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Data Source: MOAMC Internal Research. Disclaimer Investment in securities is subject to market and other risks, and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. Please read the Disclosure document carefully. The usage of the terms 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 parameters. This Image has been issued on the basis of internal data, publicly available information and other sources believed to be reliable. All opinions, figures, charts/graphs, estimates and data that may have been included in this presentation are as on date and are subject to change without notice. The information / data herein alone is not sufficient and shouldn’t be used for the development or implementation of an investment strategy and It should not be construed as investment advice to any party. The Image 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 investments may not be suited to all categories of investors. The value of the Portfolios can go up or down depending on various market factors. 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. Past performance may or may not be sustained in future. Investors are requested to note that as a manager to the products of various business segments offered by the portfolio Manager or its associates may have financial interest in the stocks/schemes that may have mentioned herein. performance related information provided herein is not verified by SEBI. The portfolio Manager is not responsible or liable for any loss resulting from the operations of the Investment Approach / Portfolios. Each portfolio will be exposed to various risks depending on the investment objective, investment approach and the asset allocation. Non-Diversified Portfolio tends to be more volatile than diversified portfolio. Please read the Disclosure Document before investing. The recipient is requested to take into consideration all the risk factors including their financial condition, suitability to risk return, etc. and take professional advice before investing. Investment in securities is subject to market and other risks, and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. Please read the Disclosure document carefully. Clients under Portfolio management Services are not being offered any guaranteed/assured returns. Our PMS services are available in direct mode, to know more, write to us at pmsquery@motilaloswal.com. Please refer APMI website ( https://www.apmiindia.org/apmi/WSIAConsolidateReport.htm?action=showReportMenu ). Under PMS Provider Name, please select Motilal Oswal Asset Management Company and select your Investment Approach Name for viewing the stated disclosure. The data for the previous month is usually available on the APMI portal on or after the 7th business day of the current month. All portfolio related holdings and sector data provided above is for model portfolio. Returns & Portfolio of client may vary vis-à-vis as compared to Investment Approach aggregate level returns due to various factors viz. timing of investment/ additional investment, timing of withdrawals, specific client mandates, variation of expenses charged & dividend income. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.

Data Source: MOAMC Internal Research. Disclaimer Investment in securities is subject to market and other risks, and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. Please read the Disclosure document carefully. The usage of the terms 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 parameters. This Image has been issued on the basis of internal data, publicly available information and other sources believed to be reliable. All opinions, figures, charts/graphs, estimates and data that may have been included in this presentation are as on date and are subject to change without notice. The information / data herein alone is not sufficient and shouldn’t be used for the development or implementation of an investment strategy and It should not be construed as investment advice to any party. The Image 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 investments may not be suited to all categories of investors. The value of the Portfolios can go up or down depending on various market factors. 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. Past performance may or may not be sustained in future. Investors are requested to note that as a manager to the products of various business segments offered by the portfolio Manager or its associates may have financial interest in the stocks/schemes that may have mentioned herein. performance related information provided herein is not verified by SEBI. The portfolio Manager is not responsible or liable for any loss resulting from the operations of the Investment Approach / Portfolios. Each portfolio will be exposed to various risks depending on the investment objective, investment approach and the asset allocation. Non-Diversified Portfolio tends to be more volatile than diversified portfolio. Please read the Disclosure Document before investing. The recipient is requested to take into consideration all the risk factors including their financial condition, suitability to risk return, etc. and take professional advice before investing. Investment in securities is subject to market and other risks, and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. Please read the Disclosure document carefully. Clients under Portfolio management Services are not being offered any guaranteed/assured returns. Our PMS services are available in direct mode, to know more, write to us at pmsquery@motilaloswal.com. Please refer APMI website ( https://www.apmiindia.org/apmi/WSIAConsolidateReport.htm?action=showReportMenu ). Under PMS Provider Name, please select Motilal Oswal Asset Management Company and select your Investment Approach Name for viewing the stated disclosure. The data for the previous month is usually available on the APMI portal on or after the 7th business day of the current month. All portfolio related holdings and sector data provided above is for model portfolio. Returns & Portfolio of client may vary vis-à-vis as compared to Investment Approach aggregate level returns due to various factors viz. timing of investment/ additional investment, timing of withdrawals, specific client mandates, variation of expenses charged & dividend income. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.

