Alchemy Capital ManagementALCHEMY INDIA ALCHEMY CAPITAL MANAGEMENT Investment Opportunities in Portfolio Management Services OPENING NEW WINDOWS OF OPPORTUNITY. EXECUTIVE SUMMARY Portfolio Management Services Pass Through Vehicle – Underlying securities are owned by clients with a POA to the PMS provider Regulated by SEBI in India PMS is a premium and exclusive financial service Manages and advices the assets of • High Networth Individuals • NRIs • Corporates • Foreign Institutions .EXECUTIVE SUMMARY What is Portfolio Management Services PMS is the managed accounts business in India Structure . you want A portfolio comprising of Select ideas . who understands risk-reward . Ability to take focused bets both in stocks and sectors – Build a portfolio of high conviction ideas and take meaningful exposure to such companies. . thereby adding value when these stocks play out their potential Personalization and Customization – The Portfolio manager builds and manages each portfolio keeping in mind the strategy selected and the timing of investment Transparency and a higher level of information .EXECUTIVE SUMMARY Why Portfolio Management Services As a discerning investor.Frequent information flow to clients on market views and portfolio actions Portfolio Management Services is a platform which can deliver to these expectations.backed by a high level of Investment Expertise and research Innovative and Sophisticated Strategies – Providing a platform to take exposure to and diversify into new investment opportunities. EXECUTIVE SUMMARY Alchemy Capital Management’s Portfolio Management Services . • Espouse integrity and transparency in all relationships and transactions MISSION To meet clients’ long term goals through consistent performance and high quality service. And the head is held high VALUES • To strive for client delight. emphasize that ‘knowledge is power’. nurture an ecosystem of excellence and long term relationship with all stakeholders. . • Remain steadfast on long term goals. yet. adopt best in class practices. be dynamic and innovative in approach. • Lead by example and foster teamwork.Alchemy Attributes VISION To be an asset management organization of choice ETHOS Where the mind is without fear. • Pursue excellence in execution. Be a ‘learning’ organization. THE ALCHEMY ADVANTAGE The Alchemy Advantage Founders and Investment team Investment Expertise Track record Quality of clients Vintage and Size . The firm employs 75 professionals which includes a stable. In addition to High and Ultra High Net Worth Indian Families and Institutions. Hiren Ved. each have over 17 years of experience in the Indian equity markets. Ashwin Kedia. Have excellent market standing built on integrity. Rakesh Jhunjhunwala and Hiren Ved. . Bring over 100 years of Indian equity market experience. client service and reporting. Alchemy Capital Management is also the investment advisor to a Sovereign Wealth Fund. Have extensive networks of intelligence and information at disposal. Disciplined Investment Process Alchemy’s Management Team has over 100 years of cumulative experience bringing a confluence of skill and discipline for sustainable long term wealth creation. The team focuses on bottom up stock picking based on primary research and discipline for continuous review. Have a stable and experienced team of investment professionals who have stayed and imbibed the firms investment philosophy. various funds / mandates and has a track record of over 8 years. Strong Emphasis on Compliance and Risk Management With an ethical Code of Conduct in place.The Alchemy Advantage Founders and Investment Team Alchemy Capital Management was founded in 1999 by Lashit Sanghvi. as Chief Investment Officer brings investment philosophy consistency. With transparency in business. experienced and well qualified investment team of 8 professionals. The firm manages / advises about USD 330 million across Pioneers in Bottom Up stock picking Ability to pick trends early Focus on Primary Research Long term approach to investing in listed companies with continuous review Consistent performance track record since inception in 2002. Co-founder. • Co-found Alchemy Share & Stock Broking Pvt Ltd along