MOSL Brochure Jan 2019

BUY RIGHT : SIT TIGHT
Buying quality companies and riding their growth cycle
THINK EQUITY
THINK MOTILAL OSWAL
MOTILAL
OSWAL
AMC
Motilal Oswal Asset Management Company (MOAMC) is one of India's fastest

growing asset management companies.
With a focus on equity investing and equity investment expertise inherited from
over 30 years of capital markets experience of our sponsors Motilal Oswal
Financial Services Ltd., we have created a single investing philosophy be it Mutual
Fund (MF) or Portfolio Management Services (PMS).
Like our investing philosophy, our product basket is also focused with
concentrated 'buy and hold' PMS Strategies and Mutual Fund schemes in the
Large Cap, Midcap and Multicap space respectively.
Our Value Strategy is one of the longest running products in PMS with a track
record of 15+ years. And our MF offerings come with unique features such as
“Low Churn” and “Focused” portfolios.
With an investment management team of 17; we aim to be seen as an investment
management house focused on wholesaling through marquee distribution
platforms and strong relationships, backed by performance track record.
Note:
Pursuant to the scheme of amalgamation Motilal Oswal Securities Limited (MOSL) has been merged with Motilal Oswal
Financial Services Limited (MOFSL) whereby all the assets and liabilities of MOSL including its business and investments have
been transferred to MOFSL w.e.f. August 21, 2018.
1
BUY RIGHT Our Investment Philosophy
SIT TIGHT At Motilal Oswal Asset Management Company (MOAMC), our investment
philosophy is centered on two critical pillars of equity investing – 'Buy Right: Sit
Tight'. 'Buy Right' means buying quality companies at a reasonable price and
'Sit Tight' means staying invested in them for a long time to realise the full
growth potential of the stocks.
Process2Performance
Value Strategy Delivered an annualized return of 22.56% since incep on as against 16.23%
Inception Date: 24 Mar 2003 by Ni y 50 Index
Delivered an annualized return of 17.01% since incep on as against 5.47% by

NTDOP Strategy
Ni y 500 Index Incep on Date: 11 Dec 2007
IOP Strategy Delivered an annualized return of 12.66% since incep on as against

Inception Date: 11 Feb 2010
7.23% by Ni y Smallcap 100 Index
Delivered an annualized return of 13.79% since incep on as against MOF25

Inception Date: 13 May 2013
12.61% by Ni y 50 TRI
MOF30 Delivered an annualized return of 20.22% since incep on as against

Inception Date: 24 Feb 2014 20.31% by Ni y Midcap 100 TRI
Delivered an annualized return of 21.77% since incep on as against MOF35

13.68% by Ni y 500 TRI Inception Date:28 Apr 2014
MOFLTE Delivered an annualized return of 13.69% since incep on as

Inception Date: 21 Jan 2015 against 7.99% by Ni y 500 TRI
Delivered an annualized return of 8.07% since incep on as against MOFDYNAMIC

Inception Date:27 Sep 2016
9.56% by CRISIL Hybrid 35 + 65 - Aggressive TRI
Data as on December 31, 2018
Past performance may or may not be sustained in future.

For detailed performance tables, please refer page no. 11 to 18 for Mutual Fund Schemes and 20 to 24 for Strategies of Portfolio
Management Services 2
BUY How do we 'Buy Right' ?
RIGHT Over the last 22 years, our chairman, Raamdeo Agrawal (one of India's
foremost value investors) has been analyzing the Indian equity market to
come up with investing insights in the form of the Annual Motilal Oswal
Wealth Creation Study. The learnings from all these studies have helped us
evolve a unique and focused investing process - 'QGLP'.
Every stock we buy in our Mutual Fund Schemes or PMS Strategies is based on
our QGLP parameters.
QGLP
for QUALITY for GROWTH for LONGEVITY for PRICE
‘Quality’ denotes ‘Growth’ ‘Longevity’ ‘Price’ denotes our

quality of the denotes growth denotes longevity approach of
business and in earnings and of the competitive buying a good
management sustained RoE advantage or business for a fair
economic moat of price rather than
the business buying a fair
business for a
good price
Performance of QGLP stocks

Here are a few more examples that show how QGLP stocks have fared in terms
of compounded annual growth return (CAGR) over the last 20 years or since
listing; whichever is later.
The given stocks are part of portfolio. The Stocks

Company Name CAGR % mentioned above are used to explain the concept
and are for illustration purpose only and should not
be used for development or implementation of an
Eicher Motors Ltd. 58.22 investment strategy. It shall not be constitute as an
advice, an offer to sell/purchase or as an invitation
Berger Paints Ltd. 39.07 or solicitation to do so for any securities. The
statements made herein may include statements
Pidilite Industries Ltd. 35.24 of future expectations and other forward-looking
statements that are based on our current views
Asian Paints Ltd. 31.38 and assumptions and involve known and unknown
risks and uncertainties that could cause actual
Kotak Mahindra Bank Ltd. 30.24 results, performance or events to differ materially
from those expressed or implied in such
statements. Past performance may or may not be
sustained in future. Source: Bloomberg Consensus
& Internal Research
Data as on December 31 , 2018
3
SIT How do we 'Sit Tight' ?
TIGHT While Buying Right is all about following a process, Sitting Tight on a good buy
requires Focus & Discipline.
Buy and Hold: We believe in focused stock portfolios and are strictly buy and
hold investors and believe that while picking the right business needs skill;
holding onto these businesses to enable our investors to benefit from the
entire growth cycle needs even more skill.
Focus: Our portfolios are high conviction portfolios with 20 to 25 stocks being
our ideal number. We believe in adequate diversification as over-
diversification results in diluting returns for our investors and adding market
risk.
Buy & Hold

If you had invested ` 100 in the Sensex in 1979, your investment would have
mul plied to ` 3,165 with dividend and to ` 1,751 without dividend.
3,000
Sensex Sensex cum Dividend
` 3,165
2,500 If you had invested Rs 100 .....
Purchasing Power
2,000
1,500
` 1,751
1,000
500
Sensex
Dividend
Sensex cum
Mar-79
Jan-80
Nov-80
Sep-81
Jul-82
May-83
Mar-84
Jan-85
Nov-85
Sep-86
Jul-87
May-88
Mar-89
Jan-90
Nov-90
Sep-91
Jul-92
May-93
Mar-94
Jan-95
Nov-95
Sep-96
Jul-97
May-98
Mar-99
Jan-00
Nov-00
Sep-01
Jul-02
May-03
Mar-04
Jan-05
Nov-05
Sep-06
Jul-07
May-08
Mar-09
Jan-10
Nov-10
Sep-11
Jul-12
May-13
Mar-14
Jan-15
Nov-15
Sep-16
Jul-17
May-18
Jun-18
Jul-18
Dec-18
Source: Bloomberg | Data as on December 31, 2018

The graph above is used to explain the concept and is for illustration purpose only and should not be used for development or
implementation of an investment strategy. It should not be construed as investment advice to any party. The above figures are inflation
adjusted.
Focused Por olio

Diversifica on beyond your control becomes unmanageable and adds no value
to your por olio. Over diversifica on can impact the overall performance of
your por olio. As in case of most por olios, the top 5 good quality stocks
contribute 80% of overall performance of your por olio while the rest 20% is
contributed by bad quality stocks.
Risk reducing as the number of

stocks raise. But after 20
stocks in portfolio, change of
Risk
risk is minimal
1 Stock 20 Stocks 100 Stocks

Number of Stocks
4
Q Quality
"Great companies to invest are like wonderful castles, surrounded

by deep, dangerous moats where the leader inside is an honest and
decent person. Preferably, the castle gets its strength from the
genius inside; the moat is permanent and acts as a powerful
deterrent to those considering an attack; and inside, the leader
makes gold but doesn't keep it all for himself.”
Q = Quality of business x Quality of management

