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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Motilal Oswal Dynamic Fund (Div-A) - 11.4049Motilal Oswal Dynamic Fund (Div-Q) - 10.9634Motilal Oswal Dynamic Fund (G) - 11.8166Motilal Oswal Dynamic Fund-Dir (Div-A) - 11.7355Motilal Oswal Dynamic Fund-Dir (Div-Q) - 11.2523Motilal Oswal Dynamic Fund-Dir (G) - 12.1214Motilal Oswal Equity Hybrid Fund - Direct (G) - 9.9298Motilal Oswal Equity Hybrid Fund - Regular (G) - 9.874Motilal Oswal Focused 25 Fund - Direct (D) - 16.6153Motilal Oswal Focused 25 Fund - Direct (G) - 21.9164Motilal Oswal Focused 25 Fund (D) - 15.1384Motilal Oswal Focused 25 Fund (G) - 20.2359Motilal Oswal Liquid Fund - Direct (G) - 10.059Motilal Oswal Liquid Fund - Regular (G) - 10.0576Motilal Oswal Long Term Equity Fund (D) - 14.6081Motilal Oswal Long Term Equity Fund (G) - 16.1673Motilal Oswal Long Term Equity Fund -Dir (D) - 15.4849Motilal Oswal Long Term Equity Fund -Dir (G) - 17.0683Motilal Oswal Midcap 30 Fund (D) - 18.6225Motilal Oswal Midcap 30 Fund (G) - 23.4328Motilal Oswal Midcap 30 Fund-Dir (D) - 19.981Motilal Oswal Midcap 30 Fund-Dir (G) - 24.9355Motilal Oswal Multicap 35 Fund (D) - 22.5917Motilal Oswal Multicap 35 Fund (G) - 24.5692Motilal Oswal Multicap 35 Fund-Dir(D) - 23.7282Motilal Oswal Multicap 35 Fund-Dir(G) - 25.7228Motilal Oswal Nasdaq 100 FOF - Direct (G) - 10.1296Motilal Oswal Nasdaq 100 FOF - Regular (G) - 10.1234Motilal Oswal Ultra Short Term Fund - Dir (Div-D) - 8.8554Motilal Oswal Ultra Short Term Fund - Dir (Div-F) - 8.872Motilal Oswal Ultra Short Term Fund - Dir (Div-M) - 8.8618Motilal Oswal Ultra Short Term Fund - Dir (Div-Q) - 8.9891Motilal Oswal Ultra Short Term Fund - Dir (Div-W) - 8.8652Motilal Oswal Ultra Short Term Fund - Dir (G) - 12.5474Motilal Oswal Ultra Short Term Fund (Div-D) - 8.8616Motilal Oswal Ultra Short Term Fund (Div-F) - 8.8678Motilal Oswal Ultra Short Term Fund (Div-M) - 8.859Motilal Oswal Ultra Short Term Fund (Div-Q) - 8.9878Motilal Oswal Ultra Short Term Fund (Div-W) - 8.8617Motilal Oswal Ultra Short Term Fund (G) - 12.2012

Fund Manager’s Speak

About us Fund Manager’s Speak

Mr. Gautam Sinha Roy - Fund Manager, MF

Mr. Gautam Sinha Roy

As a growth-oriented investor in Indian equities, we face a set of unique situations currently:

  • On one hand India is widely expected to be one of the fastest growing countries globally in the next 2-3 years. On the other hand the reported earnings of India Inc has been de-growing in the last half of 2015.

Reported inflation numbers have come down drastically (the latest reported WPI print was negative). (Source: Govt. of India, Ministry of Commerce). However, the interest rate trajectory is yet to nose-dive.

  • Meanwhile the index and prices of most stocks continue to march upwards. In the absence of any earnings growth acceleration, this implies that valuations for many stocks are sky-rocketing. This leads to the obvious question- “ is this yet another hope rally”?

Given this environment, how do we position ourselves as investors and how do we manage the over-valuation risk?

I believe that there are a few factors which we as investors are leveraging on to manage our portfolios in this market environment:

  • While earnings growth has not happened yet, we believe that the factors leading to growth acceleration are falling in place as we speak- lower crude prices, coal reforms being actioned, mending fiscal, policy front seeing long awaited movement etc. Hence, this is a case of postponement of earnings only- they should eventually come.
  • The rate cycle has begun its downward trajectory- and this is likely to build-up as the year progresses.
  • We continue to focus on high Quality stocks irrespective of the broader markets. These are essentially businesses which have extremely strong economic moats which means that the Longevity of quality and growth is pretty high. And these are the parameters (QGLP) on which we keep re-evaluating our stocks to test whether current valuations are appropriate, and act accordingly.
  • Also, we keep looking out for ideas which fit the bill on our evaluation framework. The Indian packaged food market is growing at robust 15%+ compounded rate, within which the $6Bn Biscuits market is very well positioned to premiumize aggressively. Within this, we have been on the lookout for (a) an extremely strong management team which is emphasizing on profitably enhancement and growth, (b) a well entrenched food brand in India, which is finally being utilized and (c) benign outlook for raw material inflation which should aid margins. And all this available at a PER in line with the consumer sector for a sector beating RoE as well as earnings growth expectation.

Mutual fund investments are subject to market risks, read all scheme related documents carefully.

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