Data Source: MOAMC Internal Research. Disclaimer Investment in securities is subject to market and other risks, and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. Please read the Disclosure document carefully. The usage of the terms 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 parameters. This Image has been issued on the basis of internal data, publicly available information and other sources believed to be reliable. All opinions, figures, charts/graphs, estimates and data that may have been included in this presentation are as on date and are subject to change without notice. The information / data herein alone is not sufficient and shouldn’t be used for the development or implementation of an investment strategy and It should not be construed as investment advice to any party. The Image 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 investments may not be suited to all categories of investors. The value of the Portfolios can go up or down depending on various market factors. 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. Past performance may or may not be sustained in future. Investors are requested to note that as a manager to the products of various business segments offered by the portfolio Manager or its associates may have financial interest in the stocks/schemes that may have mentioned herein. performance related information provided herein is not verified by SEBI. The portfolio Manager is not responsible or liable for any loss resulting from the operations of the Investment Approach / Portfolios. Each portfolio will be exposed to various risks depending on the investment objective, investment approach and the asset allocation. Non-Diversified Portfolio tends to be more volatile than diversified portfolio. Please read the Disclosure Document before investing. The recipient is requested to take into consideration all the risk factors including their financial condition, suitability to risk return, etc. and take professional advice before investing. Investment in securities is subject to market and other risks, and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. Please read the Disclosure document carefully. Clients under Portfolio management Services are not being offered any guaranteed/assured returns. Our PMS services are available in direct mode, to know more, write to us at pmsquery@motilaloswal.com. Please refer APMI website ( https://www.apmiindia.org/apmi/WSIAConsolidateReport.htm?action=showReportMenu ). Under PMS Provider Name, please select Motilal Oswal Asset Management Company and select your Investment Approach Name for viewing the stated disclosure. The data for the previous month is usually available on the APMI portal on or after the 7th business day of the current month. All portfolio related holdings and sector data provided above is for model portfolio. Returns & Portfolio of client may vary vis-à-vis as compared to Investment Approach aggregate level returns due to various factors viz. timing of investment/ additional investment, timing of withdrawals, specific client mandates, variation of expenses charged & dividend income. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.

Data Source: MOAMC Internal Research. Disclaimer Investment in securities is subject to market and other risks, and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. Please read the Disclosure document carefully. The usage of the terms 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 parameters. This Image has been issued on the basis of internal data, publicly available information and other sources believed to be reliable. All opinions, figures, charts/graphs, estimates and data that may have been included in this presentation are as on date and are subject to change without notice. The information / data herein alone is not sufficient and shouldn’t be used for the development or implementation of an investment strategy and It should not be construed as investment advice to any party. The Image 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 investments may not be suited to all categories of investors. The value of the Portfolios can go up or down depending on various market factors. 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. Past performance may or may not be sustained in future. Investors are requested to note that as a manager to the products of various business segments offered by the portfolio Manager or its associates may have financial interest in the stocks/schemes that may have mentioned herein. performance related information provided herein is not verified by SEBI. The portfolio Manager is not responsible or liable for any loss resulting from the operations of the Investment Approach / Portfolios. Each portfolio will be exposed to various risks depending on the investment objective, investment approach and the asset allocation. Non-Diversified Portfolio tends to be more volatile than diversified portfolio. Please read the Disclosure Document before investing. The recipient is requested to take into consideration all the risk factors including their financial condition, suitability to risk return, etc. and take professional advice before investing. Investment in securities is subject to market and other risks, and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. Please read the Disclosure document carefully. Clients under Portfolio management Services are not being offered any guaranteed/assured returns. Our PMS services are available in direct mode, to know more, write to us at pmsquery@motilaloswal.com. Please refer APMI website ( https://www.apmiindia.org/apmi/WSIAConsolidateReport.htm?action=showReportMenu ). Under PMS Provider Name, please select Motilal Oswal Asset Management Company and select your Investment Approach Name for viewing the stated disclosure. The data for the previous month is usually available on the APMI portal on or after the 7th business day of the current month. All portfolio related holdings and sector data provided above is for model portfolio. Returns & Portfolio of client may vary vis-à-vis as compared to Investment Approach aggregate level returns due to various factors viz. timing of investment/ additional investment, timing of withdrawals, specific client mandates, variation of expenses charged & dividend income. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.

