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Funds Management Services · Advisory Team Core group of 5 professionals, headed by Sarath Reddy,...
Transcript of Funds Management Services · Advisory Team Core group of 5 professionals, headed by Sarath Reddy,...
RELATIONSHIP
ACCOUNTABILITY
PRODUCT
Funds Management Services
“An investment in
Knowledge pays
the best interest.”- Benjamin Franklin
Executive Summary
Performance
Advisory Team
Core group of 5 professionals, headed by Sarath Reddy, having a
considerable experience in the India capital markets.
Portfolio Risk Controls
Comprehensive risk management framework including in-
depth stock reviews, exposure limits and marketable liquidity
assessment.
Robust risk monitoring mechanisms comprising of daily
MTM and liquidity assessment combined with real-time
tracking of corporate events and performance.
Operational Risk Control
Best-in-class prime broker, custodian and counter parties.
Objective
Focus on identifying unique investment opportunities that consistently generate superior (risk adjusted) returns with due emphasis on
capital preservation.
Unifi Capital is a discretionary, long-only India centric fund manager; specializing in event oriented top-down
themes and a bottom-up focus on “growth with value”.
Fund NameYear of
InceptionCAGR Correlation
Ann.
Standard
Deviation
Event Arbitrage 2002 15.76% 0.06 8.86%
Sector Trends Large Cap 2011 19.15% 0.82 27.09%
Delisting* 2009 43.00% 0.62 14.54%
Insider Shadow 2010 11.73% 0.91 20.92%
DVD 2013 44.69% 0.79 19.85%
Holdco 2014 51.81% 0.56 34.13%
Spin Off 2014 27.19% 0.75 24.04%
APJ 20 2015 33.97% 0.88 24.71%
About Unifi
• Unifi focuses on long only investment
strategies as well as event arbitrage, focused on
Indian equities, with a strong in-house research
team & offering high levels of service supported
by continuity & customization.
• Core team of five experienced capital market
professionals who co-founded the company in
2001.
• Unifi has a successful 14 year performance
record, evidenced by every fund having
performed better than its benchmark.
• Unifi is headquartered in Chennai with offices
in Bangalore, Hyderabad, Mumbai, UAE and
Mauritius. Total team strength is about 50.
Rule #1: Never lose money
Rule #2: Never forget Rule #1
- Warren E. Buffett
“”
4Timeline of Unifi History & Events
20102009 2008 2007 2006 2003
2002
2001Unifi is founded
Additional Office in Hyderabad
Event Arbitrage fund
Additional Office inBangalore
Delisting Fund
Unifi Investment Management Subsidiary in Mauritius
Unifi Financial subsidiary registered as NBFC
Partnered with Dubai International Securities
Insider ShadowFund
Unifi Foundation setup
India Spin-Off Fund
Registered with SEBI
2012
2011Sector Trends Fund
2013Deep Value Discount Fund
Unifi Alternative Investment fund launched
Additional Office inMumbai
Holdco Fund
20152014
14 Years
Unifi: Historical Timeline
Domestic Funds
Registered with SEBI since 2002 as a PMS provider . SEBI Reg No. INPO 00000613
Clients High Networth Individuals, Family Offices, Senior Corporate Professionals and NRIs
LocationsClient base spread across India and abroad,managed through offices in Chennai, Hyderabad,Bangalore , Mumbai & Middle East Markets
Fund Details
Firm Assets Administrator & CustodianAbout Rs. 12000 Mn IL&FS Sec. Services (ISSL)
Minimum Investment Funds AuditorRs. 2.5 million K.S.Jagannathan & Co.
Firm AuditorBrahmayya & Co.
Average Investment BankRs. 14 million HDFC Bank, Axis Bank
Legal Advisor FeesHSB Partners Combination of mgmt. &
performance fees
International Funds
Registered with FSC Mauritius since 2007
FSC Mauritius Reg. No. C107003590
ClientsInstitutional, Family Offices
LocationsManaged by subsidiary in Mauritius (Unifi Investment Management Ltd.) through offices in UAE and Mauritius
Fund Details
Date of Inception Fees1st January 2012 1% Management Fee
20% Performance fee over LIBOR
Fund Assets Administrator$ 5 mn Apex Fund Services Ltd.
Firm Assets Prime BrokerAbout $ 136mn Kotak Mahindra (UK) Ltd.
Min Investment Auditor$ 500,000 Nexia Baker &
Arenson, Mauritius
Bank & Custodian Legal AdvisorHSBC Bank Bingham Mc Cutchen LLB (USA)
Funds Portfolio
Sector Trends Large Cap Fund, (2012)
Funds Management
Funds Portfolio
Event Arbitrage ‘Alternate Fund’, (2002)
Delisting Fund, (2009)*
Insider Shadow Fund, (2010)
Sector Trends Large Cap Fund, (2011)
Deep Value @ Discount Fund, (2013)
Holdco Fund, (2014)
Spin Off Fund, (2014)
* Closed for subscription
Key People Fund Management
SARATH K. REDDYMANAGING DIRECTOR AND CHIEF INVESTMENT OFFICERIn a career spanning 25 years in the Indian financial sector, Sarath has handled a variety of functions across equities and fixedincome. Having started his career with Standard Chartered Bank, Sarath took the first opportunity that came along to turnentrepreneur. He founded Unifi Capital in 2001 along with a highly experienced team of professionals. As Unifi’s ChiefInvestment Officer, he works very closely with the analysts and fund management team.
SARAVANAN V.N.RESEARCH & PORTFOLIO MANAGERSaravanan is a Chartered Accountant with 12+ years of functional experience in equity research, corporate finance, auditingand taxation. He has been with Unifi for the last 9 years and currently tracks pharmaceuticals, NBFC and domestic debtmarkets. Additional responsibilities include advising on debt fund investments, hedging and arbitrage opportunities. His priorexperience includes 3 years of articleship in PWC, 2 years in ICICI Bank Corporate Banking division. Saravanan manages Eventarbitrage fund and AIF High yield fund.
BAIDIK SARKARRESEARCH & PORTFOLIO MANAGERBaidik is a Chartered Accountant with 10+ years of experience in consulting, corporate finance and equity research. He hasbeen with UNIFI for last 7 years and currently handles equity research across IT, realestate and the agricultural sector andalso assists the CIO in managing the company’s Large Cap and Spin Off fund. Prior to this, Baidik worked as a StrategyConsultant with the Government Reforms and Institutional Development arm of Pricewaterhouse Coopers (PwC).
