Motilal Oswal Hockey Stick Multi Cap Portfolio

The strategy applies Motilal Oswal’s Hockey-Stick Return framework across large-cap, mid-cap and small-cap companies. Its central idea is to identify businesses where economic profit may improve over time, rather than relying only on reported accounting earnings.

Motilal Oswal Hockey Stick Multi Cap Portfolio: Fund Details and Key Terms

The AUM and turnover figures are reported in the APMI profile. Turnover was 0.53 for one month and 2.93 for one year, as of 30 June 2026. The APMI profile lists the strategy's purpose as seeking long-term compounding through the Hockey-Stick Return Investment Framework.

What Is Motilal Oswal Hockey Stick Multi Cap Portfolio?

The Motilal Oswal Hockey Stick Multi Cap Portfolio is an equity Portfolio Management Service (PMS) strategy from Motilal Oswal Asset Management Company Limited. Launched on 20 February 2024, it uses the Hockey-Stick Return framework to invest across large-cap, mid-cap and small-cap companies, with the aim of participating in long-term business compounding.

A hockey-stick return describes a stock-price pattern with a relatively flat phase followed by a sharp and sustained rise. The framework looks for businesses whose economic profit could improve significantly over time. It does not mean that every selected stock will follow this pattern or that such returns are expected.

The strategy is designed for investors who understand equity-market volatility, have a long investment horizon and meet the PMS minimum investment requirement. It is a framework-led multicap approach, whereas the Motilal Oswal Multicap Opportunities Strategy follows a broader multicap mandate. The distinction lies in the investment framework, not simply in the market-cap categories covered.

What Are Hockey-Stick Returns? Motilal Oswal's Economic Profit Framework Explained

In Motilal Oswal's 2023 Wealth Creation Study, a hockey-stick return refers to a sharp and sustained rise in a stock's price. The study connects this pattern with businesses that improve their economic profit over time. The idea is to look beyond a company's reported earnings and assess whether it is generating returns above the cost of the capital invested in the business.

What Is Economic Profit?

Economic profit measures the profit a business generates after accounting for the cost of the equity capital used to run it. A company may report accounting profits but still fail to create sufficient value for shareholders if its return does not cover the cost of equity.

The formula is:

Economic Profit = Accounting Profit − (Net Worth × Cost of Equity)

The Wealth Creation Study uses a 10% cost of equity assumption in its calculation.

Consider a hypothetical company:

The company earns ₹150 crore in accounting profit. However, the equity capital employed carries an assumed cost of ₹100 crore. After deducting this equity charge, its economic profit is ₹50 crore.

This calculation helps distinguish between businesses that are merely profitable and those that generate returns above the assumed cost of equity.

Economic Profit vs Accounting Profit

Accounting profit records the earnings left after business expenses and applicable accounting charges. It is an important measure, but it does not directly show whether the business has earned enough to compensate shareholders for the capital committed.

Economic profit adds this capital-cost perspective. A company reporting higher accounting profit may still have modest economic profit if it requires substantial equity capital. Conversely, a business that improves profitability without a proportionate increase in capital employed may strengthen its economic profit.

The Motilal Oswal economic profit strategy uses this distinction to assess the quality and potential direction of business performance.

What Is TEMP in Motilal Oswal's Hockey-Stick Strategy?

The TEMP framework helps assess the business factors that may contribute to long-term value creation.

• Trends: Broad economic, industry, technology and consumer changes that can create favourable conditions for a business.
• Endowment: Existing strengths such as management quality, market position, brand, distribution, production capacity, research capabilities and financial resources.
• Moves: Strategic actions taken by a company, including acquisitions, capital expenditure, resource allocation, productivity improvements and differentiation.
• Price: The valuation at which the stock is available. A promising business may still be an unattractive investment if its market price already reflects excessive expectations.

The framework links business quality and strategic execution with the price paid for the stock. It is not a guarantee that a company will deliver a particular share-price outcome.

The findings from the Wealth Creation Study are historical research based on the 2018–2023 period. They should not be read as the performance record or expected returns of this PMS.

How Does the Economic Profit Power Curve Work in Hockey Stick Multi Cap Portfolio?

