Motilal_Oswal_Business_Cycle_Fund_PPT.pdf

Business cycle fund

1. THINK EQUITY. THINK MOTILAL OSWAL.
Poised for Upside
Motilal Oswal Business Cycle Fund
Introducing
07
th
to 21
st
Aug 2024
NFO PERIOD

2. Understanding
Business Cycle
Why Business Cycle
India’s Journey of
Business Cycle
Why Motilal Oswal
Business Cycle Fund
PRESENTATION
FLOW
1
2
3
4

3. Understanding Business Cycle

4. Understanding Business Cycle
What is Business Cycle?
Economic transitioning from periods of growth and decline
over time
Different companies and sectors react uniquely to each phase
of the business cycle
What is Business Cycle Investing?
Choosing companies likely to perform well by early tapping busi-
ness cycles
Peak
Real GDP
Time
Contraction
Slump
Expansion
The chart is used to explain the concept and is for illustration purpose only and should not be used for development or implementation of any investment strategy. It should not be constructed as investment advice to any party.

5. Phases Of Business Cycle
The above list is illustrative and not exhaustive, there may be several other characteristics observed during each phase.
Key Parameters Expansion Peak Contraction Slump
Economic Activity Rising Stable Growth Declining/slow growth Phase of weak/no growth
Interest Rate Low Rising High Declining
Unemployment Decline Low Rise High
Inflation Rising High
High
Declining Low
Capex Capex plans are considered
and planned
High Capex taking into
account past
growth/sometimes lead
to excesses
Fresh Capex plan cancelled,
existing ones delayed
Capex plans are realigned
Return on Capital
Employed (ROCE)
Rising
Declining, with new
capacities coming live
Low ROCE, often raising
questions on past capex
HighBusiness Sentiment Improving Weakening Pessimism

6. Investor’s behaviour during business cycle
Source: ABSL AMC. The Stocks/Sectors mentioned above are used to explain the concept and is for illustration purpose only and should not be used for development or implementation of any investment strategy. It should not be
construed as investment advice to any party. The stocks may or may not be part of our portfolio/strategy/ schemes. Past performance may or may not be sustained in future
Valuation/GDP Growth
Optimism
Anxiety
Panic
Despair
Hope
Optimism
Time
Fear
Excitement
Euphoria/Greed
Investor's expectations
overshooting
Market Performance & Investor Behavior
Investor's expectations
undershooting
Market Returns are largely driven by earning growth & change in sentiments/valuation

7. Why Business Cycle

8. Every sector goes through its own cycle
Source: MOAMC Internal, NSE Indices'. The Stocks/Sectors mentioned above are used to explain the concept and is for illustration purpose only and should not be used for development or implementation of any investment strategy.
It should not be construed as investment advice to any party. The stocks may or may not be part of our portfolio/strategy/ schemes.
Business cycle investing focuses on investing during the expansion phase of the business cycle
12,000
17,000
22,000
27,000
32,000
37,000
42,000
Jun-20
Nov-20
Apr-21
Sep-21
Feb-22
Jul-22
Dec-22
May-23
Oct-23
Mar-24
Nifty IT
3,500
5,500
7,500
May-13
Mar-14
Jan-15
Nov-15
Nifty Financial Services
4,000
6,000
8,000
10,000
Jun-18
Jan-19
Aug-19
Mar-20
Oct-20
May-21
Dec-21
Jul-22
Feb-23
Nifty Healthcare Index
5,000
7,000
9,000
11,000
Nov-13
Jan-15
Mar-16
May-17
Jul-18
Sep-19
Nov-20
Jan-22
Nifty Auto

9. Sector rotation is an alpha opportunity
Source: MFI ICRA. The Stocks/Sectors mentioned above are used to explain the concept and is for illustration purpose only and should not be used for development or implementation of any investment strategy. It should not be
construed as investment advice to any party. NSE or BSE Index of the mentioned sectors are being used. Past performance may or may not be sustained in future. *Data as on 11 July 24
Financial Services
IT
Consumer - FMCG
Consumption
Auto
Capital Goods
Healthcare
Reality
Telecom
Energy
Indices 2024* 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 20112010
10 13 10 14 5 26 11 41 5 -5 57 -7 52 -29 30
5 24 -26 60 55 8 24 12 -7 0 18 58 -2 -18 29
4 29 18 10 13 -1 14 29 3 0 18 12 49 9 31
27 39 -1 30 20 -2 -16 54 5 8 54 -3 40 -23 12
36 48 15 19 11 -11 -23 31 11 0 57 9 43 -19 35
36 67 16 53 11 -10 -2 40 -3 -9 50 -6 35 -48 9
23 33 -11 18 56 -7 -6 -3 -14 12 46 21 33 -13 36
42 81 -11 54 5 29 -33 110 -4 -15 10 -34 53 -52 -26
37 31 -5 43 14 13 -41 50 -21 3 9 18 -3 -16 2
28 29 14 34 6 11 1 39 20 -1 9 0 14 -29 3

