2111481416Buy Right Sit Tight Leaflet

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BUY RIGHT : SIT TIGHTBuying quality companies and riding their growth cycle

At Motilal Oswal Asset Management Company (MOAMC), our investment philosophy is centered on

two critical pillars of equity investing 'Buy Right: Sit Tight'. 'Buy Right' means buying quality

companies at a reasonable price and 'Sit Tight' means staying invested in them for a long time to

realise the full growth potential of the stocks.

Our Unique Investment Approach to Wealth Creation :

'Buy Right: Sit Tight'

Process2Performance

It is this invesng process that has helped our products to beat the benchmark consistently over

the years

` 1 cr invested in NTDOP Strategy in December 2007 is worth

` 3.71 cr Vs ` 1 crore invested in CNX Midcap Index which is

now worth ` 1.56 cr*

` 1 cr invested in Value Strategy in March 2003 is worth

` 19.92 cr Vs ` 1 crore invested in Niy is now worth ` 7.98 cr*

MOSt Focused 25

MOSt Focused

Mulcap 35

MOSt Focused

Midcap 30

NTDOP Strategy

Value Strategy

Delivered an annualized return of 55.92% since incepon as #

against 38.80% by CNX Midcap Index


against 12.68% by CNX Niy Index


against 16.88% by CNX 500 Index

#

Data as on Sep 30, 2015 | *Data as on Oct 31, 2015

Past performance may or may not be sustained in future.

For detailed performance tables, please refer page no. 11 & 13 for Mutual Fund Schemes and 9 for

Strategies of Portfolio Management Services

Inception Date:28 Apr 2014

Inception Date: 13 May 2013

Inception Date: 24 Feb 2014

Inception Date: 24 Mar 2003

Inception Date: 11 Dec 2007

1

How do we 'Buy Right' ? Introducing our QGLP Mantra

Over the last 19 years, our chairman, Raamdeo Agrawal (one of India's foremost value investors) has

been analyzing the Indian equity market to come up with investing insights in the form of the Annual

Motilal Oswal Wealth Creation Study. The learnings from all these studies have helped us evolve a

unique and focused investing process - 'QGLP'.

Every stock we buy in our Mutual Fund Schemes or PMS Strategies is based on our QGLP parameters

where;

Qfor QUALITY

Gfor GROWTH

Lfor LONGEVITY

Pfor PRICE

Quality denotes

quality of the business

and management

Growth denotes

growth in earnings and

sustained RoE

Longevity denotes longevity

of the competitive

advantage or economic

moat of the business

Price denotes our approach of

buying a good business for a

fair price rather than buying a

fair business for a good price

The Stocks mentioned above are used to

explain the concept and is for illustration

purpose only and should not used for

development or implementation of an

investment strategy. It should not be

construed as investment advice to any party.

The stocks may or may not be part of our

p o r t f o l i o / s t r a t e g y / s c h e m e s . P a s t

performance may or may not be sustained in

future.

Source: Capitaline | Data as on Oct 31, 2015

In addit ion to the steady

performance in the table, these

companies also pay dividends

periodically which additionally

amount to about 1 to 2% of the

current market value of the

holdings.

Here are few more examples that show how QGLP stocks have fared in terms of compounded annual

growth return (CAGR) over the last 20 years or since listing; whichever is later.

Infosys

Sun Pharma.Inds.

Pidilite Inds.

Kotak Mah. Bank

Cipla

H D F C

38.24

34.74

34.70

28.87

28.02

26.40

25.99

25.88

24.33

23.03

21.01

CAGR (%)

Eicher Motors

HDFC Bank

Berger Paints

Hero Motocorp

Asian Paints

QGLP stocks have delivered more than 20% CAGR over last 20 years

2

QQGLP Decoded : Analysing QualityQuality is the most important parameter when choosing a stock and can be seen as the

Quality of Business x Quality of Management

The relationship between the two is multiplicative and not additive. Thus, if one of the aspects is

zero, Q will be equal to zero, no matter how high the other.

