RENAISSANCE

STERLING
PORTFOLIO
A CONCENTRATED PORTFOLIO
The Curators of Enduring Value

Renaissance is an Equity Senior Management Team has

Founded in 2016 and with a
focused Investment firm with cumulative 140+ years total
team of over 80+ professional
deep domain knowledge and experience in the Equities Business
with presence in 6 cities.
expertise of the founding with numerous professional
team. accomplishments.

Focused on managing Focused on delivering Superior

equity assets across PMS, Assets Under Management Risk Adjusted Returns with
AIF & Advisory, including and Advisory ~4000crs. proprietary Investment framework
offshore funds. of ‘‘Sustainable Quality Growth at
Reasonable Price’’ (SQGARP)TM

2
Founder & CIO
Mr. Pankaj Murarka has close to 3 decades of experience in Indian Equities with an excellent
performance track record. He has worked with Axis AMC, Merrill Lynch, Rare Enterprise (largest
Principal Investor in India), Motilal Oswal & UTI AMC.
His last stint was with Axis AMC as CIO - Equities managing and overseeing equity AUM of $ 5bn.
Axis AMC emerged as the fastest growing Asset Management Company in India during 5 years
from 2011-2016.
Pankaj has managed funds across Large Cap/ Mid Cap/ Small Cap with stellar track record of
performance across funds.
Pankaj is a rank holder Chartered Accountant from ICAI with all India merit.
He is an avid marathoner and has completed 12 half marathons and 2 ultra-half marathons /
endurathon.

Several accolades to his credit:

Recognized by Outlook Money as a Leading Fund Manager with 5 years of track record of
consistent performance in the year 2015
Best Fund Manager – Runner-Up for Axis Mid Cap Fund in 2014 by Outlook Money (from over 40
funds)
Axis Small Cap Fund – Best performing Small Cap fund in 2014 with 84.3% returns

3
The Minds Behind the Method

Shalini Sekhri Ninad Lendhe Sanjay Chawla Alok Sharma, CFA

Executive Chief Operating Head – Research & Head – Products &
Director Officer Fund Manager Alliances
Shalini has close to 27 years Ninad a Chartered Accountant Sanjay has over 20 years Alok is a qualified CFA
of experience in financial with 20 years of post- of prior experience in charter holder with 18+
services, largely in AMC’s and qualification experience, having institutional equity years of experience in
private wealth management , worked with organizations such research and strategy financial services. He was
with a focus on alternate as Ascent Fund Services India, with firms such as JP with Nippon India AMC for
assets. Her prior stints include Vistra ITCL, L&T Infotech and Morgan, JM Financial, 16+ years and poses deep
Standard Chartered, Kotak Citi Bank. Skilled in managing Kotak and Emkay Global. understanding of capital
AMC, ICICI Prudential AMC operations and compliance He is an alumni of IIT markets and various
and Alchemy Capital. across areas including AIFs, PE, Kanpur and IIM Calcutta. investment products.
and bond markets. Etc.

4
The Renaissance Edge
High Conviction Investing
Proven Track Record
Being Ahead Of The Cycle
Superior Alpha, Stable Beta
High Focus On Risk Management
Investment Philosophy

Growth Biased

Focused on investing into Quality business that can deliver

sustainable high growth over medium term to long term

Be selective in cyclical businesses

Risk Management is central to Investment Management

6
Based on Principles, Not Predictions
Sustainable Quality Growth At Reasonable Price (SQGARP)TM

Sustainability Quality
Companies with sustainable Superior quality businesses as
and durable business models demonstrated by Competitive edge,
Pricing power, ROE, FCF
Good quality and competent
management teams
Proprietary
Framework

Growth Price
Business that can deliver Ability to invest at reasonable
superior growth over medium valuations. Fair value approach to
to long term valuations.

