INVESTMENT STRATEGY - January 2021 - Edelweiss - Global ...
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INVESTMENT
STRATEGY
January 2021Agenda
2020 – An Year Like No Other 3
2021 – The Year Ahead 9
Executive Summary 13
India & Global Macros 16
Asset class specific views and performance
• Equity 20
• Debt 24
• Currency 27
Model Portfolio 29
Data tables & Annexure 37
22020 – An Year Like No Other
Biggest Health Crisis In Over A Century
Covid cases continue to increase even now Worldwide lockdown brought economies to standstill
Mar Apr May Jun Jul Aug Sep Oct Nov Dec
30 90 40 Google Mobility data
83.8 Period of
Country wise total cases (millions)
20 strictest
Global total cases (millions)
25 US 75
Europe 0 lockdown
20 South 60
America -20
15 45
India -40
10 30 -60
5 15
0 0
total recovered Total Cases - RHS India US UK Germany France
Data Source: worldometers.info Data Source: Google Mobility Report
Vaccine development catching up pace
Phase 1 Phase 2 Phase 3 Limited Approved
2020 saw the worst pandemic in 100 years in the form of
novel coronavirus Covid-19 and the cases continue to rise
44 19 20 7 3 even today.
Economies worldwide were forced into strict lockdowns in
order to curtail the spread of virus.
Vaccines Vaccines in Vaccines
testing
Vaccines in
large scale approved
Vaccines But with the rollout of multiple vaccines lately, speed to
expanded approved
safety and efficacy for early or normalcy could be quicker than expected.
safety trials for full use
dosage tests limited use
Source: New York Times Vaccine Tracker; updated as of 8th January 2021 4Economies Faced The Heat Soon after
Lockdown forced economies into recession Millions plunged into joblessness but recovered sharply
5 7500
0 US jobless claims reached an all time
Jobless claims (‘000)
6000
GDP growth (% YoY)
high of 6.6 million in April 2020 as a
-5
4500 result of lockdown.
-10
3000
-15
-20 1500
-25 0
India
UK
France
Germany
USA
China
Mexico
Spain
Indonesia
South Korea
Philippines
Q2CY2020 Q3CY2020 Average of Q2 and Q3 CY2020 US Initial Jobless claims
Source: Edelweiss Professional Investor Research Data Source: FRED Economic Data
India also faced acute labor sector crisis
Economies around the world contracted sharply with
25 23.52
21.73 India facing the strictest lockdown for more than two
20
months saw one of the biggest fall in GDP among major
15 economies.
10.18
%
8.75 8.35 9.06
10 7.22 7.76 7.4 6.67 6.98 6.51 India’s GDP contraction of 23.4% in Q2CY20 is the biggest
5
in last several decades.
0
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Economic activity started to come back as process of
India Unemployment Rate reopening started form the 2nd half of the year.
Data Source: CMIE 5Strong Fiscal And Monetary Stimulus
Governments reacted with strong fiscal support to the economy Monetary easing is likely to continue beyond December 2020
40 Direct fiscal support Loans, equity, and guarantees US ECB BoJ BoEUnprecedented Recovery Seen In 2nd Half Of The Year
Surge in risky assets in CY20 Global equity – NASDAQ outperformed on the back of Tech stocks
30 27 148
150 Strong fiscal and monetary stimulus have led
19 to one of the quickest recoveries from the
20 16 16 14 13 130 lows in March 2020
CY20 performance (%)
7 6 116
10
110 115
0 103
90
-10 86
70
-20
-22 50
-30
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
Precious Industrial MSCI EM S&P 500 MSCI India Agri US high EM bond Brent
metals metals yield index index crude NASDAQ 100 S&P 500 FTSE 100 Nifty 50 Brazil BOVESPA
Index numbers have been rebased to 100 starting 31st December 2019
Source: Edelweiss Research, Bloomberg Data Source: Investing.com, NSE
Bearish dollar propelling EM equities Negative yielding debt at all time high on the back of low rates
104 84 20.0
102 Correction in dollar 17.8
82 18.0
index providing EM
100 16.0
equities a boost 80
USD Trillion
98 14.0
78
96 12.0
76
94 10.0
74 8.0
92 7.7
90 72 6.0
88 70
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
DXY - LHS S&P 500/MSCI EM - RHS Negative Yielding Debt
Data Source: Bloomberg
7
Data Source: Investing.comSimilar Trends In Indian Market
Mid and Small caps outperformed large caps in CY20 FII inflow gave a strong boost to nifty recovery
Broader markets outperform 21 21 9000 8420 25%
20 large caps after 2 years 15 20%
12 15%
10 4500
3 10%
USD Million
0 5%
%
0 0%
-10 -4 -5%
-10
-10%
-20 -15 -4500
-15%
-30 -29 -7886 -20%
2018 2019 2020 -9000 -25%
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
Nifty NSE Midcap Index NSE Smallcap Index
FII Inflow in Equity Nifty50 M-o-M return - RHS
Data Source: Edelweiss Research Data Source: NSE, NSDL
RBI has provided much needed support in tackling crisis India yield curve is steeper than ever
9000 6.5 300
RBI has cut Repo rate RBI has maintained surplus 282
8000 by 115 bps since March liquidity throughout CY20 6.0 250
7000 2020
5.5 200
bps
INR Billion
6000
5.0
%
150
5000 131
4000
4.5 100 84
3000 4.0 50
2000 3.5
Interbank Liquidity Repo Rate - RHS India Yield Curve (10Y - 3M G-sec) LT Avg (7 years period)
Data Source: Bloomberg Data Source: worldgovernmentbonds.com 82021 – The Year Ahead
2021 Outlook – Strong Recovery Will Continue
As we move to 2021, there are reasons to be more optimistic. First, Covid19 active cases have stopped to rise & vaccines are getting rolled out globally.
Second, countries globally are going all out to boost demand thereby helping the economy to recover back to the pre-Covid levels.
Outlook and Opportunities
Equity
• Indian equity has remained one of the most favoured destination for FII money in 2020 which is likely to continue in this year as well, on the back of
accommodative stance by central banks globally and a weaker dollar.
• Economy will continue to strengthen further supported by RBI’s monetary support both in terms of liquidity infusion and lower rates. Equity markets will
get further boost if big fiscal spending announcements take place in upcoming budget.
• Export led recovery could lead growth of which IT has been the biggest beneficiary and this trend is likely to continue as cloud and digital unravels.
Healthcare sector has had a big tailwind and this is likely to continue as well. BFSI could continue to see some interest as the worst of the NPA cycle is
behind us. Volatility will persist but equity is expected to emerge as better performing asset class this decade.
Fixed Income
• RBI is expected to keep the stance accommodative and Repo rate near current levels in medium term as focus remains on growth. If inflation cools off to
the levels of RBI’s target, fresh rounds of interest rate cuts can be expected.
• RBI has been on forefront in tackling covid crisis with surplus liquidity and low rates and they will gradually move to withdrawal of unprecedented
accommodation as growth gets restored over medium term
• Yield curve is likely to bear flatten gradually, although it will remain at higher levels than usual average. Yield will continue to moderate over this decade
which will require a look at innovative solutions like REITs, InvIts and select credit.