There are two aspects to Q: (1) Quality of business and (2) Quality of
management. The rela onship between the two is mul plica ve and not
addi ve. Thus, if one of the aspects is zero, Q will be equal to zero, no ma er
how high the other.
Quality is a subjec ve concept, and yet there are several objec ve indicators
of the same, as listed below:
Q INDICATORS
Quality of Business Quality of Management
Large profit pool Competence

Economic Moat i.e. sustained Sound business strategy
competitive advantage Excellence in execution
reflected in return ratios (RoE,
Rational dividend payout
RoCE) higher than cost of
policy
capital and also those
Integrity
of peers
Honest and transparent
Favourable competitive
structure like monopoly or Concern for all stakeholders
oligopoly Growth mindset
Secular and stable business, Long-range profit outlook
preferably consumer facing Efficient capital allocation,
Positive demand-supply including growth by
situation acquisitions
5
G Growth
"Growth creates value only when it takes place within the limits of a
strong and sustainable company franchise, and these are rare.”
G = Growth in earnings
In inves ng, there are two dimensions of growth: (1) Earnings growth and (2)
Valua on growth. The G of QGLP addresses earnings growth, whereas the
P(rice) takes care of the Valua on growth.
Earnings growth by itself doesn't mean much. It adds value only when the
company earns returns on capital higher than the cost of capital. Hence,
growth is simply an amplifier: good when returns exceed the cost of capital,
bad when returns are below the cost of capital, and neutral when returns
equal the cost of capital.
In the final analysis, G (i.e. earnings growth in a company) is a quan ta ve

reflec on of Q (i.e. quality of business and management). G has four
dimensions:
1. Volume growth - a func on of
demand growth matched by Mul plica ve dimensions of
company's capacity to supply earnings growth
2. Price growth - a func on of Sales Volume Realisa on
company's pricing power, Growth Growth
which in turn is a func on of
the compe ve landscape
3. Opera ng leverage - a func on
of the company's opera ng EARNINGS GROWTH
cost structure. Higher the fixed
cost, lower the unit cost
incidence and higher the
opera ng leverage Opera ng Financial
Leverage Leverage
4. Financial Leverage - a func on
of capital structure. Higher the
debt-equity, higher the finan-
cial leverage and vice versa
6
L Longevity
"We like great companies with dominant positions, whose

franchise is hard to duplicate and has tremendous staying power or
some permanence to it.”
L = Longevity of quality and growth
Having established the present quality and earnings growth of the company,
the next challenge to investors is assessing how long it can sustain both. In the
context of longevity, competence of management is tested at two levels:
(1) Extending CAP (i.e. Compe ve Advantage Period), and
(2) Delaying growth slowdown.
Extending CAP: Compe ve Advantage Period (CAP) is the me during which

a company generates returns on investment that exceed its cost of capital.
Compe on eventually drives down returns to cost of capital, and some mes
even below it. However, a company with a great business and great
management keeps extending its CAP, sustaining high return both for itself and
its equity investors.
Companies usually enjoy a … but high-quality companies

certain CAP … tend to extend it
Rate Compe ve forces work to Rate
of bring down excess return of Incremental
Return Return
excess return
Return= Return=
WACC WACC WACC WACC
CAP CAP rolls over by 1 year

Time (in years) 0 Year 1 Time (in years)
WACC is the Weighted Average Cost of Capital
Delaying growth slowdown: Competent managements can delay growth

slowdown by
(1) new streams of organic growth, and/or
(2) inorganic growth via judicious acquisi ons.
7
P Price
Case Studyit –says

"In the Bible, Shriram Transport
that love covers a mul tude of sins. Well, in the
inves ng field, price covers a mul tude of mistakes. For human
beings, there is no subs tute for love. For inves ng there is no
subs tute for paying the right price – absolutely none.”
P = Price (i.e. Favourable valua on)
Growth in stock price is a mul plica ve func on of growth in earnings and

growth in valua on. The simplest way to improve the odds of valua on growth
is by ensuring favourable purchase price.
The price of a stock has to be seen in conjunc on with the value it offers. Price
is what we pay; value is what we get. Therefore, stock prices are a rac ve only
when they are less than the value perceived in the stock.
A simple rule of thumb of favourable purchase price is low P/E, preferably
single-digit. However, in certain situa ons, low P/E may not be the sole
determinant of favourable price e.g. during bo om-of-the-cycle, earnings of
cyclical stocks are depressed leading to high P/Es; likewise, where companies
are expected to turn from loss to profit, current P/E cannot be calculated.
Few other measures of favourable purchase price
Ÿ Discount to historical Ÿ Low Payback ratio (i.e. Market

valuation bands – P/E, cap / Expected profits of next
Price/Book 5 years)
Ÿ PEG Ratio (i.e. P/E ÷ Earnings Ÿ High dividend yield
growth; the lower the better)
Ÿ Absolute market cap relative
Ÿ Discount to DCF value to the size of opportunity
(Discounted Cash Flow) or
Replacement cost
8
MUTUAL
FUNDS For whom: Our equity expertise can be accessed by individual investors with
an approach to long term savings through our Mutual Fund products for as low
as Rs. 500 through a systematic investment plan (SIP).
Benefits: Our Mutual Fund Schemes pass through a rigorous investment
process with an aim to deliver consistent performance. Investments in the
Schemes can also be conveniently done online. As an investment house, since
we have only one investment philosophy, we aim to keep life simple for us and
our investors by having a focused menu of equity funds – one large cap, one
midcap, one multicap, one tax saver fund and one dynamic fund.
Our Funds
Mo lal Oswal Focused 25 Fund (MOF25)

Invests in enduring wealth creators
Mo lal Oswal Midcap 30 Fund (MOF30)
Invests in emerging wealth creators
Mo lal Oswal Mul cap 35 Fund (MOF35)
Invests in emerging and enduring wealth creators
Mo lal Oswal Long Term Equity Fund (MOFLTE)
Lock in fund that invests in wealth creators plus saves tax
Mo lal Oswal Dynamic Fund (MOFDYNAMIC)
Invest in equity, deriva ves, debt, money market instruments
and units issued by REITs and InvITs.
Mo lal Oswal Equity Hybrid Fund (MOFEH)
Invests in equity and equity related instruments to generate
returns by inves ng in a combined por olio of equity debt
resul ng in less vola lity.
Mo lal Oswal Liquid Fund (MOFLF)
Invests in money market securi es.
Mo lal Oswal Nasdaq 100 Fund of Fund (MOFN100FOF)
Invests in units of Mo lal Oswal Nasdaq 100 ETF.
Benefits of our Funds

Focused
Low Churn
Portfolio
Reap the full growth We do not buy more
poten al of stocks than 25-30 stocks,
reducing the risk
of diversifica on
9
PORTFOLIO
MANAGEMENT
SERVICES For whom: Our PMS products are meant for financially savvy high net worth
individuals (HNIs) who wish to u lise our exper se in building a por olio of high
quality companies or who have a large por olio of stocks but lack the bandwidth
to monitor them.
Benefits: With our Por olio Management Services one can build an equity
por olio in the large cap and midcap segment with highly personalized service.
Also, the 'Buy Right : Sit Tight' approach results in low churn in our por olios and
makes the cos ng of our Por olio Management Services very a rac ve.
Our Strategies
Value Strategy
Concentrated large cap por olio with around 20 stocks
Next Trillion Dollar Opportunity Strategy

Concentrated Diversified por olio with around 25 stocks
India Opportunity Por olio Strategy

Concentrated Small & Mid cap por olio with around 20 stocks
India Opportunity Por olio V2 Strategy

Concentrated Small & Mid cap por olio with around 20 stocks
Business Opportuni es Strategy