with Rakesh Jhunjhunwala and Ashwin Kedia in 1997.Active in evaluating Private Equity investment opportunities . • Mr. a showcase of India’s most successful investors • Over 18 years of experience having co-founded Alchemy Equity Research & Securities along with Ashwin Kedia in 1992. .Marketing the brokerage/research services of the firm to institutional clients like FII’s and local mutual funds . Jhunjhunwala has been the mentor and guide for Alchemy.Execution of large institutional deals. Rakesh Jhunjhunwala – Co-Promoter Was featured in “Wizards of Dalal Street” a series on the most successful investors in Indian Stock Market by CNBC India.Development of systems for dealing function.Executive Summary Lashit Sanghvi – Promoter & Non-Executive Director Featured in CNBC’s “Wizards of Dalal Street”. . . • He is an Indian Chartered Accountant by profession • He is one of the most respected equity investors in India. development of systems for back office. • Primary focus areas . biggest health insurance firm in the world).Executive Summary Hiren Ved – Co-Promoter & Whole-Time Director B. Mohit Batra – Group CEO. CFA and PhD in Financial Services Over 17 years of Financial Services Background with assignments like.W. •Then joined Prime securities Ltd in June 1994.Com . C. Country Head. possesses over 16 years of equity market experience. •Started his career with K R Choksey & Co.Wealth. .ABN AMRO Bank.Motilal Oswal Securities. a leading investment bank as part of the fund management team responsible for investing the proprietary funds of the firm.Head of financial Projects for Tata Interactive Systems. DBF Hiren has over 17 years of experience in the Indian equity market.com. Country Manager for Euromoney. •Since 1999 has been the CIO for Alchemy Capital managing assets of over USD 100 m Ashwin Kedia – Co Promoter Was featured in “Wizards of Dalal Street – Gen Next” a series on the most successful investors in Indian Stock Market by CNBC India.moneycontrol. Was designated as Head of Research in 1993. •Key strengths-stock picking and developing a network of corporate relationships. •Co-founder partner of Alchemy. Director Wealth. COO of United HealthCare Group (fortune 40 NASDAQ listed company. a large securities firm as part of the research team. CEO of e-18 (CNBC India). He joined Alchemy Capital Management in 1999 and helped set up the asset management business of the group. Grad.A. MBA. Cofounder and Promoter of www. Ltd. Pegasus Assets Reconstruction Pvt. Country Credit. A2Z Engineering Services Pvt. Ltd. Nepal and Bangladesh in 1982. Pune India.EXECUTIVE SUMMARY – BOARD MEMBERS Executive Summary Mr. Pune India. Trustee – Agastya International. India Advisory: Temasek Holdings. Ltd. Geojit Com Trade Pvt. Pune India.N. country Financial Control and Corporate Banking Assignments Took over as CEO for India . he handled various assignments in Operations (including Senior Country Operations Officer for India/ Sri Lanka). Pegasus Asset Reconstruction Pvt. Assigned as CEO of Philippines in 1985. Singapore. Took over as Chairman of Citicorp Finance India in 1997. Phillippines. Ltd. Took over as the Global Consumer Banking Head in 1998. India Mr. BITS Pilani Board Memberships: BILCARE Ltd. Sri Lanka. Ltd. Mumbai India. Inventurus Knowledge Solutions Pvt. Mumbai . Bajaj Holdings & Investments Ltd. Pegasus Asset Reconstruction Company. Ltd. AIG Global Asset Management Company (India) Pvt Ltd. Nanoo Pamnani Began his career with Citibank India as a Management Associate in 1967 Between 1967 and 1981. Pune India. Bajaj Finserve Ltd. P. Manish Gupta MBA (IIM Ahmedabad). Writer & Co Pvt. Designated CEO for Citibank India in 1999 Appointed Chairman. Bajaj Auto Finance Ltd. Citibank NA India in a non Executive capacity in 2002 Directorship: Bajaj Auto Ltd. Citibank Savings Inc. an NGO taking science education to children in rural India . Chemical Engineer. a joint venture between Tech Pacific and Godrej & Boyce. Manu Parpia Founder and Vice Chairman. Hungama Mobile Voted amongst the ‘50 Most influential People in Mobile Entertainment’ globally 3 years in a row Selected amongst the ‘Top 10 MobiThinkers of 2009’ globally Chairman of Mobile Entertainment