360 ONE Equity Opportunity Fund- Series 2

(A scheme of 360 ONE Opportunities Fund – Category III Alternative Investment Fund)
All data are as on April 30, 2024 and denominated in INR

Investment Theme
The investment strategy of the Fund will be to Performance (%)*
seek long term capital appreciation, by investing Strategy / Since
in equity, equity related and other permissible Benchmark
1 Month 2 Months 3 Months 6 Months YTD 1 Year
Inception
securities of companies. The key factors for
selection of Portfolio Companies shall include 360 ONE Equity Opportunity Fund- Series 2 4.97 5.54 6.55 18.30 6.18 26.03 21.29
industry growth potential, competitive advantages,
favorable valuations and adherence to governance
S&P BSE 200 TRI 2.67 4.18 6.33 24.56 7.78 36.25 30.20
standards. The Strategy will also use Put options
to hedge portfolio of the investors against market
*Based on Pre-tax NAV. Returns less than 1 year are on absolute basis and more than one year are on compounded annualised basis. Past performance may
downfalls.
or may not be sustained in future.

Key Terms

Launch Date : February 3, 2023

Risk Ratios Market Capitalization
Bloomberg Ticker : NA
Beta 0.77 Small Cap
Scheme : Closed Ended Scheme 17.60% Mid Cap
Volatility 7.19%
20.60%
Category Category III Alternative
:
Investment Fund
All risk ratios are calculated since inception
Benchmark Index : S&P BSE 200 TRI

Fund Details
- Since Inception till April 30, 2024

AUM(INR in Cr) : 502.36

Large Cap
NAV(INR)** : 12.2612 58.70%
Pre-tax CAGR
360 ONE Equity Opportunity
: Portfolio – Top 10 Holdings (%) Sector - Top 6 Holdings
Fund- Series 2 21.29%

S&P BSE 200 TRI : Company Name Weightage

30.20%
Outperformance/ Financials 27.80%
: (8.92%) HDFC BANK LTD 7.50
(Underperformance)
ICICI BANK LTD. 7.30
**Post-tax NAV Industrials 15.20%
TATA MOTORS LTD 6.00
Schedule of Charges
Class Fees INFOSYS LTD. 4.50 Consumer Discretionary 13.20%
A1 & C1 2.50%
A2 & C2 2.10% INDUS TOWERS LTD. 4.30
Management A3 & C3 1.75% Communication Services 10.90%
A4, C4* & C5^ 1.25% BHARTI AIRTEL LTD. 4.00
Expenses(as %
of daily net assets : B1 & D1 2.00%
B2 & D2 1.50% LARSEN TOUBRO LTD. 3.80 Information Technology
p.a.) 10.10%
B3 & D3 1.25%
B4, D4* & D5^ 1.00% NTPC LTD 3.80
S 0.10%
AXIS BANK LTD. 3.40 Health Care 6.40%
E^^ Nil
The Administration
Expenses of the Fund HINDUSTAN AERONAUTICS LTD 3.20 0% 5% 10% 15% 20% 25% 30%
Administration
Expenses : shall not exceed 0.15%
per annum on daily net NIFTY PUT OPTION 0.55
assets
CASH AND CASH EQUIVALENTS 3.30
Minimum Investment
Amount : INR 1 Crore
*Including Other Current Assets
*Class A4, B4, , C4 & D4 shall be offered to investors coming
through SEBI Registered Intermediaries. ^Class C5 & D5 shall
be offered to investors coming through directly. ^^ Class E
shall be offered to the Investment Manager and/or entities
part of 360 ONE Group and/or employees of the Investment NAV Movement
Manager /360 ONE Group and/or such Eligible Persons as
nominated by Sponsor/Co- Sponsor involved in management,
distribution or advise to the Fund, who are strategically
important or valuable to the Fund.
360 ONE Equity Opportunity Fund - Series 2 S&P BSE 200 TRI

Investment Manager 16
360 ONE Asset Management Limited

Fund Manager Profile 14

Mehul Jani
Mehul has over 19 years of experience in covering 12
and managing financial services and consumer
stocks. Prior to working with 360 ONE, he worked
with DSP BlackRock (a joint venture between
BlackRock and the DSP Group in India) for 10 years 10
as an analyst and fund manager. Previously, he
spent 4 years at Morgan Stanley Plc in London as an
analyst, dealing with structured product valuation
and fund derivatives. Mehul is an alumnus of the 8
Cass Business School, London and holds a Masters
in Banking and International Finance. He is also a
Feb-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 Apr-24
CFA charter holder

