FACT SHEET - BUY RIGHT : SIT TIGHT Buying quality companies and riding their growth cycle - Motilal Oswal Mutual Funds
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FACTSHEET As on 31st May 2021 BUY RIGHT : SIT TIGHT Buying quality companies and riding their growth cycle
Déjà vu: Is FY22 a new avatar of FY04?
Navin Agarwal
(MD & CEO - Mo�lal Oswal AMC)
History doesn’t repeat itself,
but it does rhyme.
- Mark Twain
The Ni�y 50 currently is up 77% from the Covid low of 8,600 in March 2020. This brings back memories of FY04,
when the Ni�y almost doubled from 934 in April 2003 to 1,800 in April 2004. This sharp bounce actually sustained
for the next four years, during which the Ni�y went up another 3x to 5,200 by April 2008. Which brings us to the
key ques�on – Is FY22 a rhyme of FY04? In other words, can we see the upcycle in stock markets con�nuing? So,
it’s an interes�ng exercise to discuss the similari�es between FY04 and FY22, and what it would take for the
FY04-08 cycle to rhyme over the next four years.
First the similari�es –
GDP growth – coming off lows: FY03 GDP growth was a low 3.8%. FY04 was the year of recovery to 8% GDP
growth, which sustained over the next four years. Likewise, FY21 GDP growth is es�mated to be an all-�me low of
-8%, and FY22 a smart recovery at 10%+
Real GDP Growth (% YoY)
10.3 11.0
8.8 9.3 9.3 9.8
8.5 8.3
7.9 7.9
6.6 7.4 8.0 6.8 6.5
6.4
4.8 5.5
3.8 3.8 3.9 4.0
FY00
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21F
FY22F
-8.0
Source: MOSL, Data as on 31st May-2021.Corporate Profits recovery: FY04 Corporate Profit to GDP was a low 4.7% which rose all the way to 8% over the
next four years. Similarly, FY22 Corporate Profit to GDP is expected to be low at 2.5% , which should rise over the
next four years.
Corporate profits to GDP has fallen to around same level as in 2002
Corp Profit / GDP (%)
7.8
7.3
6.3 6.5 6.3
5.4 5.5
4.7 4.8
4.3 4.3 4.4
3.7 3.6 3.8
3.0 3.2 2.9 3.1 3.1
2.2 2.5
1.8 2.1
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY25E
FY24E
FY23E
FY22E
FY20
FY21E
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
Source: MOSL, Data as on 31st May-2021.
Benign interest rate: In FY04, 10-year GSec yield was about 5.4%. Currently too it is a benign 5.9-6%.
Robust fund flow: In FY04, FII flows were USD 9.5 bn, high by then standards. We ended FY21 with FII flow of USD
37 bn.
Stable rupee, healthy forex reserves: In FY04, the rupee was stable around INR 45 to the USD with USD 150 bn of
forex reserves. Currently, the rupee is holding itself around INR 75, with about 600 bn of forex reserves.
On the currency front, the INR has displayed remarkable stability given the underlying record forex reserves
(USD583b). The INR depreciated 0.7% in Feb’2021.
The INR had its best �me during the Eurozone crisis, Taper tantrum, Yuan Low infla�on characterized Projected Fx growth –
2003-07 global bull run when the GDP and devalua�on - the Taper tantrum the period post 2015. The correla�on seen in the past
corporate earnings growth were high and episode in 2013 drove the INR down INR has been rela�vely less suggests a rela�vely stable INR
twin deficits – CAD, FD – were amongst sharply from 55 to 68 in just four vola�le despite several
the lowest in two decades. Pre GFC peak months. This was a period of high global headwinds. FX
infla�on and INR deprecia�on. reverses are surging.
90 in FX reserves 900
-4.5 2.8 8.9 -0.3 -2.0 2.6 8.4 -20.9 12.9 0.7 -12.4 -6.3 -9.4 -4.2 -5.7 2.2 -0.5 -5.8 -8.4 3.6 51 34 19
56 750
75 119
600
60 450
300
45
150
30 0
Mar'00
Mar'01
Mar'02
Mar'03
Mar'04
Mar'05
Mar'06
Mar'07
Mar'08
Mar'09
Mar'10
Mar'11
Mar'12
Mar'13
Mar'14
Mar'15
Mar'16
Mar'17
Mar'18
Mar'19
Mar'20
Mar'21
Mar'22
Mar'23
Mar'24
Mar'25
INR Change for the year Change in FX Reserves (USD b) Forex Reserves (USD b) (RHS) USD:INR
Source: MOSL, Data as on 31st May-21.
Having understood the similari�es between FY04 and FY22, it’s equally if not more important to assess what it will
take for the FY04-08 rally to rhyme over FY22-26.Capex-led growth: This is arguably the single-most dis�nc�ve feature of the FY04-08 growth story. Fueled by
global liquidity led demand, capital goods output growth went from -3% in FY01 to as high as 50% in FY07. This
led to broadbased GDP growth, driving up discre�onary consump�on from a low -6% in FY02 to a high 33% in
FY07.
Cap goods output has contracted sharply Discre�onary consump�on has taken a hit as also seen in 2002
60 35 33.1
50 25
40
30 15
20
10 5
0 -5
-10 -3.4 -6.3 -6.9
-20 -12.0 -15
2019*
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019*
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Capital goods output (%, yoy) Consumer durable goods output (%, yoy)
Source: Spark Capital, Data as on 31st May-2021.
2,000 Divestment Receipts (INR b)
1,750
1,500
1,000 947
1,000
388 421 477 503
500
170 246 228 181 259 294 377 320
17 21 36 32 44 16 5 6
0
FY22BE
FY00
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
Source: Spark Capital, Data as on 31st May-2021.
Higher savings and investment rates: A corollary to capex-led growth is high savings and investment rate in the
economy. Between 2002 and 2007, savings rate jumped 10 percentage points—from 25% of GDP to almost 35%.
This figure currently stands at 30-31%, and needs to pick up going forward. The same is true of Investment to GDP
which is down to sub-32% from almost 40% in FY08.
45.0
38.1
36.5 36.5
39.0 38.7 40.0
34.7 35.7
32.8 36.8
34.3 33.8 33.5
32.1 32.0
33.9
32.7 32.2 35.0
34.6 34.6 31.0
26.6 26.8
32.4 33.4
32.0
33.7 33.7 33.9
32.1 32.2
31.1 31.3 32.1
30.6 31.4
29.5
30.0
30.3 30.4
24.8
24.3 24.2
25.9
29.0 25.0
25.5
24.8
23.7
20.0
15.0
10.0
5.0
0.0
FY00
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21F
FY22F
Investments (% of GDP) Savings (% of GDP)
Source: MOSL, Data as on 31st May-2021.Sustained Corporate Profit Growth & no major valua�on dera�ng: The nascent recovery in corporate earnings
growth seen in 3Q and 4Q of FY21 need to sustain into FY22 and beyond. In terms of valua�on, market P/E is
definitely higher than long-period average. But this can be explained by way of low interest rates and expected
high growth rates. Further, even in terms of Market Cap to GDP, India is at around 100%. Many countries are at
much higher levels.
Ni�y EPS
FY20-22:
FY97-03: 3.5% CAGR FY03-08: 25% CAGR FY09-20: 6% CAGR 26% CAGR
872
750
FY97-FY20: 8%
CAGR 535
483 472
426 449
348 369 405 416 397
315
236 281 251 247
184
131 169
75 84 71 75 73 78 92
FY97
FY14
FY98
FY99
FY00
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY15
FY16
FY17
FY18
FY19
FY20
FY21E
FY22E
FY23E
Source: MOSL, Data as on 31st May-2021.
NIFTY P/E (x) - 1 Year Forward
26
10 Year Avg: 18.8x
22
19.7
18
14
10
May-
May-
May-
May-
May-
May-
May-
May-
May-
May-
May-
17
11
12
13
14
15
16
18
19
20
21
Source: MOSL, Data as on 31st May-2021.
559
Mcap/GDP (%)
324
304
222
180
129 136 133 131
102
79
World Taiwan Saudi Switzerland United Canada South Japan UK India China
Arabia States Korea
Source: Bloomberg, Data as on 31st May-2021.Risks to the hypothesis:
The central idea of comparison is to draw inferences from history and iden�fy pa�erns, if any, and their
probability of reoccurrence. There are a few inherent risks to this resemblance between FY04 and FY22.
i) A protracted second wave could hurt interstate trade thereby delaying growth. Since the spread has affected
rural India far more adversely as compared to the first wave, it is likely to have a greater impact on rural
demand. Also, one cannot rule out successive waves led by further virus muta�ons.
ii) Secondly, higher and rising commodity prices will have a direct bearing on producer margins. Last year
corporates took to aggressive cost ra�onaliza�ons and protected their bo�omlines in the face of a harsh and
complete lockdown. This may not be possible in a year which has seen considerable increases in input items
induced by a commodity prices boom.
iii) Finally, a faster and unexpected increase in bond yields & interest rates can derail the recovery of corporate
profit pools, and also dampen valua�ons.
