Dalal & Broacha PMS
Our view on their team, the pedigree, the funds & investment philosophy followed.
IME's Review of Dalal & Broacha PMS
| AMC Rating | Pedigree Rating | Team Rating | Philosophy Rating |
|---|---|---|---|
Upgrade | Upgrade | Upgrade | Upgrade |
AMC View
We appreciate Dalal & Broacha's broking heritage and the long tenure of their PMS Head, but their lack of a defined investment philosophy and weak differentiation leads us to prefer other PMS providers. The firm also carries FM churn risk.
AMC Pedigree
The Dalal & Broacha group has a strong background in equity broking and their PMS division is built on top of their research credentials, which are largely driven by their rich equity research heritage.
Team Pedigree
We appreciate that the core fund manager, Milind Karmarkar, has over 2 decades of experience at Dalal & Broacha and has been with the PMS since 2007, ensuring continuity and expertise in equities investment management.
Investment Philosophy
Dalal & Broacha does not have a specific investment policy and follows a generic philosophy at the scheme level.
AMC Background
Dalal & Broacha PMS operates as part of the Dalal & Broacha group, a long-established Indian financial services franchise with a legacy in capital markets and advisory services. The parent group’s longstanding presence in Indian financial markets provides the PMS platform with institutional credibility, a strong compliance-oriented culture, and access to an established research and client ecosystem. While the publicly available material on the PMS platform is limited, the AMC’s positioning is best viewed as an extension of the group’s broader investment and financial services heritage, with a focus on delivering discretionary portfolio management solutions to long-term investors.
The PMS is led by Milind Karmarkar, who serves as the key fund manager and central investment decision-maker for the PMS strategies. The AMC’s investment setup is anchored in a traditional research-led equity investing approach, supported by the parent organisation’s broader market experience.
Investment team
Milind Karmarkar | 3-star rated FM
Director | 29 yrs Experience | 18 yrs at current firm
Past Experience: Dalal & Broacha (Head-Equity & Head-Research)
Milind is a seasoned investment professional and long-time vetran at Dalal & Broacha. At Dalal & Broacha, he has been the Head of Research (1997-2002) and Head of Equity (2002-2007), prior to taking charge of fund management of the PMS in Oct-2007.
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