Avendus AIF

PMS Rating

IME PMS Rating

5 of 5 stars

Highly recommended for investors seeking Debt+ Returns : For investors seeking absolute return long-short strategies, Avendus Capital AIF is amongst the best investment options, given the very high pedigree of their core founding & investment management team.

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 (10000cr) | Promoter Category ()

AMC Background

Avendus PMS/AIF is part of the Avendus Financial Group (a dynamic financial institution built on its investment banking credentials and with a strong wealth management practice). Avendus’s AIF platform was built virtually overnight by them managing to poach the highly reputed hedge fund team at Ambit of Andrew Holland & Vaibhav Sanghvi. Avendus AIF strategies aim to provide access to portfolio strategies that are unique in nature and differentiated from traditional mutual funds.

The team of Andrew Holland & Vaibhav Sanghvi have been together for close to 2 decades, with experience including managing Merill Lynch’s internal hedge fund (corpus of $1 bn+), post which they developed Ambit’s long-short strategies, prior to joining Avendus Capital (where they manage over 4000 cr in long-short strategies). In addition to the core CEO team of Andrew & Vaibhav, Avendus has invested in a robust investments team of over 8 senior portfolio managers/research analysts. 

Investment Philosophy

The investment philosophy focuses on providing attractive absolute returns with low correlation to standard asset classes, using a long-short strategy.

Inv Team

Investment Team

Andrew Holland | 5-star rated FM

CEO | 27 yrs Experience | 7 yrs at current firm

Past Experience: Ambit Investment Advisors (CEO & Hedge FM), DSP ML (Head of Resarch, Head of Proprietary Trading), Credit Suisse (Head of Research)

Andrew Holland is the most recognised long-short fund manager in India, with an impeccable track record with top-tier funds. Prior to joining Avendus in 2006, he built Ambit’s hedge fund into one of India’s most successful hedge funds, prior to which he managed a $1 bn+ proprietary book at DSL ML.

Mehul Patel | 4-star rated FM

Fund Manager | 22 yrs Experience | 3 yrs at current firm

Past Experience: Head of Alternatives & Quant Research (Edelweiss Capital), Fund manager – Quant Strategies (ProAlpha), Senior Manager (Edelweiss Financial Services), Senior Associate (Morgan Stanley)

Mehul Patel has more than 2 decades of experience in the capital market, having held senior positions across well recognised financial institutions in India. Since 2008, his work has been focussed on alternative and quant research/fund management. His most notable role is his 9+ year stint at ProAlpha as Fund Manager – Quantitative Strategies.

Gaurik Shah | 4-star rated FM

Fund Manager | 21 yrs Experience | 3 yrs at current firm

Past Experience: Portfolio Manager (ProAlpha), Delta 1 Trade (RBS Global Banking & Markets), Quant Equity Research (MAPE Securities), Senior Business Analyst (Cognizant Tech)

Gaurik Shah has more than 2 decades of experience predominantly in capital markets. Prior to joining Avendus, he was a Portfolio Manager at ProAlpha (Monsoon Capital) where he was an investment advisor for systematic trading funds.

Nandik Mallik | 2-star rated FM

Sr Portfolio Manager | 17 yrs Experience | 7 yrs at current firm

Past Experience: Fund Manager (Edelweiss Capital), Commodities Investor Sales (Credit Suisse)

Nandik Mallik has 10 years of experience in Indian equity markets. Prior to ICICI Long Short, Nandik was a Fund Manager at Edelweiss Capital. Nandik has graduated from London Business School with MSc Finance and had also completed his MBA from IIM Calcutta in 2005.

PMS/AIF Schemes

PMS & Listed Equity AIF Schemes

Scheme Category Style 1 yr 3 yr 5 yr Since Inc
Avendus Enhanced Return Fund 2 AIF Long-bias LS Long-bias LS
Avendus Absolute Return Fund AIF Absolute LS Absolute Return LS
Avendus Enhanced Return Fund AIF Long-bias LS Long-bias LS

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.