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About Alchemy

• Alchemy India started its asset management business in 2002


• The group* has over 16 years of consistent track record
• The group AUM is over USD 1.12 billion**
• The group has a very stable and experienced team of investment professionals
with experience of managing funds through bull and bear cycles.
• Alchemy High Growth, the flagship strategy of Alchemy India, has out performed
its benchmark^ 14 out of 16 calendar years generating a net annualized alpha of
+836 bps^^ (INR returns)
• The investment team is well supported by an experienced Risk management,
Compliance and Operations team.

**As of 30-April-2018
^S&P BSE500 index .
^^As of 30-April-2018, Past Performance is not the indicative of future performance
The Investment Philosophy
We believe that consistent and superior long term absolute returns can be made across
market cycles by investing in growth companies with good management teams.

• We like businesses which address large and growing external opportunity, have a
competitive advantage in effectively exploiting those opportunities and have a scalable
business model with higher than average Return on Capital Employed (ROCE) over the
Investment horizon.

• We believe management teams are key to business success. We look for managements
which have aggression, are aligned to business outcomes while simultaneously having
respect for governance and capital allocation

While growth companies form the core of our portfolio, we tactically also invest in deep
value opportunities and special situations that may appear due to market cycles
Our Offerings
Alchemy High Growth
Capturing the Opportunity
Investment Objective
» The strategy aims at generating long term returns by investing in equities and equity related
instruments across market capitalizations, with a Mid cap bias.

Investment Suitability
» Suitable for an investor who is looking to participate in India growth story through equities.
» Seeking High Risk-High return portfolio.
» Ideal investment horizon is 3 to 5 years.

Allocation across Market Cap may range between

Equity By Market Cap Weight in Portfolio Definition Cut off for CY 2018
Market capitalization of 100th stock in S&P BSE 500 is the
Large Cap 25-100% Rs.29918 Crs and above
cut off for large cap
Market capitalization between 101st and 400th stock in Rs.3962 Crs to Rs.29918
Mid Cap 0-75%
S&P BSE 500 is the cut off for Mid cap Crs
Small cap 0-20% Market capitalization below 400th in S&P BSE 500 Below Rs.3962 Crs
Note: Market capitalization cut off will be taken from S&P BSE 500 as on 31st Dec (i.e. end of every calendar year) for succeeding calendar year
The investment objectives, allocation are indicative and there are no assurances that it will be achieved.
Investors are advised to take independent tax, legal, risk, financial and other professional advice.
Investment Credentials – Alchemy High Growth*
450.00
Alchemy High Growth S&P BSE 500 25.4% Alchemy
400.00 Benchmark
High Growth
350.00 Parameter
300.00
(Since (Since
250.00
inception) inception)
200.00 Returns
25.4% 17.1%
150.00
(CAGR)
17.1%
100.00 Std. Dev. 20.7% 22.1%
50.00 Sharpe 0.93 0.50
0.00 Beta 0.78 1.00
Sep/02

Sep/03

Sep/04

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Sep/06

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Dec/02

Dec/03

Dec/04

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Dec/06

Dec/07

Dec/08

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Dec/11

Dec/12

Dec/13

Dec/14

Dec/15

Dec/16

Dec/17
Jun/02

Jun/03

Jun/04

Jun/05

Jun/06

Jun/07

Jun/08

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Jun/10

Jun/11

Jun/12

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Jun/14

Jun/15

Jun/16

Jun/17
Mar/03

Mar/04

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Mar/07

Mar/08

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Mar/15

Mar/16

Mar/17

Mar/18
It has generated 25.4% CAGR since its
inception (8th May 2002)as compared to
17.1% CAGR generated by S&P BSE 500.
The strategy has created substantial wealth
Since since its inception. Rs 1 cr invested on 8th
Period 1 yr 2 yr 3 yr 5 yr 10 yr
Inception May 2002 would have grown to Rs 37.4 crs
v/s Rs 12.4 crs in S&P BSE 500.
% Returns 11.3 25.5 15.7 21.6 12.6 25.4
As on 30 -April- 2018
Benchmark
15.9 20.3 12.0 15.3 8.1 17.1 *Alchemy High Growth is Alchemy’s PMS strategy
(S&P BSE 500) * From inception of the Product – High Growth - 8th May 2002
Returns Less than 1yr: Absolute, greater than 1yr: Compounded Annualized
Returns are shown as net of all fees and expenses
Past Performance is not the indicative of future performance
Investment Manager - Investment Team
Hiren Ved
CIO
Experience: 25 years
Year of Joining Alchemy:1999

