Dalal & Broacha PMS

PMS Rating

IME PMS Rating

3 of 5 stars

Not a top recommendation due to lack of differentiation : While we like the broking heritage of the Dalal & Broacha group and the long tenure of their PMS Head, a lack of a clearly defined investment philosophy and weak differentiation makes us prefer other PMS providers.

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 (617cr) | Promoter Category ()

PMS Background

Dalal & Broacha PMS is the PMS & AIF platform of the Dalal & Broacha Group (A broking house with a 50 year track record). The investment team is headed by Milind Karmarkar, an industry veteran who has been with the group for over 2 decades. 

PMS Investment Philosophy

Dalal & Broacha PMS does not have a clearly defined investment philosophy, apart from a generic approach of investing in good businesses with decent managements at reasonable prices. 

  • Portfolio companies will generally display the following characteristics
    • can compound its topline at a rate higher than the nominal GDP growth over next 5-10 years
    • has a consistent good corporate governance record
    • has a low leverage
  • Core strategy is to buy and hold the companies displaying the above characteristics. The team will however not be averse to taking profit if they believe that the price has run ahead of the medium-term target.

Investing in a generic approach of looking for good businesses having a decent management at a reasonable prices.

Inv Team

Investment Team

Milind Karmarkar | 4-star rated FM

Fund Manager | 27 yrs Experience | 16 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.

Nawaz Sarfaraz | 2-star rated FM

Asst Fund Manager | 16 yrs Experience | 5 yrs at current firm

Past Experience: IDBI AMC (Head-Resarch), Arihant Capital (Analyst), Dimensional (Analyst)

Nawaz assists Milind in managing the PMS portfolios at Dalal & Broacha. He has close to a decade’s experience in equity research, spread across the buy-side (IDBI AMC) and the sell-side (Arihant, Dimensional).

PMS/AIF Schemes

PMS & Listed Equity AIF Schemes

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.