Data Source: MOAMC Internal Research. Disclaimer Investment in securities is subject to market and other risks, and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. Please read the Disclosure document carefully. The usage of the terms 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 parameters. This Image has been issued on the basis of internal data, publicly available information and other sources believed to be reliable. All opinions, figures, charts/graphs, estimates and data that may have been included in this presentation are as on date and are subject to change without notice. The information / data herein alone is not sufficient and shouldn’t be used for the development or implementation of an investment strategy and It should not be construed as investment advice to any party. The Image 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 investments may not be suited to all categories of investors. The value of the Portfolios can go up or down depending on various market factors. 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. Past performance may or may not be sustained in future. Investors are requested to note that as a manager to the products of various business segments offered by the portfolio Manager or its associates may have financial interest in the stocks/schemes that may have mentioned herein. performance related information provided herein is not verified by SEBI. The portfolio Manager is not responsible or liable for any loss resulting from the operations of the Investment Approach / Portfolios. Each portfolio will be exposed to various risks depending on the investment objective, investment approach and the asset allocation. Non-Diversified Portfolio tends to be more volatile than diversified portfolio. Please read the Disclosure Document before investing. The recipient is requested to take into consideration all the risk factors including their financial condition, suitability to risk return, etc. and take professional advice before investing. Investment in securities is subject to market and other risks, and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. Please read the Disclosure document carefully. Clients under Portfolio management Services are not being offered any guaranteed/assured returns. Our PMS services are available in direct mode, to know more, write to us at pmsquery@motilaloswal.com. Please refer APMI website ( https://www.apmiindia.org/apmi/WSIAConsolidateReport.htm?action=showReportMenu ). Under PMS Provider Name, please select Motilal Oswal Asset Management Company and select your Investment Approach Name for viewing the stated disclosure. The data for the previous month is usually available on the APMI portal on or after the 7th business day of the current month. All portfolio related holdings and sector data provided above is for model portfolio. Returns & Portfolio of client may vary vis-à-vis as compared to Investment Approach aggregate level returns due to various factors viz. timing of investment/ additional investment, timing of withdrawals, specific client mandates, variation of expenses charged & dividend income. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.

Data Source: MOAMC Internal Research. Disclaimer Investment in securities is subject to market and other risks, and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. Please read the Disclosure document carefully. The usage of the terms 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 parameters. This Image has been issued on the basis of internal data, publicly available information and other sources believed to be reliable. All opinions, figures, charts/graphs, estimates and data that may have been included in this presentation are as on date and are subject to change without notice. The information / data herein alone is not sufficient and shouldn’t be used for the development or implementation of an investment strategy and It should not be construed as investment advice to any party. The Image 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 investments may not be suited to all categories of investors. The value of the Portfolios can go up or down depending on various market factors. 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. Past performance may or may not be sustained in future. Investors are requested to note that as a manager to the products of various business segments offered by the portfolio Manager or its associates may have financial interest in the stocks/schemes that may have mentioned herein. performance related information provided herein is not verified by SEBI. The portfolio Manager is not responsible or liable for any loss resulting from the operations of the Investment Approach / Portfolios. Each portfolio will be exposed to various risks depending on the investment objective, investment approach and the asset allocation. Non-Diversified Portfolio tends to be more volatile than diversified portfolio. Please read the Disclosure Document before investing. The recipient is requested to take into consideration all the risk factors including their financial condition, suitability to risk return, etc. and take professional advice before investing. Investment in securities is subject to market and other risks, and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. Please read the Disclosure document carefully. Clients under Portfolio management Services are not being offered any guaranteed/assured returns. Our PMS services are available in direct mode, to know more, write to us at pmsquery@motilaloswal.com. Please refer APMI website ( https://www.apmiindia.org/apmi/WSIAConsolidateReport.htm?action=showReportMenu ). Under PMS Provider Name, please select Motilal Oswal Asset Management Company and select your Investment Approach Name for viewing the stated disclosure. The data for the previous month is usually available on the APMI portal on or after the 7th business day of the current month. All portfolio related holdings and sector data provided above is for model portfolio. Returns & Portfolio of client may vary vis-à-vis as compared to Investment Approach aggregate level returns due to various factors viz. timing of investment/ additional investment, timing of withdrawals, specific client mandates, variation of expenses charged & dividend income. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.

