Mutual Fund Mastery case studies, worked step by step

Cases
100
Traced to a firm
31
Topics
14
Hard
32
Topic
All topicsEquity research and stock pitches15Fund selection and due diligence9Debt fund credit decisions8Client portfolios and goal planning9Index funds, ETFs and passive6AMC and distribution economics6Performance review and attribution6Duration and rates positioning6Liquidity, redemptions and stress7Scheme design and product strategy7Compliance, risk limits and conduct6Valuing listed securities: IPOs, DCF and REITs5NAV operations and operational risk5Retirement, withdrawals and life events5
Level
AnyWarm upCoreHard
Source
AnyReported at a firmStandard
Showing 1–10 of 15 · filtered from 100Clear filters
  1. 001Pitch Chitravarna Paints: revenue of Rs 4,200 crore growing 14%, an 18% EBITDA margin, 32% return on capital, net cash, and a share price at 48 times earnings. Long or pass, and what has to be true for 48 times to work?Equity research and stock pitchesCoreWellington ManagementBoston · 2024
  2. 006A quick-service restaurant chain spends Rs 2.5 crore to open a store that earns Rs 4 crore of revenue at an 18% store-level margin. What is the payback, and how many stores a year can Rs 150 crore of operating cash flow fund?Equity research and stock pitchesWarm upEquity research at AMCsGlobal asset managers
  3. 017Defend a long on a private bank under questioning: NIM 4.1%, ROA 1.6%, gross NPA 2.1%, P/B 3.2x, but unsecured personal loans grew 48% last year to 22% of the book. What three questions will the interviewer grill you on, and what are your answers?Equity research and stock pitchesHardWellington ManagementBoston · 2019
  4. 020A cement company has 30 million tonnes of capacity at 68% utilisation and trades at an EV of Rs 9,500 per tonne against a replacement cost of Rs 7,000. Is it cheap or expensive, and what utilisation justifies the price?Equity research and stock pitchesCoreWellington ManagementHong Kong · 2022
  5. 029In a group discussion you are handed a contract drug manufacturer with an order book of three times revenue, 38% of revenue from one client and a 27% EBITDA margin. Argue the long case, then the strongest bear case, and land on a view.Equity research and stock pitchesCoreFranklin TempletonSan Mateo · 2024
  6. 034Write the investment memo for a specialty chemicals exporter with 62% of revenue from three customers, a 24% EBITDA margin and a new plant that doubles capacity next year. What goes in, in what order, and what is the recommendation?Equity research and stock pitchesCoreFidelity InvestmentsToronto · 2026
  7. 041A city gas distributor grows volumes 9% a year at a Rs 9 per scm margin. Input gas costs rise Rs 5 per scm and it can pass on only 60% this year. What happens to its margin and to the stock pitch?Equity research and stock pitchesCoreFranklin TempletonSan Mateo · 2024
  8. 048A jeweller holds 180 days of gold inventory, half of it funded by gold metal loans. If gold rises 10%, what happens to its reported margin, its cash flow and its debt, and is the earnings jump worth paying for?Equity research and stock pitchesHardEquity research at AMCsGlobal asset managers
  9. 056Vasantika Hotels has 3,000 rooms at an average rate of Rs 7,800 and 64% occupancy. If occupancy rises to 72% with 70% of the extra revenue reaching EBITDA, how much does EBITDA rise from a Rs 190 crore base, and what does that tell you about pitching the stock?Equity research and stock pitchesWarm upEquity research at AMCsGlobal asset managers
  10. 063In two lines and two minutes: Garudastra Aero makes aircraft components, has an order backlog of Rs 6,000 crore against Rs 1,500 crore of revenue, a 21% EBITDA margin and trades at 55 times earnings. Give the thesis and the one risk that breaks it.Equity research and stock pitchesWarm upSchrodersNew York · 2025

Company names and figures are illustrative.