In the investment advisory services, we offer discretionary as well as non-discretionary portfolio management and investment counselling with timely advice and execution to meet the overall goal of maximising yield and capital appreciation with predefined risk parameters. Over 3,500 domestic and 700 overseas clients with over Rs 17,000 million funds under management bears testimony to ourexpertise.

The funds management department provides advisory services to individuals (including NRIs) as well as institutional, corporate and OCB investors on deployment of funds in almost every financial asset ranging from company fixed deposits, units of mutual funds, public sector bonds, NCDs, equity and preference shares, etc, taking into consideration different variables such as the clients objectives and tax implications thereon within the overall goal of maximising yield within predefined risk parameters. We are currently managing about 25 domestic corporate cleints and over 75 NRI clients. Services offered to NRI clients are mostly of advisory nature. The group not only provides timely information and advice but also professional execution of various transactions on a day to day basis.

KSL commenced portfolio management services in November 1993 to meet the investment objectives of the groups' corporate and individual clients. KSL portfolio management service is a discretionary portfolio services,wherein once the client subscribes to any of the schemes, KSL undertakes the responsibility of managing, reviewing and reshuffling the portfolio, buying and selling securities, keeping safe custody of the securities monitoring book closures, dividends, bonus, rights so as to ensure that all benefits accrue to the clients portfolio.

There are two basic techniques that most investors follow with a good hope of success - buy growth stocks during market washouts and hold them until the whole market moves up and alternatively buy conventional companies when they are selling extremely cheap in the market and sell them again when they have recovered and moved upward.

Investment opportunity is the difference between reality and perception. Any market is bound to swing back and forth between euphoria and despair and one needs to be alert and pick up in the midst of pessimism. However investment is distinct from speculation. Investment is a game and calls for the same qualities, required to win any game. Knowing agreat deal about the company and buy into and buy when you have thoroughly understood the company and the sector, it is operating into. Our investment strategy depends on picking up a few leaders in each sector and stay with the most successful. As long as one is disciplined about the price paid and the time frame to hold the stock, returns are assured irrespective of the temporary fluctuations in the market.

Investment requires a strong stomach, nerves of steel and a boundless patience to bear. About 80 per cent of our portfolio comprises of market favourites namely, infotech, pharma and FMCG stocks. While investments in infotech is pegged at the highest levels of 35 per cent of our portfolio, our exposure to pharma is restricted to 30 per cent and that in FMCG stocks is 25 per cent. The rest 20 per cent of the funds are parked and invested in stocks which offer `specific opportunities' in the market. In this category we have taken an exposure at the counters of Vikas WSP, NK Texofoods and Pidilite. Ablend of technical analysis with the availability of fundamentals has ensured returns to the tune of 27-107 per cent depending on the cleints portfolio. Our investments in stocks like BFL Software, HCL Infosystems, Silverline Industries, Dabur and many more had been a rock bottom prices. This timely entry has helped us reward our investors with handsome returns. In management of investments, the principle of conservation of energy becomes central. Investors are profoundly affected by indices like Sensex and Nifty. It is the barometer of expectations, of pitfalls or rational exuberance. It filters through our dreams our hopes and our fears. While it makes no sense to get stampeded into buying or selling precipitately along with everybody else most investors do exactly the same. The herd instinct is so strong that only a handful of hardened and perhaps maverick souls can resist it. This is the distinguishing line between failure and success.

Mutual funds are a proven and convenient investment avenue. Theyreduce risk through diversification. In contrast a portfolio management scheme would require a month's notice before you can withdraw your funds. But the factor that outweighs all these issues for large investors is that a portfolio management scheme gives its investors personalised services. No mutual fund can match the flexibility of fine tuning your investments to fit your specific and changing needs. A portfolio can be designed to suit the clients needs.