
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 | 16.4 | 20.5 | 14 | |
| PMS | EQ - Large & Midcap | 28.9 | |||
| PMS | EQ - Large & Midcap | 12.7 | 14.9 | 13.1 | |
| PMS | EQ - Large & Midcap | 17.8 | 14.4 | ||
| PMS | EQ - Large & Midcap | 20.4 | 33 | 27 | |
| 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 | 30.1 | 21.4 | 19.9 | |
| PMS | EQ - Flexicap / Multicap | 22.9 | 21.9 | 17.5 | |
| PMS | EQ - Flexicap / Multicap | 30.1 | 26.1 | 24.2 | |
| PMS | EQ - Flexicap / Multicap | 14.7 | 20.5 | 19.1 | |
| PMS | EQ - Flexicap / Multicap | 17.2 | 20.8 | 15.9 | |
| PMS | EQ - Flexicap / Multicap | 9.6 | 18.2 | 22.2 | |
| PMS | EQ - Flexicap / Multicap | 13.7 | 18.2 | 15.7 | |
| PMS | EQ - Flexicap / Multicap | 37.7 | 27 | 19.7 | |
| PMS | EQ - Flexicap / Multicap | 31.1 | 30.1 | 25.6 | |
| PMS | EQ - Flexicap / Multicap | 22.2 | |||
| PMS | EQ - Flexicap / Multicap | 11.6 | 13.4 | 15.2 | |
| PMS | EQ - Flexicap / Multicap | 19.7 | 22.7 | 18.2 | |
| PMS | EQ - Flexicap / Multicap | 9.6 | 23.9 | 20.3 | |
| AIF | EQ - Flexicap / Multicap | ||||
| AIF | EQ - Flexicap / Multicap | 12.5 | 12.3 | ||
| AIF | EQ - Flexicap / Multicap | 8.5 | 13.9 | ||
| AIF | EQ - Flexicap / Multicap | ||||
| AIF | EQ - Flexicap / Multicap | 13.2 | |||
| AIF | EQ - Flexicap / Multicap | ||||
| AIF | EQ - Flexicap / Multicap | 13.2 | 25.9 | 22.8 | |
| AIF | EQ - Flexicap / Multicap | 31 | 24 | ||
| AIF | EQ - Flexicap / Multicap | 24.7 | |||
| AIF | EQ - Flexicap / Multicap | -1.1 | |||
| AIF | EQ - Flexicap / Multicap | 12.1 | 13.1 | 13.9 | |
| AIF | EQ - Flexicap / Multicap | ||||
| AIF | EQ - Flexicap / Multicap | 8.2 | 20.4 | 16.9 | |
| AIF | EQ - Flexicap / Multicap | 13.1 | 27.6 | ||
| 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 | 22.8 | 24.8 | 23.9 | |
| PMS | EQ - Mid Cap | 20.1 | 25.9 | 18.5 | |
| PMS | EQ - Mid Cap | 12.1 | 17.8 | 18.3 | |
| PMS | EQ - Mid Cap | 11.9 | 41.4 | 39 | |
| PMS | EQ - Mid Cap | 12 | 22.7 | 22.2 | |
| PMS | EQ - Mid Cap | 13.2 | 27.6 | 27.2 | |
| PMS | EQ - Mid Cap | 12.5 | 25.8 | 15.5 | |
| PMS | EQ - Mid Cap | 8.1 | 18.9 | 19.1 | |
| AIF | EQ - Mid Cap | ||||
| AIF | EQ - Mid Cap | ||||
| AIF | EQ - Mid Cap | 32.7 |
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 | 21 | 25.9 | 25 | |
| PMS | EQ - Small Cap | 7.9 | 16.2 | 18 | |
| PMS | EQ - Small Cap | 12.5 | 14.8 | 18.7 | |
| PMS | EQ - Small Cap | 17.4 | 21.2 | 18.8 |
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