Mutual Fund-SIP

Time in market beats timing the market

1
WEALTH MAY GROW BY LEAPS AND BOUNDS
IF INVESTED STEP BY STEP

2
Introduction

5
3
 Do You Know?
If your current monthly expenses are
INR 50,000/- per month, then after
20 years you will require INR 1.60
lakh/- a month to just maintain the
same lifestyle!

An education degree for your child

which currently costs INR 25 lakh
could cost over
INR 44 lakh after 10 years !

4
A t Inflation o f 6% p.a
Life Stages of an Investor

Earnings (Consumption + Savings)

Consumption
Savings and investments

22 27 40 60
Young Independent Young Married Middle Age Retirement

All individuals have a finite period to save for their investment goals 5
Value of Money Over Time

Impact of Inflation on monthly

Value of Rs.100,000 Overtime
expenses of Rs.50,000 Today

160,357
100,000

119,828
74,726
89,542
55,839
66,911
41,727
50,000
31,180

Today 5 Years 10 years 15 Years 20 Years Today 5 Years 10 years 15 Years 20 Years

Investors need to beat inflation

All figures in Rs.; The above charts are only for illustration purposes and are
based on an assumed rate of inflation of 6% p.a. 6
 What makes a
material impact
on investments in
equity?

12
7
 Power of Compounding

Tenure Total Savings (in INR) Future Value (in INR) Gain Amount (in INR)

5 6L 8.16 L 2.16 L
10 12 L 23.00 L 11.00 L
15 18 L 49.95 L 31.95 L
20 24 L 98.92 L 74.92 L
25 30 L 1.88 Cr 1.58 Cr
30 36 L 3.50 Cr 3.14 Cr
SIP of Rs 10,000 pm, Assumed rate of return of 12% p.a
FV denotes future vale or accumulated wealth at the end of tenure
400

349.50 Lakhs
Value in Rs. Lakhs

300

200 In 30 years , INR 36 lakhs has

become INR 3.50 Cr at 12% growth !
100
36 Lakhs
0
5 Years 10 Years 15 Years 20 Years 25 Years 30 Years
Total Savings Future Value

*Past Performance is not the indicator of future Performance 8

What is Step-up SIP?

Step up SIPs allows the investor to increase their SIP amount in fixed intervals
by a fixed amount or a percentage at the discretion of the investor.

Advantages of Step-up in SIP

Convinence

Helps in matching the increased income with an increase in investment

Increases the corpus fund

Helps in beating the inflation

9
Step Up Vs Normal SIP - Corpus

Sip : Rs 50,000 p.m over a period of 10 Sip : Rs 50,000 p.m step-up by 10% p.a over
years. a period of 10 years.

Amount invested:Rs.64.50 lacs; Amount invested: Rs. 1.07 crores;

Worth of Investment: Rs. 1.27 Crores over a Worth of Investment: Rs. 1.92 Crores over a
period of ten years. XIRR:12.17% period of ten years. XIRR: 12.30%

Normal SIP Step Up SIP

9.0 20.0
Amount in Rs (Lacs)

Amount in Rs (Lacs)
8.0
15.0
7.0
6.0 10.0
5.0
5.0
4.0
3.0 0.0
1 2 3 4 5 6 7 8 9 10 1 2 3 4 5 6 7 8 9 10
Number of Years Number of Years

Investment Worth Amount Invested Investment Worth Amount Invested

We have considered Nifty 50 closing over a period of 10 yrs since 2012 for calculation
purpose. Investment worth arrived taking into account Nifty 50 closing as on 24th Sept 2022. 10
Illustration of SIP Investments

Below is the illustration of SIP investments amounting to Rs.25000, Rs.50,000 & Rs.1,00,000 pm over a
period.

