Portfolio Management Services

Investment Framework:

• The investment strategy is to invest in a portfolio following the SCDV framework (Secular, Cyclical, Defensives, Value Trap) wherein it invests a large proportion of the portfolio in high quality Secular growth companies which are long term compounding stories. Rest of the portfolio is invested across quality Cyclicals and Defensives while maintaining underweight allocation in Value traps.
• Secular (PAT>15%, ROE >15%) – High growth companies/sectors which show consistent growth across market cycles
  
• Cyclical (PAT>15%, ROE <15%) – Companies/Sectors that show high growth but are affected by market cycles hence need to be timed for entry and exit

• Defensive (PAT<15%, ROE>15%) – Companies/sectors that show consistent stable growth across market cycles

• Value Trap (PAT<15%, ROE <15%) – Companies/sectors that are at attractive valuation but do not show commensurate growth

Investment Process:

• Robust internal research covering financial analysis, risk-reward assessment, governance, ESG checks and detailed stock notes

• Strong external validation through management meetings, analyst interactions, industry experts, conferences and supply chain visits

• Disciplined stock ranking framework where every stock is rated from Strong Buy to Strong Sell

• High-conviction model portfolio constructed using insights from both internal and external analysis

About the fund:

• Benchmark agnostic diversified All cap portfolio

• Invests across large, mid and small caps with flexibility to allocate based on opportunity

• Portfolio constructed through bottom-up fundamental research supported by disciplined risk management

• Typically holds 30-40 high conviction stocks with meaningful active weight

• Focus on business with sustainable earnings growth, healthy balance sheets and reasonable valuations

Investment philosophy:

• Alpha Generation over benchmark replication

• Preference for growth companies where earnings can compound faster than market averages

• Invest in fundamentally underpriced stocks with improving business and earnings visibility

• Bottom-up, fundamentals-driven approach where returns ultimately are all about earnings

• Willingness to be contrarian – prefers to be early rather than follow momentum

• Patient, buy and hold approach for the stocks

• Clear risk-reward discipline – price paid vs value derived  

Investment Philosophy and Strategy:

• Benchmark-agnostic & Sector-flexible: Follows a top-down and bottom-up approach, investing across sectors and themes without benchmark constraints, focusing on industries aligned with India’s Structural story.

• Focus on the Sweet spot: Predominantly invests in mid & small cap companies that offer superior growth potential, established track records, flexibility and are often under-owned and under-valued.

• Quality-led Wealth Creation: Emphasis on high ROE/ROCE businesses, sustainable earnings growth, low leverage, high quality franchises, and superior management teams.

• Value with Margin of Safety: Adopts a value investing mindset, aiming to buy quality businesses at attractive valuations with adequate margin of safety to generate alpha over the medium to long term.

About the fund:

• ASK Growth Portfolio focuses on investing in businesses with a large opportunity size and market dominance

• Bottom-up with focused conviction approach, disciplined allocation across 20-30 stocks

• Emphasis on resilient, liquid and scalable companies with sustainable competitive advantage

• Backed by strong management quality, which is central to the stock selection
  
  

Investment framework:

• The strategy follows MFS investment framework integrating macro parameters, fundamental analysis and sentiments/technical parameters to drive better risk-adjusted returns

• Maintains a large-cap tilt to provide stability, liquidity and the ability to navigate market volatility and cycles

• Selects companies with superior RoCE, strong moats, and sustainability of business model

• Focus on earnings growth – prioritizing quantum, consistency, and durability of growth

• Identifies opportunities early to benefit from compounding power over time

• Invests with a favorable price-value gap, ensuring adequate margin of safety 

About the fund:

• ASK IEP focuses on investing in high quality and promoter-led businesses with potential for high growth

• The portfolio follows a focused conviction approach, disciplined allocation across 20-30 stocks

• Adopts a flexi-cap strategy, investing in the best opportunities across the market capitalization

• Emphasises margin of safety, with careful entry points to balance risk and reward

Investment framework:

• The strategy follows MFS investment framework integrating macro parameters, fundamental analysis and sentiments/technical parameters to drive better risk-adjusted returns

• Maintains a large-cap tilt to provide stability, liquidity and the ability to navigate market volatility and cycles

• Focuses on a pure play on Indian Entrepreneurs, with exposure to promoter-led, family-owned businesses with strong track records

• Adopts a flexible, cycle-aware approach, balancing valuation comfort with growth opportunities across market conditions

• Targets companies with large opportunity size, scalability and strong moats, backed by industry structure, growth potential, brand, technology or network effects

About the fund:

• ASK ISP focuses on investing in businesses with a large opportunity size and market dominance