Key People Board of Directors
SARATH K. REDDYMANAGING DIRECTOR In a career spanning 25 years, Mr. Sarath Reddy has lead a variety of functions in the field of Investments. Having started hiscareer in Mumbai with Standard Chartered Bank, he took the first opportunity that came along to turn into an entrepreneur.He founded Unifi Capital in 2001 with a highly experienced team of professionals. As Unifi’s Chief Investment Officer, he worksvery closely with the analysts and fund management team.
NARENDRANATH K.EXECUTIVE DIRECTORNarendranath is one of Unifi's co-founders. He manages day to day operations, finance and compliance. He began his financialservices career in 1980. During a 20 year stint with a leading non-bank finance company, he has had hands-on exposure at asenior level to equipment leasing, hire purchase, and credit cards. Functionally, he has handled business development, clientrelationship, capital raising, compliance and back-room operations.
G. MARANEXECUTIVE DIRECTORMaran is one of Unifi’s co-founders and currently holds position of Executive Director. Over his 16 years in the capital markets,he has worked with some of the leading names in the financial markets. His last stint was for four years at Alpic Bank ofBahrain & Kuwait Finance Ltd. He currently manages investments for some of Unifi’s most important relationships and has alsobeen instrumental in spearheading Unifi’s initiatives into niche investment strategies and new geographies.
SANDEEP REDDYSandeep is the co-founder of Peepul Capital. Prior to the launch of Peepul Capital in 2000, he had 10 years of experience inStrategy Consulting with PriceWaterHouse in San Francisco and with Andersen Consulting in London. He has been one of theearly participants in the rapidly evolving Indian private equity industry having been active for over ten years. He takes overallresponsibility in defining and executing Peepul Capital's strategy. In that role he has spawned and built a number of entities aswell as driven migration through their lifecycles.
Investment Approach
Theme Development Concept Validation & Review Portfolio Management
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Opportunistic Investment
Themes
Long TermInvestment
Themes
Handoff to Research for Testing and In-depth Analysis
Research Team –Idea Generation Process
FUND LAUNCH
Fund Manager –Review & Select Investment
OpportunitiesEvaluation of Risk/Return scenarios
INVESTMENT COMMITTEE REVIEW
Investment Philosophy
We believe that scale is not a driver but an outcome of excellence in our work. Our thematic investment styles are designed around nicheinvestment opportunities that exist in the Indian capital markets. Usually such specialties offer limited scope for scale-up in terms of the capitalwe can deploy effectively. The focus is always upon discovering and taking advantage of an insight that can provide the edge, and thenadding layers of research and due diligence to construct a portfolio. The common foundation of knowledge, work culture and networksunderpin all our investment strategies, providing us the benefit of scale.
Unifi is essentially a value investor in growth businesses. We place Value first but always also demand growth potential in a business we own.We believe that stock performance, particularly in mid and small firms, needs a catalyst; and often the best catalyst is an attractive pricecombined with growth.
Unifi believes that both micro (firm level) and macro risks are critical in determining outcomes. We carefully evaluate the fundamentals of eachbusiness that we own, and in addition ask ourselves if the prevailing and expected conditions in the economy will act for or against ourinterest. At times, while making longer term investments, we consciously trade off adverse macro conditions for terrific entry valuations.
Defining what Value, Risk and Consistency in returns mean to us.Value investing is easy to understand but hard to practice. Our job is to buy something for less than it is at least worth and generally hold on(for years) till we can sell at a price above its fair value.
Risk is typically measured by the volatility of returns generated by an asset. While this makes great sense, we include another dimension to it,and believe that the greatest risk emanates from the probability of an asset’s permanent diminution of value i.e. loss of invested capital. Whileearning superior returns relative to benchmark is important, it is far more important to earn superior return on each unit of risk that we areexposed.
Consistency of returns relative to our initial objective (in certain strategies we allow ourselves considerable latitude to deviate in order tooutperform eventually) as well as the benchmark is an important measure of performance. We aim to consistently generate top quartileperformance.
Our People. The bedrock of our firm’s ethos is best represented by our commitment to Accountability and Continuity, both internal andexternal. We attract people who are passionate and give them time and opportunity to succeed. We maintain a tight code of conduct and havezero tolerance for poor integrity or quality.
Adhere to the clients’ mandate. Typically, our clients are smart and successful individuals. The most important investment decision is the onemade by our client (with our RM’s careful advice) at the outset in choosing the asset class and the risk level. As his investment manager Unifi iscommitted to stick diligently to the client’s mandate and deliver the best possible outcome while remaining vigilant on the underlying risks.
Investment Strategy & Funds
Investment Philosophy
Opportunistic Investing
Corporate Events Time Frame 3-18 Months
Fundamentally Driven, Buy & Hold
Based on sustained growth of the Indian EconomyTime Frame 2-3 yrs
India Spin-Off
Fund
Event Arbitrage
Fund
Insider Shadow
Fund
Tenders Offers, IPOs
Buybacks etc
Corporate Demergers
Insider Activity
Sector Trends – Large
Cap Fund
Three Sectors offering Visible,
Predictable & Sustained Growth
Unifi’s Portfolio of Investment Strategies
Pick about 10 stocks at a discount to
intrinsic value. The fund aims to
double capital in 36 months.
Deep Value @ Discount
Fund
HoldingCompanies
Holdco Fund
Portfolio Parameters
Pre-trade
Ongoing Surveillance
Post-tradeFirm Infrastructure
In-depth bottom-up Stock Review even in top-down investment themes.
Sensible Exposure Limits:- Sector Specific - Company Specific
‘Marketable Liquidity’ Assessment
Staggered Purchases (No Chasing)
Derivatives only to preserve gains – Zero open positions
Daily Mark-to-Market assessment including detailed review of extreme movements.
Weekly Liquidity Attribution Assessment to ensure conformity with the theme.
Real-time monitoring of corporate communications to stock exchanges and methodical tracking of sector and company specific news in media.
Quarterly meet/call with management of all the portfolio companies to measure progress, review results and revalidate assumptions.
