L&T Value Fund

Equity Funds
Monthly Update
September 2015
Contents
1. Market Round Up
2. Products
1. L&T India Large Cap Fund
2. L&T Equity Fund
3. L&T India Special Situations Fund
4. L&T Midcap Fund

5. L&T Infrastructure Fund
6. L&T India Value Fund
7. L&T Business Cycles Fund

3. Equity Investment Process
2
For product labeling please refer to the last slide.
Market Round Up
Global Markets - Performance

Title 1
Economy
Country
1 Month (%
change)
3 Month (%
change)
6 Month (%
change)
1 Year (%
change)
YTD (%
change)
EM-Asia
DM-Asia
DM
DM
DM
DM
DM
DM
EM-Asia
EM
DM
DM
EM
DM
DM-Asia
DM
EM-Asia
EM-Asia
DM-Asia
DM
EM-Asia
EM-Asia
EM-Asia
EM
China
Japan
Germany
France
Sweden
New Zealand
Italy
Switzerland
India
Phillippines
USA
Spain
Mexico
Australia
Hong Kong
UK
South Korea
Thailand
Singapore
Canada
Indonesia
Taiwan
Malaysia
Brazil
-12.49%
-8.23%
-9.28%
-8.45%
-7.09%
-4.47%
-6.78%
-6.40%
-6.58%
-5.98%
-6.57%
-8.24%
-2.30%
-8.64%
-12.04%
-6.70%
-4.37%
-4.01%
-8.78%
-4.21%
-6.10%
-5.66%
-6.41%
-8.33%
-30.48%
-8.13%
-10.11%
-7.09%
-8.75%
-3.23%
-6.61%
-4.47%
-5.48%
-6.35%
-8.23%
-8.55%
-2.20%
-9.87%
-20.98%
-10.54%
-8.20%
-7.60%
-13.88%
-7.69%
-13.55%
-15.73%
-7.71%
-11.63%
-3.15%
0.49%
-10.02%
-6.03%
-11.23%
-3.78%
-1.77%
-2.11%
-9.87%
-8.17%
-8.85%
-8.22%
-1.06%
-12.17%
-12.70%
-10.06%
-2.23%
-12.89%
-14.15%
-9.03%
-17.26%
-15.04%
-11.45%
-9.61%
44.60%
22.47%
8.33%
6.21%
8.08%
8.29%
7.29%
1.91%
0.21%
0.68%
-3.34%
-4.38%
-4.18%
-7.45%
-12.41%
-8.38%
-6.14%
-11.48%
-12.19%
-11.31%
-12.21%
-13.37%
-13.58%
-23.92%
-0.89%
8.25%
4.63%
8.90%
2.49%
1.58%
15.41%
-1.77%
-3.76%
-1.82%
-7.27%
-0.20%
1.34%
-3.77%
-8.20%
-4.85%
1.35%
-7.70%
-13.19%
-5.28%
-13.72%
-12.17%
-8.43%
-6.76%
Source: Bloomberg. Data as on 31st August 2015. DM Developed Markets, EM Emerging Markets
Returns are denominated in Local Currency
Indian Markets - Performance
Category
Index
1 Month (%
change)
3 Month (%
change)
6 Month (%
change)
1 Year (%
change)
YTD (%
change)
Sectoral
Healthcare
5.36%
6.28%
15.91%
35.09%
22.51%
Broad Market
Midcap
-4.78%
0.17%
0.69%
21.66%
5.92%
Sectoral
Consumer Durable
-0.34%
3.58%
4.18%
20.34%
14.21%
Sectoral
Capital Goods
-10.68%
-3.88%
-9.40%
8.29%
4.58%
Sectoral
Auto
-6.50%
-6.37%
-9.63%
3.31%
-4.11%
Sectoral
Bank
-8.66%
-8.71%
-10.16%
9.07%
-8.49%
Broad Market
Smallcap
-7.27%
-2.74%
-4.54%
9.11%
-1.66%
Sectoral
FMCG
-4.25%
-0.76%
-8.00%
6.44%
1.09%
Broad Market
BSE 500
-6.21%
-4.42%
-7.62%
4.36%
-1.73%
Broad Market
BSE 200
-6.14%
-4.65%
-7.87%
4.17%
-1.74%
Sectoral
Teck
-1.97%
-0.42%
-4.59%
8.98%
4.36%
Sectoral
IT
0.80%
2.30%
-5.91%
9.68%
5.21%
Broad Market
BSE 100
-6.15%
-5.02%
-9.22%
1.30%
-2.97%
Broad Market
Nifty
-6.58%
-5.48%
-9.87%
0.21%
-3.76%
Broad Market
Sensex
-6.51%
-5.55%
-10.05%
-1.33%
-4.42%
Sectoral
Power
-11.15%
-11.37%
-20.09%
-10.16%
-12.33%
Sectoral
Oil & Gas
-10.34%
-7.94%
-7.54%
-20.63%
-10.28%
Sectoral
Realty
-9.13%
-18.02%
-31.43%
-27.02%
-18.93%
Sectoral
Metal
-14.10%
-23.46%
-29.70%
-39.23%
-30.75%
Source: Bloomberg. Data as on 31st August 2015. Sectoral performances as represented by BSE indices.
Portfolio Flows - Trend
FIIs were net sellers in Aug-15, as they sold equities to the tune of $2.6bn
Domestic mutual funds remained net buyer this month
Source: SEBI, NSDL
Products
L&T India Large Cap Fund

