111217858-equity trigger fund - series 1-presentation booklet-final
Baroda Pioneer50% appreciation or 3 years.
whichever comes first!*
Fund - Series I
(A Close Ended Equity Scheme)
NFO Opens 05 December 2014 NFO Closes 19 December 2014 Offer of Units of 10/- each for cash during the New Fund Offer This product is suitable for investors who are seeking • Capital appreciation during the tenure of the scheme. • Investment predominantly in equity and equity related securities of mid and small cap companies. • High Risk BROWN *The scheme has a maturity of 3 years. At any time before the maturity date if the NAV of the Growth option in Plan B (Direct) crosses 15/- then the scheme will be wound up on the 10th business day and the proceeds would be returned to the Unit holders of both the Plans viz. Plan A and Plan B (Direct).
#Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Note: Risk is represented as: (BLUE) investors understand that their principal will be at low risk.
(YELLOW) investors understand that their principal will be at medium risk.
(BROWN) investors understand that their principal will be at high risk.
• Indian Economy & The Recent Initiatives • GARP - Our Stock Picking Strategy • Baroda Pioneer Equity Trigger Fund - Series 1 • Investment Process and Team • About Baroda Pioneer Indian Economy - Current State Both IIP and GDP growth rates are showing signs of improvement Fiscal & Current A/c Deficit are expected to be in line with FY 15 Budget Estimate Fiscal Deficit (% of GDP) CAD (% of GDP) R.H.S • All Macro indicators are positive• Lowering interest rate may result in improving the financials of corporate India, especially for midcap Source: BloombergUp to Sep 2014 Recent Initiatives by newly formed stable Government Increase of FDI limit in Rail, Insurance and Defense Quick Environment and related clearance process Licenses to new airlines and framework for low cost airports Jan Dhan Yojana - A landmark initiative towards Financial Inclusion New Infra projects with investment worth 2.6 lakh crs announced All the above announcements were made during July 2014 to October 2014. Source: Ministry of Commerce and Industry, Environment, Civil Aviation etc.
Economic upturn has resulted in out performance of Midcap over Sensex GDP Growth: around 9% IIP Growth: around 11% GDP Growth: around 7% IIP Growth: around 4% GDP Growth has bottomed out IIP Growth is turning positive Index value Rebase at 100 BSE Midcap Index has outperformed the broad index during Good Economic conditions
Source: Bloomberg In a high interest rate regime, Midcap companies interest cost rises Int / PBITDA (Ex Financials) Interest Rate (RHS) Lowering interest rate (which is broadly on card by FY 15) is likely to benefit Midcap companies
Source: Bloomberg During favorable Macro environment, Midcap company's sales grow Source: Bloomberg Low interest rate is likely to improve the EPS of Midcap companies Interest Rate (RHS) FY 15 and FY 16 Estimate* FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 E FY16 E FY 15 and FY 16 estimated EPS growth looks attractive for Midcap stocks
Source: Bloomberg, *Bloomberg Estimate Midcap in a nutshell • Sunrise Sectors e.g. E-commerce, Logistics • Small Players but Market Leaders e.g. PVC pipe manufacturers, Project Consultancy • Many midcaps trade at discount to their large cap counter parts Trade at a Discount e.g. Equipment Manufacturers, EPC Potential to become • Around 50% of midcap companys' market cap has doubled in last 5 years and 22 companies became large cap during that time* *Universe: CNX 500; Data source: Bloomberg; Time Period: 31st Oct 2009 to 31st Oct 2014 The key to alpha is….
Bottom up approach Our stock picking strategyGARP : Growth At Reasonable Price We seek companies with above average earnings growth potential, but we also have an eye on value - we do not want to overpay for growth prospects Further screening Stocks are picked growth from this "Reasonable Price" or value is determined by combination of comparative valuation based on various parameters like P/E, EV / EBITDA, EV / Sales, P/BV and EV / Tonne (for Cement Sector) etc. Stock picking at workFew midcap exposures in one of the equity schemes of BPMF • Timely exposure of mid and small cap stocks has resulted in alpha generation NAV movement Vs. Sector Exposure Mid and Small Cap Fund NAV (Direct Plan) The above stocks have been mentioned only for illustrative purposes and do not seek to provide any indication (neither past nor future) of the entire portfolio of any scheme of Baroda Pioneer Mutual Fund. These stocks may or may not form part of the portfolio of Baroda Pioneer Equity Trigger Fund – Series 1. Past performance is no guarantee of future results.
