Disclosure Statement

1. Q India Value Equity Strategy - Composite (Composite) is an aggregation of Client portfolios with a similar investment mandate and with no cash restrictions that are managed or advised by Quantum Advisors on a discretionary basis using the long only value equity strategy. The Composite does not include all client portfolios due to various client-imposed portfolio restrictions, even though all portfolios in this broad mandate are managed using the same strategy. The Composite represents 0.05% of the total AUM under the Q India Value Equity Strategy as on July 31, 2024.
2. Composite Gross return stated above are the returns achieved before the deduction of all fees and expenses except trading cost. Composite’s Net returns are computed net of fees and expenses. Returns stated above are assuming reinvestment of all dividend and other earnings. Returns from cash and cash equivalents held in portfolios are included in the return calculations.
3. The various constituents of the Composite pay different management fees. The net-of-fee and expense returns of the Composite indicated in tables in this newsletter reflect the weighted average management fees paid to Quantum Advisors Pvt Ltd (QAPL) by the different constituents of the Composite.
4. As the different constituents of the Composite are subject to different management fee structures, the actual performance experienced by a constituent of the Composite may be worse or better than the net-of-fee-and-expense returns of the Composite.
5. The return shown in all the tables and graphs in this document are calculated using Time Weighted Rate of Return (“TWRR”) method.
6. The firm has formulated an internal policy and procedures on inclusion, exclusion of the portfolio accounts and factoring significant cash flows for computing the performance of Composite which will be available upon request.
7. The "Index" is a product of Asia Index Private Limited (AIPL), which is a wholly owned subsidiary BSE has been licensed for use by QAPL. BSE® is a registered trademark of BSE Limited (“BSE”) and these trademarks have been licensed for use by AIPL and sublicensed for certain purpose by QAPL. All rights reserved. Redistribution, reproduction and/or photocopying in whole or in part are prohibited without written permission of AIPL. For more information on any of AIPL’s indices please visit http://www.asiaindex.com/. None of AIPL, BSE, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none of AIPL, BSE or their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
8. On account of corporate restructuring at the level of index service provider, the names of all the respective index(es) have been updated from S&P BSE Indices to BSE Indices with effect from June 1, 2024.
9. BSE 500 is a free-float-adjusted, market-cap-weighted index of 500 companies listed on the Bombay Stock Exchange.
10. Benchmarks (BSE 500) returns reported above for time periods beginning August 1, 2006 are Total Returns. For the periods prior to August 1, 2006 the Total Return index values were not available and hence, for periods prior to August 1, 2006, Price Return have been reported for the benchmark. Benchmark return presented for longer time periods covering the date August 1, 2006 consists of returns of the Price Return of BSE 500 for time periods prior to August 1, 2006 linked geometrically with Total Return of BSE 500 for time periods beginning August 1, 2006.
11. under this investment strategy. Hence, we believe it makes a good benchmark as the portfolio has a bias towards highly liquid stocks. However, the Composite’s performance may not be strictly comparable with the performance of the Benchmark, due to inherent differences in the construction of the portfolios, and the volatility of the benchmark over any period may be materially different than that of the composite over the same period.
12. The firm sources benchmark-related data from Bloomberg.
13. The returns of MSCI India reported above are gross total returns.
14. Data of other indices is provided for information purposes only and to allow investors to compare the performance of the Composite to that of certain indices (many of which are well known and widely recognized). While we generally believe these comparisons provide meaningful and useful information to investors (for example, as a way of comparing an investment in the Composite to other types of investments that investors might make), inclusion of any particular index is not a representation that the index is an appropriate benchmark for evaluating the Composite’s performance. In particular, the volatility of indices over any period may be materially different from that of the Composite over that same period.
15. The security discussed in this newsletter is given purely as an illustration. This is not a recommendation to buy or sell any security.
16. All INR to USD conversion has been done based on RBI FX Rates till May 2010, and WM Reuters Closing Spot Rates (4pm UK time) from June 2010 onwards. Average monthly cash level figures consist of month-end averages.
17. The views expressed herein constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the reader. This information is meant for general reading purposes only and is not meant to serve as a professional guide for the readers.
18. This monthly report is strictly for information purposes. Investments in the Portfolio Account are not guaranteed or insured and are subject to investment risks, including the possible loss of the principal amount invested. The value of the Portfolio Account and the income from it may fall as well as rise. Past performance is not necessarily indicative of future performance. QAPL reserves the right to make any changes and corrections to its opinions expressed in this document at any time, without notice. Information sourced from third parties cannot be guaranteed and has not been independently verified. Comments made herein are not necessarily indicative of future or likely performance of the Portfolio Account and are based on information and developments as on July 31, 2024, unless otherwise stated.
19. All of the forward-looking statements made in this communication are inherently uncertain and QAPL cannot assure the reader that the results or developments anticipated by QAPL will be realized or even if realized, will have the expected consequences to or effects on, us or our business prospects, financial condition or results of operations. A prospective investor can generally identify forward-looking statements as statements containing the words “will”, “should”, “can”, “may”, “believe”, “expect”, “anticipate”, “intend”, “contemplate”, “estimate”, “assume”, “target”, “targeted” or other similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this communication apply only as of the date of this communication. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even if internal estimates change, unless otherwise required by applicable Securities laws.