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 5 Year G-Sec Fund of Fund (G) - 10.0277Motilal Oswal Asset Allocation Passive Fund of Fund – Aggressive (G) - 11.5825Motilal Oswal Asset Allocation Passive Fund of Fund – Aggressive-Dir (G) - 11.6214Motilal Oswal Asset Allocation Passive Fund of Fund – Conservative (G) - 11.0987Motilal Oswal Asset Allocation Passive Fund of Fund – Conservative-Dir(G) - 11.1404Motilal Oswal Dynamic Fund (Div-A) - 14.2282Motilal Oswal Dynamic Fund (Div-Q) - 12.345Motilal Oswal Dynamic Fund (G) - 15.7Motilal Oswal Dynamic Fund-Dir (Div-A) - 14.4666Motilal Oswal Dynamic Fund-Dir (Div-Q) - 12.5737Motilal Oswal Dynamic Fund-Dir (G) - 16.6457Motilal Oswal Equity Hybrid Fund - Direct (G) - 16.4498Motilal Oswal Equity Hybrid Fund - Regular (G) - 15.6495Motilal Oswal Flexi Cap Fund(D) - 27.1399Motilal Oswal Flexi Cap Fund(G) - 36.1049Motilal Oswal Flexi Cap Fund-Dir(D) - 27.2458Motilal Oswal Flexi Cap Fund-Dir(G) - 38.7521Motilal Oswal Focused 25 Fund - Direct (D) - 22.5303Motilal Oswal Focused 25 Fund - Direct (G) - 38.4866Motilal Oswal Focused 25 Fund (D) - 20.1758Motilal Oswal Focused 25 Fund (G) - 34.3763Motilal Oswal Large and Midcap Fund - Dir (D) - 17.1791Motilal Oswal Large and Midcap Fund - Dir (G) - 17.1936Motilal Oswal Large and Midcap Fund (D) - 16.5971Motilal Oswal Large and Midcap Fund (G) - 16.5971Motilal Oswal Liquid Fund - Direct (Div-D) RI - 10.0077Motilal Oswal Liquid Fund - Direct (Div-F) RI - 10.0043Motilal Oswal Liquid Fund - Direct (Div-M) - 10.0528Motilal Oswal Liquid Fund - Direct (Div-Q) - 10.026Motilal Oswal Liquid Fund - Direct (Div-W) RI - 10.0058Motilal Oswal Liquid Fund - Direct (G) - 11.2259Motilal Oswal Liquid Fund - Regular (Div-D) RI - 10.0055Motilal Oswal Liquid Fund - Regular (Div-F) RI - 10.0042Motilal Oswal Liquid Fund - Regular (Div-M) - 10.0515Motilal Oswal Liquid Fund - Regular (Div-Q) - 10.025Motilal Oswal Liquid Fund - Regular (Div-W) RI - 10.013Motilal Oswal Liquid Fund - Regular (G) - 11.178Motilal Oswal Long Term Equity Fund (D) - 21.2113Motilal Oswal Long Term Equity Fund (G) - 27.0014Motilal Oswal Long Term Equity Fund -Dir (D) - 25.3449Motilal Oswal Long Term Equity Fund -Dir (G) - 29.5712Motilal Oswal Midcap 30 Fund (D) - 26.462Motilal Oswal Midcap 30 Fund (G) - 43.3168Motilal Oswal Midcap 30 Fund-Dir (D) - 27.4366Motilal Oswal Midcap 30 Fund-Dir (G) - 47.6367Motilal Oswal Multi Asset Fund - Direct (G) - 11.0357Motilal Oswal Multi Asset Fund (G) - 10.8345Motilal Oswal Nasdaq 100 FOF - Direct (G) - 24.2465Motilal Oswal Nasdaq 100 FOF - Regular (G) - 23.9667Motilal Oswal Nifty 50 Index Fund - Direct (G) - 15.0498Motilal Oswal Nifty 50 Index Fund (G) - 14.9346Motilal Oswal Nifty 500 Fund - Direct (G) - 17.3864Motilal Oswal Nifty 500 Fund (G) - 17.1473Motilal Oswal Nifty Bank Index Fund - Direct (G) - 14.6152Motilal Oswal Nifty Bank Index Fund (G) - 14.4152Motilal Oswal Nifty Midcap 150 Index Fund (G) - 20.2464Motilal Oswal Nifty Midcap 150 Index Fund-Dir (G) - 20.5437Motilal Oswal Nifty Next 50 Index Fund - Dir (G) - 14.8476Motilal Oswal Nifty Next 50 Index Fund (G) - 14.6674Motilal Oswal Nifty Smallcap 250 Index Fund (G) - 20.7092Motilal Oswal Nifty Smallcap 250 Index Fund-Dir(G) - 21.0056Motilal Oswal S&P 500 Index Fund - Direct (G) - 15.4219Motilal Oswal S&P 500 Index Fund (G) - 15.2694Motilal Oswal Ultra Short Term Fund - Dir (Div-D) - 10.0245Motilal Oswal Ultra Short Term Fund - Dir (Div-F) - 10.0484Motilal Oswal Ultra Short Term Fund - Dir (Div-M) - 10.0316Motilal Oswal Ultra Short Term Fund - Dir (Div-Q) - 10.176Motilal Oswal Ultra Short Term Fund - Dir (Div-W) - 10.0357Motilal Oswal Ultra Short Term Fund - Dir (G) - 14.2037Motilal Oswal Ultra Short Term Fund (Div-D) - 9.9629Motilal Oswal Ultra Short Term Fund (Div-F) - 9.9737Motilal Oswal Ultra Short Term Fund (Div-M) - 9.9634Motilal Oswal Ultra Short Term Fund (Div-Q) - 10.1082Motilal Oswal Ultra Short Term Fund (Div-W) - 9.9665Motilal Oswal Ultra Short Term Fund (G) - 13.7219

