Sources of Growth
Businesses
The way we consume things has undergone a change – High disposable income, changing lifestyles, urbanization and aspirations has given way to new products and services.
Trend
Post pandemic B2B and consumer services, led the turnaround in earnings growth and RoE improvement. This has been the big change in trend.
Share Gainers
Consolidation in market place, players with wide moats and high market share have wherewithal to gain/defend market share.
New Age Businesses: Urbanisation, Innovation and Changing Lifestyles
600 million
By 2036, Indian towns and cities will be home to 600 million people, or 40 % of the population, up from 31 % in 2011, with urban areas contributing almost 70 % to GDP.
40th Rank
India has been on a rising trajectory, retaining its 40th rank out of 132 economies in the Global Innovation Index 2023 rankings.
111 Unicorns
India has already emerged as the 3rd largest startup ecosystem globally, home to 111 unicorns with a ~$350 billion valuation.
$50 billion
Indian fast fashion industry is projected to burgeon into a massive $50 billion market by FY31.
$24 billion
India’s food delivery segment is expected to cross $24 billion by 2030 in gross orders, growing at a compound annual growth rate of 18%
Top 15 Holdings*
| Company | % Assets |
|---|---|
| ICICI Bank Ltd | 6.34 |
| Bharti Airtel Ltd | 6.32 |
| Larsen & Toubro Ltd | 5.37 |
| HDFC Bank Ltd | 4.66 |
| State Bank of India | 4.59 |
| Interglobe Aviation Ltd | 3.87 |
| Trent Ltd | 3.74 |
| Eternal Ltd | 3.58 |
| BSE Ltd | 3.57 |
| TVS Motor Company Ltd | 3.51 |
| SBI Life Insurance Company Ltd | 3.21 |
| GE Vernova T&D India Ltd | 3.19 |
| HDFC Life Insurance Company Ltd | 3.02 |
| Indian Bank | 3.02 |
No. of Stocks
32
Top 5 Sectors (%)
57.1%
Top 10 Stocks (%)
45.6%
Top 5 Sectors (%)
Market Cap Break-up
Large cap 63.8%
Mid cap 23.08%
Small cap 13.13%
Strategy Performance
as on May 31, 2025
Aggregate Returns
| 1 Month | 3 Months | 6 Months | 1 Year | 2 Years | 3 Years | 4 Years | 5 Years | Since Inception* | |
|---|---|---|---|---|---|---|---|---|---|
| ACE Strategy | 5.54% | 16.36% | 2.47% | 12.03% | 29.82% | 23.31% | 18.96% | 29.18% | 15.02% |
| BSE 500 TRI | 3.54% | 14.65% | 0.62% | 8.54% | 20.90% | 18.16% | 15.62% | 25.12% | 12.62% |
Calendar Year Returns
| CYTD 2025 | CY 2024 | CY 2023 | CY 2022 | CY 2021 | |
|---|---|---|---|---|---|
| ACE Strategy | 2.34% | 34.76% | 27.55% | -0.41% | 32.12% |
| BSE 500 TRI | 2.14% | 15.81% | 26.55% | 4.77% | 31.63% |