Focus on economic value of business

7
Investment Ethos

Ownership Mindset Focus on High Quality

As investors we bring We are focused on Investing
ownership mindset to Long Term Approach into Good Quality business that
investing and think about can deliver Sustainable Growth
ourselves as owners of Our long-term business- over the medium term to long
business oriented approach to term
investing and proprietary
investment framework gives Risk Management
Corporate Governance
us an edge to overlook short
We expect good corporate term volatility We firmly believe Risk
governance from our Management is central to our
investee companies and is investment approach and as a
key to our investment result we are focused on
approach generating superior risk
adjusted returns

8
Built to Withstand
The fund managers will strive to manage the following risks

Quality Risk
Investing in unsustainable/ weak companies

Price Risk Volatility Risk

Overpaying for a company Market Risk

Type of Risk
Management Risk Risk Description
Mortality Risk
Inability for management to drive growth
Risk of business failure

Financial Risk
Event Risk
Overleverage or dependent on a critical
Risk due to company or sector specific event
revenue stream

9
With Returns That Respect Risk
Superior Returns At Moderate Risk

Quality
Sweet spot

Moderate Risk
Returns

Low Risk = Low Return Risk High Risk = Low Return

10
Superior Alpha, Stable Beta
Renaissance India Next PMS Outperformance Over Benchmark With Consistent Low Beta
Lower Beta (0.99 to 1.07)
1.10 26.53% 30.00%

1.00 25.00%

3 YEARS ANNUALIZED ALPHA

0.90 20.00%
3 YEARS BETA

0.80 15.00%

0.70 10.00%

4.98%
0.60 5.00%

0.50 0.00%

3 Yrs Alpha 3 Yrs Beta

Note:
3 years Annualized Outperformance (Alpha) over benchmark (Nifty 200 TRI)
Beta is for last 3 years
Data as on 30th Sep-25
Performance related information provided herein is not verified by SEBI 11
Our Conviction Proven Not Just Backtest
Month of CMP as on Absolute Returns
Scrip Name Market Cap Cost Price Multiple
Purchase (30th Sep 2025) (Gains)

Bharti Airtel Large Cap November-2020 459 1,878 308.82% 4.09x

Sun Pharma Large Cap May -2019 410 1,594 289.00% 3.89x

Motilal Oswal Mid Cap October-2023 249 894 258.88% 3.59x

SBI Large cap July-2018 269 872 224.48% 3.24x

ABB Large Cap August-2021 1,676 5,183 209.24% 3.09x

HDFC AMC Large cap July-2023 2,380 5,533 132.50% 2.33x

ICICI Bank Large Cap May-2021 624 1,348 116.17% 2.16x

Nuvama Wealth Small Cap November-2023 3,193 6,305 97.50% 1.98x

The Stock mentioned above may or may not be part of the current portfolio Performance related information provided herein is not verified by SEBI 12
Turning The Tide Strategic Picks
Scrip Name 3 Years CAGR Before Buying 1st Buy Month 6 Years CAGR After Buying
Tata Motors -15% Jun-18 24%
Sun Pharma -13% Oct-18 21%
ICICI Bank 0% May-18 26%
SBI -1% May-18 21%
ABB India -4% Jul-18 37%
Indian Hotels 12% May-18 26%

Scrip Name 2 Years CAGR Before Buying 1st Buy Month 5 Years CAGR After Buying
Cummins India -8% May-19 35%
Info Edge 50% May-19 23%

Scrip Name 3 Years CAGR Before Buying 1st Buy Month 4 Years CAGR After Buying
Bharti Airtel 0% Nov-20 36%
Motilal Oswal Financial Services -25% Jan-21 55%

Performance related information provided herein is not verified by SEBI 13

Renaissance Sterling PMS
A Concentrated Portfolio
Renaissance Sterling Portfolio
Concentrated portfolio of best Ideas

Investment strategy of the portfolio

Concentrated portfolio Highly bottoms up, High Actively managed High conviction Sector/Market Cap
of 10-15 stocks active share portfolio portfolio portfolio Agnostic

15
Why Sterling Portfolio Stands Out?
Renaissance’s Best Ideas - High conviction concentrated portfolio of 10-15 stocks

Differentiated from the Index - With a high active share, Sterling PMS avoids index-hugging and focuses purely on
alpha generation through differentiated stock selection

