Nine Rivers PMS

PMS Rating

IME PMS Rating

5 of 5 stars

Highly recommended for aggressive investors : Nine Rivers Capital PMS is a credible niche PMS provider with a focus on small-cap investing with a private equity approach. With a strong investments team, a clearly articulated & differentiated investment philosophy (Private Equity approach to listed small-cap investing) and a focussed approach to mid-and-small cap investing it is a recommended option for those seeking investment portfolios focused on smaller companies.

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 (475cr) | Promoter Category ()

AMC Background

Nine Rivers Capital PMS was founded in 2014 by Sandeep Daga (an experienced private equity professional), with an aim of bringing ‘private-equity’ style investing to listed small & mid cap investing in India.

Investment Philosophy

Nine Rivers Capital PMS’s core belief is that you can only generate superior long-term returns in small & mid caps by applying the same rigor and discipline as in private equity investing. The aim is to exploit the judgmental biases and behavioural weaknesses of market participants, to identify attractive investment opportunities. Nine Rivers looks for the following attributes in possible investee companies – dominance in a niche vertical, growth tailwinds, a robust balance sheet, strong ROEs and a lack of institutional research coverage.

Investment Process

  • Ideation and Discovery: Spotting value-creation drivers through macro-tailwinds (policy, regulatory, consumer-behaviour, and technology among others)
  • Fundamental Evaluation: Strong 15% earnings growth with free cash flows, low leverage, good governance and sustainable 15%+ ROCEs
  • Conservative Entry Point: Buy growth at reasonable valuation. Average entry PE below 20x. 
  • Risk Management: Constant monitoring (of positions, performance, governance and macro), pro-active exits (based on valuation guardrails, thesis deviation, macro events, and superior alternatives), and selective forensic diligence where indicated.

Inv Team

Investment Team

Sandeep Daga | 5-star rated FM

Founder & CIO | 26 yrs Experience | 12 yrs at current firm

Past Experience: Director (Frontline Strategy), Head – B2B Investments (ICICI Venture)

Sandeep Daga has over 20 years of experience in Private Equity and Public Markets, and Corporate Finance. He is known for his focus on small and mid-caps.

Vivek Ganguly | 5-star rated FM

Portfolio Manager | 25 yrs Experience | 12 yrs at current firm

Past Experience: Principal (Global Environment Fund India Advisors Pvt Ltd), Fund Manager (Quantum AMC), Portfolio Manager (Transpek Finance Ltd & Kisan Ratilal Choksey Pvt Ltd)

Vivek Ganguly comes with over 20 years of experience in Indian public and private equity markets, with experience as a Principal at Global Environmental Fund and Fund Manager at Quantum AMC.

PMS/AIF Schemes

PMS & Listed Equity AIF Schemes

Returns as of 30-June-24.

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