Alchemy PMS
PMSIME's View on Alchemy PMS
AMC View
Alchemy, backed by strong founders and a seasoned CIO, has shown meaningful performance recovery across strategies. The firm’s consistent investment approach and ability to identify quality businesses are translating again into improved outcomes. With performance momentum returning and its core philosophy intact, Alchemy now merits a higher conviction and a 4-star rating
AMC Pedigree
Alchemy is a leading broking and PMS provider in India with a highly experienced founding team. However, a SEBI verdict (in Mar-23) against one of their founders in an insider trading case is a cause for concern, although he is not directly involved in the PMS operations.
Team Pedigree
Alchemy has a strong investment team led by co-founder and CIO Hiren Ved, who brings stability, experience, and respect to the firm.
Investment Philosophy
Alchemy excels in bottom-up stock picking but lacks a clearly defined investment philosophy, allowing flexibility in shifting between investment themes but making it challenging to understand the investment strategy.
AMC Background
Alchemy was founded in 1999 by Lashit Sanghvi, Hiren Ved, Rakesh Jhunjhunwala, and Ashwin Kedia, a group with over 100 years of collective experience in Indian equities. The investment strategies are actively managed by Hiren Ved, who continues to serve as CIO and primary fund manager, while Rakesh Jhunjhunwala and Ashwin Kedia are not involved in day-to-day operations. Alchemy is regarded as one of the strongest bottom-up stock-picking PMS houses in India and has scaled to become one of the largest PMS platforms in the country (ranked among the top four). The continued leadership of Hiren Ved provides long-term stability to the investment team, a critical factor in sustaining performance and organisational growth.
Investment Philosophy
Alchemy relies more on a disciplined and repeatable investment process to identify attractive bottom-up opportunities than on a narrowly defined investment philosophy. The flexibility of this approach allows the fund manager to adapt positioning across market conditions, while remaining anchored to fundamental research and valuation discipline.
Alchemy’s Investment Process – 3I Matrix
- Idea Generation: Tracks a broad universe of ~500 companies, with deep coverage of 100–150 names. Ideas are generated through internal research as well as external inputs such as industry interactions, peer discussions, and sector conferences.
- Investment Process: Managed by the CIO, who retains veto power at multiple stages of research and portfolio construction. Positions are continuously monitored and formally reviewed on a quarterly basis.
- Intervention: Active intervention by the CIO in portfolio sizing, risk management, and exits, based on evolving risk–reward dynamics.
Exits are driven by deterioration in the original investment thesis, adverse risk–reward shifts, or the emergence of superior opportunities elsewhere in the portfolio.
Suitable For
Investors seeking flexible, actively managed equity portfolios with the ability to adapt across market cycles, led by a stable and experienced fund management team.
Investment team
Hiren Ved | 5-star rated FM
CIO | 35 yrs Experience | 27 yrs at current firm
Past Experience: Prime Securities (Head - Equities), KR Choksey (Head of Research)
Hiren is a very seasoned investment professional, with close to 3 decades of investment experience. He co-founded Alchemy Capital Mgmt in 1999, helping build it into one of the leading PMS's in the country, on the back of long-term stability in the investment management team and strong alpha generation over time.
Recommended Funds
Alchemy Smart Alpha 250 AIF
Alchemy High Growth Select Stock
Alchemy Leaders of Tomorrow AIF
Alchemy High Growth
Experience the benefits of working with a 'research-first' investments firm
Free 30-Day Trial
Get complimentary access to the revolutionary IME RMS (direct access to IME's central team insights across 1000's of MFs, PMSs, AIFs & Global funds - a first in the industry).
Additionally, a dedicated private banker will help build your financial plan, investment mandate & undertake a comprehensive portfolio review for free.