Buy Right, Sit Tight

Knowledge Center Buy Right Sit Tight

Buying quality companies and riding their growth cycle

Motilal Oswal AMC


Motilal Oswal Asset Management Company (MOAMC) is one of India's fastest growing asset management companies.

With a focus on equity investing and equity investment expertise inherited from over 30 years of capital markets experience of our sponsors Motilal Oswal Securities Ltd., we have created a single investing philosophy that drives all our equity products; be it Mutual Fund (MF) or Portfolio Management Services (PMS).

Like our investing philosophy, our product basket is also focused with concentrated 'buy and hold' PMS Strategies and Mutual Fund schemes in the Large Cap, Midcap and Multi cap space respectively.

Our  Value Strategy is one of the longest running products in PMS with a track record of 15 years. And our MF offerings come with unique features such as “Low Churn” and “Focused” portfolios.

With an investment management team of 21; we aim to be seen as an investment management house focused on wholesaling through marquee distribution platforms and strong relationships, backed by performance track record.



Buy Right : Sit Tight

Our Investment Philosophy

At Motilal Oswal Asset Management Company (MOAMC), our investment philosophy is centered on two critical pillars of equity investing – 'Buy Right: Sit Tight'. 'Buy Right' means buying quality companies at a reasonable price and 'Sit Tight' means staying invested in them for a long time to realize the full growth potential of the stocks.





Data as on September 30, 2021
Past performance may or may not be sustained in future.
 
Buy Right

How do we 'Buy Right' ?

Over the last 19 years, our chairman, Raamdeo Agrawal (one of India's foremost value investors) has been analyzing the Indian equity market to come up with investing insights in the form of the Annual Motilal Oswal Wealth Creation Study. The learnings from all these studies have helped us evolve a unique and focused investing process  - 'QGLP'.