102021 Outlook – Strong Recovery Will Continue
Gold
• Traditionally, gold has been a risk-off asset class but since 2008 with the onset of QE and subsequent surplus liquidity into the system, it has started to
move in tandem with risky assets. Factors like high dollar liquidity, weaker dollar and favourable demand supply dynamics are indicating a comeback in
gold prices and could reach USD 2600-2800 over the next few years.
INR
• INR has largely underperformed EMFX as RBI has concentrated on increasing reserves thereby limiting appreciation of INR.
• Based on high REER and widening of trade deficit to $15.71bn in December from $12.48bn a year earlier, INR could head for a mild depreciation.
USDINR is expected to inch towards 74.00 zone in near term.
Real Estate
• After going through a phase of crisis in 2020, real estate sector is poised for a strong recovery led by residential and office segments. Lower interest
rates and a likely subsiding of WFH concerns may lead to faster than expected recovery in this asset class.
• Maharshtra govt.’s decision to cut construction premium by 50% and stamp duty cut will likely provide much needed boost to sales this year.
Risks
Unexpected extension of current health crisis poses one of the biggest risk as it can again force the economies into uncertainties of lockdown.
A less than expected fiscal stimulus both at global and domestic level could provide roadblocks to recovering economies.
Uncertainty over Central Government budget announcements on fiscal spending and big ticket reforms.
Persistent high inflation could provide constrains to RBI’s loose monetary policy which is otherwise needed for growth.
Earnings disappointment over the next year could test the high valuations of the market.
Geopolitical risks: 1. Reaction of new US regime on US-China trade relations 2. UK Brexit deal with EU 3. Increase in crude prices due to ongoing
production cuts. 112021 Budget Expectations
Fiscal spending and consolidation
• In order to support growth and boost demand, govt. is expected to provide much needed fiscal stimulus which has not surpassed 2% of
GDP in response to pandemic. A new fiscal consolidation roadmap need to be drawn which gives more impetus to growth.
Means to raise funds
• Govt. may go for big disinvestment announcements to meet the revenue targets for next fiscal year.
Announcements regarding taxes
• Govt. is expected not to increase any taxes which could affect the already sluggish demand.
• Tariff protections could be reversed and reforms could be expected to make industries more competitive.
Support for specific sectors
• Banking sector may get some support in the upcoming budget over concerns of higher NPAs due to pandemic
• Stressed sectors such as hospitality and aviation may get direct support from the govt.
Support for rural economy
• Govt. may look to allocate more funds to rural economy in order to boost farms income.
12Executive Summary
Asset Class View
Equity Fixed Income and Alternates
• While bull run continued in equity markets due to relentless FII inflow, • CPI inflation is not showing any signs to cool off. RBI have also taken a pause in
recovery in domestic demand & corporate earnings are yet to catch up. interest rate cuts while maintaining accommodative stance.
• Unabated global liquidity and positive news around development of • It is prudent to reduce interest rate sensitivity of the portfolio by trimming the
COVID vaccine indicate limited downside from medium term view. exposure to investments with high duration.
• We continue with marginal underweight call on equity allocation, • Core allocation to high quality credit with judicious mix of carefully curated
based on respective risk profiles. high yield credit and niche alternates is advisable.
Investment Strategy Investment Strategy
• Strategic – Businesses with visibility of early recovery of profitability • Strategic- Good quality credit with comparatively higher yields
• Deployment – Staggered Deployment over 60 days . • Tactical – High yielding credit of issuers with sound business practices
• Tactical – Accelerate deployment in case of correction • Alternates - Exposure to Gold – buy on dips
• International equity allocation through FOF • Investments with predictable and regular cashflow
Shortlisted Products* Shortlisted Products*
• Large Cap Funds • SP rated AAA, AA and A
• Index Funds/ ETFs • CAT II AIF
• Multi Cap Funds • InvIT/ REIT
• Credit Risk Funds
• Mid and small cap Funds
• Debt ETF
• International
• Corporate Bond Funds
14Model Portfolio & Asset Allocation Summary
Your Portfolio Position & Our Recommended Allocation Across All Risk Profiles
Equity Fixed Income
• Deploy in 4 equal tranches over next 60 days to take • Immediate Deployment in good quality credit
Substantially undeployed
equity deployment to recommended level as per your where yields are comparatively higher as well as
/ Fresh Capital to invest
risk profile in high yielding credit with select issuers
• Keep the balance amount as cash for better opportunities. • Review the underlying credit exposures
Deployed as per strategic Review mid and small cap allocation in portfolio and in (direct/indirect) and reallocate, if needed.
allocation case of overweight allocation, consider moving to large • Trim the exposure to high duration and suitably
cap/ Large & Mid Cap reallocate.
Conservative Portfolio Moderate Portfolio Aggressive Portfolio
70% 72.5% 50%
45% 45% 60%
40% 55%
Model Portfolio vis-a
30%
vis Tactical Asset 25% 22.5% 25%
10% 10% 15% 15%
Allocation for 5% 5.0%
Existing Clients
Equity Fixed Income Alternatives Equity Fixed Income Alternatives Equity Fixed Income Alternatives
Model Portfolio Current Allocation Model Portfolio Current Allocation Model Portfolio Current Allocation
15
Please contact your financial advisor for more details & strategyIndia & Global Macros
India Macro
Manufacturing PMI remained above 55 for four consecutive months GST collections in Dec at all time high since its implementation
Services PMI remained in expansionary December collections up 11.6% Y-o-Y
56.8 58.9 56.3 1,13,685 1,15,174
60 zone for 3rd consecutive month 56.4
52.3 1,05,155 1,04,963 1,03,184
52 54.1 1,00,289 99,939 1,02,083 98,202 95,480 95,379 1,03,491
49.8 53.7 91,916
50 47.2 46 87,422
90,917 86,449
40 33.7 34.2
30.8 62,151
30 27.4
20 12.6 32,172
10 5.4
0
Apr May Jun Jul Aug Sep Oct Nov Dec
Manufacturing PMI Services PMI GST collection in FY20 GST collecton in FY21
Figures are in INR crore
Source: Edelweiss Professional Investor Research Source: Edelweiss Professional Investor Research, News Articles
India Trade balance Investments continue to struggle
50 Trade deficit widened to USD 15.7 billion in Dec as imports recovered 4500 100%
and exports moderated. However in the medium term, exports
40 should bounce back and lead the economic recovery. 50%
30 3000
20 0%
10 1500
-50%
0
-10 0 -100%
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Mar-16
Jun-16
Mar-17
Jun-17
Mar-18
Jun-18
Mar-19
Jun-19
Mar-20
Jun-20
Sep-16
Sep-17
Sep-18
Sep-19
Sep-20
-20
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
Imports Exports Trade Balance
No. of new projects announced New investemnt projects % YoY- RHS
Source: Edelweiss Research Source: Edelweiss Professional Investor Research 17Global Macro
Strong revival in US housing market US retail sales (ex-food, auto, building material and gas stations)
25 115
15 Strongest in a
110
(Index rebased to 100)
5
105
(%, YoY)
(5)
100
(15)
(25) 95
(35) 90
Oct 11 Oct 12 Oct 13 Oct 14 Oct 15 Oct 16 Oct 17 Oct 18 Oct 19 Oct 20 T=0 T+1 T+2 T+3 T+4 T+5 T+6 T+7 T+8 T+9 T+10 T+11
US pending home sales GFC COVID
Source: Edelweiss Research, Bloomberg Source: Edelweiss Research, Bloomberg
Note: T=0 is June 2008 during GFC and Dec 2019 during Covid. One unit of T represents 1 month
US real rates in negative territory
3 • Economic activity in US has seen sharp recovery as reflected
2 by housing sector retail sales data.
