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Ambit TenX Portfolio

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About Company

Ambit is one in every of India’s most reliable carriers of economic recommendation and capital. We are targeted on turning in tailored economic answers which can be appropriate to our customers’ needs. These are primarily based totally on our deep expertise of the Indian economic system and marketplace forces, unequalled studies and our client-targeted approach.At the middle of our answers lies the ‘abacus’, which has ruled the improvement of mankind for centuries. Based in this ethos, we offer insightful answers that create intrinsic price for all our stakeholders.Our enterprise acumen offers us the cappotential to peer the large photo and recognize the levers that have an effect on the enterprise drivers via clever selections and movements that could growth the long-time period profitability for our customers and ourselves ensuing in sustainable growth. We agree with that at Ambit, we own the cappotential to interrupt down complexity whilst suggesting the greatest economic answers to our customers.

Fund Snapshot

Fund Structure: SEBI Registered Discretionary PMS
Fund Tenure: Open Ended
Minimum investment: INR 50 lacs
Stock selection: Stocks that perform well on the framework mentioned above make up the investible universe. A more subjective evaluation leads to a more focused stock portfolio.
Number of stocks: 15 – 20, 25% per sector except for financials, 10% per stock
Time horizon and turnover: The investment horizon is 5-7 average years and longer; turnover, therefore, should not exceed 15-20% p.a.
Cash calls: Not to take aggressive cash calls; this is in consideration of the portfolio’s longer-term investment horizon and is tax-efficient.
Custodian & Fund Accountant: ICICI Bank Limited
Depository Participant: Ambit Capital (Central Depository Services Limited)

The Investment Strategy of TenX

  • The Indian economy is expected to develop at a steady pace.
    •  GDP will rise 3x or more in the next decade on the strength of structural growth factors.
    • India is expected to be only the third country to accomplish this milestone.
    • US$10tn mark
  • The same is expected to benefit mid-and small-cap firms.
    • Expect consistent double-digit profit growth for broader markets due to structural 13 percent nominal GDP growth.
  • TenX portfolio to leverage this opportunity.
    • Companies with a ten-fold increase in earnings during the next 12-15 years.
    • Low penetration, competent leadership, and a light balance sheet are the major driving elements.
    • Over the following decade, the portfolio should yield a CAGR of 18-21 percent.
  • Think like a company owner and focus on long-term earnings growth.
    • Returns will automatically follow.

Unique Feature

Playing the India Growth Story

India is genuinely “shining,” with a hockey stick curve in per capita income at an inflexion point. Low-interest rates, quick formalization, a solid capex pipeline, and government reforms are priorities for the coming decade.

A LONG-TERM PORTFOLIO THAT SEEKS TO CREATE STRUCTURAL WEALTH:

The ideal investing period is greater than five years.

Identifying the large/Mid caps of the future will help you play the earnings growth story in the mid-small company space.

High-quality businesses in specialized industries:

  • India’s manufacturing sector has tremendous development potential and low penetration (China+1)

Offering a really distinctive product:

Strong internal philosophy; concentrated on steadily compounding returns; the method is the fund manager.

What Drives Success for Corporate India?

Their recent study demonstrates that, in addition to firm-specific competitive advantages, the following three elements are crucial for a company to outperform continually:

  • Pristine accounting
  • prudent capital placement.
  • Exemplary leadership and a lack of political ties.

Clean Accounting

Since November 2010, the top 60% of the BSE400 equities have outperformed the bottom 40% by a staggering 12% annually.

Capital Allocation with Caution:

  • The aggressive capital allocation practises of Indian businesses are among the most costly to their owners.
  • exemplary leadership and a lack of political connectedness
  • Political connectedness is seldom a key competitive advantage for businesses in India.

How to present:

  • Rigorous quantitative filters:
  • Each option is based on a framework that has undergone extensive study and testing to create the investing universe.
  • A high threshold for performance over extended periods of time considerably reduces the likelihood of underperforming or subpar firms entering the investing universe.
  • Corporate governance and high-quality accounting are not compromised.

