Series 48 – Key Highlights of Itus Capital Annual Investor Call 2023

1. 01:00 Minutes- Notable events in the year 2023- SVB – A regional bank collapsed, VC Funding Slowed down , 80% of fund raises in the private markets were down rounds, Inflation hit a 10 year high
2. 03:20 Minutes- The global markets across ended in green- A snap shot of the same has been given- India was not the best performing markets in 2023. But we have consistently over the last 3 years shown strong growth with much lesser volatility, that is attracting foreign capital as emerging market.
3. 04:30 Minutes- We have broken down the returns profile of India growth- where earnings growth in line with the 3 year return
4. 05:57 Minutes- WE have broken down US returns profile also- US balance sheet is de-levered and liquidity into US money market
5. 08:08 Minutes- We have explained china market returns- Cumulative earnings happened with a PE re-rating.
6. 09:37 minutes- Our portfolio performance snapshot given comparing it across benchmarks- We maintain the stance that Nifty 50 will always be a best performing index and lowest volatile index
7. 11:15 Minutes- What is downside protection- how we have performed in up-markets and down-markets quarterly since inception.
8. 11:57 Minutes- We have reviewed our earnings growth of our portfolio- Consistent ROCE has been the nature of our portfolio construction and Cash flow generation and ROIC at ITUS has consistently been higher than that of Nifty.
9. 15:57 Minutes- Our Sector Exposure- Auto & Auto Components, Health Care, Capital Goods, Power, Finance (Insurance), Building Materials are overweight and Banks and IT-underweight in the portfolio.
10. 19:19 Minutes- We saw transition of market caps in the portfolio- significant reduction in small caps and built higher than normal cash balance.
11. 23:55 Minutes- Explained position sizing of our portfolio- Growth along with valuation comfort aligns, we will look at 15-20 companies, otherwise the portfolio will be a mix of 25-30 companies.
12. 25:55 Minutes- Key changes in the portfolio has been highlighted- Auto- rather than OEM’s we chose Auto ancillaries.
13. 27:18 Minutes- Portfolio construction today- Pvt Sector sanctions by banks increase, Real estates inventory is at the lowest in decade, Narrowing supply demand gap in Cement and steel – De-levered balance sheets and capex internally
14. 31:20 Minutes- Expectations of 2024- US continues to underperform, EM outperform, India will see a flat or negative year, Fed expected to cut rates, Commodities expected to do well

Continuously keeping you informed about our SIP program is a key commitment for us as SIP presents investors with a convenient avenue to regularly infuse capital into their portfolios. Feel free to check out the benefits for your clients. If you need more info, reach out to your dedicated relationship manager at [email protected].

These weekly episodes are now available in our website for your quick read and you may access the same in the below link.

Weekly Enlightenment Archives – ITUS Capital