1 • Concerns over the ongoing Covid wave in US remains but
(%)
0 with the rollout of vaccine, fears may subside.
(1)
• Also, with Biden government assuming office later this
(2)
Dec 04 Dec 06 Dec 08 Dec 10 Dec 12 Dec 14 Dec 16 Dec 18 Dec 20 month, expectations for another of fiscal stimulus remain
US real rates
high.
US real rates is US 10Y G-sec minus inflation expectations
Source: Edelweiss Research, Bloomberg 18Asset Class Specific Views & Performance
Equity
Prices Are Up Significantly Since Crash In March
Unexpectedly strong recovery of broader market Still, India MCap to GDP trading at discount to that of US
40% 200
28% 26.2% 186
30% 24.3% 26%
22.7% 21.7%
Market cap to GDP ratio
20% 150
20% 15.5%
9.2%
10% 121
100
77 90
0%
-10% 50 56
-20%
0
-30%
-29% -32%
-40% -38%
Nifty 50 NSE Midcap 100 NSE Smallcap 100
Q1CY20 Q2CY20 Q3CY20 Q4CY20 USA India India LT average (Since 2003)
Data Source: NSE Data Source: Edelweiss Professional Investor Research, BSE, Ycharts.com
• Nifty 50, Mid cap 100 and Small cap 100 posted returns of 7.8%, 5.7% and 7.8% respectively in the month of December. Sustained global
and local liquidity along with news on vaccine development continue to drive the market, leading to a path of unchartered territory
signifying a ‘risk on’ mode in the market.
• Although, uncertainty remains in short term, long term attractiveness will continue to drive investors towards Indian equity market.
21Foreign Inflows Remain High
Indian equity markets were major beneficiary of global liquidity FII inflow in equity in major emerging markets in CY20
25 23
10 18
8 Indian equity receives highest inflow
6 17
15 among emerging markets
4
USD Billion
USD Billion
2
USD Trillion
16 5
0
-2
15 -5
-4 -3.2
-6
-5.8 -7.4 -8.5
-8 14 -15
-15.6
-25 -20.1
India Indonesia Malaysia South Brazil Taiwan South
FII Inflow in Equity - LHS Global Dollar Liquidity - RHS Africa Korea
Data Source: NSDL, Bloomberg, Edelweiss Professional Investor Research Data Source: NSDL, Bloomberg, Edelweiss Professional Investor Research
Despite the pandemic, primary markets have remained bullish
3500
3000
2,979
• Indian equity has seen one of the biggest FII inflow in
2,558 2,521
2500 the recent times since market crash in March. Surplus
INR Billion
2000
liquidity as result of unprecedented monetary support
1500
1000 has been the biggest factor.
500 • Bull market supported by inflows has also reflected in
0
2000 2005 2010 2015 2020 the primary markets.
Equity fund raising
Data Source: Edelweiss Research, CMIE 22Mixed Signals By Valuation Indicators
Valuations do not appear to be as expensive if looked through P/B and BEER* ratios
1.0
0.9
Since Jan Value As of Decile as
Max Min
0.8
2001 31st Dec20 of Dec20
0.7
0.6
0.5
PE 35.16 9.15 35.16 1.0
0.4
0.3
0.2 PB 6.06 1.65 3.15 0.7
P/E Vs P/B Vs BEER Ratio Decile
0.1
0.0
BEER 1.85 0.47 1.18 0.3
PE Decile PB Decile BEER Decile
Data Source: Bloomberg
*BEER is calculated by dividing the yield of a government bond by the current earnings yield of a stock benchmark in the same market. The idea behind the BEER ratio is that if stocks are yielding more than bonds, then they are
undervalued; inversely, if bonds are yielding more than stocks, then stocks are overvalued.
• When conventional valuation metric like PE is considered on standalone basis, markets look to be extremely expensive
• However, when we consider other metrics like PB and BEER ratio, they look fairly valued.
23Debt
Yield Curve Remains Steep While Inflation High
Yield curve remains steep CPI-WPI gap has narrowly come down
7 RBI’s decisions has helped in injecting 8
over INR 10 lakh crore (>4% of GDP) 6.93
since March, resulting in easing up of 6
6 yield across curve
CPI has remained
4 above 6% YoY since
April 2020
% Y-o-Y
5
Yields at shorter end have Yield at longer end have
2 1.55
%
eased more than at remained more or less
4 longer end 0
the same
-2
3
-4
2
3M 1Y 2Y 3Y 5Y 7Y 10Y
CPI Inflation WPI Inflation
29th Feb'20 (pre-covid) 30th Nov'20 31st Dec'20
Data Source: worldgovernmentbonds, Bloomberg Source: CEIC, Edelweiss Professional Investor Research
• Steepness in India sovereign yield curve (10Y - 3M G-sec) is near its decadal high owing to surplus liquidity in the system which has caused
the short term yields to ease up whereas longer term yields have been sticky for quite sometime.
• Inflation remains high and therefore limits any room for further rate cuts in the near term. As sluggish demand gets reflected accurately
and supply normalizes progressively, headline CPI inflation will likely moderate which will provide much needed room for RBI to cut policy
rate.
25Opportunity Available In Select Credit
Corporate Bond Spreads Are Easing From Extreme Levels The gap between AA and AAA has widened
200 198 80
74
150 130 136
120
100
77 60
53
50 46
Spread between 5Y AA and AAA has shot well beyond its long term average since lockdown
and are expected to decrease as systemic risks decrease with recovery in economy
0
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Jun-20
Sep-14
Dec-14
Mar-15
Sep-15
Dec-15
Mar-16
Sep-16
Dec-16
Mar-17
Sep-17
Dec-17
Mar-18
Sep-18
Dec-18
Mar-19
Sep-19
Dec-19
Mar-20
Sep-20
Dec-20
40
Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20
5 Y AAA Spread 5 Y AAA Long Term Avg 5 Y AA Spread 5 Y AA Long Term Avg 5Y AA - 5Y AAA LT average (since Jan 2014)
5 Year Bonds including Corporates, Banks & NBFCs; spreads are over 5Y G-sec
5 Year Bonds including Corporates, Banks & NBFCs;
Data Source: Bloomberg
Data Source: Bloomberg
• Considering spreads have reverted to their long term averages, investment opportunities in high quality credit have reasonably reduced.
