ASK Lighthouse Portfolio

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About ASK Investment Managers

ASK Investment Managers, (1st Satellite Portfolio) a flagship company of ASK Asset and Wealth Management Group. ASK Investment Managers lead as India’s largest domestic discretionary PMS House, specializing in listed equity management. Pioneers in the industry, they obtained one of the first Portfolio Management Services licenses in India and established operations in GIFT city for global investors and launched India’s first AIF with digital client onboarding. Their core philosophy emphasizes capital preservation and growth, supported by disciplined buy, and sell mechanisms and integrated risk management. Renowned for their in-house proprietary research, they offer exclusive investment in Indian equities through segregated accounts and commingled funds. They invest predominantly in a minimum 3 or 4 focused themes/sectors at a time with deep and large opportunities.

Fund Snapshot

 

Year of Inception 2022
Number of Stocks 15-30 Stocks
Fund Manager Sandip Bansal

The ASK Lighthouse Portfolio: The Way to Transformative Growth

The Lighthouse Portfolio strategically targets transformative sectors: Infrastructure & Engineering, Energy, Defence Manufacturing, Railways, and Capital Goods. Focused on deep opportunities with lasting impact, it adapts swiftly to changing trends. With a mix of top-down and bottom-up approaches, it captures both macro and micro factors. Agile management ensures alignment with the broader investment philosophy. This selective approach maximizes potential gains while minimizing risks. Investing in these sectors leverages structural transformations for sustainable growth.

How ASK Lighthouse Portfolio stands unique?

Unlike other ASK Portfolios that prioritize long-term stability and compounding of earnings, the focus of this strategy lies in capturing the high growth phases of companies, even if it means enduring volatility in historical earnings. Investments are aimed at the improvement journey of Return on Capital Employed (RoCEs), which often coincide with periods of robust growth. However, this approach implies shorter investment durations as the portfolio swiftly transitions between themes to seize the most lucrative opportunities. Consequently, there may be higher levels of cash intermittently as the portfolio reallocates from one theme to another, potentially leading to relatively greater churn in the portfolio composition.

Key Characteristics:

Market-cap agnostic: The portfolio is indifferent to company size, allowing investment across all market capitalizations.
Stock/Sector Limits: Limits exposure to any single stock to 10% while permitting high sectoral exposure for optimal diversification.
Number of Stocks: Constructed with 15-30 businesses chosen through rigorous bottom-up analysis for a balanced yet focused approach.
Absolute Returns Focus: Aims for consistent absolute returns, targeting outperformance against the BSE 500-TRI benchmark.
Exit Load: Flexibility in portfolio management with no exit load, facilitating swift adjustments to market conditions.
Notable Progress:
The BSE 500-TRI index experienced varied progressions over the past years followed by notable jumps of 25% in 2014.The trend continued with increases of 13% in 2017, 12% in 2018, and 14% in 2019. Subsequent years saw growth rates of 8% in 2020, 19% in 2021, and 20% in 2022.

The FMCG sector witnessed a notable 11% CAGR over the last seven years, while achieving a steady 6% CAGR over nine years.
The Capital Expenditure is set to experience a significant uptick, with budgeted growth reaching 3.3% – 3.6% of GDP, marking the highest level in over a decade
With ASK Investment Managers, embark on a journey of unparalleled growth and prosperity. Our team of seasoned professionals is dedicated to maximizing your returns while minimizing risks, ensuring that every investment decision is backed by thorough analysis and expertise.

Key Characteristics:

How is ASK Investment Manager performing?

ASK Investment Managers’ performance is marked by its focus on transformative sectors, agile management, and rigorous research, aiming for consistent absolute returns while minimizing risks.

How is ASK Investment Manager different from other portfolio managers?

ASK Investment Managers differentiate themselves by their pioneering approach to discretionary PMS in India, specializing in listed equity management, and their emphasis on capital preservation and growth through integrated risk management.

What is ASK Investment Manager Vision and Mission?

ASK Investment Managers’ vision is to maximize returns while minimizing risks for investors, backed by thorough analysis and expertise, ultimately ensuring unparalleled growth and prosperity.

Can you elaborate on the top-down and bottom-up approaches used in managing the portfolio?

The top-down approach involves analyzing macroeconomic factors and industry trends to identify promising sectors, such as Infrastructure & Engineering, Energy, and Defence Manufacturing. Meanwhile, the bottom-up approach focuses on selecting individual companies within these sectors based on rigorous analysis of their fundamentals, management quality, and growth prospects.

How can investors effectively combine top-down and bottom-up approaches to select themes or sectors for investment?

Investors can merge top-down analysis of macroeconomic trends with bottom-up assessment of individual company fundamentals to select investment themes or sectors effectively, ensuring a comprehensive understanding of both broad market dynamics and specific company performance.

What is projected for capital expenditure (Capex) in 2025?

The capital expenditure (Capex) is expected to witness a substantial rise, with FY25 budgeted at 3.6% of GDP, marking a notable increase from FY24’s 3.3%. This growth trajectory signifies a significant uptick, reaching the highest level in over a decade, indicating a robust investment climate.

About Fund Manager

Bharat Shah – Executive Director

Bharat Shah, holds a Bachelor’s degree in Commerce from the University of Bombay and a Post-Graduate Diploma in Management from the Indian Institute of Management, Calcutta. He is a member of both the Institute of Chartered Accountants of India and the Institute of Cost and Works Accountants of India With a tenure on the Board since 2008, he boasts more than 29 years of experience in investment management, having previously served at Birla Capital International AMC Limited and Asian Paints (India) Limited.

Sandip Bansal – Senior Portfolio Manager

Sandip Bansal

Sandip Bansal, a seasoned professional with over 20 years of experience, brings a wealth of expertise in equity research and portfolio management. Prior to joining ASK in July 2021, he served as an Equity Fund Manager and Head of Investment Research at SBI Life Insurance, overseeing research across various asset classes. Sandip has also held positions at UBS Securities and Kotak Institutional Equities on the sell-side, and has worked as a business consultant at KPMG, along with banking experience at Citibank. He holds qualifications as a Chartered Accountant, Company Secretary, and an MBA from IIM Ahmedabad.

Sumit Jain – Deputy CIO

Sumit Jain, serving as Deputy Chief Investment Officer, possesses more than 19 years of expertise in Indian equity markets. He played a pivotal role in shaping the Indian Entrepreneur strategy and presently oversees the Indian Entrepreneur Portfolio, which boasts an AUM exceeding USD 2.5 billion. Additionally, he has played a key role in developing proprietary valuation models at ASK. Sumit’s previous experience includes roles at ICICI Prudential Life Insurance and First Global Securities. He holds a post-graduate degree in Management from Mumbai University and joined ASK in October 2005.

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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.