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NJ Equity PMSNJ Equity PMS

April 30th, 2016

Multi Cap PortfolioDynamic Stock Allocation Portfolio

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NJPMS ADVISORNJPMS ADVISORDETAILS OF

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Real Estate

ARTHVEDA FUND MANAGEMENT (AVFM)ARTHVEDA FUND MANAGEMENT (AVFM)

Fund Management Arm of DHFL Group Fund Management Arm of DHFL Group (NSE: DHFL, Rating: AAA by CARE)(NSE: DHFL, Rating: AAA by CARE)

DHFL Group: Leading Financial Services Group with AUM of > $14 bn

Housing Finance: DHFL (3rd largest housing finance company in India ), Aadhar (JV with IFC Washington, World Bank Subsidiary), First Blue Home Finance (Formerly Deutsche Bank Post Home Finance)

Mutual Fund: DHFL Pramerica Mutual Fund – JV between DHFL and Prudential Financial (NYSE: PRU). DPMF has acquired Deutsche Asset Management (India) in 2015.

Life Insurance: DHFL Pramerica Life Insurance – JV between DHFL and Prudential Financial (NYSE: PRU)

Asset Management: ArthVeda Fund Management (AVFM)

Other Financial Services: Educational loans through Avanse Financial Services

Traded Markets (ArthVeda Capital)

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ARTHVEDA CAPITALARTHVEDA CAPITAL

ArthVeda Capital, a global asset manager specializes in creating structured value investing strategies designed to generate high return with low risks for Ultra HNIs, Pension Funds and Family Offices

Value investing: followed by renowned investors like Warren Buffett, Peter Lynch, Ben Graham, John Templeton who have consistently multiplied capital by investing at a discount to intrinsic value

It has also been rigorously evaluated to generate excess returns by Nobel prize winners and academicians like Eugene Fama, Robert Shiller, French and others

The team at ArthVeda Capital through intense research and rigorous evaluation has distilled over the years, various value investing principles into a structured proprietary value investment strategy that broadly falls under the Smart Beta umbrella but consistently beats market and generates superior returns

Strategy model audited by Ernst & Young and Deloitte. Daily NAV’s live on Reuters for public tracking. Strategies deliver returns that beat indices, active funds and Smart Beta variants.

Value Investing

Smart AlephTM

Best In Class

Offering

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• Vikas is the inventor and architect of the Smart Aleph concept. He espouses a value-oriented investment philosophy, in the mold of Graham-Buffett.

• He has 20+ years of experience in research, strategy and operations in various CxO-level roles.• He formerly served as Professor and research faculty at IIT Kharagpur and University of California, Irvine. He

has a B.Tech from IIT Bombay and earned his Masters and Doctorate from Columbia University, New York.

• Varun is devising and rigorously analyzing and evaluating structured value-investing strategies.• He brings in nearly a decade of quantitative experience and a scientific approach to the value-chain of

investment strategy design, development and management. Previously, he has worked at ING and Masan group .

• He has a B.Tech from IIT Roorkee and earned his MBA from IIM Bangalore and EDHEC School of Business, France.

Ashwini Shami: Vice President & Senior Portfolio Manager

• Ashwini is managing portfolios, devising asset allocation and investment strategies.• He brings in more than a decade of experience in the financial services industry. Before ArthVeda, he was

working with Goldman Sachs as equity research analyst. His expertise lies in developing investment strategies to harvest returns by focusing on intrinsic business value.

• He has a B.Tech and M.Tech from IIT Bombay and earned his MBA from IIM Lucknow and Toulouse Business School, France.

Varun Sood: Vice President & Portfolio Manager

Dr. Vikas V. Gupta: Executive Vice President & Chief Investment Officer

INVESTMENT MANAGEMENT & RESEARCH TEAMINVESTMENT MANAGEMENT & RESEARCH TEAM

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• Viraj is developing investment products and evaluating investment strategies.• He brings in several years of experience in conducting fundamental investment research and maintenance

of portfolio models. Prior to ArthVeda, Viraj was working with J.P. Morgan as equity research analyst.• He has a B.Tech and M.Tech from IIT Bombay and earned his MBA from ISB Hyderabad.

