mehta equities pms

MEHTA GROUP, WITH OVER 3 DECADES OF EXPERIENCE IN FINANCIAL SERVICES, STOCK BROKING & ADVISORY SERVICES WAS FOUNDED BY CA RAKESHH MEHTA, A FIRST GENERATION ENTREPRENEUR IN 1994.

SERVICES OFFERED: Broking Depository Wealth Management Investment Banking NBFC Advisory

PRESENCE ACROSS 75 LOCATIONS IN INDIA.

MEHTA GROUP : STRONG PEDIGREE & EXPERIENCE

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- Incorporated in 1994 23rd January As Renaissance Securities Ltd Emplaned as one of the main broker for Bombay Stock Exchange - Empaneled on First day of operation with BOI MF & CANBANK MF.

1995 to 2000 Top ten brokers in institutional broking No.2 in terms of having maximum number of DP accounts in 1999

2000 to 2005 - Acquired NBFC Dowell Fiscal Services Serving LAS & LAP. - Emplaned broker for NSE LTD - Registered with Commodity Exchange MCX & NCDEX

2005 to 2010 Metropolitan Stock Exchange of India Ltd. (MSEI) Registered under Equity Segment. The 3rd Equity Exchange in India.

2010 to 2017 Mehta Capitall Management Pvt Ltd Started distribution of 3rd party Mutual Fund products Registered With ICEX Exchange the First in the World Diamond Future Product. Invested in 6 STARTUP firms with product ranging from Fintech, Automobile, Digital Entertainment & ConsumerTech.

2018 (Till Date) Launched PMS

Mehta Multifocus Strategy Fund

Entered into strategic tie-up with Sistema Group for SAF(Sistema Asia Fund) a Series B Venture Fund (AIF)

MEHTA GROUP : OUR JOURNEY – KEY MILESTONES

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• Over last 3 decades Mehta Equities ltd has successfully build a strong research team which has identified multiple opportunities and advised its clients which have resulted in creating Multi-bagger returns.

• Mehta Multi-Focus Strategy (PMS) will be managed independently but will have access to research team of Mehta Equities ltd.

MEHTA MULTI-FOCUS STRATEGY (PMS) IN-HOUSE RESEARCH TEAM

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Mr. SAMRIDH PODDAR – CHIEF INVESTMENT OFFICER

Solid 7 years of experience in covering Midcaps and Small-caps in the Indian Capital

Markets. Some of his Multi-bagger calls in the last few years: Godrej Consumers, Mayur uniquoters, La-Opala, Avanti Feeds, Astec Life-Sciences, Action Construction Equipments, Hestor Bio-sciences, Nilkamal, Control Prints.

Previous Work Experience: - Managed Investments for Occulus Pte Ltd, a Japanese Family office based out of Singapore into capital markets in India, Indonesia, US and Singapore - Research Analyst at Steinberg India Advisors (a $200mn AUM) covering midcaps in Indian equities market. - Worked under Mr. Ashish Kacholia as an Analyst covering Metals and Gas Industry.

Holds a degree BSC in Accounting and Finance from Indiana University

Bloomington.

MEHTA MULTI-FOCUS STRATEGY (PMS) FUND MANAGERS

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Mr. RAJAT MEHTA – CHIEF OPERATING OFFICER

Leads the Investment Banking and Wealth Management business of Mehta Group. Has strong relationships across the mid market and corporate segment in India. Solid track record in Risk Management. Under his headship, Mehta group has successfully made Strategic Tie-Up with

Russian conglomerate Sistema Group in their $120mn Sistema Asia Venture Fund with his role as member of Investment committee.

Holds a Master’s degree in Capital Market and Financial Management (MBA – PGDBM).

Passion to mentor and raises funds for several domestic start-ups and he is advisor to a few venture funds and incubators focusing on technology, sustainable future and shared economy.

