Aditya Birla Fashion 6.6%Dabur 5.9%

AU Small Finance Bank 5.7%Vindhya Telelink 5.5%Varun Beverages 5.5%

Large Cap: Greater than USD 4.5bn, Mid Cap: USD 4.5bn-USD1.2bn, Small Cap: Less than USD 1.2bn

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Fund Net YTD

Since Launch

2018 -7.05 -4.14 -7.09 6.33 -0.76 -3.50 1.45 7.45 -13.03 -0.40 9.08 4.25 -9.48 56.942017 4.63 5.95 4.69 3.01 1.27 3.08 3.70 3.59 -6.18 9.07 -1.23 3.95 40.84 73.382016 -0.59 -6.41 6.63 2.56 2.24 13.65 6.70 5.29 1.22 8.45 -13.43 -3.25 22.14 23.102015 - - - - - - - - - - - 0.79 0.79 0.79

Portfolio Manager Commentary Key InformationNAV 156.94

Inception Date 15th December 2015

Inception Return 56.94%

Bloomberg Code COBEIDP LX (GBP Share Class)

Investment Manager Reliance Asset Management (Singapore) Pte Ltd

Investment Advisor Reliance Nippon Life Asset Management Ltd

Domicile Luxembourg

Reference Currency GBP

Dealing and Valuation Monthly

Management Fee (%) 1.50%

Performance Fee (%) 20% over a hurdle of 10%

Disclaimer:This publication is prepared by Reliance Asset Management (Singapore) Pte. Ltd. (“RAMS”) and the opinions expressed are subject to change without notice. This publication is for information and private circulation only and does not constitute investment advice, ora recommendation, or an offer or solicitation, and is not the basis for any contract to purchase or sell any security, or other instrument, or for Cohesion India Best Ideas Fund to enter into or arrange any type of transaction as a consequence of any informationcontained herein.The offering and sale of the Fund in U.S. has not been and will not be registered under the Securities Act and is being made in reliance upon federal and state exemptions for transactions not involving a public offering. The Fund will not be registered as aninvestment company under the Investment Company Act and the Investment Manager will not be registered as a commodity pool operator under the Commodity Exchange Act. The Fund is not a fund for retail investors. The Fund is only for “accredited investors” asdefined in Regulation D under the Securities Act, or a “qualified purchaser” as defined in Section 2(a)(51) of the Investment Company Act.This publication does not take into account the specific investment objectives, financial situation or particular needs of any specific person. Investors should seek advice from a financial adviser regarding the suitability of the Fund, taking into account the specificinvestment objective, financial situation or particular needs before making a commitment to purchase units in the Fund. In the event that an investor chooses not to seek such advice, the investor should consider carefully whether the investment in the Fund issuitable.An investment in the Fund involves a high degree of risk and is suitable only for accredited and/or institutional investors. No assurance can be given that the investment objectives will be achieved or that an investor will receive a return of all or part of his or herinvestment. Although the information herein has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. Opinions and estimates involve a number of assumptions, which may not prove valid and may bechanged without notice. RAMS and its employees accept no liability for any loss whatsoever and howsoever arising from any use of or reliance on any of the opinions expressed.Any predictions, projection, or forecast on the economy, stock market, bond market or the economic trends of the market is not necessarily indicative of the future performance of the Fund. Past performance of the Fund is not necessarily indicative of its futureperformance. Investments are subject to investment and foreign exchange risks including the possible loss of the principal amount invested. The value of units and any income from themmay fall as well as rise.We advise that an investment should only be made after review of the Offering Circular and the Class Addendum. For more information, including a discussion of investment risks, please request an offering Circular and the relevant Class Addendum from RAMS.

Sector Breakdown

Investment ObjectiveThe principal objective of the sub-fund is to generate long-term capital appreciation primarily through equity and equity-related investments, predominately investing in companiesestablished in or operating in India. The fund will invest in 10-20 companies on the primary or secondary equity markets in India.

FACTSHEET – JANUARY 2019

Market Capitalisation

Top 5 Holdings

Discrete Performance Snapshot in GBP (in % net of fees, not inclusive of performance fees)Data as at 31st December 2018

Cohesion India Best Ideas FundGBP Share Class

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1%

4%

5%

7%

9%

15%

25%

26%

0% 5% 10% 15% 20% 25% 30%

Materials

Heal th Care

Communication Services

Consumer Discretionary

Industrials

Information Technology

Consumer Staples

Financia ls 29%

29%

35%

7%

Large Cap

Mid Cap

Smal l Cap

Cash

Indian equities provided stability in December as the price of crude oil decreased by a further 8% over themonth. This was against the backdrop of a risk-off environment, which prompted global investors to turncautious. Foreign portfolio investors continued to buy, recording inflows of USD 430mn, whilst domesticinstitutional investors curbed their recent buying habit, recording just USD 45mn of inflows, which was thelowest reported in 2018. The Indian Rupee depreciated by a modest 0.26% vs. USD and forex reservesremained at approximately USD 394bn. Among sectors, FMCG and infrastructure were the key outperformerswhile IT and pharma were the key laggards. Mid and small-cap indices outperformed the large-cap indices.

