Clearview Capital

SEBI Registered Portfolio Management Firm

Founders

Ayush Vimal Vedant Bagry

MBA (IIM A), CA, CS MBA (IIM C), CFA, CA, CS
+91 9874013401 +91 9830379600
ayush.vimal@clearviewcapital.in vedant.bagry@clearviewcapital.in

▪ 10+ years experience in Financial services ▪ 10+ years experience in Financial services
across Citi, PwC across J.P. Morgan, Moelis, PwC

▪ Deal experience of $20bn while at Citi ▪ Deal experience of $12bn while at J.P.
Investment Banking across telecom, Morgan Investment Banking across
infrastructure and consumer sectors financial services and infrastructure sectors

2
 Our Objective Clearview Long Term Partners Fund

1 Fundamental Investing
Evolved from our experience of working with Private Equity clients

Quality Businesses Margin of Safety

Superior risk adjusted returns on

Large capital base for Strong Governance 3-5 year horizon

Long period of time

2 Work-Outs
Evolved from our Investment Banking experience

Event specific opportunity like Predictable returns

M&A, Open offers

De-linked from broader market Limited risk of event

movement not fructifying

3
Combination of Fundamentals and Work-outs results in Superior Risk Adjusted Returns
Workouts % in Portfolio increases when trade-off between risk and reward seems unfavourable.

Higher % of Workouts
enables: Resilient portfolio with Cash conservation for Alpha generation during all
reasonable returns during fundamental ideas when risk- seasons
market downturns reward turns favorable

Portfolio value

Alpha

Benchmark value

Workouts as a
% of Portfolio

Time

4
Partnership Approach towards Clients

Low Fixed Fee Performance Fee

Ensures Investing > Business of We make money only when our
Investing Clients make money

Skin in the game Personal Engagement

Most of the founders’ net worth co- To generate trust and create a
invested with Clients’ with no other long-term relationship
allied business

5
Why invest with us?

Mutual Funds / Most Other PMS VS Clearview Capital

Benchmark hugging, highly diversified model 15-20 high-conviction investments with a focus on
portfolio destined to give +- 2% of benchmark delivering alpha

Investment philosophy suited to outperform only Secular investment philosophy suited to

during bull markets outperform across all phases of the market

Misaligned incentives with high fixed fee – Focus Low fixed fee to ensure focus is only on
on asset gathering instead of performance performance with AUM being a by-product

Star fund managers involved more in Investing first approach with focus on in-depth
marketing than investing research, management meetings, channel checks

Minimal skin in the game with separate Most of the Founders’ net worth invested in
personal portfolios and allied businesses the PMS with no other allied business

6
Annexure

7
Work-out Case Study: Cigniti Technologies

Cigniti Stock Price

Details
1,550 Open offer
last date
May’24: Coforge agreed to acquire majority
Trigger 1,500
stake in Cigniti Technologies

Open offer price INR 1,415 1,450 Beats

Open offer expectations in
Price: INR 1,415 Q2FY25 results

Min. Acceptance 57% 1,400 Acquisition

announced

Est. Acceptance 100% (Based on our assessment) 1,350

Est. time to 1,300

4 months from our date of evaluation
complete
1,250
Risk Low as minimal approvals required

1,200
Apr'24 Jun'24 Jul'24 Aug'24 Sep'24 Nov'24

▪ At INR 1,353.8 (our weighted average buying price), there was an opportunity to get a minimum return of ~4.5% in 4 months
providing an annualized yield of 14.4%

▪ But post a good quarterly result the stock went up resulting in an XIRR of ~33% on this situation
Disclaimer: This work out was done in the personal portfolio of Clearview Capital and not in the PMS

8
Why Valuations are Important?
Anatomy of Stock price movement
Earnings Stock Price

Exit when
valuations
Earnings / Stock Price

are euphoric
Revisit
entry

Sweet spot
for entry

High Growth Phase Stable Growth Phase

Time

9
Disclaimer
About Us
Clearview Capital Advisors Private Limited (“Clearview”) is registered as a Portfolio Manager with SEBI under SEBI (Portfolio Managers) Regulations, 2020 as
amended from time to time and the Circulars & Guidelines issued there under from time to time vide SEBI Reg. No.: INP000009029 dated September 27, 2024