Forum. an organization of members from all the entire value chain of the Mobile Entertainment business Founder of TiE in India.Executive Summary Mr. Geometric Ltd and served as the Managing Director from 1994 to 2006 Chairman of 3DPLM Software Solutions Ltd Served as the Chief Executive of the Electronic Business Equipment Division of Godrej & Boyce from the mid eighties to 1999 Founded Godrej Pacific. Been on the Board of TiE Mumbai chapter Mr. Neeraj Roy Managing Director & CEO. and served as its Managing Director from 1995 to 1999 . . Nimis has an M. Paper and Fertilizer sector research. Metals.Executive Summary Investment Committee Profile Portfolio Managers: Sachin Shah. He holds an MBA from the University of Maharashtra in 2000 and received his CFA charter in 2005. 2500 crore. from BITS Pilani (1985). Portfolio Manager Sachin joined Alchemy Capital Management in 2004 and serves as Director and portfolio manager for Alchemy Investment Management.E. Chandraprakash Padiyar. Sachin has over 11 years of experience in portfolio management and research.E. He started his career in equity research and analysis at UTI Mutual Fund and later graduated to be a portfolio manager managing assets across various equity schemes totaling Rs. Portfolio Manger Chandraprakash has over 10 years of experience in Cement.B. before joining Alchemy Capital Management as portfolio manager in 2007. where he was made Manager of Equities and Private Banking. from Boston University USA (1987) & B.A. He has worked as an equity research analyst with Corporate Database & Anvil Stock broking from 1990-2000 and Phoenix Stockbrokers 2000-2006. Portfolio Manager Nimis has over 19 years of experience in the Indian listed equities market. at their India office. a USA based $1bn EM long-short fund. He started his career as a research analyst at UTI Mutual Fund before moving to SG Asia Securities and HDFC Bank. His most recent assignment (2006-2009) was as an analyst and regional portfolio manager with Artha Capital Management. Nimis Sheth. & M. He is Chartered Accountant by qualification and is pursuing his CFA. Senior Analyst Aishwarya an Oil & Gas industry specialist and has worked in Industry (at BPCL) for over 5 years before joining the financial services industry . . Aishwarya Deepak.where he worked for 4 years in organizations like Irevna (a research subsidiary of CRISIL) and B&K Securities as a senior Oil & Gas analyst. He has over 5 years experience in the securities industry and has worked with Anand Rathi. Nirav Parikh. before joining Alchemy Capital Management. in Corporate Finance and also with First Global Securities tracking US banks. He is a Chartered Accountant and holds an MBA in Finance from Jamnalal Bajaj Institute of Management Studies and a B. Analyst Nirav is an MBA Finance from NMIMS and a CFA.INVESTMENT TEAM Executive Summary Research & Analyst Team Amit Nadekar.Com degree from the Mumbai University. Alchemy Broking and Reliance Equities. Senior Analyst Amit has over 9 years of experience having worked with Raymond's Ltd. During this period he has done research on the Real Estate and Cement Sectors. Investment Process • Idea Generation and Analysis : •Strong reliance on in-house reserach •We use filters based on investment themes to build a working universe. . which stocks • Attempt to deliver superior return per unit of risk. customers and competitors to build conviction in investment drivers •Portfolio Construction & Ongoing Review : Build a select portfolio of high conviction ideas •Structural long term ideas. while delivering alpha • Exit Strategy • We set target prices for each stock in the portfolio and continuously review. try to contain volatility .speed of deployment. •Meet trade and industry. • Leverage promoters and Fund management team ‘s network to identify business ideas early •Undertake detailed financial analysis with in-built financial models . active guidance from the Portfolio Managers. forecasts and valuation •Company/Management Meets : Focus on Primary research – active engagement with large number of companies to identify those with • Huge addressable opportunity • Sustainable competitive advantages • High quality management • Scalability and clear visibility of growth We meet over 200 companies every year. • Exit stocks when the risk-return is not in the investor’s favor or when there are better opportunities available. We also meet their suppliers. ideally buy and hold -with low churn • Meaningful bets in best ideas – concentrated portfolios – 10-20 stocks depending on risk appetite • Portfolio structuring based on timing of client’s investment. attend industry specific seminars to identify new ideas • Encourage analysts to generate ideas. 