Opportunistic hedging/tactical trading to respond to short-term, counter-theme market moves.
Best-in-class IT infrastructure with back-up.
Independent reporting lines for operations, funds management and risk-monitoring; Daily MIS to clients with private web access facility.
Research Access to premium databases capturing economic, sector and company specific trends.
Three independent audits – Internal, Accounts specific (K.S.Jagannathan & Co) and Statutory (Brahmayya & Co.).
The PMS auditors carry out an annual audit and submit an audited account to each PMS account holder.
Risk Management Framework INFRASTRUCTURE
Market Neutral Strategies
Fund Structure
Event Arbitrage Fund
Objective
The fund seeks to generate stable absolute returns that are consistently superior to conventional fixed income instruments by identification and quickexecution of low risk – moderate gain event arbitrage opportunities arising in the equity markets from time to time. Additionally, nominal and highyield debt would be considered to ensure optimum utilisation of funds and enhance returns with uncompromising emphasis on capital preservation.
Strategy
The core investment strategy is to exploit corporate event arbitrage opportunities in the listed capital markets that inherently have limited correlation toeconomic cycles and market volatility. These opportunities are driven by corporate events like mergers, acquisitions, delisting and buyback of sharesthrough a “tender offer”. The risk- return pay-off in most of such deals is deal-specific and hence has limited correlation to market cycles.
Typically, the price at which the buyer makes an offer for purchase is higher than the prevailing market price so as to induce shareholders to offer theirshares. Arbitrage opportunities emerge in such cases due to the perceived discount in the pre-event market price in relation to the open offer and thepost-event price, occurring largely due to asymmetric information distribution, difference in investment objectives and expectation amongst investors.
Nominal and High Yield Debt: It is quite possible that there may not sufficient Event Arbitrage opportunities at a given point of time. Hence, we doinvest in debt / fixed income papers either short term or with high liquidity instead of parking money in low yielding liquid mutual funds. The focus ison opportunities in the AA to Investment Grade segment to optimize after tax yields while balancing risks.
Portfolio Structure
Investments are balanced among the opportunities that are selected. Typically, exposure to any event will usually be not less than 2.5% and not morethan 25% of a portfolio. Also, exposure to an event is restricted to 10% of its potential opportunity/offer size. Investment allocation towards selectedopportunities is gradually increased over a period of time in line with our improved understanding of the event and also to mitigate the impact cost ofbuild-up. Sufficient liquidity in the underlying stock, credible management and the risk-reward balance are key requirements for any opportunity.Event specific hedging are also selectively considered to lock-in gains / generate higher returns.
Fund Performance
Event Arbitrage Fund
* Returns are post management fees and before performance fees.
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UNIFI
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Fund Performance
Event Arbitrage Fund
Period Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
CY02 0.05% 0.05%
CY03 2.03% 2.04% -2.82% 0.16% 12.13% 3.57% 6.88% 2.78% 5.61% 6.34% 8.74% 1.41% 60.11%
CY04 -5.59% 1.55% -2.06% 0.67% -9.95% -0.54% 4.53% 0.59% 3.60% -2.09% 3.23% 7.50% 0.21%
CY05 3.16% 2.39% 3.61% 0.38% 2.34% -0.88% 4.69% 2.80% 0.45% -1.13% 4.59% 3.85% 29.38%
CY06 1.37% 0.54% 3.59% 5.35% -2.37% -1.74% -0.41% 4.96% 2.75% 2.40% 4.75% 8.51% 33.38%
CY07 3.84% -1.98% 2.99% 1.28% 1.89% 3.28% 6.10% 1.71% 0.45% 2.53% 4.61% 2.44% 33.07%
CY08 0.54% 1.50% -2.83% 4.84% -0.49% -0.41% 1.28% 1.21% -2.12% -5.10% -0.35% 1.74% -0.54%
CY09 1.24% 0.74% 0.99% 2.53% 3.63% 2.83% 2.43% 1.58% 3.14% -1.82% 1.28% 2.08% 22.60%
CY10 -0.64% 0.43% 0.42% 1.12% -1.86% 0.28% 0.61% 1.72% 0.43% -0.82% -0.20% 3.49% 5.01%
CY11 -3.29% -0.74% 3.97% 2.93% -1.24% -0.32% 0.19% -1.93% 0.24% 1.81% -1.49% -0.19% -0.30%
CY12 3.21% 0.11% 0.09% 0.30% -0.94% 0.97% -0.36% 0.38% 3.27% -0.12% 0.72% 0.32% 8.14%
CY13 1.14% 1.35% -0.06% 1.14% 2.21% -3.42% 2.16% 0.79% 1.47% 1.90% 1.15% 1.56% 11.87%
CY14 0.85% 1.82% 0.68% 1.05% 1.43% 0.22% 0.70% -0.21% 2.32% 0.64% 0.15% 1.69% 11.90%
CY15 0.97% 1.53% 1.64% 0.59% 0.59% -0.88% 1.34% 1.51% 1.37% 0.57% 1.10% -0.26% 10.53%
CY16 -0.09% 1.21% 1.31% -0.22% 2.00% -0.35% 1.08% 5.01%
* Returns are post management fees and before performance fees.
Portfolio Benchmark
1.26 0.68
15.76 8.27
639.21 196.27
12.13 12.78
-9.95 -5.08
75.00 68.90
Cumulative Returns
Largest Monthly Gain
Largest Monthly Loss
(%) of positive Months
Returns
Description
Average Monthly Return
CAGR
8.86 6.45
0.88 0.04
Benchmark
7.74
0.08
0.06
Description
Alpha
Beta
Correlation
Comparision to Benchmarks
Risk
Standard Deviation
Sharpe Ratio
UNIFI High Yield Fund
Unifi Alternative Investment Fund
ObjectiveUnifi High Yield Fund (HYF) is a discretionary fund focusing on event oriented arbitrage and structured investment opportunities across multipleasset classes with an objective to generate absolute returns of 15% p.a with a standard deviation of 12% or less. The endeavour is to consistentlygenerate superior compounded annual returns than conventional fixed income instruments with uncompromising emphasis on capital preservation.
