AMC Background

Multi-Act PMS has a long operating history spanning over 25 years. Founded in 1997 by two Wharton graduates, Multi-Act began as an internal investment research arm serving a single family office. After more than a decade of successfully managing proprietary capital, the firm expanded its remit in 2009 to provide equity advisory services to a select group of external investors, and subsequently launched Portfolio Management Services for qualified investors in 2011.

Multi-Act has evolved into a differentiated fiduciary platform serving multi-generational wealth owners, business families, institutional investors, family offices, hedge funds, and wealth managers in India and globally. Over time, the firm has broadened its institutional capabilities through affiliated platforms such as Multi-Act EquiGlobe for global investment solutions and Multi-Act Private Equity Investment Trust for private equity strategies, while retaining its core focus on unbiased research and fiduciary portfolio management. Multi-Act positions itself not as a product manufacturer, but as a research-led investment partner focused on capital preservation, long-horizon compounding, and navigating complex market cycles without conflicts of interest.

Investment Philosophy

Multi-Act’s investment philosophy is centred on preserving and compounding capital over full market cycles by explicitly addressing the structural and behavioural challenges faced by long-term investors. The firm believes that successful wealth management is less about maximising returns in any single phase of the cycle and more about avoiding permanent capital loss, mitigating behavioural errors, and maintaining discipline during late-cycle excesses and periods of stress.

This philosophy is implemented through a bespoke, client-specific approach to portfolio construction and asset allocation. Multi-Act avoids one-size-fits-all models, instead designing long-term investment programs that recognise the unique objectives, constraints, and intergenerational responsibilities of its clients. A strong emphasis is placed on avoiding over-commitment of capital during euphoric market phases and on maintaining flexibility to adapt across cycles.

Global Rational Analysis Framework (GRAF)

The cornerstone of Multi-Act’s investment approach is its proprietary Global Rational Analysis Framework (GRAF), developed and refined over more than two decades. Adapted from the concept of “Rational Analysis” articulated by John Bollinger, GRAF is designed to enable objective company analysis, structured investment decision-making, and explicit control over behavioural biases. The framework integrates four complementary analytical disciplines:

• Fundamental Analysis – Evaluation of business quality, balance sheet strength, cash flow durability, competitive positioning, and margin of safety.
• Quantitative Analysis – Use of data-driven metrics to assess valuation, risk, correlations, and return potential across assets and geographies.
• Technical Analysis – Assessment of price behaviour, market structure, and trend dynamics to improve timing and risk management.
• Behavioural Analysis – Identification and mitigation of behavioural biases, crowd psychology, and decision-making errors that often lead to capital impairment.