• Bottom-up with focused conviction approach, disciplined allocation across 20-30 stocks

• Emphasis on resilient, liquid and scalable companies with sustainable competitive advantage

• Backed by strong management quality, which is central to the stock selection

Investment framework:

• The strategy follows MFS investment framework integrating macro parameters, fundamental analysis and sentiments/technical parameters to drive better risk-adjusted returns

• Maintains a large-cap tilt to provide stability, liquidity and the ability to navigate market volatility and cycles

• Selects companies with superior RoCE, strong moats, and sustainability of business model

• Focus on earnings growth – prioritizing quantum, consistency, and durability of growth

• Identifies opportunities early to benefit from compounding power over time

• Invests with a favorable price-value gap, ensuring adequate margin of safety

Investment Objective:

• DB India Alpha Factor Equities aims to invest in a portfolio of stocks from the NSE 200 index which exhibit high momentum, with an aim to generate an alpha overmarket returns

• The DB India Alpha Factor Equities mandate is designed for equity investors who seek higher returns versus a benchmark-oriented approach; and who can bear very high risks of volatility of equity investment

Investment philosophy:

• Factor investing is designed to use a particular set of attributes to build a diversified portfolio. 

• Within this method, the Momentum style has given outstanding returns over the past decade and has beaten the Nifty 50 benchmark handsomely

• DB India Alpha Factor Equities strategy aims to build a portfolio based on current market momentum trends with an overlay of fundamental and technical filtration.

• This is an exclusive take on investing, combining systematic with discretionary approach to build a portfolio. This unique offering is based on market moving stocks vis-à-vis closet-indexed actively managed equity mutual funds

Investment Objective:

• DB India Multicap Equities is participating in the potential of growing Indian Companies through an actively managed long-only equity investment product

• The Multicap Equity mandate is designed for equity investors who seek attractive returns through a broad benchmark-oriented approach and who can bear the risks of high volatility of the investment

Investment philosophy:

• DB India Multicap Equities aims to achieve attractive returns through a research-driven selection of Indian equities by combining in-depth analysis. The investment style is benchmark aware but not benchmark driven

• The strategy aims to have orientation towards three broad themes viz Structural, Cyclical and New Age. Structural theme focuses on stocks which are bellwether in consumption, financial services and Information Technology space. Cyclical themecherry picks stocks from rate sensitives, global commodities and Industrials sector. New age theme would comprise stocks from entertainment, online services and staffing/outsourcing businesses

About the fund:

• The fund has a bottom-up security selection process while remaining sector and theme agnostic when fully investedBuild a concentrated portfolio of 15-20 stocks that straddle the full market cap with medium to low churn

• Invests in companies based on high business quality, sustainability of growth and valuations

• Allocation across industries and capitalization ranges including companies which are typically under-researched and offer a higher return potential

Investment philosophy:

• Opportunity: Large addressable markets with quality, sustainable growth and risk mitigation

• Longevity: Sustainable competitive advantage, scalability, predictability, adaptability and resilience

• Management: Intellect and Integrity, aligned objectives, ambition tempered by reality

• Value Accretive: EVA positive businesses with free cash flows and high incremental returns

• Discipline: Stay focused, use volatility as opportunity, avoid herd behavior and hype

Investment philosophy:

• Benchmark agnostic approach, maintains a focused portfolio of ~25-35 high conviction stocks

• Identifies opportunities in sectors facing or companies facing temporary headwinds, consolidation or special situations 
• Emphasises strong fundamentals using parameters such as RoE, RoCE, P/E, corporate governance and capital allocation track record

• Avoids overcrowded themes where widespread optimism may lead to overvaluation

Investment framework:

• Follows an in-house BMV framework – Business, Management, Valuation for stock selection

• Seeks companies with sustainable earnings growth and competitive advantages

• Aims to Identify Prominent businesses, with Competent Management, at Reasonable Valuations

• Multi-stage process: active coverage, BMV filtering, portfolio construction, risk management & monitoring

• Backed by extensive research coverage across sectors to identify overlooks opportunities early 

Investment philosophy:

• Focused portfolio of ~25-35 high conviction stocks in mid & small cap space which have the potential to become future market leaders

• Invests in businesses undergoing special situations, temporary unfavorable cycles or mispricing by the market

• Aims to invest in companies with possibilities of demand explosion and margin expansions which can drive PE re-rating

• Aims to capture early-stage growth before businesses transition into large cap category

Investment framework:

• Follows an in-house BMV framework – Business, Management, Valuation for stock selection