Quality is a subjective concept, and yet there are several objective indicators of the same, as listed

below:

Sustained competitive advantage

measured by high return ratios

Industry leadership position

Favourable industry structure like

monopoly or oligopoly

Secular and stable business, preferably

consumer facing

Positive demand-supply situation

Quality management

Competence

Sound business strategy

Excellence in execution

Rational dividend payout policy

Integrity

Honest and transparent

Concern for all stakeholders

Growth mindset

Long-range profit outlook

Efficient capital allocation including

growth by acquisitions

Great management: Hero MotoCorp

started o in the mid-1980s as a JV

between Honda, the world's No.1

two wheeler company and Hero

Group, the largest manufacturer of

bicycles in India.

Great business: In India, two-

wheelers is a great business given (1)

the huge size of opportunity, and (2)

limited compeon. In a developing

economy, a two-wheeler is the entry-

level vehicle for motorised personal

transportaon. The opportunity is

enormous, both in India and globally.

Quality business

A Case Study in Quality Hero Honda

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PAT (Rs cr)

RoE (%) - RHS

The stocks mentioned above are used to explain the concept and is for illustration purpose only and should not

be used for development or implementation of an investment strategy. It should not be construed as an

investment advice to any party. The stocks may or may not be part of our portfolio/strategy/schemes. Past

performance may or may not be sustained in future.

3

Source: Internal Analysis | Data as on March 31, 2015

QGLP Decoded: Measuring Growth

Earnings Growth = Sales growth x Margin growth

In invesng, there are two dimensions of growth: (1) Earnings growth and (2) Valuaon growth.

The G of QGLP addresses earnings growth, whereas the P(rice) takes care of the Valuaon growth.

Earnings growth by itself doesn't mean much. It adds value only when the company earns returns

on capital higher than the cost of capital.

In the nal analysis, G (i.e. earnings growth) is a quantave reecon of Q (i.e. quality of business

and management).

G has four dimensions:

G

Volume growth-a funcon of

demand growth matched by

company's capacity to supply;

Volume growth

Price growth - a funcon of

company's pricing power,

which in turn is a funcon of the

compeve landscape;

Price growth

A Case Study in Growth Infosys

Back in 1998, Infosys clearly

embodied the essence of (1)

Idenfying the right business (2)

Which is run by a competent

management, and (3) Is acquired

at a price, which is at a huge

discount to its underlying value.

Its PAT and RoE have grown

handsomely, its P/E had climbed

to over 200x, and the stock has

delivered compounded annual

returns of over 40% for the last

17 years.

Operang leverage

Operang leverage - a funcon

of the company's operang cost

structure; higher the xed cost,

lower the unit cost incidence on

increased volumes, and higher

the operang leverage;

Financial leverage - a funcon

of capital structure; higher the

d e b t- e q u i t y, h i g h e r t h e

nancial leverage and vice

versa.

Financial leverage

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PAT (Rs cr)

RoE (%) - RHS

The stocks mentioned above are used to explain the concept and is for illustration purpose only and should

not be used for development or implementation of an investment strategy. It should not be construed as an

investment advice to any party. The stocks may or may not be part of our portfolio/strategy/schemes. Past

performance may or may not be sustained in future.

20

06

4


QGLP Decoded: Longevity

Longevity of both Q & G

Having established the present quality and earnings growth of the company, the next challenge to

investors is assessing how long it can sustain both. In the context of longevity, competence of

management is tested at two levels:

L

Competitive Advantage Period (CAP) is

the time during which a company

generates returns on investment that

exceed its cost of capital. Competition

eventually drives down returns to cost of

capital, and sometimes even below it.

However, a company with a great

business and great management keeps

extending its CAP, sustaining high return

both for itself and its equity investors.

Delaying growth

slowdown

Competent managements can delay

growth slowdown by

New streams of organic growth,

and/or

Inorganic growth via judicious

acquisions

Extending

CAP

a.

b.

Case Study in Growth HDFC Bank

Over the last two decades,

private banks in India have

emerged as a major Winner

Category, with strong growth

driven by consistent innovaon

and technology adopon.

HDFC Bank has high entry

barriers (brand, visibility) and

great management (HDFC as

promoter group).