(An open-ended equity growth scheme)
L&T India Large Cap Fund
A diversified equity strategy with focus on investing in large cap companies
Invests predominantly in top 100 companies by market capitalization
Strong long-term performance track record
Inception date: 23-Oct-07
Fund Manager: Venugopal Manghat & Abhijeet Dakshikar (for foreign securities)
Benchmark: S&P BSE 100
Fund Size : 368 crores (QAAuM, June 2015)
Investment approach and portfolio construction
80-100% of
portfolio
Portfolio of
40-60
stocks
Ultra
large cap
Market Cap >$ 10 bn (approx)

30-35 companies
Large Cap
0-20% of
portfolio
Aspirants
Market cap between $ 2-10 bn

(approx)
100-105 companies
Market cap: $ 1-2 bn
(approx)
85-90 companies
Invests predominantly in large cap companies

Focus on fundamentals: Quality and scalability of business, Management and Valuation
Looking to own companies with strong balance sheets, attractive return ratios and strong
cash flows. Companies that are expected to grow relatively faster than market
Individual stock weight is a function of fundamentals, valuation, market sentiment and
conviction
Stable portfolio with relatively limited churn
10
Market capitalization cut offs used to define ultra large cap / large cap / aspirants are internal.
L&T India Large Cap Fund - Portfolio information

Top 10 sector positions
Sector
Banks
Software
Pharmaceuticals
Auto
Construction Project
Finance
Cement
Petroleum Products
Auto Ancillaries
Consumer Non Durables
Top active stock positions

Weight
21.16%
10.26%
9.72%
7.41%
6.61%
6.48%
6.31%
4.91%
4.34%
4.18%
Market capitalization break-up
Company
Shree Cement Ltd.
Hindustan Petroleum Corporation Ltd.
Bharat Electronics Ltd.
Maruti Suzuki India Ltd.
Eicher Motors Ltd.
Amara Raja Batteries Ltd.
Motherson Sumi Systems Ltd.
Sadbhav Engineering Ltd.
Lupin Ltd.
Glenmark Pharmaceuticals Ltd.
Small and Midcap: 12.71%

