TRUSTMF Short Term Fund, NFO

 

TRUST Asset Management Company or AMC is a part of the renowned TRUST Group

known for its Thought Leadership and Financial Innovation particularly in the Fixed

Income space

TRUST AMC is committed to creating Differentiated, Innovative and Relevant

investment solutions.

This product is suitable for investors who are seeking*

• Income over short term

• Investment in debt money market instruments with portfolio

    Macaulay Duration between 1 3 years

·        PORTFOLIO RETURN SENSITIVITY –ROLL DOWN EFFECT

·        Illustration of Benefit from Roll down

• Steepness in the curve provides attractive opportunities for roll down benefits
• There is capital gain even if rates go up moderately
• Assumed Duration: 2 years*
• Assumed Portfolio Yield: 5.25%*
• Holding Period: 1 year
• Spread of 2 year over 1 year portfolio: 46 bps (based on 5 year average)
• Capital Gain due to roll down benefit: 0.44%

Interest rate Movement	(+) 50 bps	(+) 25 bps	Unchanged	(-)25 bps	(-)50 bps
PortfolioYield	5.25%	5.25%	5.25%	5.25%	5.25%
Capital Gain/loss dueto change in yield	(0.48%)	(0.24%)	0.00%	0.24%	0.48%
Capital Gain due to roll down	0.44%	0.44%	0.44%	0.44%	0.44%
Net Return	5.21%	5.45%	5.69%	5.93%	6.17%

 KEY TAKEAWAYS

• Focus on top quality investible universe of filtered AAA issuers
• Methodology of Portfolio Creation and Management
• Strategic Knowledge Partnership with CRISIL
• Consistent risk adjusted nominal returns in back testing of Model Portfolio calculated by CRISIL.
• Steep curves may provide an opportunity to generate capital gains due to roll down effect
• Current curve far steeper than historical averages

  

Particulars	Details
Product Category	Short DurationFund
Fund Manager	Anand Nevatia
Benchmark	CRISIL Short Term Bond Fund Index
Investment Objective	Theschemewillendeavortogeneratestablereturnsforinvestorswithashortterminvestmenthorizonbyinvestingindebtandmoneymarketinstruments. However,therecanbenoassurancethattheinvestmentobjectiveoftheschemewillbeachieved.
Exit Load	Nil
Custodian & Fund Accountant	HDFC Bank
Registrar & Transfer Agent	KFin Technologies Pvt Ltd
Macaulay Duration#	1 to 3years

 

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Tatva Chintan Pharma Chem Limited (Tatva Chintan)

 

Incorporated in 1996,

Tatva Chintan Pharma Chem Limited (Tatva Chintan) is a leading manufacturer of Structure Directing Agents (SDAs) and Phase Transfer Catalyst (PTCs) that have various applications in green chemistry. The company also manufactures Electrolyte Salts for super capacitor batteries (SCB) and Pharmaceutical & Agrochemical intermediates and other specialty chemicals (PASC). Its Product have application industries like automotive, petroleum, pharmaceutical, agrochemicals, paints and coatings, dyes and pigments, personal care and flavor and fragrances industries. As of FY21, they offered 47 products under their SDA, 48 products under the PTC, 6 products under the Electrolyte Salts for (SCB) and 53 products under their PASC portfolios. 

Positives: (a) Leading manufacturer of structure directing agents and phase transfer catalysts, with consistent quality. (b) Global presence with a wide customer base across various industries having high entry barriers. (c) Diversified specialized product portfolio requiring strong technical know-how (d) Modern manufacturing facilities with a focus on ‘green’ chemistry processes. (e) Strong R&D capabilities. 

Investment concerns: (a) Outbreak of the COVID-19 could have a significant effect on operations, and could negatively impact the business, revenues & financial condition (b) Unplanned slowdowns or shutdowns in manufacturing operations could have an adverse effect on business (c) Company is subject to quality requirements and strict technical specifications and audits by institutional customers. (d) Increase in the cost of raw materials. 

Outlook & Valuation: Tatva Chintan’s is the largest player in India for PTCs and the only manufacturer in India of SDAs for zeolites which have importance due to preference for green technologies. The company has shown good revenue and earnings growth and has healthy balance sheet with solid return ratios. It is raising funds for Capex and R&D requirements as they believe that there is strong growth opportunity available. Given the client additions, wide portfolio, its capabilities, and favorable outlook for the industry, we believe that Tatva Chintan can maintain healthy growth rates which justifies the ~46x FY21 EPS commanded by the company. Hence, we recommend “SUBSCRIBE” to the issue.

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ICICI PRUDENTIAL FLEXICAP FUND

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ICICI PRUDENTIAL FLEXICAP FUND
(An open ended dynamic equity scheme investing across large cap, mid cap & small cap
stocks)
This scheme is suitable for investors who are seeking*:
*Long term wealth creation
*An open ended dynamic equity scheme investing
across large cap, mid cap and small cap stocks
New Fund Offer opens: June 28, 2021
New Fund Offer closes: July 12, 2021
Offer of Units of Rs. 10 each during the New Fund Offer period and continuous offer of Units at NAV based prices.
Face Value of units of the Scheme is Rs. 10/- per unit.

