
Comparison & Review of Top Equity PMSs in India
Unlike Mutual Funds, where SEBI has come out with clear guidelines of % allocation towards large, mid & small-caps between different fund categories, no such clear guidelines exist in the case of PMS & AIF Funds. This can lead to confusion for investors, since 2 funds both defined as multi-cap or market-cap agnostic, may have very different allocations towards large, mid & small-cap companies.
In order to address this issue, at IME Capital we have broken down the multi-cap category, into 3 sub-categories - (a) Large & Mid-cap (b) Flexicap (c) Mid & Small-cap. All PMS's with a multi-cap approach, are slotted into one of these 3 sub-categories (based on actual portfolio compositions being followed), in order to provide a more like-to-like comparisons.
Top Large & Mid-Cap PMS/AIFs
IMEs Large & Mid-cap PMS category
Comprises schemes that have a minimal exposure to small-caps. The risk on such strategies are accordingly considerably less, than flexi-cap or mid & small cap strategies, where small-cap exposures can lead to higher volatilty.
Structure | Category | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|
| PMS | EQ - Large & Midcap | 7.9 | 20.3 | 16.1 | |
| PMS | EQ - Large & Midcap | 14.3 | |||
| PMS | EQ - Large & Midcap | 4.6 | 14.7 | 14.6 | |
| PMS | EQ - Large & Midcap | 8.9 | 14.1 | ||
| PMS | EQ - Large & Midcap | 8.6 | 31.3 | 28.9 | |
| AIF | EQ - Large & Midcap |
Top Flexi-Cap PMS/AIFs
IMEs Flexi-cap category
Comprises schemes that have allocations to large, mid & small-caps and schemes that retain the flexibility of shifting allocations between these 3 market-cap segments. The risk on these strategies is higher than the large & mid-cap category, but this is typically compensated by the potential for higher returns driven by small-cap allocations.
Structure | Category | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|
| PMS | EQ - Flexicap / Multicap | 5.5 | 19.5 | 20.5 | |
| PMS | EQ - Flexicap / Multicap | 15.6 | 18.9 | 22.5 | |
| PMS | EQ - Flexicap / Multicap | 18.2 | 23.8 | 26.7 | |
| PMS | EQ - Flexicap / Multicap | 2.3 | 18.9 | 25.8 | |
| PMS | EQ - Flexicap / Multicap | 4.3 | 19.7 | 17.7 | |
| PMS | EQ - Flexicap / Multicap | 5.4 | 18.2 | 17.6 | |
| PMS | EQ - Flexicap / Multicap | 20.7 | 24.9 | 19.9 | |
| PMS | EQ - Flexicap / Multicap | 16.1 | 26.3 | 26.4 | |
| PMS | EQ - Flexicap / Multicap | 9.8 | 19.7 | 18.4 | |
| PMS | EQ - Flexicap / Multicap | 11.4 | |||
| PMS | EQ - Flexicap / Multicap | 1.8 | 13.3 | 16.8 | |
| PMS | EQ - Flexicap / Multicap | 8.3 | 22.7 | 19.7 | |
| PMS | EQ - Flexicap / Multicap | 4.8 | 23.3 | 22.3 | |
| AIF | EQ - Flexicap / Multicap | ||||
| AIF | EQ - Flexicap / Multicap | ||||
| AIF | EQ - Flexicap / Multicap | -0.4 | 14.2 | ||
| AIF | EQ - Flexicap / Multicap | 4.1 | 12 | ||
| AIF | EQ - Flexicap / Multicap | 4.6 | |||
| AIF | EQ - Flexicap / Multicap | ||||
| AIF | EQ - Flexicap / Multicap | -10.7 | 25.8 | 24.6 | |
| AIF | EQ - Flexicap / Multicap | 18.8 | 22.4 | ||
| AIF | EQ - Flexicap / Multicap | 8 | |||
| AIF | EQ - Flexicap / Multicap | -10.8 | |||
| AIF | EQ - Flexicap / Multicap | 3.5 | 12.7 | 14.7 | |
| AIF | EQ - Flexicap / Multicap | ||||
| AIF | EQ - Flexicap / Multicap | -2.7 | 20.2 | 18.6 | |
| AIF | EQ - Flexicap / Multicap | 8.1 | 27.2 | ||
| AIF | EQ - Flexicap / Multicap |
Top Mid & Small-cap PMS/AIFs
IMEs Mid & Small-cap category
These are strategies where the majority of investments typically are in the small & mid-cap space, with a limited (20% or less) allocation towards large-caps. Some of these funds are often classified as multi-cap by the firm/other platforms, but given a relatively low share of large-caps the risk-rewards are clearly on the higher side relative to pure flexi-cap/multi-cap funds.
Structure | Category | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|
| PMS | EQ - Mid Cap | 6.1 | 24.1 | 24.2 | |
| PMS | EQ - Mid Cap | 3.7 | 24.2 | 20 | |
| PMS | EQ - Mid Cap | 3.8 | 19.3 | 20.5 | |
| PMS | EQ - Mid Cap | 5.1 | 40.6 | 42.7 | |
| PMS | EQ - Mid Cap | 0.8 | 21.5 | 25 | |
| PMS | EQ - Mid Cap | -3.5 | 27.4 | 28.9 | |
| PMS | EQ - Mid Cap | -7 | 18 | 20.7 | |
| AIF | EQ - Mid Cap | ||||
| AIF | EQ - Mid Cap | 19.6 | |||
| AIF | EQ - Mid Cap |
Top Small-cap PMS/AIFs
IMEs Small-cap category
Smallcaps clearly have the highest potential returns, given a large universe of relatively undiscovered companies and the greatest room for a small company to scale (relative to large-caps). This is however also a segment with the highest volatility in stock prices, stocks with low liquidity, often relatively under-developed corporate governance standards and business models that may not yet be fully developed. This category is accordingly suitable primarily for investors with a high risk-appetite and a willingness to deal with higher levels of volatility.
Structure | Category | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|
| PMS | EQ - Small Cap | -3.4 | 16.9 | 21.9 | |
| PMS | EQ - Small Cap | -5.2 | 12.3 | 22.2 | |
| PMS | EQ - Small Cap | -1.1 | 18.8 | 19.6 | |
| PMS | EQ - Small Cap | 3.3 | 23.9 | 27.4 |
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