• Seeks companies with sustainable earnings growth and competitive advantages

• Aims to Identify Prominent businesses, with Competent Management, at Reasonable Valuations

• Multi-stage process: active coverage, BMV filtering, portfolio construction, risk management & monitoring

• Backed by extensive research coverage across sectors to identify overlooks opportunities early  

About the fund:

• Long-only strategy investing in a concentrated portfolio of ~18-20 stocks of high-quality businesses with the robust competitive advantages

• Focus on companies capable of consistent earnings & free-cashflow compounding over long periods, while ignoring short-term market noise

• Portfolio built using rigorous forensic accounting and bottom-up research to avoid governance and accounting risks

• Low churn approach – buy clean, well-run franchises and hold for long term wealth creation

Investment philosophy:

• Quality over quantity – invest in businesses with strong moats, pricing power and clean governance

• Prioritise longevity of cash flows over short-term valuation comfort

• Earnings growth driven by high ROCE+ disciplined reinvestment leads to sustainable compounding

• Avoid companies showing capital allocation lethargy, weak succession planning or aggressive accounting

• Position sizing based on the expected IRR and competitive advantage rather than market sentiment

About the fund:

• A concentrated and benchmark agnostic portfolio of ~20-30 stocks investing across large, mid and small caps

• Focuses on founder-led businesses where promoter holding is typically above 26%, ensuring alignment of interest

Investment philosophy:

• Founder-Driven: Invests in businesses led by committed founders with long-term vision, strong governance standards and prudent capital allocation track record.
• Hi-Quality & Hi-Growth: Combination of sustainable earnings growth and quality metrics such as return ratios, balance sheet strength and scalability
• Growth-oriented Themes: Exposure to long-term India growth themes like Make in India, Financialization, digital economy, urbanization, China+1, etc.
• Progressive Risk Management: Concentrated yet diversified across sectors and market cap, with continuous monitoring of governance, balance sheet quality and earnings growth trajectory

About the fund:

• Strategy aims to invest in emerging businesses that have the potential to become large-cap leaders in the future

• Bottom-up, sector agnostic strategy investing in mid cap companies (101-400 stock by market cap) with flexibility to invest across market-cap spectrum

Investment philosophy:

• The strategy focuses on identifying mid-sized companies that can transition into large-cap leaders (“Mid to Mega” opportunity) over time

• Stock selection follows the MQGLP framework – Midsize, Quality, Growth, Longevity and Price discipline to identify scalable businesses

• The portfolio emphasizes high-quality businesses with strong management, sustainable competitive advantages and consistent earnings growth

• Investments are aligned with long-term structural themes in the Indian economy, such as financialization, Make in India, tech services, healthcare and consumption

• The strategy maintains high conviction stocks with relatively low portfolio churn, allowing compounding over time.

About the fund:

• NTDOP is a multi-cap strategy that invests across large, mid and small cap companies

• Strategy focuses on identifying businesses that can participate in successive phases of India’s economic expansion driven by rising consumption, urbanisation and financialisation.

• High-conviction, concentrated portfolio of ~30 stocks

Investment philosophy:

• The strategy invests in high-quality, high-growth companies that can benefit from India’s structural economic growth

• Focus on emerging themes and sectors that could become leaders in the next growth cycle

• Buy-and-hold approach allowing strong businesses to compound over long periods

• Portfolio construction follows QGLP framework – quality, growth, longevity and reasonable valuation framework while selecting companies

• The strategy aims to capture emerging opportunities arising from India’s linear GDP growth, particularly in discretionary consumption, financialisation, and manufacturing-led themes

About the fund:

• The strategy aims to invest in companies benefiting from shifts in economic value from outdated business models to more efficient and scalable ones

• It follows a concentrated, benchmark-agnostic portfolio investing across market caps with focus on market leaders that can deliver strong earnings growth

Investment philosophy:

• The strategy identifies value migration trends, where economic value shifts from obsolete models to innovative, scalable and efficient businesses

• Invest in companies with scalable business models and the ability to gain market share over time

• Follows a bottom-up stock selection approach, supported by deep research and sector insights

• Portfolio construction follows QGLP framework – quality, growth, longevity and reasonable valuation framework while selecting companies

• The strategy aims to capture emerging opportunities arising from India’s linear GDP growth, particularly in discretionary consumption, financialisation, and manufacturing-led themes

About the fund:

• A multi-cap strategy focused on investing in fundamentally strong companies across large and select mid-cap companies

• Follows a research-driven, bottom-up approach to build a portfolio of high-quality businesses benefiting from India’s structural growth opportunity

• Blend of growth & value – creating a GARP-oriented portfolio

Investment philosophy:

