Timing is the main factor in this.. 5 years period starts from Jun 2020..
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Totally agree with your point on timing. However the performance is still impressive outperformance over other funds on the similar timeframe. Just wondering what is the edge here in terms of process and philosophy.
The edge for most except aequitas is they had no aum at that point !!
I have been associated with him since 2018, and my views have remained consistent over time there’s nothing paid or sponsored about my opinion. I initially invested in Basant Maheshwari PMS and Motilal Oswal Next Trillion PMS, but I withdrew my funds from both due to their underperformance. On the other hand, Stallion provided me with excellent returns, which can be verified through the SEBI website.
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- Counter Cyclical has a very young and dynamic team. My understanding is that they are very concentrated in limited stocks. You see this in their constituents in PMSBazaar. Unlike a lot of PMS who claim to be completely small cap oriented and anyways have an average market cap portfolio in higher strata, I’ve seen counter cyclical to be true to their philosophy. They also are agile in nature which I like.
Disclosure - Not invested but interested - Green Lantern - Again solid time and battle tested team. They are a mix of contra and value. They are a bit more curated vs the larger size PMS and I personally I like PMS who have a performance based structure vs a fixed fee one. Also I like that as a fund house they dont have multiple strategies. Even the AUM of this PMS is not like abakkus or other ones. Keeping a low AUM helps with the liquidity. I also liked that they took important cash calls and redeployed when the time was right.
Disclosure - Not invested but interested - Aequitas - PMS has a very high ticket size vs others. With high ticket size and a growing AUM sometimes I get the sense that capital preservation is more important than the relative alpha. They have a cash call/gold etc call + my sense talking to them was they are going to continue either taking cash/gold calls or be large cap oriented. Not sure here but you can arrange a call with them to see their further strategy.
Disclosure - Not invested - Negen - Havent done my research on them. Not invested
- Wallfort PMS - Seem to be doing well across strategies but havent looked into it deeply
Not invested. - The others - havent looked into them deeply
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Thanks Nikhil. Would you say common thread is following themes and trying to identify market cycles?
Both probably difficult to follow in some ways over the long period of time. Would be nice if some veteran investors can share their thoughts and experiences.
No right or wrong answer here sir but market cycles and themes can be misleading honestly. What you see with a lot of themes is that companies tend to increase their NFO’s when the theme has run up a lot like Defense etc. Why, because they are hot sells of the day. Entering once prices have run up doesnt make the most sense since margin of safety tends to be less there and narrative is more. So if you have to choose themes, my question is what themes would you choose?? It makes the most sense to pick on quality humble stock pickers. They will recognise and win across themes, strategies, cycles…
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Pasting a screenshot from my family’s NEGEN PMS. You can see the start and today’s date.. and the returns are post fee.
I have some investment with 2point2 capital by Savi and Amit.
They have pretty good performance over last 6-7 years. Also, quite conservative too. I haven’t really done any calculations but I feel their Beta is significant lesser than the market - specially when the market is correcting.
Did suggest the fund to a friend as well I think he is happy too! They are slightly over indexed on financial services and I kind of agree with their approach. Their turnover is also not very high.
Full disclosure: I know one of the founders from college times. Not that we were best of the friends, but gave me confidence to dip my toes.
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I would agree with wannable-investor. I have my investments in 2point2 from last 2 years and their performance (post fees) has been better than most of the flexi cap Mutual funds.
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solid returns. Would love to see the ratios etc…
I am using Gautam Baid’s
If someone is thinking to start PMS, can look once his you tube video and also can follow on X.
Since he started his PMS just a year before but you will definitely impress the clarity of thought and ideology and journey to be their. hope this will help before choosing.
Is there anyway I can monitor, observe the portfolio style and structure of Stallion?
Through public domain
Aah mate we are in the same boat.
The lowest XIRR in 2.2 capital over the last 6-7 years has been 18% and max (currently) 22.8 odd.
The drawdowns have been so low that I have barely felt the fall in the portfolio.
I have seen some of the other PMSs including stallion. The problem is that they are not conservative and invest in some of the stocks whose valuationsI am not comfortable in at all. For momentum play I sometimes invest in smallcases who are precisely doing that at a fixed charge 4-5000 for a quarter rather than at a commission of 1% or more.
Similar Disclosure: I know both the founders from my college days too. Solidly impressed by their ethics (which is an insider advantage I have because I know them and their closest friends personally, so it gives me far more comfort and safety.) Please take my opinion about 2.2 with a pinch of salt and take ur own informed decision.
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I’m among the earliest lot of investor in 2point2 and I was about to exit last Dec due to failure to beat benchmarks in preceding 2 years. Again being finance heavy, Amit asked to wait for a year and the situation is quite different now. Will still exit the fund, due to change of my personal situation.
If I remember correctly the biggest drawdown was 20% in 2018-2019 after budget but since then it has been a relatively smooth sailing and periods of average returns.
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I had invested in 2p2 in 2018, but exited around 2020-2021. There were pros and cons of this PMS (things might have changed after my exit).
Pros - As mentioned by many, this fund has very low drawdowns. Fund managers are down to earth. Had multiple conversations with Savi and every time we spoke he patiently explained fund’s rationale on each of the stock they were holding.
Cons - Returns are inline with the benchmark / many of the mutual funds. E.g. I had invested some amount with PPFAS, at the same time I had invested in 2P2. Both of them gave me almost similar returns. This was not aligned with my expectations from PMS.
Overall it’s a good, reliable fund.
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I relate to this 100% and my benchmark has always been PPFAS and in 9 years the results are inline with what PPFAS had to offer.
The PMS by design creates a drag to 4 to 5% - 3% fee [1.18% fixed + 1.86% performance] + 2% tax leakage which otherwise could compound. So conservative funds may not offer much alpha then what a MF has to offer.
I do feel in future MFs will struggle to create alpha and PMS/AIF fund managers may do well but then till MFs enjoy favourable taxation it’s not going to be easy.
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Hi everyone
I’m considering investing in the InCred Focused Healthcare PMS:
Would really appreciate inputs from the community:
Has anyone here invested in this PMS?
What’s been your experience (returns, service, transparency)?
Would you recommend it?
How do you view healthcare as a sectoral PMS bet?
Too narrow or a solid long-term opportunity?
What are key clarification you would ask the PMS provider before investing?
Thanks in advance for your thoughts!
Does anybody have experience with IME Capital? They are kind of distributors for different AIFs and PMSes. I am still in two minds whether to use their services or not. Therefore any feedback will help. Thanks!