Every stock we buy in our Mutual Fund Schemes or PMS Strategies is based on our QGLP parameters.

Performance of QGLP stocks

Here are a few more examples that show how QGLP stocks have fared in terms of compounded annual growth return (CAGR) over the last 20 years or since listing; whichever is later.



The Stocks mentioned herein are used to explain the concept and is for illustration purpose only and should not be used for the development or implementation of an investment strategy. It should not be construed as investment advice to any party. The stocks may or may not be part of our portfolio/strategy/ schemes. Past performance may or may not be sustained in future.

Source: Capital IQ | Data as on October 13, 2021

Sit Tight

How do we 'Sit Tight' ?

While Buying Right is all about following a process, Sitting Tight on a good buy requires Focus & Discipline.

Buy and Hold: We believe in focused stock portfolios and are strictly buy and hold investors and believe that while picking the right business needs skill; holding onto these businesses to enable our investors to benefit from the entire growth cycle needs even more skill.

Focus: Our portfolios are high conviction portfolios with 20 to 25 stocks being our ideal number. We believe in adequate diversification as over-diversification results in diluting returns for our investors and adding market risk.


Buy & Hold

If you had invested Rs. 100 in the Sensex in 1979, your investment would have multiplied to Rs. 9,049 with dividend and to Rs. 6,073 without dividend



Source: ACE MF | Data as on October 13, 2021

The graph above is used to explain the concept and is for illustration purpose only and should not be used for the development or implementation of an investment strategy. It should not be construed as investment advice to any party. The above figures are inflation adjusted.


Focused Portfolio

Diversification beyond your control becomes unmanageable and adds no value to your portfolio. Over diversification can impact the overall performance of your portfolio. As in case of most portfolios, the top 5 good quality stocks contribute 80% of overall performance of your portfolio while the rest 20% is contributed by bad quality stocks.




Q


Quality

"Great companies to invest are like wonderful castles, surrounded by deep, dangerous moats where the leader inside is an honest and decent person. Preferably, the castle gets its strength from the genius inside; the moat is permanent and acts as a powerful deterrent to those considering an attack; and inside, the leader makes gold but doesn't keep it all for himself.”  



There are two aspects to Q: (1) Quality of business and (2) Quality of management. The relationship between the two is multiplicative and not additive. Thus, if one of the aspects is zero, Q will be equal to zero, no matter how high the other.
Quality is a subjective concept, and yet there are several objective indicators of the same, as listed below:


Q INDICATORS


G


Growth

"Growth creates value only when it takes place within the limits of a strong and sustainable company franchise, and these are rare.” 



In investing, there are two dimensions of growth: (1) Earnings growth and (2) Valuation growth. The G of QGLP addresses earnings growth, whereas the P(rice) takes care of the Valuation growth.

Earnings growth by itself doesn't mean much. It adds value only when the company earns returns on capital higher than the cost of capital. Hence, growth is simply an amplifier: good when returns exceed the cost of capital, bad when returns are below the cost of capital, and neutral when returns equal the cost of capital.


In the final analysis, G (i.e. earnings growth in a company) is a quantitative reflection of Q (i.e. quality of business and management). G has four dimensions:
 
  1. Volume growth - a function of demand growth matched by company's capacity to supply
  2.  
  3. Price growth - a function of company's pricing power, which in turn is a function of the competitive landscape
  4.  
  5. Operating leverage - a function of the company's operating cost structure. Higher the fixed cost, lower the unit cost incidence and higher the operating leverage
  6.  
  7. Financial Leverage - a function of capital structure. Higher the debt-equity, higher the financial leverage and vice versa
  8.  



L


Longevity

"We like great companies with dominant positions, whose franchise is hard to duplicate and has tremendous staying power or some permanence to it.”  


Having established the present quality and earnings growth of the company, the next challenge to investors is assessing how long it can sustain both. In the context of longevity, competence of management is tested at two levels:
 (1) Extending CAP (i.e. Competitive Advantage Period), and
 (2) Delaying growth slowdown.