Vishap Rana: Assistant Vice President & Investment Manager

Kshitij Gupta, CFA: Vice President & Portfolio Manager

• Vishap is analyzing investment strategies and assisting in product development.• He brings in several years of experience in investment banking and value-oriented investment research.

Earlier, he was working with European hedge fund, Shannonside Capital.• He has a B.Tech from IIT Roorkee and earned his MBA from XLRI Jamshedpur.

 Viraj Vajratkar: Assistant Vice President & Investment Manager

• Kshitij has many years of experience in financial service industry, including JP Morgan.

• He has a rich experience of performing equity research on stocks in emerging market

• Kshitij has a B.Tech & M.Tech from IIT Kharagpur and is a CFA charter holder

INVESTMENT MANAGEMENT & RESEARCH TEAMINVESTMENT MANAGEMENT & RESEARCH TEAM

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NJPMS MULTI CAP PORTFOLIONJPMS MULTI CAP PORTFOLIO

Adviced by

PRESENTING

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STRATEGY SNAPSHOTSTRATEGY SNAPSHOT

Note:The current fund philosophy may change in future depending on market conditions or fund manager’s views.

A strategy that seeks to achieve long term capital A strategy that seeks to achieve long term capital growth by investing in a select portfolio of best 25 growth by investing in a select portfolio of best 25 stocks from across the Indian equity market stocks from across the Indian equity market

STRATEGYSTRATEGY

INDIAN EQUITY MARKETINDIAN EQUITY MARKET

ULTRAULTRA

LARGELARGE

CAPCAP

UNIVERSEUNIVERSE

LARGELARGE

CAPCAP

UNIVERSEUNIVERSE

MIDMID

CAPCAP

UNIVERSEUNIVERSE

SMALLSMALL

CAPCAP

UNIVERSEUNIVERSE

BEST 25 INVESTMENT OPPORTUNITIESBEST 25 INVESTMENT OPPORTUNITIES

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VALUE-ORIENTED SMART ALEPHVALUE-ORIENTED SMART ALEPHTMTM FRAMEWORK FRAMEWORK

Smart Aleph: A patent pending sophisticated “discount to intrinsic value” (D2IV) investment framework

Value Characteristics OriginalityOriginality Character Patience

Value Investing Value Investing PhilosophyPhilosophy

Rules-based Rules-based FrameworkFramework

Preservation of Capital Margin of Safety Discount to Intrinsic

Value

Structured Value Investing Based on published

fundamentals Rigorous analysis &

evaluation

ArthVeda ArthVeda Smart Smart

AlephAlephTMTM

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STRATEGY CONSTRUCTSTRATEGY CONSTRUCT

Stable Businesses

Strong Balance Sheets

Value Creators

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MULTI CAP PORTFOLIOMULTI CAP PORTFOLIO

Strategy NJ Multi Cap Portfolio

Objective Long term capital appreciation with focus on return and safety

Benchmark Nifty 500

Universe Indian Equity Market

Selection criteria 25 stocks available at highest discounts to intrinsic value

Portfolio Allocation

Equi-weighted, 4% allocation to each stock at portfolio creation and rebalancing

Portfolio Review Annually rebalanced

# of Stocks in Portfolio

25 stocks

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8%4%

8%

4%

4%

8%

4%

16%8%

4%

32%

sub-title

Auto

Auto Ancillaries

Banks

Construction Project

Consumer Non Durables

Finance

Industrial Capital Goods

Minerals/Mining

Non - Ferrous Metals

Oil

Software

MODEL HOLDINGMODEL HOLDING

Please Note: These allocations are a part of the model Multi Cap Portfolio as on April 30th, 2016. These sectors may or may not be bought for new clients. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. The sectors mentioned above are only for the purpose of explaining the concept and should not be construed as recommendations.