Dynamically Managed Portfolio - The portfolio is agile and adapts quickly to evolving macro trends, sector rotation,
and earnings outlook shifts

Backed by Proven Framework – SQGARP - Follows Renaissance’s proprietary “Sustainable Quality Growth at
Reasonable Price” investment framework delivering consistent, risk-adjusted returns over market cycles

Flexi-Cap, Market Cap Agnostic - Freedom to move across the market cap spectrum ensures the ability to tap into
the best opportunities without style bias

Credible & Experienced Team - Led by Pankaj Murarka (Founder & CIO) and a leadership team with over 140+ years
of collective experience in equities and portfolio management

Active Oversight & Management - Deep engagement of the fund management team

Track Record Across Cycles - Our PMS has delivered alpha consistently even during volatile markets

16
 100
150
200
250
300
350
400
450
500
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20 Nifty 50
Strategy

Sterling*

Dec-20
Jan-21

Sterling

Nifty 50
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
-4.6%
-0.8%
1 Year

Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22

*Performance shown above relates to the same strategy available on the Investment Advisory Platform
Oct-22
Nov-22
Dec-22
Jan-23
Renaissance Sterling Strategy*

Feb-23
CAGR

11.9%
24.1%
2 Years

Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
CAGR

12.9%
24.0%

Apr-24
3 Years

May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Performance related information provided herein is not verified by SEBI

Jan-25
Feb-25
Mar-25
Apr-25
May-25
CAGR

17.0%
26.8%
5 Years

Jun-25
Jul-25
Aug-25
Sep-25
17 Data as on 30th Sep-25
Key Terms
Head Details
Platform Portfolio Management Services
Minimum Ticket Size INR 5 crores
Investment Horizon 3-5 Years
Exit Load Exit within 24 months -1% , After 24 months – NIL
Reports Monthly Performance & Account Statement
Payments Fund Transfer / Cheque / Stock Transfer

Fee Structure Hybrid Fee Variable Fee

Fixed Management Fees based on
1.50% per annum 1.00% per annum NIL
AUM
Hurdle Rate 8.00% per annum 8.00% per annum NIL
15.00 % per annum 20.00 % per annum 15.00 % per annum
Performance Fees (annual)
(Without catch up) (Without catch up) (Without catch up)
Custodian Fees, Depository Charges
0.25% per annum
& Fund Accounting Charges
Brokerage & Transaction Costs As Applicable at Actuals
GST, STT & Other Statutory levies As Applicable at Actuals

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Renaissance Mid Cap Multibaggers
#CMP / Exit Price
Stock Name Entry Date Entry Price (Rs) CAGR Multiple (x)
(Rs)
Cummins India* 18-02-2021 802 3,274 44% 4.1

Motilal Oswal Financial Services 30-10-2023 249 870 112% 3.5

HDFC Asset Management Company 14-07-2023 2,382 5,192 49% 2.2

Cummins MOFSL HDFC AMC

600 44% CAGR 450 230 49% CAGR
400 112% CAGR 210
500
350 190
400 300 170
250 150
300
200 130
200 150 110
27% CAGR
100 90
100 25% CAGR 28% CAGR
50 70
0 0 50
Nov-23

Nov-24
May-21

Nov-21

May-22

Nov-22
Feb-23
May-23

May-24
Feb-21

Aug-21

Feb-22

Aug-22

Aug-23

Feb-24

Aug-24

CUMMINS INDIA NIFTY MIDCAP 150 MOFSL NIFTY MIDCAP 150 HDFC AMC NIFTY MIDCAP 150

Performance related information provided herein is not verified by SEBI, *Exited, #CMP as on 30th Jun-25 19
Renaissance Large Cap Multibaggers
#CMP / Exit Price
Stock Name Entry Date Entry Price (Rs) CAGR Multiple (x)
(Rs)
Bharti Airtel 05-11-2020 459 2,010 37% 4.4

