USA . He is also a
Certified Financial Planner (CFP).

Sandeep Nayak- Executive Director and CEO- Broking

20+ years of experience in Capital markets including Retail Broking and Private Client Services
Previously Founder member of Kotak Securities Online Broking-kotakstreet.com renamed
kotaksecurities.com and Head Private Client Group at Kotak Securities. Last assignment Head - Retail
Broking and Wealth Management at HSBC Investdirect
B.Com (Gold medalist Bangalore University), ACA, Grad CWA with All India First in both CA and ICWA

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Annexure

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Risk Factors
Securities investments are subject to market risks and there can be no assurance or
guarantee that the objectives will be achieved.
Investment in securities, the value of the portfolio under management may go up or
down depending upon various factors and forces affecting the capital markets.
Investors in PMS are not being offered any guaranteed /assured returns.
Each portfolio will be exposed to various risks depending on the investment
objective, investment strategy and the asset allocation.
The name of the products do not in any manner indicate their prospects or returns.
Each client is advised to consult his/her financial advisors before availing of PMS.

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Disclaimer
Email - centrumpms@centrum.co.in
Centrum Broking Limited (CBL) is part of the Centrum group. It provides Portfolio Management Services and
is registered with SEBI under Registration No. INP 000004383. Centrum Broking Limited is also into Stock
broking and is a member of BSE, NSE and MCX-SX and Depository participant of CDSL. Our research
professionals provide important inputs into the Group's Investment Banking and other business selection
processes. One of our group companies, Centrum Capital Ltd is an investment banker and an underwriter of
securities. As a group Centrum has Investment Banking, Advisory and other business relationships with a
significant percentage of the companies covered by our Research Group.
None of the information contained herein constitutes, or is intended to constitute a recommendation of any
particular security or trading strategy or a determination that any security or trading strategy is suitable for
any specific investor. The statements contained herein may include statements of future expectations and
other forward-looking statements that are based on our current views and assumptions and involve known and
unknown risks and uncertainties that could cause actual results, performance or events to differ materially
from those expressed or implied in such statements.
The material is based upon information that we consider reliable, but we do not represent that it is accurate
or complete, and it should be relied upon as such. The opinions, figures and other charts, etc. are sourced
from publicly available information, in-house research and/or are just internal interpretation/analysis of
reports/data sourced from the various sources. Neither Centrum, nor any person connected with it, accepts
any liability arising from the use of this document. The recipient of this material should rely on their
investigations and take their own professional advice. Opinions expressed are our current opinions as of the
date of appearing on this material only.

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