Extending CAP: Competitive Advantage Period (CAP) is the time during which a company generates returns on investment that exceed its cost of capital. Competition eventually drives down returns to cost of capital, and sometimes even below it. However, a company with a great business and great management keeps extending its CAP, sustaining high return both for itself and its equity investors.

Delaying growth slowdown: Competent managements can delay growth slowdown by
(1) new streams of organic growth, and/or
(2) inorganic growth via judicious acquisitions.



P

Price

"In the Bible, it says that love covers a multitude of sins. Well, in the investing field, price covers a multitude of mistakes. For human beings, there is no substitute for love. For investing there is no substitute for paying the right price – absolutely none.”



Growth in stock price is a multiplicative function of growth in earnings and growth in valuation. The simplest way to improve the odds of valuation growth is by ensuring favorable purchase price.
The price of a stock has to be seen in conjunction with the value it offers. Price is what we pay; value is what we get. Therefore, stock prices are attractive only when they are less than the value perceived in the stock.
A simple rule of thumb of favorable purchase price is low P/E, preferably single-digit. However, in certain situations, low P/E may not be the sole determinant of favorable price e.g. during bottom-of-the-cycle, earnings of cyclical stocks are depressed leading to high P/Es; likewise, where companies are expected to turn from loss to profit, current P/E cannot be calculated.





Mutual Funds

For whom: Our equity expertise can be accessed by individual investors with an approach to long term savings through our Mutual Fund products for as low as Rs. 500 through a systematic investment plan (SIP).
Benefits: Our Mutual Fund Schemes pass through a rigorous investment process with an aim to deliver consistent performance. Investments in the Schemes can also be conveniently done online. As an investment house, since we have only one investment philosophy, we aim to keep life simple for us and our investors by having a focused menu of equity funds – one large cap, one midcap, one multi cap, one tax saver fund and one dynamic fund.

Our Funds

Motilal Oswal Focused 25 Fund (MOF25)
Invests in enduring wealth creators

Motilal Oswal Midcap 30 Fund (MOF30)
Invests in emerging wealth creators

Motilal Oswal Multicap 35 Fund (MOF35) 
Invests in emerging and enduring wealth creators

Motilal Oswal Long Term Equity Fund (MOFLTE)
Lock in fund that invests in wealth creators plus saves tax 

Motilal Oswal Dynamic Fund (MOFDYNAMIC)
Invest in equity, derivatives and debt instruments

Motilal Oswal Liquid Fund (MOFLF)
Invest in money market securities

Motilal Oswal Nasdaq 100 Fund of Fund (MOFN100FOF)
Invests in units of Motilal Oswal Nasdaq 100 ETF

Benefits of our Funds



Portfolio Management Services


For whom: Our PMS products are meant for financially savvy high net worth individuals (HNIs) who wish to utilize our expertise in building a portfolio of high quality companies or who have a large portfolio of stocks but lack the bandwidth to monitor them.

Benefits: With our Portfolio Management Services one can build an equity portfolio in the large cap and midcap segment with highly personalized service. Also, the 'Buy Right : Sit Tight' approach results in low churn in our portfolios and makes the costing of our Portfolio Management Services very attractive.


Our Strategies

Value Strategy
Concentrated large cap portfolio with only 20-25 stocks

Next Trillion Dollar Opportunity Strategy
Concentrated Diversified portfolio with around 25 stocks

India Opportunity Portfolio Strategy
Concentrated Small & Mid cap portfolio with around 20 stocks

India Opportunity Portfolio V2 Strategy
Concentrated Small & Mid cap portfolio with around 20 stocks

Business Opportunities Strategy
Concentrated Multi cap Portfolio with around 25 stocks

Focused Midcap Strategy
Concentrated Mid cap Portfolio with around 25 stocks

Benefits of our Strategies



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