Equirus PMS Recommendation & Review

PMS Rating

IME PMS Rating

Small-cap Specialist: Equirus PMS has had a good start with a strong performance of its portfolio since its launch in 2016. Its focus on small-caps fits well with the group's strengths in small & midcaps on the broking side. While they have recently seen churn in the investment team, the new CIO Sahil also comes in as a small-cap specialist with a short but strong track-record. Equirius has the foundations to build a niche PMS business with a small-cap focus.

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 (796cr) | Promoter Category ()

.tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="52f5fea9afc631d156f5201037a04f33"] { grid-template-columns: minmax(0, 0.215fr) minmax(0, 0.785fr);grid-auto-flow: row } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="52f5fea9afc631d156f5201037a04f33"] > .tb-grid-column:nth-of-type(2n + 1) { grid-column: 1 } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="52f5fea9afc631d156f5201037a04f33"] > .tb-grid-column:nth-of-type(2n + 2) { grid-column: 2 }  .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="3034fbe886c11054e95b46b09d3e4112"] { display: flex; } .tb-rating{position:relative;white-space:nowrap;color:#c1c1c1;font-size:1.3em;line-height:1.3}.tb-rating__container{position:relative;display:inline-block}.tb-rating__star{display:inline-block;position:relative}.tb-rating__star::before{content:attr(data-star);display:inline-block;clear:both}.tb-rating__rating{position:absolute;left:0;display:inline-block;overflow:hidden;white-space:nowrap}.tb-rating__rating::after{content:attr(data-star)}html[dir="rtl"] .tb-rating__rating{left:auto;right:0}.tb-rating--left{text-align:left}.tb-rating--right{text-align:right}.tb-rating--center{text-align:center}.tb-rating .tb-screen-reader{position:absolute !important;height:1px;width:1px;overflow:hidden;clip:rect(1px, 1px, 1px, 1px)}.tb-rating__rating{color:#e4cc29} .tb-rating[data-toolset-blocks-star-rating="3f19721163f036959c5fe20dedc62798"] { font-family: dashicons, sans-serif;; } .tb-rating[data-toolset-blocks-star-rating="3f19721163f036959c5fe20dedc62798"] .tb-rating__star:before { content: '\f155'; } .tb-rating[data-toolset-blocks-star-rating="3f19721163f036959c5fe20dedc62798"] .tb-rating__rating:after { color: rgba( 56, 118, 28, 1 );content: '\f155\f155\f155\f155\f155'; } @media only screen and (max-width: 781px) { .tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="52f5fea9afc631d156f5201037a04f33"] { grid-template-columns: minmax(0, 0.5fr) minmax(0, 0.5fr);grid-auto-flow: row } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="52f5fea9afc631d156f5201037a04f33"] > .tb-grid-column:nth-of-type(2n + 1) { grid-column: 1 } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="52f5fea9afc631d156f5201037a04f33"] > .tb-grid-column:nth-of-type(2n + 2) { grid-column: 2 }  .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="3034fbe886c11054e95b46b09d3e4112"] { display: flex; } .tb-rating{position:relative;white-space:nowrap;color:#c1c1c1;font-size:1.3em;line-height:1.3}.tb-rating__container{position:relative;display:inline-block}.tb-rating__star{display:inline-block;position:relative}.tb-rating__star::before{content:attr(data-star);display:inline-block;clear:both}.tb-rating__rating{position:absolute;left:0;display:inline-block;overflow:hidden;white-space:nowrap}.tb-rating__rating::after{content:attr(data-star)}html[dir="rtl"] .tb-rating__rating{left:auto;right:0}.tb-rating--left{text-align:left}.tb-rating--right{text-align:right}.tb-rating--center{text-align:center}.tb-rating .tb-screen-reader{position:absolute !important;height:1px;width:1px;overflow:hidden;clip:rect(1px, 1px, 1px, 1px)}.tb-rating__rating{color:#e4cc29} } @media only screen and (max-width: 599px) { .tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="52f5fea9afc631d156f5201037a04f33"] { grid-template-columns: minmax(0, 1fr);grid-auto-flow: row } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="52f5fea9afc631d156f5201037a04f33"]  > .tb-grid-column:nth-of-type(1n+1) { grid-column: 1 }  .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="3034fbe886c11054e95b46b09d3e4112"] { display: flex; } .tb-rating{position:relative;white-space:nowrap;color:#c1c1c1;font-size:1.3em;line-height:1.3}.tb-rating__container{position:relative;display:inline-block}.tb-rating__star{display:inline-block;position:relative}.tb-rating__star::before{content:attr(data-star);display:inline-block;clear:both}.tb-rating__rating{position:absolute;left:0;display:inline-block;overflow:hidden;white-space:nowrap}.tb-rating__rating::after{content:attr(data-star)}html[dir="rtl"] .tb-rating__rating{left:auto;right:0}.tb-rating--left{text-align:left}.tb-rating--right{text-align:right}.tb-rating--center{text-align:center}.tb-rating .tb-screen-reader{position:absolute !important;height:1px;width:1px;overflow:hidden;clip:rect(1px, 1px, 1px, 1px)}.tb-rating__rating{color:#e4cc29} } 

