1. A Fundamentally Indexed ~ Multi. Cap. Fund An endeavour to identify “Value-for-Money“ and buy “Growth at Reasonable Price“ Varun Goenka JM Financial Group. +9004670600 [email_address]

6. Having started at the peak of the Market ~ The fund in spite of being largely in Mid Caps. falls inline with the Larger Indices & Out-performs the Mid & Small Cap. Indices handsomely. Performance ( Stress Periods ) :: Portfolio vs Benchmark

7. P/E, Cash PE , EV/Sales , P/B Earnings Yield , RoIC , FCF Yield , Div. Yield D/E , Z-Score , Beta , Sharpe Ratio Of Co.s : { Healthy Current Operations ; Conservative & Strong Balance Sheet ; Low Valuation Ratios , High Return Ratios & High Cash-flows } THE FUND PROCESS ~ The Crux Higher Return with Lower Risk : { Scope of Valuation Multiple Expanding ; Co.s doing better during stress periods ; Lesser Equity dilution & Debt Burden ; Lower Beta & Higher Risk-adjusted Return }

8. ~450 THE FUND PROCESS ~ Market vs Alpha Portfolio ( Return , Risk & Quality )

9. Why ‘ Active Fundamental Investing ‘! Tilting the portfolio construction basis from Market Cap. & Liquidity ( Like in Indices ) to Fundamentals , leads to lower-risk & higher return over longer time. A fundamental based approach trades short-term momentum for long term value , giving higher margin of safety. The return is enhanced by both ‘ Earnings & Multiple expansion ‘.