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PGIM India PMS

PMS Rating

IME PMS Rating

AMC does not meet our selection criteria at this time

Not a top recommendation due to being an MF-driven PMS: PGIM India PMS is essentially the erstwhile DHFL Pramerica's PMS business that has been taken over by PGIM post the DHFL collapse. The business is still in the rebuild mode and with limited differentiation. We do not recommend PGIM PMS at this stage.

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 (270cr) | Promoter Category ()

PMS Background

PGIM PMS is the PMS arm of the PGIM Group (a US based financial institution with over $1.2 trillion in AUM). PGIM PMS is the ersthwhile DHFL Pramerica PMS, that was bought over by PGIM after the collapse of the DHFL Group.

PMS Investment Philosophy

Focusing on 2 principles of 'buying when the future is uncertain' and 'seeking to avoid permanent loss'

Investment Process 

  • Screening the investment Universe– Screening all possible choices to be able to create an investment universe of acceptable quality which are: a track record of at least 15 years, consistency in generating a high level of return on capital employed, consistency in generating positive free cash flows, and a minimum acceptable level of revenues 
  • Filter the investment universe– The investment universe which is created is further filtered on the basis of growth prospects and management quality. The Growth prospect and management quality is investigated by: the ability of the company to grow its sales and profits over next 3-5 years, the ability of the company to do this without consistently resorting to additional external funding, the track record of management in capital allocation decisions and in treating minority shareholders fairly
  • Portfolio Construction– Further on Portfolio is constructed using filters of valuation levels. The valuation at the time of entry into the portfolio is lower than its average valuation for the previous decade and/or the valuation is lower than the expected growth rate om earnings over the forseeable future.   

SELL PROCESS

  • when assumption for stock purchased no longer valid
  • stock price goes beyond what they though was worst
  • When a superior opportunity is found for the same level of risk taken
  • when there is redemption request

RISK MANAGEMENT

  • Follows a concentrated portfolio–20-25 stocks (lower end)
  • Stock Exposure limit- 10%
  • Sector Exposure limit–30%

Inv Team

Investment Team

Himanshu Upadhyay | 2-star rated FM

Portfolio Manager | 17 yrs Experience | 9 yrs at current firm

Past Experience: Senior Analyst (M3 Investment Pvt Ltd), Analyst (Max New York Life Insurance Co)

Himanshu Upadhyay comes with 11 years of experience in equity markets. He was previously with M3 Investment Managers and Max New York Life Insurance.

PMS/AIF Schemes

PMS & Listed Equity AIF Schemes

Scheme Category Style 1 yr 3 yr 5 yr Since Inc
PGIM Phoenix Mid & Smallcap Value 30.2 21 23.6 15.7
PGIM Core Equity Large & Midcap GARP 27.4 19.5 19.5 16.9

Returns as of 30-Sep-24.

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