Although HDFC Bank has never

been really cheap in terms of

valuaon, it has proved to be a

long-term Winning Investment

PAT (Rs cr)

RoE (%) - RHS

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The stocks mentioned above are used to explain the concept and is for illustration purpose only and

should not be used for development or implementation of an investment strategy. It should not be

construed as an investment advice to any party. The stocks may or may not be part of our

portfolio/strategy/schemes. Past performance may or may not be sustained in future.

5


QGLP Decoded : Price

Price of purchase should be favourable

Growth in stock price is a mulplicave funcon of growth in earnings and growth in valuaon.

The simplest way to improve the odds of valuaon growth is by ensuring favourable purchase

price.

The price of a stock has to be seen in conjuncon with the value it oers. Price is what we pay;

value is what we get. Therefore, stock prices are aracve only when they are less than the value

perceived in the stock.

A simple rule of thumb of favorable purchase price is low P/E. However, in certain situaons, low

P/E may not be the sole determinant of favourable price e.g. during boom-of-the-cycle, earnings

of cyclical stocks are depressed leading to high P/Es; likewise, where companies are expected to

turn from loss to prot, current P/E cannot be calculated

P

Few other measures of favorable purchase price:

Discount to historical valuaon bands P/E, Price/Book

PEG Rao (i.e. P/E/Earnings growth; the lower the beer)

Discount to DCF value (Discounted Cash Flow) or Replacement cost High

dividend yield

Absolute Market cap relave to the size of opportunity.

Case Study Shriram Transport

Shriram Transport Finance captures

the essence of the study, High

earnings growth rms with high

ROE, bought at a reasonable PEG

(PE/ Earnings Growth rao), create

maximum wealth.

For the year ending Mar-01, Shriram

had an RoE of 25%, which is very

healthy in the nancial sector. In Mar

01, the stock was available at a P/E of

just 1x; thus PEG was very low. True

to form (and the hig hgrowth- high-

RoE-low-PEG formula), the Shriram

Transport stock delivered price

CAGR of a whopping 85% over the

next 5 years, and 5% over the next

13 years to 2014.

25

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RoE (%) - RHS

The stocks mentioned above are used to explain the concept and is for illustration purpose only

and should not be used for development or implementation of an investment strategy. It should

not be construed as an investment advice to any party. The stocks may or may not be part of our

portfolio/strategy/schemes. Past performance may or may not be sustained in future.

6


If you had invested ` 100 in Sensex in 1979, your investment would have mulplied to

` 2,541 with dividend and to ` 1,474 without dividend.

Source: Bloomberg | Data as on Oct 31, 2015

The graph above is used to explain the concept and is for illustraon purpose only and should not be used for development or implementaon of an

investment strategy. It should not be construed as investment advice to any party.

Benet of Power of Focus

Sen

sex

Sen

sex c

um

Div

iden

d

` 2,541

` 1,474

What next after Buying Right?

Sit Tight !

While Buying Right is all about following a process, sitting tight on a good buy requires Focus &

Discipline

Diversicaon beyond your control becomes

unmanageable and adds no value to your

porolio. Over diversicaon can impact the

overall performance of your porolio. As in

case of most porolios, the top 5 good quality

stocks contribute 80% of overall performance

of your porolio while the rest 20% by bad

quality stocks.

Focus: Our porolios are high convicon porolios with 20 to 25 stocks being our ideal number. We

believe in adequate diversicaon but over-diversicaon results in dilung returns for our

investors and adding market risk

Ris

k

1 Stock 20 Stocks 100 Stocks

Risk reducing as the number of

stocks raising but after 20

stocks in portfolio change of

risk is minimal

Number of Stocks

Benefit of Holding Discipline

Focus

Benefit of Holding Discipline

Buy and Hold: We believe in focused stock portfolios and are strictly buy and hold investors and

believe that picking the right business needs skill and holding onto these businesses to enable our

investors to benefit from the entire growth cycle, needs even more skill.

7

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If you had invested Rs 100 .....If you had invested Rs 100 .....

BRST reduces the risk of investing in equities

Investing in equity markets is a high riskhigh returns game. While some have made millions, many

have also lost as well. BRST is a unique way to invest in the equity markets with a lower risk. History

has shown that if you buy quality stocks and hold onto them for long time, you don't only reduce the

risk, you also make more money. Here's proof

As can be seen in the above two case studies, if you Buy Right : Sit Tight, the downside is limited

while the upside is high.

