Ambit PMS

PMS Rating

IME PMS Rating

3 of 5 stars

Not a top recommendation (at this time) due to the FM Chunk: Ambit PMS is essentially in a rebuild mode, after the top leadership of the investments team left to set up Marcellus in 2018. It will take some time for the PMS to stabilise under the new investment team, and until then investors seeking to invest in the good-and-clean companies (for which Ambit is known) would probably be better off investing at Marcellus (who follow essentially the same strategy).

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 (2448cr) | Promoter Category ()

PMS Background

Ambit PMS is part of the Ambit group (a highly respected financial services brand with strengths in investment banking, investment management & equities research). It has scaled in prominence on the back of the strong performance of their PMS strategies driven by investing in high-quality businesses with clean accounting standards.

PMS Investment Philosophy

Ambit follows a very clearly defined investment philosophy that essentially seeks to make long-term investments in high-quality business franchises. Their investment approach has 3 core pillars

  • Clean Accounts: A combination of forensic accounting & capital allocation assessments help determine how clean a company’s books are. This helps narrow the investible universe (Saurabh has been one of the foremost experts in the use of forensic accounting to identify potential issues in company accounts)
  • Capital Allocation: Invest only in companies with a strong track record of efficient capital allocation
  • Competitive Advantage: Seek to only invest in companies that have very strong competitive moats Ambit is known for a rigorous following of these quality filters and to invest in only the highest quality companies (often willing to pay very high premiums to invest in top quality franchises).

Investment Approach

  1. Building a Proprietary research-backed framework
  2. Following a disciplined and process-driven approach
  3. Investment in high quality businesses 
  4. Long-term investments with low churn

Investing on long-term objective in high quality business based on clean accounting standards, efficient capital allocation and having a competitive advantage (willing to pay high premiums).

Inv Team

Investment Team

Manish Jain | 3-star rated FM

Fund Manager | 17 yrs Experience | 6 yrs at current firm

Past Experience: Analyst (Nomura, Lehman Bros, Enam, ICICI Sec, Motilal)

Manish has a strong research foundation, having worked as a research analyst at Nomura, Lehman Bros, Enam, ICICI Sec and Motilal. His core areas of research focus have been on the consumer & auto sectors. Manish joined Ambit in Dec-2018 as a PMS FM.

PMS/AIF Schemes

PMS & Listed Equity AIF Schemes

Scheme Category Style 1 yr 3 yr 5 yr Since Inc
Ambit Coffee Can Large & Midcap GARP 18.1 10.3 15.6 14.6
Ambit Emerging Giants Small Cap GARP 3.2 9.5 21 14.4
Ambit Good & Clean MidCap Large & Midcap GARP 35.3 15.5 16.4 13.7

Returns as of 31-May-24.

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Details shared above, are only a short-snapshot of the more detailed analysis that resides in IME’s Proprietary RMS (Research Management Solution).

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