Sip of Rs Sip of Rs Sip of Rs Sip of Rs Sip of Rs Sip of Rs Sip of Rs Sip of Rs Sip of Rs

Tenure Tenure Tenure
25,000 p.m 50,000 p.m 1,00,000 p.m 25,000 p.m 50,000 p.m 1,00,000 p.m 25,000 p.m 50,000 p.m 1,00,000 p.m

Corpus in Crores Corpus in Crores Corpus in Crores

5 Yrs ₹ 0.20 ₹ 0.41 ₹ 0.82 5 Yrs ₹ 0.22 ₹ 0.44 ₹ 0.89 5 Yrs ₹ 0.24 ₹ 0.48 ₹ 0.96
10 Yrs ₹ 0.58 ₹ 1.15 ₹ 2.30 10 Yrs ₹ 0.69 ₹ 1.38 ₹ 2.75 10 Yrs ₹ 0.83 ₹ 1.66 ₹ 3.31
15 Yrs ₹ 1.25 ₹ 2.50 ₹ 5.00 15 Yrs ₹ 1.67 ₹ 3.34 ₹ 6.69 15 Yrs ₹ 2.26 ₹ 4.53 ₹ 9.06
20 Yrs ₹ 2.47 ₹ 4.95 ₹ 9.89 20 Yrs ₹ 3.74 ₹ 7.49 ₹ 14.97 20 Yrs ₹ 5.77 ₹ 11.54 ₹ 23.09
25 Yrs ₹ 4.70 ₹ 9.39 ₹ 18.79 25 Yrs ₹ 8.11 ₹ 16.22 ₹ 32.44 25 Yrs ₹ 14.34 ₹ 28.69 ₹ 57.37
30 Yrs ₹ 8.74 ₹ 17.47 ₹ 34.95 30 Yrs ₹ 17.31 ₹ 34.62 ₹ 69.23 30 Yrs ₹ 35.28 ₹ 70.57 ₹ 141.14

Assumed returns @12% p.a Assumed returns @15% p.a Assumed returns @18% p.a

11
How Much SIP Needed to Reach The Target

The below table depicts the amount of SIP needed per month to achieve the set target at rate of 15% p.a

Target 5 Years 10 Years 15 Years 20 Years 25 years 30 years

5 Crore 557,527 179,432 73,870 32,983 15,225 7,133
10 Crore 1,115,055 358,864 147,740 65,965 30,450 14,266
25 Crore 2,787,637 897,159 369,351 164,913 76,125 35,664
Amount in Rs.

*Returns as on 28th Sept 2022. Returns up till one yr are absolute

Source: Ace MF 12
How do we pick funds

13
Fund Selection Process

Quantitative
Filtering

Qualitative
Assessment

Fund
Selection
14
Quantitative Filtering

This stage is essentially to eliminate and filter out the funds for further analysis and assessment

A mix of quantitative parameters so as to measure and rank schemes based on relevant attributes of risk,return
and risk-adjusted performance across multiple time periods

Quantitative parameters include avg rolling returns (2 yr rolling, 1 day freq) over 3 yr period, risk-return ratios like
Sortino Ratio, Treynor Ratio, Information Ratio, Jensen Alpha, Up-capture Ratio and Down-captureRatio.
The composite score will weed out those schemes that have underperformed on risk-adjusted return criteria.

The second level of filtering (momentum scoring) also considers turnaround funds that can be considered for
further scrutiny.
Quantitative
Filtering
Applying filtering here will narrow down the list and help to select the best funds for qualitative analysis.

There is no bias on Fund House, Fund Managers, AUM and other qualitative parameters at this stage.

On an exceptional basis, some specific funds may be considered in the next stage of qualitative assessment for
some specific reasons, e.g. NFOs, Sectoral Funds etc.

15
Fund Categories and Filtering Criteria

Categories Quantitative Parameters Weightage

Large Cap Funds Average Rolling Returns 25.0%
Large Cap based Diversified Funds Treynor 15.0%
Mid Cap Based Diversified Funds Jensen Alpha 15.0%
Mid cap Sortino 15.0%
Small cap Information ratio 15.0%
Focused Funds Up Capture 7.5%
Aggressive Hybrid Fund Down Capture 7.5%
Balanced Advantage Fund
ELSS
Value Funds

For all equity schemes, the average rolling period considered is 2 years, 1 day frequency and they should have 3
years existence history on the date of analysis.

