Motilal Oswal Hockey Stick Large Cap Portfolio

The Motilal Oswal Hockey Stick Large Cap Portfolio is an equity PMS built around the Hockey-Stick Return framework. It looks for large-cap companies where improving economic profit may create the conditions for sustained business and market-cap growth. The strategy uses fundamental analysis rather than a price-momentum model to identify potential opportunities.

About Motilal Oswal Asset Management Company Limited — Research-Led Equity PMS

Motilal Oswal Asset Management Company Limited (MOAMC) is a SEBI-registered portfolio manager offering equity Portfolio Management Services across different investment approaches. Its PMS platform includes strategies with distinct investment universes and selection methods, giving investors access to actively managed portfolios.

The Hockey Stick range draws on the group's Annual Wealth Creation Study, particularly its analysis of economic profit and the factors that can help companies move up the Economic Profit Power Curve. The 28th Annual Wealth Creation Study, published in 2023, examined wealth creation during 2018–2023 and explored how trends, business strengths and strategic actions can influence long-term value creation.

This research provides the conceptual foundation for the Hockey Stick strategy. It should not be confused with the QGLP framework, which belongs to a different investment approach.

What Is Motilal Oswal Hockey Stick Large Cap Portfolio?

Motilal Oswal Hockey Stick Large Cap Portfolio is an equity PMS launched on 23 January 2024. It applies the Hockey-Stick Return framework to large-cap companies and looks for businesses whose economic profit may be improving, with the aim of participating in their long-term compounding potential.

A hockey-stick return describes a sharp and sustained rise in a stock's price, creating a chart pattern resembling a hockey stick. The strategy attempts to identify companies that could move towards stronger economic-profit positions over time. It does not assume that every selected company will deliver such a rise.

The portfolio is designed for investors seeking actively managed exposure to large-cap equities through a research-led framework. It may be relevant to investors who understand equity-market volatility and can take a long-term view.

The key distinction is its selection philosophy. Hockey Stick Large Cap focuses on economic-profit fundamentals, while Motilal Oswal Large Cap Momentum Strategy uses a model based on price momentum and relatively stable volatility. Both operate in the large-cap space, but their investment signals are different.

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

The following table summarises the strategy's principal details and terms.

AUM and turnover figures are date-sensitive. The APMI listing reports AUM of ₹13.10 crore and turnover as of 31 August 2026. Fee and exit-load details are not specified in that listing; the PMS agreement governs the actual charges.

What Is the Hockey-Stick Return Framework in Hockey Stick Large Cap Portfolio?

The Hockey-Stick Return framework comes from Motilal Oswal's 2023 Wealth Creation Study. It describes a pattern in which a company's share price experiences a sharp and sustained rise, supported by a significant improvement in its economic profit.

The framework places greater emphasis on economic profit than accounting profit alone. A company may report accounting profits, but the return it generates on its net worth also needs to be considered against the cost of equity.

Economic Profit = Net Worth × (Return on Equity - Cost of Equity)

Here:

• Net Worth: The company's shareholders' funds.
• Return on Equity (RoE): The profit generated relative to shareholders' equity.
• Cost of Equity (CoE): The return shareholders expect for taking the risk of investing in the company.

A widening positive spread between RoE and CoE can indicate stronger economic value creation. The strategy uses this concept to study companies that may improve their position on the Economic Profit Power Curve.

The study also identifies three factors under the TEM framework:

• Trends: External developments that can influence a company's growth prospects, such as changes in technology, demand, regulation or industry structure.
• Endowment: Existing strengths that help a company benefit from a trend. These may include management quality, market share, brand, distribution, production capacity, competitive advantage and financial resources.
• Moves: Strategic actions taken by management to use those strengths and capture opportunities. Examples include acquisitions, capital expenditure, resource allocation, productivity improvements and better differentiation.

The 2023 study notes that mid-cap and small-cap companies were more favourably placed to deliver hockey-stick returns during the period it examined. This does not rule out large caps. Established companies can also move up the economic-profit curve as their business performance and competitive position improve.

For a broader explanation of the framework across market capitalisations, explore hockey stick returns.

How Does Hockey Stick Large Cap Portfolio Select Stocks Using the Economic Profit Power Curve?

