Valcreate Investment ManagersPresentation March - 2021

About Us

Valcreate Investment Managers is a SEBI registered Portfolio Management Service offering services to Indian and International Investors

We cater to Individuals | Institutions | Family Offices

Objective of the business

Wealth creation and income generation for clients

We provide Discretionary, Non-Discretionary and Advisory Portfolio Management Services in listed Securities

Fund Manager Mr. Rajesh Pherwani

Fund Manager – Career credentials

1996–2004

Analyst & Manager (Treasury) – HDFC Ltd.• Specialized coverage of industries at HDFC – Oil&

Gas, Petrochemicals, Chemicals, Consumer durables, Fertilizers, FMCG

• Other specialized responsibilities at HDFC - Handled equity exposure of Treasury

2005–2012

Senior research analyst - HDFC Mutual Fund• Specialized coverage of industries at HDFC Mutual

Fund – Pharmaceuticals, Hospitals & Healthcare, Speciality chemicals, Agrochemicals, Oil & Gas, Petrochemicals, Power utilities, Paints and Textiles

2012–2016

Head of Research & Fund manager – L&T Mutual Fund• Managed L&T Emerging Businesses Fund, L&T Tax Saver Fund,

L&T Long Term Advantage Fund• Specialized coverage of industries at L&T Mutual Fund –

Pharmaceuticals, Hospitals & Healthcare and Oil & Gas

2017

Founder – Valcreate Investment Managers LLP• Portfolio strategies managed at Valcreate Investment

Managers (since 2018)– “Growing India Strategy, “Life Sciences and Specialty Opportunities Strategy”

What we do – our services

We offer multiple portfolio strategies for investors for multiple needs

Equity strategies•1. Bottom up strategy based on the India growth theme – Growing India Strategy

•2. Innovation oriented companies portfolio – Life Sciences and Specialities Opportunities Strategy

Income oriented strategies•Get income as well as growth edge – Income and Growth strategy

Valcreate investment strategies

“Growing India Strategy” is a good pick for investors looking for wealth creation through India growth story

Bottom up stock selection methodology geared towards the India growth story

Sectoral mix focussed on Capex, Consumption, Exports, Healthcare and Agriculture sectors.

Adequately concentrated yet limiting risk through sector and stock diversification

Market cap agnostic with focus on businesses which are smaller v/s size of opportunity or are reviving

Following inhouse GRO approach for stock selection to have the best fit for investors

Willing to take cash calls when necessary

Backed by strong research, understanding, management relationships and experience of the Portfolio Manager

Features of the strategy

No entry/exit loads

Minimum investment Rs. 50 lakhs

No sector bias

Benchmark – BSE 400 SmallMidcap

Multi fees structure Performance to piggyback on long term expertise

“Life Sciences Strategy” is a good pick for investors looking for wealth creation through innovation and outsourcing theme

Portfolio focussed on innovation based niche businesses

These are economy agnostic businesses and not dependent on market or economic cycles

Most companies provide high earnings visibility given the structural nature of businesses

Risk control by limiting stock exposure yet adequately concentrated

Following inhouse GRO approach for stock selection to get the best fit for the investors

Willing to take cash calls when necessary

Backed by strong expertise of the Portfolio Manager who spotted many multibagger names in these sectors

Features of the strategy

No entry/exit loads

Minimum investment Rs. 50 lakhs

Concentrated on few niche sectors

Benchmark – BSE Healthcare

Multi fees structure Performance to piggyback on long term expertise

“Income and Growth” strategy is apt for investors looking for fixed return, safety and option of growth

Portfolio focussed on fixed income (minimum 50% of portfolio), providing income needs

There is a provision for maximum 50% exposure to equity

Risk control by limiting equity exposure and taking bonds of varying maturities and issuers

Investment can be income generating as well as growth oriented depending upon client objectives

Backed by strong research knowledge of the Portfolio Manager to assess issuer credit quality

Best suited for clients requiring growth flavour and preservation of capital and/or income needs