PRIVATE AND CONFIDENTIAL. NOT MEANT FOR PUBLIC CIRCULATION

360 ONE Asset Management Limited (Investment Manager)

Regd Off: 6th Floor, 360 ONE Centre, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai -400 013
Tel: (91-22) 4876 5600 • Fax: (91-22) 4646 4706 • CIN: U74900MH2010PLC201113 • SEBI AIF Category III Registration No: IN/AIF3/12-13/0016
360 ONE Equity Opportunity Fund- Series 2
(A scheme of 360 ONE Opportunities Fund – Category III Alternative Investment Fund)
All data are as on April 30, 2024 and denominated in INR

Fund Commentary
Indian Equity Markets: April 2024
India’s benchmark equity indices – Nifty 50 and BSE Sensex – demonstrated remarkable resilience in April 2024, posting monthly gains of 1.2% and 1.1%,
respectively. This was achieved despite the challenging global environment, marked by higher-than-expected US CPI prints, repricing of market expectations of
Fed rate cuts, and escalation of geopolitical tensions. Domestically, the RBI MPC also maintained a hawkish pause, citing considerable volatility in food inflation.
Domestic Institutional Investors (DIIs) supported the equity market, while Foreign Portfolio Investors (FPIs) became net sellers. DIIs made purchases amounting
to US$5.3 bn, while FPIs offloaded US$1.0 bn.
The broader market indices recorded much stronger gains, with the BSE Midcap and BSE Smallcap index rising by 7.1% and 9.6%, respectively, during the month.
Among the sector indices, Metals, PSUs, Utilities, and Power registered monthly gains of 10.8%, 10.0%, 8.8%, and 7.7%, respectively. On the other hand, IT and
Teck underperformed for the second consecutive month with monthly losses of 4.3% and 1.9%, respectively.
In the April 2024 meeting, the RBI Monetary Policy Committee (MPC) decided to hold the repo rate at 6.5%. The policy stance also remained unchanged, with
the MPC committed to aligning inflation with the 4% target on a durable and sustainable basis. The RBI maintained the FY25 GDP growth at 7% YoY. Anticipated
normal monsoon, buoyant business and consumer confidence, and signs of improvement in private capex are expected to support growth. However, geopolitical
tensions, geoeconomic fragmentation, disruptions in the Red Sea, and extreme weather events pose downside risks to growth.
In March 2024, India's Consumer Price Index (CPI) inflation eased to 4.85% YoY from 5.09% in the previous month. Headline CPI inflation declined due to sharp
deflation in fuel prices. Fuel price inflation decreased to -3.2% YoY from -0.8% in February due to reduced LPG prices. Core inflation also eased to a series low
of 3.26% YoY.
The India Meteorological Department (IMD) predicted an 'above-normal' monsoon season at 106% of the long-period average. The IMD anticipates El Niño
transitioning to a neutral phase in the early monsoon period and La Niña developing during the latter half.
In April 2024, India recorded its highest-ever GST collection at Rs 2.1 tn, up 12.4% YoY. The Manufacturing PMI remained strong at 58.8 in Apr '24, though
slightly lower than the 59.1 reading in the previous month. Banking credit remains robust at 16.1% YoY, with retail credit growth at 17.7% YoY. Meanwhile, rural
growth showed mixed signals. The growth in two-wheeler and tractor registrations was weaker in Mar'24, while the rural unemployment rate and MNREGA work
demand in Mar'24 were lower than in the same period last year.
Outlook
Global growth trends are currently exhibiting a divergent pattern, with the US economy maintaining strength while other developed economies such as the EU,
UK, and Japan experience a weaker phase. This divergence in growth is also becoming evident in monetary policy. While the Fed is expected to maintain its
current stance in the near term due to sticky inflation, the ECB has hinted at a potential rate cut in its June 2024 policy meeting. Markets now expect 1-2 rate
cuts by the FOMC in 2024, down from the 4-5 rate cuts expected at the beginning of the year. The constant repricing of market expectations of the Fed’s rate
cuts could impart volatility to both global and domestic equity markets.
Domestically, valuations remain elevated, particularly within the small and mid-cap segments. Thus far, these valuations have been upheld by strong earnings
growth and robust economic momentum. However, there are emerging risks on the horizon. Firstly, crude oil prices remain volatile due to escalating geopolitical
tensions and production cuts by OPEC. Secondly, an increase in metals prices (copper, aluminium, etc.) and agricultural commodities like edible oil could
compress the operating profit margins of companies in the consumer durables, capital goods, and FMCG sectors. Third, IT companies continue to maintain a
weak revenue guidance for FY25.
However, several mid- to long-term positives for the economy also brighten the outlook for the equity market. Firstly, a well-distributed monsoon could improve
monsoon crop (Kharif) production, bring down food inflation, and enable the recovery of rural consumption. Secondly, urban consumption should pick up,
as indicated by the improvement in consumer confidence in RBI’s April 2024 survey round. Thirdly, prospects for fixed investment remain bright with healthy
corporate and bank balance sheets, robust government capital expenditure, and signs of an upturn in the private capex cycle. Fourth, the expected easing of
monetary policy could also support economic activity. Lastly, a potentially strong policy regime post-elections would catalyse growth.
Broadly, our outlook leans more favourably towards inward-looking sectors that rely on domestic factors instead of outward-looking sectors contingent upon
global influences. We continue to remain overweight on secular and cyclicals. However, we are open to gradually increasing allocation towards defensives if the
opportunity is available at the right value.