Few of successful investment ventures are: Just ride (ride sharing and self drive platform)

Hey taxi ( taxi on bikes ,the new mode of transport)

Hey didi (for women, by women (skilling &employing)

Yantra digital services (providing digital content and entertainment to passengers & rural India free of cost)

Groww ( is a fin tech startup that advises on healthy investment opportunities and capital appreciation )

MEHTA MULTI-FOCUS STRATEGY (PMS) FUND MANAGERS

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Mr. B.G DAGA • 40+ years of experience in Indian Capital Markets. • Retired MD of CDSL, ED of UTI & AGM of RBI. • Presently Member of Boards of NBFC Companies. • Was in charge of the equity investment of Domestic / Offshore of UTI with portfolio size of around INR 300 Bn from

1994 to 1998. • Has been a member of various SEBI constituent Committees & present is on the Mutual Fund Advisory Committee of

SEBI.

Mr. RAMASASTRY AMABRAISH • 30+ years of experience in Indian Capital Markets. • Managing Director of RA & Son Pte Ltd – A Singapore based advisory firm engaged in facilitating FII investments in

Indian private & public equity markets. • Currently sits on the Advisory Board of Gaja Capital and AlphaCap India. • Ph.D. in Finance from Stern School of Business (NYU) and PGDM (MBA) from IIM Ahmedabad.

Mr. KR BHARAT

• 25+ years of experience in Indian Capital Markets. • Managing Director of Advent Advisory Services Ltd. • Prior to Advent Advisory, he served as a Managing Director of Credit Suisse India till 2002. • Currently sits on the board of Asian Oilfield Services Limited. • PGDM (MBA) from IIM Ahmedabad.

Disclaimer: Advisory board merely vets the process and act as mentors to the fund manager but are in no way involved in the execution of the PMS nor shall be liable in any form and they are not financially incentivised by MMFS - PMS

MEHTA MULTI-FOCUS STRATEGY (PMS) ADVISORY BOARD

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Equity Markets are very well diversified within the small and mid cap space, which gives an opportunity to the fund to invest in diversified high quality business

~ 6500 •Total Number of publicly listed companies in India

~ 4500 •Total Number of Actively Traded Stocks

~ 2000

•Total Number of Stocks between Market Cap INR 500 Crores to INR 10,000 Crores

~ 315

•No of Companies with High Positive Operating Cash Flow Yields and Attractive Valuations

~ 15 •MEHTA Equities Core Portfolio

MEHTA MULTI-FOCUS STRATEGY (PMS) INDIAN EQUITY MARKET UNIVERSE

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Source: Bloomberg, Capitalline, MMFS

6.03% AVG

FII HOLDING

6.76% AVG

DII HOLDING

58.20% AVG

PROMOTER HOLDING

21.30% AVG

FII HOLDING

11.80% AVG

DII HOLDING

51.15% AVG

PROMOTER HOLDING

MEHTA UNIVERSE MOST LIQUID STOCKS

No of Stocks: 300 No of Stocks: 100

MEHTA MULTI-FOCUS STRATEGY (PMS) INDIAN EQUITY MARKET UNIVERSE

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MEHTA MULTI-FOCUS STRATEGY (PMS) INVESTMENT STRATEGY

PMS WILL ALLOCATE FUNDS ACROSS THREE INVESTMENT

STRATEGIES

ROBUST INVESTMENT CRITERIA

CONSISTENT

CAPITAL GROWTH

INVESTMENT STRATEGY

• TRANSFORMATIONAL – ~ 60% OF AUM

• DYNAMIC THEMATIC – ~ 30% OF

AUM • QUASI-CASH STOCKS – ~10% OF

AUM

• UNDER-RESEARCHED & UNDER-OWNED

• HIGH OPERATING CASH FLOW YIELDS

• TRANSPARENT REPORTING • HIGH BARRIERS TO ENTRY • MARKET LEADERSHIP • DEEP DISCOUNT TO REPLACEMENT

COST

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MEHTA MULTI-FOCUS STRATEGY (PMS) INVESTMENT STRATEGY - TRANSFORMATIONAL