The Economic Profit Power Curve groups companies according to their economic profit. The framework examines whether a business can improve its position over time. A company moving from a lower group to a higher one may indicate an improvement in its ability to generate economic profit.

The groups are called quintiles. Each quintile represents one-fifth of the ranked set of companies.

An upward movement across quintiles matters because it may signal improving economic value creation. The framework therefore seeks companies that have the business characteristics and strategic opportunities to strengthen their economic profit.

The Power Curve is an analytical framework, not a prediction model. A company may not move up the curve, and an improvement in economic profit does not automatically translate into a higher stock price.

In a multicap portfolio, the same economic profit investing framework can be applied to businesses across different market-cap segments. This widens the potential investment universe beyond one size category. The number of holdings, exact position sizes and rebalancing frequency are not specified in the available portfolio details.

How Does Hockey Stick Multi Cap Portfolio Invest Across Large, Mid and Small Caps?

The multicap mandate allows the strategy to apply its framework to companies of different sizes. This gives the investment approach a wider universe to examine rather than restricting it to large, mid or small-cap stocks alone.

Under the standard market-cap classification:

• Large-cap companies: Ranked 1st to 100th by full market capitalisation.
• Mid-cap companies: Ranked 101st to 250th.
• Small-cap companies: Ranked 251st onwards.

Using one framework across these categories creates a broader choice of businesses at different stages of development. Established large companies, expanding mid-sized businesses and smaller companies can all be assessed through economic profit, business strength, strategic execution and valuation.

The exact market-cap allocation can change with portfolio decisions and market movements. Allocation varies and is disclosed in the latest factsheet.

Investors comparing this strategy with a multi cap PMS should look at the underlying investment process, portfolio exposures and risk profile rather than relying only on the word multicap in the product name.

Motilal Oswal Hockey Stick Multi Cap Portfolio Construction: Holdings and Concentration

The available portfolio profile does not provide a current, dated breakdown of the number of stocks, individual position sizes, sector allocation or top-holding concentration. These details should not be inferred from the multicap mandate or from the holdings of another Motilal Oswal fund.

For a clearer view of portfolio construction, investors can refer to the latest factsheet and disclosure documents. These should be read for the actual stock list, exposure by market capitalisation, sector concentration, cash allocation and any changes made to the portfolio.

Motilal Oswal Hockey Stick Multi Cap Returns and Performance vs BSE 500 TRI

The strategy uses the BSE 500 TRI as its benchmark. The index covers companies across market-cap segments, making it a relevant broad-market reference for a multicap equity mandate.

The latest APMI performance report available for 30 September 2026 records a one-year return of 16.28% for the strategy. Performance figures should be read alongside the corresponding benchmark return and the reporting period shown in the live performance table.

A return comparison is meaningful only when both figures use the same period and reporting basis. A strategy may outperform over one period and underperform over another. Investors should examine the one-month, three-month, six-month, one-year and since-inception data together rather than focusing on a single positive period.

The portfolio began in February 2024, so its live track record remains relatively short. Historical returns do not establish how the strategy may perform through a different market cycle. Past performance is not indicative of future performance.

Motilal Oswal Hockey Stick Multi Cap Minimum Investment, Fees and Exit Load

The Motilal Oswal Hockey Stick Multi Cap minimum investment is ₹50 lakh. The investment may be made in cash, securities or a combination of both, subject to the portfolio manager's onboarding and acceptance requirements.

The APMI profile displays fixed fees, variable fees and exit load as NA. NA should not be interpreted as zero or as confirmation that no charges apply.

PMS fee arrangements commonly include a fixed management fee, a performance-linked fee or a combination of the two. The applicable structure, hurdle rate, high-water mark, expense treatment and exit conditions depend on the agreement.

The signed PMS agreement and disclosure document are the final references for the applicable charges and terms.

Hockey Stick Multi Cap vs Other Hockey Stick Portfolios and Multicap Opportunities

The Motilal Oswal Hockey Stick portfolios apply a common economic profit framework to different market-cap universes. The Multi Cap strategy has a broader mandate, while the Large Cap, Mid Cap and Small Cap portfolios focus on their respective segments.

Hockey Stick Multi Cap vs Hockey Stick Large Cap

The Large Cap Portfolio focuses on the largest listed companies, while the Multi Cap Portfolio can consider businesses across large, mid and small-cap categories. Both use the Hockey-Stick Return framework, but the available investment universe differs. This affects the range of businesses that can be evaluated and the market-cap exposures that may appear in the portfolio.

