Equirus Long Horizon Fund

Year of Inception	2016
Number of Stocks	15
Investment Horizon	3-5 Years
Fund Managers	Viraj Mehta

PMS Advisory Board

Mr. Amit Chaudhary is a global business leader with 20 years of diversified

experience in Asia in CPG, Consumer Internet, Consulting, and Private Equity.

Procter & Gamble, JPMorgan, Arthur Andersen, and MOPE alumni

Dawaa Dost, India’s 1 Affordable Healthcare Company, is now being built.

Amit is also an active investor in early-stage technology and CPG/DTC firms. He holds a Chartered Accountant (AIR1) designation and a commerce degree from St. Xavier’s College in Calcutta.

He is looking forward to creating a platform for long-term investments to be channeled into value firms and successful entrepreneurs.

PMS Terms

Scheme Equirus Long Horizon Fund

Subscription On Monthly Basis

Management Fee 2.5% per annum charged on monthly basis based on the average AUM of the month (i.e. Average of starting and ending AUM of the month)

Exit Load 2% in Year 1, 1% in Year 2

Redemption Notice At least 30 days

NAV Calculation Monthly, on the Valuation Day (last Business Day of each month), Reporting Monthly account statement, monthly fact sheet, quarterly letter, Semi-annual auditPMS Administrator Orbis Financial Corporation Ltd.PMS & DP Auditor M/s Saharsh Gandhi & Co.

Equirus Long Horizon Fund Portfolio Management Services (PMS) specializes in placing focused long-term wagers on publicly traded, high-quality Indian companies at fair prices. Our main objective as investment managers is to provide notable outperformance over the larger Indian indices over a 3-5 year period. We firmly adhere to the bottom-up methodology, and all businesses must pass our meticulous and thorough checklist. With this strategy, we can consider various securities investments across market capitalization. Unlike some companies that promise to make investments based on quality, growth, earnings momentum, or value, we are not constrained or biased. We take into account businesses in various industries without imitating any index.

The value and quality synergies are the foundation of the Equirus PMS investment concept. We want to invest in companies with long-term growth potential that are yet mostly unknown. Companies must possess the characteristics most important to long-term growth—qualities that investors have come to appreciate through time—and be trading below their intrinsic value to be eligible for inclusion in our portfolio.

Equirus Portfolio Management Services (PMS) primarily aims to make focused long-term bets.

• They are steadfast in accepting high-quality publicly traded Indian enterprises at fair prices.
• They have a very skilled and competent crew that can perform at a high level.
• They search for companies that have the potential to grow into industry leaders and pursue maximum earnings growth with minimal turnover.

Investing results

As its name suggests, the Equirus Long Horizon Fund makes long-term investments in listed securities with a three to five year time frame. Even though it’s the ideal recipe for above-average long-term profits, our devotion to good processes, sensible investment methods, and flexibility to invest in great businesses/franchises have already begun to show benefits. After more than a year after our launch, we have provided a return of about 19%. According to each client’s enrollment into the PMS, returns differ.

A Guide to Selling

You must be aware that over the past year, we have left four positions, primarily for the reasons listed below:

– Thesis is developing more quickly than anticipated with strong front-ended returns

– The initial hypothesis being incorrect or not occurring as expected

– A changing business climate that makes expected profits unappealing while stock prices remain reasonable

-Government regulations or a changing business climate hurt a company’s operations. Very high capex is financed by debt and outside equity but does not produce growth. Coming soon is a greater opportunity (in case the portfolio is fully invested)

These categories could be used to group our “sell” selections. Investments are more like moving pictures than still ones. In business, dynamics continue to change, for the better or worse. We must keep an eye on this, throw out the ones that are getting worse and keep/add. The ones that are progressing or on course.