Data Source: MOAMC Internal Research. Disclaimer Investment in securities is subject to market and other risks, and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. Please read the Disclosure document carefully. The usage of the terms 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 parameters. This Image has been issued on the basis of internal data, publicly available information and other sources believed to be reliable. All opinions, figures, charts/graphs, estimates and data that may have been included in this presentation are as on date and are subject to change without notice. The information / data herein alone is not sufficient and shouldn’t be used for the development or implementation of an investment strategy and It should not be construed as investment advice to any party. The Image 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 investments may not be suited to all categories of investors. The value of the Portfolios can go up or down depending on various market factors. 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. Past performance may or may not be sustained in future. Investors are requested to note that as a manager to the products of various business segments offered by the portfolio Manager or its associates may have financial interest in the stocks/schemes that may have mentioned herein. performance related information provided herein is not verified by SEBI. The portfolio Manager is not responsible or liable for any loss resulting from the operations of the Investment Approach / Portfolios. Each portfolio will be exposed to various risks depending on the investment objective, investment approach and the asset allocation. Non-Diversified Portfolio tends to be more volatile than diversified portfolio. Please read the Disclosure Document before investing. The recipient is requested to take into consideration all the risk factors including their financial condition, suitability to risk return, etc. and take professional advice before investing. Investment in securities is subject to market and other risks, and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. Please read the Disclosure document carefully. Clients under Portfolio management Services are not being offered any guaranteed/assured returns. Our PMS services are available in direct mode, to know more, write to us at pmsquery@motilaloswal.com. Please refer APMI website ( https://www.apmiindia.org/apmi/WSIAConsolidateReport.htm?action=showReportMenu ). Under PMS Provider Name, please select Motilal Oswal Asset Management Company and select your Investment Approach Name for viewing the stated disclosure. The data for the previous month is usually available on the APMI portal on or after the 7th business day of the current month. All portfolio related holdings and sector data provided above is for model portfolio. Returns & Portfolio of client may vary vis-à-vis as compared to Investment Approach aggregate level returns due to various factors viz. timing of investment/ additional investment, timing of withdrawals, specific client mandates, variation of expenses charged & dividend income. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.

Data Source: MOAMC Internal Research. Disclaimer Investment in securities is subject to market and other risks, and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. Please read the Disclosure document carefully. The usage of the terms 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 parameters. This Image has been issued on the basis of internal data, publicly available information and other sources believed to be reliable. All opinions, figures, charts/graphs, estimates and data that may have been included in this presentation are as on date and are subject to change without notice. The information / data herein alone is not sufficient and shouldn’t be used for the development or implementation of an investment strategy and It should not be construed as investment advice to any party. The Image 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 investments may not be suited to all categories of investors. The value of the Portfolios can go up or down depending on various market factors. 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. Past performance may or may not be sustained in future. Investors are requested to note that as a manager to the products of various business segments offered by the portfolio Manager or its associates may have financial interest in the stocks/schemes that may have mentioned herein. performance related information provided herein is not verified by SEBI. The portfolio Manager is not responsible or liable for any loss resulting from the operations of the Investment Approach / Portfolios. Each portfolio will be exposed to various risks depending on the investment objective, investment approach and the asset allocation. Non-Diversified Portfolio tends to be more volatile than diversified portfolio. Please read the Disclosure Document before investing. The recipient is requested to take into consideration all the risk factors including their financial condition, suitability to risk return, etc. and take professional advice before investing. Investment in securities is subject to market and other risks, and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. Please read the Disclosure document carefully. Clients under Portfolio management Services are not being offered any guaranteed/assured returns. Our PMS services are available in direct mode, to know more, write to us at pmsquery@motilaloswal.com. Please refer APMI website ( https://www.apmiindia.org/apmi/WSIAConsolidateReport.htm?action=showReportMenu ). Under PMS Provider Name, please select Motilal Oswal Asset Management Company and select your Investment Approach Name for viewing the stated disclosure. The data for the previous month is usually available on the APMI portal on or after the 7th business day of the current month. All portfolio related holdings and sector data provided above is for model portfolio. Returns & Portfolio of client may vary vis-à-vis as compared to Investment Approach aggregate level returns due to various factors viz. timing of investment/ additional investment, timing of withdrawals, specific client mandates, variation of expenses charged & dividend income. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.