Bought in

3 - year

rolling return

Mar

06

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Mar

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Mar

09

Mar

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15

81 32 32 -3 18 13 28 5 7 25

The SENSEX

The chart demonstrates how

no matter when you had

invested in S&P Sensex

( b r o a d e r i n d i c a t o r o f

equities in India), if your

investment horizon was over

7 years, the chances of a

negative return is Nil. While

if your investment horizon

was anywhere between 1

year and 6 years there are

chances for diminishing

negative returns with time,

a l b e i t w i t h r e d u c i n g

probabilities starting from

32% in 1 year to 4% for a six

year time period of investing.

Its evident that the long-

term investing in equities

pays off well.

0

120

65.46

108.03

60.06

50.4747.64

37.95

31.71 29.9726.96

23.18 21.64 20.4217.57 17.07 16.41 14.91 14.53

-56.62

-25.91

-15.81

-8.78-5.08

-2.222.99

6.97 6.5810.35 8.88 8.58

11.63 11.20 11.06 11.31 12.01

Minimum to maximum returns for a respecve me period (in %)

% of mes returns were negave Average returns

THE IMPORTANCE OF LONG-TERM INVESTING

If you had invested in any of the 7-year me periods or more between Sensex's (total return index)

incepon and today, you would not have lost any money.

-801 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

32 29 14 13 8 4

Investment tenor (in years)

Total number of me periods: one-year: 4,106; two-year: 3,862; three-year: 3,618; four-year: 3,369; ve-year: 3,118; six-year: 2,868.

Source: Mint research

17

A Case Study in Value Strategy

Value strategy is one of our flagship PMS products and has been in existence for over 12 years. If you

had invested in the Value Strategy in bad or good time and held on even for 3 years, here's what your

would have made on an annualized basis. The worst loss you would have made is -3% while the

positive side is whopping 81% annual returns.

8

The graph above is used to explain the concept and is for illustraon purpose only and should not be

used for development or implementaon of an investment strategy. It should not be construed as

investment advice to any party.

For whom: Our PMS products are meant for financially savvy high net worth individuals (HNIs) who

wish to utilise our expertise in building a portfolio of high quality companies or who have a large

portfolio of stocks but lack the bandwidth to monitor them.

Benefits: With our Portfolio Management Services one can build an equity portfolio in the large cap

and midcap segment with a highly personalized service. Also, the 'Buy Right : Sit Tight' approach

results in low churn in our portfolios and makes the costing of our portfolio management services very

attractive.

PMS Strategy based on our BRST philosophy

Following are our flagship PMS products driven by the philosophy of 'Buy Right : Sit Tight':

Value StrategyNext Trillion Dollar Opportunity Strategy

(NTDOP)

Data as on Oct 31, 2015. Returns above 1 year are annualized. Past performance may or may not be sustained in future.

#Date of inception: Value Strategy - 24th March, 2003 | NTDOP Strategy - 11th December, 2007

The Above strategy returns are of a Model Client as on Oct 31, 2015. Returns of individual clients may differ depending on time of entry in the Strategy. Past

performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. Returns below 1 year are absolute

and above 1 year are annualized. Strategy returns shown above are post fees & expenses.

Concentrated large cap with only 15-20 stocks

One of the longest running product in the

industry with 12 years track record

One of the largest corpus in the industry in a

single PMS product with over Rs. 2,035 cr

Delivered an annualized return of 26.78% since

inception as against 17.90% by CNX Nifty Index.

Concentrated midcap portfolio with only 15-20

stocks

Focused on the 'Next Trillion Dollar Growth

Opportunity

The corpus under this PMS product is over Rs.

2,515 cr

Superior track record of 7 years with consistent

outperformance over benchmark for 1/2/3/4/5

years respectively 21%/18%/18%/19%/17%

Delivered annualized return of 18.03% since

inception as against 5.82% by CNX Midcap Index

Value Strategy Performance NTDOP Strategy Performance

Investm

ent

Valu

e

Investm

ent

Valu

e

Both, NTDOP Strategy and CNX Midcap rebased to 10 as on 11th December 2007.Both, Value Strategy and CNX Nifty Rebased to 10 as on 24th Mar 2003

In case you did not know that there is an added flexibility while investing in our PMS. You can

participate by transferring your existing portfolio of stocks to us. While investing in equities over the

years, you might end up in accumulating stocks which may not have done well for you or have done

well in past but lack future potential. Now you can participate in our PMS by transferring such stocks

to us and without increasing overall equity allocation in your portfolio. We will be most happy to

restructure the same and populate it with a focused portfolio of high quality companies.