16
The ARR ranking…

 Anand Rathi MF Ranking (ARR) identifies the best ranked funds in each category based on parametersselected.

 Funds are categorized and bucketed into five ranks i.e. ARR 1, ARR 2, ARR 3, ARR 4 and ARR 5 (ARR 1 being the top rankers and ARR 5
being lowest ranked funds) based on their relative performance across funds within their respectivesegment/category

 The top 10% of the funds are given a ARR 1 rank, followed by the next 20% at ARR 2 and so on so forth as tabled below.

Top
ARR 1 10%
ARR 2 20%
ARR 3 40%
ARR 4 20%
ARR 5 10%

E.g.
 Large cap funds have 32 funds in total universe out of which 28 funds have a vintage of more than 3 years.
 We rank the schemes depending upon the composite score out of quantitative parameters.
 ARR 1 will contain top 10% schemes i.e 2.8 ~ 3 schemes followed by 20% i.e. 6 schemes under ARR 2 and so on so forth.
 ARR 4 and ARR 5 would be funds which would be in lowest in terms of score in the category selected.

17
The ARR Ranking – Large Cap oriented Diversified Funds

Scheme Name Mar-22 Dec-21 Sep-21 Jun-21 Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Dec-19Sep-19 Jun-19 Mar-19 Dec-18
Parag Parikh Flexi Cap Fund-Reg(G) ARR 1 ARR 1 ARR 1 ARR 1 ARR 1 ARR 1 ARR 1 ARR 1 ARR 2 ARR 2 ARR 2 ARR 2 ARR 2 ARR 2
PGIM India Flexi Cap Fund-Reg(G) ARR 1 ARR 2 ARR 2 ARR 2 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 4 ARR 3 ARR 4
UTI Flexi Cap Fund-Reg(G) ARR 1 ARR 1 ARR 2 ARR 2 ARR 2 ARR 2 ARR 2 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3
Axis Flexi Cap Fund-Reg(G) ARR 2 ARR 1 ARR 1 ARR 1 ARR 1 ARR 2
Canara Rob Flexi Cap Fund-Reg(G) ARR 2 ARR 2 ARR 1 ARR 2 ARR 2 ARR 1 ARR 1 ARR 2 ARR 2 ARR 3 ARR 3 ARR 3 ARR 4 ARR 4
DSP Flexi Cap Fund-Reg(G) ARR 2 ARR 2 ARR 2 ARR 2 ARR 2 ARR 2 ARR 2 ARR 2 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 4
Quant Flexi Cap Fund(G) ARR 2 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 2 ARR 1 ARR 2
Tata Flexi Cap Fund-Reg(G) ARR 2 ARR 2 ARR 2