Features of the strategy

No entry/exit loads

Minimum investment Rs. 50 lakhs

Investment to be across stocks and bonds and if required mutual fund schemes

Benchmark – Combined BSE 500/Nifty GS composite

Flat fees structure

Valcreate strategy performance (on TWRR basis post all fees and expenses)

*The performance of the Life Sciences and Specialty Opportunities Strategy is not fully comparable to the benchmark i.e. the BSE Healthcare index because the BSE Healthcare index comprises of only pharma and healthcare companies whereas our Life Sciences and Specialty Opportunities Strategy comprises of innovation based sectors such as the likes of pharma, speciality chemicals, agrochemicals and more.

We have met investor targets and outperformed since inception

Within just around 2 years of existence, Valcreate strategies have shown leading performance

More than 45% to 60% returns in both the Strategies over last 2 years as on 28th February 2021 (post all fees and expenses on TWRR basis)

For most months in 2020, Life Sciences Strategy has been the number 1 performing and Growing India strategy within the top 10.*

Both of our strategies are leading performers in the 2 year category as well.*

Already, have 5 multi-baggers in the portfolio

Have the right contra and cyclical proportions - Alignment to right industries, business tail winds has helped

Avoiding big mistakes is the pillar

During the market crash in March 2020, our strategies were relatively stable vis-à-vis indices and comparable peers

* As per PMS Bazaar, PMS AIF World

Ethics and Core Values

Strict confinement to the regulations

No mis-selling or misrepresentation of our products

Strict internal guidelines on personal investments to avoid any conflict of interest

Customer needs and compliance with the law is the center of our daily decision making

Honesty and integrity as a way of life

ETHICS

Our portfolio management process

Client requirements

Allocation between debt and equity

For debt and equity, the process of

investment is similar but with different

yardsticks

Business evaluation and selection

Industry v/s company factors

Evaluate traditional factors of success

Identify moat

Analyse business on IDEA framework

Securities selection –identify and evaluate

stocks on GRO-V framework

Growth

Return on investment

Ownership

Valuations

Portfolio creation –based on

understanding of client

Objectives

Profile

Preferences

Risks

Business evaluation

Industry v/s company

What is the life cycle of the

industry – is it in sunrise, growing

or matured stage ?

How is the industry likely to perform with respect to

margins, return on core business and

other metrics

Is there any alternative to this product/industry

How big is the company relative to industry size –

domestic v/s global

What is the size of the overall future

opportunity for the company vs its own

size

How is the peer set in the industry in

terms of competition i.e.

competitive intensity

Evaluate the industry in terms of

porter’s model

Evaluate business success based on traditional approach

•Brands•Super brands have been built over years•Companies spent millions on promotion and marketing of brands•Brand loyalty of customers also played a role in success of these businesses•e.g. HDFC Bank, Royal Enfield, Jockey, Apple, Unilever brands and many more

•Distribution•BFSI focused on adding branches grew bigger with more customer acquisition•Consumer companies increased their touch points to achieve more sales•Pharmaceutical manufacturers enhanced their MR strength to target more doctors•Auto companies were always looking to target new customers, new cities/towns•Asset managers grew on a back of wealth management and distribution•Most businesses focused on distribution to get big

•Product utility and value for money•Businesses which churned out products with utility features thrived•Value for money mantra got more traction for the business•Consumers looked to get more with less •e.g .CNG vehicles, Invertor AC, Packaged food products

Look for competitive edge –business moats

• Each business has its own strengths and weaknesses• However, some companies stand out in terms of

possessing significant moats (competitive advantage)• These are advantages available in some companies but

unavailable in others• Some of the examples are

• Highly complex and integrated manufacturing which is not easy to replicate

• Technocrat promoters • IPR• Superior management• Cost efficient operations

• Companies with edge go a long way in creating wealth for investors

Evaluate businesses based on potential in the next decade –the IDEA parameters

• Innovation• Company focused on niche/unique products or differentiated/superior products• Innovation in customer service and engagement• Digitalization as a way of life• Applicable to every industry• E.g. online apps, speciality pharma / chemicals, accessories for mobiles / computers,

prefabs etc.• Disruption

• Low cost delivery of products/service• Limited or no physical contact with customers• New products which replace existing devices/gadgets, products and services• E.g. Electric vehicles, e-com, online education, e-pharmacy, 3D Printing etc.

