360ONE PMS
PMSIME's View on 360ONE PMS
AMC View
360ONE, supported by a reputable financial house with expertise in wealth management and broking, is expanding into asset management. Despite not having a rigid investment philosophy, their experienced team has achieved strong investment performance.
AMC Pedigree
360ONE is a large wealth management and brokerage firm in India with a strong focus on hiring experienced professionals to drive business growth. Their generous ESOP structures incentivize these professionals to stay long-term, mitigating concerns of manager churn typically seen in non-founder-driven PMS houses.
Team Pedigree
360ONE PMS has a strong investment team led by Anup Maheshwari, a former CIO of DSP MF and a well-known equity fund manager. Anup is now part of the founding team with a stake in the AMC. The core team of Anup is supported by a team of fund managers and analysts.
Investment Philosophy
360ONE's Investment Philosophy categorizes companies into Secular, Cyclical, Defensive, and Value Traps based on earnings growth and ROEs. The core portfolio mainly comprises companies in the secular bucket, while the tactical part includes investments from the cyclical or defensive buckets.
AMC Background
360ONE PMS is part of 360ONE Wealth, one of the leading wealth managers in India. It has scaled to become one of the leading PMS houses in India (in the top 7 PMS’s) on the back of the consistent performance of its PMS strategies and the distribution strength of the 360ONE wealth management team.
Largest Wealth Manager with Incentives to Retain Talent on the AMC Business 360ONE is one of the largest wealth managers & brokers in India. Each of their businesses has been developed by hiring highly experienced professionals to spearhead business growth and lay down best-in-class processes, with the AMC business being no different. Generous ESOP structures help incentivise these professionals to stay with the group for the long-term. Driven by Anup Maheshwari (the CIO at the PMS) with strong equity research credentials. Seasoned CIO Anup Maheshwari Anup Maheshwari comes with 25+ years of investment experience. Prior to 360ONE, he was designated as the Chief Investment Officer, Equities at both DSP BlackRock Investment Managers and briefly at HSBC Asset Management.Investment Philosophy
360ONE's investment philosophy revolves around core tenets of:
- Hybrid approach: a top-down approach is used to identify the most attractive sectors, within which the most attractive stocks are identified on a bottom-up basis
- Concentration: investments are made in a concentrated manner in the top high-conviction investment ideas
- Risk reduction: through hedging a part of the portfolio using Nifty put options to reduce downside risk.
360ONE's SCDV Framework
- Secular: defined as high earnings growth (>15%) and high ROEs (>15%)
- Cyclical: defined as high earnings growth (>15%) but lower ROEs (<15%)
- Defensive: defined as lower earnings growths (<15%) but high ROEs (>15%)
- Value Traps: defined as low earnings growth (<15%) and low ROEs (<15%)
Portfolio Construction
- Core Portfolio: invest in secular companies (as defined by high earnings growth and high ROEs)
- Tactical Portfolio: invest in cyclical and defensive companies
- Avoid: Value traps
Investment team
Anup Maheshwari | 5-star rated FM
Co-Founder & CIO | 29 yrs Experience | 8 yrs at current firm
Past Experience: CIO (DSP BlackRock Investment Managers)
Anup brings with him 26 years of investmentexperience. He joined 360ONE AMC in 2018. Prior to 360ONE AMC, he was associated with DSP BlackRock since 1997 and was last designated as CIO, Equities. He managed DSP BlackRock's India funds for 18 years (May 2001-June 2018). For a briefperiod between December 2005 and May 2006,he was the CIO at HSBC Asset Managementbefore returning to DSP BlackRock. Anup Maheshwari is an alumnus of IIM Lucknow.
Mehul Jani | 4-star rated FM
Fund Manager | 22 yrs Experience | 8 yrs at current firm
Past Experience: Fund Manager and Analyst (DSP BlackRock Investment), Associate (Morgan Stanley)
Mehul Jain is currently a Fund Manager at 360ONE AMC. Prior to 360ONE AMC, he was a Fund Manager and Analyst at DSP BlackRock.He joined DSP BlackRock in Oct 2018 as an Analyst in the Equities Team. He began his career in 2004 at Morgan Stanley Plc, London as an Associate working with structured product valuations and fund derivatives. Mehul Jani is a CFA Charterholder and holds an MSc in Banking and International Finance.