• % OF AUM TO BE ALLOCATED : 60%

• FOCUS ON POTENTIAL EMERGING MARKET LEADERS

• FOCUS ON HIGHLY ENTREPRENEURIAL DRIVEN COMPANIES

• STOCKS WILL BE HELD GENERALLY FOR A PERIOD OF 3 YEARS

INVESTMENT STRATEGY : TRANSFORMATIONAL

RESEARCH STRATEGY : SECTOR AGNOSTIC BOTTOM UP

RISK MITIGATION

• RESEARCH UNIVERSE - UNDER-OWNED & UNDER-RESEARCHED COMPANIES

• HANDS ON PRIMARY RESEARCH

• CONSISTENT RETURN RATIOS

• STOCKS AVAILABLE AT A DEEP DISCOUNT TO THE REPLACEMENT COST

• CONCENTRATED INVESTMENTS BETWEEN 6 TO 10 STOCKS

• IRRATIONAL PRICE MOVEMENT CAN RESULT IN FUND SELLING THE STOCK BEFORE THESIS PERIOD

• PHASED OUT BUYING

• FUNDS WILL BE DEPLOYED AT INTERVALS SUBJECT TO THE VALIDATION OF THE HYPOTHESIS

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Under Owned

Under Researched

High Brand Value

Market Leader

Healthy Cash Flow

KKCL LTD

MIDCAP100

KEWAL KIRAN CLOTHING LINE : DIESEL JEANS OF INDIA

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Unique Model

Innovative Solutions

Under Researched

Good Dividend Yield

Improving Margins

PI INDUSTRIES LTD

MIDCAP100

PI INDUSTRIES : LEADER IN AGROCHEMICAL SPACE

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MEHTA MULTI-FOCUS STRATEGY (PMS) INVESTMENT STRATEGY – DYNAMIC THEMATIC


• FOCUS ON EMERGING SECTORS

• DYNAMIC THEMATIC STRATEGY WITH AN EXPOSURE TO MAXIMUM OF TWO SECTORS

• STOCKS WILL BE HELD GENERALLY FOR A PERIOD OF 18 MONTHS

INVESTMENT STRATEGY : DYNAMIC THEMATIC

RESEARCH STRATEGY : TOP DOWN APPROACH

RISK MITIGATION

• RESEARCH UNIVERSE - UNDER-OWNED & UNDER-RESEARCHED COMPANIES

• BUY POINT FOCUSED

• DRIVEN BY PURELY VALUATION


• EXIT IN EUPHORIC OR OVERHEATED SENTIMENT

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Diversified Business

Single Digit PE

Margin Of Safety

Largest Player

Under Researched

RAIN INDUSTRIES LTD

MIDCAP100

RAIN INDUSTRIES : WORLDS LARGEST CALCINED PET-COKE PLAYER

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Under Owned

Unique Product Mix

Healthy Cash Flow

Specialized

Low Valuations

KPIT LTD

MIDCAP100

KPIT : IT CONSULTING SERVICES FOR AUTOMOBILE & ENGINEERING

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Healthy Return Ratio

Global Presence

Under Owned

Good Margins

Under Researched

L&T INFOTECH LTD

MIDCAP100

L&T INFOTECH : GLOBAL IT SOLUTION & SERVICE PROVIDER

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MEHTA MULTI-FOCUS STRATEGY (PMS) INVESTMENT STRATEGY – QUASI CASH POSITION


• FOCUS ON COMPANIES WITH A MARKET CAP GREATER THAN USD $3 BILLION

INVESTMENT STRATEGY : QUASI CASH POSITION

RESEARCH STRATEGY : VALUATION BASED APPROACH

RISK MITIGATION

• DRIVEN BY PURELY VALUATION

• FOCUS ON MARKET LEADERS


• EXIT IN EUPHORIC OR OVERHEATED SENTIMENT

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Market Leader

Index Stock

Healthy Ratios

Good Dividend Yield

Improving Margins

MARUTI SUZUKI LTD

NIFTY

MARUTI SUZUKI: 50% MARKET SHARE IN FOUR WHEELER SPACE

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Segment Leader

Unique Product Mix

High Liquidity

Healthy Cash Flows

Index Stock

RELIANCE INDUSTRIES LTD

NIFTY

RELIANCE INDUSTRIES: OIL & GAS CONGLOMERATE

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Advisory Board– Independent Board comprising of experienced investment professionals and market experts. This body would provide non-binding advise on: Evaluating the thesis of potential investments. Allocation of investment in the portfolio. Monitoring of the portfolio performance periodically. Deployment and exit of portfolio investments. Change in Investment Strategy and or allocation