• Environmental (ESG parameters)• Companies conscious of impact on environment as social consciousness• Entire chain from CEO to the last employee sensitized about ESG• Products and services which are harmful to environment will be replaced by environment

friendly ones• E.g. green energy, online v/s paper, gas based v/s coal based processes etc.

• Aptitude and Adaptability• Highly skilled and trained personnel• Specialised approach• Technocrats as promoters of businesses• Adaptability to change• E.g. Pharmacy graduates at pharmacist, Chemical engineer owning speciality chemicals

firm, etc.

Stock selection process

Intrinsic value is the core of stock selection but has human limitations

Intrinsic value

This is the core value of the business

It represents the present value that an equity owner owns in

a company

Can be found out by DCF of free cash flows discounted to present

Multiple valuation tools are used

Some even use replacement cost to

identify

Challenges in finding accurate value

It is not constant as environment keeps changing – interest rates, variables and

much more

Identifying accurate cash flows not easy

Terminal value calculations are

usually inaccurate

Stocks may ultimately reach this price but

may not stay there all the time

How do we crack the stock selection process – The inhouse GRO framework

Ownership – Evaluate promoters, shareholding, interest of promoters, their track record/reputation, group companies, group and promoter leverage, minority and institutional ownership.

ROI – This aspect looks at the quality of the business - Evaluate sustainable return on capital, return on equity, leverage and cash flows.

Growth – Potential earnings growth to be seen depending upon the opportunity in place (nature of the time frame)

Valuations – Multiple valuation tools

P/E, P/B, EV/EBDITA, EV/Sales, Operating cash flows/Market cap, FCF/Market cap, PEG, Replacement cost, SOP, DCF, dividend yield

Look at valuations in the context of the quality of the business, type of industry and growth

Analytical pitfalls we avoid

Business understanding related

Inability to understand sustainable earnings

Buying highly leveraged business

Ignoring key issues within the group companies of the promoters

Not paying attention to corporate governance issues due to greed of the opportunity

Ignoring cash flows, regular capex and working capital issues

Valuations related

Low P/E or P/BV is cheap - A big trap called ‘value trap’. This is valid for companies where growth has slowed down

Company trading below historical valuations is cheap –assumes a rear view mirror approach.

Valuations relative to peers is cheap

DCF as the hallmark of valuations - miscalculating terminal value is the biggest pitfall.

Some short term (1-2 years) business incomes or other incomes are part of profits and given multiples similar to core business

EV/EBDITA is good to value my company – sometimes its not the best tool as it ignores depreciation, cost of leverage

High growth in the next 2 years = high valuations – next 2-3 years is a very short term period to decide

A lot of returns made painstakingly over many years get negated by a sudden decline in a couple of stocks. There are some pitfalls which cause this. We avoid these big mistakes.

Portfolio creation process

4 pillars of portfolio formation

Core portfolio – focus on structural growth and high

quality businesses with longevity in earnings traction

Satellite portfolio – new ideas which may add an

edge to performance. These may become part of core if

their businesses prosper

Risk management –diversification yet adequate concentration across sectors

and stocks

Customised allocation –build in profile, objectives, preferences and client risk profile to arrive at the final

portfolio

Portfolio Formation - how do we customize

At Valcreate we follow a customized approach to portfolio management. We AVOID Model Portfolio approach

How do we customize• TIME

• We appreciate the fact that investors come in at different points in time• At every stage, investment choices may be different as valuations may change• Business outlook and scenarios may change• There could be new stock ideas

• PROFILE• Investor profile and risk outlook differs• There are horses for courses• Some stocks may be suitable for high risk investors and some for conservative• Further there are stock restrictions as well for investors