The uncertainty arising from the above factors may last longer than localized lockdowns – however the long term
impact on corporate earnings is likely to be miniscule.
In conclusion
Financial history is replete with examples of pa�erns which resemble periods of economic cycles – both uptrends
and troughs. Macroeconomic trends and specific data points indicate a lot of similari�es in FY04 and FY21.
As such the backbone of the recovery remains very strong.
Four reasons which warrant a high level of op�mism are:
#1: Net liquidity in the system is high at Rs. 4.3tn – which is likely to keep the interest rate low in the economy.
10 Net liquidity (Rs tn)
8.2
8 7.2
6.2 6.1
5.6
6
4.3
4
2
0
-2 -1.0
-4
Aug/19
Aug/20
Dec/19
Dec/20
Feb/21
Feb/19
Feb/20
Apr/21
Apr/19
Jun/19
Apr/20
Jun/20
Oct/19
Oct/20
Source: MOSL, Data as on 31st May-2021.
#2: Banks are si�ng on excess SLR (40.7% yoy jump) to keep interest rate low; Also, Banks’ CASA jumped by Rs.
5.8tn in a year when India’s GDP contracted.
Rs.tn Mar-21 Mar-20 Delta YoY growth %
Deposits 151.1 135.7 15.5 11.4%
Borrowings 2.4 3.1 -0.7 -21.0%
SLR securi�es 44.6 37.4 7.2 19.3%
SLR Ra�o 29.05% 26.94% --
SLR Requirement 18.00% 8.69% --
Excess SLR 11.05% 8.69% --
Excess SLR 11.05% 8.69% 7.2 19.3%
Source: MOSL, Data as on 31st May-2021.#3: India’s GST collec�ons jumped to Rs. 1.4tn, the highest-ever monthly collec�ons; it should provide some
buffer to both the Centre and the States to spend
1,500
GST collec�ons (Rs. bn)
1,414
1,300
1,239
1,100
1,198
1,152
1,131
1,108
1,054
1,052
1,050
1,035
1,032
1,021
900
982
976
955
954
919
909
874
864
700
622
500
322
300
Aug/19
Aug/20
Mar/21
Mar/20
May/20
Nov/19
Dec/19
Jan/20
Jun/20
Nov/20
Dec/20
Jan/21
Oct/19
Oct/20
Jul/19
Sep/19
Feb/20
Jul/20
Sep/20
Feb/21
Apr/21
Apr/20
Source: MOSL, Data as on 31st May-2021.
#4: Govt. is likely to con�nue with its expansionary fiscal policy with clear focus on Capex to drive growth
6 Capital expenditure (Rs. tn) Capital Expenditure (%, yoy) - RHS 5.5 40
30.8 35
5 30
4.4 25
4 3.4
26.2 20
3 15
10
2 9.1 5
1 0
-5
0 -10
FY22BE
FY21RE
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
Source: MOSL, Data as on 31st May-2021.
Lastly, the most important landmark for any country today is the percentage of vaccinated popula�on. Studies
have showed that once a country covers 40% of its popula�on with all doses of vaccina�on the cases drop sharply.
India can cross that threshold by mid Sept’21 assuming a pace of vaccina�on at 5mn doses a day.
63% popula�on (100% of 18+
70.0% Jan'22, Apr'22,
Nov'21, 4mn dose/day 3mn dose/day
60.0%
@5mn/day @4mn/day
50.0%
Mid-Sep'21 Mid-Oct'21
40.0%
Timeline when 40%
30.0% popula�on get 1st dose at @3mn/day
various pace of vaccina�on Mid-Dec'21
20.0%
10.0% We are here 12.4% of the popula�on has been given 1st dose
0.0%
May/22
Jul/21
Apr/21
May/21
Jun/21
Mar/21
Nov/21
Apr/22
Feb/21
Jan/21
Aug/21
Sep/21
Dec/21
Mar/22
Feb/22
Jan/22
Oct/21
Source: Spark Capital, Data as on 31st May-2021.As per government sources nearly 50 crore doses, including 16 crore addi�onal doses for states and private
hospitals are in pipeline. Further import requirements for vaccines are being eased at the policy level. These are
all welcome developments.
“Optimism is a strategy for making a better future. Because unless you believe that the future can be better,
you are unlikely to step up and take responsibility for making it so”, said Noam Chomsky.
We all will do well with an addi�onal jab of op�mism in these trying �mes.
Stay Safe and Stay invested.
Regards,
Navin Agarwal
References:
1: India’s Dream Run, 2003-08 Understanding the Boom and Its A�ermath
h�p://www.igidr.ac.in/images/stories/India-Dream-Run.pdf
Disclaimer:
This ar�cle has been issued on the basis of internal data, publicly available informa�on and other sources believed
to be reliable. The informa�on contained in this document is for general purposes only and not a complete
disclosure of every material fact. The Stocks/ sector men�oned herein is for explaining the concept and shall not
be construed as an investment advice to any party. The informa�on / data herein alone is not sufficient and
shouldn’t be used for the development or implementa�on of an investment strategy. It should not be construed as
investment advice to any party. All opinions, figures, es�mates and data included in this ar�cle are as on date. The
ar�cle does not warrant the completeness or accuracy of the informa�on and disclaims all liabili�es, losses and
damages arising out of the use of this informa�on. The statements contained herein may include statements of
future expecta�ons and other forward-looking statements that are based on our current views and assump�ons
and involve known and unknown risks and uncertain�es 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 ar�cle.
Investments in securi�es market are subject to market risks, read all relevant documents carefully.Motilal Oswal Focused 25 Fund (MOF25)
(An open ended equity scheme investing in maximum 25 stocks intending to focus on Large Cap stocks)
Investment Objective Performance (As on 31-May-2021)
The investment objective of the Scheme is to
achieve long term capital appreciation by 1 Year 3 Year 5 Year Since Inception
investing in up to 25 companies with long term Current Value Current Value Current Value Current Value
sustainable competitive advantage and CAGR of Investment CAGR of Investment CAGR of Investment CAGR of Investment
growth potential. However, there can be no (%) of ` 10,000 (%) of ` 10,000 (%) of ` 10,000 (%) of ` 10,000
assurance or guarantee that the investment
Scheme 52.9 15,331 12.5 14,262 15.0 20,108 15.2 31,162
objective of the Scheme would be achieved.
Nifty 50 TRI (Benchmark) 64.0 16,443 14.6 15,053 15.3 20,355 14.0 28,823
Benchmark
Nifty 50 TRI S&P BSE Sensex TRI
(Additional Benchmark) 61.7 16,209 15.0 15,230 15.7 20,721 14.3 29,421
Continuous Offer NAV (`) Per Unit
Minimum Application Amount : ` 500/- and in 20.3264 21.8499 15.4974 10.0000
(31.1615 : as on 31-May-2021)
multiples of `1 /- thereafter.
Date of inception: 13-May-13. = Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for
Additional Application Amount : ` 500/- and in 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.
multiples of `1/- thereafter. Performance is for Regular Plan Growth option. Different plans have different expense structure. = Mr. Siddharth Bothra is the Fund Manager for equity component since
23-Nov-2016 and Mr. Abhiroop Mukherjee is the Fund Manager for debt component since inception. The performance of the Schemes managed by Mr. Siddharth Bothra
Redemption proceeds are on page no. 3,6,7 and 8. The performance of the Schemes managed by Mr. Abhiroop Mukherjee are on page no. 2,3,4,5,6,7,8, 9,10,11, 18, and 22.
Normally within 3 Business days from SIP Performance (As on 31-May-2021)
acceptance of redemption request.
Entry / Exit Load 1 Year 3 Year 5 Year Since Inception
Entry Load: Nil Nifty S&P BSE Nifty S&P BSE Nifty S&P BSE Nifty S&P BSE
Exit Load: 1% - If redeemed on or before 15 days from the Scheme 50 Sensex Scheme 50 Sensex Scheme 50 Sensex Scheme 50 Sensex
date of allotment. Nil - If redeemed after 15 days from the TRI TRI* TRI TRI* TRI TRI* TRI TRI*
date of allotment. A switch-out or a withdrawal shall also
be subjected to the Exit Load like any Redemption. No Invested 120,000 360,000 600,000 9,60,000
Exit Load applies for switch between MOF25, MOF30, Amount
MOF35, MOFEH, MOFLM, MOFMAF & MOFDYNAMIC.