The strategy ranks companies according to their economic profit and groups them into five categories, known as quintiles. Each quintile represents a segment of the Economic Profit Power Curve, helping the investment team assess where a company stands and whether its position may improve.

The framework focuses on companies that can move towards the stronger quintiles. The study observes that companies reaching Quintiles 1 and 2 have accounted for a significant share of market-beating outcomes, irrespective of their starting quintile. It also highlights the potential value of starting from Quintiles 2 and 3 when looking for upward movement.

For the large-cap strategy, this analysis is applied within the large-cap universe. The investment team studies the relationship between RoE and CoE, the company's existing strengths, industry trends and management's strategic decisions.

A company's movement up the Power Curve is treated as an investment signal, not a guaranteed outcome. Business conditions can change, economic profit may weaken and market prices may not reflect improvements as expected.

The available strategy description does not specify a fixed number of holdings or a defined rebalancing frequency. Investors should refer to the latest portfolio disclosure for current holdings and construction details.

Hockey Stick vs Momentum: How Is This Different from Large Cap Momentum Strategy?

Both strategies invest in large-cap stocks, but their stock-selection methods are different. Hockey Stick Large Cap uses an economic-profit framework, while Large Cap Momentum follows a model based on price momentum and relatively stable volatility.

The difference matters because a company with improving fundamentals may not immediately show strong price momentum. Similarly, a stock with strong recent price performance may not necessarily have the economic-profit characteristics sought by the Hockey Stick framework.

Neither approach is automatically better or safer. Their results depend on market conditions, stock selection, valuation and execution. Investors comparing these approaches can also explore the large cap PMS offering separately.

Why Does Hockey Stick Large Cap Portfolio Focus on Large Cap Stocks?

Under SEBI's market-capitalisation classification, large-cap companies are the top 100 companies by full market capitalisation. These businesses are generally more established and widely tracked than smaller listed companies.

Large-cap stocks often have:

• Higher trading liquidity than many mid- and small-cap stocks.
• Broader analyst and institutional coverage.
• Established business operations and market positions.
• Greater representation in major market indices.

However, large-cap status does not remove equity risk. These stocks can fall during market corrections, face earnings pressure and experience valuation de-rating. A large company can also lose market share or see its economic profit decline.

The strategy's premise is that large-cap companies may still improve their economic-profit position. Its focus is not simply on buying the biggest businesses, but on identifying those that may strengthen their ability to create economic value.

Hockey Stick Large Cap Portfolio Construction: Holdings and Concentration

The portfolio invests in listed equity and applies the Hockey-Stick Return framework within the large-cap universe. Its actual stock count, individual position sizes, sector allocation and concentration levels can change with portfolio decisions and market movements.

A current, dated holdings statement is the appropriate reference for understanding the portfolio's exposure to individual companies and sectors. Investors should examine the largest positions, sector concentration and changes over time rather than assuming that a large-cap mandate automatically means broad diversification.

The strategy's turnover was reported by APMI at 0.60 for one month and 2.36 for one year as of 31 August 2026. Turnover indicates the extent of portfolio trading during the stated period; it does not independently explain the quality of stock selection.

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

The strategy uses the BSE 500 TRI as its benchmark. The index covers a broader set of listed companies than the large-cap universe alone, so the comparison provides a wider-market reference rather than a like-for-like large-cap index comparison.

The latest available return disclosure used for this page is dated 30 September 2026. It reports a one-year strategy return of 5.81%, compared with -2.33% for the BSE 500 TRI. The reported one-year difference was 8.14 percentage points.

The same disclosure provides period-wise returns for one month, three months, six months, two years and since inception. The performance module should be read with its stated date and return methodology. The strategy began in January 2024, so its track record is still relatively short and does not cover a full range of market cycles.

Returns over different periods can vary considerably. A gap over one period should not be interpreted as evidence that the same outcome will continue. Past performance is not indicative of future performance.

Meet the Fund Manager

Vaibhav Agrawal manages the Motilal Oswal Hockey Stick Large Cap Portfolio. He serves as CIO and Fund Manager for PMS and AIF (Alternates) at Motilal Oswal Asset Management Company Limited.

His experience includes more than a decade in stock selection and investment management. Before his current responsibilities, he worked as a ratings analyst at CRISIL and as an investment analyst at Motilal Oswal Asset Management. He holds a Bachelor's degree in Computer Science from the University of Pennsylvania and an MBA from London Business School.