Hockey Stick Multi Cap vs Hockey Stick Mid Cap

The Mid Cap Portfolio restricts its investment universe to mid-cap companies. The Multi Cap Portfolio is not limited to that segment and can also assess large-cap and small-cap businesses. The underlying economic profit approach is common, but the opportunity set and market-cap exposure are different.

Hockey Stick Multi Cap vs Hockey Stick Small Cap

The Small Cap Portfolio focuses on smaller listed companies, while the Multi Cap Portfolio can invest across all three market-cap categories. Small-cap businesses may have different liquidity and volatility characteristics from larger companies. The multicap mandate provides a wider universe, although actual exposure depends on portfolio decisions.

Hockey Stick Multi Cap vs Multicap Opportunities Strategy

Both strategies can invest across market-cap segments, but they should not be treated as interchangeable. The Hockey Stick Multi Cap Portfolio is explicitly linked to the Hockey-Stick Return Investment Framework and economic profit investing. The Multicap Opportunities Strategy has a separate mandate. Investors comparing them should examine their documented investment processes, holdings, fees and risk disclosures.

Risks of Investing in Motilal Oswal Hockey Stick Multi Cap Portfolio

A multicap PMS can provide exposure to different segments of the equity market, but diversification across market capitalisations does not remove investment risk.

Market Risk

Equity prices can decline because of economic slowdowns, interest-rate changes, geopolitical developments, weak corporate earnings or broad market corrections. The portfolio's NAV can fall during such periods.

Market-Capitalisation Risk

Mid-cap and small-cap stocks can be more volatile and less liquid than large-cap stocks. During market stress, selling these securities at the desired price may become difficult.

Framework Risk

The Hockey-Stick Return strategy looks for businesses that may improve their economic profit. However, a company's position on the Power Curve may not improve. The framework may also fail to identify changes in the business early enough.

Assumption Risk

Economic profit calculations depend on assumptions such as the cost of equity and estimates of business performance. Different assumptions can change how a company is assessed.

Valuation Risk

Even a fundamentally strong company can deliver weak investment returns if its stock is purchased at an excessive valuation. Price remains an important part of the TEMP framework.

Concentration Risk

A portfolio may have meaningful exposure to a limited number of companies or sectors. Adverse developments in a major holding or industry can affect overall performance.

Short Track Record

The strategy began in February 2024. Its performance history covers a limited period and may not reflect behaviour across a complete market cycle.

Benchmark Deviation

The portfolio may hold different stocks and market-cap weights from the BSE 500 TRI. Its returns can therefore differ significantly from the benchmark, including during periods when the index performs well.

Read the portfolio's disclosure document before investing.

How to Invest in Motilal Oswal Hockey Stick Multi Cap Portfolio?

The usual PMS onboarding process involves the following steps:

1. Check eligibility: Resident individuals, HUFs, companies and NRIs may be eligible, subject to applicable PMS rules and portfolio-manager requirements.
2. Complete KYC: Submit the required identity, address, PAN and other documentation.
3. Complete risk profiling: Provide the information required for investor profiling and onboarding.
4. Review and sign the PMS agreement: Read the terms, fee structure, risk disclosures and portfolio mandate. Obtain the disclosure document.
5. Set up the account: Complete the required demat and bank-account formalities.
6. Fund the portfolio: Transfer at least ₹50 lakh in cash, securities or a permitted combination, subject to acceptance and operational requirements.

Investors exploring PMS for NRIs should also consider the applicable residency, tax, banking and regulatory requirements.

How Can ALTPORT Help You Explore Motilal Oswal Hockey Stick Multi Cap Portfolio?

ALTPORT is an APMI-registered investment distributor (APRN00074) that provides access to information on PMS and other investment products. Its platform helps users understand the portfolio's investment framework, key terms, performance disclosures and associated risks.

Investors can use ALTPORT to explore product information, review available performance data, understand fee-related details and access relevant official documents. The platform also facilitates access to Motilal Oswal PMS strategies.

ALTPORT provides information and distribution access. It does not guarantee returns or remove the risks associated with market-linked investments.