NAV is rebased at Rs. 10, Data as on 31st October 2014 GARP Strategy at work: Stock picking is the key - Few illustrations Performance - Stock B Vs BSE Midcap Sector - Automobiles • New Launches & Upgrades leading to Strong Demand for its • Exports to act as Next Growth Driver • Expanding Network & Lower Penetration to Drive Domestic Demand• Distribution network is set to exceed 500 touch-points over Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 the coming 12-18 months from the present levels of 300, Price and value are rebased at 100 catering primarily to the top 20 cities. • Margins to improve going forward • Gross profit/unit has improved by almost 30% over the past three years, led by improving mix and better bargaining Stock B power with vendors. • CV cycle recovery to add to overall growth In February 2014, the stock was trading at 11.2x FY 15E earnings. Source: Bloomberg, Company Annual Report; # As on the day of first tranche of investment: 5 – Feb-2014; *EPS growth is calculated from the date of first tranche of Investment: 5-Feb-2014**Bloomberg Estimate.
The above comparison is meant merely for illustrative purposes and does not seek to provide any exhaustive comparative analysis. The stock mentioned above may or may not form part of the portfolio of Baroda Pioneer Equity Trigger Fund – Series 1. Past performance is no guarantee of future results.
14 GARP Strategy at work: Stock picking is the key - Few illustrations Performance - Stock A vs BSE Midcap Sector - Industrial Automobile Batteries • The company is structurally best placed to ride the Indian demand for automotive and industrial batteries • Over the past two years, not only it has been consistently eroding it's competitor's market share, it has also been achieving EBITDA margin superior to its competitor ( 300bps Price and value are rebased at 100 • It has increased its capacity at an opportune time. Given the strong demand for its products, it is in the midst of 7.5bn capex spending over FY14E-FY15E.
Valuations (December,2013) at 14.5x FY15E earnings were lower Competitor than its historic multiple, lower than that of its competitor, but - Midcap exhibiting superior growth and capacity being ramped up to capture the surge in demand.
Source: Bloomberg, Company Annual Report; # As on the date of first tranche of investment: 12-Dec-2013; *EPS growth is calculated from the date of first tranche of Investment : 12-Dec-2013 **Bloomberg Estimate.
The above comparison is meant merely for illustrative purposes and does not seek to provide any exhaustive comparative analysis. The stock mentioned above may or may not form part of the portfolio of Baroda Pioneer Equity Trigger Fund – Series 1. Past performance is no guarantee of future results.
15 GARP Strategy at work: Stock picking is the key - Few illustrations Performance - Stock D Vs BSE Midcap Sector - Power Transmission and Distribution • Sales growth rebounded in 2Q FY 14 • Despite lower supply from Thermal Power plants, order book remained robust at 64.7 billion, up by 6% y-o-y • Next leg of investment and reform in power sector will be in Price and value are rebased at 100 In December 2013, the stock was trading at 22x FY15E EPS and 18x FY16E EPS of 7.4 and 9.1 respectively. Source: Bloomberg, Company Annual Report; # As on the date of first tranche of investment: 18-Dec-2013; *EPS growth is calculated from the date of first tranche of Investment: 18-Dec-2013 **Bloomberg Estimate.
The above comparison is meant merely for illustrative purposes and does not seek to provide any exhaustive comparative analysis. The stock mentioned above may or may not form part of the portfolio of Baroda Pioneer Equity Trigger Fund – Series 1. Past performance is no guarantee of future results.