Notes
The data stated herein is as of April 30, 2024 unless specifically stated.
The name of AMC has changed from IIFL Asset Management Limited to 360 ONE Asset Management Limited.
Kindly refer to this link for CRISIL AIF benchmarking: CRISIL Alternate Investment Funds Benchmarks

Disclaimer
Securities investments are subject to market risks and there is no assurance or guarantee that the objectives of the Fund will be achieved. As with any securities investment, the
value of a portfolio can go up or down depending on the factors and forces affecting the capital markets. Past performance of the Fund Manager or AMC may not be indicative of
the performance in the future.

This document is for informational purposes only and should not be regarded as an offer to sell or as a solicitation of an offer to buy the securities or other investments mentioned
in it. The past performance of the Fund is not indicative of the future performance of the Fund or in any other Fund either existing or that may be offered by 360 ONE Opportunities
Funds. Investors are not being offered any guaranteed or indicative returns through these services. The returns mentioned anywhere in this document are not promised or guaranteed
in any manner. Returns are dependent on prevalent market factors, liquidity and credit conditions. Instrument returns depicted are in the current context and may be significantly
different in the future. The contents of this document should not be treated as advice relating to investment, legal or taxation matters. This communication is for private circulation
only and for the exclusive and confidential use of the intended recipient(s). Any other distribution, use or reproduction of this communication in its entirety or any part thereof is un-
authorized and strictly prohibited. All investors must read the detailed Private Placement Memorandum (PPM) including the Risk Factors and consult their stockbroker, banker, legal
adviser and other professional advisers to understand the contents of this document and/or before making any investment decision/contribution to AIF.

The securities market information contained in this document is obtained from sources believed to be reliable. We do not represent that any securities market related information,
including any third party information, is accurate or complete and it should not be relied upon without proper investigation on the part of the investor/s 360 ONE Asset Management
Limited and its group, associate and subsidiary companies are engaged in providing various financial services and for the said services (including the service for acquiring and sourc-
ing the units of the fund) may earn fees or remuneration in form of arranger fees, referral fees, advisory fees, management fees, trustee fees, Commission, brokerage, transaction
charges, underwriting charges, issue management fees and other fees. For the purpose of trading and investments in securities, the Fund transacts through and maintain demat
account(s) with 360 ONE Securities Ltd (formerly known as India Infoline Ltd).

PRIVATE AND CONFIDENTIAL. NOT MEANT FOR PUBLIC CIRCULATION

360 ONE Asset Management Limited (Investment Manager)

Regd Off: 6th Floor, 360 ONE Centre, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai -400 013
Tel: (91-22) 4876 5600 • Fax: (91-22) 4646 4706 • CIN: U74900MH2010PLC201113 • SEBI AIF Category III Registration No: IN/AIF3/12-13/0016