1/
Neil Parikh (@npparikh6) Sir presenting now. {Am paraphrasing}
'Volatility is a feature not a bug.'
'No asset class is bad, understand the risks' (While talking about crypto)
'AMC shouldn't mean or become Asset Marketing Company'.
Neil Parikh (@npparikh6) Sir presenting now. {Am paraphrasing}
'Volatility is a feature not a bug.'
'No asset class is bad, understand the risks' (While talking about crypto)
'AMC shouldn't mean or become Asset Marketing Company'.
2/
'We had skin in the game even before regulations made it mandatory. We invest in our own schemes.'
'Many ask us why not launch an Indian Fosued Fund. For them, Parag Parikh Tax Saver Fund is best.'
'We had skin in the game even before regulations made it mandatory. We invest in our own schemes.'
'Many ask us why not launch an Indian Fosued Fund. For them, Parag Parikh Tax Saver Fund is best.'
3/
'Consider Conservative Hybrid Fund as Debt Fund. This is for your medium to long-term goals.'
'Apologies for not delivering all the digital initiative promises. We are working towards it.'
Plans ahead for PPFAS AMC:
'Consider Conservative Hybrid Fund as Debt Fund. This is for your medium to long-term goals.'
'Apologies for not delivering all the digital initiative promises. We are working towards it.'
Plans ahead for PPFAS AMC:
4/
Rajeev Thakkar, Chief Investment Officer (CIO) starts presentation now.
Starts with memes π
Confession 1: This is not the first time we're underperforming.
Rajeev Thakkar, Chief Investment Officer (CIO) starts presentation now.
Starts with memes π
Confession 1: This is not the first time we're underperforming.
5/
Next Confession: I can underperform at any AUM size. In 2017 our AUM was few hundred crores and then I underperformed as well. π
Summary: He is saying to stay invested long term. Ignore short-term moves & noise about AUM size etc.
Next Confession: I can underperform at any AUM size. In 2017 our AUM was few hundred crores and then I underperformed as well. π
Summary: He is saying to stay invested long term. Ignore short-term moves & noise about AUM size etc.
6/
'You ask us once a year in this meet about fund performance. My family (sitting in front row) wondering why they aren't rich from a year ago. They ask me regularly'
Side note: Around 1100 people are physically present and 1600+ watching @PPFAS meet live. π₯
'You ask us once a year in this meet about fund performance. My family (sitting in front row) wondering why they aren't rich from a year ago. They ask me regularly'
Side note: Around 1100 people are physically present and 1600+ watching @PPFAS meet live. π₯
7/
How to pick good businesses for investing?
As per Rajeev Thakkar Sir - Use the Good seeds, water & fertilizer method.
How to pick good businesses for investing?
As per Rajeev Thakkar Sir - Use the Good seeds, water & fertilizer method.
8/
On foreign stock holding: I don't know the bottom or high for a stock. We find good quality businesses at 'reasonable valuation'
Factors outside our control are not managble. Our (equity) funds are only for long-term goals, minimum 5 years.
On foreign stock holding: I don't know the bottom or high for a stock. We find good quality businesses at 'reasonable valuation'
Factors outside our control are not managble. Our (equity) funds are only for long-term goals, minimum 5 years.
9/
One group of unitholders are worried we can't invest more in US due to limitation.
Other group of unitholders are worried why we are invested in US at all, even after limitations.
'My suggestion, stop worrying so much' - Rajeev Thakkar
One group of unitholders are worried we can't invest more in US due to limitation.
Other group of unitholders are worried why we are invested in US at all, even after limitations.
'My suggestion, stop worrying so much' - Rajeev Thakkar
10/
US and India return almost converge at some point. US Exposure gives us diversification.
Flexi Cap (India & US) & Tax Saver (India specific) both gave around 23% return.
We are capable to manage even with limitations i.e. just in India.
US and India return almost converge at some point. US Exposure gives us diversification.
Flexi Cap (India & US) & Tax Saver (India specific) both gave around 23% return.
We are capable to manage even with limitations i.e. just in India.
11/
We did not buy any US Tech at a very high valuation.
'Meta' question is the most asked. For us, it's like ITC of 2022. π
If you listen to mainstream media, you will hear about delete facebook, Insta etc. But just look at quarterly results - almost all-time high users.
We did not buy any US Tech at a very high valuation.
'Meta' question is the most asked. For us, it's like ITC of 2022. π
If you listen to mainstream media, you will hear about delete facebook, Insta etc. But just look at quarterly results - almost all-time high users.
12/
You don't need to have an opinion on 'Metaverse' to invest in Meta.
Side project is nothing new. Sometime back Instagram was a side bet for Meta, Nest was a side bet for Google.
We have seen this before.
You don't need to have an opinion on 'Metaverse' to invest in Meta.
Side project is nothing new. Sometime back Instagram was a side bet for Meta, Nest was a side bet for Google.
We have seen this before.
12/
For those who are worried that we can't buy these US stocks at lower valuations after the crash,
We are buying with dividends we receive there (No remittance)
Also those companies themselves are also doing buyback, so don't worry.
For those who are worried that we can't buy these US stocks at lower valuations after the crash,
We are buying with dividends we receive there (No remittance)
Also those companies themselves are also doing buyback, so don't worry.
13/
Q&A starts, moderated by @ActusDei (Am summarising):
Q: Are you looking at other countries like Europe, China etc. for investment?
A: We have invested in other countries in the past & we already have the experience. On China - we did a deep dive & we weren't comfortable.
Q&A starts, moderated by @ActusDei (Am summarising):
Q: Are you looking at other countries like Europe, China etc. for investment?
A: We have invested in other countries in the past & we already have the experience. On China - we did a deep dive & we weren't comfortable.
14/
Q: PPFAS Tax Saver massively outperformed PPFAS Flexi Cap in the last 1 year. What did you do different?
A: Nothing as such. US companies went down so you see the difference.
Q: Thoughts on Pharma Sector?
A: We keep owning some but in a bucket, no large exposure to one.
Q: PPFAS Tax Saver massively outperformed PPFAS Flexi Cap in the last 1 year. What did you do different?
A: Nothing as such. US companies went down so you see the difference.
Q: Thoughts on Pharma Sector?
A: We keep owning some but in a bucket, no large exposure to one.
15/
Q: Thoughts on PSUs?
A: I (Rajeev Thakkar) was also not interested in it few years ago. But governance has improved & Govt is actually executing what they're saying.
Q: Do PPFAS pay tax on dividends?
A: As per regulation, no taxes for Indian stocks and 25% for US stocks.
Q: Thoughts on PSUs?
A: I (Rajeev Thakkar) was also not interested in it few years ago. But governance has improved & Govt is actually executing what they're saying.
Q: Do PPFAS pay tax on dividends?
A: As per regulation, no taxes for Indian stocks and 25% for US stocks.
16/
Q: When PPFAS will be listed/IPO?
A: We (Neil Parikh, CEO) don't need to raise cash now. We have given ESOPs to employees. Options are open & we might list in 3 to 4 years. Nothing as such now.
Q: When PPFAS will be listed/IPO?
A: We (Neil Parikh, CEO) don't need to raise cash now. We have given ESOPs to employees. Options are open & we might list in 3 to 4 years. Nothing as such now.
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