16 GARP Strategy at work: Stock picking is the key - Few illustrations Performance - Stock C vs BSE Midcap Index Sector - Pharmaceuticals • Robust presence in global generics business {leadership with 70-80% market share globally in API's (Active Pharma Ingredients) like Naproxen, Dextramethorphan & Nabumetone} • The company is a key beneficiary of high exports – Substantial part of its revenue is from exports) • New generic products {for which DMF's (Drug Master File) have Price and value are rebased at 100 been filed}, launch of patented products, higher traction in Custom Chemical Synthesis projects and scale-up in nutraceutical products are key triggers for the company In December 2013, the stock traded at 22x FY15E EPS and 18x A-large cap FY16E EPS of 7.4 and 9.1 respectively. Source: Bloomberg, Company Annual Report; # As on the day of first tranche of investment: 13-Dec-2013; *EPS growth is calculated from the date of first tranche of Investment: 13-Dec-2013**Bloomberg Estimate.
The above comparison is meant merely for illustrative purposes and does not seek to provide any exhaustive comparative analysis. The stock mentioned above may or may not form part of the portfolio of Baroda Pioneer Equity Trigger Fund – Series 1. Past performance is no guarantee of future results.
17 Baroda Pioneer Equity Trigger Fund - Series 1 Baroda Pioneer Equity Trigger Fund - Series 1What, Why and How • Close Ended equity fund• Face Value: 10 • Maturity: 3 years• Underlying: Pre-dominantly Mid cap stocks (please see the asset allocation table) • Trigger Facility: At any time before the maturity date if the NAV of the Growth option in Plan B (Direct) crosses INR 15/- then the scheme will be wound up on the 10th business day and the proceeds would be returned to the Unit holders of both the Plans viz. Plan A and Plan B (Direct).
• Prudent monetary policy coupled with benign Oil price is likely to help GDP to grow faster• Midcap has potential to outperform large cap as macro-economic situation in India is improving. • In last one year BSE Midcap Index has outperformed Sensex by 30%* • Unique concept - monetizing the midcap rally• An opportunity to get the liquidity before the normal maturity in case of trigger.
• On any given day during the tenure, when the NAV of Plan B (Direct)** crosses 15 then:• Unwinding process begins by selling stocks• This process could be broken into several tranches depending upon the market dynamics • Ensure minimum impact cost incurred• Each interim proceeds to be invested in liquid funds• By 10th Business day from the "Trigger Date" the fund will be fully liquidated *Source BloombergFrom Oct 2013 to Oct 2014**Trigger level is linked to NAV of Plan B (Direct) – growth option at INR 15 irrespective of NAV of Plan A Baroda Pioneer Equity Trigger Fund - Series 1Illustration : Concept of maturity and applicable NAV at maturity On 1st Jan, 2016 On maturity date, On maturity date Fluctuation due to Units of Plan A will say NAV of Plan B (Direct) will be be redeemed at the (Direct) fluctuates 10th working day Market movements (Direct) crosses and income accrual January, 2016 to the date of maturity.
10th working day Market movements (Direct) crosses January, 2016 to the date of maturity.
If during the 3 year duration, the trigger event does not happen, the scheme would mature at the end of 3 years in normal course and the units will be redeemed at the applicable NAV Allotment date: April 1, 2014. Face value: 10/- per Unit. The above is for illustration purpose only.
The historical probability of BSE Midcap Index falling below 3% in 10 working day is 17% in last 10 years.
BSE Midcap Index source: www.bseindia.com A Close Ended Equity Scheme Investment Objective The investment objective of the Scheme is to provide capital appreciation by investing in a well-diversified portfolio of equity and equity related securities predominantly of mid-cap and small-cap companies. However, there is no assurance or guarantee that the investment objective of the Scheme will be realized.