AMC Background

Equirus PMS is the PMS arm of the Equirus group. Equirus is a young (founded in 2007) financial services group, that started with investment banking in 2007, which was followed by their institutional equities business in 2010 and their PMS offerings in 2016. Rakesh Jhunjhunwala and Federal Bank hold 13% and 20% stake respectively in Equirius Wealth.

Investment Process

Equirus PMS follows a blended approach of investing in quality & value. The aim is to invest in relatively undiscovered businesses with long-term growth potential that are available at a price below their intrinsic value. The philosophy is essentially GARP (Growth at Right Price).

Investment Framework

Growth: Earnings driven by sales and margin expansion
Financial Strength: no or low debt, and deleveraging situations with higher coverage ratios
Profitability: High ROCEs driven by improving margins and/or asset turns
Management: High integrity with skin in the game and prudent capital allocation
Attractive Valuation: low analyst coverage/institutional holding and market ignoring long term potential

Focus on Core Strength - Small-cap Companies Despite having a fairly generic strategy, the strategy focuses on smaller companies in-line with the AMC's broking expertise and the core skill-sets of the fund manager Viraj Mehta. This is further backed by the strategy's performance since inception.

Suitable For Investors looking for a good small and mid-cap asset manager.

Inv Team

Investment Team

Sahil Shah | 3-star rated FM

CIO | 18 yrs Experience | 0 yrs at current firm

Past Experience: Edelweiss Research (Analyst), Anagram Capital (Analyst)

Sahil Shah has over 17 years of extensive experience, he has worked as an analyst and managed mutual funds and PMS. Previously, he worked with Edelweiss Small Cap Fund (AUM 3300cr) as a fund manager and was also co-fund manager for Midcap and Multicap funds at Edelweiss. Prior to joining Edelweiss Asset Management, he has worked with Edelweiss Financial Services and Anagram Capital

Gaurav Arora | 2-star rated FM

Fund Manager | 14 yrs Experience | 2 yrs at current firm

Past Experience: VP (Avendus Capital), AVP (Kotak Institutional Equities), Assistant Manager (Tata Motors)

Sahil Shah is the Chief Investment Officer (CIO) and Managing Director of Equirus AMC. He has over 17 years of extensive experience, he has worked as an analyst and managed mutual funds and PMS. Previously, he worked with Edelweiss Small Cap Fund (AUM 3300cr) as a fund manager and was also co-fund manager for Midcap and Multicap funds at Edelweiss. He is a CFA and has completed his graduation (B.Com.) from Gujarat University (HLIC).

Ajay Garg | 5-star rated FM

Managing Director | 31 yrs Experience | 17 yrs at current firm

Past Experience: DSP Merill Lynch (VP), Mape Advisory Group (Co-Founder), Kwench (Director), CRIF India (Director)

Ajay Garg is the founder of Equirus Capital. He is a veteran investment banker, with over 22 years of experience in Investment Banking. He is acknowledged as being amongst the top dealmakers in the country. He started his career with DSP Merrill Lynch where he was involved with several landmark deals during his stint there between 1996–2002. Prior to setting up Equirus in 2007, he was the group CEO of a leading investment bank which he co-founded. Ajay holds a first degree in engineering and is a postgraduate in management from IIM, Ahmedabad.

PMS/AIF Schemes

PMS & Listed Equity AIF Schemes

Scheme	Category	Style	1 yr	3 yr	5 yr	Since Inc
Equirus Core Equity	Flexi Cap	GARP	19.3			22.9
Equirus Long Horizon	Small Cap	GARP	31.3	16.2	37.4	25.2

Returns as of 31-Aug-24.

Free 30-Day Trial of the IME RMS

Details shared above, are only a short-snapshot of the more detailed analysis that resides in IME’s Proprietary RMS (Research Management Solution).

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.

Learn More

IME RMS Demo

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.