360 One High Growth Companies Fund

About Company

360 One Asset Management was the first to introduce Alternative Investment Funds (AIF) in India. Their alternative funds go beyond the conventional investment market and embrace unique possibilities regardless of borders. AIFs provide their investors with the opportunity to get off the track and invest in securities that are not open to the general public. Real estate, venture capital, hedge funds, commodities, pre-IPO placements, and derivative contracts can all help diversify a portfolio, reduce risk, and increase returns. AIFs can invest in listed equities, but the structure allows for investments in securities that are not available through a mutual fund platform.

Fund Snapshot

Year of Inception	Nov – 2020
Number of Stocks	15-20
Investment Horizon	Long Term
Fund Managers	Anup Maheswari and Mayur Patel

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About Fund Manager

Anup Maheshwari:Chief Investment Officer and Whole-Time Director, 360 One Asset Management

Anup Maheshwari as Chief Investment Officer and Whole-Time Director of 360 One Asset Management. Anup is liable for the investment and strategy for 360 One AMC’s business including collective finances and Indispensable Investment Finances (AIFs). He plays a crucial part in meeting the company’s aggressive growth pretensions as well as product development and contriving an innovative investment strategy.

An alumnus of the Indian Institute of Management, Lucknow, he has over 25 times of work experience in the financial services sector. Prior to joining 360 One Asset Management Limited, he has been associated with DSP Investment Directors Private Limited ( formerly known as DSP BlackRock Investment Directors Private Limited) over 21 times as an Administrative Vice President & Chief Investment Officer. He was also associated with HSBC Asset Management (India) Private Limited & Merrill Lynch India Equities Fund (Mauritius) Limited.

Mehul Jani:Fund Manager

Mehul Jani is 360 One Asset Management’s Senior Executive Vice President | Fund Manager – Listed Equity. Mehul Jani, CFA, joins us from DSP Blackrock, where he worked as a Fund Manager and Analyst. Mehul joined DSP BlackRock as an Analyst in the Equities division in October 2008. Mehul worked as an Associate at Morgan Stanley Plc in London from 2004 to 2008, where he worked on structured product valuations and fund derivatives.He is a CFA charterholder and holds an MSc. in Banking and International Finance.

Investment Philosophy

The 360 One High Growth Companies Fund Category III AIF fund seeks to invest in companies that have the potential to grow at a significantly faster rate than the economy over the next few years. These firms are expected to expand at least in the high teens and to have long-term competitive advantages – proprietary intellectual property, strong leadership, distribution/cost advantages, or entry barriers specific to the respective sector – that enable them to expand.

Investment Strategy

Secular Growth

The key drivers are:

Large industry opportunity
Market leadership
Longevity of growth
Sustainable competitive advantage (brand, distribution, technology etc.)

Sector mappings are:

Auto & auto ancillaries
Consumer discretionary
Private sector financials
Insurance
Retail

Defensive Growth

The key drivers are:

New products and distribution – gaining market share
M&A
Technology upgrade

Sector mappings are:

Consumer staples
Healthcare
IT services
Media

Cyclical Growth

The key drivers in this case are:

Management change
The uptick in the industry cycle
Completion of the CAPEX phase
Turnaround of business

Sector mappings are:

Industrials and infrastructure
Private-sector corporate banks
Logistics
Oil & gas

Investment Framework

There are four framework segments. These are Cyclical Growth, Secular Growth, Defensive Growth and Value Traps.

Secular growth contains the core portfolio of 50 to 80% of all allocations.
The tactical allocation includes the segments of Critical Growth and Defensive Growth. These two have 20 to 50% capital allocation.

Investment Objective

The 360 One High Growth Companies Fund Category III AIF scheme strives for long-term capital appreciation by investing in equity and equity-related securities of companies with high potential earnings growth.

Unique Feature

Industry/sector potential:

Avoid sectors vulnerable to regulation,
High competitive intensity, technological changes, and
Short growth cycles, as well as large industry opportunities scalable over time.

Business:

Companies with sustainable competitive advantages and
Higher ROEs than peers, and companies with poor free cash flows and declining market share, should be avoided.

Governance:

Avoid companies with frequent equity dilutions,
Excess leverage, and
Unrelated investments.

Valuations:

Offering a favourable risk-reward ratio,
Valuations are not the only investment criteria, and
Value traps and short-term fads should be avoided.

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Fund Overview

The latest improvements in the macroeconomic environment, as well as the resulting sell-off in risk assets, have created several investment opportunities. Devaluation, rising crude oil prices, and reduced liquidity may impact near-term growth for several companies. Still, their medium/long-term fundamental growth outlook has not changed materially. We believe the equity market correction is driven primarily by liquidity concerns in the fixed-income market and less by changes in the fundamental outlook for corporate earnings.

To capitalise on this, the 360 One High Growth Companies Fund intends to build a portfolio of 15-20 companies (subject to market opportunities, the number may vary).

Beneficiaries of long-term growth drivers that have not changed; or

Poised for a strong increase in earnings and cash flows as a result of a cyclical uptick in the industry; change in management; or

Quality defensives are shifting from modest to high growth due to new products, technology changes, mergers and acquisitions.

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