10. India’s Journey of
Business Cycle

11. India: Vicious to virtuous cycle
Vicious
Current
Virtuous
Corporate Profitability
Improving
Corporate Capex
Pick up
Corporate Credit
Pick up
Resilient India
(External Factors)
India in Deleveraging
PLI schemes
Corporate Tax Rate Cut
Demand Recovery
COVID-19 Crisis,2020
I&LFS Crisis,2019
GST, 2017
IBC,2016
RERA,2016
Demonetization,2016
Aggressive Bad Loans
Recognition by Banks

12. Movement of India’s economic cycle
Trough
Balance sheet quality
improves across large
comoanies
Government supports
private sector through
targeted incentives
Lower commodity
prices
Excess supply
across sectors
Deleveraging & market
Consolidation takes place
Excess capacity build
up posy '08-'09 crisis
Financial crises
dents global risk appetite
Demand drops due to
global slowdown and
domestic policy paralysis
Strong private
participation in power,
steel and cement
Commodity prices
rise as China gains
prominence
Pickup in residential
real estate
Early signs of commodity
price increase
Electricity Act-
Opening-up of power
sector
Higher Government
spend
Lower commodity
prices
NPA cycle was
bottoming out
Real Estate
Slowdown
Expansion Peak Slowdown Trough Expansion
1998-2000 2001-2003 2004-2007 2009-2012 2013-2020 2021-2024
Government support by way
of PLI incentives and public
infrastructure spending
Improving business prospects
drive investments in business
capacity
Improving domestic demand
and consumption patterns
Start of an
upcycle led by:
123
Source: Axis MF, RBI, Ministry of Commerce. The above list is illustrative and not exhaustive, there may be several other characteristics observed during each phase. It should not be construed as investment advice to any party.

13. Peak phase: 2004-07
801.0
186.8
317.9
-
200.0
400.0
600.0
800.0
1,000.0
Capital Goods and IT in slowdown phase
(Rebased to 100)
S&P BSE CG Nifty IT Nifty 500
Capital Goods outperformed IT during the expansionary phase of 2004-07 as the leveraging cycle, capex and infrastructure
picked-up
Source: MOAMC Internal Research, ICRA. The Stocks/Sectors mentioned above are used to explain the concept and is for illustration purpose only and should not be used for development or implementation of any investment
strategy. It should not be construed as investment advice to any party. The stocks may or may not be part of our portfolio/strategy/ schemes. Past performance may or may not be sustained in future
Low Interest Rates, Current Account Surplus, Low Infla-
tion and Stable Currency
Low Household & Corporate leverage
Lower Bank NPAs and corporate resolutions
Rising Corporate profits to GDP
Cheap land and labour
High GDP growth environment
Jan-04
Feb-04
Mar-04
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
Jan-05
Feb-05
Mar-05
Apr-05
May-05
Jun-05
Jul-05
Aug-05
Sep-05
Oct-05
Nov-05
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Macro Factors During The Period

14. Slowdown phase: 2009-12
IT outperformed Capital Goods during the slowdown phase of 2009-12 as the demand for consumer discretionary items and real
estate reduced
Source: MOAMC Internal Research, ICRA. The Stocks/Sectors mentioned above are used to explain the concept and is for illustration purpose only and should not be used for development or implementation of any investment
strategy. It should not be construed as investment advice to any party. The stocks may or may not be part of our portfolio/strategy/ schemes. Past performance may or may not be sustained in future
High corporate leverage
Weak Economic Environment
High fiscal deficit
High Inflation
High Current Account Deficit
150.1
264.2
199.3
90.0
140.0
190.0
240.0
290.0
340.0
Jan-09 Oct-09 Jul-10 Apr-11 Jan-12 Oct-12
Capital Goods and IT in slowdown phase
(Rebased to 100)
S&P BSE CG Nifty IT Nifty 500
Macro Factors During The Period

15. 169.8
403.3
234.5
-
100.0
200.0
300.0
400.0
500.0
Jan-13 Nov-13 Sep-14 Jul-15 May-16 Mar-17 Jan-18 Nov-18 Sep-19 Jul-20
Capital Goods and IT in trough phase
(Rebased to 100)
S&P BSE CG Nifty IT Nifty 500
Trough phase: 2013-20
IT Sector outperformed Consumer Goods during the trough phase in 2013-20 period led by the technological boom in the country
Source: MOAMC Internal Research, ICRA. The Stocks/Sectors mentioned above are used to explain the concept and is for illustration purpose only and should not be used for development or implementation of any investment
strategy. It should not be construed as investment advice to any party. The stocks may or may not be part of our portfolio/strategy/ schemes. Past performance may or may not be sustained in future
Improvement in access to credit during the later phase
Turnaround of demands from consumers
Higher Inflation
Gradual Reduction in Leverage
Declining ROE of corporates
Macro Factors During The Period