Sachin Shah Chandraprakash Padiyar


Portfolio Manager Portfolio Manager
Experience : 17 Years Experience: 16 years
Year of Joining Alchemy : 2004 Year of Joining Alchemy: 2007

Amit Nadekar Vikas Kumar


Portfolio Manager Portfolio Manager
Experience : 16years Experience : 19 years
Year of Joining Alchemy: 2005 Year of Joining Alchemy: 2016

Sumit Chaturvedi Darshan Engineer


Portfolio Manager Analyst
Experience : 13 years Experience: 8 years
Year of Joining Alchemy: 2017 Year of joining Alchemy: 2011
Alchemy Credentials
Founders and Investment Team
» Bring over 100 years of Indian equity market experience.
» Have excellent market standing built on integrity.
» Have extensive network of intelligence and information at disposal.
» Co-founder, Hiren Ved, as Chief Investment Officer brings investment philosophy
consistency.
» Have a stable and experienced team of investment professionals who have stayed and
imbibed the firms investment philosophy.
Disciplined Investment Process
» Pioneers in Bottom Up stock picking.
» Ability to pick trends early.
» Focus on Primary Research.
» Long term approach to investing in listed companies with continuous review.
» Consistent performance track record since inception in 2002.
» Bespoke approach to individual client’s portfolio.
Alchemy Credentials
Track Record
» 16 years of Investment management track record.
» INR 1 crore invested in May 2002 has grown to over 37.4 crores today*
» Has managed funds through bull and bear cycles and out performed its benchmark 14 out of
16 calendar years.
Vintage & Size
» One of the few Portfolio Managers in India to have been in existence since 2002.
» Manages/advices over USD 1.12 billion of assets onshore and offshore as on 30-April-2018.
Strong Emphasis on Compliance and Risk Management
» With an ethical Code of Conduct in place.
» With transparency in business, client service and reporting.
Quality of Clients
» Sophisticated Institutional investors, Sovereign funds.
» Ultra HNIs (Limited universe of over 1000 exclusive families and includes eminent
individuals across businesses families and professionals )

*As on 30-April-18
Past performance data is not indicative of the future performance
Founders
Rakesh Jhunjhunwala, Co-Founder
A highly respected and successful equity investor in India, with over 26 years of experience
in the financial markets. He is renowned value investor in India.
Lashit Sanghvi, Co-Founder
Lashit has about 2 decades of comprehensive equity market experience. His strengths are
qualitative assessment of people and his ability to judge broad markets and has featured in
“Wizards of Dalal Street – Gen Next” a series on the most successful investors in Indian
Stock Market by CNBC India.
Ashwin Kedia , Co-Founder
Ashwin has about 2 decades of comprehensive equity market experience. He has very
strong background in primary research and has featured in “Wizards of Dalal Street – Gen
Next” a series on the most successful investors in Indian Stock Market by CNBC India.
Hiren Ved, Co-Founder
Hiren has been CIO at Alchemy India since 1999 managing assets of over USD 1.12 billion.
With about 2 decades of experience in the Indian equity markets, he has created a solid
foundation in bottom-up research and stock picking.
Board Members

Lashit Sanghvi, Co-Founder and Whole Time Director and CEO


Lashit’s journey with Alchemy began when he co-founded Alchemy Equity Research & Securities in 1992
and Alchemy Share & Stock Broking Pvt Ltd. He has over 19 years of experience and has featured in CNBC’s
“Wizards of Dalal Street”, a showcase of India’s most successful investors. His area of expertise also
involves evaluation of Private Equity investment opportunities and development of systems for dealing
function and back office.

Hiren Ved , Co- Founder and Whole Time Director


Hiren has been CIO at Alchemy India since 1999 managing/advising assets of about USD 1.12 billion. With
about 2 decades of experience in the Indian equity markets, he has created a solid foundation in bottom-
up research and stock picking. He serves as a Whole Time Director of Alchemy India. A qualified cost
accountant, Mr. Hiren also holds a Diploma in Banking & Finance.
Board Members
Neeraj Roy, Non Executive Director
Managing Director & CEO, Hungama Mobile. Voted amongst the ‘50 Most influential People in Mobile
Entertainment’ globally 3 years in a row. Selected amongst the ‘Top 10 MobiThinkers of 2009’ globally. Chairman of
Mobile Entertainment Forum, an organization of members from all the entire value chain of the Mobile
Entertainment business. Founder of TiE in India; Been on the Board of TiE Mumbai chapter.