Focused strategy to factor Irrational Price Movement can result in fund doing either of the following

Selling the Investment before thesis period Rebalance the portfolio to avoid over or under exposure in the stock

Fund Allocation Maximum of UPTO 10% of AUM will be invested in one company Maximum of UPTO 10% of AUM will be invested in below INR 500 crores market cap UPTO 10% of AUM has to be invested in Quasi – Cash Strategy Maximum of UPTO 30% of AUM can be invested in one Industry

MEHTA MULTI-FOCUS STRATEGY (PMS) RISK MANAGEMENT

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Note: Data adjusted to all corporate actions

Name Year Recommended Price as on Absolute

Return CAGR

No.of

31st March 2018 Years

RAIN INDUSTRIES LTD 2017 64 374 501% 484% 1

GODAWARI POWER & ISPAT LTD 2017 118 432 287% 266% 1

ADANI TRANSMISSION LTD 2016 43 191 359% 444% 2

TITAN LTD 2015 350 941 537% 164% 3

GRANULES INDIA LTD 2014 34 104 257% 145% 4

SPICE JET LTD 2013 20 125 524% 158% 5

TIME TECHNOPLAST LTD 2012 50 160 325% 126% 6

KOVAI MEDICAL & HOSPITAL LTD 2011 124 1251 981% 147% 7

MARUTI SUZUKI INDIA LTD 2011 1224 8863 629% 139% 7

KRBL LTD 2011 18 435 2408% 171% 7

PI INDUSTRIES LTD 2010 45 888 2283% 110% 8

V-GUARD INDUSTRIES LTD 2010 80 222 4954% 116% 8

AARTI INDUSTRIES LTD 2010 53 1144 2626% 155% 8

KEWAL KIRAN CLOTHING LTD 2010 360 1522 347% 123% 8

KAJARIA CERAMICS LTD 2006 45 567 1268% 126% 12

POLY MEDICURE LTD 2006 7 250 4133% 138% 12

MAYUR UNIQUOTERS LTD 2005 3 474 14320% 151% 13

RAJRATAN GLOBAL WIRE LTD 2004 35 521 1636% 123% 14

APOLLO HOSPITAL LTD 1998 13 1063 7165% 126% 20

MEHTA MULTI-FOCUS STRATEGY (PMS) MEHTA GROUP – HISTORIC RECOMMENDATIONS

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INVESTMENT HORIZON MEDIUM TO LONG TERM (3 YEARS +)

PORTFOLIO VALUATION CLOSING NSE MARKET PRICES OF THE PREVIOUS DAY

OPERATIONS • INVESTMENT MANAGED ON INDIVIDUAL BASIS

• THIRD PARTY CUSTODIAN FOR FUNDS AND SECURITIES

REPORTING • MONTHLY PERFORMANCE STATEMENT

• TRANSACTION, HOLDING, & CORPORATE ACTION REPORTS

• ANNUAL CERTIFIED STATEMENT OF ACCOUNTS

HURDLE RATE 10% PER ANNUM

FEES • MANAGEMENT FEE: 0.25% PER QUARTER OF NAV CHARGED AT THE BEGINNING OF THE QUARTER.

• RETURN BASED FEES: 15% PROFIT ABOVE HURDLE RATE WITH CATCHUP CLAUSE

• EXIT LOAD: 3% FOR REDEMPTION WITHIN 1 YEAR, 2% WITHIN 2 YEARS

MARKET CAP FOCUS • BELOW INR 500 Cr UPTO - 10%

(% OF AUM) • BETWEEN INR 500 Cr to INR 15,000 Cr UPTO - 80%

• ABOVE INR 15,000 Cr UPTO - 10%

PORTFOLIO AUDITORS PAREKH SHAH LODHA & COMPANY

CUSTODIAN & BANKER KOTAK MAHINDRA BANK

MODE OF PAYMENT BY FUND TRANSFER/CHEQUE AND/OR STOCK TRANSFER

MEHTA MULTI-FOCUS STRATEGY (PMS) PMS STRUCTURE & SNAPSHOT

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Term & Conditions 1. Fixed Management Fees will be charged quarterly in arrears (i.e. .25 bps every quarter), based on weighted average assets under Management. On Exit during a financial year the Fixed Management fee will be charged on pro-rata basis. 2. Performance Based Management Fees will be charged only, when threshold are achieved on total profits (refer Annexure I) based on high watermarking.. High Watermarking would be adjusted for infusion and withdrawal-