Willingness to sit on cash – If we find most market expensive or no new ideas coming through

Personalised attention by portfolio manager to each portfolio

Fund manager’s career track record

Career success stories of the fund manager – Multibaggers identified by the fund manager

* Past performance may not be an indicator of future performance

Aarti Industries (33X) and Aurobindo (41X) have been massive multi-baggers

- 1 2 3 4 5 6 7 8

Jyothi Lab

Tata Chem

KEC

Wim Plast Ltd

Neuland

APL Apollo

Indoco Remedies

Sun Pharma

Savita Oil

Burger Paints

Voltas

Natco Pharma

Divis

IPCA

Ramco Industries

Multiple (number of times of initial holding value) at exit

0% 20% 40% 60% 80% 100% 120% 140% 160% 180%

Savita Oil

Divis

Sun Pharma

Natco Pharma

Jyothi Lab

Tata Chem

IPCA

KEC

Wim Plast Ltd

Neuland

Voltas

APL Apollo

Burger Paints

Indoco Remedies

Ramco Industries

CAGR till Sep 30, 16/ current

Wealth creator identified by the fund manager – Aarti Industries

In 2006 Aarti Industries was already an established speciality chemicals company

Promoters had expertise, were passionate about the business and had set up a highly integrated plant

Company had strong relationships with MNC clients. It was leader in products even in which Chinese were big players

Was a global leader in many specialty chemicals, had a multistep value chain which was not replicable

Commanded a cost-plus pricing due to its integrated setup, reputation and service

Company had strong profitability, recovering ROEs in an industry where others were bleeding.

Company was on a growth path with business expanding by 20-25% p.a.

It was trading at 5X P/E due to perception issue and lack of interest

Selection– Cheap future valuation, strong long-term growth, reasonable returns and good ownership structure

Aarti Industries – how the fund manager identified a massive wealth creator –stock has been a 100 bagger from the lows !

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EPS Stock Price

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Wealth creator identified by the fund manager - Divis Labs

Was an established pharma contract manufacturing company

Company was seeing continuous growth in business

It had strong relationships with clients

Manufacturing had a quick turnaround time of business – ability to scale up in a short period

High growth, ROEs, ROCEs and cashflows. Balance sheet had net cash

Owner was passionate about business and it had a good corporate governance

There was a perception mismatch due to low information on the company

Selection– Company was trading relatively cheap v/s long term growth rates, reasonable returns and good ownership structure

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01-01-2004 01-01-2005 01-01-2006 01-01-2007 01-01-2008 01-01-2009 01-01-2010 01-01-2011 01-01-2012 01-01-2013 01-01-2014 01-01-2015 01-01-2016 01-01-2017 01-01-2018 01-01-2019

*DIVIS LABS

Buy price - first Growth phase and later Recovery

*There was no sell decision made till the last day/current day

Performance – Fund manager career track record till Oct 2016 (20-27% CAGR and beating benchmarks)

Source: www.mutualfundindia.com, www.moneycontrol.com, BSE, NSE

* Past performance may not be an indicator of future performance

0.00%

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1 year 2 year

L&T Emerging Business Fund (Co-managed)

Returns Benchmark - BSE SmallCap

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L&T Tax Saver Fund

Returns Benchmark - Nifty 50

Valcreate Growing India Strategy - themes

India continuing to grow for many years (FY21 to be an aberration due to Covid -19)

20 22 24 25 28 32 37 43 50 56 65 78 87

99 112

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153 170

190 204 195

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India GDP (current prices)(In Rs. Trillion)

Historical source: RBIEstimates by Niti Aayog

Indian GDP has been growing at a consistent pace

800

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PAT>100cr

[1] [2] Capitaline

[1]

[2]

And so is the corporate sector, as suggested by the increasing number of companies with PAT > 10, 50 & 100 Cr

Interest costs fall, economy strongly reboots with a lag

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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