16. Expansion phase: 2021-24
Capital Goods Sector has outperformed IT during the current expansionary phase of 2021-24 as the capex and infrastructure cycle has
picked-up again
Source: MOAMC Internal Research, ICRA. The Stocks/Sectors mentioned above are used to explain the concept and is for illustration purpose only and should not be used for development or implementation of any investment
strategy. It should not be construed as investment advice to any party. The stocks may or may not be part of our portfolio/strategy/ schemes. Past performance may or may not be sustained in future. Data as on Mar 24
High GDP growth environment
Rise in Affordability Ratio
Strong rebound in Earnings Growth
Strong domestic capital flows
Low leverage
Bank NPAs and resolution
Rising Corporate profits to GDP
Macro Factors During The Period
327.2
143.3
177.7
80.0
130.0
180.0
230.0
280.0
330.0
380.0
Jan-21
Feb-21
Mar-21
Apr-21
M
ay-21
Jun-21
Jul-21
A
ug-21
S
ep-21
Oct-21
N
ov-21
D
ec-21
Jan-22
Feb-22
Mar-22
Apr-22
M
ay-22
Jun-22
Jul-22
A
ug-22
S
ep-22
Oct-22
N
ov-22
D
ec-22
Jan-23
Feb-23
Mar-23
Apr-23
M
ay-23
Jun-23
Jul-23
A
ug-23
S
ep-23
Oct-23
N
ov-23
D
ec-23
Jan-24
Feb-24
Mar-24
Apr-24
Capital Goods and IT expansion phase
(Rebased to 100)
S&P BSE CG Nifty IT Nifty 500

17. Why Motilal Oswal
Business Cycle Fund

18. Spotting the Right sectors during a Business Cycle
Source: Valuefy, MOAMC Internal. Past performance may or may not be sustained in future. The above graph/sector is used to explain the concept and is for illustration purpose only and should not used for development or
implementation of an investment strategy. Further It should not be construed as investment advice to any party. Data is for Motilal Oswal Flexicap Fund which is managed by the fund Manager since July 2021. . Past performance
may or may not be sustained in future. The Stocks/Sectors mentioned above are used to explain the concept and is for illustration purpose only and should not be used for development or implementation of any investment
strategy. It should not be construed as investment advice to any party
Period Higher Allocation to an Outperforming Sector Active Return Fund Weight Index Weight Over/Under Wt.
Jul 21 -Jun 22
Automobile and Auto Component s 0.82% 11.14% 4.75% 6.39%
Informat ion Technol ogy 0.45% 14.56% 13.38% 1.18%
Healthcare 0.06% 7.63% 5.51% 2.11%
Jul 22 -Jun 23
Automobile and Auto Component s 1.89% 13.79% 5.60% 8.19%
Capital Goods 1.68% 5.80% 3.64% 2.16%
Consum er Services 1.55% 8.74% 2.65% 6.10%
Jul 23 -Jun 24
Consum er Services 11.06% 16.39% 3.13% 13.25%
Capital Goods 3.44% 7.83% 4.90% 2.93%
Informat ion Technol ogy 2.36% 16.09% 9.45% 6.65%
Period Lower Allocation toan Underperforming Sector Active Return Fund Weight Index Weight Over/Under Wt.
Jul 21 -Jun 22
Capital Goods 0.36% 2.24% 3.03% -0.79%
Metals & Mining 0.30% 0.00% 3.25% -3.25%
Jul 22 -Jun 23
Power 1.23% 0.00% 3.15% -3.15%
Oil, Gas & Consum able Fuels 0.57% 6.65% 10.10% -3.45%
Jul 23 -Jun 24
Financial Services 3.15% 26.46% 29.11% -2.66%
Fast Moving Consum er Goods 2.98% 0.01% 8.42% -8.41%

19. Sunrise sectors potentially driving india to $10 tn economy
Source: Digitizing Make in India 2024, BCG. Past performance may or may not be sustained in future. The above graph is used to explain the concept and is for illustration purpose only and should not used for development or
implementation of an investment strategy. Further It should not be construed as investment advice to any party. The sectors mentioned above are used to explain the concept and is for illustration purpose only and should not used
for development or implementation of an investment strategy.. EMS- Electronic Manufacturing Services || IT- Information Technology || PCBA- Printed Circuit Board Assembly || ODM – Original Design Manufacturer
Semiconductors, $Bn Mobile & Wearables, Telecom, Auto, IT
PCBA, Component & Sourcing, ODM
Cell & Component manufacturing, Auto components
Distribution, Module electronics
Indigenization, Assembly and Integrators
Expected to contribute 32% to incremental GVA
EMS, $Bn
EV/Battery, $Bn
Green Energy, $Bn
Defence, $Bn
Manufacturing GVA, $ Bn
2023 2030E
44
1172.8x
101
5005x
4
4812x
9
434.7x
13
433.2x
3,100
7,5002.4x