1. Returns for the purpose of calculating Performance Based Management Fees will be after deducting all statutory charges for all Resident Indian clients and Non-Resident clients. 2. Performance Based Management Fees will be charged for all accounts opened during the year till 31st March. It would subsequently be normalized on a financial year-basis i.e. April 1 to March 31. 3. Return for the purpose of calculation of Performance Based Management Fees shall be ascertained as on the date the fees will be charged i.e. on 31st March every year.

3. Withdrawals: All withdrawals from PMS would be after the written communication from the client. The withdrawals may be in form of shares or in cash at the end of the agreed period as per the terms & conditions of the Portfolio Investment Management Agreement-

1. Withdrawals shall be for a minimum amount of One Lac only. (Acceptance/Processing of applications for withdrawal of Assets less than the specified minimum amount shall be at the discretion of the Portfolio Manager). 2. Exit Fee will be charged on all Withdrawals. In case of withdrawals in the form of securities, Exit fee will be charged on the Net Asset Value of the securities withdrawn 3. The Portfolio Manager has the discretion to sell securities held in the client's accounts for the recovery of any of the fees charged to the clients account.

4. The Portfolio Manager will have the discretion to appoint any broker/s for execution of the transactions of the Portfolio Management Strategies. 5. The other terms and conditions of the Portfolio Investment Management Agreement entered into with the Portfolio Manager and any supplemental agreement thereto shall continue to remain in full force and effect as applicable.

(Please refer to Annexure-1 for Illustrations on the Fees and Expenses)

Mehta Multifocus Strategy - Fee Structure

Nature of Fees Fees %

For First 3 Years

Fixed Management fees based on AUM 0.25 bps every quarter based on daily weighted average

Hurdle Rate 10%

Performance based Management fees 15.00% profit sharing on high watermarking basis with Catch-up Clause

Exit Load: Till 12months - 3.00%; Exit after 12 to 24 months - 2.00%; Exit after 24 months – NIL

Customer Fees Waived

Depository Charges Waived

Brokerage As Applicable at Actuals

Service Tax, Security Transaction Tax & Other Statutory levies As Applicable at Actuals

Fee would remain flexible/variable in discretionary with Fund manager

MEHTA MULTI-FOCUS STRATEGY (PMS) PMS FEES SCHEDULE

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* In the above illustration, Fixed Management Fees and Other Expenses have been calculated on the average of the capital contribution and the gross value of the portfolio as on 31st March.

The Other Expenses include Statutory Charges like transaction charges, STT and brokerage, audit charges etc.

Note: Other Expenses are charged on actual. Fixed Management Fees are charged quarterly and Performance fees are charged annually, on 31 March every year.

Exit load shall be charged on every outflow of corpus.

The example given hereunder is to enable the Client to understand the fees / expense structure. The amount of fees / expenses in the below example are purely hypothetical and the actual fees / expenses

charged to the Client would be as specified in the PMS Fee Schedule overleaf which is part of the Portfolio Investment Management Agreement.