Debt / Cash: 2.46%
11
Bm
Active
2.93%
3.22%
2.35%
3.76%
2.66%
1.93%
1.71%
1.71%
3.03%
2.08%
0.00%
0.42%
0.00%
1.67%
0.58%
0.00%
0.00%
0.00%
1.39%
0.51%
2.93%
2.80%
2.35%
2.09%
2.08%
1.93%
1.71%
1.71%
1.64%
1.57%
Top 10 holdings
Company
Large cap: 84.83%
Fund
Infosys Limited
HDFC Bank Limited
Larsen & Toubro Limited
Maruti Suzuki India Limited
ICICI Bank Limited
Axis Bank Limited
Hindustan Petroleum Corporation Limited
HDFC
Lupin Limited
Shree Cements Limited
Source: Bloomberg, ICRA MFIE, Internal. All data as at 31.8.2015. Market capitalization cut offs used to define Large /
Mid / Small cap stocks are internal. Top 100 stocks as sorted on market capitalization basis, are defined as largecap,
next 100 stocks as midcap and beyond top 200 as smallcap stocks
% of net assets
6.50%
6.17%
3.94%
3.76%
3.68%
3.37%
3.22%
3.19%
3.03%
2.93%
L&T India Large Cap Fund Attribution Analysis
The scheme is having marginally underweight to neutral position in Banking sector. Scheme is
currently overweight in Federal Bank and Indusind Bank. Among Financials, scheme is having
overweight position in Power Finance Corp and MCX India
The scheme continues to be underweight in IT sector. Infosys ltd performed well for the scheme
this month
The scheme continues to be overweight in Pharmaceuticals sector. Position in Lupin, Divis lab
and Glenmark Pharma contributed positively to performance
The scheme continues to be overweight in Cement sector. Companies like Shree Cement and
Ultratech cement are the major bets within the sector for the scheme
The scheme continues to be overweight in Auto Ancillaries sector. Amara Raja Batteries
contributed to performance this month
12
Source: Bloomberg
L&T Equity Fund

L&T Equity Fund
A diversified equity strategy with a flexible go-anywhere approach
Ability to harness opportunities across the market spectrum - No market cap, sector or style
bias
Fundamentals driven stock picking approach
Suitable as a core holding
Inception date: 16-May-05
Fund Manager: S N Lahiri & Abhijeet Dakshikar (for foreign securities)

14
Aims to capitalize on investment opportunities across the market spectrum

Focus on fundamentals: Quality and scalability of business, Management and Valuation
Looking to own companies with strong balance sheets, attractive return ratios and strong
cash flows
Individual stock weight is a function of fundamentals, valuation, market sentiment and
conviction
Bottom-up stock picking aided by internal research
15
L&T Equity Fund - Portfolio information

Sector
Banks
Software
Pharmaceuticals
Auto Ancillaries
Auto
Cement
Transportation
Finance
Top 10 active stock positions

Weight
22.83%
10.08%
7.39%
7.13%
6.85%
6.04%
5.49%
5.20%
4.92%
3.54%
Company
Gateway Distriparks Ltd.
Kotak Mahindra Bank Ltd.
Divis Laboratories Ltd.
Techno Electric & Engg Co Ltd.
WABCO India Ltd.
Aditya Birla Nuvo Ltd.
Shree Cement Ltd.
Kajaria Ceramics Ltd.
LIC Housing Finance Ltd.

Debt / Cash: 1.92%
16
Bm
Active
2.51%
3.91%
2.29%
1.65%
1.61%
1.89%
1.80%
1.44%
1.79%
1.80%
0.00%
1.74%
0.40%
0.00%
0.00%
0.29%
0.25%
0.00%
0.35%
0.37%
2.51%
2.17%
1.89%
1.65%
1.61%
1.60%
1.55%
1.44%
1.44%
1.43%
Top 10 holdings
Company
Large cap: 75.44%
Fund
Infosys Limited
HDFC Bank Limited
ICICI Bank Limited
Kotak Mahindra Bank Limited
Axis Bank Limited
Tata Consultancy Services Limited
Gateway Distriparks Limited
IndusInd Bank Limited
% of net assets
6.53%
5.81%
4.36%
4.22%
3.91%
3.12%
3.04%
2.65%
2.51%
2.41%
L&T Equity Fund Attribution Analysis
The scheme continues to be overweight in Banking sector. Bank of Baroda contributed to relative
performance this month
The scheme continues to be overweight on Auto Ancillaries sector. Wabco India and Exide
Industries contributed positively to performance this month
The scheme continues to be underweight in Consumer Staples space. This contributed to relative
performance as the sector declined during the month
The scheme continues to be overweight in Cement stocks, through positions in Shree Cement,
Ramco Cement, Ambuja Cements and Ultratech Cement
The scheme is underweight in Pharmaceuticals sector. Overweight position in Lupin and Divis
Lab contributed to performance this month
17
Source: Bloomberg
L&T India Special Situations Fund