No Load for switch between Options within the Scheme. Market Value 1,47,595 1,52,228 1,49,650 4,95,058 4,99,682 4,95,001 8,90,715 9,20,074 9,26,570 17,65,414 17,56,977 17,67,176
Further, it is clarified that there will be no exit load
charged on a switch-out from Regular to Direct plan
Returns 45.4 53.5 49.0 21.8 22.5 21.8 15.8 17.1 17.4 14.8 14.7 14.9
within the same scheme.
(CAGR) %
Date of Allotment * Also represents additional benchmark
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
13-May-2013 performance may or may not be sustained in the future. For rolling returns refer page no.19
NAV (IDCW= Income Distribution cum capital withdrawal option) Industry Allocation
Regular Plan Growth Option : ` 31.1615
Regular Plan IDCW Option : ` 18.2890 Banks 23.7%
Cement & Cement Products 5.2%
Direct Plan Growth Option : ` 34.7148 Software 13.6%
Direct Plan IDCW Option : ` 20.3223 Pesticides 4.6%
Finance 10.6%
Scheme Statistics Transportation 10.4%
Industrial Capital Goods 4.4%
Retailing 1.5%
Monthly AAUM ` 1657.72 (` cr) Auto 9.7%
Latest AUM (31-May-2021) ` 1732.48 (` cr) Textile Products 1.0%
Pharmaceuticals 8.2%
Beta 0.9 Cash & Equivalent 0.8%
Insurance 6.4%
Portfolio Turnover Ratio 0.5
Standard Deviation 21.1% (Annualised) (Data as on 31-May-2021) Industry classification as recommended by AMFI
Sharpe Ratio#* 0.4 (Annualised)
# Risk free returns based on last overnight MIBOR cut-off
Portfolio (As on 31-May-2021)
of 3.39%
(Data as on 31-May-2021) Weightage Weightage
Scrip (%)
Scrip (%)
Fund Manager
Equity & Equity Related SBI Cards and Payment Services Limited 2.4%
For Equity Component
HDFC Bank Limited 9.1% ICICI Lombard General Insurance Company Limited 1.9%
Mr. Siddharth Bothra
Managing this fund since 23-Nov-2016 Housing Development Finance Corporation Limited 8.2% UltraTech Cement Limited 1.7%
He has a rich experience of more than 17 years Container Corporation of India Limited 7.9% Dr. Reddy's Laboratories Limited 1.6%
For Debt Component since Inception ICICI Bank Limited 7.9% IRCTC Limited 1.6%
Mr. Abhiroop Mukherjee
Bajaj Auto Limited 7.2% Avenue Supermarts Limited 1.5%
Dividend History Tata Consultancy Services Limited 7.1% Page Industries Limited 1.0%
Record Date Dividend Cum Dividend Ex Dividend
perUnit (`) NAV NAV Kotak Mahindra Bank Limited 6.7% Mahindra Logistics Limited 0.9%
28-Mar-2019 Infosys Limited 6.5% Total 99.2%
Direct Plan 0.50 17.6230 17.1230
Regular Plan 0.50 16.0255 15.5255 PI Industries Limited 4.6% Debt Instruments
23-Mar-2020 HDFC Life Insurance Company Limited 4.5% Britannia Industries Limited 0.0%
Direct Plan 0.90 13.2107 12.3107
ABB India Limited 4.4% Money Market Instrument
Regular Plan 0.58 11.8443 11.2607
26-Mar-2021 Shree Cement Limited 3.5% CBLO/REPO/TREPS 0.8%
Direct Plan 3.30 22.4101 19.1101 Abbott India Limited 3.4% Net Receivable/Payable -0.1%
Regular Plan 3.00 20.2349 17.2349
Procter & Gamble Health Limited 3.1% Grand Total 100%
Pursuant to payment of dividend, NAV per unit will fall to the extent of the
dividend payout and statutory levy (if applicable). Face value ` 10/-. Past Maruti Suzuki India Limited 2.4%
performance may or may not be sustained in future.
Total Expenses Ratio
Direct 0.95%
Regular 2.19%
1Motilal Oswal Midcap 30 Fund (MOF30)
(Mid Cap Fund - An open ended equity scheme predominantly investing in mid cap stocks)
Investment Objective Performance (As on 31-May-2021)
The investment objective of the Scheme is to
achieve long term capital appreciation by 1 Year 3 Year 5 Year Since Inception
investing in a maximum of 30 quality mid-cap Current Value Current Value Current Value Current Value
companies having long-term competitive CAGR of Investment CAGR of Investment CAGR of Investment CAGR of Investment
advantages and potential for growth. (%) of ` 10,000 (%) of ` 10,000 (%) of ` 10,000 (%) of ` 10,000
However, there can be no assurance or Scheme 70.9 17,139 9.8 13,245 11.4 17,199 18.4 34,196
guarantee that the investment objective of
the Scheme would be achieved. Nifty Midcap 100 TRI
(Benchmark) 95.1 19,578 12.0 14,035 15.3 20,420 19.3 36,168
Category Benchmark
Midcap Fund Nifty Midcap 100 TRI Nifty 50 TRI (Additional 64.0 16,443 14.6 15,053 15.3 20,355 15.0 27,549
Continuous Offer Benchmark)
Minimum Application Amount: ` 500/- and in NAV (`) Per Unit 19.9522 25.8186 19.8828 10.0000
multiples of ` 1/- thereafter. (34.1963 : as on 31-May-2021)
Additional Application Amount: ` 500/- and in 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
multiples of ` 1/- thereafter. Regular Plan Growth option. Different plans have different expense structure. = Mr. Niket Shah is the Fund Manager since July 1, 2020 and Mr. Abhiroop Mukherjee is the
Redemption proceeds Fund Manager for debt component since 24-Feb-2014. = Mr. Niket Shah does not manage any other scheme. The performance of the Schemes managed by Mr. Abhiroop
Mukherjee are on page no. 1,3,4,5,6,7,8, 9,10,11, 18, and 22.
Normally within 3 Business days from
acceptance of redemption request. SIP Performance (As on 31-May-2021)
Entry / Exit Load
1 Year 3 Year 5 Year Since Inception
Entry Load: Nil
Exit Load: 1% - If redeemed on or before 15 days from the Nifty Nifty Nifty Nifty
date of allotment. Nil - If redeemed after 15 days from the
Scheme Midcap Nifty 50 Scheme Midcap Nifty 50 Scheme Midcap Nifty 50 Scheme Midcap Nifty 50
100 TRI TRI* 100 TRI TRI* 100 TRI TRI* 100 TRI TRI*
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, Invested 120,000 360,000 600,000 8,70,000
MOF35, MOFEH, MOFLM, MOFMAF & MOFDYNAMIC. Amount
No Load for switch between Options within the Scheme. 1,54,825 1,68,408 1,52,228 4,89,910 5,43,946 4,99,682 8,29,480 9,21,221 9,20,074 13,87,871 15,49,289 14,98,734
Further, it is clarified that there will be no exit load Market Value
charged on a switch-out from Regular to Direct plan Returns 58.1 82.8 53.5 21.1 28.8 22.5 12.9 17.2 17.1 12.6 15.6 14.7
within the same scheme. (CAGR) %
Date of Allotment * Also represents additional benchmark
24-Feb-2014 For SIP returns, monthly investment of ` 10000/- invested on the 1st day of every month has been considered. Performance is for Regular Plan Growth Option. Past
NAV (IDCW= Income Distribution cum capital withdrawal option) performance may or may not be sustained in the future. For rolling returns refer page no.19
Regular Plan Growth Option : ` 34.1963 Industry Allocation
Regular Plan IDCW Option : ` 20.8904
Direct Plan Growth Option : ` 37.4258 Consumer Durables 18.1% Pharmaceuticals 4.6%
Direct Plan IDCW Option : ` 21.5557 Finance 13.8% Chemicals 3.3%
Insurance 9.9%
Scheme Statistics Auto Ancillaries 9.3%
Industrial Products 2.7%
Healthcare Services 2.2%
Monthly AAUM ` 1920.76 (` cr) Banks 7.2%
Industrial Capital Goods 6.8% Pesticides 2.0%
Latest AUM (31-May-2021) ` 1978.64 (` cr)
Transportation 5.8% Software 1.3%
Beta 0.9
Portfolio Turnover Ratio 0.8 Cement & Cement Products 5.8% Consumer Non Durables 1.1%
Standard Deviation 25.5% (Annualised) Construction 4.6% Cash & Equivalent 1.7%
Sharpe Ratio# 0.3 (Annualised)
# Risk free returns based on last overnight MIBOR cut-off of (Data As on 31-May-2021) Industry classification as recommended by AMFI
3.39%
(Data As on 31-May-2021) Portfolio (As on 31-May-2021)
Fund and Co-Fund Manager
Weightage Weightage
For Equity Component Scrip (%)
Scrip (%)
Mr. Niket Shah Equity & Equity Related Honeywell Automation India Limited 2.4%
He has been appointed as a Fund Manager with