Aditya Birla SL Flexi Cap Fund(G) ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 2 ARR 2 ARR 1 ARR 2 ARR 2
Edelweiss Flexi Cap Fund-Reg(G) ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 2 ARR 2 ARR 2 ARR 1 ARR 1 ARR 2 ARR 2 ARR 3
IDBI Flexi Cap Fund(G) ARR 3 ARR 3 ARR 3 ARR 3 ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 3 ARR 3
Invesco India Growth Opp Fund(G) ARR 3 ARR 3 ARR 2 ARR 2 ARR 2 ARR 2 ARR 2 ARR 1 ARR 1 ARR 2 ARR 2 ARR 3 ARR 3 ARR 3
JM Flexicap Fund-Reg(G) ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 2 ARR 2 ARR 2 ARR 3 ARR 3 ARR 3 ARR 3
Kotak Flexicap Fund(G) ARR 3 ARR 3 ARR 3 ARR 3 ARR 2 ARR 2 ARR 2 ARR 2 ARR 1 ARR 1 ARR 2 ARR 2 ARR 2 ARR 2
LIC MF Flexi Cap Fund-Reg(G) ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 5 ARR 5 ARR 5
Navi Flexi Cap Fund-Reg(G) ARR 3 ARR 3 ARR 3
SBI Flexicap Fund-Reg(G) ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 2 ARR 2 ARR 2 ARR 1
Shriram Flexi Cap Fund-Reg(G) ARR 3 ARR 3 ARR 3
Union Flexi Cap Fund-Reg(G) ARR 3 ARR 2 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 4 ARR 4 ARR 5 ARR 5 ARR 4
Franklin India Flexi Cap Fund(G) ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 3 ARR 3 ARR 3 ARR 3 ARR 2
HDFC Flexi Cap Fund(G) ARR 4 ARR 4 ARR 4 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 4 ARR 4
HSBC Flexi Cap Fund(G) ARR 4 ARR 5 ARR 5 ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 3 ARR 3 ARR 3
IDFC Flexi Cap Fund-Reg(G) ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 3 ARR 3 ARR 3
L&T Flexicap Fund-Reg(G) ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 4 ARR 4 ARR 3
Motilal Oswal Flexi Cap Fund-Reg(G) ARR 5 ARR 4 ARR 4 ARR 4 ARR 3 ARR 3 ARR 3 ARR 3 ARR 2 ARR 2 ARR 1 ARR 1 ARR 1 ARR 1
Nippon India Vision Fund(G) ARR 5 ARR 5 ARR 5 ARR 5 ARR 5 ARR 5 ARR 5 ARR 5 ARR 5 ARR 5 ARR 5 ARR 4 ARR 4 ARR 3
Taurus Flexi Cap Fund-Reg(G) ARR 5 ARR 5 ARR 5 ARR 5 ARR 5 ARR 5 ARR 5 ARR 5 ARR 5 ARR 5 ARR 5 ARR 4 ARR 4 ARR 5