StrategyUnifi HYF’s core investment strategy is to exploit corporate event arbitrage opportunities in the listed capital markets that inherently have limitedcorrelation to economic cycles and market volatility. Typically, arbitrage opportunities emerge in such cases due to the perceived discount in the pre-event market price in relation to the open offer / post-event price, occurring largely due to asymmetric information distribution, difference ininvestment objectives and expectation amongst investors. In the debt segment, the focus is on high yield fixed income opportunities with accrualmind set and tax efficiency.
Event Arbitrage opportunities emerge from corporate events like mergers, acquisition, buybacks, regulation triggered / voluntary open offers made tothe public by controlling shareholders, company delistings, declaration of special dividends etc. The risk- return pay-off in most of such deals is deal-specific and has limited correlation to market cycles.
Nominal and High Yield Debt The focus is on opportunities in the AA to Investment Grade segment to optimize after tax yields while balancingrisks. Typically, all debt investments are made with Hold to Maturity (HTM) mind set but some of it could be traded opportunistically to maximizecapital appreciation or minimize risk.
StructureUnifi AIF is a SEBI registered Category III Alternative Investment Fund incorporated in the form of a trust. It is a privately pooled investment vehiclewith a defined investment policy and is supervised by independent trustees. IL&FS Securities Services Limited is the independent custodian and fundaccountant. The fund is open ended with a monthly window for subscription and redemption.
Fund Performance
Monthly Performance in (%)
Year Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Annual
FY14 0.92% 1.56% -0.70% 1.60% 1.02% 0.87% 1.18% 1.07% 2.84% 0.79% 2.20% 0.95% 14.40%
FY15 1.15% 1.43% 1.22% 1.44% 1.13% 1.20% 1.14% 1.36% 1.48% 1.28% 1.38% 1.83% 16.82%
FY16 0.92% 1.14% 0.75% 1.58% 1.26% 0.87% 1.24% 0.82% 1.31% 1.12% 0.59% 2.51% 14.93%
FY17 1.00% 1.14% 0.83% 1.24% 4.25%
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Monthly ReturnsUNIFI AIFBirla Sh. Term Opp. FundFran Temp Corp. BondBSL Dynamic Bond Fund(G)
UNIFI
AIF
Birla Sh.
Opp.
Fund(G)
Fran.
Corp.
Bond
fund(G)
BSL
Dynamic
Bond
Fund(G)
Reliance
Dynamic
Bond(G)
1.22% 0.85% 0.83% 0.91% 0.82%
15.59% 10.71% 10.37% 11.39% 10.14%
62.09% 40.39% 38.95% 43.28% 37.98%
2.84% 1.94% 3.06% 3.22% 3.15%
-0.70% -1.17% -2.10% -2.82% -3.81%
97.50% 97.50% 92.50% 87.50% 80.00%
1.90% 1.90% 2.64% 3.67% 4.85%Standard Deviation
% of positive Months
Average Monthly Return
CAGR
Cumulative Returns
Largest Monthly Gain
Largest Monthly Loss
Risk
Returns
Unifi AIF Trust
Trustees:Mr. RAVI SANTHANAMAn engineer from IIT, Madras and a management graduate from IIM, Calcutta, he brings to the table insights and experience gained over the lastthree decades including over a decade as Managing Director and CEO of large business organizations like Hindustan Motors and Mahindra group.Mr. Santhanam has a track record of growing businesses by building organizations, brands and stakeholder relationships. He also has completedan Advanced Management Program from Harvard Business School, Boston.
Mr. M. S. SUNDARA RAJANM. S. Sundara Rajan is an Indian banking consultant, economist and was previously the chairman of Indian Bank. Mr Rajan is a M.A. (Econ),CAIIB and A.C.S. He is a visiting faculty to many institutions. His core expertise is in investment banking, project finance, corporate restructuringand capital market. Rajan won the Golden Peacock Award on behalf of Indian Bank in October 2009.He has been part of several key strategicinitiatives at Indian Bank including taking it to public markets via IPO, introduction of Biometric ATM and introduction of touch screen kiosk acrossits branches in India.
Unifi AIF Trust
Bank HDFC Bank
Tenure Open ended; Monthly subscription and redemption
Fees
1% fixed and 20% performance above the hurdle
rate of 10% (per tax) per annum
NAV Calculation
Monthly NAV - AuditedBond valuation - S&P CRISIL
Equities – Mark to market
Independent Custodian & Accountant
IL&FS-Securities Services Ltd
Minimum Commitment
INR 1 crore
Performance Reporting
Monthly NAV & Quarterly Review
Auditor K.S.Jagannathan & Co
Pure Equity Strategies
Fund Structure
Sector Trend- Large Cap Fund
Objective
A historical analysis of market performance suggests that the broader indices at any given point in time are driven by a few sectors; each a function
of its exclusive set of headwinds and tailwinds. Thus, an investment in the right sector at the right time is a definite means of earning superior
returns over the benchmark indices. The underlying driver of this style is to align with sectors and companies that are in the favourable end of the
business cycle and underweighting sectors facing industry head winds. The portfolio will largely (>85%) consist of companies within the blue chip
universe of BSE200 while the fund management strategy is aligned with identifying and participating in growth as defined by (a) visibility of
medium to long term earnings, (b) strong balance sheet metrics, (c) competitive MOAT and, (d) how the risk/reward is positioned at existing
valuations. The fund manager at any given point in time reserves the flexibility to participate in an opportunity outside of BSE200 (not exceeding
15% of the portfolio) that is backed by in-house fundamental conviction.
Strategy
The investment strategy will be to manage differential sector exposure levels to constituents of BSE 200, relative to the Sensex. Alpha will be
generated by maintaining an overweight stance on sectors expected to lead the market and by going under weight/ avoiding sectors that are
expected to lag the market. The benchmark for performance evaluation is BSE 30 and universe for investment in BSE 200.
Portfolio Structure
60-70% of the portfolio will be invested in Top-3 sectors of BSE- 30 and the remaining will be invested in bottom up ideas from BSE 200; all sectors
participating in India’s growth are represented in BSE 200. The average market cap of companies in BSE 200 is US$4.7 bn. and the median market
cap is US$2 bn. BSE 200 companies consist of front line leaders in their respective industries and are companies that have the best operating levers,
financial metrics and governance norms to perform. Among the BSE 200, BSE 30 stocks (Sensex) will likely have a majority of the exposure.
