Quantum PMS
Our view on their team, the pedigree, the funds & investment philosophy followed.
IME's Review of Quantum PMS
| AMC Rating | Pedigree Rating | Team Rating | Philosophy Rating |
|---|---|---|---|
Upgrade | Upgrade | Upgrade | Upgrade |
AMC View
The majority of Quantum's assets under management come from managing the portfolios of a few foreign institutional investors. The rest of their assets are from a small number of clients, with a focus on FII mandates rather than growing their domestic business.
AMC Pedigree
The company started as an advisory for foreign institutional investors and expanded into mutual funds. The non-institutional business is more focused on mutual funds, while the PMS business has not grown its non-FII AUM.
Team Pedigree
The company, founded in 1990 by Ajit Dayal, a seasoned professional in asset management (lead manager $2 bn Vanguard Int Fund), has a core investment team including I.V. Subramaniam (30+ years of exp), Arvind Chari (20+ years of exp), and Chirag Mehta (20+ years of exp).
Investment Philosophy
Quantum uses a value-investing strategy to identify and invest in strong, traditional companies that are currently undervalued by the market.
AMC Background
Quantum AMC operates its Portfolio Management Services as an extension of the Quantum Group’s long-standing presence in Indian asset management. Founded in the mid-1990s, the Quantum Group is widely regarded as one of India’s earliest proponents of fee-only, conflict-free investment management, having built its reputation on transparency, independence, and disciplined long-term investing. Quantum PMS benefits from this institutional lineage, sharing research infrastructure, governance standards, and investment philosophy with Quantum’s mutual fund and advisory businesses, while catering specifically to high-net-worth and sophisticated investors seeking customised equity portfolios.
The investment team is led Ajit Dayal, a seasoned professional in asset management (lead manager $2 bn Vanguard Int Fund), has a core investment team including I.V. Subramaniam (30+ years of exp), Arvind Chari (20+ years of exp), and Chirag Mehta (20+ years of exp).
Investment Philosophy
Quantum PMS follows a long-term, value-oriented investment philosophy focused on owning high-quality businesses at prices that provide a meaningful margin of safety. The firm believes that equity investing should be approached as ownership of businesses rather than trading of stocks, and that superior outcomes are driven by disciplined security selection, patience, and avoidance of permanent capital loss. Portfolio decisions are benchmark-agnostic and are guided by absolute risk-reward considerations rather than relative performance pressures.
At the core of the philosophy is a strong emphasis on downside protection. Quantum explicitly prioritises capital preservation over short-term return maximisation, recognising that avoiding large drawdowns is critical to long-term compounding. This manifests in conservative valuation assumptions, preference for financially resilient companies, and a willingness to hold cash when attractive opportunities are scarce rather than forcing deployment.
Investment team
Ajit Dayal | 4-star rated FM
Founder | 43 yrs Experience | 36 yrs at current firm
Past Experience: Hansberger Global Investors (CIO), Vanguard International Value Fund (Lead Manager)
Ajit Dayal has over 38 years of experience in asset management and financial research and analysis. He founded Quantum Advisors Private Limited in 1990. He has worked with leading US and UK financial advisory and asset management firms [Hansberger Global Investors (CIO), Vanguard International Value Fund (Lead Manager)]either as a key member of the executive management team or through the Investment Advisor as a joint venture partner.
I.V Subramaniam | 4-star rated FM
MD & Group Head (Equities) | 30 yrs Experience | 30 yrs at current firm
I.V Subramaniam has been part of the Quantum Group since 1996, He has been hailed Ajit Dayal's successor and is currently the MD and Group Head (Equity) of the firm. He has managed India-dedicated portfolios for Indian clients and since 2005, he has managed India-dedicated portfolios for international clients. He received his Bachelor’s degree in commerce from Osmania University in 1983 and his Law degree from Osmania University in 1986. He is a CFA Charterholder.
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