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) - 11.2848Motilal Oswal Dynamic Fund (Div-Q) - 11.1438Motilal Oswal Dynamic Fund (G) - 11.6921Motilal Oswal Dynamic Fund-Dir (Div-A) - 11.5896Motilal Oswal Dynamic Fund-Dir (Div-Q) - 11.4078Motilal Oswal Dynamic Fund-Dir (G) - 11.9708Motilal Oswal Equity Hybrid Fund - Direct (G) - 9.7073Motilal Oswal Equity Hybrid Fund - Regular (G) - 9.6829Motilal Oswal Focused 25 Fund - Direct (D) - 16.3066Motilal Oswal Focused 25 Fund - Direct (G) - 21.5092Motilal Oswal Focused 25 Fund (D) - 14.892Motilal Oswal Focused 25 Fund (G) - 19.9065Motilal Oswal Long Term Equity Fund (D) - 14.5206Motilal Oswal Long Term Equity Fund (G) - 16.0704Motilal Oswal Long Term Equity Fund -Dir (D) - 15.3575Motilal Oswal Long Term Equity Fund -Dir (G) - 16.928Motilal Oswal Midcap 30 Fund (D) - 18.4678Motilal Oswal Midcap 30 Fund (G) - 23.2381Motilal Oswal Midcap 30 Fund-Dir (D) - 19.7679Motilal Oswal Midcap 30 Fund-Dir (G) - 24.6696Motilal Oswal Multicap 35 Fund (D) - 22.1253Motilal Oswal Multicap 35 Fund (G) - 24.062Motilal Oswal Multicap 35 Fund-Dir(D) - 23.1943Motilal Oswal Multicap 35 Fund-Dir(G) - 25.144Motilal Oswal Ultra Short Term Fund - Dir (Div-D) - 9.4816Motilal Oswal Ultra Short Term Fund - Dir (Div-F) - 9.4994Motilal Oswal Ultra Short Term Fund - Dir (Div-M) - 9.4885Motilal Oswal Ultra Short Term Fund - Dir (Div-Q) - 9.6249Motilal Oswal Ultra Short Term Fund - Dir (Div-W) - 9.4922Motilal Oswal Ultra Short Term Fund - Dir (G) - 13.4348Motilal Oswal Ultra Short Term Fund (Div-D) - 9.4885Motilal Oswal Ultra Short Term Fund (Div-F) - 9.495Motilal Oswal Ultra Short Term Fund (Div-M) - 9.4856Motilal Oswal Ultra Short Term Fund (Div-Q) - 9.6235Motilal Oswal Ultra Short Term Fund (Div-W) - 9.4885Motilal Oswal Ultra Short Term Fund (G) - 13.0642

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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