A managed futures strategy to yield superior return as compared to NIFTY index

This presentation is intended solely for the recipient and should not be replicated in any form or manner electronic or otherwise

Disclaimer & Risk Factors

The information contained in this document does not constitute in any manner any investment advice or solicitation or endorsement relating to the products mentioned herein ("Products"). The Products may not be suited to all categories of investors and hence Investors/Recipients must make their own investment decision (at their sole description & risk) and where necessary take advice from independent professional advisors before investing. Investors/Recipients are (1) not provided any guarantee/assurance that the investment objective of the Products will be achieved; and (2) not offered any guarantee/assured returns on their investments in the Products. Investments in Quantitative products/strategy are subject to market risks due to various micro and macro factors and forces affecting the capital markets which include price fluctuation risks. The investments may not be suited to all categories of Investors/Recipients. As with any investment in any securities, the value of the portfolio under products/strategy can go up or down depending on the factors and forces affecting the capital market. The investment objective of the Samssara Capital Technologies LLP is to construct an optimally focused portfolio of large cap securities to significantly outperform NIFTY-50 Index with the risk lesser than the benchmark (NIFTY-50). SAMCAP Alpha Protector is only the name of the products/strategy and does not in any manner indicate either the quality of the products/strategy or its future prospects and returns. The past performance of the strategy and/or its back-tests is not indicative of future performance. We have taken responsible measures to ensure the accuracy of the information provided in this document. Trading in the off-exchange market is very speculative in nature, involves considerable risks and is not appropriate for all investors. Therefore, before deciding to participate in off-exchange Foreign Exchange trading, you should carefully consider your investment objectives, level of experience and risk appetite. Investors should only use risk capital when trading in capital markets because there is always the risk of substantial loss. The Portfolio Manager, its affiliates/associates, their directors, employees, representatives or agents shall not be liable or responsible, in any manner whatsoever, to any Investor/Recipient or any other person, for the performance/profitability/operations of the products/strategy, the contents of any document or any investments in the products/strategy including any and all direct, special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.

SAMCAP Alpha Protector strategy is not sponsored, endorsed, sold or promoted by National Stock Exchange Limited (NSE).

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The Mandate
Yield positive alpha for the investors

Protect the investors against the downward market cycle

Yield absolute returns irrespective of the market direction over a long term Generate consistent returns with low volatility and significant Sharpe

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About Us
COMPANY BACKGROUND
Samssara Capital Technologies LLP (Samssara) is an investment solutions firm focused solely on developing automated algorithmic and quantitative trading and investment strategies It was launched in 2010 by a team of IIM Ahmedabad and IIT Bombay graduates - Rajesh Baheti, Manish Jalan and Kashyap Bhargava Samssara caters to its clients' needs of providing an alternative asset management vehicle, with the focus on 100% automated and quantitative trading strategies

PRODUCTS OFFERED
Samssaras products vary from pair trading (statistical arbitrage), factor models, Nifty Index beating products to very high frequency trading strategies samCAP, a key product offered by Samssara, is a factor model, where the model identifies a basket of stocks in Nifty that tend to outperform the index and takes a long position in these stocks. Alongside, the product also hedges the investors portfolio using Nifty futures whenever the market turns bearish Other products offered include samTREND - a trend following strategy in equities, commodities & currencies and samWILLS a long-short strategy based on statistical arbitrage Samssara also develops in-house products which are used by investors like HNIs, corporate treasuries, Prop houses of brokers and investors who wants an alternative vehicle for investment apart from equities and fixed income. The products are designed to generate consistent returns and ride the volatility of the markets with systematic approach Additionally, Samssara works on providing high end services and strategy development consultancy to hedge funds and International Banks globally
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The team at Samssara works on mathematical models and statistics that identify repetitive patterns in equity, commodity and currency markets
The addressable market for Samssara is global - as the firm can develop and build models which can function in both developing markets with limited competition and developed markets with strong competition Samssaras client base includes the leading international and domestic banks, international and domestic stock brokers, family offices, corporate treasuries and HNIs

This presentation is intended solely for the recipient and should not be replicated in any form or manner electronic or otherwise

Our client base

Corporate Treasuries / Family Offices / Stock Brokers

HNIs (Individuals)

HNIs and executives of corporates like: Leading Private Equity firm Large financial services MNC

Bombay Gas Co. Ltd.

CEO of a leading KPO

Millennium Stock Broking Pvt. Ltd.