06 Mkt.Praj Industries ALCHEMY PRODUCTS Adjusted Closing Price (Rs.2 Mkt. Cap = Rs. . 196. 5. 81 Cr 11/06/2005 11/06/2006 11/06/2007 11/06/2008 11/06/2009 50 0 11/06/2004 Investment drivers Pioneer in alternative energy (Ethanol) in India Innovative products for the segment at competitive prices allowed the company to take high market share both in India and overseas. Cap = Rs.4 years 250 200 150 100 THANK YOU Entry Price = Rs. which allowed the company to grow in excess of 40% CAGR. 3585 Cr 39X in 3.) 300 Exit Price = Rs. ) 2000 1800 1600 1400 1200 1000 800 600 400 200 0 0 9/08/2002 09/08/2003 09/08/2004 09/08/20 05 09/08/ 2006 09/ 08/2007 26X in 5.8 Mkt. .5 Mkt.2 years Entry Price = Rs. 285 Cr THANK YOU 09/ 08/2008 0 9/08/2009 Investment drivers A play on Specialty organized retailing Leadership position in watches and jewellery segments Created a very profitable and high ROCE business model in two verticals with pioneer status Ability to choose large fragmented markets and create brands and distribution to create leadership positions. Cap = Rs. Cap = Rs. 1726. 66.Titan Industries ALCHEMY PRODUCTS Exit Price = Rs. 7291 Cr Adjusted Closing Price (Rs. 1209 Cr 400 200 0 16/05/2003 16/05/2004 16/05/2005 16/05/2006 16/05/2007 16/05/2008 16/05/2009 Investment drivers Play on increased spend on T&D by the government Company with its innovative products from the parents' R&D could benefit on account of high orders being received .88 Mkt. 971. Cap = Rs. Cap = Rs.Siemens Ltd. ALCHEMY PRODUCTS Exit Price = Rs.6 years 1000 800 600 THANK YOU Entry Price = Rs. 36.48 Mkt.) 1200 27X in 4. 32772 Cr Adjusted Closing Price (Rs. 214. 130 Cr THANK YOU 05/11/2006 05/11/2007 05/11/2008 05/11/2009 50 0 05/11/2004 05/11/2005 Investment drivers Play on increased spend on T&D by the government Company could exploit the opportunities in the transmission towers segment and was able to grow in excess of 30% CAGR . 1731 Cr 250 200 150 100 Entry Price = Rs.Jyoti Structures ALCHEMY PRODUCTS Adjusted Closing Price (Rs.7 years Exit Price = Rs. Cap = Rs.) 350 300 9. Cap = Rs.7X in 2.45 Mkt.01 Mkt. 22. 7 years Entry Price = Rs.5X in 4. 628 Cr THANK YOU Investment drivers A play on the growing opportunity in the Indian Defense and Aerospace sector It is one of the largest company in the hydraulics for the tractor industry globally Company is also the sole supplier of wing flap track beams for Airbus 320 series .) 2000 1800 1600 1400 1200 1000 800 600 400 200 0 25/11/2004 25/11/2005 25/11/2006 25/11/2007 25/11/2008 25/11/2009 5.45 Mkt.1 Mkt.Dynamatic Technologies Adjusted Closing Price (Rs. 210. 88 Cr Exit Price = Rs. 1161. Cap = Rs. Cap = Rs. Provogue (India) Ltd ALCHEMY PRODUCTS Adjusted Closing Price (Rs. 1795 Cr 150 Entry Price = Rs. ft. 344 Cr 100 THANK YOU 23/06/2007 23/12/2007 23/06/2008 23/12/2008 23/06/2009 23/12/2009 50 0 23/12/2005 23/06/2006 23/12/2006 Investment drivers A mall management and development company which has plans to develop malls with total of 3 mn sq.) 300 4.4X in 1. Cap = Rs.8 years 250 200 Exit Price = Rs. Cap = Rs. 188 Mkt. over the next 2-3 years Company also has its own retail chain named as 'Provogue' which complements the mall business .71 Mkt. 42. 