10 yr G SEC Yield Vs GDP rate

Yield GDP

Fall in interest costs to be positive for future growth

As has been seen in the past, 2004, 2009 were inflexion points for a strong growth phase for the next few years

Fall in yields could give the Government more room to spend on capital expenditure projects including infrastructure

This could have a multiplier effect and create strong tail wind for GDP growth

Economic recovery from FY22 could be Government driven

C+I+G +(Net exports) = GDP

Government has target of 5 trillion $ economy

Government has plans to spend >Rs.111 trillion on infrastructure from 2020-2025

Roads sector would account for 18% of the above

Funding to be 39%:39%:22% between Central Government, State Government and Private sector

Government to drive road sector

Roads sector would see renewed traction post 2020 due to Government targets under Bharatmalaschemes (65,000 km)

(Km) [2]

Housing is a big theme which will keep unfolding

Housing Finance

• India still under-penetrated in lending products including mortgages, micro finance, consumer finance, vehicle finance

• High potential in housing finance due to housing shortage

• Affordable housing to see more funding

• Work from home to benefit residential demand

Building Materials

• With increasing per capita income levels, there is significant opportunity to replace un-organized sector

• GST and focus on digital payments likely to benefit organized sector

• Upgrading from lower end to higher end value added and premium products

• Work from home to be the new driver of demand

0%

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Plywood Laminate Ceramic

Building Material

Unorganized Organized

[1] HDFC[2] Bloomberg

[1]

[2]

Source:

10%

And so would healthcare, agri and exports

Healthcare

• India’s ageing population, unmet needs and increasing prevalence of lifestyle diseases

• Rising geriatric and paediatric population and relevant healthcare needs

• Higher penetration of health insurance, rising income levels and higher awareness/detection of diseases

[1] OECD [2] FAOSTAT

[1]

[2]

Source:

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Agriculture

• India has 16% of global population and 2.4% of global land mass

• India has one of the lowest soil yields globally

• Opportunity to improve soil productivity in India through hybrid seeds

• Increasing agrochemicals penetration in India through launch of new molecules including exclusivity/partnerships

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(hg/ha)

The Budget 2021 lays the roadmap for growth

Productive expenditure by the Government without any burden on common man

Healthcare expenditure has been more than doubled

Capital expenditure has grown from Rs.4.4 lakh crores to Rs.5.5 lakh crores

Government re-emphasised focus on National Infrastructure Pipeline

Clear intent on monetising brownfield infrastructure projects

Continued focus on Bharatmala road projects where 13,000 km has been awarded and another 8500 km to be awarded by March 22

Focus on creating AMC, ARC for taking over stressed assets of banks – can free room for further lending

Other areas such as city gas, power distribution, metro rail and freight corridors also get a leg up

Monetising of idle Government land to bridge revenue gaps

Higher productive expenditure at the cost of a slightly higher fiscal deficit shows clear Government intent on growing the economy

Equities earnings yields exceed 10-year GSEC yields – a case for being long term bullish

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Valcreate Life Sciences Strategy - themes

Strategy focused on niche businesses

Speciality pharma generics

(both finished products and ingredients)

Complex generics, first to

files, 505 (b)2, Biosimilars,

Speciality

Indian business focused on lifestyle and

chronic therapies

Diabetes, Oncology, Cardio, focused

market leaders

Contract research and

manufacturing

Pure play on CRAMS space

Speciality chemicals

High end Agrochemicals

markets

Multiple specialty

chemistries

Other areas may have some niche

opportunities

Independent speciality Hospitals

Hybrid Seeds

Animal health and vaccines

What we Avoid• Commodity pharma generics• Commodity chemicals• Domestic or ROW businesses purely

focused on trade generics /acute therapies / tender markets

What we avoid

Investible Space

Growth

ROI

We target high metrics for our investible space

India’s pharmaceutical spending and growth

*Source – Sun pharma AR18-19

India is a structural

growth market

•Increasing per capita income.•Growing penetration of health insurance.•Government thrust •Changing lifestyle, chronic ailments•Improving healthcare awareness•Information dissemination/detection •Rising geriatric and pediatric population