L&T India Special Situations Fund
A diversified equity strategy with focus on identifying companies going through Special
Situations
No market cap or sector bias. Adds style diversification to investors portfolio.
Provides access to those situations in the stock market that have the potential to deliver
superior returns if spotted early, analyzed carefully & held onto for the right amount of time
Inception date: 22-May-06
Fund Manager: S N Lahiri & Abhijeet Dakshikar (for foreign securities)
19
Turnaround
Out of
market
favour
New
Business
Streams
Special Situations are unusual circumstances

that companies sometimes find themselves in
either in terms of their business or their stock
price or both, these could include:
Turnarounds,
Special
Situations
New business streams,

Underappreciated
growth
Corporate
actions
Underappreciated growth,
Asset plays,
Corporate actions,
Asset
plays
Companies whose stocks have fallen out of

market favour, etc.
No capitalization or sector bias

Diversified portfolio built around high conviction stocks in Special Situations
Can take significant overweight positions
Bottom-up stock picking aided by internal research
20
L&T India Special Situations Fund - Portfolio information

Sector
Banks
Software
Pharmaceuticals
Finance
Pesticides
Cement
Industrial Products
Petroleum Products

Weight
18.10%
14.57%
6.46%
6.40%
6.20%
5.29%
4.98%
4.80%
3.74%
3.14%
Company
Bayer Cropscience Ltd.
Sundaram Finance Ltd.
Jyothy Laboratories Ltd.
HCL Technologies Ltd.
Federal Bank Ltd.
Kalpataru Power Transmission Ltd.
State Bank Of Bikaner & Jaipur
Mindtree Ltd.
ACC Ltd.
Blue Dart Express Ltd.

Debt / Cash: 4.50%
21
Bm
Active
3.45%
3.31%
3.18%
4.30%
2.56%
2.12%
1.95%
2.05%
2.00%
1.66%
0.11%
0.00%
0.00%
1.36%
0.27%
0.00%
0.00%
0.26%
0.33%
0.00%
3.34%
3.31%
3.18%
2.94%
2.29%
2.12%
1.95%
1.79%
1.67%
1.66%
Top 10 holdings
Company
Large cap: 54.14%
Fund
Infosys Limited
HCL Technologies Limited
Bayer Cropscience Limited
ICICI Bank Limited
Sundaram Finance Limited
Jyothy Laboratories Limited
HDFC Bank Limited
The Federal Bank Limited
Axis Bank Limited
% of net assets
5.32%
4.30%
4.06%
3.45%
3.36%
3.31%
3.18%
3.15%
2.56%
2.48%
L&T India Special Situations Fund Attribution Analysis
The scheme is marginally underweight in the Banking sector. Scheme is overweight in Federal
Bank, Axis Bank and Kotak Mahindra Bank. Among Financials, scheme is overweight in Shriram
Transport Finance and MCX India
The scheme continues to be overweight in the Cement sector. JK Cement, ACC Cement and
Shree Cement are the overweight bets in the portfolio
The scheme continues to be underweight in Consumer Staples space. Position in Jyothy Labs
The scheme has overweight position in Pesticides and Agrochemicals sector with exposure to
Bayer Cropscience, UPL and Sharda Cropchem
The scheme is underweight in Pharmaceuticals sector. Exposure to Divis Lab and Lupin
performed well for the fund this month
22
Source: Bloomberg
L&T Midcap Fund

