ASK Indian Entrepreneur Portfolio

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About Fund Manager

Mr. Sumit Jain: Portfolio Manager, ASK Investment Managers Pvt. Ltd.

Mr. Sumit Jain works for ASK Investment Managers Pvt. Ltd. as a Portfolio Manager. He has been with the firm for over ten years and is in charge of the Indian Entrepreneur Portfolio. In addition, he does business research inside the firm’s universe, seeking new investment prospects and monitoring their performance on a regular basis. He graduated from Mumbai University with a master’s degree in management science.

Bharat Shah;Executive Director, ASK Group

Mr. Bharat Shah is the company’s Executive Director. He graduated from the University of Bombay with a bachelor’s degree in commerce and a postgraduat diploma in management from the Indian Institute of Management in Calcutta. He is a member of the Indian Institute of Chartered Accountans as well as the Indian Institute of Cost and Works Accountants. He has been a member of the Board of Directors since 2008. He formerly worked at Birla Capital International AMC Limited and Asian Paints (India) Limited, and has over 24 years of investment management expertise

Nimesh Mehta:Director & Country Head – Business Development & Products

Nimesh Mehta is in charge of domestic business development for Equity PMS and Real Estate Funds, as well as overseas sales through the distribution network. He has over 20 years ofexperience in areas such as NBFCs, Equities, Asset Management, and Financial Services as a Commerce graduate, MBA, and Certified Financial Planner (CFP). He has worked for Motilal Oswal AMC, GE Money, and Godrej Appliances, and is the author of ‘Sales Booster’.

Investment Approach Research Methodology and Filtration

Top 500 as per market capitalization
Only companies > 25% promoter / family holding (except in very rare and fit cases)
Universe of entrepreneur and/or family-owned business = 306 cos
Condition of minimum PBT of INR 100 Cr* (USD 14 MN)
Subjective evaluation on management quality, their integrity, vision, past track record, execution, capital allocations and distribution skills, corporate governance standards etc
Quality of business (capital efficiency) – minimum RoCE of 25%
Two more filters for selection of stocks a) Minimum 20 to 25% earnings growth over the next 3 to 5 years without capital dilution and b) Price-Value gap (margin of safety) of 20%
ASK Indian Entrepreneur Portfolio

Sector Contribution to Portfolio Return

Top Contributors – Last 3 Months

Sector	Avg. Weight	Contribution to Portfolio Return (%)
Financials	28.0	2.6
Infrastructure and Engineering	8.8	0.5
Chemicals	7.4	0.3
Automobile	3.0	0.2

Top Contributors – Last 1 Year

Sector	Avg. Weight	Contribution to Portfolio Return (%)
Financials	27.5	-0.1
Infrastructure and Engineering	10.0	-0.4
Chemicals	8.2	-0.5
Automobile	3.1	-1.0

Top 10 Holdings

Top 10 Holdings	Allocation (%)
Bajaj Finance LTD	7.3
Bajaj Finserv LTD	6.7
APL Apollo Tubes LTD	6.3
Havells India LTD	5.4
Au Small Finance Bank LTD	5.2
Patanjali Foods Limited	5.0
Cholamandalam Investment LTD	5.0
P I Industries LTD	5.0
Astral Poly Technik LTD	4.9
Reliance Industries LTD	4.4

Top Sector Weightage

Top Sector Weights	Allocation (%)
NBFC	12.3
Retail	10.8
Banks	8.7
Consumer durables	8.0
Pharma	8.0
Insurance	6.7
Pipes	6.3
FMCG	5.0

Key Investment Objectives and Attributes

Key investment objectives

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

Achieved through

Long-term investments in high-quality companies with strong growth prospects

Size of the Opportunity

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

Quality of Business

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

Earnings Growth

Quantum
Consistency
Durability
Predating (Early v/s Later)
Compounding power

Value

Favourable Price-Value Gap
Margin of safety

The Investment Approach

Identify large and growing business opportunities.
Identify businesses with the competitive advantage that are significantly sized (min Rs.100cr of PBT): Enables growth from both market share gains and growth of the opportunity size and can sustain for multiple years.
The quality of the business should be good to be able to fund strong growth through internal cash generation
- They seek over 20% compounded growth from each business that they buy and target over 25%* growth from the portfolio.
- To fund this growth, the business RoCE should be over 25%* so that growth can be funded and there are surpluses for dividend.
The management should have the drive and skin in the game to deliver compounded growth period after period (uncompromised corporate governance is a must)
- Hence, invest in businesses with an identifiable business house at the helm with a minimum 25% stake.
They seek to identify such businesses at a reasonable discount to value and stay invested for a length of time and make money as EPS compounds.

The Strategy

Identify large and growing business opportunities.
Identify businesses with competitive advantage that are significant sized (min Rs.100cr of PBT) but not a large part of the opportunity: Enables growth from both market share gains and growth of the opportunity size and can sustain for multiple years.
The quality of the business should be good to be able to fund strong growth through internal cash generation

They seek over 20% compounded growth from each business that They buy and target over 25% growth from the portfolio.
To fund this growth, the business RoCE should be over 25% so that growth can be funded and there are surpluses for dividend

The management should have the drive and have skin in the game to deliver compounded growth period after period (uncompromised corporate governance is a must)

Hence, invest into businesses with an identifiable business house at helm with a minimum 25% stake

They seek to identify such businesses at a reasonable discount to value and stay invested for a length of time and make money as EPS compounds

Investment Approach Objective

ASK Indian Entrepreneur Portfolio (ASK IEP) invests in entrepreneurially driven and family-owned businesses; listed on the Indian stock markets, for compounding gains over the medium to long term.

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Fund Overview

The portfolio makes investments in Outstanding Indian businesspeople who have enough stake in the enterprise and who have shown excellent standards in terms of governance, vision, execution, wisdom, capital allocation, and capital distribution. They manage companies with some of the best long-term earnings growth.

Focus is on top-drawer earnings growth without capital dilution
High quality of business
Meaningfully large margin of safety
Size of opportunity remains at a high enough level and growing

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Fund Type	Large Cap PMS
Inception Date	Apr 2023
Number of Stocks	15-20