• The Investment philosophy is anchored in the PIS framework which focuses on investing in companies demonstrating integrity in management, prudence in capital allocation and scalability in business growth

• Prudence – Invest in quality businesses at reasonable valuations with position sizing discipline

• Integrity – Focus on companies with strong management and promoter track record

• Scalability – Prefer companies with strong growth potential, driven by pace, longevity and quality of growth

About the fund:

• The fund follows a high-conviction, bottom-up stock selection approach with flexibility across market caps and sectors

• It aims to build a concentrated portfolio of quality businesses that can deliver sustainable growth and superior capital efficiency over the long term

• The fund focuses on building a portfolio that balances growth opportunities with prudent risk management across market cycles

Investment philosophy:

• Buy good businesses run by strong management at attractive valuations (BMV approach), focusing on companies with long-term vision and strong governance

• Focus on businesses that demonstrate sales and profit growth ahead of GDP, along with improving return ratios such as ROE and ROCE

• Follow a ‘highest conviction first’ allocation approach with stock weights

• Invest in companies that exhibit strong ESG standards, sustainable business practices, and the ability to generate long-term wealth

ESG Framework:

• Evaluate: Companies are assessed on key Environmental, Social and Governance (ESG) parameters such as climate impact, labour standards, governance practices and shareholder protection
• Engage: Regular engagement and communication with investee companies, including interactions around AGMs to better understand business practices
• Integrate: ESG insights are embedded into the investment decision-making process, ensuring capital is allocated to businesses with sustainable practices 

About the fund:

• The 'Business Consolidations After Disruptions' (“BCAD”) theme looks to benefit from the underlying consumerism and the imminent migration of market share and economic value from unorganized to organized players

• The investment mandate will be directed towards companies where the underlying is consistency in volume growth, rate of growth > than the industry, operating leverage, and incrementally better capital efficiency profile

Investment Strategy:

• The strategy shall focus on a bottom-up approach for selection of securities

• The strategy shall follow a 'buy and hold' strategy but will not hesitate to sell in order to redeploy in a relatively better opportunity, or when the stock achieves a valuation higher than is warranted

• The strategy would identify stocks considering qualitative and quantitative analysis including earnings growth, capital efficiency, relative margin of safety to valuations and management integrity

About the fund:

• Unifi Blended Rangoli cherry-picks the best investments from seven distinct thematic strategies managed by Unifi

• It focuses on participating in opportunities from emergent themes, corporate actions and core fundamentals to deliver superior risk-adjusted returns across market cycles

Blended Rangoli Structure:

• Cherry-picks top opportunities from seven strategies: Spin Off (unlocks value via de-mergers), DVD (deep value discounts), HoldCo (holding company valuation discounts), APJ 20 (less understood sectors like chemicals/agri/manufacturing), Green (carbon reduction/energy efficiency), Insider Shadow (share buybacks/promoter buying), BCAD (organized market share gains)

• Investment universe: BSE 500 and beyond, market-cap agnostic, focusing on under-researched small/mid caps with deep research for value, quality, and growth intersectionPortfolio: 25-30 stocks, top 15 holdings ~75% exposure; actively managed without model portfolio

About the fund:

• The strategy aims to invest in companies transitioning from Good businesses to Great businesses with strong competitive advantage

• The portfolio focuses on high-quality companies with strong management, consistent earnings visibility and scalability

• It aims to benefit from both earnings' growth and valuation re-rating as businesses evolve

Investment Philosophy:

• The philosophy is based on the G2G (Good-to-Great) approach, identifying businesses that evolve into long term compounders

• It recognizes that businesses can go through cycles of creation, growth and decline and aims to capture value during the growth phase

• The strategy emphasis on buying businesses at reasonable valuations and hold them as long as business quality remains intact
• The philosophy focuses on avoiding large losses and compounding the capital consistently over time

About the fund:

• The strategy follows an all-cap approach, investing across large, mid and small-cap companies to capture opportunities across the market

• The strategy is benchmark agnostic, focusing on alpha generation through stock selection

• The strategy is managed using fundamental research and a disciplined investment process

Investment Philosophy:

• The portfolio follows a ‘performance-first’ culture where stock selection is primary driver to returns

• The philosophy is based on the belief that outsized returns can be generated by investing in great businesses at attractive valuations over the long term

• Focus on businesses that are well managed, scalable and capable of generating superior returns on incremental capital

• Investment decisions are driven by bottom-up fundamental research rather than top-down bets on macro factors

• The proprietary OpcoFinco analytical framework is used to evaluate intrinsic value and assess excess returns on invested capital