Invest in our PMS by transferring your existing stocks

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Value Strategy CNX Niy Index NTDOP Strategy CNX Midcap Index

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19.92x

7.98x

3.71x

1.56x

9

For whom: Our equity expertise can be accessed by individual investors with an approach to long

term savings through our Mutual Fund products for as low as Rs. 500 through a systematic

investment plan (SIP).

Benefits: Our Mutual Fund Schemes pass through a rigorous investment process with an aim to

deliver consistent performance. Investments in the Schemes can also be conveniently done online.

As an investment house, since we have only one investment philosophy, we aim to keep life simple

for us and our investors by having a focused menu of equity funds one large cap, one midcap, one

multicap and one tax saver fund.

Following are our Mutual Fund Equity Schemes driven by the philosophy of 'Buy Right : Sit Tight':

MOSt Focused 25 MOSt Focused Midcap 30

Concentrated portfolio of upto 25 large cap

companies

Invests in enduring wealth creators

Low churn

No Entry and Exit Load

Minimum investment as low as Rs.1000

through SIP and Rs. 5000 through lumpsum

Concentrated portfolio of upto 30 midcap

companies

Invests in emerging wealth creators

Low churn



through SIP and Rs.5000 through lumpsum

MOSt Focused Multicap 35 MOSt Focused Long Term

Concentrated portfolio of upto 35 quality

companies

Invests in enduring and emerging wealth

creators

Low churn



through SIP and Rs.5000 through lumpsum

Concentrated portfolio of select companies

Invests in enduring and emerging wealth

creators

Low churn


Minimum investment as low as Rs. 500

Growth of equities with the added advantage

of tax savings under section 80C of the

Income Tax Act, 1961

MF Schemes based on our BRST philosophy

10

NAV per unit : Rs 10.0000 (May 13, 2013); 9.3425 (Sept. 30, 2013); 13.8650 (Sept. 30, 2014); 15.9273 (Sept. 30, 2015)

Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD), the

NAV of the previous date is considered for computation of returns. Past performance may or may not be sustained in the future.

Date

Scheme Benchmark

CNX Nifty

Returns (%)

21.56%

14.87%

48.41%

Since Inception till Sep 30, 2015

Sep 30, 2014 to Sep 30, 2015

Sep 30, 2013 to Sep 30, 2014

12.68%

-0.20%

38.87%

Motilal Oswal MOSt Focused

25 Fund Returns (%)

Current Value of Standard Investment of Rs 10,000


25 Fund Returns (INR)

CNX Nifty

Returns (INR)

15927 13291

N.A.

NAV per unit : Rs 10.0000 (Feb 24, 2014); 15.4012 (Sept. 30, 2014); 20.3297 (Sept. 30, 2015)

Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD), the NAV

of the previous date is considered for computation of returns. *Also represents Additional Benchmark. Past performance may or may not be sustained in the future.

Date

Scheme Benchmark

CNX Midcap

Returns (%)

55.92%

32.00%

Since Inception till Sept. 30, 2015

Sept. 30, 2014 to Sept. 30, 2015

38.80%

13.72%

MOSt Focused Midcap

30 Returns (%)


MOSt Focused Midcap 30

Returns (INR)

CNX Nifty

Returns (INR)*

20330 12850

N.A.

CNX Nifty

Returns (%)*

17.00%

-0.20%

CNX Midcap

Returns (INR)

16883

MOSt Focused 25

Mutual Fund Schemes Performance

MOSt Focused Midcap 30

NAV per unit : Rs 10.0000 (Apr 28, 2014); 13.5476 (Sept. 30, 2014); 17.6211 (Sept. 30, 2015)

Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is nonbusiness date (NBD), the NAV

of the previous date is considered for computation of returns. *Also represents Additional Benchmark. Past performance may or may not be sustained in the future.