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The Team
Manish Jalan
Director
Manish is the director and chief strategist of the company. Prior to being in India, Manish was a quantitative equity Trader in Tokyo, with Merrill Lynch Prop Desk for over 4 Yrs where he played a vital role in development and implementation of various factor models and high/medium frequency trading models, which contributed significantly to the prop desk profitability. Manish has worked closely with more then 5 Indian broker shops and numerous International banks in algorithmic trading, high frequency trading, statistical arbitrage, quantitative modeling, back testing, programming, statistical analysis and risk handling. Manish is a B.Tech and M.Tech from IIT Bombay in Mechanical Engineering.

Rajesh Baheti
Director
Rajesh is the incubation partner and director of the company. Rajesh, brings with him more then 15 years of experience in trading India markets. He is currently the director and founding member of Crossseas Capital Services (One of the first clients of Samssara). Rajesh established Crossseas in 1995 and since then has been instrumental in providing consultancy to clients in shares, bonds, stock etc. Crossseas currently operates 5 offices in Mumbai and several others across the country. Crossseas provides solutions in systematic trading opportunities to selected clients in India and abroad. Rajesh holds a PGDM from IIM Ahmedabad.

Kashyap Bhargava
VP, Strategy Development
Kashyap is a B. Tech. and M. Tech. from IIT Bombay and specializes in development of automated quantitative trading strategies. He has around 7 years of trading experience in Indian Markets and has been developing medium/low frequency trading strategies. He has also worked at the proprietary trading desk of G.H. Financials as a derivative trader for 2 years developing trading strategies for US, UK and European Fixed Income and Equity markets.

Tarun Soni
VP, Business Development
Tarun leads the business development initiatives at Samssara. Prior to this, he worked with investment banking team at Anand Rathi Advisors for two years. He also worked with the investment banking team at Avendus Capital for three years and with Bank of America back office for one year. He has a strong experience of working on successful mergers & acquisitions and private equity syndication transactions across various sectors. Tarun is a B. Tech. from IIT Bombay.

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samCAP Product details

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The Basic Methodology

Portfolio selection

100% quantitative ranking and scoring of Nifty-50 stocks from Rank 1 to Rank 50 Portfolio is constructed by taking the top 10 ranked stocks Equal weight of 10% is assigned to each of the Top 10 stocks Hedging mechanism (by using Nifty Futures) used to protect portfolio in downward trends The re-balancing of the stocks portfolio is done at the beginning of every month

The portfolio hedging mechanism is checked on a daily basis

Cash / 1x Leverage 2x Leverage
Exposure: Rs. 200 Rebalance: Monthly

SAMCAP Rs. 100 Invested

Long Equities

Deployment: Rs. 90 Rebalance: Monthly

Hedge Nifty Futures

Deployment: Rs. 0 or Rs. 85 Rebalance: Model driven

Exposure: Rs. 0 or Rs. 190 Rebalance: Model driven

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Ranking Mechanism
Uses the short, medium and long term outperformance and underperformance of each stock in Nifty-50 to calculate the ranks Stocks with long term outperformance and short term temporary underperformance is given higher weight Proprietary statistical and quantitative techniques are used in ranking mechanism to further reinforce that the short term underperformance is temporary in nature Portfolio return optimization techniques are used for optimizing the beta of the portfolio

LONG TERM OUTPERFORMERS

SHORT TERM TEMPORARY UNDERPERFORMERS

OPTIMIZED BETA

High ranked future outperformers

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Hedging Mechanism
The hedging mechanism is used to protect the capital in downward movement in the market The protection to the capital stands at the core of the fund The quantitative hedging signal is checked on a daily basis to take action on any indication of downward movement The Nifty Futures hedging mechanism uses the principle of
Momentum Quick-response to downward market movements Quick turn-around and removal of hedge if the market reverses from downward trend

Scenario

Action
Use NIFTY as hedge

Returns
Outperformance

A B

Downward Momentum

Upward Momentum

Stay Long in Portfolio

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Market Returns + Outperformance

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Back Testing and Live Market Approach

Considerations Approach 10 years of back testing from 2001 to 2010 Back testing Mechanism Tracking changes in Nifty50 stocks over the last 10 years Methodology tested across varied market conditions Live Market Testing Daily tracking of the NAV and portfolio returns Monthly ranking, optimization and re-balance Uniform ranking mechanism Top 10 stocks are selected Beginning of every month Daily at the end of the day