Indicative Allocations Equity and equity related instruments* Debt, money market instruments and cash * Of which :Investment in mid-caps can be between 65% - 100% (High risk); Investment in small-caps can be between 0% - 15% (High risk); Investment in large-caps can be between 0% - 15% (Medium risk); and Investment in equity derivatives can be up to 50% of the net assets of the Scheme Plan A and Plan B (Direct)• Growth Option and Dividend Option (Payout ) Minimum Application Amount 5,000/- & in multiples of 1/- thereafterLoad Structure Entry Load – Nil; Exit Load - NA Our investment principles Bottom-up research driven investment process combined 1 to capture macro economic trends
2 Intrinsic valuation measures based on proprietary research
3 Actively managing portfolios to pursue competitive risk-adjusted returns
4 Strong risk management culture
Investment Process - Three Stage of Portfolio Development Build Investment Case Portfolio Construction Portfolio Managers • Portfolio Objective • Sector Reviews • Stock Research Meeting • Risk Considerations • Company Reviews • Fundamental analysis • Stock & Sector Limits • Global Perspective • Critical assumptions • Performance Attribution SEARCHING FOR VALUE ACTIVE RISK TAKING Portfolio managers • Career analysts with an • Experienced portfolio • Portfolio Construction average of 12 years' industry managers with average industry experience of 9 years' • Focus on specific asset • Active approach classes and sectors • High conviction PILLARS OF OUR INVESTMENT PROCESS Mr. Chawla has over 25 years of Mr. Dipak Acharya is an M.Com., with experience in fund management, the added qualifications of AICWA, (Chief Investment Officer) equity research and Management CAIIB and PGPMS. He has been Consultancy. Prior to joining Baroda Pioneer Asset Management Company working in the investment area in the Ltd, he has worked with Birla Sun Life asset management industry for over 9 AMC as Sr. Fund Manager-Equity, years now. He is the Fund Manager managing various schemes with for the equity schemes of the Mutual different strategies. Sanjay has also Fund and has been with the worked as Head of Research with SBI organization since September 2008. Capital Markets and in various capacities in the equity research He was also the Fund Manager at BoB space in Motilal Oswal Securities, Mutual Fund from August 2003. Prior IDBI Capital Markets, SMIFS to this, Mr. Acharya was with Bank of Securities, IIT Invest Trust & Lloyds Baroda, where he worked in the Securities. Sanjay has done his Treasury Dept. and Credit Dept for 10 Masters in Management Studies from Total Experience: 30 yearsSectors Covered: Banking, Auto and Auto Ancillaries, IT, Media and Telecom, Cement, Metal and About Baroda Pioneer Baroda Pioneer Asset Management Company Limited • Joint Venture between two heritage companies • Bank of Baroda • Pioneer Investments • Pioneer Investments took a stake in the erstwhile BOB Asset Management Co. and company in 2008 and was renamed as Baroda Pioneer Asset Management Company • Assets under Management at the time of change of control in July 2008 was at INR 60 crores• Baroda Pioneer Mutual Fund operates out of 40 locations in India and managed average assets of about 7100.58 cr. for the quarter ended September 2014 • Baroda Pioneer Mutual Fund is positioned to serve the varied asset management needs of investors in India through a range of equity, debt and money market offerings Pioneer Investments - A global asset management player MARKET KNOWLEDGE & PRODUCTS
• Investment experience since 1928 • Strong team of over 2,070 employees globally, including nearly 350 investment • Pioneer Fund, the third oldest mutual fund in • Presence in 27 countries with three Global Assets Under Management €196.2 billion as on 31st October 2014 Source: Pioneer Investments Local knowledge, global perspective A broad network supporting 4 distinct regions… • AuM €38.3bn WESTERN EUROPE & LATAM ASIA & MIDDLE EAST • AuM €16.4bn • AuM €100.5bn • Lux funds and • Italian and Lux • AuM €6.8bn • Austrian and • Lux and local funds • Lux and local Source: Pioneer Investments, AuM data as at end of September 201428 Bank of Baroda - One of India's leading PSU Banks Bank of Baroda is a 106 years old State-owned Bank Key Financial Information* with modern & contemporary personality, offering : INR 965,900 crores banking products and services to Large Industrial, SME, : INR 568,894 crores : INR 397,006 crores Retail & Agricultural customers across India and 25 : INR 9291 crores other countries. Capital adequacy ratio (basel III) : 12.28% Uninterrupted Record in Profit-making Overseas Business Operations extend Strong Domestic Presence through and Dividend Payment across 25 countries through 100 Offices Pioneer in many Customer-Centric Modern & Contemporary Personality First PSB to receive Corporate Provides Financial Services to over Governance Rating (CGR-2) 47 mln Customers Globally A well-accepted & recognised Brand in Relatively Strong Presence in Progressive Indian banking industry-Top 20 Best Robust Technology Platform with 100% States like Gujarat & Maharashtra CBS in Indian Branches *data as on 31st March 2014Source: www.bankofbaroda.com Baroda Pioneer Trigger Fund