Mr. Taher Badshah is the Fund Manager of the schemes MOSt Focused 25, MOSt Focused Midcap

30 and Co Fund Manager of the scheme MOSt Focused Multicap 35. He is also the Fund Manager

for the schemes MOSt Shares M50 and MOSt Shares Midcap 100 returns of which are given on

page no. 13.

Mr. Gautam Sinha Roy is the Fund Manager of the schemes MOSt Focused Multicap 35 and MOSt

Focused Long Term.

Mr. Siddharth Bothra is the Co-Fund Manager of the schemes MOSt Focused 25 and MOSt

Focused Midcap 30.

Mr. Abhiroop Mukherjee is the Fund Manager (for Debt Component) of the schemes MOSt

Focused 25, MOSt Focused Midcap 30, MOSt Focused Multicap 35 and MOSt Focused Long Term.

He is also the Fund Manager of the scheme MOSt Ultra Short Term Bond the return of which are

given on page no. 13.

Mr. Swapnil Mayekar is the Fund Manager (for Foreign Securities) of the scheme, MOSt Focused

Multicap 35. He is also the Fund Manager for the Scheme MOSt Shares NASDAQ 100 the returns of

which is given on page no. 13.

Date

Scheme Benchmark

CNX 500

Returns (%)

48.83%

30.07%


Sept. 30, 2014 to Sept. 30, 2015

16.88%

3.59%

MOSt Focused Multicap

35 Fund Returns (%)


MOSt Focused Multicap

35 Returns (INR)

CNX Nifty

Returns (INR) *

17621 11757

N.A.

CNX Nifty

Returns (%)*

12.03%

-0.20%

CNX 500

Returns (INR)

12489

MOSt Focused Multicap 35

The returns of MOSt Focused Long Term are not provided because the scheme has not

completed 1 year.

11

Fund Manager:

Unique Benefits of our Equity Mutual Funds Schemes

Systematic Investment Plan (SIP) is a smart and

hassle free mode for investing your money in our

open ended equity schemes with as small as Rs. 500

at a regular interval (weekly, fortnightly, monthly &

quarterly) If you are skeptical about the best time to

invest in the equity market, SIP is the right vehicle.

Buy Right schemes and invest regularly in them

through SIP to create wealth over the years.

The graph illustrates the difference in the value of

Rs. 100000 invested at different rates of interests for

30 years.

70 Lac

60 Lac

50 Lac

40 Lac

30 Lac

20 Lac

10 Lac10 Lac

0

66.21 Lac

17.45 Lac

4.32 Lac

0 5 10 15 20 25 305

5% 10% 15%

The above is for illustration purpose only & should not be considered as an

investment advice. The actual result may vary from depicted results

depending on scheme selected. It should not be construed to be indicative of

scheme performance in any manner. Past performance may or may not be

sustained in future

Power of Compounding

No Exit Load

Fund houses are seen to deduct 1-2.5% as exit load

Exit load applied on the exit value, which means, the higher your returns the more will be the

exit load

Hence we don't charge exit load in any of our equity mutual funds schemes

Higher porolio churn can increase the fund expenses disproporonately aecng the

returns of the fund directly

Frequent churn may not let you reap the full growth potenal of the stocks leading to poor

returns

Hence we research extensively before we buy any stock and hold onto them for years to reap

the full growth potenal

Low Churn

Too many stocks become unmanageable for the fund managers

Over-diversied porolio takes away the potenal of quality stocks

Risk comes from not knowing the stocks hence diversicaon beyond ones control can

increase the risk

Hence we believe in adequate diversicaon with less number of stocks in our porolio

High Conviction

12

Passive Funds Performance

NAV per unit : Rs. 11.6044 (Sept. 30, 2015); 10.8516 (Sept. 30, 2014);Rs. 10.0625 (Sept. 30, 2013); Rs. 10.0000 (Sept. 6, 2013)

Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD),

the NAV of the previous date is considered for computation of returns.*Also represents Additional Benchmark. Past performance may or may not be sustained in the future.

