Motilal Oswal AMC PMS

PMS Rating

IME PMS Rating

3 of 5 stars

Not a top recommendation (at this time) due to weak recent performance: Motilal PMS comes with a very high level of pedigree. Co-founded by a highly-respected and pedigreed investor, Motilal has a number of advantages - stability of its core PMS investment team, very strong investment processes, a very clearly defined investment philosophy and the benefits of the backing of a strong broking & MF business. However, this strong pedigree has failed to reflect in the performance of the strategies (which have been weak, especially in recent years), which results in a lower 3-star rating for one of the more established 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 (10081cr) | Promoter Category ()

AMC Background

Motilal is one of India’s most successful PMS houses, on the back of the formidable investment reputation & track record of its co-founder Ramdeo Agarwal, whose investment discipline of investing in high-quality companies with sustained competitive advantages has stood the test of time. It is amongst the oldest and largest PMS houses in the country, and is known for a strong fundamental-driven investment style. Motilal has a number of intrinsic strengths that make it a great choice as a PMS, including a promoter that comes with a formidable investment track record, a strong adherence to a fundemental long-term investment approach and the benefits that come from being a part of one of the largest brokers & mutual funds in India.

Investment Philosophy

Motilal has a very clearly defined investment philosophy of long-term investing in high quality companies that meet their QGLP investment criteria. They have followed this strategy consistently for over 2 decades, with limited style drift.

The QGLP Framework:

  • Quality of the Business and Quality of the Management: Stable businesses preferable consumer facing, with huge business opportunity and sustainable competitive advantages. Businesses run by competent management.
  • Growth in Earnings: Driven by volume growth, price growth, mix change, operating and financial leverage.
  • Longevity (of Quality and Growth): Dictated by long-term relevance of the business, extending competitive advantage period and sustenance of growth momentum.
  • Price: Reasonable valuation, relative to quality and growth prospects with high margin of safety.

Once they have identified stocks that meet their strict QGLP criteria, Motilal aims to Sit Tight (by following a long-term buy-and-hold approach in concentrated stock portfolios.)

Inv Team

Investment Team

Abhishek Anand | 3-star rated FM

Fund Manager | 20 yrs Experience | 10 yrs at current firm

Past Experience: Centrum Wealth Management, Centrum Broking, SBI Capital Markets, Dun & Bradstreet, CMIE

Abhishek Anand has 10 years of experience with 8 years in institutional equity research covering sectors such as Telecom, Media, IT & Consumer. He has won the Starmine Top Analyst Award for 2011-12 and 2012-13 by Thomson Reuters. His previous assignments were with the institutional research division of SBI Capital Markets, Dun & Bradstreet, and CMIE.

Prateek Agrawal | 5-star rated FM

Executive Director | 30 yrs Experience | 13 yrs at current firm

Past Experience: BoI AXA MF (Head of Equity), BNP Paribas MF (Head of Equity), SBI Capital Markets (Head of Research)

Prateek has over 2 decades of experience in fund management and research, having worked in senior positions in BoI AXA MF, BNP Paribas MF & SBI Capital Markets. Prateek has been at ASK since Apr-11 and has spearheaded the growth of ASK PMS over this period.

Manish Sonthalia | 5-star rated FM

CIO | 26 yrs Experience | 20 yrs at current firm

Past Experience: SKP Securities (VP)

Manish has spent most of his career at Motilal, having joined Motilal in 2004 from SKP Securities. He is the CIO-Equities at Motilal PMS and along with Ramdeo Agarwal has been instrumental in the growth and performance of the PMS strategies.

Rakesh Tarway | 3-star rated FM

Fund Manager | 18 yrs Experience | 6 yrs at current firm

Past Experience: Reliance Securities (Head of Research), Motilal Securities (Head of Research), HSBC InvestDirect (Analyst)

Rakesh is a seasoned equity research professional, with a focus on identifying emerging businesses in the small & mid-cap sectors.

Shrey Loonker | 3-star rated FM

Fund Manager | 22 yrs Experience | 7 yrs at current firm

Past Experience: Nippon AMC (FM), Ernst & Young (Executive)

Shrey is a CA & CFA, with over a decades experience as a fund manager at Nippon AMC.

Susmit Patodia | 2-star rated FM

Fund Manager | 19 yrs Experience | 5 yrs at current firm

Past Experience: Motilal Oswal (Head of Sales), Edelweiss Capital (Senior Manager), Accenture (Consultant)

While Susmit has a rich experience in financial services, a large part of this has been in roles apart from research or fund management. This is the primary reason we give him a ‘Junior FM’ rating, despite his length of experience.

Vaibhav Agarwal

Fund Manager | 13 yrs Experience | 2 yrs at current firm

Past Experience: Analyst bank loan Ratings(Crisil)

Vaibhav Agrwal is the founder of teji mandi, which is a platform aimed at helping retail investors in india navigate the volatility of the markets through affordable and quality advisory. He has managed a proprietary pms and has over a decade experience in stock picking and generating index-beating returns.

Sankaranarayanan krishnaniyer

Fund Manager | 16 yrs Experience | 3 yrs at current firm

Past Experience: Quant equity fund manager(Alpha Alternatives)

Sankaranarayanan Krishnan is Quant Fund Manager for PMS and AIF schemes at Motilal Oswal Asset Management Company Ltd. In addition to his primary responsibility of fund management, he is also spearheading factor and quantitative research at the firm. He has over 9 years of experience in capital markets, largely focused on the design, research and management of quantitative investment strategies. In his previous engagement he was managing a proprietary portfolio using multifactor models at Alpha Alternatives, an alternative investment manager. Prior to that he was working as a senior quantitative researcher at Morgan Stanley Capital International, where he was structuring multi-factor and ESG solutions for global Pension and Sovereign Wealth Fund clients. Sankaranarayanan is an engineer from the National Institute of Technology, Nagpur and an MBA from the Indian Institute of Management, Indore.

Ajay Khandelwal | 5-star rated FM

FM – Equity | 18 yrs Experience | 0 yrs at current firm

Past Experience: Canara Robeco (FM), BOI (FM)

With over 17 years of experience, Ajay Khandelwal is the Fund Manager joined Motilal Oswal in Nov 2023. Prior to that, He was a Fund Manager at Canara Robeco for 2 years and BOI AXA for 4 years. He also worked with B&K Securities and Infosys. He is a MBA & Bachelor of Engineering

PMS/AIF Schemes

PMS & Listed Equity AIF Schemes

Scheme Category Style 1 yr 3 yr 5 yr Since Inc
Motilal AMC Business Opportunities Large Cap GARP 34.3 16.3 17.6 13.1
Motilal AMC Value Migration Large Cap GARP 56.4 19 19.1 20
Motilal AMC Opportunity V2 Mid & Smallcap GARP
Motilal AMC Mid to Mega Mid & Smallcap GARP 68.2 20.2 27.7
Motilal AMC Next Trillion Dollar Opportunity Large & Midcap GARP 38.5 14 14.2 15.5
Motilal AMC Opportunity Mid & Smallcap GARP

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.