effect from July 01, 2020. Max Financial Services Limited 9.9% Ajanta Pharma Limited 2.4%
He has overall 10 years of experience Tube Investments of India Limited 9.3% Max Healthcare Institute Limited 2.2%
For Debt Component since Inception IRCTC Limited 5.8% ICICI Bank Limited 2.2%
Mr. Abhiroop Mukherjee
Crompton Greaves Consumer Electricals Limited 5.2% Natco Pharma Limited 2.1%
Dividend History AU Small Finance Bank Limited 5.0% PI Industries Limited 2.0%
Dividend Cum Dividend Ex Dividend
Record Date per Voltas Limited 4.8% The Ramco Cements Limited 2.0%
Unit (`) NAV NAV
28-Mar-2019 The Phoenix Mills Limited 4.6% Persistent Systems Limited 1.3%
Direct Plan 2.00 21.6801 19.6801 VIP Industries Limited 4.5% Indigo Paints Limited 1.1%
Regular Plan 2.00 20.1677 18.1677
23-Mar-2020 CG Power and Industrial Solutions Limited 4.3% Total 98.3%
Direct Plan 1.00 14.2748 13.2748 Home First Finance Company India Limited 4.3% Money Market Instrument
Regular Plan 0.03 13.0332 13.0052
Birla Corporation Limited 3.8% CBLO/REPO/TREPS 2.0%
26-Mar-2021
Direct Plan 3.50 23.5438 20.0438 Kajaria Ceramics Limited 3.7% Net Receivable/Payable -0.3%
Regular Plan 3.30 22.7681 19.4681 Cholamandalam Investment and Finance Company Grand Total 100%
Pursuant to payment of dividend, NAV per unit will fall to the extent of the Limited 3.5%
dividend payout and statutory levy (if applicable). Face value ` 10/-. Past
performance may or may not be sustained in future. Navin Fluorine International Limited 3.3%
Total Expenses Ratio SBI Cards and Payment Services Limited 3.2%
Direct 0.89% Bajaj Finance Limited 2.8%
Regular 2.10% Astral Limited 2.7%
2Motilal Oswal Flexi Cap Fund (MOF35)
(An open ended dynamic equity scheme investing across large cap, mid cap, small cap stocks)
Investment Objective Performance (As on 31-May-2021)
The investment objective of the Scheme is to
achieve long term capital appreciation by 1 Year 3 Year 5 Year Since Inception
primarily investing in a maximum of 35 equity Current Value Current Value Current Value Current Value
& equity related instruments across sectors CAGR of Investment CAGR of Investment CAGR of Investment CAGR of Investment
and market-capitalization levels. (%) of ` 10,000 (%) of ` 10,000 (%) of ` 10,000 (%) of ` 10,000
However, there can be no assurance or 52.4 15,277 6.9 12,218 12.9 18,326 18.1 32,549
guarantee that the investment objective of Scheme
the Scheme would be achieved.
Nifty 500 TRI (Benchmark) 70.3 17,076 13.7 14,693 15.6 20,639 15.0 26,981
Category Benchmark
Flexi Cap Fund Nifty 500 TRI Nifty 50 TRI (Additional
Benchmark) 64.0 16,443 14.6 15,053 15.3 20,355 13.9 25,190
Continuous Offer
Minimum Application Amount: ` 500/- and in NAV (`) Per Unit
multiples of ` 1/- thereafter. 21.3060 26.6397 17.7613 10.0000
(32.5486 : as on 31-May-2021)
Additional Application Amount: ` 500/- and in 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
multiples of ` 1/- thereafter. 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. Siddharth Bothra has been appointed as the Fund Manager for equity component with
Redemption proceeds effect from 19-May-2021 vide addendum dated 16-May-2019; Mr. Abhiroop Mukherjee is the Fund Manager for debt component since 28-Apr-2014 and Mr. Herin Visaria
Normally within 3 Business days from for Foreign Securities since 26-July-2019. The performance of the Scheme managed by Mr. Siddharth Bothra is on page no.1,6,7 & 8 The performance of the Schemes
managed by Mr.Herin Visaria are on page no. 8,18 and 21. The performance of the Schemes managed by Mr. Abhiroop Mukherjee are on page no. 1,2,4,5,6,7,8, 9,10,11,
acceptance of redemption request. 18, and 22.
Entry / Exit Load
Entry Load: Nil
SIP Performance (As on 31-May-2021)
Exit Load: 1% - If redeemed on or before 15 days from the 1 Year 3 Year 5 Year Since Inception
date of allotment. Nil - If redeemed after 15 days from the
date of allotment. A switch-out or a withdrawal shall also Nifty Nifty 50 Nifty Nifty 50 Nifty Nifty 50 Nifty Nifty 50
be subjected to the Exit Load like any Redemption. No Scheme 500 TRI Scheme 500 TRI TRI* Scheme 500 TRI TRI* Scheme 500 TRI
Exit Load applies for switch between MOF25, MOF30, TRI* TRI*
MOF35, MOFEH, MOFLM, MOFMAF & MOFDYNAMIC.
No Load for switch between Options within the Scheme.
Further, it is clarified that there will be no exit load Invested 120,000 360,000 600,000 8,50,000
charged on a switch-out from Regular to Direct plan
Amount
within the same scheme. 1,44,556 1,56,206 1,52,228 4,55,418 5,11,222 4,99,682 7,98,091 9,20,529 9,20,074 13,34,654 14,61,029 14,46,000
Market Value
Date of Allotment
Returns 40.2 60.6 53.5 15.9 24.2 22.5 11.4 17.2 17.1 12.5 15.0 14.7
28-Apr-2014 (CAGR) %
NAV (IDCW= Income Distribution cum capital withdrawal option) * Also represents additional benchmark
Regular Plan Growth Option : ` 32.5486 For SIP returns, monthly investment of ` 10000/- 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. For rolling returns refer page no.19
Regular Plan IDCW Option : ` 24.4666
Direct Plan Growth Option : ` 34.8114 Industry Allocation
Direct Plan IDCW Option : ` 24.4752
Scheme Statistics Banks 19.3%
Consumer Non Durables 3.4%
Monthly AAUM ` 11649.79 (` cr) Software 14.4% Fertilisers 2.0%
Latest AUM (31-May-2021) ` 11888.10 (` cr) Finance 13.8% Consumer Durables 2.0%
Beta 1.0 Insurance 12.3% Cement & Cement Products 2.0%
Portfolio Turnover Ratio 0.4 Auto 11.5% Telecom - Services
22.4% (Annualised) 1.4%
Standard Deviation
Retailing 8.0% Capital Markets 1.1%
Sharpe Ratio# 0.2 (Annualised)
Pharmaceuticals 7.0% Cash & Equivalent
# Risk free returns based on last overnight MIBOR cut-off of 1.8%
3.39%
(Data As on 31-May-2021)
(Data As on 31-May-2021) Industry classification as recommended by AMFI
Fund Manager Portfolio (As on 31-May-2021)
For Equity Component
Mr. Siddharth Bothra Scrip
Weightage
Scrip
Weightage
He has been appointed as the Fund Manager (%) (%)
for the equity component w.e.f. May 19, 2021. Equity & Equity Related SBI Cards and Payment Services Limited 2.3%
For Debt Component since Inception
Vaibhav Global Limited 8.0% Alkem Laboratories Limited 2.3%
Mr. Abhiroop Mukherjee
Foreign Securities HDFC Bank Limited 7.4% SBI Life Insurance Company Limited 2.1%
Mr. Herin Visaria Infosys Limited 6.8% Hindustan Unilever Limited 2.0%
Managing since 26-July-2019 Housing Development Finance Corporation Limited 5.8% Hero MotoCorp Limited 2.0%
Dividend History HDFC Life Insurance Company Limited 5.0% Coromandel International Limited 2.0%
Dividend Cum Dividend Ex Dividend Maruti Suzuki India Limited 4.9% Bata India Limited 2.0%
Record Date per Unit (`) NAV NAV
28-March-2019 Tata Consultancy Services Limited 4.8% UltraTech Cement Limited 2.0%
Direct Plan 1.00 25.1298 24.1298 Gland Pharma Limited 4.8% Bharti Airtel Limited 1.4%
Regular Plan 1.00 23.8865 22.8865
ICICI Bank Limited 4.7% Asian Paints Limited 1.4%
23-March-2020
Direct Plan 1.00 16.3873 15.3873 Eicher Motors Limited 4.6% HDFC Asset Management Company Limited 1.1%
26-March-2021 AU Small Finance Bank Limited 4.6% Total 98.2%
Direct Plan 4.27 27.6060 23.3360 Muthoot Finance Limited 3.3% Money Market Instrument
Regular Plan 4.02 27.3878 23.3678
HCL Technologies Limited 2.8% CBLO/REPO/TREPS 1.1%
Pursuant to payment of dividend, NAV per unit will fall to the extent of the
dividend payout and statutory levy (if applicable). Face value ` 10/-. Past
performance may or may not be sustained in future.