The deep-dive research team and experiment team; committed and experienced research team; research methodologies influenced by Ambit’s Institutional Equity; investment committee approves all investment choices; advantages of being a part of the wider Ambit group.

Concentrate on what is vital and what can be known.

Concentrate on earning quality and earning development

Less preoccupation with timing is necessary when investing in superior-calibre businesses; businesses with a track record of consistency and leadership qualities are preferable; past performance plus future sector potential plus current management skills equal comfort in producing excellent earnings.

Portfolio Composition & Characteristics

  • Strong leadership & talent management
  • Industry opportunity size with entry barriers
  • Scope for horizontal/ backward integration
  • Low penetration
  • Leveraging technology for consistent innovation
  • Competency & execution with consistency
  • Strong brand equity & customer experience
  • Distribution strength & network optimization
  • Stellar track records of capital allocation in terms of RoE
  • Low debt with the median portfolio company cash positive
  • The median market cap of the portfolio is Rs.22,222 cr.
  • Growth potential above the comparable index
  • Reasonable valuations for quality stocks

Management of risk

  • Concentrated portfolios produce the best returns since the returns do not average out.
  • Lower drawdowns since secular sectors have consistently performed well
  • Realizing the potential of compounding with a long-term perspective and minimal churn

Investment Process of Ambit TenX Portfolio

  • Companies Market Capacity Exceeds 500 Cr.
  • Ambit is a good and tidy foundation
  • Check to see if the businesses are active in an underserved market with lower per capita consumption.
  • Industry analysis, management meetings, bottom-up research, and channel checks
  • 15-20 firms in a concentrated portfolio, mainly mid- and small-cap enterprises
  • Observe the potential for profits of the portfolio firms.
  • An average of 15% to 20% every year.

You must keep two things in mind: 

  • Concentrating on the positive leads to gains.
  • Maintaining “clean” is essential for managing drawdowns.

Why the Ambit TenX Portfolio?

    • Playing the India Growth Story
        • The next ten years will be marked by structural growth.
        • India is truly “shining.”
        • Hockey stick curve in per capita income
          • India is at a crossroads — low-interest rates, rapid formalization, a robust capex pipeline, and government reforms.
    • Long Term Portfolio That Aims at Structural Wealth Creation
        • Investing over more than five years is ideal.
    • Playing the Earnings Growth Story in the Mid-Small Cap Space
        • Identify the large/Mid caps of tomorrow
    • High-Quality Companies in Niche Segments
        • Low penetration with a lot of room for development
        • India manufacturing theme (China+1)
    • Highly Differentiated Product Offering
      • A strong concept that has been formed in-house
      • Focused on a consistent compounding of earnings
      • The process is the fund manager 

About Fund Managers

Manish Jain:Fund Manager at Ambit Investment Advisors

Manish Jain Portfolio - Fund Manager Ambit PMS

Manish Jain Ambit Asset Management’s Coffee Can PMS Fund Manager is Manish Jain. He has over 16 years of equities research experience. He spent a decade as a Lead Analyst at Nomura covering FMCG, electrical durables, and retail before joining Ambit Asset Management. Before joining Nomura, Manish worked in equities research at Lehman Brothers, Enam Securities, ICICI Securities, and Motilal Oswal, covering consumer, paint, sugar, pipes, auto, and auto ancillaries, among other sectors. For many years, ADIA, Capital World, and Capital International have repeatedly chosen him the highest performing analyst in the research team for solid corporate access, among other things. Manish possesses an MBA in Finance from the Symbiosis Centre for Management and Human Resource Development in Pune and a Level 2 Chartered Financial Analyst (USA) certification.