Nature of business is high margin, growth & ROCE

Some companies

are leadersin their

products for many years

High end and

established brands

Lifestyle therapies are fast growing

Domestic pharma market is a structural and high margin story

Contract research and manufacturing in pharma

Value chain across research and manufacturing has potential

Companies operating throughout the value chain

Cost efficiencies of Indian companies, non compete, patent protection, timely delivery and quality standards are key attractions for MNCs

High-quality long-term growth businesses with high returns on capital

Source :Siegfried

AgrochemicalsA

groc

hem

ica

ls is

2 fa

ced

op

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tuni

ty

Domestic branded

Driven by need for improving yields, reduce crop losses. India has 16% of global population and 2.4% of global

land mass

9(3) offers opportunity to launch products with differentiation and benefit for few years

Increasing farmer education, better technology and more sops by Government

International generics

Off-patent opportunity in huge and still untapped

Low cost manufacturing, sourcing

Dossier and registration capabilities

Growing opportunity due to crop losses and need for higher yield

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India World China US

(hg/ha)

Source:FAOSTAT

Source: Nufarm

The agrochemicals market is estimated to register a CAGR of 3.7% during the forecast period of 2019 -2024 and is projected to reach a market size of USD 269.7 billion, by the year 2022.

Speciality chemicals – focusing on value chains

China on the back foot – shift towards

lower cost countriesEurope has shut down

many facilities

Segments such as benzene, toluene, fluori

ne offer mega long-term visibility

Selected players have a structural trail and potential

Cost plus mechanism will

benefit most

Multistep processes and environment clearance are big

advantages

MNC relationships and long-term contracts give long visibility

Source : Aarti Industries

Divis Labs

• Reasons for purchase• A leading contract research and manufacturing

company • Global leadership in intermediates – e.g.

naproxen, dextromethorphan • High ROCE business• Cash rich balance sheet• Strong technocrat promoter• Was coming out of warning letter in 2ND half of

2018 – this was an opportunity to add• Compounding business, huge opportunity for

many years in the future

IPCA Labs

• Reasons for purchase• Fast growing domestic portfolio, with leadership

in malaria• Adding lifestyle therapies which has long term

business potential• Healthy global presence in branded generics• Growing API portfolio• Inherent strength in malaria with presence in

tender markets• Tailwind was not being adequately captured in

valuations due to impact of USFDA issues on perception

• Further upside continues with potential clearance by USFDA

Two examples of multi-bagger returns (in 2 years) in Valcreate portfolios

Valcreate Income and Growth Strategy - details

We offer 2 options for investors

Income and Growth Strategy

Income and capital preservation

This is a safer option which invests in bonds to maturity

Income and Growth option

In this option, we invest in bonds and equity (max.50%) with the objective of income

as well as growth for the investor

Income and capital preservation

Within this option, we have 2 choices for

investors

1. Generate regular income by paying out

the interest

Payout would be driven by interest

Frequency of payout is determined by

investor

2. Reinvestment option by reinvesting the

interest.

Coupon is reinvested

Re-investment is back into bonds or liquid

funds until minimum balance available for

bonds investment

Bonds held to maturity No capital loss

100% invested in diversified portfolio of 5-10 bonds of various

issuers

Income and growth

Within this option, we have 2 choices for investors

1. Generate regular income by paying out the interest

Payout would be driven by interest

Frequency of payout is determined by investor

2. Reinvestment option by reinvesting the interest.

Coupon is reinvested

Re-investment is back into bonds/equity or liquid funds until minimum

balance available for bonds investment

Investing in a mix of bonds/equity (max 50%) –

5-10 of each bonds and equity shares

Capital gains and growth is the target along with

income option

Equity portion can invest in large-cap and midcap

depending upon investor risk appetite

Key points to note

Bonds appreciate/depreciate in the time till maturity but go back to face value on maturity which gets repaid

For lower risk appetite, we would invest in AA+ and above bonds and for higher risk appetite we will invest in higher yielding bonds

Selection of bonds would depend upon type of issue, collateral structure and internal credit quality assessment by Valcreate

Overall return to investor would be the yield

Key risks are same as any investment – liquidity, interest rate, equity market risk

Our strengths – your inhouse wealth manager

Customised portfolios – All bonds purchased would be based on risk appetite/objective of each investor. No model portfolio.

