Stallion PMS Recommendation & Review

IME Rating

IME PMS Rating

Stallion offers a higher-risk, higher-churn momentum-tilted investment strategy that is ideal for investors interested in momentum investing. Despite being a relatively new AMC, Stallion has established a strong presence through consistent performance in this style.

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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PMS Background

Stallion PMS was founded in 2018 by Amit Jeswani, with an aim of building on their strengths as a research & broking firm into an investment management business.

Young AMC with short tenure Even though the AMC is still young they have had strong performance since inception, its fund manager is yet to build a longer term track record in order to judge its sustainability

PMS Investment Philosophy

Balancing Bull market by investing in Financials & Consumer tech and during Bear market Consumer & pharma

Invest in 2 kinds of Business

Asset Light Business which don’t need Capital to Grow
Companies that can reinvest all free cash flows at high ROIC with strong competitive advantages.

Focus on 4 sectors: Financials & Consumer Tech are chosen as they create alpha in bull market and Consumer and pharma will protect during bear market.

Investment Approach

They follow a combination of best of 3 Styles:

Core Stocks
Trends
Special Situation

This approach is chosen as

Core portfolio (40%-60%) works well in bear market but underperforms in bull market.
Trend portfolio (40%-50%) work well in Bull Market but have larger Draw-downs in Bear markets.
Special Situation (10%) only portfolio might have opportunities in sometime & be on cash in others. This combination is chosen not only to lower the portfolio volatility but will deliver decent returns.

CORE PORTFOLIO

Market Leadership
Management
Market Opportunity- Invest in companies that address a market that is large enough to allow investments to grow 4-5x without needing to compete.
Margin of Safety- Do not use PE Ratio’s instead focus on Capital Allocation & Distribution

TREND PORTFOLIO (don’t correct more than 25% & stay there, if the trend is still in play, it moves back to an all-time high in 3-6 months.)

Buy and rotate strategy
find leaders in every bull market and stick to it
Buy sectors with high expected sustainable growth of more than 20% for the next 3-5 years.
previous bull market winners to not lead next bull market
Would buy companies that make 52 weeks highs than buying new 52 week lows

SPECIAL SITUATION

Change in promoter from Indian to MNC; Large change in Regulation; Valuation + Earnings Re-rating is the goal; Upside expectation of 3-5x in 3-5 year; Demerger of a great division; Growth rate, Business quality & management quality play a role; Downside risk limited (mostly protected by cash or open offer); slowly build their positions as the story gets clear.

Investing Style Combination of Core, Trend and special Situation to balance out during Bull market and Bear Market

Businesses Avoided

Businesses that don’t have recurring revenue or get revenues from govt/project business
Commodity like businesses that get worse with size
Businesses with a growth rate less than Cost of Capital
Hold on to looser for a Long time.

Avoid:

Commodities
Land Bank Play
Bad Promoter
Valuation Arbitrage
Government Businesses (B2G or G2B)

RISK MANAGEMENT

Exit from Core Stocks/ Sell

Change in Expected growth rate
Incremental return of capital employed
Competitive Advantage Period
Cost of Capital

Suitable For Not a recommended PMS provider

Investment Team

Amit Jeswani | 3-star rated FM

Founder & CIO | 15 yrs Experience | 7 yrs at current firm

Amit Jeswani is a CFA Charter holder and CMT. He has over 14 years of in capital markets. He is an active member of the Association of Technical Market Analyst and Indian Association of Investment Professionals.

PMS & Listed Equity AIF Schemes

Scheme	Category	1 yr	3 yr	5 yr	Since Inc
Stallion Core	Flexi Cap	42.1	32.8	32.4	30.8

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.