Concentrated Mul cap Por olio with around 25 stocks
Benefits of our Strategies

Focused High Brand
Low Churn
Portfolio Recall
Reap the full growth We do not buy more Widely accepted and
poten al of stocks than 25-30 stocks, distributed product
reducing the risk
of diversifica on
Segregated
Track Record Transparency
Portfolio
Behavior of an One of the longest Transparency in
investor won't running strategies in por olio holdings,
impact the por olio the industry with a transac ons
of other investors 15+ years track record and expenses
10
LARGE CAP Motilal Oswal Focused 25 Fund (MOF25)
FUND Investment
Type of
The investment objective of the Scheme is to achieve long term capital appreciation
Objective : by investing in upto 25 companies with long term sustainable competitive
advantage and growth potential. However, there can be no assurance or guarantee
that the investment objective of the Scheme would be achieved.
An open ended equity scheme investing in maximum 25 stocks intending to focus
Scheme : on Large Cap stocks
Category : Focused Fund intending to invest in large cap stocks
Benchmark : Nifty 50 TRI
Entry : Nil
Exit Load : 1% - If redeemed on or before 15 days from the date of allotment. Nil - If redeemed after
15 days from the date of allotment. A switch-out or a withdrawal shall also be subjected
to the Exit Load like any Redemption. No Exit Load applies for switch between MOF25,
MOF30, MOF35, MOFEH & MOFDYNAMIC. No Load for switch between Options within
the Scheme
Performance*
1 Year 3 Years 5 Years Since Inception
Current Value Current Value Current Value Current Value
of Investment of Investment of Investment of Investment
CAGR (%) of ` 10,000 CAGR (%) of ` 10,000 CAGR (%) of ` 10,000 CAGR (%) of ` 10,000
MOF25 -4.20 9,580 9.19 13,019 14.74 19,885 13.79 20,716

Ni y 50 TRI (Benchmark) 4.64 10,464 12.48 14,230 12.90 18,342 12.61 19,535
BSE Sensex TRI (Addi onal benchmark) 7.23 10,723 12.86 14,374 12.79 18,258 12.97 19,885
NAV (Rs.) Per Unit (20.7164 as on 31-Dec-2018) 21.6254 15.9130 10.4183 10.0000
“Date of inception: 13-May-2013. Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. The NAV per
unit shown in the table is as on the start date of the said period. Past performance may or may not be sustained in the future. Performance is for Regular Plan Growth Option. Different plans have
different expense structure. This scheme is currently managed by Mr. Siddharth Bothra. He is the Fund Manager for equity component since 23-Nov-2016; Mr. Gautam Sinha Roy is the Co-Fund
Manager for equity component since 26-Dec-2016 and Mr. Abhiroop Mukherjee is the Fund Manager for debt component since inception. The performance of the Schemes managed by them are on
page no. 12,13,14,15 and 16.
Fund Manager SIP Performance*

Name Experience 1 Year 3 Year 5 Year Since Inception
Mr. Siddharth Bothra BSE BSE BSE BSE

He has a rich experience of more
than 17 years in the field of research Scheme Nifty 50 Sensex Scheme Nifty 50 Sensex Scheme Nifty 50 Sensex Scheme Nifty 50 Sensex
Fund Manager TRI TRI^ TRI TRI^ TRI TRI^ TRI TRI^
and investments. He has been
managing this fund since 23-Nov- Invested
2016 Amount 1,20,000 3,60,000 6,00,000 6,70,000
Mr. Gautam Sinha Roy H e h a s c l o s e to 1 5 ye a rs o f Market 116,894 121,914 123,053 400,790 428,662 436,498 762,417 784,585 792,957 912,532 921,888 929,908
experience in fund management Value
Co-Fund Manager
and investment research. He has Returns -4.76 2.97 4.75 7.10 11.67 12.92 9.52 10.67 11.09 10.97 11.33 11.64
been co-managing this fund since (CAGR)%
26-Dec-2016
Âlso represents additional benchmark
Inception date: 13-May-2013.
For SIP returns, monthly investment of ` 10,000/- invested on the 1st day of every month has been considered. Performance is for
Regular Plan Growth Option. Past performance may or may not be sustained in the future.
Top 10 Holdings* Sector Allocation*
Sr. No. Name of Instrument % to Net
Assets Finance 22.76%
Banks 20.00%
1 HDFC Bank Ltd. 9.56
Software 11.17%
2 Kotak Mahindra Bank Ltd. 7.27
Auto 9.96%
3 Maruti Suzuki India Ltd. 5.67 Pharmaceuticals 7.49%
4 ICICI Lombard General Insurance Company Ltd. 5.58 Transportation 5.74%
5 Housing Development Finance Corporation Ltd. 5.43 Industrial Capital Goods 5.02%
6 HDFC Standard Life Insurance Company Ltd. 5.29 Construction Project 3.87%
7 ABB India Ltd. 5.02 Consumer Non Durables 3.85%

Consumer Durables 2.82%
8 Tata Consultancy Services Ltd. 4.92
Commercial Services 2.23%
9 Eicher Motors Ltd. 4.29
Cement 2.14%
10 Larsen & Toubro Ltd. 3.87 Petroleum Products 1.82%
*Data as on December 31, 2018 Cash & Equivalent 4.98%
11
MIDCAP Motilal Oswal Midcap 30 Fund (MOF30)
FUND Investment The investment objective of the Scheme is to achieve long term capital appreciation
Objective : by investing in a maximum of 30 quality mid-cap companies having long-term
competitive advantages and potential for growth.
However, there can be no assurance or guarantee that the investment objective of
the Scheme would be achieved.
Type of Mid Cap Fund - An open ended equity scheme predominantly investing in mid cap
Scheme : stocks
Category : Mid Cap Fund
Benchmark : Nifty Midcap 100 TRI
Entry : Nil
15 days from the date of allotment. A switch-out or a withdrawal shall also be subjected to
the Exit Load like any Redemption. No Exit Load applies for switch between MOF25,
the Scheme
Performance*
1 Year 3 Years Since Inception
CAGR (%) Current Value of CAGR (%) Current Value of CAGR (%) Current Value of
Investment of ` 10,000 Investment of ` 10,000 Investment of ` 10,000
MOF30 -12.70 8,730 6.29 12,009 20.22 24,434
Ni y Midcap 100 TRI (Benchmark) -14.60 8,540 11.36 13,808 20.31 24,529
Ni y 50 TRI (Addi onal Benchmark) 4.64 10,464 12.48 14,230 13.73 18,672
NAV (Rs.) Per Unit (24.4339 as on 31-Dec-2018) 27.9896 20.3468 10.0000
Date of inception: 24-Feb-14. = Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. The NAV per unit
shown in the table is as on the start date of the said period. Past performance may or may not be sustained in the future. Performance is for Regular Plan Growth option. Different plans have different
expense structure. = Mr. Akash Singhania is the Fund Manager for equity component since 28-Jul-2017; Mr. Niket Shah is the Associate Fund Manager since March 1, 2018 and Mr. Abhiroop Mukherjee
is the Fund Manager for debt component since 24-Feb-2014. The performance of the Schemes is the Associate Fund Manager managed by them are on page no. 11,1 3,1 4, and 15 = The scheme has
been in existence for less than 5 years.
Fund Manager SIP Performance*

Name Experience 1 Year 3 Year Since Inception
Mr. Akash Singhania He has overall 13 years of Nifty Nifty Nifty

Scheme Midcap 100 Nifty 50 Scheme Midcap 100 Nifty 50 Scheme Midcap 100 Nifty 50
Fund Manager experience and more than 11 years TRI^ TRI^ TRI^
of experience in Fund management TRI TRI TRI
across the tenure. He has been
appointed as the Fund Manager Invested Amount 1,20,000 3,60,000 580,000
since 28-Jul-2017
Market Value 115,138 113,872 121,914 373,717 397,051 428,661 710,174 751,019 747,088
Mr. Niket Shah He has been appointed as Associate Returns (CAGR)% -7.42 -9.33 2.97 2.44 6.47 11.67 8.31 10.64 10.42
Fund Manager since March 1, 2018
Associate Fund Manager
He has overall 9 years of experience
Inception date: 24-Feb-2014. Âlso represents additional benchmark
For SIP returns, monthly investment of Rs. 10000/- invested on the 1st day of every month has been considered. Performance is for