 

Aishvarya Dadheech:CFA – Director & Fund Manager

Aishvarya Dadheech

Ambit Asset Management’s Ambit Good & Clean Midcap Portfolio and Ambit Emerging Giants Portfolio are managed by Aishvarya. He has over 13 years of investment and equity research expertise. Before joining the Asset Management division, he was a Vice President in the firm’s Principal Investment division, where he was responsible for managing Ambit’s shareholder money. Aishvarya spent seven years as an Equity Fund Manager at Reliance Life Insurance before joining Ambit’s Principal Investment division in 2017. He was a member of the investment team that oversaw a $2.5 billion AUM. He also spent three years as an Equity and Credit Analyst at CRISIL Limited (a Standard & Poor’s Company). Aishvarya is a Chartered Accountant and a CFA® charter holder. He has an MBA in Finance and a bachelor’s degree in Accounting (Honours) from St. Xavier’s College in Kolkata.

Portfolio Operation Structure

Stringent Quantitative Filters

  • Each product is built on a well-researched and back-tested foundation to produce the investing universe.
  • High-performance thresholds over lengthy periods considerably reduce the likelihood of weak performers or low-quality firms entering the investing universe.
  • Accountability and corporate governance are not jeopardized.

Experienced Team & Deep-Dive Research

  • Dedicated and knowledgeable research staff
  • Ambit’s Institutional Equity influenced research methods.
  • The Investment Committee must approve all investment choices.
  • Advantages of being a part of the broader Ambit group
  • Concentrate on what you can learn, and what matters.

Focus on Earnings Growth + Earnings Quality

  • When investing in high-quality firms, there is less focus on timing.
  • Companies with a track record of success and leadership qualities are preferred.
  • Past track record + Future sector potential + Current management capabilities = Comfort on delivering quality earnings

Risk Management

  • Because returns do not average out, concentrated portfolios produce the best results.
  • Due to stable performance in secular industries, there are fewer drawdowns.
  • Compounding’s strength is realized when a long-term strategy is combined with minimal turnover.

Product - AMC Category AUM (in Cr.) Performance 1M 3M 6M 1Y 2Y 3Y 5Y 10Y SI

Ambit Coffee Can Portfolio

AMC Name: Ambit Investment Advisors Limited Inc Date: Mar-2017
large cap
(PMS)
1026 Strategy 5.60 12.70 7.80 4.30 23.60 19.40 18.00 NA 19.30
Nifty 50 3.50 7.10 5.70 3.70 24.90 17.20 12.40 NA 13.30

Emerging Giants Portfolio

AMC Name: Ambit Investment Advisors Limited Inc Date: 1-Dec-17
small cap
(PMS)
253.18 Strategy 9.10 16.60 11.70 10.80 30.00 33.70 NA NA 16.90
BSE Smallcap 5.90 8.60 7.50 6.40 41.40 31.70 NA NA 10.30

TenX Portfolio

AMC Name: Ambit Investment Advisors Limited Inc Date: 13-Dec-21
multi cap
(PMS)
99 Strategy 7.30 14.30 10.90 NA NA NA NA NA 4.50
BSE 400 5.80 9.20 8.50 NA NA NA NA NA -1.40

Good & Clean Mid Cap Portfolio

AMC Name: Ambit Investment Advisors Limited Inc Date: 12-Mar-15
mid cap
(PMS)
636 Strategy 3.50 8.80 7.20 6.00 27.50 19.30 15.30 NA 14.10
Nifty Midcap 100 6.20 11.30 11.50 10.80 37.40 26.20 11.50 NA 12.20

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For any queries, contact us on Mobile: +91 836 858 6435, Landline: 020-48627339,Toll Free: 1800 210 1995, Email: [email protected]     Whatsapp-logo

Disclaimer: Investing Involves Risk. This document is for information purposes only and should not be viewed as a legal offering document or solicitation. Offers to invest in this fund are made only by the Discretionary Portfolio Management Services Agreement. Past performance does not guarantee future results and there is no assurance that the managed accounts will necessarily achieve their objectives. We do not guarantee any returns in the hand of investors not we take any sort of accountability for the performance of the scheme. The above-mentioned data is collected from the respected Fund house please verify the same at SEBI website.