Date

Scheme Benchmark

CRISIL Short Term

Bond Fund Index

Returns (%)

MOSt Ultra Short

Term Bond Fund

Returns (%)

Current Value of Standard Investment of Rs 10000

MOSt Ultra Short

Term Bond Fund

Returns (INR)

CRISIL Short Term

Bond Fund Index

Returns (INR)

CRISIL Liquid

Fund Index

Returns(INR)

CRISIL Liquid

Fund Index

Returns (%)

N.A.

7.71%

8.45%

7.84%

8.87%

9.57%

10.12%

9.15%

9.49%

8.56%

11604.37 12127.34 11752.09

MOSt Ultra Short Term Bond


Sept. 30, 2014 to Sept. 30, 2015

Sept 30, 2013 to Sept 30, 2014

NAV per unit : Rs 76.3731 (Sept. 30, 2015); Rs 109.8286 (Sept. 30, 2014); 76.2607(Sept. 30, 2013); Rs 78.6779 (Sept. 30, 2012); Rs 66.8706 (Sept. 30, 2011); Rs 87.1268 (Sept. 30, 2010); Rs

78.0300 (July 28, 2010) The returns are calculated on adjusted NAV post stock split of Rs. 10 to Rs.7

Returns for one year are absolute. Returns for more than one year are compounded annualized; Incase, the start/end date of the concerned period is non business date (NBD), the NAV of the

previous date is considered for computation of returns. Past performance may or may not be sustained in the future.

Date

Scheme Benchmark Current Value of Standard Investment of Rs. 10,000/-

CNX Nifty

Returns

Motilal Oswal MOSt Shares

M50 ETF Returns

CNX Nifty

Returns (INR)

6.69%

-0.79%

44.21%

-3.07%

17.66%

-23.25%

Since Inception till Sep 30, 2015

Sep 30, 2014 to Sep 30, 2015

Sep 30, 2013 to Sep 30, 2014

Sep 30, 2012 to Sep 30, 2013

Sep 30, 2011 to Se 30, 2012

Sep 30, 2010 to Sep 30, 2011

7.76%

-0.20%

38.87%

0.56%

15.38%

-18.02%

13982

N. A.

14727


M50 ETF Returns

MOSt Shares M50

MOSt Shares Midcap 100

NAV per unit : Rs 13.5523 (Sept. 30, 2015); Rs 11.9065 (Sept. 30, 2014); Rs 7.2675 (Jun 30, 2013); Rs 8.0298 (Sept. 30, 2012); Rs. 7.1941(Sept. 30, 2011) Rs 7.9225 (Jan 31, 2011)


the NAV of the previous date is considered for computation of returns.*Also represents Additional Benchmark. Past performance may or may not be sustained in the future.

Date


CNX Nifty

Returns*

CNX Midcap

Index Returns


Midcap 100 ETF Returns (INR)

CNX Nifty

Returns (INR)*

CNX Midcap Index

Returns (INR)

12.19%

13.82%

63.83%

-9.49%

11.62%


Sept. 30, 2014 to Sept. 30, 2015

Sept. 30, 2013 to Sept. 30, 2014

Sept. 30, 2012 to Sept. 30, 2013

Sept. 30, 2011 to Sept. 30, 2012

11.17%

13.72%

63.17%

-10.75%

10.52%

8.19%

-0.20%

38.87%

0.56%

15.38%

17106 16389

N. A.

14437


Midcap 100 ETF Returns

MOSt Shares NASDAQ 100

Date


CNX Nifty

Returns*

NASDAQ 100

Index Returns (%)

MOSt Shares

NASDAQ 100 Returns (INR)

CNX Nifty

Returns (INR)

NASDAQ 100 Index

Returns (INR)

23.57%

7.87%

23.34%

35.36%

38.56%


Sept. 30, 2014 to Sept. 30, 2015

Sept. 30, 2013 to Sept. 30, 2014

Sept. 30, 2012 to Sept. 30, 2013

Sept. 30, 2011 to Sept. 30, 2012

23.69%

8.09%

23.44%

34.75%

39.23%

7.50%

-0.20%

38.87%

0.56%

15.38%

25967 26086 13857

MOSt Shares

NASDAQ 100 Returns

NAV per unit : Rs 268.0739 (Sept. 30, 2015); Rs 248.5265 (Sept. 30, 2014); Rs 201.4942 (Sept. 30, 2013); Rs 148.8619 (Sept. 30, 2012); Rs 107.432(Jun 30, 2011); Rs 103.2365

(March 29, 2011)


the NAV of the previous date is considered for computation of returns. *Also represents Additional Benchmark. Past performance may or may not be sustained in the future.

