
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 | 21.1 | |||
| PMS | EQ - Large & Midcap | 9.6 | 14.4 | ||
| PMS | EQ - Large & Midcap | 5.1 | 17.4 | 14.1 | |
| 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 | 16.2 | 26.2 | 24.2 | |
| PMS | EQ - Flexicap / Multicap | 7.1 | 18.4 | 16.1 | |
| PMS | EQ - Flexicap / Multicap | 7.4 | 19.3 | 15.3 | |
| PMS | EQ - Flexicap / Multicap | 11.1 | 20.7 | 18.2 | |
| PMS | EQ - Flexicap / Multicap | -4 | 14.8 | 21.3 | |
| PMS | EQ - Flexicap / Multicap | 13.3 | 18.3 | 17.2 | |
| PMS | EQ - Flexicap / Multicap | 13.6 | 21.5 | 23.4 | |
| PMS | EQ - Flexicap / Multicap | 1.9 | 15.7 | 14.2 | |
| PMS | EQ - Flexicap / Multicap | 19.4 | 33.9 | 28.2 | |
| PMS | EQ - Flexicap / Multicap | 18.6 | 25.2 | 18.7 | |
| PMS | EQ - Flexicap / Multicap | 12.4 | 22 | 17.6 | |
| PMS | EQ - Flexicap / Multicap | 14.2 | |||
| PMS | EQ - Flexicap / Multicap | 3.2 | 17.8 | 17.5 | |
| PMS | EQ - Flexicap / Multicap | 2 | 21.8 | 18.8 | |
| AIF | EQ - Flexicap / Multicap | ||||
| AIF | EQ - Flexicap / Multicap | ||||
| AIF | EQ - Flexicap / Multicap | -1.3 | 12.8 | ||
| AIF | EQ - Flexicap / Multicap | 2.8 | |||
| AIF | EQ - Flexicap / Multicap | 1.8 | |||
| AIF | EQ - Flexicap / Multicap | 1.1 | 10.8 | ||
| AIF | EQ - Flexicap / Multicap | ||||
| AIF | EQ - Flexicap / Multicap | 7.9 | 26.2 | 22.6 | |
| AIF | EQ - Flexicap / Multicap | 17.6 | 21.5 | ||
| AIF | EQ - Flexicap / Multicap | 11.3 | |||
| AIF | EQ - Flexicap / Multicap | -2.5 | 10.7 | 13 | |
| AIF | EQ - Flexicap / Multicap | ||||
| AIF | EQ - Flexicap / Multicap | 5.1 | 21.6 | 18 | |
| AIF | EQ - Flexicap / Multicap | 6.5 | 25.8 | ||
| 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 | 14.2 | 25.3 | 17 | |
| PMS | EQ - Mid Cap | 7.3 | 21.4 | 20.2 | |
| PMS | EQ - Mid Cap | 12.2 | 25.5 | 23.1 | |
| PMS | EQ - Mid Cap | 17.6 | 24.4 | 23.8 | |
| PMS | EQ - Mid Cap | 3.6 | 16 | 16.6 | |
| PMS | EQ - Mid Cap | 12.9 | 40.6 | 38.3 | |
| PMS | EQ - Mid Cap | 9.7 | 26.2 | 24.6 | |
| PMS | EQ - Mid Cap | 12.8 | 27.1 | 17 | |
| PMS | EQ - Mid Cap | 16.1 | 21.3 | 19 | |
| AIF | EQ - Mid Cap | ||||
| AIF | EQ - Mid Cap | ||||
| AIF | EQ - Mid Cap | 26.7 |
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 | 14.3 | 24.5 | 25.4 | |
| PMS | EQ - Small Cap | 5.2 | 15.8 | 15.1 | |
| PMS | EQ - Small Cap | 0.8 | 31.8 | 26.3 | |
| PMS | EQ - Small Cap | 17.7 | 16.1 | 17.5 |
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