Emkay PMS

PMS Rating

IME PMS Rating

3 of 5 stars

Can be considered for investment: With strong broking credentials, Emkay PMS follows a strong process-oriented approach to investment management. While we would have preferred to see a higher mid-cap focus (Emkay is known more for its mid-cap strengths as a brokerage), we do like the very clearly articulated and followed fundamental process frameworks that are used to build the portfolios.

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 (371cr) | Promoter Category ()

PMS Background

Emkay PMS is the PMS platform of the Emkay Group (A broking house with a 25 year track record). Emkay is known for its mid-cap strength as a brokerage. 

PMS Investment Philosophy

Emkay PMS builds investment portfolios based on 2 distinct approaches:

  • Classical Alpha: a pure bottom-up stock picking strategy that is backed by its E-qual risk framework (a quantative evaluation model of corporate governance) that helps prevent investments in lower-quality stocks
  • Smart Alpha: an investment approach that seeks to mitigate FM selection and allocation biases, by building an equal-weighted portfolio using a rigorous investment methodology based on management credentials, leadership, market cap, earnings growth and valuations

Strong research focused in stock selection

Inv Team

Investment Team

Raj Gala | 2-star rated FM

Fund Manager | 16 yrs Experience | 6 yrs at current firm

Past Experience: Aditya Birla Finance (Equity Strategist), Edelweiss (Analyst)

Prior to joining Emkay PMS, Raj worked as an equity strategist for the wealth mgmt business of Aditya Birla Finance (PMS/ND-PMS/Direct Equities). He has also been a research analyst at Edelweiss covering the BFSI, IT and Consumer sectors.

Sachin Shah | 4-star rated FM

Fund Manager | 26 yrs Experience | 12 yrs at current firm

Past Experience: JJ Bhabhera PMS (FM), Motilal PMS (VP), India Infoline (Analyst), KBS Capital (Analyst)

Sachin has over 2 decades of investment experience, having worked as a fund manager at JJ Bhabhera PMS & Motilal PMS, prior to which he worked as an analyst at IndiaInfoline & KBS Capital. Sachin joined Emkay PMS in Nov-11.

Kashyap Javeri | 3-star rated FM

Fund Manager | 20 yrs Experience | 3 yrs at current firm

Past Experience: Research Anayst(Emkay advisors)

Kashyap Javeri is a Fund Manager with more than a decade of experience in company and sector research. He brings exceptional insights into stocks and economy. Prior to joining Emkay Investment Managers, he was a rated BFSI analyst in Emkay Institutional Equities for eight years, and also worked with Sharekhan Ltd. as a midcap analyst. Kashyap brings with him immense in-depth knowledge not only in a variety of manufacturing and services sectors, but also in banking and economics.

PMS/AIF Schemes

PMS & Listed Equity AIF Schemes

Scheme Category Style 1 yr 3 yr 5 yr Since Inc
Emkay Lead Large & Midcap GARP 23.2 7.8 10.3 9.1
Emkay 12 Large Cap GARP 25.7 13.6 13.1

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.