Portfolio Selection Portfolio Re-balance Check for hedging requirements

Stocks in the Portfolio

Portfolio Weight

10 stocks long from Nifty50

Equal weight for all stocks at 10%

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Back-test based on realistic scenario

Slippage and Transaction Cost @ 50 BP

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Daily Performance Chart

300

Value of Rs. 10 invested in SAMCAP vs. Nifty

SAMCAP Nifty

250

200 Portfolio Value

150

100

50

0 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10

SAMSSARA DISCLAIMER: PERFORMANCE DEPICTED ABOVE IS BASED ON THE BACK TESTED MODEL PORTFOLIO CONSTRUCTED USING THE PROPRIETARY QUANT STRATEGY. BACK TESTED MODEL PERFORMANCE IS NO GUARANTEE OF FUTURE RETURNS OF THE CLIENT PORTFOLIOS AND ACTUAL RETURNS OF THE PORTFOLIO MAY DIFFER FROM THAT DEPICTED ABOVE.

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Portfolio Hedge
7000 NIFTY Hedge

6000

5000 NIFTY Prices

4000

3000

2000

1000

0 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10
Note: Historical return generated by back-testing Slippage & Transaction Cost @ 50bp

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Performance Chart Quarterly and Yearly

50% Quarterly Return (in %) 40% 30% 20% 10% 0% -10% 1-2001 2-2001 3-2001 4-2001 1-2002 2-2002 3-2002 4-2002 1-2003 2-2003 3-2003 4-2003 1-2004 2-2004 3-2004 4-2004 1-2005 2-2005 3-2005 4-2005 1-2006 2-2006 3-2006 4-2006 1-2007 2-2007 3-2007 4-2007 1-2008 2-2008 3-2008 4-2008 1-2009 2-2009 3-2009 4-2009 1-2010 2-2010 3-2010 4-2010

90% 80% Yearly Return (in %) 70% 60% 53.08% 76.27% 76.55% 72.82%

50%
40% 30% 20% 10% 0% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 20.73% 11.28% 10.96% 30.39% 30.12% 14.90%

Note: Historical return generated by back-testing Slippage & Transaction Cost @ 50bp

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Year on Year Performance Chart against NIFTY50

100% 76% 69% 53% 39% 30% 21% 20% 4% 0% 11% 10% 11% 30% 32% 15% 17% 50%

SAMCAP Alpha Fund

77%

NIFTY
73%

80%

68%

60%

Yearly Return (in %)

40%

-20%

-15%

-40% -49% -60% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Note: Historical return generated by back-testing Slippage & Transaction Cost @ 50bp

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Year on Year Performance

Year
2001 2002 2003 2004

NIFTY50
-14.98% 4.15% 69.42% 10.20%

samCAP Strategy
20.73% 30.39% 76.27% 11.28%

samCAP On 2X Leverage
45.70% 71.47% 202.48% 21.66% 69.46% 211.95% 131.72% 18.33% 181.83% 34.40%

2005
2006 2007 2008 2009 2010

32.31%
39.14% 50.32% -48.59% 68.42% 16.81%

30.12%
76.55% 53.08% 10.96% 72.82% 14.90%

SAMSSARA DISCLAIMER: PERFORMANCE DEPICTED ABOVE IS BASED ON THE BACK TESTED MODEL PORTFOLIO CONSTRUCTED USING THE PROPRIETARY QUANT STRATEGY. BACK TESTED MODEL PERFORMANCE IS NO GUARANTEE OF FUTURE RETURNS OF THE CLIENT PORTFOLIOS AND ACTUAL RETURNS OF THE PORTFOLIO MAY DIFFER FROM THAT DEPICTED ABOVE.
Note: Historical return generated by back-testing Slippage & Transaction Cost @ 50bp

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Performance Metrics
NIFTY50
Average Monthly Return Volatility in Monthly Returns Monthly Sharpe Average Yearly Return Volatility in Yearly Returns Annual Sharpe Cumulative Return 1.6% 7.9% 0.20 22.7% 37.2% 0.61 497%

samCAP Strategy
2.9% 6.7% 0.43 39.7% 27.4% 1.45 2386%

samCAP on 2x Leverage
6.2% 13.5% 0.46 98.9% 76.4% 1.29 50376% 120 76 63.0%

Total Months Total Performing Months Percentage of Performing Months

SAMSSARA DISCLAIMER: PERFORMANCE DEPICTED ABOVE IS BASED ON THE BACK TESTED MODEL PORTFOLIO CONSTRUCTED USING THE PROPRIETARY QUANT STRATEGY. BACK TESTED MODEL PERFORMANCE IS NO GUARANTEE OF FUTURE RETURNS OF THE CLIENT PORTFOLIOS AND ACTUAL RETURNS OF THE PORTFOLIO MAY DIFFER FROM THAT DEPICTED ABOVE.
Note: Historical return generated by back-testing Slippage & Transaction Cost @ 50bp

