Solidarity PMS Recommendation & Review

IME Rating

IME PMS Rating

Investing in Solidarity PMS means investing with Manish Gupta, banking on his experience in corporate strategy and private equity for outperformance in managing listed equities. We prefer to wait a few more years to evaluate performance across market cycles.

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.

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AMC Background

Solidarity PMS was founded in 2014 by Manish Gupta, a seasoned private equity professional (managed the PE investments for Rakesh Jhunjhunwala) with a strong experience in corporate strategy (BCG, Honeywell).

AMC Backed by a Seasoned PE Professional Manish Gupta (the founder & CIO) spearheads the investment decision process. While he has a strong background in private equity & corporate strategy, his track record in listed equities is still nascent (though conceptually the concept of taking PE investment rigour to listed equity stock selection sounds appealing).

Investment Philosophy

Investment Philosophy driven by 'Is this company we would like to own?'

Broadly Predictable Growth: Companies with large addressable markets, and structural industries tailwinds
Improving Edge: Favourable industry structure, sector/niche leadership, competitive advantage and ability to deploy capital for growth at ROE >15%
Disciplined Management: Focus on few business lines, disciplined capital allocation, prudent use of leverage and learning organisation.

Things that Solidarity does not do

Don’t believe in model portfolios: model portfolios imply that current valuations do not matter, so the strategy invests in the best opportunities at present
No cash calls based on macro events

Valuations

Sensitive to growth stage of the life cycle. With more mature business growth, the higher the need for valuation sensitivity.

Strongly Defined Investment Philosophy Solidarity PMS aims to invest in ‘compounding stories’, defined as companies with tailwinds of growth, that are focused on disciplined growth around a core business definition, and where success is reflected in an expanding moat, increasing market share and ROEs. Solidarity PMS may also invest in specific transformational stories, based on specific market opportunities.

Portfolio Construction

Portfolio Allocation: 40-50% in ‘Clear Leaders’, 40-50% in ‘Emerging Leaders’, and ~10% in ‘Special Situations’.
- Clear Leaders (15-18% IRR Ask): Leaders in a growing market, with dominant share of the profit pool and robust business model & balance sheet.
- Emerging Leaders (18%+ IRR Ask): on path to becoming leaders, typically in a specific niche
- Special Situations (25% IRR Ask): good businesses undergoing temporary uncertainty with high price-value divergence.
Concentration: 15-20 companies with minimum 3% position size
Position sizing: may vary between 3-15%
Risk Management: Avoid poor governance and excess leverage. Volatility is not risk.
Sell: 1) euphoria in valuations and/or 2) new facts change the view

Suitable For Investor's seeking to invest with a Private Equity approach in listed equities.

Investment Team

Manish Gupta | 4-star rated FM

Founder & CIO | 28 yrs Experience | 11 yrs at current firm

Past Experience: RARE Enterprises (MD-Private Equity), Honeywell (Director-Strategy), BCG (Strategy Consultant)

Prior to founding Solidarity in 2014, Manish worked with Rakesh Jhunjhunwala for 8 years as the Managing Director for Private Equity Investments at Rare Enterprises. His prior experience includes 7 years of strategy consulting with the Boston Consulting Group.

PMS & Listed Equity AIF Schemes

Scheme	Category	1 yr	3 yr	5 yr	Since Inc
Solidarity Prudence	Flexi Cap	15.4	7.1	17.9	17.3

Returns as of 31-Jan-25

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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.