20. Hospitals
Healthcare
Ecosystem
Chemicals
China + 1
Electronic
Manufacturing
Services
MOAMC’s Focus themes which are expected to benefit in the current Business Phase
Source: MOAMC Internal. Past performance may or may not be sustained in future. The above graph/sector is used to explain the concept and is for illustration purpose only and should not used for development or implementa-
tion of an investment strategy. Further It should not be construed as investment advice to any party.
New Age
Consumer Tech
Tech & Tech
Services
High Growth
Tech Cos
Services
Telecom
Equipment &
Infra Services
Leisure &
Luxury
Urbanization
Travel &
Hospitality
Premiumization
Auto + EV
Manufacturing/
Make in India
Auto Ancillaries
Power
NBFCs
Financialization

21. Unique High Conviction Business Cycle Portfolio
Past performance may or may not be sustained in future * The usage of term Hi-Quality and Hi-Growth Portfolios purely depicts Motilal Oswal AMC’s internal fund management/strategy process which is based on qualitative
and quantitative research parameter
Advantage of early allocation to
themes in wealth creation
HI-Quality, HI-Growth Investing*
to generate long term Alpha
Managed by Chief Investment Officer
with exemplary track record in Midcap
and Flexicap Fund
Agile investment allocation
between all market caps
The fund may stand tall in investors
portfolio plagued by investment in
multiple overdiversified funds

22. Disciplined Investing Following “QGLP” Investment Process
The above graph/data is used to explain the concept and is for illustration purpose Only. The data mentioned herein are for general and comparison purpose only and not a complete disclosure of every material fact and should not used for development or
implementation of an investment strategy. Past performance may or may not be sustained in future.
Q
G L
P
Q
U
A
L
IT
Y P
R
IC
E
LO
N
G
E
V
I
T
YGROWTH
Minimum threshold set for ROCE/ROE
Application of PE,PEG framework and
Expanding the framework through rolling out
DCF, implied returns and implied growth
Ensuring Longevity of Growth by investing in sustainable themes
identified by the Investment team collectively
House theme representation in
portfolio via bottom of stock picking by
Portfolio Manager (PM) = 65%
Flexibility to PM to Invest Outside
house themes = 25%
Provision for risk mitigation = 10%

23. Risk management framework for consistency & sustainability of performance
Minimum and maximum exposure limits set
Stock Weightage & Stock Sizing
Limits on sector deviations relative to benchmark
Sector Sizing
Portfolio size capped up to 35 stocks
Diversification Strategy
Proprietary framework for measuring triggers
Profit Taking / Stop Loss Framework
Ensuring efficient management for ability to take necessary action
Stringent Liquidity Framework
The above graph/data is used to explain the concept and is for illustration purpose Only. The data mentioned herein are for general and comparison purpose only and not a complete disclosure of every material fact and should not used for development
or implementation of an investment strategy. Past performance may or may not be sustained in future.

24. Mentors and Fund Managers
Mr. Prateek Agrawal has long distinguished experience in Asset
Management Business, investment banking, advisory services
and sell side research.
Prior to joining Motilal Oswal Asset Management Company
Limited, he was associated with ASK Investment Managers
Private Limited as Business Head and Chief Investment Officer
wherein he has provided leadership to various departments.
In his earlier role, he worked as Head of Equity with BNP
Paribas Mutual Fund & BOI Mutual Fund and Head of Research
in SBI Capital Market.
Rich Experience: Over 14 years of experience.
Prior to joining Motilal Oswal Asset Management Company
Limited he has worked with Canara Robeco Asset Management
Company Limited handling Small Cap Fund.
Qualification: CFA Level 3, PGDM – MBA - TAPMI, Manipal, B.E.
– Electrical Engineer - MITS, Gwalior
Fund Manager: Motilal Oswal Large and Midcap Fund, Motilal
Oswal ELSS Tax Saver Fund, Motilal Oswal Small Cap Fund,
Motilal Oswal Large Cap Fund, Motilal Oswal Multicap Fund,
Motilal Oswal Quant Fund
Rich Experience: Over 14 years of experience.
Motilal Oswal Asset Management Company Ltd. - Vice President -
Associate Fund Manager. Motilal Oswal Securities Ltd. - Head of
Midcaps Research. Edelweiss Securities Ltd - Research Analyst -
Midcaps.
Religare Capital Markets Ltd - Associate Research Analyst - Midcaps
Qualification: Masters in Business Administration (MBA – Finance)
Fund Manager: Motilal Oswal Large and Midcap Fund. Motilal Oswal
Midcap Fund, Motilal Oswal ELSS Tax Saver Fund, Motilal Oswal Flexi
Cap Fund,Motilal Oswal Small Cap Fund,Motilal Oswal Large Cap
Fund,Motilal Oswal Multicap Fund
Ajay Khandelwal (CO - Fund Manager)Niket Shah (CIO & Fund Manager)
Raamdeo Agrawal is the Co-Founder of Motilal Oswal Financial
Services Limited (MOFSL)
As Chairman of Motilal Oswal Asset Management Company, he
has been instrumental in evolving the investment
management philosophy and framework
He has also authored the Art of Wealth Creation, that compiles
insights from 26 years of his Annual ‘Wealth Creation Studies’
Raamdeo Agrawal is an Associate of Institute of Chartered
Accountants of India
Raamdeo Agrawal (Chairman, MOFSL) Prateek Agrawal (MD&CEO, MOAMC)