• High yield credit papers issued by select corporates can be considered subject to proper due diligence.
26Currency
INR Appreciation Remains Capped in CY20
INR has lagged EMFX appreciation REER is still 7% above the Long term average
10 125
5
120
0
Index
117
-5 115
%
-10
-15 110
-20
105
-25
Nov-17
Nov-18
Nov-19
Nov-20
Jul-17
Jul-18
Jul-19
Jul-20
Sep-17
Sep-18
Sep-19
Sep-20
Jan-17
Mar-17
May-17
Jan-18
Mar-18
May-18
Jan-19
Mar-19
May-19
Jan-20
Mar-20
May-20
CNY KRW TWD PHP SGD MYR THB IDR INR ZAR MXN RUB TRY BRL
CY20 Dec-20 Trade Weighted REER Long Term Average
Data Source: Bloomberg , Edelweiss Professional Investor Research Data Source: Bloomberg , Edelweiss Professional Investor Research
FPI net flows for the last one year RBI has absorbed flows to keep INR appreciation capped
15 600
10 581
575
USD Billion
5
USD Billion
550
0
(5) 525
(10) 500
(15)
475
(20)
450
FPI Net Equity Flows FPI Net Debt Flows FPI Net Flows
RBI Forex Reserves
Data Source: Bloomberg , Edelweiss Professional Investor Research Data Source: Bloomberg , Edelweiss Professional Investor Research 28Model Portfolio
Model Portfolio Characteristics
Market Cap wise Allocation* (as %age of Equity portfolio)
Conservative Portfolio Moderate Portfolio Aggressive Portfolio
8% 1% 3% 8%
4% 3% 9% 4%
13%
88% 74%
85% Large Cap Mid Cap Small Cap Others
Large Cap Mid Cap Small Cap Others Large Cap Mid Cap Small Cap Others
Portfolio Credit and Duration Profile (as %age of Fixed Income portfolio)
Conservative Portfolio Moderate Portfolio Aggressive Portfolio
4% 3% 6%
19% 22%
25%
77% 72%
72%
AAA AA Others AAA AA Others AAA AA Others
Parameters Values^ Parameters Values Parameters Values
Duration 2.21Years Duration 1.97Years Duration 2.05 Years
YTM 6.60% YTM 6..83% YTM 7.16%
* Market Cap classification as per SEBI definition as on July 2020 portfolio details
30Our Model Portfolio Performance - Conservative
Growth of Rs 100 Crs invested in January 2013 Change in Asset Allocation over time
210 204.10 100%
200 90%
190 182.43 80%
180
70%
170
60%
160
50%
150
140 40%
130 30%
120 20%
110 10%
100 0%
Mar-13
Dec-13
Mar-14
Dec-14
Mar-15
Dec-15
Mar-16
Dec-16
Mar-17
Dec-17
Mar-18
Dec-18
Mar-19
Dec-19
Mar-20
Dec-20
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Jun-20
Sep-13
Sep-14
Sep-15
Sep-16
Sep-17
Sep-18
Sep-19
Sep-20
Apr-13
Apr-14
Apr-15
Apr-16
Apr-17
Apr-18
Apr-19
Apr-20
Oct-13
Oct-14
Oct-15
Oct-16
Oct-17
Oct-18
Oct-19
Oct-20
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
Jul-18
Jul-19
Jul-20
Model Portfolio Benchmark Equity Debt
Since Inception Model Portfolio Benchmark Calendar Year
Returns CY 2013 CY 2014 CY 2015 CY 2016 CY 2017 CY 2018 CY 2019 CY 2020
CAGR* 9.32% 7.80%
Model Portfolio 6.85% 12.15% 8.33% 7.47% 11.49% 6.12% 9.86% 12.56%
Annualized
5.59% 6.66%
Volatility^ Benchmark 7.00% 7.33% 6.04% 6.73% 11.57% 5.85% 7.93% 10.12%
Sharpe Ratio** 0.59 0.27 Trailing Return Model Portfolio Benchmark
3 Months 5.91% 6.99%
6 Months 9.28% 10.67%
12 Months 12.56% 10.12%
*Returns shown are gross of fees and taxes for Model Portfolio of Conservative Risk Profile published in monthly Investment Strategy. ^Volatility calculated based on quarterly returns till 31 st March 2019 and on
monthly returns thereafter. 31
Past performance is not indicative of future returns. Benchmark consists of 25% NSE 100 & 75% accrual on straight line basis with 7% returns. ** Risk Free rate is assumed as 6%Model Portfolio: Conservative
Asset Class Category Allocation
Equity Large Cap Mutual Fund 22.5%
Overnight/ Liquid Mutual Fund 2.5%
Arbitrage Fund 2.5%
5.0%
Money Market Fund
Fixed Coupon SP – AA A Rating 5.0%
Fixed Income Fixed Coupon SP – AA Rating 15.0%
Bond FOF 4 Years Maturity 10.0%
Corporate Bond Fund 10.0%
Roll Down Strategy 10.0%
InvIT 12.5%
REIT 5.0%
Grand Total 100.0%
For deployment strategy, please refer to slide #15
32Our Model Portfolio Performance - Moderate
Growth of Rs 100 Crs invested in January 2013
275
287.79 Change in Asset Allocation over time
100%
255 90%
235 80%
221.09
215 70%
195 60%
175 50%
40%
155
30%
135
20%
115 10%
95 0%
Apr-13
Oct-13
Apr-14
Oct-14
Apr-15
Oct-15
Apr-16
Oct-16
Apr-17
Oct-17
Apr-18
Oct-18
Apr-19
Oct-19
Apr-20
Oct-20
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
Jul-18
Jul-19
Jul-20
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Jun-20
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Mar-20
Sep-13
Sep-14
Sep-15
Sep-16
Sep-17
Sep-18
Sep-19
Sep-20
Model Portfolio Benchmark Equity Debt
Since Inception Model Portfolio Benchmark Calendar Year
CY 2013 CY 2014 CY 2015 CY 2016 CY 2017 CY 2018 CY 2019 CY 2020
Returns
CAGR* 14.12% 10.42%
Model Portfolio 11.30% 38.67% 7.78% 2.26% 10.54% 10.96% 11.30% 13.91%
Annualized
11.73% 12.77% Benchmark 7.67% 20.34% 3.63% 4.46% 10.15% 10.23% 7.67% 14.35%