These actions help you enhance and optimize decision-making for your real estate portfolio while anticipating future challenges.

Data Source: MOAMC Internal Research. Disclaimer Investment in securities is subject to market and other risks, and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. Please read the Disclosure document carefully. This Image has been issued on the basis of internal data, publicly available information and other sources believed to be reliable. All opinions, figures, charts/graphs, estimates and data that may have been included in this presentation are as on date and are subject to change without notice. The information / data herein alone is not sufficient and shouldn’t be used for the development or implementation of an investment strategy and It should not be construed as investment advice to any party. The Image 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 investments may not be suited to all categories of investors. The value of the Portfolios can go up or down depending on various market factors. 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. Past performance may or may not be sustained in future. Investors are requested to note that as a manager to the products of various business segments offered by the portfolio Manager or its associates may have financial interest in the stocks/schemes that may have mentioned herein. performance related information provided herein is not verified by SEBI. The portfolio Manager is not responsible or liable for any loss resulting from the operations of the Investment Approach / Portfolios. Each portfolio will be exposed to various risks depending on the investment objective, investment approach and the asset allocation. Non-Diversified Portfolio tends to be more volatile than diversified portfolio. Please read the Disclosure Document before investing. The recipient is requested to take into consideration all the risk factors including their financial condition, suitability to risk return, etc. and take professional advice before investing. Investment in securities is subject to market and other risks, and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. Please read the Disclosure document carefully. Clients under Portfolio management Services are not being offered any guaranteed/assured returns. Our PMS services are available in direct mode, to know more, write to us at pmsquery@motilaloswal.com. Please refer APMI website ( https://www.apmiindia.org/apmi/WSIAConsolidateReport.htm?action=showReportMenu ). Under PMS Provider Name, please select Motilal Oswal Asset Management Company and select your Investment Approach Name for viewing the stated disclosure. The data for the previous month is usually available on the APMI portal on or after the 7th business day of the current month. All portfolio related holdings and sector data provided above is for model portfolio. Returns & Portfolio of client may vary vis-à-vis as compared to Investment Approach aggregate level returns due to various factors viz. timing of investment/ additional investment, timing of withdrawals, specific client mandates, variation of expenses charged & dividend income. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.

Data Source: MOAMC Internal Research. Disclaimer Investment in securities is subject to market and other risks, and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. Please read the Disclosure document carefully. This Image has been issued on the basis of internal data, publicly available information and other sources believed to be reliable. All opinions, figures, charts/graphs, estimates and data that may have been included in this presentation are as on date and are subject to change without notice. The information / data herein alone is not sufficient and shouldn’t be used for the development or implementation of an investment strategy and It should not be construed as investment advice to any party. The Image 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 investments may not be suited to all categories of investors. The value of the Portfolios can go up or down depending on various market factors. 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. Past performance may or may not be sustained in future. Investors are requested to note that as a manager to the products of various business segments offered by the portfolio Manager or its associates may have financial interest in the stocks/schemes that may have mentioned herein. performance related information provided herein is not verified by SEBI. The portfolio Manager is not responsible or liable for any loss resulting from the operations of the Investment Approach / Portfolios. Each portfolio will be exposed to various risks depending on the investment objective, investment approach and the asset allocation. Non-Diversified Portfolio tends to be more volatile than diversified portfolio. Please read the Disclosure Document before investing. The recipient is requested to take into consideration all the risk factors including their financial condition, suitability to risk return, etc. and take professional advice before investing. Investment in securities is subject to market and other risks, and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services will be achieved. Please read the Disclosure document carefully. Clients under Portfolio management Services are not being offered any guaranteed/assured returns. Our PMS services are available in direct mode, to know more, write to us at pmsquery@motilaloswal.com. Please refer APMI website ( https://www.apmiindia.org/apmi/WSIAConsolidateReport.htm?action=showReportMenu ). Under PMS Provider Name, please select Motilal Oswal Asset Management Company and select your Investment Approach Name for viewing the stated disclosure. The data for the previous month is usually available on the APMI portal on or after the 7th business day of the current month. All portfolio related holdings and sector data provided above is for model portfolio. Returns & Portfolio of client may vary vis-à-vis as compared to Investment Approach aggregate level returns due to various factors viz. timing of investment/ additional investment, timing of withdrawals, specific client mandates, variation of expenses charged & dividend income. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.

