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Portfolio Volatility 16%
Sharpe Ratio -0.11
Beta 0.92
Tracking Error 5.5%
1 Month 3 Month 6 Month 1 Year
RAMS India Equities Portfolio Fund (GBP) 1.03 11.49 15.87 7.03
MSCI India (GBP) 0.18 10.29 15.63 7.28
Fund Size USD 192.1mnNAV 153.25
Inception date 12th May 2016ISIN LU1313566413 Bloomberg Code RAMRDRG LX
Investment Manager Reliance Asset Management (Singapore) Pte Ltd
Investment Advisor Reliance Nippon Life Asset Management LtdDomicile LuxembourgReference Currency GBPDealing and Valuation DailyFee & Minimum Subscription 1.25% & GBP 10,000
Investment ObjectiveThe principal objective of the sub-fund is to provide long-term capital appreciation primarily through investment in equity and equity-related investments ofcompanies established in or operating in India. The exposure to the Indian market will be a minimum of 90% and a maximum of 100%.
Portfolio Manager Commentary Key Information
FACTSHEET – MAY 2019
Top 10 HoldingsSector Breakdown
Key Ratios (1 Year) Market Capitalisation
Large Cap: Greater than USD 4.5bn, Mid Cap: USD 4.5bn-USD1.2bn, Small Cap: Less than USD 1.2bn
Performance Snapshot (%)Data as at 30th April 2019
YTD 2018 2017 2016* Since Inception
RAMS India Equities Portfolio Fund (GBP) 4.70 -11.04 37.58 19.59 53.25
MSCI India (GBP) 5.01 -3.13 24.96 16.02 47.47
*Performance from share class inception: 12th May 2016
Infosys Ltd 6.7%HDFC Bank 6.0%
Reliance Industries 3.9%State Bank of India 3.5%
Axis Bank 3.5%ICICI Bank 3.3%
ITC 3.1%Bajaj Finance 3.0%
Varun Beverages 2.9%Supreme Industries 2.8%
Disclaimer:The views and opinions expressed by Reliance Asset Management (Singapore) Pte. Ltd. (“RAMS”) herein are for information purposes and private circulation only and are subject to change without notice. It should not beconstrued as any investment advice, recommendation, or an offer, or solicitation to buy or sell, or enter into or any type of transaction of any security, including the India Equities Portfolio Fund-RAMS Equities Portfolio Fund(the “Fund”). The views expressed herein should not be construed as investment guidelines or recommendations for any course of actions. Certain factual and statistical (both historical and projected) industry and market dataand other information was obtained by RAMS from independent, third-party sources that are deemed to be reliable, some of which have been cited in this presentation. Many of the statements and assertions contained in thispresentation reflect the belief of RAMS, which may be based in whole or in part on such data and other information. Whilst no action has been solicited based upon the information provided herein, the Fund’s Sponsor, theInvestment Manager, the Trustee or any of their respective directors, employees, affiliates or representatives do not assume any responsibility for, or warrant the accuracy, completeness, adequacy and reliability of suchinformation and this presentation. None of the Sponsor, the Investment Manager, the Trustee, their respective directors, employees, affiliates or representatives shall be liable for any direct, indirect, special, incidental,consequential, punitive or exemplary damages, including lost profits arising in any way from the information contained in this presentation. Past performance of a fund is not an indication of its future performance. Neither theManager nor the Trustee guarantees the performance of the Fund or the repayment of capital. Investors in the Fund are not being offered a guaranteed or assured rate of return and there can be no assurance that the Fund’sobjective will be achieved. Investment in mutual fund units involves various investment risks including but not limited to country, political, industry, settlement, liquidity, currency, credit/default and currency risk. The NAV ofthe Fund may go up and down and investors may also lose all of their capital. Please read and understand the contents of the Fund's Prospectus/Disclosure Document/Information Memorandum and Product Highlight Sheetetc. before investing. If in doubt, please consult a professional adviser. An investment should only be made after review of the Offering Circular and the Class Addendum. For information, please obtain the Offering Circular andrelevant Class Addendum from RAMS. This presentation does not take into account the specific investment objectives, financial situation or particular needs of any specific person. Investors should seek independent professionaladvice from financial advisers regarding the suitability of the Fund, taking into account the specific investment objective, financial situation or particular needs before making a commitment to purchase units in the Fund. In theevent that an investor chooses not to seek such advice, the investor should consider carefully whether the investment in the Fund is suitable. Portfolio allocations may not add to 100% due to rounding.
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The Indian market proved volatile over the month as the ongoing elections and globalgeo-political developments impacted investor sentiment. The MSCI Emerging MarketsIndex outperformed the MSCI India Index as a result of strong Chinese economic outputin March and April, solid Q1FY19 US GDP growth and optimism surrounding theresolution of trade disputes between the US and China. The US ended Iranian importwaivers that had previously been granted to several countries and the price of crude oilincreased amid supply concerns, despite surprisingly high US inventory levels. Foreignportfolio investors continued to be net buyers, recording USD 1.7bn of inflows, whiledomestic institutional investors were net sellers of USD 600mn. The INR depreciated by0.6% vs. USD, while forex reserves increased to around USD 415bn. Among sectors, ITand cement were the key outperformers while banks, utilities and realty were thelaggards. Mid and small-cap indices underperformed large-cap indices.
CPI inflation rose to 2.9% in March (Q4FY19 avg. 2.5%), coming in marginally ahead ofthe RBI’s quarterly forecast of 2.4%, and food inflation rose to 5.7% in March (vs 4.3%in February). Auto sales continued to decline across different categories and companies.
The 17th Lok Sabha elections commenced on 11th April, with 4 rounds of pollingcompleted so far for 337 of 543 seats. The IMD released a near-normal annual monsoonforecast (96% of long period average), with weak El Nino conditions expected.Conversely, Skymet predicted a weak start to monsoons.
During April, a few fringe positions in an IT and pharma company were exited. Partialprofit was also booked in a movie exhibition company and an airline company, whosestock prices rallied significantly. A new infrastructure company was purchased, whichhas exposure to roads, railways, bridges and irrigation etc. As a result of these changes,the Fund is now approximately 96% invested.
We are closely monitoring the market and will selectively deploy any cash into new andexisting opportunities as they arise. We will also continue to monitor the election and itsimpact on the broader economy, with the results being announced on 23rd May. On aglobal level, we are monitoring any recovery in Chinese activity post the announcementof various favourable policies by the government. The rising price of Crude oil continuesto remain an important risk.
1%2%
4%5%5%5%
10%11%11%
12%30%
0% 5% 10% 15% 20% 25% 30% 35%
Real EstateCommunication Services
Util itiesHeal th Care
EnergyConsumer Discretionary
MaterialsConsumer Staples
IndustrialsInformation Technology
Financia ls
58%23%
15%
4%Large Cap
Mid Cap
Small Cap
Cash
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India Equities Portfolio FundA Sub-Fund of RAMS Equities Portfolio Fund
RDR GBP Share Class
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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).
India Equities Portfolio FundA Sub-Fund of RAMS Equities Portfolio Fund
RDR GBP Share Class
Cohesion Investments Limited60 Grosvenor Street, Mayfair, London, W1K 3HZ
Tel: +44 20 7399 6715 | Email: [email protected]
Spike Hughes, Founder & CEO
Tel: +44 20 7399 6718Mob: +44 7920 888200Email: [email protected]
Chris Howard, Head of Client Services
Tel: +44 20 7399 6722Mob: +44 7557 132625Email: [email protected]
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India Equities Portfolio FundA Sub-Fund of RAMS Equities Portfolio Fund
RDR GBP Share Class