Volatility^
Sharpe Ratio** 0.69 0.35 Trailing Return Model Portfolio Benchmark
3 Months 8.33% 11.83%
6 Months 13.52% 17.34%
12 Months 13.91% 14.35%
*Returns shown are gross of fees and taxes for Model Portfolio of Moderate Risk Profile published in monthly Investment Strategy. Returns of PMS are as of 31st Dec 2020 . ^Volatility calculated based on quarterly
returns till 31st March 2019 and on monthly returns thereafter. 33
Past performance is not indicative of future returns. Benchmark consists of 50% NSE 100 & 50% Short Term Debt Mutual Fund Return. ** Risk Free rate is assumed as 6%Model Portfolio: Moderate
Asset Class Category Allocation
Large Cap Mutual Fund 27.5%
Equity Large Cap PMS 7.5%
Multi Cap PMS 5.0%
Overnight/ Liquid Mutual Fund 2.5%
Arbitrage Fund 5.0%
Money Market Fund 5.0%
Fixed Coupon SP – AA Rating 15.0%
Fixed Income
Bond ETF 4 Years Maturity 10.0%
Roll Down Strategy 5.0%
InvIT 12.5%
REIT 5.0%
Grand Total 100.0%
For deployment strategy, please refer to slide #15
34Our Model Portfolio Performance - Aggressive
Growth of Rs 100 Crs invested in January 2013 Change in Asset Allocation over time
360 100%
346.58
330 90%
300 80%
270 70%
60%
240 227.69
50%
210
40%
180 30%
150 20%
120 10%
90 0%
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Jun-18
Jun-19
Jun-20
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Mar-20
Sep-13
Sep-14
Sep-15
Sep-16
Sep-17
Sep-18
Sep-19
Sep-20
Apr-13
Apr-14
Apr-15
Apr-16
Apr-17
Apr-18
Apr-19
Apr-20
Oct-13
Oct-14
Oct-15
Oct-16
Oct-17
Oct-18
Oct-19
Oct-20
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
Jul-18
Jul-19
Jul-20
Model Portfolio Benchmark Equity Debt
Since Inception Model Portfolio Benchmark Calendar Year
CY 2013 CY 2014 CY 2015 CY 2016 CY 2017 CY 2018 CY 2019 CY 2020
Returns
CAGR* 16.80% 10.83%
Model Portfolio 13.46% 50.16% 13.05% 10.38% 31.39% -3.43% 11.04% 15.71%
Annualized
19.37% 16.98% Benchmark 7.37% 23.77% 1.96% 5.94% 20.88% 3.57% 10.25% 14.92%
Volatility^
Sharpe Ratio** 0.56 0.28 Trailing Return Model Portfolio Benchmark
3 Months 12.03% 15.02%
6 Months 20.68% 21.82%
12 Months 15.71% 14.92%
*Returns shown are gross of fees and taxes for Model Portfolio of Aggressive Risk Profile published in monthly Investment Strategy. Returns of PMS are as of 31st Dec 2020. ^Volatility calculated based on quarterly returns till 31st
March 2019 and on monthly returns thereafter. 35
Past performance is not indicative of future returns. Benchmark consists of 70% NSE 100 & 30% Short Term Debt Mutual Fund Return ** Risk Free rate is assumed as 6%Model Portfolio: Aggressive
Asset Class Category Allocation
Large Cap Mutual Fund 27.5%
Large Cap PMS 10.0%
Equity Large & Mid Cap Fund 7.5%
Multi Cap PMS 5.0%
Small Cap Mutual Fund 5.0%
Overnight/ Liquid Mutual Fund 2.5%
Arbitrage Fund 5.0%
Fixed Coupon Structured Product – AA Rated 10.0%
Fixed Income
Bond ETF 4 Years Maturity 10.0%
InvIT 12.5%
REIT 5.0%
Grand Total 100.0%
For deployment strategy, please refer to slide #15
36Data Tables & Annexure
Equity: Sector Performance
Percentage Change
Index Price 1 Month 3 Months 6 Months 12 Months 24 Months
Nifty 13,982 7.81% 24.31% 35.72% 14.90% 26.79%
Nifty 50 USD 6,630 9.27% 25.52% 40.24% 12.24% 10.37%
IT 24,251 11.42% 21.55% 64.37% 54.94% 86.74%
Auto 9,194 3.40% 16.25% 36.83% 11.46% -20.83%
Bank 31,264 5.59% 45.74% 46.30% -2.79% 14.19%
FMCG 34,177 7.75% 14.53% 13.68% 13.46% 25.99%
Pharma 12,916 9.09% 9.71% 29.35% 60.64% 37.63%
Metals 3,255 11.24% 45.13% 63.44% 16.18% -19.95%
Infrastructure 3,651 6.60% 18.50% 20.40% 12.15% 0.87%
Real Estate 314 20.16% 48.11% 54.87% 5.12% -8.95%
PSU Bank 1,753 12.47% 37.21% 22.75% -30.57% -52.39%
Media 1,649 9.70% 6.54% 22.75% -8.57% -52.74%
CNX Midcap 20,843 5.72% 22.73% 41.75% 21.87% 0.28%
BSE Small Cap 18,098 7.25% 21.73% 46.18% 32.11% -3.31%
India 10 Yr Gsec Yield (Chg bps) 5.87% -4.6 -14.6 -2.1 -69.0 -156.5
Indian Rupee 73.07 -1.32% -0.95% -3.24% 2.36% 14.91%
Source: Bloomberg; Data as on 31st December 2020
38Debt: Data Table
Parameters Instruments As of 31/12/2020 As of 30/11/2020 As of 30/09/2020 As of 30/06/2020 As of 31/12/2019
Repo Rate 4.00% 4.00% 4.00% 4.00% 5.15%
Reverse Repo Rate 3.35% 3.35% 3.35% 3.35% 4.90%
Call Rates 3.45% 3.40% 3.50% 3.90% 5.25%
FBIL Bank Offer Rate O/N 3.51% 3.40% 3.79% 3.89% 5.26%
Money Market
364 Days T Bills 3.46% 3.39% 3.73% 3.54% 5.30%
Rates
12 M CDs 4.03% 4.03% 4.03% 4.28% 5.98%
12M Commercial Paper 4.10% 4.05% 4.15% 4.20% 7.00%
3 M Certificate of Deposit 3.33% 3.33% 3.20% 4.20% 5.08%
3 M Commercial Paper 3.40% 3.25% 3.55% 3.30% 5.78%
3 Y Gilt 4.46% 4.35% 4.93% 4.40% 6.24%
Government 5 Y Gilt 5.04% 5.08% 5.39% 5.28% 6.47%
Securities 10 Y Gilt 5.87% 5.91% 6.01% 5.89% 6.56%
30 Y Gilt 6.53% 6.59% 6.75% 6.55% 7.13%
3 Year AAA 4.69% 4.71% 5.31% 5.62% 6.95%