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HDFC BANKING & FINANCIAL SERVICES FUND

HDFC BANKING & FINANCIAL SERVICES FUND

 PRODUCT FEATURES:

INVESTMENT STRATEGY

• Multicap Strategy
• Focus on Leaders
• Focus on Diversification/Low Correlation
• Secular Growth/ Re-rating
• IPO/ New listing

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AXIS QUANT FUND

 

AXIS QUANT FUND

Product details:

Scheme Name	Axis Quant Fund
Scheme Benchmark	S&P BSE 200 TRI
Investment Objective	To generate long-term capital appreciation by investing primarily in equity and equity related instruments selected based on a quantitative model. However, there can be no assurance that the investment objective of the Scheme will be achieved.
Fund Manager	Deepak Agrawal and Hitesh Das (Foreign securities)
Asset Allocation	Equity & Equity related instruments of selected companies based on a quantitative model: 80% to 100%; Other Equity and Equity related instruments: 0% to 20%; Debt & Money Market Instruments: 0% to 20%; Units issued by REITs & InvITs: 0% to 10%
Exit Load	If redeemed/ switched-out within 12 months -For 10% of investment: Nil, For remaining investment: 1% If redeemed/switched out after 12 months from the date of allotment: Nil
Minimum Application Amount	Rs 5,000 and in multiples of Rs 1/-thereafter

Why invest in Axis Quant Fund?

• The strategy will appeal to investors looking to diversify their existing portfolio of funds through a novel approach to investing
• The key reasons to invest in the fund include
• A unique proposition of a fundamentally driven quantitative approach
• Unbiased approach to portfolio management
• Diversified portfolio across sectors and market capitalization
• Aims to outperform across cycles

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India Pesticides Limited (IPL)

India Pesticides Limited (IPL) was incorporated on December 13, 1984. IPL is an R&D driven agro-chemical manufacturer of Technicals with a growing Formulations business. IPL is the fastest growing agro-chemical companies in India in terms of volume of Technicals manufactured. In Technicals company manufacture Fungicide Technicals, Herbicides Technicals for the export market and on Formulation side company manufacture insecticides, fungicide and herbicides, growth regulators and Acaricides for domestic market. IPL has also diversified itself in APIs manufacturing in recent times. Positives: (a) Company has done capacity expansion of 62.5% in the last three years, in which Technical capacity has almost doubled and formulation capacity has increased by 8.3%. (b) Diversified portfolio of niche and quality specialized agro chemical products. (c) Company having very high ROCE & ROE of 45% & 34% in FY2021 along with very high EBITDA margins of 29.2%. Investment concerns: (a) Indian agro-chemicals industry is fragmented in nature and faces competition from different domestic and global manufacturers for different products that we manufacture. (b) Top-10 customers contribute 57% of companies overall revenue, largest customer represent 30% of revenue to maintain relations will be challenging for the company. (c) Any change in categorization of key technical in thr red triangle will affect the company performance. Outlook & Valuation: Based on FY-2021 PE of 24.5x and EV/EBITDA of 18.2x at upper band of the IPO price, which is slightly better than the peers companies. Similarly company having one of the best ROE & ROCE of 34% and 45% respectively. Company having a very healthy balance sheet with negative Net Debt to Equity. We expect the upcoming expansion plan and higher capacity utilisation will be the growth drivers for the company in future. We are assigning a “Subscribe” recommendation to the issue.
 

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Dodla Dairy

 

Offer period Bid/Offer Opens On: Wednesday, 16th June,2021
Bid/Offer Closes On: Friday, 18th June, 2021
Issue Details Fresh Issue of Equity Shares aggregating up to Rs. 50 Cr.
Offer for sale of 10,985,444 Equity Shares
Issue Size(in Crore) Rs. 512.49 - 520.18 Cr.
Price Band Rs. 421 - 428
Bid Lot 35 shares and in multiple thereof
QIB 50% of the net offer (Rs. 258.80 - 260.09 Cr.) 
NIB 15% of the net offer ( Rs. 76.87 - 78.03 Cr.)
Retail 35% of the net offer (Rs. 179.37 - 182.06 Cr.)
Registrar KFIN Technologies Pvt. Ltd.
Positives: (a) Consumer focused dairy company with a diverse range of products under the “Dodla Dairy” and “Dodla” brands (b) Integrated business model with well-defined procurement, processing and distribution capabilities (c) Focused engagement and long term relationship with dairy farmers (d) Experienced Board and senior management team. Investment concerns: (a) DDL reported negative consolidated profit CAGR (over FY2018-20), hence profit growth concerns remain; (b) Inability to procure sufficient good quality raw milk at commercially viable prices may adversely impact the operation as milk is a key raw material for all dairy products. Outlook & Valuation: In terms of valuations, thepost-issue 9MFY21 annualised PE works out to 16.4x (at the upper end of theissue price band), which is low compared to Parag Milk Foods (trading at 32.7x). Further, DDL has shown improvement in operating margin with efficient working capital cycle. Going forward, we believe that DDL would perform better on the back of increase in value added product mix. Thus, we recommend a subscribe rating on the issue

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