Purnartha PMS
PMSIME's View on Purnartha PMS
AMC View
Established in 2011 as a RIA, Purnartha has a strong research background and stock selection. Despite being new in PMS and AIF offerings launched in 2020, the AMC and team have a good pedigree. Their research is skilled in identifying quality ideas, but the high level of concentration makes it more suitable for higher-risk investors.
AMC Pedigree
Purnartha has excelled in advisory services with highly concentrated stock strategies, leading to strong performance. They transitioned to a PMS structure in 2020, and despite being a new firm in this area, their successful advisory track record enhances their credibility.
Team Pedigree
Purnatha has a strong research team led by founder and core Fund Manager Rahul Rathi, with 15+ years of investment experience. Other senior team members include Raghu Sundaram, Devendra Phadke, and Hemant Vispute, bringing a wealth of experience in finance and research. The senior investments team is supported by a large in-house research analyst team.
Investment Philosophy
Purnartha's "Three Driver Philosophy" is based on 3 criteria - 1. Margin expansion, 2. consistent volume growth and 3. Valuation. The philosophy focuses on scalable businesses with strong operating history and growth potential, along with committed management. It is well-documented and includes criteria for assessing investment value, as well as guidelines for portfolio construction.
AMC Background
Founded in 2011 as a Registered Investment Advisor (RIA), Purnartha built its franchise on a strong research-first orientation. The firm established credibility through disciplined stock selection and a highly concentrated investment style, which helped it scale its advisory business on the back of consistent performance.
Purnartha’s evolution from a research-led advisory platform has shaped its investment culture, with a deep emphasis on bottom-up fundamentals and high-conviction ideas.
Investment Philosophy
Research-Driven, High-Conviction Approach
Portfolio construction at Purnartha is guided by a fundamental, research-intensive process focused on identifying the best ideas from a broad opportunity set, without artificial constraints.
- Market- and Sector-Agnostic: Ideas are selected from the Nifty 500 universe based purely on conviction, with no predefined sector or market-cap bias.
- Fundamental-Driven: Focus on businesses with strong fundamentals and visible, durable growth potential.
Preferred Company Characteristics
- No or Low Leverage: Preference for companies (excluding BFSI) that fund growth through internal cash generation rather than balance-sheet leverage.
- Growth Orientation: Emphasis on volume-led growth supported by structural demand drivers.
- Management Pedigree: Evaluation of management quality and alignment with minority shareholders.
- Company Culture: Use of channel checks and qualitative assessments to understand execution capability and organisational culture.
Investment team
Rahul Rathi | 4-star rated FM
Chairman & Principal Officer | 23 yrs Experience | 12 yrs at current firm
Past Experience: Capital Metrics (CEO), Schroeder New Finance Capital (Vendor)
Rahul Rathi has over 20 years of experience in investment and risk management, having managed global funds exceeding $2 billion in AUM. He has played a key role in shaping Purnartha’s investment strategy. Rahul holds an MBA from Carnegie Mellon University and a degree in Polymer Engineering from Pune University.
Rangarajan Sundaram | 4-star rated FM
Co-Founder & Mentor | 40 yrs Experience | 12 yrs at current firm
Raghu is the Senior Vice-Chancellor and Head of Global Strategy at New York University and Dean Emeritus at NYU Stern. With an MBA from IIM Ahmedabad and a PhD in Economics from Cornell, he has deep expertise in derivatives and credit research, having worked with major Wall Street firms. His distinguished career and academic background shapes the firm's strategic vision and growth.
Rohit Jain | 3-star rated FM
Fund Manager | 18 yrs Experience | 5 yrs at current firm
Past Experience: Lead analyst(Crisil Global)
Rohit is a Chartered Accountant and holds a Post-graduate diploma in Business Management. He has worked with CRISIL (an S&P Global Company) and Systematix Shares among others and carries over 13 years of experience in Equity Research for Institutional investors. Over the years, he has built extensive knowledge in financial modeling and valuations with sector expertise across major industries. Rohit also keeps himself updated on the latest developments on taxation, auditing, and compliance, which only adds to his existing wealth management and market know-how.
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