Cholamandalam Investment & Finance* 24-08-2021 507 1,436 44% 2.9

Coal India* 18-04-2022 189 377 48% 2.0

Bharti Airtel Cholamandalam Coal India

500 37% CAGR 300 44% CAGR 230 48% CAGR
450 210
250
400 190
350 200 170
300 150
150
250 130
200 100 110
14% CAGR 14% CAGR
150 90
100
17% CAGR 50
70
50 0 50

Jun-22

Apr-24
Apr-22

Apr-23
Jun-23

Jun-24
Aug-23
Aug-21

Dec-21
Feb-22

Aug-22

Dec-22
Feb-23

Dec-23
Feb-24
Oct-21

Oct-22

Oct-23
0
Nov-20 Nov-21 Nov-22 Nov-23 Nov-24

BHARTI AIRTEL NIFTY 50 CHOLAMANDALAM NIFTY 50 COAL INDIA LTD NIFTY 50

Performance related information provided herein is not verified by SEBI, *Exited, #CMP as on 30th Jun-25 20
Renaissance Small Cap Multibaggers
#CMP / Exit Price
Stock Name Entry Date Entry Price (Rs) CAGR Multiple (x)
(Rs)
Inox Wind* 10-10-2023 52 181 176% 3.5

Nuvama Wealth 20-11-2023 3,192 8,231 80% 2.6

INOX WIND NUVAMA WEALTH

600 300
80% CAGR
500 250
176% CAGR
400 200

300 150

200 100
22% CAGR
100 50
35% CAGR

0 0

Jul-24

Jun-25
Nov-23

Apr-24

May-24

Jun-24

Nov-24

Apr-25

May-25
Dec-23

Jan-24

Feb-24
Mar-24

Jan-25
Aug-24

Sep-24

Dec-24

Feb-25
Mar-25
Oct-24
INOX WIND NIFTY SMALLCAP 250 Nuvama Wealth NIFTY SMALLCAP 250

Performance related information provided herein is not verified by SEBI, *Exited, #CMP as on 30th Jun-25 21
 Disclaimer
Disclaimer:
The information contained in this presentation is not verified by SEBI and is for informational purposes only. This document has been prepared solely for the information purpose. The
information contained herein is strictly confidential and is only for the use of the person to whom it is sent. The information contained herein may not be reproduced, distributed, or
published by any recipient for any purpose without prior written consent. This document is not intended for distribution to or use by any person or entity in any jurisdiction or country
where such distribution or use would be contrary to local law or regulation. The information contained in this document is neither a general offer nor a solicitation to invest in the fund.

Performance of the promoter or the investment approach of Renaissance Investment Mangers Private Limited have no bearing on the expected performance of the Portfolio Manager.
Past performance of the promoter and its affiliates, the Portfolio Manager does not indicate the future performance of the Portfolio Manager and may not necessarily provide a basis of
comparison.

Statutory Details:
Renaissance Investment Mangers Private Limited (“RIMPL”) is registered under SEBI (Portfolio Managers) Regulations, 1993 as a Portfolio Manager vide Registration No. INP000005455.
RIMPL is also an Investment Manager to Renaissance Alternate Investment Fund – Category III which is registered with SEBI as Alternate Investment Fund under SEBI (Alternative
Investment Funds) Regulations, 2012 vide Registration No: IN/AIF3/18-19/0549.

Risk Factors:
Renaissance Investment Mangers Private Limited is not liable or responsible for any loss or shortfall resulting from the operation of the investment approach.
This document represents the views of Renaissance Investment Mangers Private Limited and must not be taken as the basis for an investment decision. Neither Renaissance Investment
Mangers Private Limited nor its affiliates, it’s Directors or associates shall be liable for any damages including lost revenue or lost profits that may arise from the use of the information
contained herein. No representation or warranty is made as to the accuracy, completeness or fairness of the information and opinions contained herein. The Portfolio Manager reserves
the right to make modifications and alterations to this statement as may be required from time to time.

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 LET’S BUILD THE
RENAISSANCE TOGETHER

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