25. Fund Managers
Rich Experience: Over 15 years
Past experience: He has more than 15 years of overall
experience and expertise in trading in equity, debt segment,
Exchange Trade Fund’s management, Corporate Treasury and
Banking. Prior to joining Motilal Oswal Asset Management
Company Limited, he has worked with Company engaged in
Capital Market Business wherein he was in charge of equity
and debt ETFs, customized indices and has also been part of
product development
Academic background: Bachelors of Commerce (B.Com)
Rich Experience: Over 16 years of experience
Past experience: Motilal Oswal Asset ManagementCompany
Ltd – Senior VicePresident – Fund Manager – PMSand AIFs.
(2013 – present)Edelweiss Capital Ltd – ResearchAnalyst
(2008-13)
Academic background: CFA Charterholder, Masters
incommerce; Mumbai University Bachelor’s In commerce,
Mumbai University, HR College ofCommerce and Economics
Fund Manager: Motilal Oswal Large Cap Fund, Motilal Oswal
Multi Cap Fund
Fund Manager: Motilal Oswal Large and Midcap Fund, Motilal
Oswal Midcap Fund and others
Past experience: Prior to joining to Motilal Oswal Asset
Management Company he has worked with Sharekhan, Aditya
Birla and Angel Broking as Equity Dealer and Advisor. He has
been associated in capital market industry since 2009.
Excellent academic background: Master of Commerce (M.
Com) .
Fund Manager: Motilal Oswal Large and Midcap Fund, Motilal
Oswal Midcap Fund and others
Rich Experience: He has over 16 years of experience across his tenure.
Mr. Singh was associated with Haitong International Securities Ltd. as
Head of Research and Lead Analyst from 2015 to 2018 (years), where
he was responsible for Research product and overall Research
strategy. He was also associated with SG Asia Holdings as analyst
from 2014 to 2015 years and also with Espirito Santo Securities as
Lead analyst from 2007 to 2014 and so on. Mr. Singh was ranked No.1
analyst in India in the Asia money polls for insurance sector
continuously for three years from 2015 to 2017.
Qualification: CA from ICAI and CFA from CFA Institute Analytics from
SBM, NMIMS Mumbai.
Fund Manager: Motilal Oswal Focused Fund, Motilal Oswal Balanced
Advantage Fund,Motilal Oswal Multi Asset Fund,Motilal Oswal Large
Cap Fund,Motilal Oswal Multicap Fund
Atul Mehra (Fund Manager, For Equity Component) Santosh Singh (Fund Manager, For Equity Component)
Rakesh Shetty (Fund Manager, For Debt Component) Sunil Sawant
(Fund Manager,
For International Equity Component)

26. Fund Facts
An open-ended equity scheme following business cycles based investing theme
Name of Scheme
Type
Nifty 500 Total Return Index
Regular Plan & Direct PlanBenchmark
Entry/ Exit Load
Plans
Rs. 500/- and in multiples of Re. 1/- thereafter
Minimum
Application Amount
Rs. 500/- and in multiples of Re. 1/- thereafter or account balance, whichever is lower.
Minimum
Redemption Amount
IDCW Option & Growth Option
Options
(Under each plan)
Investment
Objective
Thematic fundCategory of Scheme
Motilal Oswal Business Cycle Fund
To achieve long term capital appreciation by predominantly investing in equity and equity related instruments of companies by
investing with a focus on riding business cycles through allocation between sectors and stocks at different stages of business
cycles. However, there can be no assurance that the investment objective of the scheme will be realized.
Entry : Nil Exit : 1% - If redeemed on or before 3 Months from the date of allotment. Nil - If redeemed after 3 Months from the date
of allotment. No Exit Load will be applicable in case of switch between the Schemes, Motilal Oswal Focused Fund, Motilal Oswal
Midcap Fund, Motilal Oswal Flexi Cap Fund, Motilal Oswal Balanced Advantage Fund, Motilal Oswal Large and Midcap Fund,
Motilal Oswal Multi Asset Fund and other schemes as may be amended by AMC vide its addendum issued in this regard. No Load
shall be imposed for switching between Options within the Scheme. Further, it is clarified that there will be no exit load charged on
a switch-out from Regular to Direct plan within the same scheme.