3 Year AA 5.59% 5.56% 6.09% 6.39% 7.62%
5 Year AAA 5.51% 5.55% 6.00% 6.16% 7.17%
Corporate Debt
5 Year AA 6.25% 6.28% 6.65% 6.81% 7.80%
10 Year AAA 6.59% 6.51% 6.79% 7.05% 7.63%
10 Year AA 7.35% 7.31% 7.57% 7.78% 8.28%
(5Year AAA - 5 Year G-Sec) 46 47 61 88 70
Spreads (bps)
(5Year AA - 5 Year G-Sec) 120 120 125 153 133
Source: Bloomberg; Data as on 31st December 2020 39High Frequency Indicators
FY21YTD
Industry(YoY, %) FY20 (Avg) Current as a % of Pre-Covid April as a % of Pre-Covid Nov-20 Oct-20 Sep-20 Aug-20 Jul-20 Jun-20 May-20 Apr-20 Mar-20 Feb-20 Jan-20 Dec-19 Nov-19 Oct-19
(Avg)
Credit To Industry 0.8 4.8 98 103 -1.7 0.0 0.5 0.8 2.3 1.7 1.7 0.7 0.7 2.5 1.6 2.4 3.4
Cement Production -20.4 0.1 87 14 2.8 -3.5 -14.5 -13.5 -6.8 -21.4 -86.0 -25.1 8.6 5.0 5.5 4.1 -7.7
CV (Quarterly) -52.5 -22.3 91 19 -20.1 -84.8 -48.3 -17.2
MHCV (Quarterly) -71.5 -34.6 51 9 -48.9 -94.1 -56.8 -38.5
LCV (Quarterly) -44.1 -14.2 111 28 -8.5 -79.7 -42.7 -4.6
Coal Production -2.1 -5.3 73 62 11.5 21.2 3.7 -5.7 -15.5 -14.0 -15.6 4.0 10.3 8.1 6.2 -2.5 -17.5
Steel Production -22.4 5.4 94 17 -2.7 2.8 -1.7 -8.3 -25.4 -43.1 -78.7 -21.9 -0.4 2.2 1.9 -3.7 -1.6
Eight Core Industry -12.8 -0.1 94 40 -2.5 -0.2 -7.3 -8.0 -13.0 -22.0 -37.0 -8.5 5.6 2.2 1.3 -1.6 -5.8
IIP Mining -12.7 -0.1 79 64 -1.5 1.4 -9.0 -12.8 -19.6 -20.5 -27.0 -1.3 10.0 5.4 5.4 1.7 -8.0
IIP Electricity -5.1 0.8 105 81 11.3 4.9 -1.8 -2.5 -10.0 -14.9 -23.0 -8.2 8.1 -0.1 -0.1 -5.0 -12.2
IIP Manufacturing -19.7 0.9 96 31 3.5 -0.2 -7.9 -11.6 -16.0 -38.4 -67.1 -22.8 3.3 -1.2 -1.2 2.7 -2.1
India Money Supply(M3) 12.1 10.1 109 104 12.5 11.6 12.2 12.6 13.2 12.4 11.7 10.8 8.9 10.2 11.3 10.4 9.8 10.6
Manufacturing PMI (abs) 46.9 51.7 103 50 56.3 58.9 56.8 52.0 46.0 47.2 30.8 27.4 51.8 54.5 55.3 52.7 51.2 50.6
FY21YTD
Services (YoY, %) FY20 (Avg) Current as a % of Pre-Covid April as a % of Pre-Covid Nov-20 Oct-20 Sep-20 Aug-20 Jul-20 Jun-20 May-20 Apr-20 Mar-20 Feb-20 Jan-20 Dec-19 Nov-19 Oct-19
(Avg)
Services PMI(abs) 35.7 51.0 96 10 53.7 54.1 49.8 41.8 34.2 33.7 12.6 5.4 49.3 57.5 55.5 53.3 52.7 49.2
Credit To Services 10.0 11.5 106 106 9.5 9.1 8.6 10.1 10.7 11.2 11.2 7.4 6.9 8.9 6.2 4.8 6.5
Foreign Tourist Arrival - 3.8 -66.4 -6.6 1.3 2.8 7.8 6.1
Airport Passenger Traffic -82.4 1.8 -62.2 -69.6 -78.6 -84.2 -85.3 -97.5 -99.8 -37.8 7.1 1.3 1.9 9.2 2.9
Airport cargo -40.7 -4.9 -13.9 -16.2 -29.4 -34.6 -40.6 -67.7 -82.9 -32.0 -1.2 -1.4 -4.2 -3.7 -6.5
Railway Freight Traffic -3.1 -1.3 100 60 9.0 15.4 15.5 3.9 -4.6 -7.7 -21.3 -35.3 -13.9 6.5 2.8 4.3 0.9 -8.1
FY21YTD
Demand(YoY, %) FY20 (Avg) Current as a % of Pre-Covid April as a % of Pre-Covid Nov-20 Oct-20 Sep-20 Aug-20 Jul-20 Jun-20 May-20 Apr-20 Mar-20 Feb-20 Jan-20 Dec-19 Nov-19 Oct-19
(Avg)
Personal Loans 10.5 16.5 104 99 9.3 9.2 10.6 11.2 10.5 10.6 12.1 15.0 17.1 16.9 15.9 16.4 17.2
Rural Wage Growth - 3.6 5.0 6.4 7.6 7.9 6.8 4.0 4.0 3.8 3.8 3.2 3.0 3.0
Non-Oil Imports -26.8 -6.3 98 45 -1.2 -2.2 -14.3 -20.1 -28.5 -45.2 -43.4 -59.7 -32.9 -1.6 -6.7 -11.6 -10.3 -9.2
Passenger cars -18.8 -24.9 106 0 10.5 9.7 28.9 14.1 -12.0 -58.0 -89.9 -53.3 -53.3 -8.8 -8.1 -8.4 -10.8 -6.3
Vans -23.2 -35.1 8.2 29.2 10.6 3.8 -18.8 -62.1 -86.4 -69.9 -69.9 -32.8 -27.7 -53.4 -34.3 -35.1
Utility Vehicles -7.5 4.1 17.2 20.5 24.5 15.5 13.9 -31.2 -75.5 -44.7 -44.7 0.1 2.6 30.0 32.7 22.2
POL Consumption -13.9 2.3 97 51 -3.7 2.4 -4.4 -16.0 -12.1 -9.0 -19.4 -48.7 -17.8 4.5 -0.6 0.1 10.7 -1.5
Two wheelers -16.6 -15.6 121 0 13.4 16.9 11.6 3.0 -15.2 -38.6 -83.8 -39.8 -39.8 -19.8 -16.1 -16.6 -14.3 -14.4
Three wheelers -77.3 -5.0 97 51 -57.6 -60.9 -71.9 -75.3 -77.2 -80.2 -95.3 -100.0 -58.3 -31.0 12.7 22.1 4.5 -3.6
Consumer Price Inflation 6.9 3.7 98 102 6.9 7.6 7.3 6.7 6.7 6.2 6.3 7.2 5.8 6.6 7.6 7.4 5.5 4.6
Core CPI( ex food and
5.3 4.1 147 121 5.8 5.7 5.5 5.6 5.5 5.1 4.9 3.8 4.2 3.7
fuel) 4.8 4.1 3.5 3.5
Wholesale Price Inflation -0.3 1.4 54 -54 1.6 1.5 1.3 0.2 -0.3 -1.8 -3.4 0.4 3.1 2.6
-1.6 2.3 0.6 0.2
40
Source: Edelweiss Professional Investor ResearchHigh Frequency Indicators
FY21TD as FY20TD as
Fiscal- Centre (INR tn) Current as a % of Pre-Covid April as a % of Pre-Covid Nov-20 Oct-20 Sep-20 Aug-20 Jul-20 Jun-20 May-20 Apr-20 Mar-20 Feb-20 Jan-20 Dec-19 Nov-19 Oct-19
a % BE a % BE
GST 47.7 60.2 103 30 1.04 1.05 0.95 0.86 0.87 0.91 0.60 0.30 0.90 0.97 1.05 1.12 1.03 1.03
Total Receipts 31.5 48.6 114 22 1.43 1.88 1.44 0.79 1.08 0.18 0.28 3.22 1.46 1.05 1.66 0.78 0.97
Total Expenditure 55.3 65.2 102 173 1.82 2.31 1.94 2.38 3.04 2.05 3.07 2.21 1.97 1.59 2.90 1.65 1.66
Capital Expenditure 47.3 63.1 122 115 0.30 0.30 0.23 0.24 0.33 0.27 0.28 0.32 0.37 0.12 0.42 0.13 0.14
Revenue Expenditure 55.6 65.6 98 182 1.50 2.00 1.70 2.15 2.71 1.78 2.79 1.89 1.60 1.46 2.48 1.53 1.53
E-Way Bills (Vol. Cr.) - - 101 16 5.77 6.42 5.74 4.94 4.80 4.30 2.50 0.90 4.10 5.70 5.70 5.50 5.30 5.20
