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Narnolia PMS

PMS Rating

IME PMS Rating

AMC does not meet our selection criteria at this time

Not a recommended AMC: Narnolia PMS has not yet developed its credentials as a credible PMS player. It is yet sub-scale which makes it difficult to invest in a quality investment team and backend support, required for a PMS to scale. We do not recommend investments in Narnolia PMS.

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 (245cr) | Promoter Category ()

PMS Background

Narnolia PMS is part of the Narnolia financial group (a mid-sized Indian financial group with a presence in broking, wealth management and asset management).

Narnolia PMS is yet to establish its credentials.

PMS Investment Philosophy

Follows ‘growth in value’ philosophy. This is supported by their 360 degree 5-M research framework. which links market opportunity, management strategies, financial and operating moat to detailed financials models and valuation envelope.

Investment Process 

  • Creating Investment Universe – Data analysed over 2600 listed sectors and liquidity; grouping of stocks into 4 caps, 10 filters; and regularly analysing their information and quarterly results 
  • Approved ‘Analysis’ List Preparation– Analysing each company’s valuation, growth and financial history of last 10 years using financial modelling; Selecting stocks with potential of showing linear improvements in their ROE/ Cash Flow
  •  Focused ‘Buy’ List Preparation– Using Bottom-up approach to analyse companies by utilizing 360 degree  5-M Research process 
  • Buying in Portfolio– Summarizing financial and Business Modelling Templates; Building trackables and forecasting future financials; Thesis buidling & allocation results
  • Tracking & Risk Control– Identifying impact of news/event tracking on investment thesis; Risk Assessment; price-swing analysis

5-M Research Process

  • Market: key to deciphering quality, scalability & sustainability of business.
  • Management Strategy: Understanding management needs a clearer understanding of its strategy of product positioning, supply chain, HR, sources and application of funds etc.
  • Moat of the business: Being able to identify the source of that moat is key to finding a sustainable competitive advantage.
  • Model Financials: help in understanding how much price one can pay for future earnings but also acts as early indicator when investment is not working.
  • Multiples: sufficient margin of safety as well as upside potential.

Sell Framework

  • If any portfolio stock under-performs for 2 consecutive swings and exhibits high volatility, that stock gets marked Sell/ Review

Inv Team

Investment Team

Shailendra Kumar | 3-star rated FM

CIO

Shailendra Kumar comes with over 20 years of experience in research and fund management. He is also the editor of India Quant Analytics, a publication on quantitative statistics and the structure of the Indian equity market. He has created over 69 indexes including “EW All-Share Index” and the “EW Islamic Index”.

PMS/AIF Schemes

PMS & Listed Equity AIF Schemes

No items found

Returns as of 30-Sep-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.

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