MEHTA MULTI-FOCUS STRATEGY (PMS) PMS FEES SCHEDULE – ANNEXURE 1

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Year 1 Year 2 Year 3

Amount in Rs Gain of 20% No change Gain of 10%

Capital Contribution 25,00,000 28,97,175 28,65,321

a Less: Fixed Management Fees (1.00% p.a charged quarterly on weighted average basis) 25,000 28,972 28,653

Amount Available for Investment / AUM 24,75,000 28,68,203 28,36,668

Add/Less: Profit/ (Loss) on Investment during the quarter 4,95,000 0 2,83,667

Portfolio Value After charging Fixed Management Fees 29,70,000 28,68,203 31,20,334

b Less: Other Expenses (0.10%) 2,735 2,883 2,993

Portfolio Value After charging other expenses 29,67,265 28,65,321 31,17,342

c Less: Performance Fees ^ 70,090 0 0

Portfolio Value after charging Performance Management Fees 28,97,175 28,65,321 31,17,342

Total Charges during the year (a+b+c+d) 97,825 31,854 31,646

% change over capital contributed 15.89% -1.10% 8.80%

^Calculations of Performance Fees Amount in Rs

Capital Contribution / AUM 25,00,000 28,97,175 28,65,321

Portfolio Value after charging Fixed Management Fees 29,67,265 28,65,321 31,17,342

Net Return adjusted with High Watermarking 4,67,265 -31,854 1,50,077

Less: Threshold Return 2,50,000 2,89,718 2,86,532

d Amount on which Performance Fees to be calculated 4,67,265 0 0

Performance Fees(@ 15% of d) 70,090 0 0

Hurdle Rate / Threshold Limit – 10% Performance Based Management Fee - 15 % (if we achieve Threshold Limit, the Performance Fees will be charged is calculated as a difference between Closing NAV and the High Watermarking as at the end of the previous year) Assuming Performance Based Management Fees is paid from the Assets under Management. • NAV would be calculated as under: NAV= (Market Value of Equity investments) + (NAV of Equity Mutual Funds) + (Debt & Fixed Income Securities on face value + accrued interest) + (NAV of Debt Mutual Funds) + (Cash) + (Balances with Broker) + (Dividend/Interest/any other receivables) – (Liabilities) – (Accrued Expenses i.e. taxation (NRI)/portfolio management fees, and other statutory liabilities} High Watermarking is arrived at after deducting Performance Based Management Fees from the closing NAV in the first year and in the subsequent years would be highest of all previous years’ closing NAV less the Performance Based Management Fees (adjusted for Infusions and Withdrawals). High Watermarking will be adjusted for capital inflows, outflows and fees.

Details on Calculation of High-Watermarking and Performance based Management Fees.

Illustration: Mr. X has given Rs 100 Lac in cash for portfolio management. Following is the performance of the portfolio

Scenario 1 - Volatile Market

Year Opening NAV (in Rs. Lacs)

Closing NAV (in Rs. Lacs)

Profit/Loss (in Rs. Lacs)

Threshold limit

Amount on which performance fees will be charged (in Rs.

Lacs)

Performance based management fee(in Rs.

Lacs)

High Watermarking (in Rs. Lacs)

Year 1 100.00 120.00 20.00 10.00 20.00 3.00 117.00

Year 2 117.00 80.00 -37.00 11.70 0.00 0.00 117.00

Year 3 80.00 110.00 -7.00 8.00 0.00 0.00 117.00

Year 4 110.00 131.50 14.50 11.00 14.50 2.18 129.33

Year 5 129.33 158.00 28.68 12.93 28.68 4.30 153.70

Scenario 2 - Bull Market

Year Opening NAV (in Rs. Lacs)

Closing NAV (in Rs. Lacs)

Profit/Loss (in Rs. Lacs)

Threshold limit

Amount on which performance fees will be charged (in Rs.

Lacs)

Performance based management fee(in Rs.

Lacs)

High Watermarking (in Rs. Lacs)

Year 1 100.00 120.00 20.00 10.00 10.00 3.00 117.00

Year 2 117.00 132.00 15.00 11.70 15.00 2.25 129.75

Year 3 129.75 150.00 20.25 12.98 20.25 3.04 146.96

Year 4 146.96 160.00 13.04 14.70 0.00 0.00 160.00

Year 5 160.00 215.00 55.00 16.00 55.00 8.25 206.75

MEHTA MULTI-FOCUS STRATEGY (PMS) PMS FEES SCHEDULE – ANNEXURE 2

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This presentation is proprietary in nature and its copyright vests in Mehta Equities Ltd (‘MEL’)/ MEHTA MULTI-FOCUS STRATEGY FUND ('MMFS'). This presentation is intended for illustration and Information purposes for the

intended user only. Further, the contents of this presentation are provisional and may be subject to change.

