Below is a snippet of the methodology used for KALKINE Portfolio Performance Calculation

KALKINE Under 20 CENTS Portfolio Performance (Year-on-Year)

• Recommendations under Kalkine's 20 Cents Portfolio (Hypothetical) for year 2021 (period from 31 July 2020 to 31 January 2021) have been used for the calculations presented in section, ‘Kalkine Performance’.
• Generally speaking, stocks under 20 Cents Report constitutes risker bet with proven business model that provides resilient returns. The report covers young companies with stock prices below 20 cents. Recommendations are based on development programs, business strategies, and quality of management that holds a premise for long-term potential. This category includes speculative stocks expected to have growth prospects but carry high-risk appetite. Technical analysis plays a pivotal role.
• Our Portfolio is hypothetical and our performance figures are based on recommendations from Kalkine 20 Cents Report using stock prices at the date of publication.
• It is also prudent to note that performance of stocks included in Kalkine 20 Cents Portfolio (Hypothetical) has been calculated based on their price values during the specific time period in order to give ‘as-on-date’ performance picture. 
• Where a stock has been recommended multiple times, the average price is taken into consideration. We might need to provide update on a stock several times during a year or for the length of coverage and for that reason the average BUY price is taken into consideration. 
• Performance figures quoted do not take into account transaction fees and charges. The profits or losses are hypothetical and include dividends or distribution for the length of the coverage until the recommendation is designated as closed. 
• The performance has been verified by an independent accounting firm. 
• All investors are advised to conduct their own independent research into individual stocks recommended by Kalkine before making a purchase decision. In addition, investors are advised that past stock performance is no guarantee of future price appreciation. 
• We encourage you to think of investing as a long-term pursuit.

Note: For any benchmark index return, proportional dividend yields have been taken onto account as per the information available