Max Financial Services Limited 2.7% Net Receivable/Payable 0.7%
Kotak Mahindra Bank Limited 2.6% Grand Total 100%
Total Expenses Ratio
ICICI Lombard General Insurance Company Limited 2.5%
Direct 0.89%
Bajaj Finance Limited 2.4%
Regular 1.79%
3Motilal Oswal Long Term Equity Fund (MOFLTE)
(An open ended equity linked saving scheme with a statutory lock in of 3 years and tax benefit)
Investment Objective Performance (As on 31-May-2021)
The investment objective of the Scheme is to 5 Year Since Inception
1 Year 3 Year
generate long-term capital appreciation from
a diversified portfolio of predominantly equity Current Value Current Value Current Value Current Value
CAGR of Investment CAGR of Investment CAGR of Investment CAGR of Investment
and equity related instruments. However, (%) of ` 10,000 (%) of ` 10,000 (%) of ` 10,000 (%) of ` 10,000
there can be no assurance or guarantee that
the investment objective of the Scheme would Scheme 61.2 16,160 8.7 12,855 15.5 20,585 14.3 23,394
be achieved.
Category Nifty 500 TRI (Benchmark) 70.3 17,076 13.7 14,693 15.6 20,639 11.6 20,053
ELSS Nifty 50 TRI (Additional
Benchmark Benchmark) 64.0 16,443 14.6 15,053 15.3 20,355 10.9 19,320
Nifty 500 TRI NAV (`) Per Unit 14.4766 18.1986 11.3645 10.0000
Continuous Offer (23.3939 : as on 31-May-2021)
Date of inception: 21-Jan-15. =Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation
Minimum Application Amount: ` 500/- and in 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
multiples of ` 500/- thereafter. Regular Plan Growth Option. Different plans have different expense structure. =Mr. Aditya Khemani has been appointed as the Fund Manager for equity component with
effect from 6-Sept-2019 vide addendum dated 5-Sept-2019; = Mr. Abhiroop Mukherjee is the Fund Manager for debt component since inception. =The performance of
Additional Purchase: ` 500/- and in multiples the Scheme managed by Mr. Aditya Khemani is on page no. 5. The performance of the Schemes managed by Mr. Abhiroop Mukherjee are on page no. 1,2,3,5,6,7,8,
9,10,11, 18, and 22.
of ` 500/- thereafter.
Redemption proceeds
SIP Performance (As on 31-May-2021)
Normally within 3 Business days from 1 Year 3 Year 5 Year Since Inception
acceptance of redemption request. Nifty Nifty 50 Nifty Nifty 50 Nifty Nifty 50 Nifty Nifty 50
Scheme 500 TRI Scheme 500 TRI TRI* Scheme 500 TRI TRI* Scheme 500 TRI
Entry / Exit Load TRI* TRI*
Nil
Invested 120,000 360,000 600,000 7,60,000
Date of Allotment Amount
21-Jan-2015 Market Value 1,53,697 1,56,206 1,52,228 4,85,788 5,11,222 4,99,682 8,61,463 9,20,529 9,20,074 12,06,945 12,55,757 12,50,378
NAV (IDCW= Income Distribution cum capital withdrawal option) Returns 56.1 60.6 53.5 20.5 24.2 22.5 14.5 17.2 17.1 14.4 15.7 15.5
(CAGR) %
Regular Plan Growth Option : ` 23.3939
Regular Plan IDCW Option : ` 18.3774 * Also represents additional benchmark
For SIP returns, monthly investment of ` 10000/- invested on the 1st day of every month has been considered. Performance is for Regular Plan Growth Option. Past
Direct Plan Growth Option : ` 25.4891 performance may or may not be sustained in the future. For rolling returns refer page no.19
Direct Plan IDCW Option : ` 21.8462
Industry Allocation
Scheme Statistics
Monthly AAUM ` 2049.77 (` cr) Banks 25.4%
Healthcare Services 5.0%
Latest AUM (31-May-2021)` 2123.65 (` cr) Consumer Non Durables 8.6% Software 4.7%
Beta 1.0 Finance 8.4% Construction Project 4.5%
Portfolio Turnover Ratio 0.4 Consumer Durables 7.4% Gas 4.1%
Standard Deviation 23.0% (Annualised) Pharmaceuticals 6.9% Telecom - Services 3.4%
Sharpe Ratio# 0.2 (Annualised) Cement & Cement Products 6.5% Construction 3.0%
Leisure Services 5.1% Auto 2.0%
# Risk free returns based on last overnight MIBOR cut-off of 3.39%
Cash & Equivalent 0.1%
(Data As on 31-May-2021) Insurance 5.0%
Fund Manager (Data As on 31-May-2021) Industry classification as recommended by AMFI
For Equity Component
Mr. Aditya Khemani Portfolio (As on 31-May-2021)
Managing this fund since 6-Sept-2019
He has overall 14 years of experience Weightage Weightage
Scrip (%)
Scrip (%)
For Debt Component since Inception
Mr. Abhiroop Mukherjee Equity & Equity Related UltraTech Cement Limited 3.2%
ICICI Bank Limited 10.7% Crompton Greaves Consumer Electricals Limited 3.0%
Dividend History
Jubilant Foodworks Limited 5.1% The Phoenix Mills Limited 3.0%
Dividend Cum Dividend Ex Dividend
Record Date per Unit (`) NAV NAV HDFC Bank Limited 5.0% Dr. Lal Path Labs Limited 2.7%
20-March-2018 Max Financial Services Limited 5.0% Hindustan Unilever Limited 2.7%
Direct Plan 0.10 16.7096 16.6096
Regular Plan 0.10 15.9239 15.8239 State Bank of India 4.9% Whirlpool of India Limited 2.5%
28-March-2019 Axis Bank Limited 4.9% Max Healthcare Institute Limited 2.3%
Direct Plan 0.30 16.4708 16.1708
Larsen & Toubro Limited 4.5% Tata Consumer Products Limited 2.1%
Regular Plan 0.30 15.5031 15.2031
26-March-2021 Gujarat Gas Limited 4.1% Maruti Suzuki India Limited 2.0%
Direct Plan 0.80 21.1915 20.3915 United Breweries Limited 3.9% VIP Industries Limited 1.8%
Regular Plan 2.20 19.3932 17.1932
Torrent Pharmaceuticals Limited 3.5% Muthoot Finance Limited 1.6%
Pursuant to payment of dividend, NAV per unit will fall to the extent of the
dividend payout and statutory levy (if applicable). Face value ` 10/-. Past
performance may or may not be sustained in future.
Housing Development Finance Corporation Limited 3.4% Tata Consultancy Services Limited 1.3%
Bharti Airtel Limited 3.4% Dalmia Bharat Limited 0.0%
Total Expenses Ratio
JB Chemicals & Pharmaceuticals Limited 3.4% Total 99.9%
Direct 0.78%
Infosys Limited 3.4% Money Market Instrument
Regular 2.07%
Cholamandalam Investment and Finance Company CBLO/REPO/TREPS 0.2%
Limited 3.4% Net Receivable/Payable -0.1%
Birla Corporation Limited 3.3% Grand Total 100%
4Motilal Oswal Large and Midcap Fund (MOFLM)
(Large and Midcap Fund - An open ended equity scheme investing in both large cap and mid cap stocks)
Investment Objective Performance (As on 31-May-2021)
The investment objective is to provide
medium to long-term capital appreciation by 1 Year Since Inception
investing primarily in Large and Midcap stocks. Current Value of Current Value of
However, there can be no assurance or CAGR (%) CAGR (%)
Investment of ` 10,000 Investment of ` 10,000
guarantee that the investment objective of
the Scheme would be achieved. Scheme 65.8 16,621 23.4 14,064
Category Nifty Large Midcap 250 TRI 77.6 17,819 29.3 15,162
Large and Midcap Fund
Nifty 50 TRI 64.0 16,443 21.2 13,668
Benchmark
NAV (`) Per Unit
NIFTY Large Midcap 250 TRI 8.4612 10.0000
(14.0635 As on 31-May-2021)
Continuous Offer Date of inception: 17-Oct-19. *Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for computation
Minimum Application Amount : ` 500/- and in 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. Aditya Khemani has been appointed as the Fund Manager for equity component since
multiples of ` 1/- thereafter. inception; = Mr. Abhiroop Mukherjee is the Fund Manager for debt component since inception. The performance of the Scheme managed by Mr. Aditya Khemani is on
page no. 4. The performance of the Schemes managed by Mr. Abhiroop Mukherjee are on page no. 1, 2,3,4,6,7,8, 9,10,11 ,18, and 22. The scheme has been in existence for
Additional Application Amount: ` 500/- and in less than 3 years.
multiples of ` 1/- thereafter.