27. Product labelling
Name of the scheme
Motilal Oswal Business Cycle Fund (An open-ended equity scheme
following business cycles based investing theme )
This product is suitable for investors who are seeking*
Capital appreciation over long term
Investing predominantly in equities and equity related instruments
selected on the basis of business cycle
*Investors should consult their financial advisers if in doubt about
whether the product is suitable for them.
Investors understand that their
principal will be at Very High risk
Benchmark Riskometer is at
Very High risk
Scheme
Riskometer
Benchmark Risk-o-meter
Nifty 500 Total Return Index
Product labelling assigned during the NFO is based on internal assessment of the scheme characteristics or model portfolio and the same may vary post
NFO when the actual investments are made.

28. Annexure

29. Actual earnings deviation from estimates is an Alpha Opportunity
Source: MOAMC Internal Research, MOIE, Factset, ICRA. The Stocks/Sectors mentioned above are used to explain the concept and is for illustration purpose only and should not be used for development or implementation of any
investment strategy. It should not be construed as investment advice to any party. The stocks may or may not be part of our portfolio/strategy/ schemes. Past performance may or may not be sustained in future. PAT Estimates before
the start of the year have been considered and compared with the actual PAT reported by the companies.
124.6
152.3
95
105
115
125
135
145
155
Mar-21May-21 Jun-21Jul-21Aug-21Sep-21Oct-21Dec-21Jan-22
IT Index Performance
Actual PAT: 12% over FY21 Estimates
Actual PAT: 210% over FY21 Estimates
Nifty 500 Nifty IT
118.8
144.9
95
105
115
125
135
145
Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23
PSU Index Performance
Nifty 500 Nifty PSU
Actual PAT: 13% over FY23 Estimates
114.2
145.8
95
105
115
125
135
145
Mar-21Apr-21 May-21 May-21 Jun-21 Jul-21 Jul-21
Metal Index Performance
Nifty 500 Nifty Metals
134.6
155.8
95
105
115
125
135
145
155
Mar-23Apr-23May-23 Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23
Telecom Index Performance
Nifty 500 BSE Telecom
Actual PAT: 19% over FY23 Estimates

30. Make in India upcycle: Growth Pillared by Array of Reforms
Source: Source: CRISIL India Outlook March 2024, Internal. Disclaimer: The above graph/data is an illustration of a stated example and the above is for representation purpose only and should not used for development or imple-
mentation of an investment strategy. Past performance may or may not be sustained in future
Infrastructure
Focused
Manufacturing
Focused
2014 2015 2016 2017 2019 2020 2021 2022 2023
Make in India
Phased Manufacturing
Programme
PLI Scheme
Bharatmala
Pariyojana
SPECS
Semiconductor
Mission
National Industrial
Corridor Development
Programme
Smart Cities
Mission
GST
RERA
National
Infrastructure
Pipeline
National
Monetisation
Pipeline
PM
Gati ShaktiPradhaan Mantri
Awaas Yojna

31. Source: Digitizing Make in India 2024, BCG. Past performance may or may not be sustained in future. The Sectors mentioned above are used to explain the concept and is for illustration purpose only and should not be used for development
or implementation of any investment strategy. It should not be construed as investment advice to any party.
Make in India upcycle: Focus on Manufacturing
Total Manufacturing GVA to grow by
2.4x in the same period
Evident focus on Make in India with
exponential forecasts for all segments
Move towards Import Substitution
Expected upcycle for niche products in
manufacturing industry
44
117
101
500
4
48
9
43
13
43
2023 2030E
Semiconduc tors EMS EV/Battery Green Energy Defense
2.8x
5x
12x
4.7x
3.2x
USD Bn

32. 6.4
5.3
0.2 0.4 0.1 0 0
24.1
17.8
3.9
3.0
1.3 1.3
2.0
Power
Non Fossil Fuel
Grid
Transport
Auto Value Chain
Source: MOIE. Past performance may or may not be sustained in future..The Sectors mentioned above are used to explain the concept and is for illustration purpose only and should not be used for development or implementation of any
investment strategy. It should not be construed as investment advice to any party.
Infrastructure
Hydrogen
Green field Investments planned across sectors
Make in India upcycle: Focus on Manufacturing
Green energy Focus seems evident
Higher public investment is expected to
lead infrastructure boom
Policy support expected to accelerate the
boom in infrastructure
Infrastructure capex may lead the way for
capex boom
2022E
` Trn
2030P