Sr. No. Name of Instrument % to Net Assets
Auto Ancillaries 22.35%
1 Bajaj Finance Ltd. 8.00 Banks 19.31%
2 RBL Bank Ltd. 7.84
Finance 16.42%
3 City Union Bank Ltd. 5.83 Industrial Products 5.79%
4 AU Small Finance Bank Ltd. 5.65
Construction Project 5.02%
5 Exide Industries Ltd. 5.17
Software 4.54%
6 Astral Poly Technik Ltd. 5.12
Consumer Durables 4.34%
7 Voltas Ltd. 5.02
Pharmaceuticals 4.16%
8 Eris Lifesciences Ltd. 4.16
Consumer Non Durables 3.69%
9 Endurance Technologies Ltd. 3.88
Cement 2.90%
10 Sundram Fasteners Ltd. 3.84
*Data as on December 31, 2018 Commercial Services 2.75%
Auto 1.75%
Cash & Equivalent 6.99%
12
MULTICAP Motilal Oswal Multicap 35 Fund (MOF35)
FUND Investment The investment objective of the Scheme is to achieve long term capital appreciation
Objective : by primarily investing in a maximum of 35 equity & equity related instruments
across sectors and market-capitalization levels.
Type of : MultiCap - An open ended equity scheme investing across large cap, mid cap, small
Scheme cap stocks
Category : MultiCap
Entry : Nil
the Scheme
Performance*
CAGR (%) Current Value of CAGR (%) Current Value of CAGR (%) Current Value of
Investment of ` 10,000 Investment of ` 10,000 Investment of ` 10,000
MOF35 -7.85 9,215 12.65 14,297 21.77 25,133
Ni y 500 TRI (Benchmark) -2.14 9,786 12.30 14,162 13.68 18,220
Date of inception: 28-Apr-14. = Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. The NAV per unit
shown in the table is as on the start date of the said period. Past performance may or may not be sustained in the future. Performance is for Regular Plan Growth option. Different plans have different
expense structure. =Mr. Gautam Sinha Roy is the Fund Manager for equity component since 5-May-2014; = Ms. Snigdha Sharma has been appointed Associate Fund Manager of the Schemes Motilal
Oswal Multicap 35 Fund (MOF35) vide addendum dated August 1, 2018 w.e.f. July 23, 2018, Mr. Abhiroop Mukherjee is the Fund Manager for debt component since 28-Apr-2014 and Mr. Swapnil
Mayekar for Foreign Securities since 10-Aug-2015. The performance of the Schemes managed by them are on page no. 11,12,14,15 and 16 = The scheme has been in existence for less than 5 years.
Fund manager SIP Performance*

Mr. Gautam He has close to 15 years of Scheme Nifty 500 Nifty 50 Scheme Nifty 500 Nifty 50 Scheme Nifty 500 Nifty 50
experience in fund management TRI TRI^ TRI TRI^ TRI TRI^
Sinha Roy
Fund Manager and investment research. He has
been managing this fund since 5- Invested Amount 120,000 360,000 560,000
May-2014
Market Value 115,325 118,993 121,914 408,407 419,938 428,661 747,456 710,642 711,071
Ms. Snigdha Ms. Snigdha Sharma has overall 10 Returns (CAGR)% -7.14 -1.55 2.97 8.37 10.26 11.67 12.35 10.16 10.19
Sharma years of rich and diverse
Associate Fund experience on both buy and sell Inception date: 28-Apr-2014. Âlso represents additional benchmark
Manager side equity research across India For SIP returns, monthly investment of Rs. 10000/- invested on the 1st day of every month has been considered. Performance is for
and US markets Regular Plan Growth Option. Past performance may or may not be sustained in the future.

Sr. No. Name of Instrument % to Net Assets Finance 22.28%
1 HDFC Bank Ltd. 9.27 Banks 20.28%
2 HDFC Ltd. 7.33 Software 13.08%
3 Infosys Ltd. 6.60 Auto 11.07%

4 Larsen & Toubro Ltd. 5.41 Consumer Non Durables 7.28%
5 Maruti Suzuki India Ltd. 5.34 Pharmaceuticals 7.00%
6 IndusInd Bank Ltd. 5.29 Petroleum Products 5.90%
7 Tata Consultancy Services Ltd. 4.58 Construction Project 5.41%
8 Bajaj Finance Ltd. 4.57 Gas 2.88%
9 Eicher Motors Ltd. 4.14 Consumer Durables 2.52%
10 United Spirits Ltd. 4.02
Transportation 0.35%
13
TAX SAVER Motilal Oswal Long Term Equity Fund (MOFLTE)
FUND Investment The investment objective of the Scheme is to generate long-term capital
Objective : appreciation from a diversified portfolio of predominantly equity and equity related
instruments. However, there can be no assurance or guarantee that the investment
objective of the Scheme would be achieved.
Type of : An open ended equity linked saving scheme with a statutory lock in of 3 years and
Scheme tax benefit
Category : ELSS

Entry : NIL
Exit : NIL
Performance*
Current Value of Investment Current Value of Investment CAGR (%) Current Value of Investment
CAGR (%) CAGR (%) of ` 10,000
of ` 10,000 of ` 10,000
MOFLTE -8.73 9,127 13.90 14,778 13.69 16,590
Ni y 500 TRI (Benchmark) -2.14 9,786 12.30 14,162 7.99 13,542
“Date of inception: 21-Jan-2015. Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. The NAV per unit
shown in the table is as on the start date of the said period. Past performance may or may not be sustained in the future. Performance is for Regular Plan Growth Option. Different plans have different
expense structure. This scheme is currently managed by Mr. Gautam Sinha Roy is the Fund Manager for equity component since inception; Ms. Snigdha Sharma has been appointed Associate Fund
Manager of the Schemes Motilal Oswal Long Term Equity Fund (MOFLTE) vide addendum dated August 1, 2018 w.e.f. July 23, 2018 and Mr. Abhiroop Mukherjee is the Fund Manager for debt
component since inception. The performance of the Schemes managed by them are on page no. 11,12,13,15 and 16. The scheme has been in existence for less than 5 years."
Fund manager SIP Performance*

Mr. Gautam Sinha Roy H e h a s c l o s e to 1 5 ye a rs o f Nifty 500 Nifty 50 Nifty 500 Nifty 50 Nifty 500 Nifty 50
experience in fund management Scheme TRI TRI^ Scheme TRI TRI^ Scheme TRI TRI^
Fund Manager
and investment research. He has
been managing this fund since
inception Invested Amount 1,20,000 3,60,000 470,000
Ms. Snigdha Sharma Ms. Snigdha Sharma has overall 10 Market Value 113,306 118,993 121,849 411,483 419,938 428,596 579,448 572,374 578,691
Associate Fund years of rich and diverse experience
on both buy and sell side equity Returns (CAGR)% -10.17 -1.55 2.87 8.88 10.26 11.66 10.67 10.03 10.60
Manager research across India and US
markets
Inception date: 21-Jan-2015. Âlso represents additional benchmark
For SIP returns, monthly investment of Rs. 10000/- invested on the 1st day of every month has been considered. Performance is for

