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Birla AMC PMS

PMS Rating

IME PMS Rating

3 of 5 stars

Not a top recommendation due to being an AMC-driven PMS: Birla AMC PMS suffers from the common ailments of large AMC-driven PMS houses (PMS as an add-on instead of a clearly segregated business unit, churn in the investment team, a lack of skin in the game for the CIO and typically loosely defined investment philosophies). While the distribution strengths of the AMC can help the PMS scale and there are benefits of research access, most AMC driven PMS's cannot compare to strong CIO-cum-founder driven PMS houses.

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 (1344cr) | Promoter Category ()

PMS Background

As part of one of the top-5 Mutual Fund Houses, Birla AMC PMS benefits from the substantial research, broker & corporate access and distribution strengths of the Mutual Fund.

PMS Investment Philosophy

Investment Tenets

  • Sustainable growth over long-term in select industries
  • Focus on businesses and sectors that consistently create value through favourable industry operating conditions
  • Quantitative Screeners backed by fundamental research
  • Value investing approach to generate alpha.

Investment Approach

Top-Down

Top-down approach focuses on identifying recurring winners that have consistently created value. The philosophy identifies sectors that grow faster than the GDP. 

Companies that are identified through top-down approach operate in favourable industries and have the potential for consistent profitability (reflecting in return ratios such as ROEs and ROCEs)

Bottom-Up

Bottom-up approach is used to identify misprice companies and buy them at a discount to the fundamental value. This approach uses pitroski score and focusses on extensive fundamental research (company strategy, management and execution)

Investment Process 

  1. Track the Investment Universe on a monthly basis (by applying Quantitative Screeners & IP) tracking [Recurring Winner, Piotronski Score, ROE & D/E  Filters]
  2. Reject 80% of the companies which do not filter through the screeners. (using an Extensive Fundamental Research)  by checking  [Management meetings, Dealer/channel checks, Plant/ Factory visits]
  3. Around half of remaining companies pass this filter (Value investing & Portfolio optimisation) looking at [Valuation Screener, Potential upside of 100% in 3-4 years]
  4. Select 25-30 quality companies with high growth and potential upside. 

Inv Team

Investment Team

Dhaval Mehta | 2-star rated FM

FM | 17 yrs Experience

Past Experience: ASK AMC, Emkay Global, Ventura Securities, Infosys

Dhaval Mehta Has 9+ years of experience in equity research and portfolio management. Dhaval’s main domain expertise is in Consumer Staples & Discretionary, Retail, Building Material, Cement and Media sector. Prior to joining Aditya Birla AMC, he has worked with ASK Investment Managers as Portfolio Manager and managed assets over $200mn. He has also worked with Emkay Global, Ventura Securities and Infosys.

Salvin Shah | 2-star rated FM

FM | 14 yrs Experience | 2 yrs at current firm

Past Experience: Sanctum, Edelweiss Securities & Athena Investment Management

Salvin Shah Has 9+ 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.

PMS/AIF Schemes

PMS & Listed Equity AIF Schemes

Scheme Category Style 1 yr 3 yr 5 yr Since Inc
Birla AMC Top 200 Core Equity Large & Midcap GARP 31.4 18.1 18.1 13.9
Birla AMC Innovation Others Thematic 32.9 20.3 21.7 19.6
Birla AMC Core Equity Flexi Cap GARP 25.2 15.4 15.8 2
Birla AMC Select Sector Flexi Cap GARP 49.1 24 24.6 17.2
Birla AMC Sp. Opportunities Flexi Cap Value 37.3 25 22.5 19.2

Returns as of 31-May-24.

Free 30-Day Trial of the IME RMS

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The IME RMS is the first tool ever, to give investors direct access to the insights of the central research team. Investors gain direct access to our ratings, rating rationales & analysis across thousands of funds (MFs, PMSs, AIFs, Global funds), asset classes, categories & more.

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