Nippon India PMS

PMS Rating

IME PMS Rating

3 of 5 stars

Not a top recommendation due to being an AMC-driven PMS: Nippon India AMC PMS suffers from the common ailments of large AMC-driven PMS houses (PMS as an add-on instead of a clearly segregated business unit, churn in the investment team, a lack of skin in the game for the CIO and typically loosely defined investment philosophies). While the distribution strengths of the AMC can help the PMS scale and there are benefits of research access, most AMC driven PMS's cannot compare to strong CIO-cum-founder driven PMS houses.

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 (541cr) | Promoter Category ()

PMS Background

As part of one of the larger Mutual Fund Houses, Nippon PMS benefits from the substantial research, broker & corporate access and distribution strengths of the Mutual Fund.

PMS Investment Philosophy

Nippon India PMS aims to create wealth by creating benchmark agnostic concentrated portfolios of quality stocks, based on fundamental research-driven bottom-up stock picking. Nippon India PMS follows a ‘Must 5’ Framework:

  • Business Potential: Looking for businesses with growth opportunity & sustainable competitive advantage.
  • Corporate Governance: Businesses having a fair treatment for minority shareholder, promoter track record, accounting red flags.
  • Promoter ownership: having equity dilution, share pledge
  • Capital allocation: unrelated diversification, leverage
  • Earnings track record: consistent performance across business cycles on revenue, EBITDA, PAT growth and profitability ratios.

Uses a Bottom-up Approach for stock picking to create a benchmark agnostic concentrated portfolio with the aim to create wealth

Inv Team

Investment Team

Varun Goel | 3-star rated FM

Fund Manager | 17 yrs Experience | 7 yrs at current firm

Past Experience: Motilal PMS (FM), Karvy PMS (Head), KC PMS (FM), Kotak PMS (AVP)

Varun’s experience has been exclusively in managing PMS portfolios, having been a fund manager/analyst at Motilal PMS, Karvy PMS, KC PMS and Kotak PMS. He joined Reliance PMS in Feb-2017.

PMS/AIF Schemes

PMS & Listed Equity AIF Schemes

No items found

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.