Sr. No. Name of Instrument % to Net Assets Finance 22.29%
Banks 17.38%
Software 12.97%
2 Infosys Ltd. 6.95
Auto 9.59%
3 HDFC Ltd. 6.42 Construction Projects 8.23%
4 Larsen & Toubro Ltd. 5.85 Pharmaceuticals 6.46%
5 IndusInd Bank Ltd. 5.50 Petroleum Products 3.96%
Gas 3.44%
7 Maruti Suzuki India Ltd. 4.06
8 Bajaj Finance Ltd. 4.04 Commercial Services 2.15%
9 Max Financial Services Ltd. 3.62 Consumer Durables 1.89%
10 3.61 Industrial Products 1.24%
Eris Lifesciences Ltd.
Transportation 0.69%
14
DYNAMIC Motilal Oswal Dynamic Fund (MOFDYNAMIC)
FUND Investment The investment objective is to generate long term capital appreciation by investing in
Objective : equity and equity related instruments including equity derivatives, debt, money
market instruments and units issued by REITs and InvITs.
Type of
Scheme : An open ended dynamic asset allocation fund
Category : Dynamic Asset Allocation
Benchmark : CRISIL Hybrid 35 + 65 - Aggressive TRI
Entry : Nil
the Scheme
Fund manager
Name Experience
Mr. Gautam Sinha Roy He has close to 15 years of experience in fund management and investment research. He has been managing this fund since
Fund Manager 23-Nov-2016
Ms. Snigdha Sharma Ms. Snigdha Sharma has overall 10 years of rich and diverse experience on both buy and sell side equity research across India
Associate Fund Manager and US markets
Mr. Abhiroop Mukherjee - He has 10 years of experience in Trading Fixed Income Securities viz. G-sec, T-bills, Corporate Bonds CP, CD etc. He has been
Fund Manager for Debt Component managing this fund since inception
Performance*
1 Year Since Inception
CAGR (%) Current Value of Investment of ` 10,000 CAGR (%) Current Value of Investment of ` 10,000
MOFDYNAMIC -0.84 9,916 8.07 11,916
CRISIL Hybrid 35 + 65 - Aggressive Index TRI 2.84 10,284 9.56 12,291
(Benchmark)
Nifty 50 TRI (Additional Benchmark) 4.64 10,464 11.67 12,833
NAV (Rs.) Per Unit (11.9200 : as on 31-Dec-2018) 12.0200 10.0000
Date of inception: 27-Sep-2016 Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. The NAV per unit
expense structure. This scheme is currently managed by Mr. Gautam Sinha Roy. He has been managing equity component since 23-Nov-2016; Ms. Snigdha Sharma has been appointed Associate Fund
Manager of the Schemes Motilal Oswal Dynamic Fund (MOFDYANAMIC) vide addendum dated August 1, 2018 w.e.f. July 23, 2018 and Mr. Abhiroop Mukherjee is the Fund Manager for debt
component since inception. The performanceof the Schemes managed by them are on page no. 11,12,13,14 and 16. The scheme has been in existence for less than 3 years
SIP Performance*
1 Year Since Inception
Sr. No. Name of Instrument % to Net Assets CRISIL Hybrid CRISIL Hybrid
HDFC Ltd. Scheme 35 + 65 Nifty 50 Scheme 35 + 65 Nifty 50
1 8.26 - Aggressive TRI^ - Aggressive TRI^
2 Bajaj Finance Ltd. 7.70 TRI TRI
3 United Spirits Ltd. 7.08 Invested Amount 120,000 270,000
4 HDFC Bank Ltd. 4.08 Market Value 118,955 122,584 121,914 284,251 295,084 301,898
5 Infosys Ltd. 3.66
Returns (CAGR)% -1.61 4.02 2.97 4.48 7.81 9.88
6 Titan Company Ltd. 3.48
7 Max Financial Services Ltd. 2.78 ^ Also represents additional benchmark
Date of inception: 27-Sep-2016 For SIP returns, monthly investment of ` 10,000/- invested on the 1st
8 IndusInd Bank Ltd. 2.58 day of every month has been considered. Performance is for Regular Plan Growth Option. Past
9 Petronet LNG Ltd. 2.42 performance may or may not be sustained in the future.
10 Larsen & Toubro Ltd. 2.20
Sector Allocation*
Finance 22.39%
Allocation* Banks 9.84%
Software 6.75%
1 Total Equity 68.44 Auto 5.06%
2 Bonds and NCDs 22.08 Consumer Durables 3.48%
Construction Project 3.22%
3 Fixed Deposits 3.70
Pharmaceuticals 2.56%
4 Derivatives -23.96
Gas 2.42%
5 CBLO / Reverse Repo Investments 1.59 Petroleum Products 1.90%
6 Cash & Cash Equivalents 28.14 Auto Ancillaries 1.25%
Total Construction 1.23%

100
*Data as on December 31, 2018
Industrial Products 0.05%
15
HYBRID Motilal Oswal Equity Hybrid Fund (MOFEH)
FUND Investment The investment objective is to generate equity linked returns by investing in a
Objective : combined portfolio of equity and equity related instruments, debt, money market
Type of
instruments and units issued by Real Estate Investment Trust (REITs) and
Infrastructure Investment Trust (InvITs).
Scheme : An open ended hybrid scheme investing predominantly in equity and equity related
instruments
Category : Aggressive Hybrid Fund
Benchmark : CRISIL Hybrid 35+65 – Aggressive TRI
Entry : Nil
the Scheme
Fund Manager
Name Experience
Mr. Siddharth Bothra
Fund Manager He is managing this fund since inception. He has close to 17 years of experience
Mr. Akash Singhania
He is managing this fund since inception. He has close to 13 years of experience
Co-Fund Manager
Mr. Abhiroop Mukherjee - He has 10 years of experience in Trading Fixed Income Securities viz. G-sec, T-bills, Corporate Bonds CP, CD etc. He has been
Fund Manager for Debt Component managing this fund since inception
Sector Allocation*
Sr. No. Name of Instrument % to Net Assets
Sovereign Debt 27.95%
Banks 14.19%
3 ICICI Lombard General Insurance Company Ltd. Finance 14.06%
4.08
4 Maruti Suzuki India Ltd. 3.92 Software 7.41%
5 HDFC Standard Life Insurance Company Ltd. 3.67 Auto 6.91%
6 HDFC Ltd. 3.59 Pharmaceuticals 5.34%
7 Abbott India Ltd. 3.33 Consumer Non-Durables 4.32%
8 Larsen & Toubro Ltd. 3.12 Construction Projects 3.12%

9 ICICI Bank Ltd. 3.08 Transportation 2.97%
10 Eicher Motors Ltd. 2.99 Petroleum Products 2.11%
Industrial Capital Goods 1.83%
Allocation* Consumer Durables 1.75%
1 Total Equity 66.66

2 Sovereign Debt (Treasury Bills) 27.95
3 CBLO / Reverse Repo Investments 3.81 Quantitative Indicators
4 Cash & Cash Equivalents 1.58 Average Maturity 81 days/0.22 yrs
Total 100
*Data as on December 31, 2018 YTM 6.75%
(Data as on 31-Dec-2018)
16
LIQUID Motilal Oswal Liquid Fund (MOFLF)
FUND Investment The investment objective of the Scheme is to generate optimal returns with high
Objective : liquidity to the investors through a portfolio of money market securities.
Type of
the scheme would be achieved.
Scheme : An open ended liquid fund
Category : Liquid Fund

Benchmark : CRISIL Liquid Fund Index
Entry /Exit
Load : Nil
Fund Manager
Name Experience
Mr. Abhiroop Mukherjee
Fund Manager Managing this fund since inception. He has over 10 years of experience
Portfolio Quantitative Indicators

Company % to Net Assets Average Maturity 1 day/0.00274 yrs
CBLO / Reverse Repo Investments 91.89
CBLO / Reverse Repo Investments 0.54 YTM 6.45%
Cash & Cash Equivalent 7.57 For Liquid Fund, Modified Duration is equal to its Average maturity
Total 100 (Data as on 31-Dec-2018)
FUND OF Motilal Oswal Nasdaq 100 Fund of Fund (MOFN100FOF)
FUND Investment The investment objective of the Scheme is to seek returns by investing in units of
Objective : Motilal Oswal Nasdaq 100 ETF.
Type of
Scheme : An open ended fund of fund scheme investing in Motilal Oswal Nasdaq 100 ETF
Category : Domestic FOF

Benchmark : NASDAQ-100 Index
Entry /Exit
Load : Nil
Fund Manager
Name Experience
Mr. Ashish Agrawal He is managing this fund since inception. He has 13 years of rich exprience.
Fund Manager
Mr. Abhiroop Mukherjee He is managing this fund since inception. He has 10 years of rich exprience.
Fund Manager for Debt Component
Portfolio
Company % to Net Assets
Cash & Cash Equivalent 7.57
Total 100
Investors are requested to note that they will be bearing the recurring expenses of the fund of funds scheme, in addition to the expenses of underlying scheme in which the fund of
funds scheme makes investments.
*Data as on December 31, 2018 17