SIP Performance (As on 31-May-2021)
Redemption proceeds 1 Year Since Inception
Normally within 3 Business days from Nifty 50 Nifty 50
acceptance of redemption request. Scheme Nifty Large Midcap Scheme Nifty Large Midcap
250 TRI TRI* 250 TRI TRI*
Entry / Exit Load
Entry Load: Nil Invested Amount 120,000 1,90,000
1% - If redeemed on or before 15 days from the date of Market Value 1,56,212 1,59,828 1,52,228 2,57,744 2,71,159 2,55,442
allotment. Nil - If redeemed after 15 days from the date of
allotment. A switch-out or a withdrawal shall also be Returns (CAGR) % 60.6 67.1 53.5 42.3 50.4 40.8
subjected to the Exit Load like any Redemption. No Exit
Load applies for switch between MOF25, MOF30,
* Also represents additional benchmark
MOF35, MOFEH, MOFLM & MOFDYNAMIC. No Load for
switch between Options within the Scheme. Further, it is For SIP returns, monthly investment of ` 10000/- 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.
clarified that there will be no exit load charged on a
switch-out from Regular to Direct plan within the same
scheme. No Load shall be imposed for switching between Industry Allocation (Equity)
Options within the Scheme
Date of Allotment
17-October-2019 Banks 22.8% 4.2%
Gas
Consumer Durables 12.2%
NAV (IDCW= Income Distribution cum capital withdrawal option) Construction 3.9%
Consumer Non Durables 9.6%
Regular Plan Growth Option : ` 14.0635 Construction Project 3.7%
Finance 7.4%
Regular Plan IDCW Option : ` 14.0634 Software 3.0%
Cement & Cement Products 7.0%
Direct Plan Growth Option : ` 14.4697 Telecom - Services 2.2%
Healthcare Services 6.6%
Direct Plan IDCW Option : ` 14.4697
Pharmaceuticals 6.5% Auto 1.1%
Auto Ancillaries
Scheme Statistics Insurance 4.8% 0.4%
Leisure Services 4.5% Cash & Equivalent 0.2%
Monthly AAUM `628.21 (` cr)
Latest AUM (31-May-2021) `659.30 (`cr)
Portfolio Turnover Ratio 0.4 (Data As on 31-May-2021) Industry classification as recommended by AMFI
Portfolio (As on 31-May-2021)
Fund and Co-Fund Manager
For Equity Component Weightage Weightage
Scrip (%)
Scrip (%)
Mr. Aditya Khemani
Managing this fund since inception. Equity & Equity Related Whirlpool of India Limited 2.6%
He has overall 14 years of experience.
For Debt Component since Inception ICICI Bank Limited 10.1% Housing Development Finance Corporation Limited 2.4%
Mr. Abhiroop Mukherjee Birla Corporation Limited 5.1% 3M India Limited 2.3%
Managing this fund since inception. Max Financial Services Limited 4.8% VIP Industries Limited 2.3%
He has overall 10 years of experience.
Axis Bank Limited 4.5% Bharti Airtel Limited 2.2%
Total Expenses Ratio Jubilant Foodworks Limited 4.5% Hindustan Unilever Limited 2.1%
Direct 0.75% State Bank of India 4.3% Dalmia Bharat Limited 1.9%
Regular 2.48% Gujarat Gas Limited 4.2% Tata Consumer Products Limited 1.8%
Crompton Greaves Consumer Electricals Limited 4.1% Infosys Limited 1.7%
HDFC Bank Limited 3.9% Muthoot Finance Limited 1.5%
The Phoenix Mills Limited 3.9% Tata Consultancy Services Limited 1.2%
Larsen & Toubro Limited 3.7% Maruti Suzuki India Limited 1.1%
Cholamandalam Investment and Finance Company Tube Investments of India Limited 0.4%
Limited 3.6% Total 99.8%
JB Chemicals & Pharmaceuticals Limited 3.5% Money Market Instrument
Dr. Lal Path Labs Limited 3.4% CBLO/REPO/TREPS 0.4%
United Breweries Limited 3.4% Net Receivable/Payable -0.2%
Kajaria Ceramics Limited 3.3% Grand Total 100%
Max Healthcare Institute Limited 3.1%
Torrent Pharmaceuticals Limited 2.9%
5Motilal Oswal Dynamic Fund (MOFDYNAMIC)
(An open ended dynamic asset allocation fund)
Investment Objective Performance (As on 31-May-2021)
The investment objective is to generate long
term capital appreciation by investing in 1 Year 3 Year Since Inception
equity and equity related instruments
including equity derivatives, debt, money Current Value of CAGR Current Value of Current Value of
market instruments and units issued by REITs CAGR CAGR
Investment of (%) Investment of Investment of
and InvITs. (%) ` 10,000 (%)
` 10,000 ` 10,000
However, there can be no assurance or
guarantee that the investment objective of Scheme 22.8 12,296 6.6 12,124 8.6 14,736
the Scheme would be achieved.
Category Benchmark CRISIL Hybrid 50 + 50 34.2 13,443 13.1 14,467 11.9 16,891
Dynamic Asset Allocation CRISIL Hybrid 50 + - Moderate TRI (Benchmark)
50 - Moderate TRI 64.0 16,443 14.6 15,053 14.6 18,935
Continuous Offer Nifty 50 TRI (Additional Benchmark)
Minimum Application Amount : ` 500/- and in NAV (`) Per Unit
multiples of ` 1/- thereafter. 11.9847 12.1541 10.0000
(14.7359 : As on 31-May-2021)
Additional Application Amount: ` 500/- and in 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
multiples of ` 1/- thereafter. 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. Siddharth Bothra has been appointed as the Fund Manager for
equity component with effect from 19-May-2021 =Mr. Abhiroop Mukherjee is the Fund Manager for debt component since inception. The performance of the Scheme
Redemption proceeds managed by Mr.Siddharth Bothra is on page no. 1,3,7 and 8. The performance of the Schemes managed by Mr. Abhiroop Mukherjee are on page no. 1,2,3,4,5,7,8, 9,10,11,
Normally within 3 Business days from acceptance of 18, and 22.=The scheme has been in existence for less than 5 years
redemption request.
Entry / Exit Load
SIP Performance (As on 31-May-2021)
Entry Load: Nil 1 Year 3 Year Since Inception
Exit Load: 1% - If redeemed on or before 1 year from the date of
allotment. Nil - If redeemed after 1 year from the date of CRISIL Hybrid CRISIL Hybrid CRISIL Hybrid
allotment. There would be no exit load for redemption of units
Scheme 50 + 50 - Nifty 50 Scheme 50 + 50 - Nifty 50 Scheme 50 + 50 - Nifty 50
on or before completion of 1 year from the date of allotment TRI* TRI* TRI*
upto 12% of units allotted. Redemption of units would be done Moderate TRI Moderate TRI Moderate TRI
on First in First out Basis.A switch-out or a withdrawal shall also
be subjected to the Exit Load like any Redemption. No Exit Load Invested Amount 120,000 360,000 5,60,000
applies for switch between MOF25, MOF30, MOF35, MOFEH,
MOFLM, MOFMAF & MOFDYNAMIC. No Load for switch
between Options within the Scheme. Further, it is clarified that Market Value 1,28,886 1,38,279 1,52,228 4,17,848 4,65,623 4,99,682 6,83,165 7,76,334 8,41,980
there will be no exit load charged on a switch-out from Regular
to Direct plan within the same scheme.
