Birla AMC PMS
PMSIME's View on Birla AMC PMS
AMC View
Birla AMC PMS faces challenges common to large MF-driven PMS firms, such as PMS being treated as an add-on rather than a separate business, high turnover in the investment team, lack of commitment from the CIO, and vague investment strategies. Despite the distribution advantages of the AMC and research resources, MF-driven PMSs usually do not match the success of CIO-led PMS firms.
AMC Pedigree
Birla AMC is a top-5 Asset Manager in India known for managing mutual fund assets. While being part of a larger asset management house offers synergy benefits, their pedigree in AMC-driven PMS falls short compared to investor-cum-promoter driven PMS's with stable investment teams and defined processes.
Team Pedigree
Birla PMS has a moderately experienced investment team with synergies from the senior Mutual Fund team. The team has been stable but changes may occur as it is not promoter-driven.
Investment Philosophy
The investment philosophy is vaguely defined, allowing fund managers flexibility to invest in various sectors and styles.
PMS Background
As part of one of India’s top-five mutual fund houses, Birla AMC PMS benefits from the substantial research depth, broker and corporate access, and distribution strengths of the broader mutual fund platform. However, the PMS business operates as an extension of the AMC rather than as a founder-led investment platform. As a result, the PMS has historically seen higher investment team churn, limited skin-in-the-game at the CIO level, and relatively loosely defined investment philosophies compared to investor–promoter–driven PMS houses.
PMS Investment Philosophy
Birla AMC PMS follows a value-oriented investment framework aimed at generating long-term alpha by combining quantitative screening with fundamental research. The philosophy emphasizes sustainable growth, favourable industry structures, and disciplined valuation.
Investment Tenets
- Focus on sustainable long-term growth in select industries with favourable operating conditions.
- Preference for businesses and sectors that consistently create value through structural advantages.
- Use of quantitative screeners supported by bottom-up fundamental research.
- Value-investing approach to identify mispriced opportunities and generate alpha.
Investment Approach
The strategy employs a blended top-down and bottom-up approach to construct a portfolio of 25–30 companies.
- Top-Down: Identifies “recurring winners” by focusing on sectors growing faster than GDP and operating in favourable industry environments. Companies selected through this lens typically demonstrate consistent profitability and strong return ratios (ROE, ROCE).
- Bottom-Up: Identifies mispriced companies trading at a discount to intrinsic value using Piotroski scores and detailed fundamental analysis of business strategy, management quality, and execution capability.
Investment Process
- Universe Screening: Monthly tracking of the investment universe using quantitative filters such as recurring winner screens, Piotroski score, ROE, and leverage (D/E).
- Fundamental Validation: Elimination of approximately 80% of companies through detailed fundamental research, including management meetings, dealer and channel checks, and plant or factory visits.
- Valuation & Upside Assessment: Further filtering based on valuation discipline and potential upside, targeting opportunities capable of delivering up to 100% returns over 3–4 years.
- Portfolio Construction: Final selection of 25–30 high-quality companies with strong growth prospects and attractive risk–reward profiles.
Suitable For
Investors seeking the comfort of investing with a large, established AMC brand, while aiming for higher risk–return potential than traditional mutual fund strategies.
Investment team
Sameer Narayan | 2-star rated FM
Head | 24 yrs Experience | 6 yrs at current firm
Past Experience: SVP-Adani Advisory
Sameer has more than 20 years of experience in Indian equity markets. In his role as Principal Officer, Sameer will be responsible for the PMS division within the firm. His last assignment was with Adani Advisory LLP as Sr. Vice President where he established the Family Office and was responsible for advising investments in Indian equities. In the past, he has also worked with BNP Paribas Investments managing onshore and offshore funds under Portfolio Management Services. Sameer has also worked with SSKI, Enam Securities and Motilal Oswal in the Research Function. He holds Masters in Management Studies (MMS) from Narsee Monjee Institute of Management Studies (NMIMS), Mumbai and B.E degree with specialization in Production Engineering.
Salvin Shah | 2-star rated FM
FM | 15 yrs Experience | 4 yrs at current firm
Past Experience: Sanctum, Edelweiss Securities & Athena Investment Management
Salvin Shah has 10+ years in Portfolio Management and Equity Research, He has extensive experience in managing Indian Equities. He has been successful at identifying themes and stocks at a very early stage which has resulted in multi-bagger returns for the investors. Prior to joining Aditya Birla AMC, he worked with Sanctum Wealth Management as Co-fund Manager in their PMS business. Before Sanctum, Salvin was a part of equity research team at Edelweiss Securities and Athena Investment Management.
Recommended Funds
Birla AMC Core Equity
Birla AMC Select Sector
Birla AMC Sp. Opportunities
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