OTHER
FUNDS
Motilal Oswal Ultra Short Term Fund (MOFUSTF) Performance*

CAGR (%) of Investment CAGR (%) of Investment CAGR (%) of Investment CAGR (%) of Investment
of ` 10,000 of ` 10,000 of ` 10,000 of ` 10,000
Ultra Short Term (MOFUSTF) -8.13 9,187 1.04 10,314 3.41 11,825 3.73 12,149
CRISIL Short Term Bond Fund TRI (Benchmark) 7.90 10,790 7.57 12,447 8.13 14,784 8.34 15,312
CRISIL LIQUIFEX TRI (Addi onal Benchmark) 7.56 10,756 7.24 12,334 7.83 14,576 7.99 15,053
NAV (Rs.) Per Unit (12.1492 : as on 31-Dec-2018) 13.2144 11.7762 10.2715 10.0000
“Date of inception: 6-Sep-13. Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. The NAV per unit shown
in the table is as on the start date of the said period. Past performance may or may not be sustained in the future. Performance is for Regular Plan Growth Option. Different plans have different expense
structure. This scheme is currently managed by Mr. Abhiroop Mukherjee. He has been managing this fund since inception; The performance of the Schemes managed by him are on page no. 11 to 15. The
scheme has been in existence for less than 5 years."
Motilal Oswal NASDAQ 100 ETF (MOFN100) Performance*

CAGR (%) of Investment CAGR (%) of Investment CAGR (%) of Investment CAGR (%) of Investment
of ` 10,000 of ` 10,000 of ` 10,000 of ` 10,000
MOFN100 5.56 10,556 11.73 13,946 14.19 19,411 20.11 41,490
NASDAQ 100 TRI (Benchmark) 7.65 10,765 13.80 14,737 16.11 21,107 21.99 46,793
Ni y 50 TRI (Addi onal Benchmark) 4.64 10,464 12.48 14,230 12.90 18,342 9.95 20,885
NAV (Rs.) Per Unit (428.3300 : as on 31-Dec-2018) 405.7500 307.1300 220.6600 103.2400
“Date of inception: 29-Mar-11. Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation of returns. The NAV per unit
expense structure.This scheme is currently managed by Mr. Swapnil Mayekar. He has been managing this fund since 10-Aug-2015". Other Scheme managed by him are on page 13.
Mr. Swapnil Mayekar is the fund manager of the scheme Motilal Oswal NASDAQ 100 ETF (MOFN100) & for foreign securities of the scheme, Motilal Oswal Multicap 35 Fund (MOF35).

18
PRODUCT
LABEL
Name of the Scheme This product is suitable for investors who are seeking*
Motilal Oswal • Return by investing in upto 25 companies with long term sustainable
Focused 25 Fund (MOF25) competitive advantage and growth potential
• Investment in Equity and equity related instruments subject to overall
limit of 25 companies
• Long-term capital growth

Motilal Oswal • Investment in equity and equity related instruments in a maximum of 30 Riskometer
Midcap 30 Fund (MOF30) quality mid-cap companies having long-term competitive advantages and Moderate M
ely od
potential for growth er
at
od ow
Hi erat
gh e ly
M L
Motilal Oswal • Long-term capital growth Low
• Investment in a maximum of 35 equity and equity related instruments
High
Multicap 35 Fund (MOF35)
across sectors and market capitalization levels.
Low High
Motilal Oswal • Long-term capital growth Investors understand that their principal will be at Moderately High risk
Long Term Equity Fund • Investment predominantly in equity and equity related instruments
(MOFLTE)
Motilal Oswal Dynamic Fund • Long term capital appreciation
(MOFDYNAMIC) • Investment in equity, derivatives and debt instruments
Motilal Oswal Equity Hybrid • Long-term capital appreciation by generating equity linked returns
Fund (MOFEH) • Investment predominantly in equity and equity related instruments;
Motilal Oswal • Optimal returns consistent with moderate levels of risk Riskometer
Ultra Short Term Fund • Investment in debt securities and money market securities with ely
Moderate M
od
at Hi erat
er
(MOFUSTF) Macaulay duration of the portfolio between 3 months and 6 months. od ow
M L
gh e ly
Low
High
Low High
Investors understand that their principal will be at Moderately Low risk
Motilal Oswal • Return that corresponds generally to the performance of the NASDAQ Riskometer
NASDAQ 100 ETF (MOFN100) 100 Index, subject to tracking error ely
Moderate M
od
at Hi erat
er
• Investment in equity securities of NASDAQ 100 Index od ow
M L
gh e ly
Motilal Oswal Nasdaq 100 • Long term capital appreciation

Low
High
Fund of Fund (MOFN100FOF) • Return that corresponds generally to the performance of the Scheme,
Motilal Oswal Nasdaq 100 ETF (MOFN100) through investment in units
of MOFN100 Low High
Investors understand that their principal will be at High risk
Riskometer
Motilal Oswal Liquid Fund • Regular income over short term Moderate M
• Investment in money market securities ely od
(MOFLF) er
at
od ow
Hi erat
gh e ly
M L
Low
High
Low High
Investors understand that their principal will be at High risk
*Investors should consult their financial advisors if in doubt about whether the product is suitable for them.
19
LARGE CAP Value Strategy
STRATEGY
Investment objective:
The Strategy aims to benefit from the long term compounding effect on
investments done in good businesses, run by great business managers for
superior wealth creation.
Ÿ Concentrated large cap portfolio with around 20 stocks
Ÿ One of the longest running products in the industry with a 15 years track
record
Ÿ The corpus under this Strategy is over Rs. 2,303 cr as on December 31, 2018
The selection of the stocks will be based on the criteria of strategy at the time of initial ideation and
investment made as per the model portfolio of the strategy
Strategy Details Top 10 Holdings

Fund Manager: Shrey Loonker Sr. No. Name of Instrument % to Net Assets
Strategy Type: 1 HDFC Bank Ltd. 12.09

Open ended
Date of Incep on: 24th March 2003
3 Bajaj Finserv Ltd. 7.21
Benchmark: Nifty 50 Index 4 Bharat Petroleum Corporation Ltd. 6.50
Investment Horizon: 3 Years + 5 Larsen & Toubro Ltd. 6.36
Subscrip on: Daily 6 ICICI Lombard General Insurance Company Ltd. 6.14
Redemp on : Daily
Valua on Point: Daily 9 Bharat Forge Ltd. 4.73
10 ICICI Bank Ltd. 4.31
Key Portfolio Analysis Sector Allocation

Performance Data (Since Inception) Value Strategy Nifty 50 Index Sr. No. Sector Allocation % Allocation
Standard Deviation (%) 20.46% 22.53% 1 Banking & Finance 50.07
Beta 0.82 1.00 2 Auto & Auto Ancillaries 18.77

3 Oil and Gas 9.69
4 Engineering & Electricals 6.36
5 Airlines 3.01
Performance
240.00 24.77X
Value Strategy Ni y 50 Index
Both, Value Strategy and Nifty 50 Index are
rebased to 10 as on Mar 24, 2003
190.00
The Above strategy returns are of a Model Client
as on December 31, 2018. Returns of individual
clients may differ depending on factors such as
140.00
time of entry/exit/ additional inflows in the
Investment Value
strategies. The stocks forming part of the existing

10.74X portfolio may or may not be bought for new client.
90.00
Returns below 1 year are absolute and above 1
year are annualized. Strategy returns shown
above are post fees & expenses. Past performance
40.00
should not be used as a basis for comparison with
other investments. Past performance may or may
-10.00 not be sustained in future.
Nov-04
Nov-09
Nov-14
Mar-03
Aug-03
Jan-04
Jun-04
Apr-05
Sep-05
Feb-06
Jul-06
Dec-06
May-07
Oct-07
Mar-08
Aug-08
Jan-09
Apr-10
Sep-10
Feb-11
Jul-11
Dec-11
May-12
Oct-12
Mar-13
Aug-13
Jan-14
Jun-14
Apr-15
Sep-15
Feb-16
Jul-16
Dec-16
May-17
Oct-17
Mar-18
Dec-18

