Newsletter January 2017

Equity Market Overview

The Indian equity markets rose sharply for the month of January 2017. The large cap benchmark
index, Nifty50 gained by 4.59%. The broader market did relatively better with the Nifty Midcap100
and Nifty Small100 indices gaining by 7.40% and 9.02% respectively. Net investment by FIIs into
Indian equities in January was INR -1,176.60 crores

Nifty 50 4.59%

Nifty Midcap 100 7.40%

Nifty Small 100 9.02%

The FM has managed to cap the fiscal deficit at 3.2% with a promise to prune it further down in the
coming year. Logically this also increases chances of lower rates which should help spur the economy.

Our View

We take this opportunity to highlight the performance of Giriks two strategies over the last twelve
months:

Strategy Benchmark Strategy Benchmark

Girik Multicap
Girik Deep Value NIFTY Midcap
Strategy Growth Equity NIFTY 50
Strategy 100
Strategy
Returns 37.46% 13.19% 28.29% 23.62%
Note: Above returns are for the period from 1-02-2016 to 31-01-2017

Girik Wealth Advisors Pvt. Ltd

609, Maker Chambers V, Nariman Point, Mumbai 400021, India. Tel: +91 22 22022312 / 313
Fax: +91 22 22022314, Email: info@girikcap.com
SEBI Registration No. PM/INP000003369
As an investment house we have been assertive when we see investment opportunities. Looking back,
demonitisation has been one such opportunity, and now that things have normalised, it appears like
this was a chance to deploy capital. Henceforth, we urge our investors to add to their equity exposure
on every correction.

Girik Wealth Advisors Pvt. Ltd

609, Maker Chambers V, Nariman Point, Mumbai 400021, India. Tel: +91 22 22022312 / 313
Fax: +91 22 22022314, Email: info@girikcap.com
SEBI Registration No. PM/INP000003369
Disclaimer

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The Newsletter is impersonal and does not provide individualized advice or recommendations for any
specific investor or portfolio.

Investing involves substantial risk. The Newsletter does not make any guarantee or other promise as
to any results that may be obtained from using the Newsletter. While past performance may be
analyzed in the Newsletter, past performance should not be considered indicative of future
performance. No investor should make any investment decision without first consulting his or her own
personal financial advisor and conducting his or her own research and due diligence, including
carefully reviewing the prospectus and other public filings of the issuer. To the maximum extent
permitted by law, Girik disclaims any and all liability in the event any information, commentary,
analysis, opinions, advice and/or recommendations in the Newsletter prove to be inaccurate,
incomplete or unreliable, or result in any investment or other losses.

The Newsletters commentary, analysis, opinions, advice and recommendations represented are
subjective views, and are subject to change at any time without notice.

Certain information included in this Newsletter is based on information obtained from sources
considered to be reliable, however, the accuracy of such information cannot be guaranteed and further
such information may be incomplete or condensed. No liability is assumed for the relevance, accuracy
or completeness of the contents of this Newsletter.

Risks attached with the use of derivatives: The Portfolio Manager may use various derivative products,
from time to time, for purposes of hedging and portfolio rebalancing in an attempt to protect the value
of the portfolio and/or enhance investor's interest of the PMS. As and when the PMS trades in the
derivatives market there are risk factors and issues concerning the use of derivatives that investors
should understand. Derivative products are specialized instruments that require investments
techniques and risk analyses different from those associated with stocks and bonds. There is the
possibility that a loss may be sustained by the portfolio as a result of the failure of another party
(usually referred to as the "counter party") to comply with the terms of the derivatives contract.
Derivatives are highly leveraged instruments. Even a small price movement in the underlying security
could have a large impact on their value. Also, the market for derivative instruments is nascent in
India.

In view of the individual nature of tax consequences, each investor is advised to consult her/his/its
own professional tax advisor. Investors are advised to consult their legal, tax, investment and other
professional advisors to determine possible legal, tax, financial or other considerations of
investing/divesting under the PMS.

Girik Wealth Advisors Pvt. Ltd

609, Maker Chambers V, Nariman Point, Mumbai 400021, India. Tel: +91 22 22022312 / 313
Fax: +91 22 22022314, Email: info@girikcap.com
SEBI Registration No. PM/INP000003369