18
The ARR Ranking – Mid Cap Funds

Scheme Name Mar-22 Dec-21 Sep-21 Jun-21 Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Dec-19 Sep-19 Jun-19 Mar-19
Axis Midcap Fund-Reg(G) ARR 1 ARR 1 ARR 1 ARR 1 ARR 1 ARR 1 ARR 1 ARR 1 ARR 1 ARR 1 ARR 1 ARR 1 ARR 3
PGIM India Midcap Opp Fund-Reg(G) ARR 1 ARR 1 ARR 2 ARR 2 ARR 3 ARR 3 ARR 3 ARR 4 ARR 4 ARR 5 ARR 5 ARR 5 ARR 5
Edelweiss Mid Cap Fund-Reg(G) ARR 2 ARR 2 ARR 2 ARR 2 ARR 3 ARR 2 ARR 2 ARR 3 ARR 2 ARR 2 ARR 3 ARR 3 ARR 3
Kotak Emerging Equity Fund(G) ARR 2 ARR 2 ARR 3 ARR 3 ARR 3 ARR 2 ARR 2 ARR 2 ARR 3 ARR 3 ARR 3 ARR 2 ARR 1
Mahindra Manulife Mid Cap Unnati Yojana ARR 2 ARR 2 ARR 1 ARR 1 ARR 3
Quant Mid Cap Fund(G) ARR 2 ARR 2 ARR 2 ARR 2 ARR 2 ARR 3 ARR 3 ARR 3 ARR 3 ARR 4 ARR 4 ARR 3 ARR 3
Baroda BNP Paribas Mid Cap Fund ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 4 ARR 4
Franklin India Prima Fund(G) ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 2 ARR 3 ARR 4 ARR 3 ARR 2
HDFC Mid-Cap Opportunities Fund(G) ARR 3 ARR 3 ARR 3 ARR 3 ARR 4 ARR 3 ARR 3 ARR 3 ARR 3 ARR 2 ARR 2 ARR 2 ARR 2
Motilal Oswal Midcap 30 Fund-Reg(G) ARR 3 ARR 3 ARR 4 ARR 4 ARR 4 ARR 3 ARR 4 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 2
Nippon India Growth Fund(G) ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 2 ARR 2 ARR 2 ARR 3 ARR 3 ARR 4 ARR 4 ARR 5
SBI Magnum Midcap Fund-Reg(G) ARR 3 ARR 3 ARR 3 ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 3 ARR 3 ARR 4 ARR 3
Tata Mid Cap Growth Fund(G) ARR 3 ARR 3 ARR 3 ARR 3 ARR 2 ARR 2 ARR 3 ARR 3 ARR 3 ARR 4 ARR 5 ARR 3 ARR 4
Taurus Discovery (Midcap) Fund-Reg(G) ARR 3 ARR 3 ARR 2 ARR 2 ARR 2 ARR 1 ARR 2 ARR 2 ARR 2 ARR 2 ARR 2 ARR 3 ARR 3
UTI Mid Cap Fund-Reg(G) ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 4 ARR 4 ARR 4 ARR 4 ARR 4 ARR 5 ARR 4
DSP Midcap Fund-Reg(G) ARR 4 ARR 4 ARR 4 ARR 4 ARR 2 ARR 3 ARR 3 ARR 2 ARR 4 ARR 5 ARR 3 ARR 2 ARR 2
ICICI Pru Midcap Fund(G) ARR 4 ARR 4 ARR 4 ARR 3 ARR 4 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 3 ARR 4 ARR 4
IDBI Midcap Fund(G) ARR 4 ARR 4 ARR 4 ARR 5 ARR 5 ARR 4 ARR 5 ARR 5 ARR 5
L&T Midcap Fund-Reg(G) ARR 4 ARR 4 ARR 3 ARR 3 ARR 3 ARR 2 ARR 1 ARR 1 ARR 2 ARR 2 ARR 2 ARR 1 ARR 1
Aditya Birla SL Midcap Fund(G) ARR 5 ARR 5 ARR 5 ARR 5 ARR 5 ARR 5 ARR 5 ARR 5 ARR 5 ARR 4 ARR 3 ARR 3 ARR 3
Invesco India Midcap Fund(G) ARR 5 ARR 5 ARR 5 ARR 5 ARR 1 ARR 4 ARR 4 ARR 3 ARR 1 ARR 1 ARR 1 ARR 2 ARR 3
Sundaram Mid Cap Fund(G) ARR 5 ARR 5 ARR 5 ARR 4 ARR 5 ARR 4 ARR 4 ARR 4 ARR 3 ARR 3 ARR 2 ARR 3 ARR 3

19
Qualitative Assessment

Fund
Manager’s
View on
Market &
Economy
AMC
vintage &
Fund Fund
Manager Positioning
track record

Qualitative
Assessment
Style
(Growth /
Mapping the Sector
Walk and Rotation /
the Talk Economy
Facing /
New Age)
Fund
relevance to
Market
Cycle
20
What we look for – Market relevance and Positioning

 Sharp fund positioning across all market environments

 No bias towards any strategy – match the fund relevance to the market cycle
 Prefer a mix of investment styles towards themes and strategies

Investment Styles
– Themes &
Strategies

Global Equity
Growth / Quality Sector Rotation Cyclical Recovery / New Age Spaces
(Developed /
Businesses Domestic Economy (Unlisted / PE)
Emerging)

While few funds would be exclusive to respective categories, some would be mix of two or more themes. The idea is to
have combination of all in our equity portfolio and work on combinations depending upon the applicability in the market.
Being dynamic is the key to investment.