13

N. A.

Product Labeling

Mutual Fund investments are subject to market risks, read all scheme related documents carefully

*Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

Name of the Scheme This product is suitable for investors who are seeking*

Motilal Oswal MOSt

Focused 25 Fund

(MOSt Focused 25)

Return by investing in upto 25 companies with long term sustainable

competitive advantage and growth potential

Investment in Equity and equity related instruments subject to overall

limit of 25 companies


Midcap 30 Fund

(MOSt Focused Midcap 30)

Long-term capital growth

Investment in equity and equity related instruments in a maximum of 30

quality mid-cap companies having long-term competitive advantages and

potential for growth


Multicap 35 Fund

(MOSt Focused Multicap 35)


Investment in a maximum of 35 equity and equity related instruments

across sectors and market capitalization levels.


Long Term Fund

(MOSt Focused Long Term)


Investment predominantly in equity and equity related instruments

Motilal Oswal MOSt

Shares M50 ETF

(MOSt Shares M50)

Return that corresponds generally to the performance of the CNX Nifty

Index (Underlying Index), subject to tracking error

Investment in equity securities of CNX Nifty Index

Motilal Oswal MOSt

Shares Midcap 100 ETF

(MOSt Shares Midcap 100)

Return that corresponds generally to the performance of the CNX Midcap

100 Index, subject to tracking error

Investment in equity securities of CNX Midcap Index

Lo

w

Mod

erat

ely

Low

Hig

h

Moderately

High

Moderate

HighLow

Investors understand that their principal will be at Moderately High risk

Riskometer

Motilal Oswal MOSt

Ultra Short Term Bond Fund

(MOSt Ultra Short Term Bond)

Optimal returns consistent with moderate levels of risk

Investment in debt securities and money market securities with average

maturity less than equal to 12 months


NASDAQ-100 ETF

(MOSt Shares NASDAQ 100)

Return that corresponds generally to the performance of the NASDAQ

100 Index, subject to tracking error

Investment in equity securities of NASDAQ 100 Index Lo

w

Mod

erat

ely

Low

Hig

h

Moderately

High

Moderate

HighLow

Investors understand that their principal will be at High risk

Riskometer

This document has been issued on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this document is for

general purposes only and not a complete disclosure of every material fact. The information / data herein alone is not sufficient and shouldn't be used for the development or

implementation of an investment strategy. It should not be construed as investment advice to any party. All opinions, figures, estimates and data included in this document are as on date

mentioned in the document. The document does not warrant the completeness or accuracy of the information and disclaims all liabilities, losses and damages arising out of the use of this

information. The Stocks mentioned in the document are used for the purpose of explaining the concept and should not be construed as investment advice. The statements contained herein

may include statements of future expectations and other forward-looking statements that are based on our current views and assumptions and involve known and unknown risks and

uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Readers shall be fully responsible/liable for any

decision taken on the basis of this document. Investments in Securities are subject to market and other risks and there is no assurance or guarantee that the objectives of any of the strategies

of the Portfolio Management Services will be achieved. The returns of PMS Strategies are of a Model Client. Returns of individual clients may differ depending on factors such as time of

entry/exit/ additional inflows in the strategies. The above returns are calculated on NAV basis and based on closing market prices. Returns above one year are annualized. The stocks forming

part of the existing portfolio under Value Strategy and NTDOP Strategy may or may not be bought for new client. Past performance may or may not be sustained in future and does not

indicate the future performance of any of the schemes/strategies and should not be used as a basis for comparison with other investments. Name of the PMS Strategy does not in any manner

indicate its future prospects and returns. Investors are advised to consult his / her own professional advisor.

Disclaimer

Lo

w

Mod

erat

ely

Low

Hig

h

Moderately

High

Moderate

HighLow

Investors understand that their principal will be at Moderately Low risk

Riskometer

14

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