20
Diversified Next Trillion Dollar Opportunity Strategy (NTDOP)
STRATEGY Investment objective:

The Strategy aims to deliver superior returns by investing in stocks from sectors
that can benefit from the Next Trillion Dollar GDP growth.
It aims to pre-dominantly invest in diversified stocks with a focus on
identifying potential winners that would participate in successive phases of
GDP growth.
Ÿ Concentrated Diversified portfolio with around 25 stocks
Ÿ Focused on the 'Next Trillion Dollar Growth Opportunity’
Ÿ The corpus under this Strategy is over Rs. 8,466 cr as on December 31, 2018

Fund Manager: Manish Sonthalia Sr. No. Name of Instrument % to Net Assets
Strategy Type: Open ended 1 Kotak Mahindra Bank Ltd. 11.17
2 Page Industries Ltd. 9.35
Date of Incep on: 11th Dec 2007
3 Voltas Ltd. 8.76
Benchmark: Nifty 500 Index
4 City Union Bank Ltd. 5.52
Investment Horizon: 3 Years + 5 Bajaj Finance Ltd. 5.16
Subscrip on: Daily 6 Eicher Motors Ltd. 5.15
7 L&T Technology Services Ltd. 4.77
Redemp on : Daily
8 Bosch Ltd. 4.36
Valua on Point: Daily
9 Max Financial Services Ltd. 3.91
10 Godrej Industries Ltd. 3.82
Key Portfolio Analysis Sector Allocation

Sr. No. Sector Allocation % Allocation
Performance Data (Since Inception) NTDOP Strategy Nifty 500 Index
1 Banking & Finance 30.76
Standard Deviation (%) 17.83% 21.28% 2 FMCG 17.35
Beta 0.69 1.00 3 Auto & Auto Ancillaries 12.69
4 Diversified 12.58
5 Infotech 8.48
Performance
60.00
NTDOP Strategy Ni y 500 Index Both, NTDOP Strategy and Nifty 500 Index are
50.00
5.70X rebased to 10 as on Dec 11, 2007
The Above strategy returns are of a Model Client
Investment Value
40.00 as on Deecmber 31, 2018. Returns of individual

clients may differ depending on factors such as
30.00 time of entry/exit/ additional inflows in the
strategies. The stocks forming part of the existing
portfolio may or may not be bought for new client.
20.00 Returns below 1 year are absolute and above 1
1.80X year are annualized. Strategy returns shown
above are post fees & expenses. Past performance
10.00
should not be used as a basis for comparison with
other investments. Past performance may or may
0.00 not be sustained in future.
Dec-07
mar-08
Sep-08
Sep-09
jun-08
Dec-08
Mar-09
Jun-09
Dec-09
mar-10
Sep-10
Dec-14
mar-15
Sep-15
Sep-17
jun-10
Dec-10
mar-11
Sep-11
jun-11
Dec-11
mar-12
Sep-12
Sep-13
jun-12
Dec-12
mar-13
jun-13
Dec-13
mar-14
Sep-14
jun-14
jun-15
Dec-15
mar-16
Sep-16
jun-16
Dec-16
mar-17
jun-17
Dec-17
Mar-18
Jun-18
Dec-18
21
India Opportunity Portfolio Strategy (IOP)
SMALL-MIDCAP
STRATEGY Investment objective:
The Strategy aims to generate long term capital appreciation by creating a
focused portfolio of high growth stocks having the potential to grow more than
the nominal GDP for next 5-7 years across mid and smallcap stocks; and which
are available at reasonable market prices.
Ÿ Concentrated Small & Mid cap portfolio with around 20 stocks
Ÿ Flexibility to own best performing stocks irrespective of market
capitalization
Ÿ The corpus under this Strategy is over Rs.3,414 cr as on December 31, 2018

Fund Manager: Manish Sonthalia Sr. No. Name of Instrument % to Net Assets
Associate Fund Manager Atul Mehra 1 Development Credit Bank Ltd. 9.60
Strategy Type: Open ended
3 TTK Prestige Ltd. 7.00
Date of Inception: 11th Feb. 2010
4 Birla Corporation Ltd. 6.98
Benchmark: Nifty Smallcap 100 Index 5 Aegis Logistics Ltd. 6.84
Investment Horizon: 3 Years + 6 Gabriel India Ltd. 6.43
7 Mahanagar Gas Ltd. 5.84
Subscription: Daily
8 Alkem Laboratories Ltd. 5.47
Redemption : Daily
9 Kajaria Ceramics Ltd. 4.70
Valuation Point: Daily 10 Blue Star Ltd. 4.48
Sector Allocation
Key Portfolio Analysis Sr. No. Sector Allocation % Allocation
Nifty Smallcap
Performance Data (Since Inception) IOP Strategy 2 Pharmaceuticals 13.54
100 Index
3 Oil & Gas 12.68
Standard Deviation (%) 15.44% 19.78%
4 Consumer Durable 11.70
Beta 0.57 1.00
5 Cement & Infrastructure 9.65
Performance
India Opportunity Por olio Strategy Ni y Smallcap 100 Index

Both, IOP Strategy and Nifty Smallcap 100 Index
45.00 2.88X are rebased to 10 as on Feb 11, 2010.
40.00 The Above strategy returns are of a Model
3.15X Client as on December 31, 2018. Returns of
35.00 individual clients may differ depending on
30.00 2.37X 1.86X factors such as time of entry/exit/ additional
inflows in the strategies. The stocks forming
25.00 part of the existing portfolio may or may not be
bought for new client. Returns below 1 year are
20.00
absolute and above 1 year are annualized.
15.00
Strategy returns shown above are post fees &
expenses. Past performance should not be used
10.00 as a basis for comparison with other
investments. Past performance may or may not
5.00 be sustained in future.
May-10
May-11
May-12
May-13
May-14
May-15
May-16
May-17
May-18
Nov-10
Nov-11
Nov-12
Nov-13
Nov-14
Nov-15
Nov-16
Nov-17
Aug-10
Aug-11
Aug-12
Aug-13
Aug-14
Aug-15
Aug-16
Aug-17
Dec-18
Feb-10
Feb-11
Feb-12
Feb-13
Feb-14
Feb-15
Feb-16
Feb-17
Feb-18

22
India Opportunity Portfolio Strategy (IOP) V2
SMALL-MIDCAP
STRATEGY
The Strategy aims to deliver superior returns by investing in stocks from sectors
that can benefit from India's emerging businesses. It aims to predominantly
invest in Small and Midcap stocks with a focus on identifying potential winners.
Focus on Sectors and Companies which promise a higher than average growth.
Ÿ Concentrated Small & Mid cap portfolio with around 20 stocks
Ÿ Companies which have potential to grow from mini to mid & mid to mega over
a period of time
Ÿ The corpus under this Strategy is over Rs. 534 cr as on December 31, 2018

Fund Manager: Manish Sonthalia Sr. No. Name of Instrument % to Net
Assets
Associate Fund Manager: Atul Mehra 1 Heg Ltd. 10.37
Strategy Type: Open ended 2 Gruh Finance Ltd. 8.47
Date of Incep on: 5th Feb. 2018 3 Ipca Laboratories Ltd. 7.76
4 Cholamandalam Investment and Finance Company Ltd. 7.44
Benchmark: Nifty Smallcap 100 Index
5 Coffee Day Enterprises Ltd. 6.81
Investment Horizon: 3 Years +
6 Godrej Agrovet Ltd. 6.54
Subscrip on: Daily 7 Bajaj Electricals Ltd. 6.23
Redemp on : Daily 8 Bata India Ltd. 5.44
9 Sobha Ltd. 5.44
Valua on Point: Daily
10 Sundaram Fasteners Ltd. 4.75
Top Sectors
Sr. No. Sector Allocation % Allocation*

2 Electricals & Electronics 19.64
3 Agriculture 10.29
4 Pharmaceuticals 9.12
5 Restaurants 6.81
Performance Key Por olio Analysis