Manu Parpia, Non Executive Director


Founder and Vice Chairman, Geometric Ltd and served as the Managing Director from 1994 to 2006. Chairman of
3DPLM Software Solutions Ltd. Served as the Chief Executive of the Electronic Business Equipment Division of
Godrej & Boyce from the mid eighties to 1999. Founded Godrej Pacific, a joint venture between Tech Pacific and
Godrej & Boyce, and served as its Managing Director from 1995 to 1999.
Fund Management Team
Mr. Hiren Ved, Whole Time Director and CIO
Hiren has been CIO at Alchemy India since 1999 managing/advising assets of over USD 1.12 billion With about 2
decades of experience in the Indian equity markets, he has created a solid foundation in bottom-up research and
stock picking. He serves as a Whole Time Director of Alchemy India . A qualified cost accountant, Mr. Hiren also
holds a Diploma in Banking & Finance.

Mr. Sachin Shah, Portfolio Manager


Sachin has over 18 years of experience in research and portfolio management. He started his career as a research
analyst at UTI Mutual Fund before moving to SG Asia Securities, as a sell-side analyst and then HDFC Bank, where
he was made Manager of Equities and Private Banking. Sachin joined Alchemy Capital Management in 2004 where
he first started as an analyst and then graduated to portfolio manager. He has served as Director and Portfolio
Manager for Alchemy Investment Management, Singapore. Sachin has an M.B.A (Finance) from NMIMS, Bombay
University.
Fund Management Team

Mr. C. Padiyar, Portfolio Manager


With over 17 years of experience in research and fund management, Chandraprakash began his career in equity
research and analysis at UTI Mutual Fund and in time was designated portfolio manager, overseeing the mutual
fund schemes. Currently serving as portfolio manager for the onshore long-only strategies, he joined Alchemy
Capital Management in 2007. Chandraprakash is an M.B.A. (Finance) from Symbiosis Institute of Business
Management affiliated to the University of Pune.

Mr. Amit Nadekar , Portfolio Manager


Amit has over 17 years of diverse experience across Fund Management, Corporate Strategy and Finance,
Taxation, Accounts and Audits. He started his career as a Lead Analyst covering US Financials with First Global
Securities. Amit had a short entrepreneurship stint setting up a Equity Research KPO with US/UK Clients before
moving on to Corporate side as a part of Corporate Strategy team of Raymond Ltd. Amit has been a core
member of Investment Team at Alchemy since October 2005. He is a Chartered Accountant and also holds an
M.B.A (Finance) from Jamnalal Bajaj Institute of Management Studies , Mumbai University .
Investment Process
3 I- Matrix
Idea Generation

Universal Tracker Network Inputs Ground Noises Active Tracker

Top Down sustainable Themes


Investment Process

Idea Research & Investable Portfolio Review and Exit


Generation Analysis Pool Construction Monitoring Strategy
Intervention

Investment Team Risk Management Investment Committee


Idea Generation

Universal Tracker Network Inputs Ground Noises Active Tracker

•Universe of top •Interdependent •Interaction with our •Company filings


500 companies by company/sector client base •Quarterly results
market cap feedback •Interaction with •Analysts calls
•Extensive company •Attending sector business ecosystem •Site/management
visits; we meet theme specific i.e. outlets/dealers visits
over 100 -150 conferences etc •Updating and
companies •Broker revisiting models
annually conferences and
•Best performers visits
basis financial •Interacting with
metrics peer group
•Best performers
basis price
•Change in
external/macro
environment
Investment Process

Research and Portfolio Review and


Idea Generation Investable Pool Exit
Analysis construction Monitoring

•Universal •Quick research, •Pool of 80 to •Fund manager •Quarterly and •Revolving