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Cash vis--vis Futures Exposure in Equities *

Terms
Minimum Capital Investment Equity Exposure Nifty Futures Hedge (When Hedge is Applicable) Annualized Return Annualized Volatility Annualized Sharpe Peak to Trough Drawdown** Peak to Trough Drawdown on Capital** Transactions Costs Recommended Account Types

Cash Equity
Rs. 100 Lacs Rs. 90 Lacs Rs. 85 Lacs 35.1% 19.7% 1.78 10% Rs. 10 Lacs 50 BP PMS*

Futures Equity (2x Leverage)

Rs. 100 Lacs Rs. 200 Lacs (2x Leverage, Recommended) Rs. 190 Lacs (2x Hedged) 70.2% 39.4% 1.78 20% Rs. 20 Lacs 20 BP Client accounts (Managed Futures)*

* Clients have an option to choose an equity exposure in cash or futures based on their: Equity Mandate, Risk Appetite and Account Type

** Based on back-test results from 2001 to 2011

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Live Performance

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Live Performance
Year 2011 - Qtly
Q1-2011 Q2-2011 Q3-2011 Q4-2011 Total

NIFTY50 Index*
-5.38% -3.41% -13.82% -4.39%

samCAP Strategy In Cash

1.11% -2.78% -4.28% -2.74%

samCAP Strategy (2x Leverage)***

12.67% -5.32% -7.51% -10.89%

-24.70% Outperformance over Nifty Index

-8.48% 16.22%

-12.09% 12.61%

Year 2012 - Monthly

NIFTY50 Index*

samCAP Strategy In Cash

16.14% 3.68% -1.38% -3.79% 0.86% 9.91% -5.57% 19.60% 7.05%

samCAP Strategy (2x Leverage)***

30.80% 6.85% -4.70% -8.43% 0.64% 20.13% -11.09% 31.10% 18.55%

Jan-2012 12.92% Feb-2012 1.99% Mar-2012 -0.83% Apr-2012 -1.48% May-2012 -7.59% June-2012 9.03% Jul-2012 -0.72% Total 12.55% Outperformance over Nifty Index

* Nifty returns are calculated from 1st day of current month to 1st day of next month ** All portfolio re-balances and return calculations are done on 1st trading day of every month *** 2X Leverage on stock futures, data includes F&O prices and rollover prices, hence performance might differ from cash

SAMSSARA DISCLAIMER: PERFORMANCE DEPICTED ABOVE IS BASED ON THE LIVE PORTFOLIO MANAGED ON SAMCAP ADVISORY AT THE CLIENTS END. THE ACTUAL PERFORMANCE MAY VARY FROM CLIENT TO CLIENT BASED ON CASH/FUTURE POSITIONING, EXECUTION METHOLOLOGY AND EXECUTION TIMINGS.
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Comparison with Nifty50 Index

Outperformance over NIFTY (in %) 44% 39% 34% 29% 24% 19% 14% 9% 4% -1% Jan-11 140 130 Value of Rs 100 invested 120 110 100 90 80 70 60 50 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12

Outperformance of samCAP over NIFTY (Since Inception)

Value of Rs 100 invested in NIFTY vs samCAP (Since Inception)

Nifty samCAP

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Performance in May 2012

Portfolio May 2012
Rank 1 2 Long Stocks Bharat Petroleum Corp Ltd NTPC Ltd Bharti Airtel Ltd HDFC Siemens India Ltd Wipro Ltd Ambuja Cements Ltd Bajaj Auto Ltd Grasim Industries Ltd GAIL India Ltd Return in May 2012 (%) 6.03% -9.32% -5.03% -4.08% -16.46% -0.20% 1.46% -5.94% -10.36% -0.64% -4.45% 90 -4.01% 6.25% 85.00 5.31% 0.86% -7.59% 8.45%

3
4 5 6 7 8 9 10

Long Portfolio Return Total capital deployed in Longs (from Rs.100) Net capital appreciation in May 2012 Return on Hedge in May 2012 Total capital deployed in Shorts (from Rs.100) Net capital appreciation in May 2012 Net Return of samCAP for Month of May 2012 Net Return of Nifty for Month of May 2012 Outperformance in May over Nifty