(An open-ended equity scheme)
L&T Midcap Fund
A midcap focused strategy aimed at delivering higher alpha in the long run
Opportunity to exploit and benefit from anomalies existing in less researched segment of the
market
Helps in style diversification
Suitable for relatively aggressive investors looking for long-term wealth creation. Minimum
investment horizon of 3-5 years
Inception date: 09-Aug-04
Fund Manager: S N Lahiri
Benchmark: CNX Midcap index
24
Predominantly invests in companies whose market

capitalization falls between the highest and the
lowest constituent of the CNX Midcap Index
Lowest Constituent
of the CNX Midcap
Index
Highest Constituent
of the CNX Midcap
Index
80% - 100% of the

total net assets
Approx 50-70
Stocks
Portfolio well diversified across sectors and stocks

Bottom-up investment approach
Looks to invest in fundamentally strong companies with good growth prospects
Focus on valuations aims to own stocks with high margin of safety to reduce overall portfolio risk
Aims at broad diversification of portfolio, with a view to manage liquidity at the aggregate portfolio level
25
L&T Midcap Fund - Portfolio information

Sector
Auto Ancillaries
Industrial Capital Goods
Textile Products
Transportation
Banks
Finance
Software
Pesticides

Weight
9.82%
7.20%
7.02%
6.26%
6.24%
6.17%
6.05%
6.04%
6.03%
5.67%
Large cap: 18.81%

Debt / Cash: 3.55%
26
Company
K P R Mill Ltd.
Sundaram Finance Ltd.
Techno Electric & Engg Co Ltd.
Jyothy Laboratories Ltd.
Federal Bank Ltd.
Pfizer Ltd.
Bayer Cropscience Ltd.
Centum Electronics Ltd
Hitachi Home & Life Solutions Ltd
Fund
Bm
Active
3.2%
3.0%
3.0%
2.5%
2.5%
2.2%
2.0%
1.9%
1.9%
1.9%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
3.2%
3.0%
3.0%
2.5%
2.5%
2.2%
2.0%
1.9%
1.9%
1.9%
Top 10 holdings
Company
% of net assets
K.P.R. Mill Limited

Sundaram Finance Limited
Techno Electric & Engineering Company Limited
Britannia Industries Limited
Jyothy Laboratories Limited
The Federal Bank Limited
Emami Limited
Procter & Gamble Hygiene and Health Care
Limited
Pfizer Limited
Ashok Leyland Limited
3.15%
3.03%
3.00%
2.63%
2.53%
2.48%
2.40%
2.26%
2.24%
2.23%
L&T Midcap Fund Attribution Analysis
The scheme continues to be overweight in Consumer Durable stocks. Stocks like Tube
Investments performed well this month
The scheme is currently overweight in Banking sector. The scheme is overweight in Federal bank
and Karur Vysya Bank currently
The scheme has overweight position in Industrials Capital Goods sector with major positions in
Alstom India and Centum Electronics
The scheme continues to be overweight in Cement stocks. Birla Corp performed well for the fund
The scheme is currently underweight in Consumer Staples space. Jyothy Laboratories aided
relative performance this month
27
Source: Bloomberg
L&T Infrastructure Fund

L&T Infrastructure Fund
A thematic fund which predominantly invests in companies which are likely to benefit from
Indias infrastructure growth
Preference for companies with scalable businesses, proven execution track record and
strong balance sheets
Focus on companies that offer best value relative to their long-term growth prospects
No market capitalization or style bias
Inception date: 27-Sep-07
Fund Manager: S N Lahiri
Benchmark: CNX Nifty index
29
Product Positioning
Provides opportunity to benefit from participation in Indias structural infrastructure

growth
Potential to deliver higher returns, although with relatively higher risk
A product with potential to generate significant alpha, especially during economic

recovery / high growth phase
A product that could be used to complement core mutual fund portfolio holdings, with
a minimum investment horizon of 3-5 years
30
Portfolio information
Top 10 holdings

