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Our goal is to earn our clients confidence by generating absolute returns, while minimizing risk, over the long term
We have membership of leading stock, currency and commodity exchanges of India, viz. NSE, BSE, MCX-SX & ICEX
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Our team comprises of highly qualified professionals including MBAs, CSs and CAs
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Our Philosophy
Our actions are based on a simple principle of keeping client interest first
We adhere to a disciplined, fundamental approach to investing with sole objective of delivering superior returns with
limited investment risk, over the long term
Our belief is that a strong, well-managed company can not only survive but also thrive in difficult environments, and the
price of its securities will eventually reflect its true intrinsic value
We define risk as chance of permanent loss of capital rather than volatility of prices
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Our intensive research gives us the confidence to establish positions in no more than 20 names which have potential
to provide outsized returns over the long term
We do not hesitate to taking a different path or in short be contrarian but at times we continually ask ourselves - How
might our investments fail?
Absolute performance creates incentive for active research and enables putting best idea to work while relative
performance promotes closet indexing
Indexes like S&P CNX Nifty are used solely for benchmarking and for comparative purposes. It is not meant to be
indicative of our investment performance, asset composition or volatility.
S&P CNX Nifty typically is less volatile given the wide range of securities held. Our investment performance may
differ markedly from those of the indexes in either up or down market conditions.
Because we invest our own money alongside our clients, our clients are confident that our interests are aligned and
that their hard earned money will never be invested carelessly.
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Our investment approach
Diversification is a poor surrogate for inferior research
We start our investment process with an open mind and without any preconceived notions. This enables us to look for
bargains across a wide spectrum of industries and market capitalizations
We try to eliminate short term noise in the market which includes words like fall due to correction, temporarily
expensive, etc.
We focus on building a portfolio which has the potential to outgrow the market and economy over a 3 year, 5 year and
a 10 year horizon.
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Investment Universe
Investible Universe
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Portfolio Construction
Portfolio Construction is a dynamic process which requires constant monitoring
Evaluate
reasons for
Investible
modifying
Universe
stock
allocation
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Monitor Reasons of
portfolio and continued
associated out-
risk performance
Execution of Detailed
trade in a analysis
phased Financial,
manner Market
Internal
discussions
lead to
specific
stock ideas
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Value Proposition
Our deep industry knowledge enables us to evaluate investment opportunities quicker
Security
A passion for stock picking that results in the drive to
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Current operations
Our clients are currently served through offices in 4 cities in India
Location
Currently operates from five offices (with a total team of 80)
Mumbai
Corporate Office at Andheri (since 2006)
Trading floor at Bhayender for Principal Trading Strategies (since 2010)
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Disclaimer
This document has been prepared for solely for the clients of Mili Capital Group and its associate companies (Mili
Capital) and does not constitute investment advice. The material is not be construed as a recommendation or an offer
to buy or sell or the solicitation of an offer to buy or sell any security, financial product or instrument or to participate in
any particular trading strategy. Not all securities, products or services described are available in all countries, and
nothing in this material constitutes an offer or solicitation of these securities, products or services in any jurisdiction
where their offer or sale in not qualified or exempt from registration or otherwise legally permissible.
June 11, 2010
Although this material is based upon information that Mili Capital considers reliable and endeavors to keep current or
complete, Mili Capital does not assure that this material is accurate, current or complete, and it should not be relied
upon as such. Opinions expressed are our current opinions as of the date appearing in this material only. Mili Capital
reserves the right to revise any material without prior intimation.
The fact that Mili Capital has made the investment choices and services provided herein available to the reader does
not constitute a representation that any product described herein is suitable or appropriate for the reader. Many of the
products described herein involve significant risks and the reader should not enter into any transactions unless the
user has fully understood all such risks and has independently determined that such transactions are appropriate.
Past results are not necessarily indicative of future results. Capital preservation is not guaranteed.
No permission is granted to copy, redistribute, reproduce, republish, in any form, any information or image contained
herein. Unauthorized downloading, re-transmission, or other copying or modification of the contents without prior
written consent may be a violation of copyright laws and could subject the violator to legal action.
Mili Capital and its affiliates, officers, directors, and employees may have various positions, both long and short, in any
of the stocks, securities and financial derivatives mentioned herein. We retain the right to change our positions without
prior intimation.
The views and opinions expressed by the authors in this document are their own and do not reflect the views of Mili
Capital.