5 times in 8 years • Diverse Sectors • Improving Liquidity .INDIA – Opportunity in Chaos DRIVERS OF THE INDIAN BULL MARKET •India’s economic growth •Superlative corporate performance •Market architecture and infrastructure in place •The tectonic shift of imperatives to invest in emerging markets •Vast under-exposure to equities in India India Opportunity Indian Entrepreneur ship Sustainable Profit Growth & Wealth Creation Through Cycles Indian Business Model Why the India Opportunity is Unique • Size : GDP of USD 1254 billion • Expanding Investible universe : Billion dollar companies multiplied 7. Opportunity Exists!!! Exists!!! Opportunity How to to Play… Play… How . PRODUCT POSITIONING Alchemy PMS Strategies PRODUCT CORE POSITIONING CAPITALIZATION BIAS STYLE BENCHMARK ALCHEMY HIGH-GROWTH ALCHEMY LEADERS ALCHEMY MOMENTUM STRATEGY DIVERSIFIED LONGTERM GROWTH DIVERSIFIED LARGESIZED COMPANIES DIVERSIFIED FUND OF FUNDS MIDCAP BIAS GROWTH BSE 500 LARGE-CAP GROWTH S&P CNX NIFTY MULTI-CAP GROWTH S&P CNX NIFTY . 2002) has grown to Rs 12.Alchemy High Growth Investment Objective Investment Strategy Fund Manager Minimum Investment The strategy aims at generating long-term returns by investing in equities across market capitalizations but with a strong mid cap bias A typical portfolio consists of between 20-25 stocks. • Alchemy High.Growth has outperformed its benchmark index (BSE 500) in 8 out of 9 completed calendar years since its inception • The fund has created substantial wealth since inception. Rs 1 crore invested since inception (8th May. 6.6 crores if invested in the benchmark* • The Product has a consistent track-record of over 8 years . Rs.5 crores v/s. Indicative asset allocation is ≥ 25% large cap. ≤ 10% small cap and balance mid cap Chandraprakash Padiyar Rs 50 lacs Type Suggested Time Horizon Open Ended 3 years Why Alchemy High-Growth? • India a high growth economy with a strong entrepreneurial culture to exploit the growth opportunity • Through a combination of top-down and bottom-up fundamental research. endeavor to identify and invest in growth companies which will enable long term wealth creation. 8 4.4% 31.3 3.0% 4.8% 0.4% BAJAJ AUTO FINANCE LTD SINTEX INDUSTRIES LTD PTC INDIA MAYTAS INFRA LTD MAHINDRA & MAHINDRA LTD BOMBAY DYEING MFG.4% 26.2% 5.00 CAGR: 24.CO.9% 11.5% 40. 2010 Alchemy High Growth BSE 500 > 5000 cr 500 cr .9% 17.1% 17.1% -80.00 CAGR: 33.8% 38.4 3.1 6.5000 cr < 500 cr Cash & Equivalents 160.7% * From inception of product (8-May-2002) .6% 40.5 4.3% -40.7 4.4% 63.9% 80.5 3.1% 51.LTD VOLTAS LTD APTECH LTD STRIDES ARCOLAB DEEPAK FERTILISERS & PETROCHEMICALS MARKET CAP ALLOCATION 7.5% 77.7% 90.0% CY 2002* CY 2003 CY 2004 CY 2005 CY 2006 CY 2007 CY 2008 CY 2009 CY 2010 -58.9% 80.00 0.0% -2.00 May-02 May-03 May-04 May-05 May-06 May-07 May-08 May-09 May-10 * CAGR as on 31 Dec.0% 58.5 4.Alchemy High Growth Alchemy High Growth 160.2 40.00 BSE 500 TOP 10 HOLDINGS SCRIP Holding (%) 120.7% 120.0% 134.0% 101.0% -56.3% 16.0% 36.4 3.1% 96. Alchemy Leaders INVESTMENT OBJECTIVE Investment Strategy Fund Manager Min investment The strategy aims at generating long-term returns by investing in Large-Cap equities Focuses on companies with market capitalization > Rs. Typically these companies would have experience of operating through good-bad business cycles. • Our extensive top-down and bottom-up approach helps build a portfolio of high conviction ideas to deliver steady returns • This strategy has delivered consistent and superior returns as indicated by the Sharpe ratio compared to the benchmark (Nifty) • Alchemy Leaders has outperformed its benchmark index (Nifty) in 2 out of 5 completed calendar years since its inception . 5000 crores Chandraprakash Padiyar Rs 50 Lacs Type s Open Ended 3-5 years Suggested Time Horizon Why Alchemy Leaders? • This universe gives us an opportunity to invest in larger mid caps and large cap companies across the leading sectors • Invests in growth companies which have achieved scale and have either reached or have potential to be amongst the leaders in their field/industry segments. 5% 15.00 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Nifty CAGR: 13.8 4.7 4.0% -60.4% 81.7% TOP 10 HOLDINGS SCRIP RELIANCE INDUSTRIES LTD SINTEX INDUSTRIES LTD BAJAJ-AUTO LTD CORPORATION BANK MAHINDRA & MAHINDRA LTD ENGINEERS INDIA LTD CROMPTON GREAVES LTD ICICI BANK LTD VOLTAS LTD UNITED PHOSPHORUS LTD Holding 7.8% CY 2009 CY 2010 2.00 6.00 10.0% -40.7% 8.4% 12.9% * From inception of product (21-Dec-2006) .9% 3.9% 54.0% CY 2006* CY 2007 -51.5000 cr Cash & Equivalents 63.6 5.9 7.0% 0.6 * CAGR as on 31st Dec.3% CY 2008 -51.0 4.0 5.5 5.00 14.Alchemy Leaders Alchemy Leaders 20.0% -20. 