Returns (CAGR) % 14.1 29.5 53.5 9.9 17.5 22.5 8.5 14.0 17.6
Date of Allotment
27-Sep-2016 * Also represents additional benchmark
NAV (IDCW= Income Distribution cum capital withdrawal option) For SIP returns, monthly investment of ` 10000/- 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. For rolling returns refer page no.19
Regular Plan Growth Option : ` 14.7359
Regular Plan - Quarterly IDCW Option : ` 11.9605 Industry Allocation (Equity) Allocation
Regular Plan - Annual IDCW Option : ` 13.3545
Direct Plan Growth Option : `15.5471 Banks 26.8% Instrument Name Weightage%
Construction Project 7.4%
Direct Plan - Quarterly IDCW Option : ` 12.1157
Software 5.6%
Equity & Equity Related 67.3
Direct Plan - Annual IDCW Option : ` 13.5112 Insurance 5.6%
Scheme Statistics Consumer Non Durables 5.2%
BONDS & NCDs 9.5
Monthly AAUM ` 1230.91 (` cr)
Finance
Auto
5.1% Derivatives -28.0
4.4%
Latest AUM (31-May-2021) ` 1233.85 (`cr) Pharmaceuticals 2.8% Money Market Instrument (CD,CBLO & Treasury Bill) 14.5
Consumer Durables 1.2%
Beta 1.1 Fertilisers 1.2% Cash & Cash Equivalents 36.7
Portfolio Turnover Ratio 3.8 Telecom - Services 1.0%
Standard Deviation 12.4% (Annualised) Cement & Cement Products 0.7% Total 100.00
Capital Markets 0.4%
Sharpe Ratio# 0.3 (Annualised) Cash & Equivalent 19.2% (Data As on 31-May-2021)
# Risk free returns based on last overnight MIBOR cut- (Data As on 31-May-2021) Industry classification as recommended by AMFI
off of 3.39%
(Data As on 31-May-2021) Portfolio (As on 31-May-2021)
Fund Manager
Weightage Weightage
For Equity Component Scrip Scrip
(%) (%)
Mr. Siddharth Bothra
He has been appointed as the Fund Manager Equity & Equity Related SBI Cards and Payment Services Limited 0.9%
for the equity component w.e.f. May 19, 2021.
For Debt Component since Inception ICICI Bank Limited 9.5% Alkem Laboratories Limited 0.8%
Mr. Abhiroop Mukherjee Axis Bank Limited 9.0% UltraTech Cement Limited 0.7%
Dividend History Larsen & Toubro Limited 7.4% SBI Life Insurance Company Limited 0.6%
Record Date Dividend Cum Dividend Ex Dividend AU Small Finance Bank Limited 4.0% Asian Paints Limited 0.4%
per Unit (`) NAV NAV
Quarterly Dividend (Direct Plan) ITC Limited 3.8% HDFC Asset Management Company Limited 0.4%
29-Jan-2021 0.2000 11.8493 11.6493 HDFC Bank Limited 3.0% Total 67.3%
29-Oct-2020 0.6800 11.9178 11.2378
31-Jul-2020 0.3000 12.0421 11.7421 Infosys Limited 2.6% Derivatives -28.0%
Quarterly Dividend (Regular Plan) HDFC Life Insurance Company Limited 2.3% ITC Limited June 2021 Future -3.8%
29-Jan-2021 0.2000 11.7477 11.5477
29-Oct-2020 0.7500 11.9241 11.1741 Gland Pharma Limited 2.0% Larsen & Toubro Limited June 2021 Future -7.4%
31-Jul-2020 0.3000 12.0868 11.7868
Annual Dividend (Direct Plan)
Housing Development Finance Corporation Limited 2.0% ICICI Bank Limited June 2021 Future -7.8%
26-Mar-2021 0.7500 14.0402 13.2902 Tata Consultancy Services Limited 1.9% Axis Bank Limited June 2021 Future -9.0%
23-Mar-2020 0.3185 10.3185 10.0000
28-Mar-2019 0.2681 12.1778 11.9097 Maruti Suzuki India Limited 1.8% Debt Instruments
Annual Dividend( Regular Plan) Max Financial Services Limited 1.6% Tata Capital Financial Services Limited 4.2%
26-Mar-2021 0.5000 13.6668 13.1668
28-Mar-2019 0.3000 11.8144 11.5144 Eicher Motors Limited 1.6% Housing Development Finance Corporation Limited 3.2%
20-Mar-2018 0.1500 11.6473 11.4973 Bata India Limited 1.2% REC Limited 2.1%
Pursuant to payment of dividend, NAV per unit will fall to the extent of the
dividend payout and statutory levy (if applicable). Face value ` 10/-. Past Kotak Mahindra Bank Limited 1.2% Britannia Industries Limited 0.0%
performance may or may not be sustained in future.
Quantitative Indicators Coromandel International Limited 1.2% Money Market Instrument
Muthoot Finance Limited 1.2% CBLO/REPO/TREPS 10.5%
Average Maturity 0.26 yrs
YTM 3.71% Bajaj Finance Limited 1.1% 364 Days TBILL (MD 10/06/2021) 2.0%
Macaulay Duration 0.28 yrs Hero MotoCorp Limited 1.1% Axis Bank Ltd CD (MD 24/11/2021) 2.0%
Modified Duration 0.28 yrs HCL Technologies Limited 1.0% Net Receivable/Payable 36.7%
(Data As on 31-May-2021)
Bharti Airtel Limited 1.0% Grand Total 100%
Total Expenses Ratio
ICICI Lombard General Insurance Company Limited 1.0%
Direct 0.98%
Regular 2.22% Hindustan Unilever Limited 0.9%
6Motilal Oswal Equity Hybrid Fund (MOFEH)
(An open ended hybrid scheme investing predominantly in equity and equity related instruments)
Investment Objective Performance (As on 31-May-2021)
The investment objective is to generate equity
linked returns by investing in a combined 1 Year Since Inception
portfolio of equity and equity related Current Value of Current Value of
instruments, debt, money market instruments CAGR (%) CAGR (%)
Investment of ` 10,000 Investment of ` 10,000
and units issued by Real Estate Investment
Trust (REITs) and Infrastructure Investment Scheme 38.4 13,867 13.9 14,223
Trust (InvITs).
CRISIL Hybrid 35 + 65 43.7 14,400 13.3 14,036
Category
- Aggressive TRI (Benchmark)
Aggressive Hybrid Fund
Nifty 50 TRI (Additional Benchmark) 64.0 16,443 13.0 13,947
Benchmark
CRISIL Hybrid 35 + 65 - Aggressive TRI NAV (`) Per Unit
(14.2226 As on 31-May-2021) 10.2562 10.0000
Continuous Offer
Date of inception: 14-Sept-18. =Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the previous date is considered for
Minimum Application Amount : ` 500/- and in 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. Siddharth Bothra is the Fund Manager for equity component
multiples of ` 1/- thereafter. since inception of the fund; and Mr. Abhiroop Mukherjee is the Fund Manager for debt component since inception=The performance of the Scheme managed by
Mr.Siddharth Bothra is on page no. 1,3,6 and 8. The performance of the Schemes managed by Mr. Abhiroop Mukherjee are on page no. 1,2,3,4,5,6,8, 9,10,11,18, and
Additional Application Amount: ` 500/- and in 22.=The scheme has been in existence for less than 3 years
multiples of ` 1/- thereafter.
Redemption proceeds SIP Performance (As on 31-May-2021)
Normally within 3 Business days from 1 Year Since Inception
acceptance of redemption request.
Entry / Exit Load Scheme CRISIL Hybrid 35 + 65 Nifty 50 Scheme CRISIL Hybrid 35 + 65 Nifty 50
- Aggressive Index TRI TRI* - Aggressive Index TRI TRI*
Entry Load: Nil
Exit Load: 1% - If redeemed on or before 15 days from the Invested Amount 120,000 3,20,000
date of allotment. Nil - If redeemed after 15 days from the
date of allotment. A switch-out or a withdrawal shall also Market Value 1,39,317 1,43,124 1,52,228 4,11,839 4,22,368 4,41,392
be subjected to the Exit Load like any Redemption. No
Exit Load applies for switch between MOF25, MOF30, Returns (CAGR) % 31.3 37.7 53.5 19.4 21.4 25.1
MOF35, MOFEH, MOFLM, MOFMAF & MOFDYNAMIC.
No Load for switch between Options within the Scheme. * Also represents additional benchmark
Further, it is clarified that there will be no exit load
For SIP returns, monthly investment of ` 10000/- invested on the 1st day of every month has been considered. Performance is for Regular Plan Growth Option. Past
charged on a switch-out from Regular to Direct plan performance may or may not be sustained in the future.
within the same scheme.