Series 1 - NFO Details New Fund Offer opens on: New Fund Offer closes on: Offer Price / Unit # As the Scheme is a close ended Scheme; it will not provide redemption facility until the Maturity Date i.e. 3 years from the Date of Allotment including the Date of Allotment or the 10th business day from the NAV of the Plan B (Direct) of the Scheme crossing 15/- per Unit, within the 3 year period, whichever is earlier. The Units of the Scheme are proposed to be listed on the National Stock Exchange of India Ltd. (NSE). Investors can purchase/ sell Units on a continuous basis on the Stock Exchange(s) on which the Units are listed. In the preparation of the material contained in this document, Baroda Pioneer Asset Management Company Ltd. ("AMC") has used information that is publicly available, including information developed in-house. The AMC, however, does not warrant the accuracy, reasonableness and/or completeness of any information. This document may contain statements/opinions/recommendations, which contain words, or phrases such as "expect", "believe" and similar expressions or variations of such expressions that are "forward looking statements". Actual results may differ materially from those suggested by the forward looking statements due to risk or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks, general economic and political conditions in India and other countries globally, which have an impact on our investments, the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices, etc. The AMC (including its affiliates), Baroda Pioneer Mutual Fund ("Mutual Fund"), its sponsors / trustee and any of its officers, directors, personnel and employees, shall not liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of this document in any manner. The recipient alone shall be fully responsible / liable for any decision taken based on this document. All figures and other data given in this document are dated and may or may not be relevant at a future date. Prospective investors are therefore advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial implication or consequence of subscribing to the units of Baroda Pioneer Equity Trigger Fund – Series I ("Scheme"). The sector(s)/stock(s) mentioned in this presentation do not constitute any recommendation of the same and the schemes of the Mutual Fund may or may not have any future position in these sector(s)/stock(s). Past performance may or may not be sustained in the future. Please refer to the Scheme Information Document of the Scheme before investing for details of the Scheme including investment objective, asset allocation pattern, investment strategy, risk factors and taxation.
Disclaimer S&P BSE Midcap Index: The S&P BSE Midcap Index are products of AIPL, a joint venture among affiliates of S&P Dow Jones Indices LLC ("SPDJI") and BSE Limited ("BSE"), and has been licensed for use by Baroda Pioneer Asset Management Company Ltd. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); BSE® is registered trademarks of BSE Limited; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by AIPL and sublicensed for certain purposes by Baroda Pioneer Asset Management Company Ltd . Baroda Pioneer Equity Trigger Fund - Series 1 is not sponsored, endorsed, sold or promoted by SPDJI, BSE, Dow Jones, S&P or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P BSE Midcap Index.
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
Contact Points:
Baroda Pioneer Asset Management Company Ltd.
CIN : U65991MH1992PLC069414
501 Titanium, 5th Floor, Western Express Highway, Goregaon (E), Mumbai - 400063.
Phone: +91 22 3074 1000 / 4219 7999. Fax: +91 22 3074 1001.
E-mail: [email protected]. Website: www.barodapioneer.in
Toll Free No: 1800 419 0911 - Mon. to Sat. between 9 am to 8 pm on all business days
Source: http://www.barodapioneer.in/Shared%20Documents/BarodaPioneerEquityTriggerFund-Series1-Presentation.pdf
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Risk versus benefit of raw milk consumption Dominique Angèle VUITTON WHO Collaborating Centre; University of Franche-Comté; 25030 Besançon, France Background: the contradiction between "food safety" and biodiversity, high quality of products, sustainable development, and healthy life style. Dairy farmers and cheese producers are in the continuing process of answering the somewhat contradictory requirements of consumers for safe, high quality and diversified foods produced in sustainable conditions… at the lowest price. It has turned out that the legitimate requirements of safety from the consumer have eventually evolved in a burden of threats upon producers' activities, once they began being translated in tentative safety regulations. Within the past 10 years, the main concern of numerous producers, with little link with big dairy industry companies, has always been to provide food diversity through a traditional way of producing milk and cheese and to maintain biodiversity while reaching at the same time the very high quality and safety standards requested by the consumers. However, they now have the feeling that their way of doing is not supported in reality by the public policies and that the attitudes of experts and/or authorities may be sometimes quite contradictory.