Motilal Oswal Asset Management Company Ltd. (MOAMC) is a public limited company incorporated under the Companies Act, 1956 on November 14, 2008, having its Registered Office at 10th Floor, Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai - 400025.
Motilal Oswal Asset Management Company Ltd. has been appointed as the Investment Manager to Motilal Oswal Mutual Fund by the Trustee vide Investment Management Agreement (IMA) dated May 21, 2009, executed between Motilal Oswal Trustee Company Ltd. and Motilal Oswal Asset Management Company Ltd.
 
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Chairman’s Speak

About us Chairman’s Speak

Mr. Raamdeo Agrawal - Chairman, Motilal Oswal AMC

Mr. Raamdeo Agrawal

Motilal Oswal Asset Management – Buy Right Sit Tight Insights – July 2015

Dear investor friends,

I am pleased to present the first edition of our “Buy Right Sit Tight Insights”. Here, we will share with you our investment insights and other ideas which we believe are relevant to the world of equity investing.

This being our first edition, I would greatly appreciate your feedback and suggestions for improvement. Please email the same to insights@motilaloswal.com.

To set the tone for future editions of such letters, we choose to cover in this first edition the importance of having an investment philosophy in equities.

Investment philosophy in equities
 
Investment philosophy is a way to say “No” to many things in the stock market and “Yes” to a few things which conform to the philosophy.

In the Indian stock market, about 2,000 stocks are actively traded out of 5,000 listed stocks. Most portfolios have anywhere between 15-100 stocks. So there has to be an “effective filter” to block the rest 4,900 stocks. Such a filter (i.e. investment philosophy) has to represent the investor’s thinking on intrinsic value of stocks. Because, every form of investing is about finding reasonable gap between value and price, popularly called Margin of Safety.

If there are a million players in the market, there are a million ways of investing. Those players with a sound investment philosophy are likely to deliver superior performance over time. A successful investment philosophy should be common-sensical and logical in capturing all the facets of value created by a company. This is because in investing, price is known to all but value to a select few. And just as a reminder, there is a distinct difference between price and value, particularly in the stock market – Price is what you pay, value is what you get.

In the long run, investors can make only as much money as the company itself makes. Since equity investing is a lot about the future, the investment philosophy must help practitioners estimate value of companies long into the future.
 
Framing one’s investment philosophy
 
Framing one’s investment philosophy is a long-drawn process and goes through several iterations. We have seen leading investors world over evolve their philosophy over time, and in some cases even change track significantly e.g. from deep value investing based largely on tangible assets to valuations based on intangibles as well.

In India, mutual funds is a sunrise industry with a history of just about two decades. In the early years, no clear investment philosophy was visible. But as the industry grew and the corpus increased, we are now seeing distinct styles of investing emerge

On MOAMC’s investment philosophy – QGLP
 
At Motilal Oswal Asset Management Company (MOAMC), we have positioned ourselves around QUALITY. We look for companies with high quality of business, run by top-class management, robust earnings growth with longevity, bought at reasonable price (QGLP in short; for details, visit our website www.motilaloswalmf.com).

As a group, we have investing experience of 35 years in the Indian markets, including 13 years of investing public money. In the initial years, we did not even realize the need for a structured thought process for investing, matching with our DNA. Later, writings of leading global investors and academicians, and 19 Wealth Creation Studies (1996 to 2014) published by our own group helped crystallize our investment philosophy.

Armed with QGLP, we are now far more confident in the market place. Further, as this philosophy is simple, structured and coded, we believe we have quickly institutionalized it across the organization and our products.

Effectiveness of an investment philosophy is tested over a long period and across business and stock market cycles. QGLP, including its earlier versions, has been practiced for the last 13 years through our first PMS product, Value Strategy. The proof of the pudding is in the eating; we believe the effectiveness of the QGLP philosophy is reflected in the performance across our products (visit www.motilaloswalmf.com for more details on performance).

In conclusion …
 
We expect intelligent investors will either have their own investment philosophy or look for one before selecting their fund manager(s). Such philosophy should match with what the investors think is the right way to make money.

On our part, we remain committed to disciplined application of QGLP and continuous improvement in the process itself for the benefit of our investors.  We invite you to understand our process and participate in the exciting Wealth Creation journey.
 
Thanking you,
 
Raamdeo Agrawal
Chairman, Motilal Oswal AMC
 

Disclaimer
This bulletin has been issued to explain our investment philosophy. The information contained in this document is for general purposes only and should not be construed as investment advice to any party. Readers shall be fully responsible / liable for any decision taken on the basis of this bulletin. Past performance may or may not be sustained in the future. This bulletin is not for circulation in general and is meant for intended recipient only.
 
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

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