ASK Life Portfolio

Factsheet - Mar 2023

Public

Investment Approach Objective: Life Portfolio follows a very rigorous, disciplined, value-creating, filters-based approach. It invests in firms
of high quality of business and management, superior earnings growth at favorable valuations.

Top 10 Holdings (%) ASK Life Movement Since Inception

BAJAJ FINANCE LTD 6.3

ASK Life BSE 100 Nifty
CHOLAMANDALAM INVESTMENT &
6.0
FINANCE CO. LTD
100.0
APL APOLLO TUBES LTD 5.9 80.0
BAJAJ FINSERV LTD 5.4 60.0
RELIANCE INDUSTRIES LTD 5.2 40.0
20.0
PATANJALI FOODS LIMITED 5.2
-

Feb-2010

Feb-2011

Feb-2012

Feb-2013

Feb-2014

Feb-2015

Feb-2016

Feb-2017

Feb-2018

Feb-2019

Feb-2020

Feb-2021

Feb-2022

Feb-2023
INFOSYS LTD 5.1

NAVIN FLUORINE INTERNATIONAL LTD 5.0

ICICI BANK LTD 4.9

Rs. 1 Cr invested in ASK Life in Sep 2008 is now worth
AU SMALL FINANCE BANK LTD 4.6
Rs. 7.2 Crs v/s Rs. 4 Crs in BSE 500

Top Sector Weights (%) ASK Life Portfolio Performance (%)

Banks 12.3 ASK Life Portfolio BSE 100 Nifty

30.0 26.626.4
NBFC 12.2 25.0
18.5
20.0 13.1 14.5
Retail 11.9 10.9 12.0 12.4
15.0 11.4 11.8 9.6 9.5 10.0 10.0
Insurance 8.4 10.0 7.7
5.0
Pipes 5.9 -
-5.0 1Y -0.6 3Y 5Y 10Y 12Y SI
Oil & Gas 5.2 -10.0 -0.7
-15.0 -14.0
FMCG 5.2
-20.0
IT 5.1

ASK Life Portfolio Metrics Market Cap Classification (%)

Small Cap , 0.0
Total Assets under Management &
Advisory in Rs. Crs. 2,467 Mid Cap , 24.7

Weighted Average Market Cap in Rs. Crs. 2,53,910

Large Cap ,
74.0
Median Market Cap in Rs. Crs. 78,906
ASK Life Portfolio Update
FY23 has ended on a tepid note with the benchmark index ending lower by ~0.7% with our portfolio underperforming the benchmark. This is on the back of tepid
volume growth across industries coupled with margin pressures on account of volatility in input costs. Further, given the stickiness of inflation, higher energy costs
and expectation of slowing growth translated to tepid growth from exports which further added pressure to volume growth in FY23. In terms of sectoral performance,
the bright spot in FY23 were banks which benefited from an increasing interest rate scenario as NIM expansion coupled with tepid credit cost led to higher growth
and sharp improvement in Return on Equity (RoEs) across the board. Large part of the underperformance was driven by our financial exposure which has higher
exposure to NBFCs and insurance, consumption exposure and healthcare exposure. The key outperformers during the year were APL Apollo Limited, Hindustan
Unilever Limited, ICICI Bank Limited, Nestle India Limited and Navin Fluorine Limited while the key underperformers were Bajaj Finance Limited, Bajaj Finserv
Limited, Divis Laboratories Limited, Ambuja Cement Limited, Mphasis Limited, Infosys Limited, Teamlease Services Limited, Metropolis Healthcare Limited, PI
Industries Limited and Avenue Supermarts Limited.
Going forward all eyes will be on the ensuing Q4FY23 result season wherein we expect OP growth to be driven by normalization in margins while volume growth
may continue to remain tepid. As we look forward to FY24, the expectation is that higher capital expenditure outlay in the budget coupled with recovery in rural should
translate to volume growth from the domestic segment. While export growth continues to remain sluggish owing to expectation of slowdown in growth as most central
banks continue to focus on taming inflation, we expect demand to pick up initially by restocking of the supply chains, however, revival in exports may be more back
ended.

Note: Inception Date of ASK Life is 1-Sep-2008 Note: Performance figures are net of all fees and expenses. ASK Portfolio returns are composite returns of all the
Portfolios aligned to the investment approach as on Mar 31, 2023. Returns for individual client may differ depending on time of entry in the Portfolio. Past performance
may or may not be sustained in future and should not be used as basis for comparison with other investments. Returns for 1 year or lesser time horizon are absolute
returns, while more than 1 year are CAGR. Returns have been calculated using Time Weighted Rate of Return method (TWRR) as prescribed by the SEBI.
Source: Closing Price as sourced from Bloomberg. Returns for 1 year or less time period are absolute returns, while more than 1 year are CAGR. Market Cap is Acc
to AMFI Classification which happens half yearly. Classification as on Dec 22. Primary Benchmark for ASK Life has been changed to BSE 100 w.e.f 30 Nov 2022
 ASK Life Portfolio
Factsheet - Mar 2023
Public

Key Terms

Portfolio Name ASK Life Portfolio

Platform / Structure PMS

Benchmark BSE 100
Portfolio Managers Mr. Rajdeep Singh (Primary Portfolio Manager)
Minimum Initial Investment Amount Rs. 50 Lakhs
Minimum Add-on Investment Amount Rs. 5 Lakhs
Exit Charges Nil
1
Fees Fixed Management Fees: 2.50% p.a.

Investments will be made in a staggered manner as per the instructions provided by the client.
Systematic Transfer Plan (STP)2 Fees as per the respective strategy (ASK Liquid / ASK Equity) will be charged for the invested amount.

Notes:
• 1In addition to the Management Fees, there are Recurring Expenses including Custody Fee, Account Opening Charges, Audit Fees, etc. to be payable at actuals. All
fees and expenses will be subject to applicable taxes. For more details, kindly refer the Fee Schedule.

• 2Kindly refer to the STP Application Form for the detailed terms and conditions.

• Exit Charges are calculated on each tranche of inflow (initial or additional). Redemption amount is arrived at after calculation and charging of all Fees and Expenses.

Disclaimers: Any information contained in this material shall not be deemed to constitute an advice, an offer to sell/purchase or as an invitation or solicitation to
do for security of any entity and further ASK Investment Managers Limited (ASKIM) and its employees/directors shall not be liable for any loss, damage, liability
whatsoever for any direct or indirect loss arising from the use of this information. Recipients of this information should exercise due care and caution and read the
Disclosure Document (if necessary obtaining the advice of finance/other professionals) prior to taking any decision on the basis of this information which is available
on https://www.askfinancials.com/ask-investment-managers/disclosure.
ASK Investment Managers Limited (Registration No: INP00000043) has not independently verified all the information and opinions given in this material.
Accordingly, no representative or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained
in this material. ASKIM has launched direct onboarding facility. This facility shall enable users / visitors to have direct access to ASK IM PMS Investment
approaches. These products are also available through existing Distributor/Referral or Channel Partners. The performance related information provided herein is
not verified by SEBI nor has SEBI certified the accuracy or adequacy of the same.