Sector Trend –Large Cap Fund
Fund Performance
* Returns are post management fees and before performance fees.
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BSE SENSEX
Sector Trend –Large Cap Fund
Fund Performance
Period Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
CY03 -0.66% 11.15% 9.62% 10.62% 17.02% 56.69%
CY04 -5.59% -7.24% -4.07% 24.74% -13.98% -3.62% 5.69% 11.38% 6.77% 1.49% 12.26% 8.69% 35.22%
CY05 1.18% 2.42% 1.85% 1.51% 3.01% -0.91% 8.32% 3.84% 1.37% -3.67% 6.97% 6.79% 37.23%
CY06 4.43% 0.79% 5.93% 12.91% -9.19% -3.33% -0.42% 8.57% 7.67% 0.60% 4.33% 6.31% 43.52%
CY07 7.90% -7.81% 3.72% 4.84% 5.64% 4.93% 2.21% 1.18% 7.38% 10.95% 4.15% 11.62% 71.73%
CY08 -14.57% -7.02% -12.11% 8.60% -1.62% -14.74% 0.00% 3.37% -13.99% -25.24% -9.42% 8.78% -58.35%
CY09 -9.15% -4.25% 4.62% 15.40% 40.34% 0.65% 9.74% 11.76% 3.86% 1.76% 2.21% 10.29% 116.77%
CY10 -4.97% -3.24% 3.57% 8.41% -3.95% 2.37% 3.74% 3.48% 7.55% 1.83% -7.57% 0.24% 10.59%
CY11 -10.67% -9.02% 7.99% 2.24% -8.34% -2.62% 1.58% -12.54% -2.31% 3.65% -11.91% -9.65% -42.65%
CY12 20.50% 2.47% -4.40% 0.54% -8.82% 7.21% -1.12% -0.13% 10.65% -1.06% 4.47% 1.20% 32.60%
CY13 -0.68% -7.51% -1.74% 3.07% 0.54% -1.83% -3.08% -1.69% 5.63% 9.70% -1.65% 3.44% 3.14%
CY14 -2.60% 6.09% 2.27% 1.28% 9.68% 5.99% 0.21% 4.72% 1.25% 5.44% 4.60% 3.19% 50.45%
CY15 1.57% 2.93% -1.62% -3.70% 4.79% 0.24% 4.33% -4.00% 0.96% -2.34% -1.06% -0.14% 1.49%
CY16 -4.95% -8.92% 13.59% 1.91% 2.55% 3.50% 3.78% 10.38%
* Returns are post management fees and before performance fees.
Portfolio Benchmark
1.77 1.45
19.15 15.72
875.63 567.02
40.34 28.26
-25.24 -23.89
63.46 60.90
Cumulative Returns
Largest Monthly Gain
Largest Monthly Loss
(%) of positive Months
Returns
Description
Average Monthly Return
CAGR
27.09 23.51
0.41 0.33
Benchmark
3.88
0.94
0.82
Beta
Correlation
Standard Deviation
Sharpe Ratio
Comparision to Benchmarks
Description
Alpha
Risk
Fund Structure
Deep Value @ Discount Fund
Objective
The Fund seeks to achieve above-average returns with below-average risk. The market’s current focus is on short-term issues, rather than on a long-term structural shift. Today’s valuations allow for exceptional returns along with substantial downside protection. The Fund aims to double investors’capital in 36 months or less.
PhilosophyFocus on absolute returns.Intrinsic value is not a single, precise number; rather, it is a range.Buy at a discount to intrinsic value, conservatively calculated.Look for situations where the market is not only ignoring the future, but also a bit of the present.The combination of both a bargain price at the time of purchase and the value add from retained earnings over the holding period
will contribute to investment returns.Aim to be rational, not merely contrarian.Cheap price in relation to value is often the single biggest catalyst.
Strategy The fund as the name suggests concentrates on identifying Deep Value buys (within a market cap range of Rs 2000- 10000 million) that arise out ofsituations such as: pockets of cyclical pessimism towards the industry or the company, valuation mismatch that arise from de-mergers of disparatedivisions into companies, compulsions of large institutional investors causing value buying opportunities. While we track the performance of ourfirms actively, the fund will hold a very passive, concentrated portfolio of 8-10 stocks with virtually no trading.
Portfolio Structure The Fund will operate on the PMS platform where the investor’s assets will remain either in cash with a bank/liquid fund (pending deployment), orin the form of stock with CDSL. In either case, the assets will be under the investor’s name. The fund would remain open ended, but the expectedtime frame to realize the full value of the investment is about 36 months. Capital would be returned to the investor either when the portfolio doublesor at the completion of 36 months, whichever is earlier.
Deep Value at Discount Fund
Fund Performance
Period Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
CY12 -0.82% -0.82%
CY13 0.64% -3.59% -1.35% 2.09% 0.77% -3.33% -2.99% 1.44% 4.01% 4.97% 9.09% 8.03% 20.54%
CY14 -4.62% 9.58% 7.36% 9.42% 16.66% 10.25% 1.90% 5.07% 9.98% 2.28% 1.57% 9.97% 112.45%
CY15 4.64% 0.23% 6.31% -3.58% 5.90% -2.91% 13.07% 0.25% -0.15% -2.38% 2.57% 5.31% 31.92%
CY 16 -4.60% -10.79% 12.92% 7.31% -1.47% 7.69% 5.69% 15.65%
* Returns are post management fees and before performance fees.
Portfolio Benchmark
3.28 1.50
44.69 17.58
287.50 81.07
16.66 15.62
-10.79 -9.58
70.45 68.18
19.85 18.63
1.85 0.51
Benchmark
28.84
0.82
0.79
Beta
Correlation
Standard Deviation
Sharpe Ratio
Comparision to Benchmarks
Description
Alpha
Cumulative Returns
Largest Monthly Gain
Largest Monthly Loss
(%) of positive Months
Risk
Returns
Description
Average Monthly Return
CAGR
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
450.00
04/12/2012 04/12/2013 04/12/2014 04/12/2015
Mo
nth
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etu
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ue
of
Rs.
10
0 I
nve
ste
d
MonthlyReturns
UNIFI
BSE MIDCAP
Deep Value at Discount Fund - II
Fund Performance
* Returns are post management fees and before performance fees.