Disclaimer and Disclosures

This website/email/content is confidential and is intended only for the personal use of the prospective investors/contributors (herein after referred as the
Clients) to whom it is addressed or delivered and must not be reproduced or redistributed in any form to any other person without prior written consent of
Clearview. This website/email/content does not purport to be all-inclusive, nor does it contain all of the information which a prospective investor may desire.
This website/email/content is neither approved, certified nor its contents is verified by SEBI. Clearview retains all the rights in relation to all information
contained in the website/email/content(s) and to update the same periodically or otherwise from time to time. The website/email/content is neither a general
offer nor solicitation to avail the service of investment from the SEBI Registered Intermediary under the services offered by Clearview nor is it an offer to sell or
a generally solicit an offer to become an investor in the services offered by Clearview. The delivery of this email/content at any time does not imply that
information herein is correct as of any time subsequent to its date. The contents of this website/email/content are provisional and may be subject to change. In
the preparation of the material contained in this website/email/content, Clearview has used information that is publicly available, certain research reports
including information developed in-house. Clearview warrants that the contents of this website/email/content are true to the best of its knowledge, however,
assume no liability for the relevance, accuracy or completeness of the contents herein. Clearview declares that the data and analysis provided shall be for
informational purposes. The information contained in the analysis shall been obtained from various sources and reasonable care would be taken to ensure
sources of data to be accurate and reliable. Clearview will not be responsible for any error or omission in the data or for any losses suffered on account of
information contained in the analysis. While Clearview will take due care to ensure that all information provided is accurate however Clearview neither
guarantees/warrants the sequence, accuracy, completeness, or timeliness of the report. Neither the Clearview nor its affiliates or their partners, directors,
employees, agents, or representatives, shall be responsible or liable in any manner, directly or indirectly, for views or opinions expressed in this analysis or the
contents or any systemic errors or discrepancies or for any decisions or actions taken in reliance on the analysis. Clearview does not take any responsibility for
any clerical, computational, systemic, or other errors in comparison analysis. There can be no assurance that future results, performance or events will be
consistent with the information provided in this content and the past performance, if any is not the guarantee of the future/assured performance. Any decision
or action taken by the recipient/visitor of this website/email/content based on this information shall be solely and entirely at the risk of the recipient/visitor of
the website/email/content. Unauthorized disclosure, use, publication, dissemination or copying (either whole or partial) of this information, is prohibited.
Clearview shall not treat recipient/user as a client by virtue of his receiving/using the contents of the document in full or part. Neither Clearview nor its affiliates,
directors, partners, employees, agents, or representatives, shall be responsible or liable in any manner, directly or indirectly, for the contents or any errors or
discrepancies herein or for any decisions or actions taken in reliance on the information. The person accessing this information specifically agrees to
exempt/absolve Clearview or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse/improper/ illegal use and
agrees not to hold Clearview or any of its affiliates or employees responsible for any such misuse/improper/illegal use and further agrees to hold Clearview or
any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information
due to any errors and delays. Clearview (including its affiliates) and any of its Partners, officers, employees, and other personnel will not accept any liability,
loss, damage of any nature, including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising
from the use of this website/email/document or any information in any manner whatsoever.

10
Disclaimer
This website/email/document may include certain forward-looking words, statements and scenario which contain words or phrases such as “believe”,
“expect”, “anticipate”, “estimate”, “intend”, “plan”, “objective”, “goal”, “project”, "endeavor“, “should” and similar expressions or variations of such expressions
that are forward-looking statements, words, and scenario. Actual results may differ materially from those suggested by the forward-looking statements due to
risks, uncertainties, or assumptions. Clearview takes no responsibility of updating any data/information. The contents of this website/email/document cannot
be copied, reproduced, in whole or in part or otherwise distributed without prior written approval of Clearview. Prospective investors/clients are advised to
review this website/email/document, the Private Placement Memorandum/Disclosure Document, the Contribution Agreement/Client Agreement,
representations and presentation(s) and other related documents carefully and in its entirety and seek clarification wherever required from the SEBI
Registered Intermediary/Clearview. Prospective investors should make an independent assessment, and consult their own counsel, business advisor and tax
advisor as to legal, business and tax related matters concerning this document and the other related documents before becoming investing with Clearview.
The information contained in this website/email/document has been prepared for general guidance and does not constitute a professional advice/assurance
and no person should act upon any information contained herein without obtaining specific professional advice/Assurance. Neither Clearview nor its Affiliates
or advisors would be held responsible for any reliance placed on the content of this document or for any decision based on it. Each existing/prospective client,
by accepting delivery of this document agrees to the foregoing. The Investment portfolio are subject to several risk factors including but not limited to political,
legal, social, economic, and overall market risks. The recipient alone shall be fully responsible/are liable for any decision taken on the basis of this document.
Clearview, its partners, employees, PMS clients, may have existing exposure to the stocks that form part of the PMS portfolio. Further, in view of the investment
objective/strategy of the PMS scheme(s) there may be situations where Clearview may be selling a stock which is part of the PMS portfolio as the case may be.
Clearview operates from within India and is subject to Indian laws and any dispute shall be resolved in the courts of Kolkata, West Bengal only.

You may refer the Disclosure Document available at https://clearviewcapital.in for detailed disclosures.

11