2010 Alchemy Leaders 76.0% 40.8% MARKET CAP ALLOCATION > 5000 cr 500 cr .0% 60.6% 9.00 16.00 8.0 6.0% 20.3 5.8% Nifty 75.9% 80.00 CAGR: 12.00 18.6% 17. thereby capturing the themes or trends driving the markets at that time. 1st February 2010 Subscription Once a month All money inflows should be credited into the pool account by the 25th of the month and will be invested in the first few working days of the following month Type Open ended (Fund of Funds) Redemption Once a month Redemption requests should be intimated by the 25th day of any month for the redemption amount to be made available to the client by the 10th day of the following month Why Alchemy Momentum? A Fund of Funds which selects equity mutual funds based on relative momentum. in which the fund selection process is based purely on the results of the quantitative model MSI. Keeps moving to the relatively better performing funds.ALCHEMY MOMENTUM STRATEGY Alchemy Momentum Strategy Investment Objective Investment Strategy Launch Date To generate superior equity returns by investing in a portfolio of open-ended equity mutual funds. A strategy that is unbiased and devoid of human intervention. Aims to reduce capital drawdown due to weak equity markets by including liquid funds in the investable fund universe. . The universe of investable funds includes liquid mutual funds to bring in an overlay of asset class risk management. 9 107.ALCHEMY MOMENTUM STRATEGY Alchemy Momentum Strategy AMS simulations done for historic periods indicate that by aggressively seeking and reviewing relative carriers of momentum on a monthly basis.4 12.1 54. in the long run.5 17.8 92. provide returns far superior to the Nifty.3 Average Equity Mutual Fund Returns 2.7 112. a portfolio based on funds identified by the MSI model can.8 Nifty 4.9 18.4 118.1 -0.6 1.5 54.4 -5.6 175.9 17.7 116.3 -0.6 103.2 3.5 -0.0 .7 11.7 15. AMS historic simulations and performance Trailing Returns (%) as on 31 December 2010 Period 1-month 3-month 6-month 1-year 2-years 3-years 4-years 5-years AMS -0. 00 1-Jan-05 1-Jul-05 1-Jan-06 1-Jul-06 1-Jan-07 1-Jul-07 1-Jan-08 1-Jul-08 1-Jan-09 1-Jul-09 1-Jan-10 1-Jul-1 0 * Data as on 31-12-2010 .56 26.00 Period* AMS Rank No.00 275.00 425.00 175.00 375.59 0. Nifty (3-years)* Monthly Alpha Beta R-squared Standard Deviation (annualized) Sharpe Ratio Nifty (base 525.94 -0.46 0.00 75.00 125.03 31-1-20 05 = 100) 3 months 6 months 1 year 2 years 3 years 4 years 5 years A MS (base 475.00 325. of Equity Funds 1 month 234 235 238 194 177 32 14 11 31-1 -200 5 = 10 0) 262 257 252 246 214 182 166 145 0.ALCHEMY MOMENTUM STRATEGY Alchemy Momentum Strategy Risk / Reward vs.00 225. Offshore Offerings Opportunity Exists!!! How to Play… . Funds Structure Opportunity Exists!!! How to Play… . Fund Alchemy India Long Term Fund Launched – June 2008 Alchemy India Fund Launched –Feb 2010 Opportunity Exists!!! How to Play… Alchemy India CB Fund Launched – Oct 2010 Opportunity Universe: All listed stocks in India PIPES and Pre-IPO possible Market Cap agnostic where liquidity can be challenging at times Buy & Hold – with a long term perspective plus selective hedging and shorting opportunities Focus on liquidity. secondary market bonds and restructuring opportunities that would arise from time to time. hence universe restricted to 200 stocks available on the derivative exchange in India Long biased actively managed fund with net long exposure ranging from 30-70% Relatively lower volatility Monthly Liquidity Fund comprising of India Convertible Bonds Focussed approach – dedicated fund managers focussed only on one asset class Diversification– Diversified portfolio with 15-20 bonds Leverage – up to 2X to maximise returns Fund will have a mixture of new bond issuances. Fund Strategy will include a combination of pure yield play. yield with optionality and pure arbitrage strategies . 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Ltd and may not be reproduced or otherwise disseminated in whole or in part without the written consent. Art. This document and its contents are proprietary information of Alchemy Capital Management Pvt.. arising from the use of this information. direct or indirect. Real Estate. ALCHEMY PRODUCTS THANK YOU Thank you .