SECTOR ALLOCATION

Source: ArthVeda Research; Internal

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1 year 3 years 5 years 10 years 12 years Since Inception

-5

0

5

10

15

20

25

30

9.41

26.72

15.14

19.24

24.64

27.94

-2.39

12.38

7.38 7.95

13.08

17.43

Multi Cap Portfolio Nifty 500

% R

etu

rns

PERFORMANCEPERFORMANCE

Disclaimer: The Above strategy returns are of Model Client as on April 30th, 2016. Returns of individual clients may differ depending on time of entry in the strategy. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. Strategy returns are shown above are post management fees. Transactions costs, service tax and other expenses have not been considered. Returns above 1 year are annualized. Returns have been calculated using back-tested data. Strategy returns comprises of price movements and reinvestment of dividends.

NJ Multi Cap Strategy is a mirror image of Arthveda AlphaPlus Extreme25

Strategy Inception date: Jan 3rd, 2003 Source: ArthVeda Research; Internal

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GROWTH OF Rs. 1 CROREGROWTH OF Rs. 1 CRORE

Strategy Inception date: Jan 3rd, 2003 Source: ArthVeda Research; Internal

1 year 3 years 5 years 10 years 12 years Since Inception

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

1.092.04 2.02

5.81

14.06

26.70

-0.981.42 1.43 2.15

4.37

8.51

Multi Cap Portfolio Nifty 500R

s. C

rore

s

Disclaimer: The Above strategy returns are of Model Client as on April 30th, 2016. Returns of individual clients may differ depending on time of entry in the strategy. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. Strategy returns are shown above are post management fees. Transactions costs, service tax and other expenses have not been considered. Returns above 1 year are annualized. Returns have been calculated using back-tested data. Strategy returns comprises of price movements and reinvestment of dividends.

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Adviced by Motilal Oswal AMC Ltd. NJ DYNAMIC STOCK NJ DYNAMIC STOCK

ALLOCATION PORTFOLIO (DSAP)ALLOCATION PORTFOLIO (DSAP)

PRESENTING

Equity PortfolioAdviced by

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PORTFOLIO OBJECTIVE PORTFOLIO OBJECTIVE

Provide long term capital Provide long term capital

appreciation with lower appreciation with lower

volatility through dynamically volatility through dynamically

managed portfolio of equity managed portfolio of equity

and debt securitiesand debt securities

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STRATEGY CONSTRUCTSTRATEGY CONSTRUCT

Equity Portfolio:

NJ Multi Cap Portfolio adviced by

Debt Portfolio:

Low maturity debt

funds

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PORTFOLIO POSITIONINGPORTFOLIO POSITIONING

We will tactically manage asset allocation to endeavor better risk adjusted return

Risk

Return

Dynamic Stock AllocationPortfolio

Debt Portfolio

EquityPortfolio

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DYNAMIC STOCK ALLOCATION PORTFOLIO - Characteristics DYNAMIC STOCK ALLOCATION PORTFOLIO - Characteristics

Our Process forecasts not just Our Process forecasts not just RETURNS, but also RETURNS, but also RISKRISK

When market risk is low, Portfolio is

Returns oriented

When market risk is high, Focus is on

Risk Reduction

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DYNAMIC STOCK ALLOCATION PORTFOLIODYNAMIC STOCK ALLOCATION PORTFOLIOCHARACTERISTICS CHARACTERISTICS

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Deciding Asset Allocation through quantitative analysis by a mathematical model

No reliance on instinct and emotions in the decision making process

Follows a disciplined rules-based investment approach and execution of model without deviations

Model is tested across various market cycles and long time horizons

Portfolio will invest in direct equities adviced by Arthveda and low maturity debt funds

DYNAMIC STOCK ALLOCATION PORTFOLIODYNAMIC STOCK ALLOCATION PORTFOLIOCHARACTERISTICS CHARACTERISTICS

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TIMELINE OF ASSET ALLOCATION CHANGESTIMELINE OF ASSET ALLOCATION CHANGES

Disclaimer: Above asset allocation changes have been implemented in the Dynamic Asset Allocation Portfolio which follows the same quant model. Period: July 2010 – April 2016.