This presentation is produced solely to the specified recipient for the purposes of its internal review. This presentation is not to be adapted, reproduced, modified, abridged in whole or in part,

stored in a retrieved system, or transmitted, or transferred to any third parties in any form or by any means electronic, mechanical or otherwise other than for the purpose of its internal review. Any unauthorized use, duplication or

disclosure of this presentation is prohibited by law.

This presentation is subject to more detailed information specified in the disclosure document and client service agreement. The investment decision making process/services of MEL/MMFS may vary from client to client depending

on various factors like financial goals, investment objectives, risk profile etc of each client. Investors must carefully read and agree to the contents of the disclosure document and client service agreement, including all risks

highlighted therein, nature of services to be offered by the Portfolio Manager etc prior to making any investment decision. Before making an investment, each potential investor should make its independent assessment and

inquiries and not take any decision in relation to its portfolio of funds solely based on the information and contents of this presentation.

Certain information included in this presentation is based on information obtained from sources considered to be reliable, however, the accuracy of such information cannot be guaranteed and further such information may be

incomplete or condensed. No liability is assumed for the relevance, accuracy or completeness of the contents of this presentation.

Investments in Securities are subject to market risks and there is no assurance or guarantee that, the objectives of the Portfolio Management Service ('PMS') will be achieved and/or regarding profit and/or against loss resulting

from the investments/divestments and/or investing/divesting in the strategy of the Portfolio Manager. These risks could be security specific or market specific and arising from company, industry, economic factors (both domestic or

global), political factors, regulatory factors, external risks etc. This could result in volatility in short term performance or even permanent loss of capital in some instances. The investment objective, investment strategy

and the asset allocation may differ from client to client.

Though the investments of the MEHTA MULTI-FOCUS STRATEGY ('MMFS') will be diversified across companies and industry sectors, the risks arising out of non-diversification are above average volatility of the portfolio and

even permanent loss of capital in some instances..Trading volumes and settlement periods, transfer procedures etc may restrict liquidity in equity and debt investments. Low liquidity could result in inability to liquidate the portfolio in

a reasonable period of time. In some instance, the period of liquidation could be significant. As with any investment in securities, the portfolio values under the PMS can go up or down depending on the factors and forces affecting

the capital markets. Investment decisions made by the Portfolio Manager may not always be profitable.

Past performance of the Promoters/Principal Officer/Portfolio Manager/MEL is not indicative of the future performance of the PMS.

The Portfolio Manager would be engaging the services of third parties with respect to the PMS to be rendered to its client(s). The Portfolio Manager is not responsible or liable for any loss resulting from omission, fraud, negligence,

willful misconduct or breach etc of such third parties and/or the operation of the PMS.

Risks attached with the use of derivatives: The Portfolio Manager may use various derivative products, from time to time, for purposes of hedging and portfolio rebalancing in an attempt to protect the value of the portfolio and/or

enhance investor's interest of the PMS. As and when the PMS trades in the derivatives market there are risk factors and issues concerning the use of derivatives that investors should understand. Derivative products are

specialized instruments that require investments techniques and risk analyses different from those associated with stocks and bonds. There is the possibility that a loss may be sustained by the portfolio as a result of the failure of

another party (usually referred to as the "counter party") to comply with the terms of the derivatives contract. Derivatives are highly leveraged instruments. Even a small price movement in the underlying security could have a large

impact on their value. Also, the market for derivative instruments is nascent in India.

In view of the individual nature of tax consequences, each investor is advised to consult her/his/its own professional tax advisor. Investors are advised to consult their legal, tax, investment and other professional advisors to

determine possible legal, tax, financial or other considerations of investing /divesting under the PMS.

DISCLAIMER & DISCLOSURE

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CORPORATE OFFICE Mehta Group

903, Lodha Supremus,

Dr. E. Moses Road, Worli Naka, Mumbai – 400018, INDIA

Broadline : +91-22-61507100, Web : http://www.mehtagroup.in

Email: [email protected]

mailto:[email protected]

mehta equities pms

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