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Performance in June 2012

Portfolio June 2012
Rank 1 2 Long Stocks ICICI Bank Ltd Grasim Industries Ltd Hero MotoCorp Ltd Sun Pharmaceutical Industries Ltd Cipla Ltd/India ACC Ltd Jindal Steel & Power Ltd Bharat Petroleum Corp Ltd Mahindra & Mahindra Ltd. ITC Ltd Return in June 2012 (%) 14.08% 19.90% 15.77% 11.46% 1.85% 17.10% 6.27% 7.05% 10.90% 5.73% 11.01% 90 9.91% 0.00% 85.00 0.00% 9.91% 9.03% 0.88%

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4 5 6 7 8 9 10

Long Portfolio Return Total capital deployed in Longs (from Rs.100) Net capital appreciation in June 2012 Return on Hedge in June 2012 Total capital deployed in Shorts (from Rs.100) Net capital appreciation in June 2012 Net Return of samCAP for Month of June 2012 Net Return of Nifty for Month of June 2012 Outperformance in June over Nifty

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Performance in July 2012

Portfolio July 2012
Rank 1 2 Long Stocks Mahindra & Mahindra Ltd. Infosys Technologies Ltd Cairn India Ltd Bharti Airtel Ltd Bajaj Auto Ltd Tata Consultancy Services Ltd Reliance Industries Ltd Asian Paints Ltd Kotak Mahindra Bank Ltd Bharat Petroleum Corp Ltd Return in July 2012 (%) -2.94% -11.24% 8.20% -4.13% 3.73% -2.82% 0.80% -7.39% -7.19% -3.55% -2.65% 90 -2.39% -3.44% 85.00 -2.92% -5.57% -0.72% -4.85%

3
4 5 6 7 8 9 10

Long Portfolio Return Total capital deployed in Longs (from Rs.100) Net capital appreciation in July 2012 Return on Hedge in July 2012 Total capital deployed in Shorts (from Rs.100) Net capital appreciation in July 2012 Net Return of samCAP for Month of July 2012 Net Return of Nifty for Month of July 2012 Outperformance in July over Nifty

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Advisory Structure, Fee Structure & Risk Management

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Advisory structure

Client

Clients open a trading/demat account directly with the broker

Broker

For samCAP, Samssara acts as an advisor to its clients

The customer would open a broking/demat account directly with any of the brokers empaneled by Samssara which would offer competitive brokerage rates that are pre-negotiated by Samssara Samssara orders trades to the brokers on behalf of the clients. These trades are approved by the clients to the brokers
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Fees Structure
Details
Quantitative Intelligence Minimum Investment Prime Broker Samssara Capital Technologies LLP Rs. 100 Lacs Contingent on the client Performance Fees: Fee Structure Management Fee: 2% Performance Fee: 20%* Hurdle Rate: 12% High Water-Mark: Yes

Terms

Statutory levies such as STT Average churning per year Portfolio re-balance Hedging Subscriptions / Redemptions / Exit NAV Reporting

At cost 8 times Beginning of every month Anytime during the month End of every month Daily

* Performance fee on the net profit generated. Net of all costs, not taxes

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Risk Management
Sticking to absolute blue-chips and mega-caps stocks of Nifty50 portfolio Large pool of liquidity available in Nifty 50 stocks and hence outperformance is not due to liquidity premium in any stocks (Unlike in BSE 200 portfolio) Diversified portfolio with weight in no stock exceeding 10% Beta optimized in the portfolio to ensure that the excess return is not beta inclined The hedging mechanism has the dual advantage of
Protection to the downside in the market

Never net-short in the portfolio

In most of the major upward movements in the market, the portfolio stays long in outperforming stocks and not hedged, ensuring that we yield positive alpha

The fund has been designed to yield consistent returns for the investors irrespective of the market conditions and hence providing them with an alternative and protected investment vehicle for their investments
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Contact us
Manish Jalan M: +91 98678 32726 D: +91 22 6748 7720 E: manish@samssara.com Tarun Soni M: +91 98692 17190 D: +91 22 6748 7720 E: tarun@samssara.com

Head Office: 208/209, Veena Chambers 21 Dalal Street Mumbai 400 001

Development Office: 207, Business Classic, Behind H P Petrol Pump, Chincholi Bunder Road, Malad (W) Mumbai 400 064

For more information do visit : www.samssara.com

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