FY21YTD FY20
External/ Markets Current as a % of Pre-Covid April as a % of Pre-Covid Nov-20 Oct-20 Sep-20 Aug-20 Jul-20 Jun-20 May-20 Apr-20 Mar-20 Feb-20 Jan-20 Dec-19 Nov-19 Oct-19
(Avg) (Avg)
Indian Rupee(INR/USD) 74.8 70.3 103 107 74.2 73.5 73.5 74.7 75.0 75.7 75.7 76.2 74.4 71.5 71.3 71.2 71.5 71.0
REER 36 trade weighted 118.9 118.8 100 96 121.9 122.0 118.9 118.8 116.8 117.6 116.0 117.3 122.1 119.9 120.4 118.9 119.1
FX Reserves USD Bn 529.2 431.7 118 101 575 560.7 542.0 541.4 534.6 506.8 493.5 479.5 475.6 481.5 471.3 457.5 451.1 442.6
Trade Balance USD Bn -5.2 -13.7 69 55 -9.8 -8.7 -2.7 -6.8 -4.8 0.8 -3.1 -6.8 -9.8 -9.9 -15.2 -11.3 -12.2 -11.0
Services Surplus USD Bn 7.0 6.5 105 105 7.1 7.2 6.8 7.0 7.0 6.8 7.2 7.1 6.7 6.9 7.4 6.5 6.8
Crude Indian Basket 38.0 63.7 69 35 43.5 40.8 41.4 44.2 43.3 40.6 29.7 20.5 33.3 54.9 64.1 65.5 62.4 59.8
CAD % GDP 3.9 -1.5 3.9 0.1 -0.4
GSEC 10-Yr Yield % 6.0 6.8 90.5 96 5.9 5.9 6.0 6.0 5.8 6.0 6.1 6.2 6.2 6.4 6.6 6.6 6.7 6.7
NIFTY 1-Month Return % 5.4 0.5 11.4 3.5 -1.2 2.8 7.5 7.5 -2.8 14.7 -23.2 -6.4 -1.7 0.9 1.5 3.5
FY21YTD
Flows FY20 (sum) Current as a % of Pre-Covid April as a % of Pre-Covid Nov-20 Oct-20 Sep-20 Aug-20 Jul-20 Jun-20 May-20 Apr-20 Mar-20 Feb-20 Jan-20 Dec-19 Nov-19 Oct-19
(Sum)
FII Net Debt USD Bn -5.2 3.7 48 250 -0.4 0.5 0.4 -0.6 -0.2 -0.2 -2.7 -2.0 -7.8 0.0 -1.6 -0.8 -0.4 0.7
FII Net Equity USD Bn 22.2 6.5 1074 -60 9.6 2.5 -0.8 6.1 1.2 2.5 1.7 -0.5 -7.9 -0.2 2.0 0.9 3.1 2.1
Net FDI FLOWS USD Bn 25.9 24.3 2.4 17.8 3.2 -0.8 2.0 1.37 2.8 2.9 5.6 3.8 1.2 2.2
Private Transfers USD Bn 17.0 38.0 17.0 18.4 18.9
ECB USD Bn 14.5 30.7 37.3 18 2.0 5.2 1.6 2.1 1.0 1.5 1.00 7.4 4.1 6.8 2.0 2.1 3.4
MFs Net Equity INR Bn -111.3 488.9 56 67 -129.1 -27.2 -7.3 -40.0 -24.8 2.4 52.6 62.1 117.2 108.0 78.8 44.9 13.1 60.3
SIP Flows Bn 629.2 658.8 86 98 73.0 78.0 77.9 77.9 78.3 79.2 81.2 83.7 86.4 85.1 85.3 85.1 82.7 82.5
India Mobility (Base:100) 81.3 77.3 71.0 62.6 59.6 61.6 46.7 34.2 74.4 101.0
Source: Edelweiss Professional Investor Research 41Disclaimer
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expressed may not be suitable for all investors. Mutual Fund Investments are subject to market risk. Kindly read the offer document / schemes document carefully before making an investment.
This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose.
This document is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or
which would subject EGWML and associates / group companies to any registration or licensing requirements within such jurisdiction. The distribution of this document / report in certain jurisdictions may be restricted by law, and persons in whose possession this report comes,
should observe, any such restrictions. The information given in this document / report is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice.
EGWML reserves the right to make modifications and alterations to this statement as may be required from time to time. EGWML or any of its associates / group companies shall not be in any way responsible for any loss or damage that may arise to any person from any
inadvertent error in the information contained in this report. EGWML is committed to providing independent and transparent recommendation to its clients. Neither EGWML nor any of its associates, group companies, directors, employees, agents or representatives shall be liable
for any damages whether direct, indirect, special or consequential including loss of revenue or lost profits that may arise from or in connection with the use of the information. Our proprietary trading and investment businesses may make investment decisions that are inconsistent
with the recommendations expressed herein. Past performance is not necessarily a guide to future performance. The information provided in these document / remains, unless otherwise stated, the copyright of EGWML. All layout, design, original artwork, concepts and other
Intellectual Properties, remains the property and copyright of EGWML may not be used in any form or for any purpose whatsoever by any party without the express written permission of the copyright holders.
EGWML shall not be liable for any delay or any other interruption which may occur in presenting the data due to any reason including network (Internet) reasons or snags in the system, break down of the system or any other equipment, server breakdown, maintenance shutdown,
breakdown of communication services or inability of the EGWML and EBL to present the data. In no event shall EGWML be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection
with the data presented by the EGWML through this document / report. We will not treat recipients as customers by virtue of their receiving this report.