Tracker if we like the 100 companies selects stocks annual update review
•Active Tracker company •New ideas and basis fund of the •Trim over
•Network Inputs •Detailed Model old ideas mandates investment weights
•Ground Noise •Fund manager thesis
•Meeting the •Active- •Risk return not
management proactive does final •Investee in favor
model updates selection company
•Final Model •Better
and company •CIO manages meetings- at opportunities
meetings the process least bi-annual
•Hypothesis
•Passive- and has an •External broker not playing out
Quarterly overriding and analyst as initially
model updates power over networking planned
and meeting fund manager •Model updates
every quarter
Intervention-Investment Team

Idea Generation Research and Analysis Investable Pool


Primary- CIO, FM and
Primary- FM and Analyst Primary- CIO and FM
Analysts
Secondary- CIO Secondary- Analyst
VETO Power- CIO

Exit Strategy Portfolio Review Portfolio Construction

Primary- FM and CIO Primary- Analyst and FM Primary- FM and CIO


Secondary- Analyst Secondary- CIO Secondary- Analyst
VETO Power- CIO VETO Power- CIO
Intervention-Risk Management
Firm Level
• Performance patterns analysis Portfolio Level
• Daily monitoring by in-house Security Level
• Dedicated pre and post trade operations team basis the fund • Sectoral limit based on mandate
checks, ongoing internal reviews mandate

• Individual stock limit based on


• Statutory and legal risk managed • Fund Manager evaluates mandate
by the compliance and legal performance of each strategy vis a
function which is monitored by vis the benchmark on a monthly
basis • We also monitor the ownership in
the Group Compliance Head.
companies at Fund/Strategy level

• Business Risk managed by the • CIO reviews the performance of


Group CEO. each strategy with the respective • Investment positions - flags raised
fund manager every month. by operations team if a position is
close to the maximum permissible
limit weight-ages
• Contribution analysis conducted
each month by investment team.
Portfolio action on absolute and
relative performance analysis and
portfolio positioning are discussed
every month
Intervention-Investment Committee

Monthly
Investment Committee Reviews
Intervention

Forming and reviewing macro view,


CIO,CEO and COO Performance Tracking,
Fund Managers Attribution Analysis,
Business Heads Outlier Management and decisions
Advisory Head Exception Reporting and Priority Actions
Major topics discussed in the Investment Committee meet
» Macro view: the investment team presents their view on the changes global macro variables and what
can be expected in future.
» Fund performance: Performance of all funds is analyzed. Each fund manager has to present his portfolio
positioning and the impact of change in macro and micro variables that have affected or may affect the
portfolio in the future. In case of consistently under performing positions, triggers of events are defined.
If these triggers are not achieved, then the position is revised by the investment committee.
» Risk monitoring: An in-depth attribution analysis is presented to understand under-performers and out-
performance and plan of action for the same.
Disclaimer
General Risk factors

All investment products attract various kinds of risks. Please read the relevant Fund Document/ Investment Agreement
carefully before investing.

General Disclaimers

The information and opinions contained in this report/ presentation have been obtained from sources believed to be reliable,
but no representation or warranty, express or implied, is made that such information is accurate or complete.

Information and opinions contained in the report/ presentation are disseminated for the information of authorized recipients
only, and are not to be relied upon as advisory or authoritative or taken in substitution for the exercise of due diligence and
judgement by any recipient.

The information and opinions are not, and should not be construed as, an offer or solicitation to buy or sell any securities or
make any investments.

Nothing contained herein, including past performance, shall constitute any representation or warranty as to future
performance.

The client is solely responsible for consulting his/her/its own independent advisors as to the legal, tax, accounting and
related matters concerning investments and nothing in this document or in any communication shall constitutes such advice.

The client is expected to understand the risk factors associated with investment & act on the information solely on
his/her/its own risk. As a condition for providing this information, the client agrees that Alchemy Capital Management Pvt.
Ltd., its Group or affiliates makes no representation and shall have no liability in any way arising to them or any other entity
for any loss or damage, direct or indirect, arising from the use of this information.
This document and its contents are proprietary information of Alchemy Capital Management Pvt. Ltd and may not be
reproduced or otherwise disseminated in whole or in part without the written consent.

Alchemy Capital Management Pvt. Ltd |B-4, Amerchand Mansion|16 Madame Cama Road| Mumbai 400 001.|URL:www.alchemycapital.com
CIN-U67120MH1999PTC119811|Email ID: contactus@alchemycapital.com

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