Period IOP V2 Ni y Smallcap 100 Performance Data (Since Incep on) IOP V2 Ni y Smallcap 100
1 Months 1.44 3.75 Standard Devia on (%) 18.92% 21.13%
3 Months 3.41 4.85 Beta 0.75 1.00
6 Months -7.34 -10.15 Data as on December 31, 2018
9 Months -13.34 -17.23

Since Incep on -9.07 -22.43
23
MULTICAP Business Opportunities Strategy (BOP)
STRATEGY
The investment objective of the Strategy is to achieve long term capital
appreciation by primarily investing in equity & equity related across market
capitalization.
Ÿ Concentration on emerging themes

Ÿ Focus on themes like Affordable Housing, Agricultural Growth, GST and Value
Migration from PSU banks to Private Sector Banks
Ÿ The corpus under this Strategy is over Rs. 184 cr as on December 31, 2018

Fund Manager: Manish Sonthalia Sr. No. Name of Instrument % to Net
Assets
Strategy Type: Open ended 1 Hindustan Unilever Ltd. 9.66
Date of Incep on: 16th Jan. 2018 2 HDFC Bank Ltd. 7.19
Benchmark: Nifty 500 Index 3 Bajaj Finance Ltd. 6.38

4 Bata India Ltd. 6.34
Investment Horizon: 3 Years +
5 Exide Industries Ltd. 6.16
Subscrip on: Daily
6 ICICI Lombard General Insurance Company Ltd. 5.29
Redemp on : Daily 7 Godrej Agrovet Ltd. 5.18
Valua on Point: Daily 8 Britannia Industries Ltd. 5.11
9 Container Corporation Of India Ltd. 4.96
10 Gruh Finance Ltd. 4.80
Top Sectors
Sr. No. Sector Allocation % Allocation*

2 FMCG 19.03
3 Retail 12.69
4 Agriculture 7.61
5 Engineering & Electricals 6.49
Performance Key Por olio Analysis

Period BOP Ni y 500 Performance Data (Since Incep on) BOP Ni y 500
1 Months 2.22 0.67 Standard Devia on (%) 14.54% 13.47%
3 Months 6.54 0.59 Beta 0.91 1.00
6 Months -1.68 0.08 Data as on December 31, 2018
9 Months 0.65 2.89

Since Incep on -3.05 -4.60
24
MANAGEMENT
TEAM
Raamdeo Agrawal Aashish P Somaiyaa

Chairman MD & CEO
MF
Fund
Manager
Gautam Sinha Roy Siddharth Bothra Akash Singhania Niket Shah Snigdha Sharma
Sr. Vice President Sr. Vice President Sr. Vice President Vice President Vice President
& Fund Manager & Fund Manager & Fund Manager & Associate Fund Manager & Associate Fund Manager
Equity Mutual Funds Equity Mutual Funds Equity Mutual Funds Equity Mutual Funds Equity Mutual Funds
PMS
Fund
Manager
Manish Sonthalia Shrey Loonker Atul Mehra

Sr. Vice President Vice President
Associate Fund Manager, PMS
& Head Equity PMS & Fund Manager Equity PMS
25
DISCLAIMER
This document has been issued on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this document
is for general purposes only and not a complete disclosure of every material fact. The information / data herein alone is not sufficient and shouldn't be used for the development
or implementation of an investment strategy. It should not be construed as investment advice to any party. All opinions, figures, estimates and data included in this document are
as on the date mentioned in the document. The document does not warrant the completeness or accuracy of the information and disclaims all liabilities, losses and damages
arising out of the use of this information. 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. Readers shall be fully responsible/liable for any decision taken on the basis of this document. Investments in Securities are subject
to market and other risks and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. Name of the
Scheme(s)/Strategy(ies) does not in any manner indicate its future prospects and returns. Investors are advised to consult his / her own professional advisor. Past performance
may or may not be sustained in future.
Note:
Pursuant to the scheme of amalgamation Motilal Oswal Securities Limited (MOSL) has been merged with Motilal Oswal Financial Services Limited (MOFSL) whereby all the assets
and liabilities of MOSL including its business and investments have been transferred to MOFSL w.e.f. August 21, 2018.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully
26
For any Mutual Fund queries, please call us on 81086 22222 or 022-4054 8002
write to mfservice@mo laloswal.com, Similarly for
PMS queries please call us on +91 22-39982602 or write to
pmsquery@mo laloswal.com or visit mo laloswalmf.com
THINK EQUITY
THINK MOTILAL OSWAL

MOSL Brochure Jan 2019

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MOSL Brochure Jan 2019

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BUY RIGHT : SIT TIGHT

Buying quality companies and riding their growth cycle

Motilal Oswal Asset Management Company (MOAMC) is one of India's fastest

Delivered an annualized return of 17.01% since incep on as against 5.47% by

IOP Strategy Delivered an annualized return of 12.66% since incep on as against

Delivered an annualized return of 13.79% since incep on as against MOF25

MOF30 Delivered an annualized return of 20.22% since incep on as against

Delivered an annualized return of 21.77% since incep on as against MOF35

MOFLTE Delivered an annualized return of 13.69% since incep on as

Delivered an annualized return of 8.07% since incep on as against MOFDYNAMIC

Data as on December 31, 2018

Past performance may or may not be sustained in future.

‘Quality’ denotes ‘Growth’ ‘Longevity’ ‘Price’ denotes our

Performance of QGLP stocks

The given stocks are part of portfolio. The Stocks

Buy & Hold

Source: Bloomberg | Data as on December 31, 2018

Focused Por olio

Risk reducing as the number of

1 Stock 20 Stocks 100 Stocks

"Great companies to invest are like wonderful castles, surrounded

Q = Quality of business x Quality of management

Quality of Business Quality of Management

Large profit pool Competence

In the ﬁnal analysis, G (i.e. earnings growth in a company) is a quan ta ve

"We like great companies with dominant positions, whose

L = Longevity of quality and growth

Extending CAP: Compe ve Advantage Period (CAP) is the me during which

Companies usually enjoy a … but high-quality companies

CAP CAP rolls over by 1 year

Delaying growth slowdown: Competent managements can delay growth

Case Studyit –says

P = Price (i.e. Favourable valua on)

Growth in stock price is a mul plica ve func on of growth in earnings and

Few other measures of favourable purchase price

Ÿ Discount to historical Ÿ Low Payback ratio (i.e. Market

Mo lal Oswal Focused 25 Fund (MOF25)

Beneﬁts of our Funds

Next Trillion Dollar Opportunity Strategy

India Opportunity Por olio Strategy

India Opportunity Por olio V2 Strategy

Business Opportuni es Strategy

Beneﬁts of our Strategies

MOF25 -4.20 9,580 9.19 13,019 14.74 19,885 13.79 20,716

Fund Manager SIP Performance*

Mr. Siddharth Bothra BSE BSE BSE BSE

7 ABB India Ltd. 5.02 Consumer Non Durables 3.85%

*Data as on December 31, 2018 Cash & Equivalent 4.98%

Fund Manager SIP Performance*

Mr. Akash Singhania He has overall 13 years of Nifty Nifty Nifty

Top 10 Holdings* Sector Allocation*

Ni y 500 TRI (Benchmark) -2.14 9,786 12.30 14,162 13.68 18,220

NAV (Rs.) Per Unit (25.1326 as on 31-Dec-2018) 27.2731 17.5792 10.0000

Fund manager SIP Performance*

Top 10 Holdings* Sector Allocation*

3 Infosys Ltd. 6.60 Auto 11.07%

Benchmark : Nifty 500 TRI

Ni y 500 TRI (Benchmark) -2.14 9,786 12.30 14,162 7.99 13,542

NAV (Rs.) Per Unit (16.5896 as on 31-Dec-2018) 18.1756 11.2256 10.0000

Fund manager SIP Performance*

Top 10 Holdings* Sector Allocation*

Total Construction 1.23%

5 HDFC Standard Life Insurance Company Ltd. 3.67 Auto 6.91%