He oversees the firm's alternate investment platform, with approximately ₹10,000 crore in AUM across alternate products as reported in his professional profile. His responsibilities extend across the Motilal Oswal Hockey Stick portfolio range.

Hockey Stick Large Cap vs Other Motilal Oswal Hockey Stick Portfolios

The Hockey Stick range applies the same broad economic-profit framework across different market-cap segments. The key difference is the universe from which each portfolio selects companies.

Hockey Stick Large Cap vs Hockey Stick Multi Cap

The Multi Cap Portfolio can invest across large-, mid- and small-cap companies, giving it a wider market-cap universe. Hockey Stick Large Cap restricts its selection to the large-cap segment. Both use the economic-profit framework, but the eligible companies and resulting portfolio exposures can differ.

Hockey Stick Large Cap vs Hockey Stick Mid Cap

The Mid Cap Portfolio focuses on mid-cap companies, where the business maturity, liquidity and market behaviour may differ from established large-cap businesses. The common framework looks at economic profit and potential movement up the Power Curve, but the investment universe changes the opportunity set and risk profile.

Hockey Stick Large Cap vs Hockey Stick Small Cap

The Small Cap Portfolio operates in the small-cap universe. Smaller companies may have different growth opportunities, liquidity conditions and volatility levels compared with large caps. The shared Hockey-Stick Return framework does not make the portfolios interchangeable; investors should compare their market-cap exposure and risk characteristics.

Risks of Investing in Motilal Oswal Hockey Stick Large Cap Portfolio

The strategy invests in equities and follows a specific fundamental framework. Its risks extend beyond general market movements.

Market Risk

Large-cap stocks are exposed to market-wide corrections, economic slowdowns, interest-rate changes and shifts in investor sentiment. Their size does not protect them from losses.

Valuation Risk

A company may improve its economic profit, but its stock may already trade at a high valuation. If earnings or growth expectations fall short, the market may re-rate the stock.

Framework Risk

The Economic Profit Power Curve is a research framework, not a predictive tool. A company identified for potential upward movement may fail to improve its position or may take longer than expected.

Assumption Risk

The analysis depends on assumptions about future trends, competitive strengths, management decisions, RoE and CoE. Changes in these factors can affect the investment thesis.

Concentration Risk

The portfolio's exposure to selected companies or sectors may create concentration. A weak performance from a major holding or sector can affect the overall portfolio.

Fund Manager Risk

Portfolio outcomes depend partly on research quality, stock selection, position sizing and execution. Changes in the investment team or decision-making process can also affect the strategy.

Short Track Record

Launched in January 2024, the strategy has a limited operating history. Its performance across a longer range of market conditions is not yet established.

Benchmark Deviation

The BSE 500 TRI is broader than the large-cap investment universe. The portfolio may therefore perform differently from the benchmark because of its market-cap focus and individual stock positions.

Investors should read the portfolio manager's disclosure document and understand the investment risks before entering into a PMS agreement.

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

Investors can explore the strategy through the following steps:

1. Check eligibility: The PMS is generally available to resident individuals, HUFs, companies and eligible NRIs, subject to applicable regulations and the portfolio manager's onboarding requirements.
2. Complete KYC: Submit the required identity, address, PAN and other applicable documentation.
3. Undergo risk profiling: Review your investment objectives, risk appetite, liquidity needs and investment horizon.
4. Read the documents: Examine the PMS agreement, disclosure document, investment mandate, fee structure and risk factors.
5. Complete account setup: Follow the portfolio manager's requirements for demat and bank account arrangements.
6. Fund the portfolio: Meet the ₹50 lakh PMS minimum investment requirement, in cash or securities, subject to acceptance and applicable terms.

Investors should also understand the operational process for adding funds, withdrawing securities, receiving reports and closing the PMS account.

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

At ALTPORT, we provide access to information on PMS strategies and help investors understand their investment approach, terms, performance and associated risks. We are an APMI-registered distributor (APRN00074), not the portfolio manager or issuer of this strategy.

We can help you explore the Motilal Oswal PMS strategies, understand the Hockey-Stick Return framework, review available product documents and facilitate access to the relevant investment opportunity.

Our role is to make product information easier to evaluate. The investment decision remains with you, based on your financial objectives, risk tolerance and independent assessment.