EGWML and its associates, officer, directors, and employees may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies), mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage
or other compensation or act as a market maker in the financial instruments of the subject company/company(ies) discussed herein or act as advisor or lender/borrower to such company(ies) or have other potential/material conflict of interest with respect to any information and
opinions at the time of publication of document. EGWML may have proprietary long/short position in the above mentioned scrip(s) and therefore should be considered as interested. The views provided herein are general in nature and do not consider risk appetite or investment
objective of any particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with EGWML. Participants in foreign exchange transactions may incur risks arising from
several factors, including the following: ( i) exchange rates can be volatile and are subject to large fluctuations; ( ii) the value of currencies may be affected by numerous market factors, including world and national economic, political and regulatory events, events in equity and
debt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government imposed exchange controls which could affect the value of the currency. Investors in securities such as ADRs and Currency Derivatives, whose values are affected by the
currency of an underlying security, effectively assume currency risk.
The data contained in this document is only indicative / illustrative. Before opening any attachments please check them for viruses and defects.
The data would be provided to the clients on an "as is" and "where-is" basis, without any warranty. Edelweiss or its subsidiaries and associated companies shall not be liable for any delay or any other interruption which may occur in providing the data due to any reason including
network (Internet) reasons or snags in the system, break down of the system or any other equipment, server breakdown, maintenance shutdown, breakdown of communication services or inability of the Edelweiss or its subsidiaries and associated companies to provide the data. In
no event shall the EGWML be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the data provided by the EGWML or its subsidiaries and associated companies.
Entity Name Edelweiss Global Wealth Management Limited
Type of Registration Non-Individual
Registration Number INA000003098
Validity of registration Valid till it is suspended or cancelled by the Board
Address & Contact No. Edelweiss House, Off CST Road, Kalina, Mumbai 400098
Principal Officer Vimal Khajuria , +91 (22) 45046526 , vimal.khajuria@edelweissfin.com
Securities and Exchange Board of India
SEBI regional/local office address. SEBI Bhavan Plot No. C 4-A, G Block,
Bandra Kurla Complex,Bandra East, Mumbai- 400051. 43Disclaimer
Investment in securities market are subject to market risks, read all the related documents carefully before investing.
Broking and DP services offered by Edelweiss Broking Limited under SEBI Registration No.: INZ000005231 (Member of NSE, BSE and MSE) and IN-DP-NSDL-314-2009 (DP with NSDL and CDSL). Investor grievance resolution team: 040-
40316936. Name of the Compliance Officer for Trading & DP - Mr. Brijmohan Bohra, Email IDs: complianceofficer.ebl@edelweissfin.com / ebl.dpcompliance@edelweissfin.com. Corporate Office: Edelweiss House, Off CST Road, Kalina,
Mumbai - 400098; Tel. 18001023335 / (022) 42722200 / 40094279. Registered Office: . Registered Office: 2nd Floor, Office No. 201 to 203, Zodiac Plaza, Xavier College Road, Off C G Road, Ahmedabad - 380009. Contact: (079) 40019900 /
66629900
Edelweiss Broking Ltd. acts in the capacity of distributor for Products such as OFS, Mutual Funds and NCD etc. Mutual Fund Investments are subject to market risks. Please read all scheme related documents carefully before investing.
Investment in the securities involves risks, investor should consult his own advisors to determine the merits and risks of investment.
This document is prepared by Edelweiss Securities Ltd.. Edelweiss Securities Ltd. provided this document to Edelweiss Broking Ltd (EBL) for distributing to EBL’s client in India and does not constitute an offer or solicitation for the purchase
or sale of any financial instrument or as an official confirmation of any transaction. This document should not be considered as an Investment advice. The information contained herein is from publicly available data or other sources
believed to be reliable. This document is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information.
Each recipient of this document should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks
involved), and should consult his own Investment advisors to determine the merits and risks of such investments. The investment discussed or views expressed may not be suitable for all investors. Mutual Fund Investments are subject to
market risk. Kindly read the offer document / schemes document carefully before making an investment.
This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published,
copied, in whole or in part, for any purpose. This document is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where
such distribution, publication, availability or use would be contrary to law, regulation or which would subject EBL and associates / group companies to any registration or licensing requirements within such jurisdiction. The distribution of
this document / report in certain jurisdictions may be restricted by law, and persons in whose possession this report comes, should observe, any such restrictions. The information given in this document / report is as of the date of this
report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. EBL reserves the right to make modifications and alterations to this
statement as may be required from time to time. EBL or any of its associates / group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information
contained in this report. EBL is committed to providing independent and transparent recommendation to its clients. Neither EBL nor any of its associates, group companies, directors, employees, agents or representatives shall be liable for
any damages whether direct, indirect, special or consequential including loss of revenue or lost profits that may arise from or in connection with the use of the information. Our proprietary trading and investment businesses may make
investment decisions that are inconsistent with the recommendations expressed herein. Past performance is not necessarily a guide to future performance. The information provided in these document / remains, unless otherwise stated,
the copyright of EBL. All layout, design, original artwork, concepts and other Intellectual Properties, remains the property and copyright of EBL and may not be used in any form or for any purpose whatsoever by any party without the
express written permission of the copyright holders.
EBL shall not be liable for any delay or any other interruption which may occur in presenting the data due to any reason including network (Internet) reasons or snags in the system, break down of the system or any other equipment,
server breakdown, maintenance shutdown, breakdown of communication services or inability of the EBL to present the data. In no event shall EBL be liable for any damages, including without limitation direct or indirect, special,
incidental, or consequential damages, losses or expenses arising in connection with the data presented by the EBL through this document / report. We will not treat recipients as customers by virtue of their receiving this report.
EBL and its associates, officer, directors, and employees may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies), mentioned herein or (b) be engaged in any other transaction
involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company(ies) discussed herein or act as advisor or lender/borrower to such company(ies)
or have other potential/material conflict of interest with respect to any information and opinions at the time of publication of document. EBL may have proprietary long/short position in the above mentioned scrip(s) and therefore should
be considered as interested. The views provided herein are general in nature and do not consider risk appetite or investment objective of any particular investor; readers are requested to take independent professional advice before
investing. This should not be construed as invitation or solicitation to do business with EBL. Participants in foreign exchange transactions may incur risks arising from several factors, including the following: ( i) exchange rates can be volatile
and are subject to large fluctuations; ( ii) the value of currencies may be affected by numerous market factors, including world and national economic, political and regulatory events, events in equity and debt markets and changes in
interest rates; and (iii) currencies may be subject to devaluation or government imposed exchange controls which could affect the value of the currency. Investors in securities such as ADRs and Currency Derivatives, whose values are
affected by the currency of an underlying security, effectively assume currency risk.
The data contained in this document is only indicative / illustrative. Before opening any attachments please check them for viruses and defects.
The data would be provided to the clients on an "as is" and "where-is" basis, without any warranty. Edelweiss or its subsidiaries and associated companies shall not be liable for any delay or any other interruption which may occur in
providing the data due to any reason including network (Internet) reasons or snags in the system, break down of the system or any other equipment, server breakdown, maintenance shutdown, breakdown of communication services or
inability of the Edelweiss or its subsidiaries and associated companies to provide the data. In no event shall the Edelweiss be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential
damages, losses or expenses arising in connection with the data provided by the Edelweiss or its subsidiaries and associated companies.
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