33. Telecom upcycle: Focus on Profitability
Telcos are expected to increase tariffs with
focus on profitability
Subscriber base has shown and is
expected to show healthy additions
With tariff hikes and continued rise in
internet usage, ARPU levels could could
grow much faster
Compared to global peers, India is still
lagging in usage and ARPU levels
FY30EFY25FY21
1,024.5897.5732.34G/5G Subscribers (Mn)
14.2%22.6%% Change
323.5205.0136.0Average ARPU (INR)
57.8%50.7%% Change
25.922.314.1AMDU (GB/Month)
16.0%
Source: CLSA, Euromonitor. Past performance may or may not be sustained in future. The Sectors mentioned above are used to explain the concept and is for illustration purpose only and should not be used for development or
implementation of any investment strategy. It should not be construed as investment advice to any party.
58.7%% Change
2.2 2.8
6
6.9
13.9
22.9
26
36.7
42.7
India IndonesiaThailand China MalaysiaSingapor eKorea USA Canada
ARPU (USD/Month)

34. Consumption upcycle: India’s aspirational consumption pattern
Source: MOAMC Internal. Past performance may or may not be sustained in future. The above graph/stock/sector is used to explain the concept and is for illustration purpose only and should not used for development or implementa-
tion of an investment strategy. Nominal GDP
Existing Technology
BackboneTechnology
and Innovation
Income
Growth
Favorable
Demographics
Evolving
Consumer
attitudes
Urbanization
Breakdown of
Urban-Rural divide
Attitudes (Income,
Demographics,
Technology-adoption
led preferences)
Working age Majority
Millennials and Gen Z
New Technology
and Business Model
Innovations
Middle and High
Segment Expansion
Poverty decrease
85%
77%
77%
76%
76%
59%
15%
23%
23%
24%
24%
41%
2005 2012 2015 2019 2020 2030
Annual Household Spending Share (%)
Share of Essentials Share of Discretionary
Source: InvestCorp, Sep 2021 Report
``
`

35. Normal
Subcategory
Last 10 Year
Industry Size
CAGR
Normal
Subcate gory
Category
Premium
Subcate gory
Premium Sub
Category
Last 10 Year
Industry Size
CAGR
8.1%Bar SoapCleansi ngLiquid Soap15.8%
7.1%Mass HaircareHaircare
PremiumHair
Care
14.7%
6.0%Plain BiscuitsBiscuitsFilled Biscuits10.9%
9.4%Normal TeaTeaGreen Tea26.3%
14.0%KetchupSauce sMayonnai se24.8%
12.0%MassDeodorantPremium18.9%
6.3%Standard
Laundry
Detergent
Premium11.6%
9.2%Non AlcoholicBeveragesNutrition Drinks7.1%
9.9%DishwashingHome CareAir Care10.1%
8.4%OverallJewelleryBranded15.7%
9.2%NormalFootwearSports16.1%
Rise in Affluent India is driving consumption
of premium products across categories
Evident in marked higher growth in premium
segments across Consumption Segments
More disposable income has lead to
differentiated choices in consumption
Upcycle will be supported by increased
share of middle class and urban density
growth over next decade
Source: CLSA, Euromonitor. Past performance may or may not be sustained in future. The Sectors mentioned above are used to explain the concept and is for illustration purpose only and should not be used for development or
implementation of any investment strategy. It should not be construed as investment advice to any party.
Consumption upcycle: Focus on Premiumization

36. Power upcycle – Opportunities in generation & full spectrum ecosystem
Source: Digitizing Make in India 2024, BCG. Past performance may or may not be sustained in future. The above graph is used to explain the concept and is for illustration purpose only and should not used for development or
implementation of an investment strategy. Further It should not be construed as investment advice to any party. The sectors mentioned above are used to explain the concept and is for illustration purpose only and should not used
for development or implementation of an investment strategy.. EMS- Electronic Manufacturing Services || IT- Information Technology || PCBA- Printed Circuit Board Assembly || ODM – Original Design Manufacturer
218 231 237 240
263
12
35
65
79
262
32
38
42
45
86
61
64
68
78
117
FY17 FY20 FY23 FY24E FY30P
Renewable Energy to dominate capacity addition till 2030E
Therma lSolarWind Mixed/Other Non Fossil
~770-780447416370327
Total Capacity (GW)
334
3,140
4,758
1,352
1,453
Awarded
Oct'22-FY24
Cost of
projects under
bidding
Tender
Pipeline
Total Cost Total Cost
(incl. intra state
schemes)
Power Transmission systems - investment of `4.7trn over FY22-FY27
105
199
275
370
399
520
182
410
602
968
1104
1575
FY02 FY12 FY15 FY20 FY22 FY27F
Increase in installed generation capacity will lead to
increase in requirement of transformation capacity
Generation Capacity (GW) Transformation Capacity (GVA)