Date of Allotment Industry Allocation (Equity) Allocation
14-Sep-2018 Banks 15.5% Instrument Name Weightage%
Software 11.1%
NAV Pharmaceuticals 8.6% Equity 78.9
Auto 8.2%
Regular Plan Growth Option : ` 14.2226 Transportation
Direct Plan Growth Option : ` 14.8568 Finance
8.0%
7.7%
Bonds & NCDs 13.3
Industrial Capital Goods 4.6%
Insurance 4.5% Money Market Instrument (CD,CBLO & Treasury Bill) 7.6
Scheme Statistics Cement & Cement Products 3.9%
Monthly AAUM ` 409.41 (` cr)
Pesticides
Construction Project
2.8%
1.3%
Cash & Cash Equivalents 0.2
Retailing 1.1%
Latest AUM (31-May-2021) ` 419.68 (`cr) Consumer Non Durables 1.0%
Total 100.00
Textile Products 0.6%
Portfolio Turnover Ratio 0.7 Cash & Equivalent 4.3% (Data As on 31-May-2021)
(Data As on 31-May-2021)
(Data As on 31-May-2021) Industry classification as recommended by AMFI
Fund and Co-Fund Manager
For Equity Component Portfolio (As on 31-May-2021)
Mr. Siddharth Bothra Weightage Weightage
He is managing this fund since inception. Scrip (%)
Scrip (%)
He has close to 17 years of experience
For Debt Component since Inception Equity & Equity Related Larsen & Toubro Limited 1.3%
Mr. Abhiroop Mukherjee Bajaj Auto Limited 6.6% ICICI Lombard General Insurance Company Limited 1.2%
Quantitative Indicators HDFC Bank Limited 5.8% Avenue Supermarts Limited 1.1%
Average Maturity 0.44 Yrs Housing Development Finance Corporation Limited 5.4% IRCTC Limited 1.0%
YTM 3.84% Infosys Limited 5.0% Hindustan Unilever Limited 1.0%
Macaulay Duration 0.41 Yrs ICICI Bank Limited 5.0% CRISIL Limited 1.0%
Modified Duration 0.39 Yrs Kotak Mahindra Bank Limited 4.7% UltraTech Cement Limited 0.7%
(Data As on 31-May-2021) Container Corporation of India Limited 4.6% Gujarat Pipavav Port Limited 0.7%
Total Expenses Ratio Tata Consultancy Services Limited 4.5% Page Industries Limited 0.6%
Direct 0.86% Abbott India Limited 3.7% Total 78.9%
Regular 2.46% Procter & Gamble Health Limited 3.6% Debt Instruments
HDFC Life Insurance Company Limited 3.3% REC Limited 3.6%
Shree Cement Limited 3.2% Kotak Mahindra Prime Limited 3.6%
ABB India Limited 2.9% Sundaram Home Finance Limited 3.6%
PI Industries Limited 2.8% Housing Development Finance Corporation Limited 2.5%
Honeywell Automation India Limited 1.7% Britannia Industries Limited 0.0%
Mahindra Logistics Limited 1.7% Money Market Instrument
HCL Technologies Limited 1.6% CBLO/REPO/TREPS 4.1%
Maruti Suzuki India Limited 1.6% 364 Days TBILL (MD 10/06/2021) 3.6%
SBI Cards and Payment Services Limited 1.4% Net Receivable/Payable 0.2%
Dr. Reddy's Laboratories Limited 1.3% Grand Total 100%
7Motilal Oswal Multi Asset Fund (MOFMAF)
(An open ended scheme investing in Equity, International Equity Index Funds/ Equity ETFs, Debt and Money
Market Instruments and Gold Exchange Traded Funds.)
Investment Objective Performance (As on 31-May-2021)
The investment objective is to generate long
term capital appreciation by investing in a 6 Months Since Inception
diversified portfolio comprises of Equity, Current Value of Current Value of
International Equity Index Funds/ Equity ETFs, CAGR (%) CAGR (%)
Investment of ` 10,000 Investment of ` 10,000
Debt and Money Market Instruments and
Gold Exchange Traded Funds. Scheme 2.6 10,257 5.5 10,547
However, there can be no assurance or
guarantee that the investment objective of Customised Benchmark (Benchmark) 8.4 10,836 15.0 11,498
the Scheme would be achieved.
Category Nifty 50 TRI (Additional Benchmark) 20.7 12,072 41.6 14,163
Multi Asset Allocation NAV (`) Per Unit
Continuous Offer (10.5468 As on 31-May-2021) 10.2822 10.0000
Minimum Application Amount : ` 500/- and Date of inception: 04-Aug-2020. = 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
in multiples of `1 /- thereafter. option. Different plans have different expense structure. Siddharth Bothra is the Fund Manager for equity component and Mr. Abhiroop Mukherjee is the Fund Manager for debt
component since inception. The performance of the Schemes managed by Mr. Siddharth Bothra are on page no. 1,3,6 and 7. The performance of the Schemes managed by Mr.
Additional Application Amount : ` 500/- and Abhiroop Mukherjee are on page no. 1,2,3,4,5,6,7, 9,10,11, 18, and 22.
in multiples of `1/- thereafter.
Benchmark
Top 10 Industry Allocation
Banks 2.8%
30% Nifty 50 TRI + 50 % Crisil Short Term Gilt Software 1.7%
Index + 10% Domestic Price of Gold + 10% Auto 1.4%
S&P 500 Index (TRI) Pharmaceuticals 1.2%
Finance 1.0%
Redemption proceeds Insurance 0.9%
Cement & Cement Products 0.7%
Normally within 4 Business days from
Consumer Non Durables 0.6%
acceptance of redemption request
Transportation 0.6%
Entry / Exit Load Pesticides 0.5%
Industrial Capital Goods 0.3%
Entry Load: Nil Telecom - Services 0.1%
1%- If redeemed on or before 3 months from the date of Cash & Equivalent 2.8%
allotment. Nil- If redeemed after 3 months from the date
of allotment.No Exit Load applies for switch/ STP from (Data As on 31-May-2021) Industry classification as recommended by AMFI
MOFMAF to MOF25, MOF30, MOF35, MOFEH, MOFLM, Allocation
MOFLTE (Subject to Lock-in Period) & MOFDYNAMIC or
any other schemes as may be amended by AMC and vice Instrument Name Weightage%
versa.
Equity 11.8
NAV
Regular Plan Growth Option : ` 10.5468
Bonds & NCDs 23.7
Direct Plan Growth Option : ` 10.6801 International Equity Index Funds 11.4
Scheme Statistics Gold ETF 11.4
Monthly AAUM ` 223.14 (` cr)
Treasury Bills/Certificate of Deposit 39.0
Latest AUM (31-May-2021) ` 224.10 (`cr)
CBLO / Reverse Repo Investments 2.5
Portfolio Turnover Ratio 1.1
(Data As on 31-May-2021) Cash & Cash Equivalents 0.3
Date of Allotment Total 100.00
4-August-2020
(Data As on 31-May-2021)
Fund and Co-Fund Manager Portfolio (As on 31-May-2021)
For Equity
Mr. Siddharth Bothra Scrip
Weightage
Scrip
Weightage
(%) (%)
Managing this fund since inception.
He has overall 18 years of experience. Equity & Equity Related Eicher Motors Limited 0.3%
For Debt Component HDFC Bank Limited 1.2% Hindustan Unilever Limited 0.3%
Mr. Abhiroop Mukherjee Housing Development Finance Corporation Limited 1.0% Bharti Airtel Limited 0.1%
Managing this fund since inception. He has Infosys Limited 0.9% Total 11.8%
overall 11 years of experience.
Tata Consultancy Services Limited 0.8% Tata Capital Financial Services Limited 5.8%
For International Equity ICICI Bank Limited 0.8% REC Limited 4.5%
Mr. Herin Visaria Kotak Mahindra Bank Limited 0.8% Kotak Mahindra Prime Limited 4.5%
Managing this fund since inception. He has Bajaj Auto Limited 0.8% Sundaram Home Finance Limited 4.5%
overall 11 years of experience.
HDFC Life Insurance Company Limited 0.6% Housing Development Finance Corporation Limited 4.5%
For Gold
Mr. Swapnil Mayekar Container Corporation of India Limited 0.6% Gold ETF
Managing this fund since inception. He has PI Industries Limited 0.5% ICICI Prudential Gold ETF 11.4%
overall 11 years of experience. Procter & Gamble Health Limited 0.5% International Equity Index Funds
Shree Cement Limited 0.4% Motilal Oswal S&P 500 Index Fund Direct Plan Growth 11.4%
Total Expenses Ratio Asian Paints Limited 0.4% Money Market Instrument
Direct 0.42% Abbott India Limited 0.3% 364 Days Tbill (MD 21/04/2022) 21.6%
Regular 1.92%
Maruti Suzuki India Limited 0.3% 364 Days Tbill (MD 03/03/2022) 17.4%
Quantitative Indicators UltraTech Cement Limited 0.3% CBLO/REPO/TREPS 2.5%
Average Maturity 0.71 Yrs Honeywell Automation India Limited 0.3% Net Receivable/Payable 0.3%
YTM 3.84% Dr. Reddy's Laboratories Limited 0.3% Grand Total 100%
Macaulay Duration 0.72 Yrs ICICI Lombard General Insurance Company Limited 0.3%
Modified Duration 0.69 Yrs
(Data As on 31-May-2021)
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