TrustLine Holdings Pvt. Ltd APRIL 2016
ESOPs: Time to dilute?

Concentrated wealth in a slowing sector poses a serious portfolio risk for Senior risk for Senior Professionals in the IT Services sector.

Portfolio concentration is a tricky one. In times of high tides in the chosen sector, it delivers outsized returns. The same concentration can hurt deep during times when the sector goes though a soft patch. 		If the headwinds are structural, portfolio could be in for a serious risk long-term underperformance

Let us take the case of Employee Stock Options (ESOPs). In the early cycle of heady growth for the industry/Sector, options work wonder as they create value by superior...

MARKET VIEW

Cash in on the Crash !

In a rare instance of coincidence, Fundamentals and Technicals are on a collision course for Indian markets. Just when fundamentals are favorably turning, technicals have tanked. Liquidity and fund flows constitute much of technicals and earnings growth prospects drive large part of fundamentals.

MACRO NEWS

The Government is considering a proposal to privatize some state-owned banks in phases. A proposal for setting up a holding company two years down the line will be the first step in this direction. The Bank Investment Company, which will replace the proposed Bank Boards Bureau, may pare its stakes in public sector banks to 33 per cent .

CORPORATE DEVELOPMENTS

L&T Infotech Ltd, the information technology (IT) services arm of engineering conglomerate Larsen and Toubro Ltd (L&T), is looking to file its draft initial public offering (IPO) papers with capital market regulator Securities and Exchange Board of India (Sebi) by early next month, according to two people familiar with the development.
VALUE EXTRACT
A Primer on PE Ratios

Akash Prakash : A week in India

The government has a plan to turn around the economy

I had a the privilege of spending four days in India over the past fortnight as part of an investment tour organized by Morgan Stanley. Two days , as part of their annual India conference and two as one of the participants of a Chief Information Officer (CIO) tour . We met policy makers , industrialists and independent experts.

I must say I went back from the trip more positive . There was a clear sense of direction and purpose to what the government wanted to achieve.

Disclaimer
This document is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. Nothing in this document should be construed as investment or financial advice, and nothing in this document should be construed as an advice to buy or sell or solicitation to buy or sell the securities of companies referred to in this document. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. Copyright of this document vests exclusively with TrustLine Holdings Private Limited.
About TrustLine

we run a specialized PMS fund (Portfolio Management) for exclusive set of high net-worth clients ( long only value based fund ). We are a company with a single mission: to deliver superior long-term returns to our clients. We are managing over Rs.140+ crores of AUM for over 220+ highly satisfied clients. This makes us among the top 20 discretionary portfolio managers in India, with industry leading performance.

Over the years we, at TrustLine, have gained rich domain expertise by focusing and specializing in Portfolio Management Services (PMS). Unlike our competition, we are a unique firm focused only on PMS. This sets us apart and gives us a competitive advantage in the PMS space. At TrustLine we believe, the quality of “Research” is fundamental to delivering out-sized returns. When research is complemented by contrarian investment approach, the rewards can be dis-proportional. This forms the foundation of our investment choices and stock selection in our core PMS business. Our disciplined practice of this “Value Investment” principle has enabled us to deliver superior risk adjusted returns with significant out-performance over bench-mark indices

With a client retention rate in excess of 99%+ , we have grown as an organization through strong references, primarily driven by solid track record of building wealth across good and bad market cycles, through focused and disciplined approach to investing.
TrustLine Holdings (P) Ltd
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