Nift

y 50

0

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5%3%

5%

3%3%

5%

3%

35%

10%

5%

3%

21%

sub-title

Auto

Auto Ancillaries

Banks

Construction Project

Consumer Non Durables

Finance

Industrial Capital Goods

Liquid Fund

Minerals/Mining

Non - Ferrous Metals

Oil

Software

MODEL HOLDINGMODEL HOLDING

Please Note: These allocations are a part of the model Multi Cap Portfolio as on April 30th, 2016. These sectors may or may not be bought for new clients. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. The sectors mentioned above are only for the purpose of explaining the concept and should not be construed as recommendations.

SECTOR ALLOCATION

Source: ArthVeda Research; Internal

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1 year 3 years 5 years 10 years 12 years Since Inception

-5

0

5

10

15

20

25

30

35

10.48

26.73

15.52

22.81

26.87

30.02

-2.39

12.37

7.37 7.95

13.07

17.43

DSAP Nifty 500

% R

etu

rns

PERFORMANCEPERFORMANCE

Source: ArthVeda Research; InternalStrategy Inception date: Jan 3rd, 2003

Disclaimer: The Above strategy returns are of Model Client as on April 30th, 2016. Returns of individual clients may differ depending on time of entry in the strategy. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. Strategy returns are shown above are post management fees. Transactions costs, service tax and other expenses have not been considered. Returns above 1 year are annualized. Returns have been calculated using back-tested data. Strategy returns comprises of price movements and reinvestment of dividends.

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Source: ArthVeda Research; InternalStrategy Inception date: Jan 3rd, 2003

1 year 3 years 5 years 10 years 12 years Since Inception-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

1.10 2.04 2.06

7.82

17.42

33.11

-0.981.42 1.43 2.15

4.37

8.51

Dynamic Stock Allocation Portfolio Nifty 500R

s. C

rore

s

GROWTH OF Rs. 1 CROREGROWTH OF Rs. 1 CRORE

Disclaimer: The Above strategy returns are of Model Client as on April 30th, 2016. Returns of individual clients may differ depending on time of entry in the strategy. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. Strategy returns are shown above are post management fees. Transactions costs, service tax and other expenses have not been considered. Returns above 1 year are annualized. Returns have been calculated using back-tested data. Strategy returns comprises of price movements and reinvestment of dividends.

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FUND STRUCTUREFUND STRUCTURE

Minimum investment per client Rs.25.25 Lacs and multiple of Rs.1 thereafter

Min. investment for additional topup in existing strategy Rs.1 Lac per strategy

Min. investment for additional topup in new strategy Rs.5 Lacs per strategy

Mode of payment By Cheque and/or Stock Transfer

Investment Management & Advisory Fees # 2.50% p.a.

Investment Horizon Medium to Long Term (3 Years +)

Termination Charges 2% if redeemed within 365 days from date of investments

Audit Fees Rs.1,200 p.a. (approx.)

Account Activation Next business day of Clearance of funds

Portfolio Valuation Closing NSE market prices of the previous day

Operations Investments managed on individual basis

Servicing Web access for portfolio tracking# Service tax extra

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Registered Office:

Block No.901, 6th Floor, B Tower, Udhna Udyog Nagar Sangh Commercial Complex, Central Road No. 10, Udhna, Surat – 394 210

FUND STRUCTUREFUND STRUCTURE

Service Providers

Auditor SMARK & Co.

Depository Central Depository Services Ltd

Portfolio Manager Details

Portfolio Manager NJ Advisory Services Pvt. Ltd.

SEBI Registration No. as Portfolio Manager

INP000003518

Disclaimer: This report is prepared by NJ Advisory Services Pvt. Ltd. on a confidential basis. The information and contents shall not be disclosed, reproduced or used, in whole or in part, for any unauthorized purposes or furnished to any other persons without the express prior written permission of NJ Advisory Services Pvt. Ltd. No representation or warranty, expressed or implied, is made nor is any responsibility of any kind accepted with respect to the completeness or accuracy of any information or content. NJ Advisory Services Pvt. Ltd., its group companies and their directors, employees, agents and consultants shall have no liability (including liability to any person by reason of negligence or negligent mis-statement) for any statements, opinions, information or matters (expressed or implied) arising out of, contained in or derived from, or for any omissions from the report.

Risk Disclosure and Disclaimer

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