ALFAccurate PMS

PMS Rating

IME PMS Rating

5 of 5 stars

Highly recommended for more conservative investors: ALFAccurate PMS has a number of positives (a highly seasoned investment team, a long-term track record, founder-cum-manager, and a clearly defined and followed investment strategy) that make it a credible PMS provider. While they follow a more diversified strategy (more similar to MF's than the more concentrated strategies common with other PMS providers), their strategies are a good option for investors seeking more stable long-term returns.

The PMS/AIF AMC Rating is derived on the basis of our analysis on 5 key qualitative parameters that we use to analyse the quality of a PMS/AIF Provider. These include an assessment of the size of the AMC, the pedigree of the AMC, the pedigree of the team, the value of the investment philosophy & the level of differentiation. These insights of our central research team are documented in the IME RMS, and can be accessed during a consultation call with an IME PMS specialist.

PMS Background

Discretionary AUM (1542cr) | Promoter Category ()

AMC Background

ALFAccurate PMS was founded in May 2009 by Rajesh Kothari, a highly seasoned fund manager with a stellar track record. Rajesh has delivered consistent outperformance across all the funds that he has managed, including his tenure at ALFAccurate, Voyager Investment Advisors (a $500 mn US-based India dedicated fund) and DSP ML MF.

Investment Philosophy

3M Investment Approach

ALFAccurate PMS follows a 3M Investment Approach, by focusing on the Market size, Margin of safety, and Market Share backed by ‘Right Balance Sheet’, ‘Right Management’, and ‘Right Governance’. In essence, ALFAccurate follows a GARP philosophy (growth at a reasonable price). 

  • Market Size: Identify large opportunities for the companies to capture. AlfAccurate believes that earnings growth is one of the primary drivers of wealth creation, and the aim is to invest in companies that have the ability to deliver strong outperformance on earnings. 
  • Market Share: The focus is on investing in market leaders, or the Top-3 players in larger industries. Even when investing in small-caps, the focus is on investing in companies that are large in their specific segments. 
  • Margin of Safety: Buy companies at a reasonable valuation with the above-mentioned criteria.

In addition, to the 3M Investment Philosophy, there is a strong focus on quality of the companies – driven by investing in the Right Balance Sheets, Right Managements & with the Right Governance. 

Strong Risk Management Controls

ALFAccurate typically builds a diversified portfolio with very clearly articulated risk controls in place. The strategies build a portfolio with exposure capped across criteria (large-cap, mid-cap, single sector exposure, single-holding exposure, top-10 exposure) varying based on the strategies.

Do not follow a model-portfolio approach for fresh investments

Fresh investments are invested in what are considered to be the best opportunities at the time of investment. Older investor portfolios will over-time (subject to tax, holding cost etc.) gravitate towards the newer portfolios that are being built.

Strong focus on efficient exits

There is a strong focus on what is the right time to exit portfolio holdings. The fund remains dynamics, and stocks will be sold due to any of the following reasons: (a) target prices being achieved (b) rebalancing requirements – driven by risk control on stock exposures (c) calls on the company going wrong (d) better opportunities being available in the markets. 

Inv Team

Investment Team

Govind Agarwal | 4-star rated FM

Director | 30 yrs Experience | 10 yrs at current firm

Past Experience: Reliance MF (FM) / UBS Securities (Equity Sales) / Motilal Oswal (Equity Sales)

A seasoned equity professional, Govind has over 2 decades of equity experience across fund management and institutional equity sales at top AMCs (Reliance MF) and institutional equity brokerage firms (UBS, Motilal).

Rajesh Kothari | 5-star rated FM

CIO | 27 yrs Experience | 15 yrs at current firm

Past Experience: Voyager (FM), DSP ML (FM)

Rajesh is the founder of AlfAccurate Advisors, which he set up in 2009, after a strong track record in equity fund management at DSP ML & Voyager. During his tenure at DSP ML, the AUM increased from $100 mn to $1.5 bn and the funds he managed consistently ranked in the top quartile of performance.

PMS/AIF Schemes

PMS & Listed Equity AIF Schemes

Scheme Category Style 1 yr 3 yr 5 yr Since Inc
ALFAccurate AAA Budding Beasts Mid & Smallcap GARP 48.2 30.6 31
ALFAccurate AAA Focus Large & Midcap GARP 25.3 15.2 16.9 14.3
ALFAccurate AAA Opportunity Flexi Cap GARP 35.4 19.5 19.2 18.8

Returns as of 28-Feb-24.

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Note: PMS AMC & Scheme Reviews and Ratings are based on IME Capital’s Proprietary Review and Rating Methodology (read more here: AMC Rating & Scheme Ratings). These reflect the unbiased views of our central research team, based on our assessment of the investment value of these PMS/AIF strategies for our investors. We follow a highly stringent rating-criteria, where approximately 50% of PMS AMC’s & strategies would be rated 2-star or below (this is not meant to indicate that these funds are not investment-worthy, but that they do not currently fulfill the requirements we focus on for recommending funds to our investors — based on our internal views on the merit of the AMC/strategy relative to peers). Reviews & Ratings are primarily based on research of publicly available information (SEBI disclosures, PMS websites, PMS-aggregation platforms, webinar recording, media interviews etc.) and no explicit consent is required from AMCs for the same. While we endeavour to do further due-diligence via direct interactions with the investment teams of AMCs, this is typically restricted to AMC’s that meet our foundational fund selection criteria (reviews on lower-rated AMCs are often based solely on publicly available information). The views reflected in our Reviews & Ratings, are our independent views and may not be shared by the AMC’s and the investment teams. Please read detailed disclaimer for more.