37. Financialization upcycle: Focus on Activation
1400 In Millions
656
148
42 40
India Population PAN Cards Demat accoun tsUnique MF users Active users
Source: MOFSL, World Bank, CDSL, NSDL, NSE, HDFC AMC, RBI, AMFI. . Past performance may or may not be sustained in future. The above graph is used to explain the concept and is for illustration purpose only and should not used for
development or implementation of an investment strategy. Further It should not be construed as investment advice to any party.
Active demat users compared to India’s
total population is still very low
Monthly addition in demat accounts
more than doubled to 4.2 Mn in June
2024 from 1.7 Mn in June 2022
Despite the rising share of equity in
household assets, the ratio is very low
at ~5%
This ratio is even lower when
compared to developed economies
Presents a huge opportunity for many
investors to be introduced to equity as
an asset class
Participation surge in equity markets
and resultant domestic flows in markets
may continue
22.1%
17.6%
12.0%
5.2%
4.7%
US Japan Euroarea China India
Equities as a % of Household assets

38. Healthcare upcycle: Focus on Spends
India is on the path to provide specialised
and improved care across verticals
Having one of the lowest bed densities
globally, India could transform its hospital
infrastructure
India could become a large services
market for the rising elderly population
Source: GOI, Anand Rathi Research, Kotak. Past performance may or may not be sustained in future. The above graph is used to explain the concept and is for illustration purpose only and should not used for development or implementation
of an investment strategy. Further It should not be construed as investment advice to any party.
8
15
19 21
25 26
29 29
43
71
Bangladesh
India
Malaysia
Brazil
UK
Vietnam
USA
Global
China
Russia
One of the lowest bed densities/10,000 people
35%
33%
24%
23%
22%
19%19%19%
54%
56%
46%45%
10%11%
13%
25%
34%35%36%
20202025203020352040204520502055206020652070207520802085209020952100
% of Indian Population in various age cohorts
Below Age 20 Age 20-60 Above Age 60

39. Electronics Manufacturing upcycle - From Dreams to Devices
Growth Rate (E)FY27EFY22INR Bn
31.5%2723*912Mobile Phones
32.9%568*137^Consum er Elec & Appliances
29.5%24066Automotive
38.0%18637Aerospace and Defence
Source: MOIE. Past performance may or may not be sustained in future. The above graph/sector is used to explain the concept and is for illustration purpose only and should not used for development or implementation of an
investment strategy. Further It should not be construed as investment advice to any party. The sectors mentioned above are used to explain the concept and is for illustration purpose only and should not used for development
or implementation of an investment strategy. LED- Light emitting diode || PLI – Product Linked Incentives
21.7%15558Indust rials
20.5%14557Telecom
83.0%99*9Clean Energy
70.9%359*25^IT Hardware
40.9%12523Medical
27.0%125*48LED Lighting
*FY26E Figures; ^ FY21 Figures
The Indian EMS industry was minuscule at
only ~2% of global EMS space in CY21 but it
offers a huge growth potential (~32% CAGR
over CY21-26E i.e. the fastest among other
major economies)
Labor Cost Advantage, Increasing Availability
of Raw materials, PLI, 2
nd
Largest Domestic
Consumption Market globally
Scale led Export Potential

40. Disclaimer
This presentation has been prepared and issued on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this
document is for general purposes only and not a complete disclosure of every material fact and terms and conditions and features of Motilal Oswal Business Cycle Fund. The
information / data herein alone is not sufficient and shouldn’t be used for the development or implementation of an investment strategy. It should not be construed as investment
advice to any party. All opinions, figures, charts/graphs, estimates and data included in this presentation are as on date and are subject to change without notice. While utmost care
has been exercised while preparing this document, Motilal Oswal Asset Management Company Limited (MOAMC) does not warrant the completeness or accuracy of the information
and disclaims all liabilities, losses and damages arising out of the use of this information. The statements contained herein may include statements of future expectations and other
forward-looking statements that are based on our current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance
or events to differ materially from those expressed or implied in such statements. Readers shall be fully responsible/liable for any decision taken on the basis of this presentation. No
part of this document may be duplicated in whole or in part in any form and/or redistributed without prior written consent of the Motilal Oswal Mutual Fund/Motilal Oswal Asset
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indicate the future performance of the scheme and may not provide a basis of comparison with other investments. The Stocks/sectors mentioned above are used to explain the
concept and is for illustration purpose only and should not be used for development or implementation of any investment strategy. It should not be construed as investment advice to
any party. The stocks may or may not be part of our portfolio/strategy/ schemes. Past performance may or may not be sustained in future
Statutory Details: Constitution: Motilal Oswal Mutual Fund has been set up as a trust under the Indian Trust Act, 1882. Trustee: Motilal Oswal Trustee Company Limited. Investment
Manager: Motilal Oswal Asset Management Company Ltd. (CIN: U67120MH2008PLC188186) Sponsor: Motilal Oswal Financial Services Ltd
Mutual fund investments are subject to market risks, read all scheme related documents carefully.

41. Thank You
THINK EQUITY. THINK MOTILAL OSWAL.