Period Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
CY13 -1.34% 4.94% 6.23% 5.01% 9.83% 26.86%
CY14 -5.88% 7.40% 8.75% 9.38% 20.48% 8.63% 1.80% 3.98% 10.25% 2.46% -0.13% 8.02% 103.00%
CY15 2.44% 2.03% 10.51% -1.62% 2.46% -3.16% 12.40% -3.35% 4.82% -2.22% 2.22% 4.73% 34.39%
CY 16 -3.10% -9.98% 15.48% 6.56% -3.44% 5.58% 4.05% 13.87%
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
450.00
05
/08
/20
13
05
/10
/20
13
05
/12
/20
13
05
/02
/20
14
05
/04
/20
14
05
/06
/20
14
05
/08
/20
14
05
/10
/20
14
05
/12
/20
14
05
/02
/20
15
05
/04
/20
15
05
/06
/20
15
05
/08
/20
15
05
/10
/20
15
05
/12
/20
15
05
/02
/20
16
05
/04
/20
16
05
/06
/20
16
Mo
nth
ly R
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Val
ue
of
Rs.
10
0 I
nve
ste
d
MonthlyReturns UNIFI BSE MIDCAP
Portfolio Benchmark
4.06 2.49
57.95 32.49
294.09 132.59
20.48 15.62
-9.98 -8.08
72.22 75.00
21.48 17.53
2.33 1.40
Benchmark
27.14
0.93
0.77
Comparision to Benchmarks
Description
Alpha
Beta
Correlation
Largest Monthly Loss
(%) of positive Months
Risk
Standard Deviation
Sharpe Ratio
Returns
Description
Average Monthly Return
CAGR
Cumulative Returns
Largest Monthly Gain
Fund Structure
Holdco Fund
Objective The objective of the fund is to seek to unlock value by investing in listed holding companies across a wide array of industries. Holding companies inthe fund’s universe are defined as those entities which hold stakes in other listed entities, and trade at a significant discount to the NAV of theunderlying assets.
BackgroundThe main reasons for discounts are :• Distribution tax if assets are to be distributed.• Lack of control discount because minority shareholders cannot exercise control over the method and timing of distribution.• Uncertainty over future growth of the underlying assets.• Tendency of the controlling promoter to unlock value but instead of distribution to shareholders, re-invest in empire building.
Regulatory changes, like the Companies Act 2013 have enabled certain shareholder rights and brought sweeping changes in how companiesapproach “Related Party Transactions”. The renewed thrust of SEBI in ensuring higher level of corporate governance would motivate promoters toconsider delisting their holding companies.
Strategy To invest in holding companies which are sub-scale and run as group holding companies rather than strategic investment companies.Companies that have stakes in strong operating business but are typically run by, for and of the promoter are the most likely ones to feel the heat ofchange in regulatory landscape.
Portfolio Structure The Fund will operate on the PMS platform where the investor’s assets will remain either in cash with a bank/liquid fund (pending deployment), or ifdeployed, in the form of stock with CDSL. In either case, the assets will be under the investor’s name. While the tracking and monitoring of theinvestments will be active, the activity at account level will be passive, resulting in lower transaction costs and better post-tax return. The fund wouldremain open ended, but the expected time frame to realize the full value of the investment is about 60 months. Capital would be returned to theinvestor either when the portfolio doubles or at the completion of 60 months, whichever is earlier.
Holdco Fund
Fund Performance
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
CY 14 1.28% 10.49% 5.43% 12.83% 38.65% 3.11% 10.42% -2.92% 104.01%
CY 15 2.84% -4.86% -2.30% 3.69% 5.16% -0.04% 12.16% -7.58% -4.37% 11.50% 2.60% 1.92% 20.39%
CY 16 -11.86% -12.68% 13.28% 5.53% 1.55% 7.02% 4.16% 4.16%
* Returns are post management fees and before performance fees.
Portfolio Benchmark
3.96 0.91
51.81 10.44
155.83 25.03
38.65 10.64
-12.68 -8.07
70.37 62.96
34.13 14.24
1.28 0.17
Benchmark
40.67
1.29
0.56
Comparision to Benchmarks
Description
Alpha
Beta
Correlation
Largest Monthly Loss
(%) of positive Months
Risk
Standard Deviation
Sharpe Ratio
Returns
Description
Average Monthly Return
CAGR
Cumulative Returns
Largest Monthly Gain
-20.00
-10.00
0.00
10.00
20.00
30.00
40.00
50.00
50.00
100.00
150.00
200.00
250.00
300.00
Mo
nth
ly R
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Val
ue
of
Rs.
10
0 I
nve
ste
d
MonthlyReturns UNIFI BSE 500
Fund Structure
Spin-off Fund
Objective The fund seeks to generate superior risk adjusted returns relative to market indices by investing in stocks of companies undergoing Spin-offs.Typically, such an action by the company will help remove the holding company discount that the market attributes and thereby enhance the stock’svaluation. Unifi’s proposition is to gain from the information asymmetry linked value-price mismatch, by closely tracking the entire Spin-Off processand investing in such companies after a detailed review of their fundamentals.
Strategy and Investment UniverseOur universe is built from the Spin-offs approved by Boards of respective companies as filed with the stock exchanges. At any point in time, ourportfolio may include 20% of companies that may not have publicly announced a demerger but we believe, through our primary research, are close todoing so. From the universe of such companies, we would select ideas to invest based on a bottom up approach that we have been practicing over thelast fourteen years.
Portfolio Structure The Fund will operate on the PMS platform where the investor’s assets will remain either in cash with a bank/liquid fund (pending deployment), or ifdeployed, in the form of stock with CDSL. In either case, the assets will be under the investor’s name. The fund would remain open ended, but itwould be advisable to keep an investment perspective of 36 months to provide enough time for the market to price the impact of Spin-offs. The fundwould build a portfolio of about 10 companies, where the exposure to any chosen sector will usually not exceed 30%. While the tracking andmonitoring of the investments will be active, the activity at the account level will be passive, resulting in lower transaction costs and better post-taxreturn.
