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MOTILAL OSWAL Next Trillion Dollar Opportunity (NTDOP)

Key Portfolio Attributes

Mr. Raamdeo Agrawal
Mr. Navin Agarwal

Inception Date: 05 Dec 2007

Number of Stocks: 26

Chariman: Raamdeo Agrawal

MD & CEO: Navin Agarwal

Portfolio Manager’s Name: Manish Sonthalia

Portfolio Manager’s Experience: Total Exp – 22 Years, With Motilal – 11 Years

Portfolio Manager’s Qualification: Bachelor Degree in Commerce (Hons), ICWAI, CS, MBA Finance, FCA

Portfolio Manager’s Qualification: He has authored a paper A Rising Consumer Class on Indian markets, published by the Global World Economic Forum in the year 2010.

Investment Objective

Aims to deliver superior returns by investing in different multi-cap stocks of companies from sectors that can benefit from the Next Trillion-Dollar GDP growth.

Portfolio Strategy

NTDOP strategy characteristics

NTDOP Portfolio Management Service of Motilal Oswal invests in companies which are likely to earn 20-25 % on its net worth going forward. Motilal Oswal PMS invests with margin of safety and purchases a piece of great business at a fraction of its true value. NTDOP stands for Next Trillion Dollar GDP growth.


So, the focus is on buying companies that will benefit out of the Next Trillion Dollar GDP growth. Motilal Oswal identifies potential long-term wealth creators by focusing on individual companies and their management.


It strongly believes that “Money is made by investing for the long term”. It follows a Focused portfolio strategy and the portfolio consists of up to 25 stocks.


In his words of Mr. Manish Sonthalia, Head of PMS, at Motilal Oswal Asset Management during latest Webinar organised by PMS AIF WORLD on 13th Sep, 2019, Motilal Next Trillion Dollar Opportunities Portfolio (NTDOP) is a stable portfolio of unleveraged businesses. Mr. Manish Sonthalia, mentioned, “Our philosophy is to play on operating leverage”. Portfolio comprises of good businesses.


We have held most companies for many years and have seen ups and downs in the past as well. These companies have delivered in long term. We continue to hold as there is a conviction. Businesses do not travel in a straight line; one has to take a long-term view. Buying decent businesses and holding on to them for long term is what we believe in.


Its more about longevity of growth; the terminal value of business and not 1 or 2 years of growth. Expected earnings growth of companies in NTDOP PMS can be seen in the vicinity of 18-20%. For Q1, 2019, earnings growth of NTDOP portfolio was at 12% but Nifty’s earnings were at 2%. Outlook for next 6-9 months looks hazy. NTDOP Portfolio earnings growth would be better than market’s earnings growth.

• Focus on return on net worth – Companies which are likely to earn 20-25 % on its net worth going forward.

• Margin of safety – To purchase a piece of great business at a fraction of its true value.

• Focus on Next Trillion Dollar GDP growth

      • The focus is on buying companies that will benefit out of the Next            Trillion Dollar GDP growth.

      • Buying stable earnings / cash flows in reasonably priced assets

• Long-term investment view – Strongly believe that “Money is made by investing for the long term”

• Bottom up approach – To identify potential long-term wealth creators by focusing on individual companies and their management bandwidth.

• Focused strategy construct – The portfolio consists of 25 stocks

Investment Philosophy

Investment philosophy is centered on 'Buy Right: Sit Tight‘ principle.

Q-G-L-P Demystified

Why ‘Buy Right : Sit Tight’ is significant?

• Real wealth is created by riding out bulk of the growth curve of quality companies and not by trading in and out in response to buy, sell and hold recommendations.

• This philosophy enables investor and manager alike to keep focus on the businesses they are holding rather than get distracted by movements in share prices

• An approach of buying high quality stocks and holding them for a long term wealth creation motive, results in drastic reduction of costs for the end investor.

• While BUY RIGHT is largely the role of the portfolio manager, SIT TIGHT calls for involvement from the portfolio manager as well as investor. This brings in greater accountability from the manager and at the same time calls for better involvement and understanding from investor resulting in better education for the latter.

• Long term multiplication of wealth is obtained only by holding on to the winners and deserting the losers.


Wealth Creators – Buy and Hold strategy

• BUY & HOLD strategy, leading low churn, lower costs and enhanced returns

• A business is prudently picked for investment after a thorough study of its underlying hidden long-term potential.

• “We don’t get paid for activity, just for being right. As to how long we’ll wait, we’ll wait indefinitely.” -Warren Buffett

Rigorous investment process

Performance Table #

Trailing Returns (%) 1m return 3m return 6m return 1y return 2y return 3y return 5y return 10y return Since inception return
Nifty 500 TRI4.1%5.5%5.3%3.5%28.3%18.0%12.3%14.5%11.1%

QRC Report Card *


Sector Allocation

Holding %
Cement & Cement Products 1.34
Construction 1.50
Retailing 1.61
Fertilizers & Agrochemicals 1.63
Gas 1.78
Petroleum Products 2.20
Personal Products 2.30
Chemicals & Petrochemicals 2.34
Auto Components 2.49
Food Products 2.56
Transport Services 2.70
Diversified FMCG 3.69
Industrial Products 4.42
Automobiles 4.72
Insurance 5.33
Consumer Durables 5.92
IT - Services 6.48
Textiles & Apparels 6.83
IT - Software 8.22
Pharmaceuticals & Biotechnology 9.54
Banks 22.59

Market Cap Allocation

Allocations %
Large Cap 49.3
Mid Cap 47.1
Small Cap 3.6
Cash -0.1

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#Returns as of 31 Oct 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 Sep 22.

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