Sector
Company
Weight
% of net assets
21.62%
7.12%
18.40%
Techno Electric & Engineering Company Ltd
4.45%
Transportation
12.89%
Power Grid Corporation of India Limited
4.20%
Cement
9.72%
Grasim Industries Limited
3.50%
Industrial Products
5.78%
Idea Cellular Limited
3.49%
Power
5.62%
VRL Logistics Limited
3.30%
Telecom - Services
4.72%
Gateway Distriparks Limited
3.08%
Finance
4.09%
Centum Electronics Limited
2.70%
Construction
3.69%
IDFC Limited
2.69%
Non - Ferrous Metals
3.20%
Snowman Logistics Limited
2.68%
31
Source: Bloomberg, ICRA MFIE, Internal. All data as at 31.8.2015
L&T India Value Fund

L&T India Value Fund
Diversified equity fund with strong value bias that aims to deliver long term superior riskadjusted returns
Focus on identifying valuation anomalies versus the economic potential of the business over
the medium term
Aims to minimize portfolio risk by investing in quality companies, monitoring corporate

fundamentals closely
No sector / market cap bias
Adds style diversification to portfolio
Fund Manager: Venugopal Manghat & Abhijeet Dakshikar (for foreign securities)
33
What is Value Investing?
A strategy of investing in stocks that trade at less than their intrinsic value
Price to Earnings
Enterprise Value / Sales
Price to Book
ROE
Dividend Yield
ROCE
Enterprise Value / EBITDA
Cash Flows
PEG
FCF / Sales
Business models / Fundamentals, Management, Market Sentiments
The fund looks to invest in fundamentally strong companies that the fund manager believes
are trading at less than their assessed values thus offering higher upside potential
This approach not only helps in identifying undervalued stocks but also factor-in the risk
elements while picking stocks
L&T India Value Fund - Portfolio information

Sector

Weight
Banks
Construction
Auto Ancillaries
Software
Finance
Textile Products
Petroleum Products
Transportation
Textiles - Cotton
Cement
13.28%
7.06%
7.06%
6.74%
5.11%
4.79%
4.70%
4.49%
4.12%
3.73%
Company
Fund
Bm
Active

Himatsingka Seide Ltd.
2.59%
2.17%
0.37%
0.00%
2.22%
2.17%
TVS Srichakra Ltd.

UPL Ltd.
Indo Count Industries Ltd.
ITD Cementation India Ltd.
The Ramco Cements Ltd.
FDC Ltd.
VRL Logistics Ltd.
Ahluwalia Contracts Ltd.
2.05%
2.44%
1.94%
1.81%
1.91%
1.67%
1.67%
1.50%
0.00%
0.40%
0.00%
0.00%
0.11%
0.00%
0.00%
0.00%
2.05%
2.04%
1.94%
1.81%
1.80%
1.67%
1.67%
1.50%
Top 10 holdings
Company
Large cap: 37.48%

Debt / Cash: 9.06%
35
Infosys Limited
ICICI Bank Limited
UPL Limited
Axis Bank Limited
Himatsingka Seide Limited
Reliance Industries Limited
TVS Srichakra Limited
State Bank of India
Indo Count Industries Limited
% of net assets
4.95%
4.47%
2.59%
2.44%
2.37%
2.17%
2.11%
2.05%
1.95%
1.94%
L&T India Value Fund Attribution Analysis
The scheme is currently underweight in Banking sector. Position in Bank of Baroda contributed to
performance
Overweight position in Auto Ancillaries stocks like Wabco and Gabriel India contributed positively
to performance this month
The scheme has overweight position in Textile sector. Himatsingka Seide and Indo Count
The scheme continues to be overweight in Cement stocks. JK Lakshmi Cement aided relative
performance this month
The scheme has positions in Construction sector through stock like National Buildings
Construction and KNR Constructions
36
Source: Bloomberg
L&T Business Cycles Fund