Spin-off Fund
Fund Performance
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
CY 14 -3.15% 7.21% 3.84%
CY 15 5.97% -0.16% 3.82% -3.06 % 1.83% -2.95% 8.96% -2.73% 6.92% 0.81% 14.98% 2.34% 41.44%
CY 16 -7.20% -14.81% 15.67% 5.27% 1.36% 1.56% 4.67% 3.72%
* Returns are post management fees and before performance fees.
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
50.00
60.00
70.00
80.00
90.00
100.00
110.00
120.00
130.00
140.00
150.00
160.00
19
/11
/20
14
19
/12
/20
14
19
/01
/20
15
19
/02
/20
15
19
/03
/20
15
19
/04
/20
15
19
/05
/20
15
19
/06
/20
15
19
/07
/20
15
19
/08
/20
15
19
/09
/20
15
19
/10
/20
15
19
/11
/20
15
19
/12
/20
15
19
/01
/20
16
19
/02
/20
16
19
/03
/20
16
19
/04
/20
16
19
/05
/20
16
19
/06
/20
16
19
/07
/20
16
Mo
nth
ly R
etu
rns
Val
ue
of
Rs.
10
0 I
nve
ste
d
MonthlyReturns UNIFI BSE MIDCAP
Portfolio Benchmark
2.25 1.12
27.19 13.08
52.33 24.00
15.67 10.90
-14.81 -8.08
66.67 71.43
24.04 15.24
0.80 0.33
Benchmark
13.47
1.13
0.75
Comparision to Benchmarks
Description
Alpha
Beta
Correlation
Largest Monthly Loss
(%) of positive Months
Risk
Standard Deviation
Sharpe Ratio
Returns
Description
Average Monthly Return
CAGR
Cumulative Returns
Largest Monthly Gain
Fund Structure
APJ 20
Objective The Fund seeks to achieve absolute returns with below-average risk over a horizon of 4-5 years. The fund would invest in sectors that will benefitfrom the next stage of India’s growth on the back of improvement in India’s economic and policy climate. The Fund endeavours to grow investors’capital by 3x in 5 years time or less.
Investment StrategyWe believe that select participants in the following industries (a) agriculture, (b) speciality chemicals, (c) mining, (d) hi tech manufacturing and (e) infrastructure will see a new wave of growth over the next 5 years and will be a direct beneficiary of India’s macro policy initiatives as well as inherent demographic strengths it has built over a period of time.
Over the years, each of the target sectors has built a niche set competencies that have bordered on being disruptive. This has translated to them enjoying a quasi-oligopolistic status in their industry. However, these developments in absolute terms are at a small number. The evolution of the end user industry is such that, this base is poised to experience high growth and operating advantage over the next few years. In other words, each of these firms, have a high inbuilt option to participate in a disproportionate pay off. Our endeavour is to participate with concentrated positions across sectors that will be a direct or proxy beneficiary of the growth in the specified industries. While our study of the opportunities reveals the underlying and obvious risks that could play out in future, we believe the risk reward equation is favourable to an equity investor at current valuations considering the next 5 years’ potential growth.
UniverseThe Fund’s investment universe is the set of all listed companies whose market capitalization ranges from Rs. 200 cr. and above. The Fund’s primary source of investment ideas will come from firms within industries that are a proxy to the following industries: (a) agriculture, (b) speciality chemicals, (c) mining, (d) hi tech manufacturing and (e) infrastructure. The investee companies would necessarily be one that has built a niche for itself over the years and is set to leverage on the same to deliver a pace of return that is disproportionate on the upside, in the coming years.
Portfolio Structure The Fund will operate on the PMS platform where the investor’s assets will remain either in cash with HDFC Bank/Axis Bank/liquid fund (pendingdeployment), or in the form of stock with CDSL. In either case, the assets will be under the investor’s name. The Fund will hold a concentratedportfolio of about 12-20 stocks, across various sectors. There is likely to be low turnover in the Fund. While the Fund will be open-ended, the expectedtime horizon for an investment in the Fund is 60 months. There will be no benchmarking over the life of the Fund.
APJ 20
Fund Performance
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
CY 15 7.72% -0.08% 2.84% 4.40% 15.56%
CY 16 -5.84% -11.36% 16.41% 3.51% 6.05% 4.10% 1.91% 13.14%
* Returns are post management fees and before performance fees.
Portfolio Benchmark
2.70 1.91
33.97 23.46
30.75 21.31
16.41 10.90
-11.36 -8.08
72.73 81.82
24.71 19.04
1.05 0.81
Benchmark
9.69
1.05
0.88
Description
Alpha
Beta
Correlation
Returns
Description
Average Monthly Return
CAGR
Cumulative Returns
Largest Monthly Gain
Largest Monthly Loss
(%) of positive Months
Risk
Standard Deviation
Sharpe Ratio
Comparision to Benchmarks
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
50.00
60.00
70.00
80.00
90.00
100.00
110.00
120.00
130.00
140.00
Mo
nth
ly R
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rns
Val
ue
of
Rs.
10
0 I
nve
ste
d
MonthlyReturns
UNIFI
BSE MIDCAP
Insider Shadow Fund
Objective
Generate superior risk adjusted returns, in relation to the broad market, by investing in fundamentally sound companies where the promoters’ have
acquired additional shares at market prices or companies that have repurchased their own shares. Typically, such an action by a company or a
controlling shareholder demonstrates their conviction that the company’s growth prospects or inherent value has not been captured in its stock price
at that point.
Strategy
The strategy is to create and update (on a daily basis), a universe of companies where the promoter is increasing his stake at market prices either
through creeping acquisitions or buyback route, where complete disclosures of stock purchases have been made to the exchanges, and that seem to be
motivated either by an undervalued stock price or an impending improvement in business prospects that are still to be reflected in the market price.
From this universe the fund cherry picks for investment, firms using a bottom-up fundamental evaluation validated by the fund manager having a
positive view of the sector in which the firm operates. An emphasis is placed on companies whose promoters have increased their stake in the recent
past & where the current market price is trading at a discount or at an acceptable premium to the price at which the promoter increased his stake. The
extent of financial outlay by the promoter or company has to be meaningful in relation to the size of the firm.
Portfolio Structure
The fund intends to keep investments balanced among companies, but may significantly vary exposure to companies as situations evolve. Typically,
the fund will hold about 20 positions ranging from 2.5% to 10% of the portfolio, with a median of 5%.
