PMS Rating

IME PMS Rating

4 of 5 stars

Highly recommended for investors looking for a more dynamic investment style: Backed by one of the most respected financial houses (with strong expertise in wealth mgmt & broking), 360ONE is well on its way of replicating their success in wealth management in the asset management space. Backed by a strong team, they have delivered investment performance, even while they lack a very tightly defined investment philosophy.

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 (16371cr) | Promoter Category ()

AMC Background

IIFL PMS is part of the IIFL Group (one of the leading wealth managers and brokers 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 consistent performance of their PMS strategies and the distribution strength of the IIFL wealth management team.

Investment Philosophy

IIFL 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.

IIFL’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

Inv Team

Investment Team

Prashasta Seth | 4-star rated FM

CEO | 22 yrs Experience | 16 yrs at current firm

Past Experience: Irevena (Head), JP Morgan London

Prashasta has been with IIFL since 2008, and has been instrumental in growing it’s equity desk and managing the equity strategies of the group. Prashasta has strong research credentials, having worked as the Head of Irevna prior to IIFL.

Mehul Jani | 4-star rated FM

Fund Manager | 20 yrs Experience | 6 yrs at current firm

Past Experience: Fund Manager and Analyst (DSP BlackRock Investment), Associate (Morgan Stanley)

Mehul Jain is currently a Fund Manager at IIFL AMC. Prior to IIFL 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.

Anup Maheshwari | 5-star rated FM

Co-Founder & CIO | 27 yrs Experience | 6 yrs at current firm

Past Experience: CIO (DSP BlackRock Investment Managers)

Anup brings with him 26 years of investmentexperience. He joined IIFL AMC in 2018. Prior to IIFL 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.

Mayur Patel | 4-star rated FM

FM – Equity | 19 yrs Experience | 6 yrs at current firm

Past Experience: DSP Blackrock (VP), Spark Capital (VP), Crisil (Equity Research)

Mayur Patel is Senior Executive Vice President at 360 ONE. Mayur has 18 years of experience, including 15 years in the investment research and management domain. Prior to this, he was associated with DSP Investment Managers, where he was a fund manager for the equity portfolios of DSP BlackRock Equity Savings Fund and MIP Fund. He joined DSP in September 2013 as an Analyst in the Equities team. He has previously worked with Spark Capital as Lead Analyst, Energy in their institutional broking division and prior to that, been a part of Tata Motors and CRISIL. He is a CA & CFA.

Nishant Vass | 3-star rated FM

FM | 15 yrs Experience | 2 yrs at current firm

Past Experience: ICICI Securities

Nishant brings with him 13 years of investment experience. Prior to joining 360 ONE in January 2022, he was associated with ICICI Securities Ltd in institutional equities team where he was leading the automotive sector research practice. Nishant has done MBA with an engineering background

Nidhi Ghuman | 3-star rated FM

FM | 17 yrs Experience | 2 yrs at current firm

Past Experience: Multiples Alternative AMC, SBI Capital Markets, GE Commercial Finance

Nidhi Ghuman is part of 360ONE’s Alternative Investment Arm. She has an experience of more than 17 years and has build in a deep P&E Pedigree. Prior to 360ONE, She had stints with Multiples Alternative AMC, SBI Capital Markets and GE Commercial Finance. She did Btech from IIT, Madras and MBA (Finance) from XLRI Jamshedpur.

Chetan Naik | 3-star rated FM

FM | 19 yrs Experience | 5 yrs at current firm

Past Experience: TVS Capital Funds, ICICI Securities, SBI Capital Markets, Tata Motors

Chetan Naik is part of 360ONE’s Alternative Investment Arm. He has an experience of more than 19 years and has build in a deep M&A Pedigree. Prior to 360ONE, He had stints with TVS Capital Funds, ICICI Securities, SBI Capital Markets and Tata Motors. He did his PGDM, Finance from IIM, Indore.

PMS/AIF Schemes

PMS & Listed Equity AIF Schemes

Scheme Category Style 1 yr 3 yr 5 yr Since Inc
360ONE Multicap Flexi Cap GARP 31 16.5 18.3 22.7
360ONE Multicap Advantage Flexi Cap GARP 27.5 13.8 16.2 11.2

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.