L&T Business Cycles Fund
An open - ended equity scheme with business cycle approach to investing
Focus on riding business cycles by strategically changing allocation between various

sectors and stocks at different stages of business cycles in the economy
Portfolio positioning driven by medium term business cycle trends and not short term
market movement
Focus on identifying companies that offer best value relative to their respective longterm growth prospects, returns on capital and management quality
Fund Manager: Venugopal Manghat and Abhijeet Dakshikar (foreign securities)
38
Business Cycle approach

Business cycle patterns have historically tended to repeat themselves over time
Changes in some of the key indicators provide relatively reliable guide in identifying different phases of
an economic cycle
Cyclical factors linked with the state of the economy largely drive the performance of equity sectors over
the intermediate term
Economic Activity
Phase 1
Trough to
recovery
Phase 2
Recovery to
expansion
Phase 3
Expansion
to Peak
Phase 4
Peak to
Contraction
Higher inflexion point
Lower inflexion point
Timeline
Business cycle approach focuses on riding business cycles by

strategically changing allocation between various sectors and
stocks at different stages of business cycle in the economy
39
Product positioning
A product that is suitable for investors looking to benefit from strategic positioning of
portfolio based on stage of business cycle
Potential to deliver higher alpha over long term.
A product which could potentially outperform in both rising as well as falling market
Suitable for investors looking to benefit from economic recovery over the next few
years
40
Adds style diversification to investors portfolio
L&T Business Cycles Fund - Portfolio information

Sector
Banks
Construction
Finance
Auto
Industrial Products
Transportation
Cement
Consumer Durables

Weight
23.89%
8.18%
7.78%
7.68%
7.52%
7.45%
6.66%
6.50%
5.49%
4.27%
Company
Ashok Leyland Ltd.
Maruti Suzuki India Ltd.
Beml Ltd.
KNR Constructions Ltd.
Sadbhav Engineering Ltd.
National Buildings Construction
Corporation Ltd.
Ashoka Buildcon Ltd
ITD Cementation India Ltd.
Fund
Bm
Active
2.27%
3.27%
1.78%
1.77%
2.11%
1.73%
0.34%
1.45%
0.00%
0.00%
0.37%
0.00%
1.93%
1.82%
1.78%
1.77%
1.74%
1.73%
1.61%
1.60%
1.58%
1.56%
0.00%
0.00%
0.00%
0.00%
1.61%
1.60%
1.58%
1.56%
Top 10 holdings
Company
Large cap: 52.26%

Debt / Cash: 4.72%
41
HDFC Bank Limited

ICICI Bank Limited
Housing Development Finance Corporation Ltd
Axis Bank Limited
IndusInd Bank Limited
Ashok Leyland Limited
State Bank of India
% of net assets
5.49%
4.81%
3.57%
3.30%
3.27%
2.64%
2.38%
2.27%
2.11%
1.97%
L&T Business Cycles Fund Attribution Analysis
The scheme is currently overweight in Banking sector. Positions in Bank of Baroda contributed
positively to performance
The scheme continues to have overweight position in Industrials Capital Goods sector. BEML and
Crompton Greaves are major bets within the sector
The scheme continues to be overweight on Industrial Products sector. Cummins India contributed
to performance this month
The scheme is overweight in Consumer Durable stocks. IFB Industries contributed to relative
performance during the month
The scheme is overweight on Construction sector. Exposure to stocks like ITD Cementation
helped in relative outperformance this month
42
Source: Bloomberg
Equity Investment Process
Equity Investment Process G.E.M.
Evaluation
of
companies
Generation
of Ideas
Manufacturing
and monitoring
of Portfolios
Valuations
Identify potential ideas

External Research:
Broker research
Industry research
In house fundamental
research:
Around 350 stocks
under coverage
Filters / screens
Business cycles
Meet industry
experts,
competitors,
suppliers, regulators
44
When buying a business, know the business

