
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 | 3.4 | 15.6 | 13.2 | |
| PMS | EQ - Large & Midcap | 13.9 | |||
| PMS | EQ - Large & Midcap | 6.5 | 12.1 | ||
| AIF | EQ - Large & Midcap | ||||
| 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 | 1.5 | 18.7 | 14.4 | |
| PMS | EQ - Flexicap / Multicap | 10.5 | 24.6 | 22 | |
| PMS | EQ - Flexicap / Multicap | 1 | 16.7 | 14.5 | |
| PMS | EQ - Flexicap / Multicap | -0.1 | 17.8 | 15.2 | |
| PMS | EQ - Flexicap / Multicap | -8.9 | 12.9 | 17.3 | |
| PMS | EQ - Flexicap / Multicap | 8.7 | 17.1 | 15.1 | |
| PMS | EQ - Flexicap / Multicap | 8.1 | 18.9 | 20.9 | |
| PMS | EQ - Flexicap / Multicap | -1.4 | 14.4 | 12.8 | |
| PMS | EQ - Flexicap / Multicap | 13.6 | 31.6 | 26 | |
| PMS | EQ - Flexicap / Multicap | 15.1 | 24.2 | 17.8 | |
| PMS | EQ - Flexicap / Multicap | 8.2 | 20.1 | 17.4 | |
| PMS | EQ - Flexicap / Multicap | 9.5 | |||
| PMS | EQ - Flexicap / Multicap | 1.8 | 16.6 | 16.3 | |
| PMS | EQ - Flexicap / Multicap | -1.1 | 20.6 | 17.5 | |
| AIF | EQ - Flexicap / Multicap | ||||
| AIF | EQ - Flexicap / Multicap | ||||
| AIF | EQ - Flexicap / Multicap | -5.7 | |||
| AIF | EQ - Flexicap / Multicap | -7.6 | 11.5 | ||
| AIF | EQ - Flexicap / Multicap | -1.2 | 14.5 | ||
| AIF | EQ - Flexicap / Multicap | 0.4 | 9.6 | ||
| AIF | EQ - Flexicap / Multicap | ||||
| AIF | EQ - Flexicap / Multicap | 5.5 | 24.6 | 21.5 | |
| AIF | EQ - Flexicap / Multicap | 12.2 | 19.6 | ||
| AIF | EQ - Flexicap / Multicap | 6.4 | |||
| AIF | EQ - Flexicap / Multicap | -5.5 | 8.5 | ||
| AIF | EQ - Flexicap / Multicap | ||||
| AIF | EQ - Flexicap / Multicap | 5.3 | 20.5 | 18.2 | |
| AIF | EQ - Flexicap / Multicap | 1.9 | 24.4 | ||
| 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 | 11.3 | 23.4 | 23.4 | |
| PMS | EQ - Mid Cap | 9.3 | 25.5 | 16.3 | |
| PMS | EQ - Mid Cap | -2.4 | 18.1 | 16.6 | |
| PMS | EQ - Mid Cap | -0.4 | 24.6 | 21.1 | |
| PMS | EQ - Mid Cap | -1.8 | 13.6 | 13.9 | |
| PMS | EQ - Mid Cap | 7.9 | 37.9 | 34.9 | |
| PMS | EQ - Mid Cap | 5.4 | 23.8 | 22.6 | |
| PMS | EQ - Mid Cap | 7.3 | 26.5 | 16.5 | |
| PMS | EQ - Mid Cap | 16.2 | 18.9 | 17.3 | |
| AIF | EQ - Mid Cap | 35.4 | |||
| AIF | EQ - Mid Cap | 15.1 | |||
| 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 | 6 | 22.2 | 23 | |
| PMS | EQ - Small Cap | -7.8 | 11.3 | 12.5 | |
| PMS | EQ - Small Cap | -6.9 | 27.2 | 21.8 | |
| PMS | EQ - Small Cap | 9.2 | 14.4 | 16.6 |
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