ASK Growth India Fund

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About ASK Investment Managers

Leading asset and wealth management firm ASK Investment Managers Limited (ASKIM) primarily serves India’s HNI and UHNI markets. The company is presently one of the biggest providers of Discretionary Equity Portfolio Management Services and was among the first to get a license for Portfolio Management Services in India.

ASK recently introduced India’s first AIF with digital client onboarding, a paperless and simple-to-follow procedure, and was the first portfolio management company to establish operations in GIFT city for foreign investors. Through segregated accounts and commingled funds, ASK invests solely in listed Indian stocks for its customers, who are both based abroad and in India.

Fund Snapshot

Fund Type: Close-ended, Long-only Category III, Alternative Investment Fund
Investment Horizon: 4.5 years, may be extended up to 2 years with necessary approvals
Sponsor & Investment Manager: ASK Investment Managers Limited
Minimum Investment Amount: Rs 1 Cr and multiples of Rs 1 Lakh after that
Final Closing: Within 12 months from the date of the First Closing
Exit Charge: 5% in Year 1, 4% in Year 2, 3% in Year 3; 1% in Year 4; Nil post Year 4, all from Final Closing.

Investment Approach, Research Methodology, and Filtration

  • The top 500 according to market capitalization
  • During INR 200 billion in profit before taxes (PBT) over the last four quarters
  • Subjective assessment of managerial performance (integrity, vision, execution, capital allocation skills, and capital distribution)
  • Strict filtering of at least 25%, Minimum of 15%, and Return on Capital Employed (capital efficiency)
  • Earnings Growth during the following three to five years
  • Finally, a 20–25 business investment strategy that achieves an ideal balance of the overall features, sufficient diversification, and a margin of safety of at least 15% emerged.

Investment Philosophy

ASK Investment Managers’ fundamental concept focuses on two main ideas: first, establish capital protection (over time), then follow it with capital appreciation. We look to make investments in Indian shares that are operated by high-quality management have sustained long-term development potential, and are available at fair and reasonable pricing.

Principles and Overarching Investing Philosophy:

  • More assurance of earnings vs. a merely quantitative increase in earnings
  • The superior and constant quality of earnings as opposed to just a quantitative increase in earnings
  • Superior quality at a fair price as opposed to subpar quality at an artificially low price

The Investment Approach ensures:

  • Instead of valuing the price, price the value.
  • Investing discipline in excellent companies
  • Assembling a portfolio of prospects for compounding
  • Purchase “growing” companies for “value” pricing.

The strategy is to purchase high-quality companies at reasonable costs rather than buying subpar companies for a bargain. Additionally, our Key Investment Attributes help design investment strategies to accomplish a certain attribute.

Key Investment Objectives

  • Capital preservation over a period of time
  • Capital appreciation over a period of time

These will be attained through making long-term investments in reputable businesses with promising development potential.

Key Investment Attributes

Size of the Opportunity

  • Size of pond v/s size of fish
  • Dominance
  • Resilience
  • Liquidity

Earnings Growth

  • Quantum
  • Consistency
  • Durability
  • Predating (early v/s later)
  • Compounding power

Quality of Business

  • High quality of business (Superior RoCE)
  • Strong moat. Impregnability
  • Sustainability
  • The key pivot of strong wealth creation

Value

  • Favorable price-value gap
  • Margin of safety

Allocated Sectors

  • Consumption: D-Mart, Varun Beverages
  • Manufacturing & Exports: SRF, Navin Fluorine
  • Industrials: Solar Industries, APL Apollo
  • Finance: AU Small Finance Bank, Aavas Financiers

About Fund Manager

Sandip Bansal – Senior Portfolio Manager

Sandip Bansal

Over 18 years of professional experience, including 14 years in equity research, belong to Mr. Sandip Bansal. Sandip came from SBI Life Insurance, where he managed equity funds and oversaw investment research for all asset classes as head of investment research. Sandip has previously worked on the sell-side for Kotak Institutional Equities and UBS Securities. Before that, Sandip worked as a business consultant for KPMG. He has previously worked for Citibank. Sandip holds an MBA from IIM, Ahmedabad, and is a Chartered Accountant and Company Secretary. ASK welcomed Sandip in July 2021.

Sectors That Benefit

  • Strong Growth Across Multiple Segments of the Economy
  • Improving Consumption and Discretionary Spending
  • Increasing Manufacturing… and Growing Exports
  • Acceleration in Growth in Various Industrial Segments Driven by Govt. Policies
  • Better Infrastructure
  • Expanding Financing Requirements 
  • Increasing Digitization 
  • Low Penetration… Offers Long Runway Ahead

The Vision of Growing India

  • Increasing GDP: Bigger the Economy – Bigger the Opportunity
  • Likely Acceleration Ahead: GDP per Capita- India at Inflection Point
  • With Expanding Addressable Market: Rise in Disposable Incomes
  • Large Addition to the Workforce
  • The Trillion-Dollar Manufacturing Exports Opportunity for India
  • Improving Corporate Profitability to Boost Confidence & Aid Investments
  • Government Reforms – Driving Growth
  • Massive Growth in Infrastructure Capacity
  • PLI Scheme – Fillip to Manufacturing economy
  • Globally Competitive Tax Rates
  • India Increasingly Attracts More FDI
  • Digital India at the Forefront Globally
  • Digitization Expanding the Opportunity Universe

Unique Feature

According to Buffett, investing “is straightforward but not easy.” Implementing the basic principles consistently and firmly under all market circumstances is what demands character and makes all the crucial difference. The main benefit comes from performing these simple tasks with consistency and discipline and doing them properly.

ASK Maintains:

  • Strict devotion to the investing process or philosophy
  • A strong internal proprietary research team with ample resources and expertise
  • Dependable connections and industrial connections
  • Thorough knowledge of Indian industry and enterprises
  • Accentuate your long-term performance history
  • Every criterion needs to be present in every stock in every portfolio.
  • A minimum stated criteria must be met for each of the qualities for each stock pick across any portfolio.
  • No portfolio’s qualities will receive an “average” rating.
  • Each portfolio will have at least one characteristic that is elevated (at its highest level), with the other
  • Three traits are positioned at a “High” level rather than necessarily “Highest.”
  • High management standards apply to all equities in any portfolio without exception.

The ASK Growth portfolio invests in reputable, long-standing companies with the greatest “Size of Opportunity” while ensuring that the company’s profits growth, business quality, and price-value gap maintain the highest levels of clearance. The degree of managerial quality is still the greatest. 

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

ASK India Select Portfolio

AMC Name: ASK Investment Managers Ltd Inc Date: 4-Jan-10
Multi Cap
(PMS)
2,808 Strategy 5.80 10.60 15.30 22.70 6.50 12.90 13.50 17.30 15.70
S&P BSE 500 8.00 12.40 18.50 26.50 15.20 20.40 17.60 16.10 12.80

ASK Indian Entrepreneur Portfolio

AMC Name: ASK Investment Managers Ltd Inc Date: 25-Jan-10
Multi Cap
(PMS)
18,959 Strategy 3.70 7.20 10.00 20.50 5.00 13.80 14.80 18.40 17.60
BSE 500-TRI 8.00 12.40 18.50 26.50 15.20 20.40 17.60 16.10 13.10

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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.