Quality
Profitability and attractiveness of business
Competitive positioning
Stage in business cycle
People
Management track record and management incentives
Corporate governance
Valuations
P/E, EV / EBITDA
good businesses at reasonable valuations or companies
on cheap valuations where fundamentals are improving
Implementation
Discussion in
Investment Committee
Investment mandate
scheme objectives,
stock and sector
diversification
Regulatory limits
Risk philosophy
concentration, liquidity,
market cap size
Tracking error
Disclaimer
The views expressed herein are those of the fund managers and should not be construed as an advice. This
presentation is for general information only and does not have regard to specific investment objectives, financial
situation and the particular needs of any specific person who may receive this information. Investments in
mutual funds and secondary markets inherently involve risks and recipient should consult their legal, tax and
financial advisors before investing. Recipient of this presentation should understand that statements made here
in regarding future prospects may not be realized. He / She should also understand that any reference to the
stocks / securities/ sectors/ indices in the document is only for illustration purpose and should not be construed
as advice to buy those securities. The portfolio information is as of August 31, 2015 and is subject to change at
the discretion of the fund manager(s).Neither this presentation nor the units of L&T Mutual Fund have been
registered in any jurisdiction except India. The distribution of this presentation in certain jurisdictions may be
restricted or totally prohibited and accordingly, persons who come into possession of this presentation are
required to inform themselves about, and to observe, any such restrictions.
Risk Factors: Mutual Fund investments are subject to market risks, read all scheme related documents
carefully.
CL02113
45
Product Labeling
46

L&amp;T Value Fund

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Equity Funds

4. L&T Midcap Fund

7. L&T Business Cycles Fund

For product labeling please refer to the last slide.

Global Markets - Performance

Indian Markets - Performance

Oil & Gas

Portfolio Flows - Trend

Source: SEBI, NSDL

L&T India Large Cap Fund

For product labeling please refer to the last slide.

L&T India Large Cap Fund

A diversified equity strategy with focus on investing in large cap companies

Invests predominantly in top 100 companies by market capitalization

Strong long-term performance track record

Inception date: 23-Oct-07

Benchmark: S&P BSE 100

Fund Size : 368 crores (QAAuM, June 2015)

For product labeling please refer to the last slide.

Investment approach and portfolio construction

Market Cap >$ 10 bn (approx)

Market cap between $ 2-10 bn

Invests predominantly in large cap companies

L&T India Large Cap Fund - Portfolio information

Top active stock positions

Market capitalization break-up

Small and Midcap: 12.71%

Large cap: 84.83%

L&T India Large Cap Fund Attribution Analysis

L&T Equity Fund

For product labeling please refer to the last slide.

L&T Equity Fund

A diversified equity strategy with a flexible go-anywhere approach

Fundamentals driven stock picking approach

Strong long-term performance track record

Suitable as a core holding

Inception date: 16-May-05

Fund Manager: S N Lahiri & Abhijeet Dakshikar (for foreign securities)

Benchmark: S&P BSE 200

Fund Size : 2929 crores (QAAuM, June 2015)

For product labeling please refer to the last slide.

Investment approach and portfolio construction

Aims to capitalize on investment opportunities across the market spectrum

L&T Equity Fund - Portfolio information

Top 10 active stock positions

Market capitalization break-up

Small and Midcap: 22.64%

Large cap: 75.44%

L&T Equity Fund Attribution Analysis

L&T India Special Situations Fund

For product labeling please refer to the last slide.

L&T India Special Situations Fund

No market cap or sector bias. Adds style diversification to investors portfolio.

Strong long-term performance track record

Inception date: 22-May-06

Fund Manager: S N Lahiri & Abhijeet Dakshikar (for foreign securities)

Benchmark: S&P BSE 200

Fund Size : 949 crores (QAAuM, June 2015)

For product labeling please refer to the last slide.

Investment approach and portfolio construction

Special Situations are unusual circumstances

New business streams,

Companies whose stocks have fallen out of

No capitalization or sector bias

L&T Value Fund

L&T Value Fund