CPI inflation continued its soft patch in November, declining further to a 17-month low of 2.3%, with a broad-based decline across food (-1.7% vs. -0.1% in October), fuel (6.7% vs. 8.1% in October) and core inflation(5.7% vs. 6.2% in October). The MPC maintained rates again but decided to reduce the statutory liquidity ratioby 150bps to ease the tight liquidity situation in the system. However, the MPC maintained its monetary policystance of “calibrated tightening”. The RBI Governor, Dr. Urjit Patel, resigned citing personal reasons, marking arare event in the institution’s history, with the government subsequently announcing Shaktikanta Das as hissuccessor a day later. However, this did not have much effect on the market, surprisingly. The RBI alsoannounced a slew of open market operations (OMOs) for the next 3 months, taking the January-March quarterOMO total to INR 1.5 trillion (USD 21bn).

The assembly poll results were announced for 5 states with Congress emerging victorious in three BJP-incumbent states (Madhya Pradesh, Rajasthan, Chhattisgarh) while Telangana went to TRS and Mizoram toMNF. However, the markets surprisingly reacted positively to this result as there are no further reforms on theagenda that could get deferred. While the BJP-led government has shown exemplary fiscal responsibility inthe first four years, the markets might be wary of the risks that populism poses following the state electionresults. Discussions on the farmer crisis gathered pace as the general elections drew closer with Congresshinting at a nationwide farm loan waiver. In order to boost consumption further, the GST meeting concludedwith 6 items being removed from 28% tax bracket, while 28 items remained.

We booked partial profit in an FMCG company where the valuations are relatively high but we are still bullishon their business model. We also reduced exposure in a fibre optic company that has given us significantreturns since inception. We added more exposure to an airline company due to the large correction in crudeoil. As a result of these changes, the Fund is now approximately 93% invested.

Government-driven projects coupled with a huge rollout plan from private operators is increasing the demandfor fibre optic cables throughout India, which is estimated 15% CAGR CY17-19e. We currently own thesecond-largest fibre optic company, which has been in our portfolio since inception.

The company has more than doubled its sales and profit over the last 3 years. Where thetelecom companies are competing for market share, mainly driven by Jio, the company will bea beneficiary irrespective of the outcome. This company also has an EPC (engineering,procurement and construction) business, which offers services to telecom, power andsewerage sectors and has grown strongly over recent years. The company has also enteredthe LED market, which provides another avenue of growth. The investment thesis is robust asit still trades at very competitive valuations and has achieved RoE of 16%.

We are closely monitoring the market and will selectively deploy any cash into new andexisting opportunities as they arise. Q3FY19 result season will start soon and set the tone forthe year. We need to monitor the RBI’s stance, which might become more dovish withcontinued, benign inflation. Fiscal risks remain as the government might spend moreaggressively before the general elections.

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Disclaimer:

For professional and accredited investors only and should not be relied upon by retail clients.This document may not be disseminated, distributed or used without the prior written consent of Cohesion Investments Limited and RGL Capital LLP (the“Companies”). This document is sourced from Reliance Asset Management (Singapore) Pte Ltd and is not a financial promotion but only marketing material foreducational and informational purposes. Potential investors should refer to fund documentation before considering any investment and read the relevant risksections within such documentation. The information contained in this document is based on material that Companies believe to be reliable. Assumptions, estimatesand opinions contained in this document constitute information we received from reliable sources as of the date of the document and are subject to change withoutnotice. Neither the Companies or any of their respective officers, directors, employees, agents, controlling persons or affiliates makes any representation or warranty,expressed or implied, as to the accuracy or completeness of the information contained in this document, and nothing contained herein is, or shall be relied upon as, apromise or representation, whether as to past or future facts or results. Cohesion Investments Limited is an appointed representative of RGL Capital LLP, an entitywhich is authorised and regulated by the Financial Conduct Authority (FCA).

Cohesion Investments Limited60 Grosvenor Street, Mayfair, London, W1K 3HZ

Tel: +44 20 7399 6715 | Email: clientservices@cohesioninvestments.com

Cohesion India Best Ideas FundUSD Share Class

Spike Hughes, Founder & CEO

Tel: +44 20 7399 6718Mob: +44 7920 888200Email: spike@cohesioninvestments.com

Chris Howard, Head of Client Services

Tel: +44 20 7399 6722Mob: +44 7557 132625Email: chris@cohesioninvestments.com

Cohesion India Best Ideas FundGBP Share Class

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