ASK Investment Managers Financial Opportunities Brief

Key Investment Objectives and Attributes

Capital Preservation & Appreciation

• Capital preservation* over a period of time
• Capital appreciation over a period of time
• Achieved through long-term investments in high-quality companies with strong growth prospects.

Size of the Opportunity

• Size of pond v/s size of fish
• Dominance
• Resilience
• Liquidity

Quality of Business

• High quality of business (Superior RoCE)
• Strong moat
• Impregnability
• Sustainability
• Key pivot of strong wealth creation

Earnings Growth

• Quantum
• Consistency
• Durability
• Predating (Early v/s Later)
• Compounding power

Value

• Favorable Price-Value Gap
• Margin of safety

BFSI: The Best Way to Play Consumption + Savings + Investment

Significant Outperformance of Bankex vs Nifty Over Long Period

ASK Financial Opportunities Portfolio

Investment Objective

To build an investment approach of around 10-15 businesses representing quality and superior long-term compounding potential, largely representing the Banking and Financial Services industry.

Investment Approach Construct

• High conviction investment approach of carefully identified businesses across a range of market capitalization representing the Banking and Financial Services industry.
• Focused investment approach of high-quality and high-growth businesses that are positioned for outstanding long-term compounding.

Investment Approach Sector Breakup & Performance

Investment Approach Sector Composition (%)

Market Cap Classification (%)

Performance Table

Risk Management

• Integrated risk management and review mechanism throughout the investment process
• Disciplined buy and sell mechanism
• Discipline of buying businesses with a reasonable margin of safety
• Role of compliance and risk management teams through ongoing monitoring and reporting