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PGIM India PMS

PMS Rating

IME PMS Rating

AMC does not meet our selection criteria at this time

Not a recommended AMC: 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 | 8 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 38.2 24.6 17.6 13.8
PGIM Core Equity Large & Midcap GARP 28 19.2 15.8 15.9

Returns as of 28-Feb-24.

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Details shared on the public website, are only a short snapshot of the more detailed analysis that resides in our Proprietary Research Management Solution (RMS) – A proprietary cloud-based tool, that ensures that the unbiased research insights of our central research team are shared directly with investors.

Our RMS allows us to operate with a level of transparency, ethics & consistency of insights, that is unparrarelled in the industry. Our RM’s will help showcase the PMS/AIF options that are the most suited for your unique requirements.

Download Sample RMS Reports: AMC View | Scheme Comparison

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.