ASK Indian Entrepreneur Portfolio – IEP PMS


ASK Indian Entrepreneurship Portfolio (IEP)

Key Attributes

Mr. Bharat Shah
Mr. Prateek Agrawal

Inception Date: 25 January 2010

Number of Stocks: 19

Executive Director, ASK Group: Mr Bharat Shah

Business Head & CIO: Mr Prateek Agrawal

Portfolio Manager's Name: Mr Chetan Thacker

Portfolio Manager's Experience: Total Exp – 12 Years, With ASK – 11 Years

Portfolio Manager's Qualification: Post Graduate in Management from Mumbai University.

Investment Objective

ASK IEP PMS is designed to invest in entrepreneurially driven and/or family-owned businesses; listed on the Indian stock markets, for compounding gains over the medium to long term.

ASK IEP PMS invests in Indian entrepreneurs with adequate ‘Skin in the Game’ who have demonstrated high standards of governance, vision, execution, wisdom, capital allocation, and capital distribution skills. They run businesses that are amongst the highest long-term earnings growth.

Portfolio Strategy

ASK IEP PMS follows a very rigorous, disciplined, strong filters – based investment approach, while embracing value-creating traits (more about it later). Invests into quality entrepreneurs with : –

• Vision and dynamism
• High standards of governance
• Wisdom
• Demonstrated capital allocation and capital distribution skills

ASK IEP looks for superior quality which it believed is achieved through the preservation of value and high growth is sought to achieve expansion of value.

ASK IEP PMS looks for 20% compounded growth from each business and targets over 25% growth from the portfolio. To fund this growth, the business ROCE should be over 25% so that growth can be funded and there are surpluses for dividend.

ASK IEP PMS core is promoters with adequate skin in the game. This ensures alignment of management and shareholder interests, hence, ASK IEP PMS invests into businesses with an identifiable business house at helm with minimum 25% stake.

ASK India’s Entrepreneurial PMS portfolio seeks to identify such businesses at reasonable discount to value and stay invested for a length of time and make money as EPS compounds.

Investment Philosophy

ASK’s Advantage“Investing”, as Buffett says, “is simple but not easy”. It is the implementation of the simple things consistently and with discipline during all market conditions, that requires character, which makes all the critical difference. Core advantage lies in the disciplined and consistent execution of these ‘simple’ things and doing them well.Core philosophy at ASK Investment Managers revolves around two key aspects:

  1. First achieve capital protection (over time) and
  2. Follow it with capital appreciation.

Overarching Investing Philosophy and Principles

• Greater certainty of earnings v/s. mere quantum of earnings growth
• Superior and consistent quality of earnings v/s. mere quantum of earnings growth
• High quality at a reasonable price v/s. inferior quality at an arithmetically ‘cheap’ price




Performance Table #


Trailing Returns (%) 1m return 3m return 6m return 1y return 2y return 3y return 5y return 10y return Since inception return
Portfolio2.1%3.8%-1.4%21.8%36.9%19.6%15.6%21.0%19.1%
BSE 500-0.6%-0.7%-1.8%19.6%36.1%15.5%12.6%13.4%10.8%



QRC Report Card *




VIEW DETAILED QUALITY, RISK, CONSISTENCY ANALYSIS

Portfolio Holdings


Holding %
Bajaj Finance Ltd 7.11
Bajaj Finserv Ltd 6.39
Cholamandalam Investment and Finance Co Ltd 5.68
APL Apollo Tubes Ltd 5.43
AU Small Finance Bank Ltd 5.23
Tata Consultancy Services Ltd 5.14
Page Industries Ltd 5.11
Divi's Laboratories Ltd 4.89
Reliance Industries Ltd 4.88
PI Industries Ltd 4.62
Astral Ltd 4.36
Aarti Industries Ltd 4.29
Havells India Ltd 4.24
Asian Paints Ltd 3.87
Torrent Pharmaceuticals Ltd 3.84
Sona BLW Precision Forgings Ltd 3.75
Kotak Mahindra Bank Ltd 3.74
Titan Co Ltd 3.63
Avenue Supermarts Ltd 3.00
Shree Cement Ltd 3.00
Dixon Technologies (India) Ltd 2.61
Metropolis Healthcare Ltd 2.41
Dabur India Ltd 0.78
Top 23 Equity Holdings 97.99

Sector Allocation


Holding %
Consumer Durables 2.49
Others 2.74
Auto Oem 2.95
Building Products 3.04
FMCG 3.44
Cement 3.51
Oil & Gas 3.81
Pipes 3.83
Home Decor 3.98
Pharma 4.25
NBFC 4.34
Building Products 4.37
Consumer Durables 4.63
Chemical 4.94
Information Technology 5.02
Agri Chemicals 5.51
Pharma 6.16
Retail 7.33
Insurance 7.48
NBFC 7.70
Banks 8.04

Market Cap Allocation


Allocations %
Large Cap 52.3
Mid Cap 44.1
Small Cap 2.8
Cash 0.8

Disclaimer

#Returns as of 30 Apr 2022. Returns up to 1 Year are absolute, above 1 Year are CAGR.

*QRC Report Card data is updated quarterly. Current data is as of Mar 22.



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