Product – Kotak Special Situations Value Strategy PMS
Benchmark – Nifty 500
Portfolio Composition – the portfolio typically consists of 15-20 stocks
Kotak Special Situations Value Strategy PMS – Investment Philosophy
The portfolio shall be a mix of Value Opportunities and Special Situations.
- Value Opportunities – Investing in those stocks which are available at a significant discount from their current underlying values. Good quality companies will outperform the market irrespective of the sector they are in.
- Special Situations – This is the more flavorful and interesting part of Kotak Special Situations Value Strategy PMS.
- Special Situations are those investment operations whose results are dependent on happening or not happening of one or more corporate events rather than market events.
- Example of Special Situations
- Price Related – Securities bought at a discount to expected price guarantees by buyer in the form of de-listings, buy-backs, open offers, etc.
- Merger Related – Shares can be created at a discount to current market price
- Corporate Restructurings – Value unlocking due to corporate restructuring, assets sales, demergers, business triggers, etc.
MARKET CAP BREAK UP
As per Kotak Special Situation Value Strategy PMS Classification
- Small Cap: below Rs. 1,500 Cr.
- Mid Cap: above Rs. 1,500 Cr. and below Rs. 10,000 Cr.
- Large Cap: above Rs. 10,000 Cr.
Top 10 Holdings
|Siyaram Silk Mills Ltd||11.3%|
|Coal India Ltd||9.5%|
|Finolex Cables Ltd||6.6%|
|Repco Home Finance Limited||4.7%|
|ICICI Bank Ltd||4.6%|
|Heritage Foods Limited||4.6%|
|Ashiana Housing Ltd||4.5%|
Kotak Special Situation Value Strategy PMS Performance
|Particulars||Nifty 500||Special Situations Value|
|Revenue CAGR FY18-20||15.9%||18.0%|
|EBITDA CAGR FY18-20||13.0%||20.0%|
|Return on Equity FY 18||15.0%||23.0%|
|Net Debt/Equity FY 18||1.2 x||0.2 x|
|FY 20 P/E||15.7 x||1 2.5 x|
|%||3 Months||6 Months||1 Year||2 Year|
|Kotak Special Situation Value Strategy PMS||-4.6||-1.1||15.2||28.5|
|%||3 Year||4 Year||5 Year||Since Inception|
|Kotak Special Situation Value Strategy PMS||24.0||36.6||34.1||28.8|
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 A word of caution of investing in PMS Scheme stocks on your own : Trying to buy above stocks on your own could be risky. Typically, by the time the fund makes a disclosure of the stocks they are holding, these stocks have already run up by well over 5-10%. Naturally, the fund manager wants you buy it on your own to take the prices higher after he purchases. The fund may not be holding the above disclosed stocks.