Axis AMC PMS
PMSIME's View on Axis AMC PMS
AMC View
Axis AMC PMS faces common issues found in large MF-driven PMS firms, such as PMS being treated as an add-on instead of a separate business unit, high turnover in the investment team, lack of commitment from the CIO, and vague investment philosophies. While the AMC's distribution abilities can aid in scaling the PMS and provide research access, it is often not as strong as founder-driven PMS firms with a dedicated CIO.
AMC Pedigree
Axis AMC is a top 10 asset manager in India known for managing mutual fund assets. While being part of a larger asset management house has benefits like a central research team and distribution strengths, the pedigree of an AMC-driven PMS may not compare to investor-cum-promoter driven PMS's with stable investment teams and defined investment processes.
Team Pedigree
AMC's top leadership has changed from Trideep Bhattacharya to Hitesh Zaveri, both experienced investment professionals in the alternate space. This turnover in leadership is a common issue with AMC-driven PMSs lacking substantial equity ownership by the core FM.
Investment Philosophy
Investment philosophy is not clearly defined at the PMS level; strategy is driven at the portfolio level instead.
PMS Background
As part of one of the larger Mutual Fund Houses, Axis AMC PMS benefits from the substantial research, broker & corporate access and distribution strengths of the Mutual Fund. Large AMC Driven PMS House Axis AMC has a strong distribution that can aid PMS, it also benefits from the research process. However, their pedigree is built on their experience in managing Mutual Fund. The pedigree of an AMC driven PMS does not compare to an investor-cum-promoter driven PMS.PMS Investment Philosophy
Axis strategies focus on strong Brands. Their strategies 'Axis Brand Equity Portfolio' and 'Axis Core and Satellite Portfolio' are built on brands. They believe brands create bargaining power. They invest in companies with a strong brand which creates a competitive moat. Axis focuses on products/services with strong IP, marketing, and innovation. This helps make a strong brand which in turn creates a bargaining power. Key aspects such as strong bargaining & pricing power, increasing economies to scale, high barriers to entry, and the presence in under-penetrated markets lead to superior returns, superior growth which in turn lead to higher investor returns over business cycle. Focuses on Thematic investing Axis's strategies revolve around investing in companies that have a strong brand which they believe to have comparatively lower risk and strong competitive moat. Strong Brands create a bargaining power which in overall lead to higher investor return. Suitable For Investor's seeking the comfort of investing with an established and large brand, but desiring higher risk-returns than MF strategies.Investment team
Hitesh Zaveri | 3-star rated FM
Head - Listed Equity Alternatives | 25 yrs Experience | 4 yrs at current firm
Past Experience: Plutus Capital, OSF Capital, Birla AMC, Enam AMC
Hitesh Zaveri joined Axis AMC in 2022 as SVP & Head – Listed Equity Alternatives. He is responsible for managing the Axis PMS portfolios along with relevant CAT-3 AIF strategies. Hitesh has over 25 years of experience in portfolio management, investment banking and equity research. Prior to joining Axis AMC, he served as Head of Investments in the PMS business at Aditya Birla Mutual Fund. He has pursued his MBA from Mumbai University, and has also completed a few programs from the Harvard Business School and from The Wharton School.