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📈กลยุทธ์การบริหารพอร์ตฟอลิโอ "Dynamic Factor Allocation Leveraging Regime-Switching" สัปดาห์ก่อนผมได้มีโอกาสไปพูดในงาน Winter School of Mathematics ที่มหาวิทยาลัยเกษตรศาสตร์ เรื่อง Risk-budgeting portfolio ซึ่งได้พูดถึงการทำ Risk-budgeting กับ Factor Risk Premium โดยผมได้รับการเเชร์ Paper ทื่น่าสนใจจาก Quantopian Community เกี่ยวกับการบริหารจัดการ portfolio เเบบ Dynamic โดยใช้ Regime-Switching จาก Factor Model Feature ต่างๆ ครับ . ก่อนอื่นๆมาพูดถึงภาพรวมการทดสอบก่อนครับ โดย paper นี้จะใช้ Factor-specific features 6 ด้าน โดยใช้ ETF เป็น proxy (Value, Size, Momentum, Quality, Low Volatility, เเละ Growth) รวมถึง Market-environment features เช่น VIX, 2Y Yield เเละ Yield Curve Shape (2-10 Slope) ในการตัดสินใจว่าเป็น Market Regime ใด (Bull/ Bear) เเล้วใช้เป็น Input ใน Black-litterman model ครับ . 📌การระบุ Regime: ▪️จะใช้ Sparse Jump Model (SJM) ในการระบุ Regime ซึ่ง SJM จะมีข้อดี คือ จะมี Penalty Term ในสำหรับการทดเเทนความถี่ของ Regime Shift ซึ่งจะ classify regime โดยจะดู Explanatory Power เเล้วนำมา weight น้ำหนักในการระบุ regimes ซึ่งจะพูดถึงในหัวข้อ ถัดไปครับ ซึ่งในที่นี้จะมีการเปรียบเทียบกับ Regime Identification กับ HMM เเละ K-Mean Clustering ครับ . 📌Weighting เพื่อ classify regime: ▪️โดยใน paper จะใช้ Exponential Weighted Moving Average (EWMA) Active Return, Relative Strength Index (RSI), Stochastic Oscillator %K, Moving Average Convergence/Divergence (MACD)ม Downside Deviation เเละ Active Market Beta ในเเต่ละ Invidual Factor รวมถึง 2-10 Slope, 2Y Yield เเละ adjusted VIX เเละ มาหา explanatory power ผ่าน SJM เพื่อใช้ในการระบุ regime ครับ (weight มาก คือ มี explanatory power สูงตามภาพเเนบ) . 📌Performance ของระบบ เเบ่งเป็น 2 การทดสอบ ▪️Single-factor long-short strategy: จากการนำ active return ในช่วง training (ทั้ง bull/ bear regime) มาทดสอบโดบ Basic การทดสอบดังนี้ Bull regimes, long the factor & short the market Bear regimes, go short the factor & long the market หรือ หากมี long restriction อาจ scale weight สำหรับ long only . สำหรับ position sizing Expected return exceeds +5%, allocate 100% of the portfolio to the factor (long) เเละ short the market. ถ้า the expected return is below −5%, allocate 100% to short the factor เเเละ long the market. ถ้า the expected return lies between −5% and +5%, ให้ scale the allocation ตาม อัตราส่วน . ▪️Multi-Factor portfolio construction strategy: คือ การนำ relative view ของ invidual factor โดยปรับเข้ากับ benchmark portfolio (Equally Weighted (EW) allocation ระหว่าง six style factors, rebalanced quarterly) ใช้ risk aversion parameter = 2.5 . โดยทั้ง 2 ระบบมี Active Return (%). Sharpe Ration, Information Ratio ที่สูงกว่า Benchmark (SPX เเละ EW portfolio) เเละ มี drawdown ที่ต่ำกว่าครับ เนื่องจากมีเพื่อนๆ สอบถามเกี่ยวกับ black-litterman portfolio มามาก ในบทความต่อๆไป จะมาขออัพเดทในด้านนี้ครับ Reference: ▪️ https://arxiv.org/html/2410.14841v1 ▪️ https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3553260 Tea, CQF 30 Dec 24

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