Fund Structure
Insider Shadow Fund
Fund Performance
Period Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year
CY10 4.96% 3.73% 2.55% 4.22% 3.02% -6.21% 1.47% 14.08%
CY11 -9.78% -5.92% 4.22% 5.04% -4.58% -0.28% 0.49% -11.02% -1.67% -2.03% -10.30% -8.49% -37.48%
CY12 15.65% 4.96% -2.23% 0.39% -7.13% 3.78% -2.00% -2.50% 10.55% 2.99% 0.63% 1.27% 27.31%
CY13 -4.04% -9.83% -2.37% 3.26% -0.06% -2.80% -4.19% -5.12% 4.83% 6.85% 0.64% 6.01% -7.94%
CY14 -6.33% 2.61% 8.87% 2.76% 11.84% 13.59% 0.44% 10.95% 5.17% 2.03% 2.24% 0.25% 67.42%
CY15 6.18% 2.62% 5.16% -4.68% 1.22% 2.22% 11.67% -7.95% 6.97% -0.60% 1.35% 1.32% 26.84%
CY16 -7.52% -8.25% 14.73% 4.69% -0.47% 4.41% 5.43% 11.66%
* Returns are post management fees and before performance fees.
Description Portfolio Benchmark
Average Monthly Return 1.11 0.71
CAGR 11.73 6.09
Cumulative Returns 98.20 44.02
Largest Monthly Gain 15.65 20.37
Largest Monthly Loss -11.02 -14.14
(%) of positive Months 62.16 58.11
Description Portfolio Benchmark
Standard Deviation 20.92 22.96
Sharpe Ratio 0.18 0.00
Benchmark
5.29
0.81
0.91Correlation
Comparison to Benchmarks
Alpha
Beta
Returns
Risk
Description-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
60.00
70.00
80.00
90.00
100.00110.00
120.00
130.00
140.00
150.00
160.00
170.00
180.00
190.00
200.00
210.00
01
/05
/20
10
01
/08
/20
10
01
/11
/20
10
01
/02
/20
11
01
/05
/20
11
01
/08
/20
11
01
/11
/20
11
01
/02
/20
12
01
/05
/20
12
01
/08
/20
12
01
/11
/20
12
01
/02
/20
13
01
/05
/20
13
01
/08
/20
13
01
/11
/20
13
01
/02
/20
14
01
/05
/20
14
01
/08
/20
14
01
/11
/20
14
01
/02
/20
15
01
/05
/20
15
01
/08
/20
15
01
/11
/20
15
01
/02
/20
16
01
/05
/20
16
Mo
nth
ly R
etu
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Val
ue
of
Rs.
10
0 I
nve
ste
d
MonthlyReturns UNIFI BSE Smallcap
ANNEXURE
Delisting Fund*
Objective
Several multinational companies which listed their Indian subsidiaries during the 1970s to comply with the then GOI rules have been seeking to delist.
The SEBI (Delisting of Equity Shares Regulation of 2009) brought in much greater clarity in the delisting process and effectively shifted the balance of
power in favour of minority shareholders.
The Delisting Fund sought to achieve attractive absolute rate of return by investing in companies that have a high likelihood of delisting. The
amendments made by SEBI to SCCR, 1957, Securities Contracts (Regulation) (Amendment) Rules, 2010, effective from 04.06.2010 and Securities
Contracts (Regulation) (Second Amendment) Rules, 2010, effective from 09.08.2010, with respect to increasing the level of public shareholding in Listed
Companies to at least twenty five percent and any listed company which has public shareholding below twenty five percent, shall increase it to at
least twenty five percent within a period of three years catalysed this opportunity. The price discovered in the delisting process invariably offered a
substantial premium over the then prevailing market price.
Strategy
The fund built a portfolio of 10-12 companies from an universe of about 40, that have a high probability of delisting, without compromising on the
fundamentals and valuations. We ran several filters that examined their technology/product and market position versus the sector, financial strength,
return ratios, management’s track record and valuations.
Portfolio Structure
The fund invested into a diversified portfolio of 5-10 companies. Not more than 40% was invested in one sector and single stock investment was
capped at 20% of the portfolio. Market capitalization of 100Cr was considered as a minimum threshold limit for stock selection. Most, if not all of the
exits, were through the market to derive maximum tax advantage. Use of derivatives was provisioned to hedge the portfolio without exposing the
fund to any leverage.
* The fund was conceptualized and launched in 2009 as a 18-24 month closed ended structure. Partial redemption was made at the end of 12 months and 100% proceeds were returned to investors in March 2011.
Fund Structure *SUBSCRIPTION CLOSED
Delisting Fund*
Year Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Returns
FY09 - - - - 3.36% 7.23% 5.01% 6.18% 3.77% -1.17% 5.51% 6.43% 42%
FY10 8.85% -5.46% 11.01% -0.16% -0.44% 4.52% 3.45% -1.43% 1.58% -2.05% 0.28% - 21%
RETURNS
Unifi BSE 500
Average Monthly Return 2.97% 1.08%
Cumulative Returns 71.82% 19.56%
Largest Monthly Gain 11.01% 9.53%
Largest Monthly Loss -5.46% -10.46%
% of positive months 68.42% 68.42%
RISK
Standard Deviation
(Annualized) 14.54% 18.78%
Sharpe Ratio 2.25 0.21
COMPARISON TO BENCHMARKS
Alpha 30.96%
Beta 0.45
Correlation 0.62
R-Squared 0.38
* The fund was conceptualized and launched in 2009 as a 18-24 month closed ended structure. Partial redemption was made at the end of 12 months and 100% proceeds were returned to investors in March 2011.
Fund Performance
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
90
100
110
120
130
140
150
160
170
180
Au
g/0
9
Au
g/0
9
Se
p/0
9
Oct/09
Nov/0
9
Dec/0
9
Jan
/10
Fe
b/1
0
Ma
r/10
Ap
r/10
Ma
y/1
0
Jun
/10
Jul/10
Au
g/1
0
Se
p/1
0
Oct/10
Nov/1
0
Dec/1
0
Jan
/11
Fe
b/1
1
Mo
nth
ly R
etu
rns
Val
ue
of
Rs.
100
Inv
este
d
Monthly Returns Unifi BSE 500
* Returns are post management fees and before performance fees.
For further information visit:
www.unificap.com
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