Customer is the end owner – all securities in his/her demat account

Customer has access to investment team including fund manager and can discuss rationale/queries on investments made

Experienced investment team including 25 years of experience of the fund manager in markets

Our existing portfolio

Valcreate Awards and Achievements

Valcreate Awards and Achievements

Valcreate Life Sciences was no. 1 strategy in 1 year category over many months in 2020 starting April 2020 as per PMS Bazaar (out of >250 strategies in India)

Valcreate Growing India was among the top 10 in 1 year category for many months in 2020 starting Arpil 2020 as per PMS Bazaar (out of >250 strategies in India)

Rajesh Pherwani awarded the Indian Achievers’ Award 2020-21 by the Indian Achievers Forum

Top quartile performance of all the funds managed by Rajesh Pherwani during his mutual fund career (at the time of exit)

Multi-bagger stocks identified throughout the career with some having created massive wealth over the years

Disclaimer

Disclaimer: This presentation has been prepared and issued on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this document is for general purposes only and not a complete disclosure of every material fact and terms and conditions. The information / data herein alone is not sufficient and shouldn’t be used for the development or implementation of an investment strategy. It should not be construed as investment advice to any party. All opinions, figures, charts/graphs, estimates and data included in this presentation are as on date and are subject to change without notice. While utmost care has been exercised while preparing this document, Valcreate Investment Managers LLP does not warrant the completeness or accuracy of the information and disclaims all liabilities, losses and damages arising out of the use of this information. The statements contained herein may include statements of future expectations and other forward-looking statements that are based on our current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Readers shall be fully responsible / liable for any decision taken on the basis of this presentation. No part of this document may be duplicated in whole or in part in any form and/or redistributed without prior written consent of the Valcreate Investment Managers LLP. Readers should before investing in the Strategy make their own investigation and seek appropriate professional advice. Investments in Securities are subject to market and other risks and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. Clients under Portfolio Management Services are not being offered any guaranteed/assured returns. Past performance of the Portfolio Manager does not indicate the future performance of any of the strategies. The name of the Strategies do not in any manner indicate their prospects or return. The strategy may not be suited to all categories of investors. The material is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Neither Valcreate Investment Managers LLP (VCIM LLP), nor any person connected with it, accepts any liability arising from the use of this material. The recipient of this material should rely on their investigations and take their own professional advice. Opinions, if any, expressed are our opinions as of the date of appearing on this material only. While we endeavor to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. The Portfolio Manager is not responsible for any loss or shortfall resulting from the operation of the strategy. Recipient shall understand that the aforementioned statements cannot disclose all the risks and characteristics. The recipient is requested to take into consideration all the risk factors including their financial condition, suitability to risk return, etc. and take professional advice before investing. As with any investment in securities, the Value of the portfolio under management may go up or down depending on the various factors and forces affecting the capital market. Disclosure Document shall be read carefully before executing the PMS agreement . Prospective investors and others are cautioned that any forward - looking statements are not predictions and may be subject to change without notice. For tax consequences, each investor is advised to consult his / her own professional tax advisor. This document is not for public distribution and has been furnished solely for information and must not be reproduced or redistributed to any other person. Persons into whose possession this document may come are required to observe these restrictions. No part of this material may be duplicated in any form and/or redistributed without VCIM LLP’s prior written consent. Distribution Restrictions – This material should not be circulated in countries where restrictions exist on soliciting business from potential clients residing in such countries. Recipients of this material should inform themselves about and observe any such restrictions. Recipients shall be solely liable for any liability incurred by them in this regard and will indemnify VCIM LLP for any liability it may incur in this respect.