21
 THANK YOU
Disclaimer: This presentation has been issued by Anand Rathi Share & Stock Brokers Limited (“ARSSBL”), which is registered as a Mutual Fund
Distributor with Association of Mutual Funds in India (“AMFI”) [AMFI ARN: 4478]. Registration No.: INZ000170832 (BSE-949 | NSE-06769 | MSEI-1014 |
MCX-56185 | NCDEX-1252), Depository Participant: CDSL & NSDL- (IN-DP-437-2019). PMS: INP000000282 is Registered under “Anand Rathi Advisors
Limited”, NBFC is Registered under “Anand Rathi Global Finance Limited” Regn. No.: B-13.01682
The information contained herein is from publicly available data or other sources believed to be reliable; ARSSBL however does not warrant the
accuracy, reasonableness and/or completeness of any information. The information provided herein are reproduction of factual details. No part of
information provided herein should be construed as investment advice by ARSSBL and/or its employee. Investor/Client must make their own
investment decisions based on their own specific investment objectives and financial position. This presentation does not constitute an offer or
solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. It does not have regard to the specific
investment objectives, financial situation and the particular needs of any specific person who may receive this presentation. Investors should seek
financial advice regarding the appropriateness of investing in any financial instrument discussed in this presentation and should understand that
statements regarding future prospects may not be realized. ARSSBL and its affiliates may trade for their own accounts as market maker and/or
arbitrageur in any financial instrument or in related investments mentioned in this presentation. ARSSBL, its affiliates, directors, officers, and
employees may have a long or short position in any financial instrument or in related investments mentioned in this presentation. The recipient alone
shall be fully responsible / liable for any decision taken on the basis of this material. Investors should note that income from financial instruments
mentioned in this presentation, if any, may fluctuate and that each instrument's price or value may rise or fall. Past performance is not necessarily a
guide to future performance. ARSSBL, including its affiliates, and any of its officers directors, personnel and employees, shall not liable for any loss,
damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way
arising from the use of this material in any manner. This presentation is prepared for private circulation. No part of this material may be duplicated in
whole or in part in any form and /or redistributed without the prior written consent of ARSSBL. This material is strictly confidential to the recipient and
should not be reproduced or disseminated to anyone else. The distribution of this presentation in certain jurisdictions may be restricted by law, and
persons in whose possession this presentation comes, should observe, any such restrictions.
“Mutual Fund Investments are subject to market risks. Please read all scheme related documents carefully before investing” 22
Disclaimer : Investment in securities market are subject to market risks, read all the related documents carefully before investing. The information
herein was obtained from various sources; we do not guarantee its accuracy or completeness. Neither the information nor any opinion expressed
constitutes an offer, or an invitation to make an offer, to buy or sell any securities or any options, futures or other derivatives related to such
securities ("related investments"). This document is prepared for private circulation only and not for distribution. It does not have regard to the
specific investment objectives, financial situation and the particular needs of any specific person who may receive this document.
Neither the information nor any opinion expressed constitutes an offer, or an invitation to make an offer, to buy or sell any securities or any options,
futures or other derivatives related to such securities ("related investments").ARAL and its affiliates may trade for their own accounts as market
maker/jobber and/or arbitrageur in any securities of this issuer(s) or in related investments, and may be on the opposite side of public orders. ARAL,
its affiliates, directors, officers, and employees may have a long or short position in any securities of this issuer(s) or in related investments. ARAL or
its affiliates may from time to time perform investment banking or other services for, or solicit investment banking or other business from, any
entity mentioned in this report. This presentation is prepared for private circulation. It does not have regard to the specific investment objectives,
financial situation and the particular needs of any specific person whom receive this report. Investors should seek financial advice regarding the
appropriateness of investing in any securities or investment strategies discussed or recommended in this report and should understand that
statements regarding future prospects may not be realized. Investors should note that income from such securities, if any, may fluctuate and that
each security's price or value may rise or fall. Past performance is not necessarily guide to future performance. Foreign currency rates of exchange
may adversely affect the value, price or income of any security or related investment mentioned in this report.
Past Performance is not necessarily indicative of likely future performance. Performance mentioned above are not verified by SEBI. We have shown
both model client PMS performance as well as Aggregate performance of all clients. Model client is the one who is there since inception of the
portfolio. Aggregate PMS performance will mildly deviate from Model client as mode of investment and disinvestment is done by multiple clients at
different time intervals, performance getting impacted by specific mandate given by few clients and early redemption if any. All Investment are
subject to Market Risk. Please read the risk factors before investing in the same. Past Performance is not necessarily indicative of likely future
performance.

23