Sundaram Alternates PMS Recommendation & Review

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IME Rating

IME PMS Rating

Sundaram Alternates PMS is a mature provider specializing in small-and-mid caps. While it is differentiated from larger AMC-founded PMS providers, it suffers from MF-promoted PMS issues. Owner-managed PMS providers are typically preferred. However, Sundaram Alternates PMS has long-track records, differentiation in mid-and-small caps, and PMS-like strategies with higher concentrations and differentiated portfolios.

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.

AMC Background

Sundaram Alternates PMS is part of the Sundaram AMC (a mid-sized mutual fund house) and has been in existence for over 2 decades (commenced operations in 1996). While it is part of a smaller AMC than peers (like ICICI, Birla and Axis), Sundaram is known to specialise in small and mid-cap stock picks (especially for South Indian businesses), which provides a solid foundation to build an alternates platform.

Mature but suffers from typical AMC-driven PMS provider issues Investment team churn (Madanagopal has only been with the PMS for 2 years) is a typical issue with AMC PMS's where the main fund manager does not have a substantial equity stake. PMS as an add-on instead of a clearly segregated business unit, churn in the investment team, a lack of skin in the game for the CIO and typically loosely defined investment philosophies are a few issues with AMC-driven PMS provider.

Investment Philosophy

Sundaram Alternates PMS does not have a clearly articulated investment philosophy, but they are known for their expertise in identifying attractive investment opportunities in the small & mid-cap space.

Specialist in Small and Mid-caps Known for their network especially in South India, Sundaram has carved out a niche for themselves in this regard.

Suitable For Investor's seeking to invest with an established investment manager, that has the flexibility to deliver returns across a wide range of market conditions.

Investment Team

Madanagopal Ramu | 3-star rated FM

Fund Manager | 20 yrs Experience | 7 yrs at current firm

Past Experience: Centrum (Analyst), PFC (Project Finance)

Having joined Sundaram as a research analyst in 2010, Madangopal went on to become the Head of Research and co-manager of a number of the Sundaram AMC funds. He joined the PMS division in 2018.

Karthik Athreya | 4-star rated FM

FM | 27 yrs Experience

Past Experience: Altico Capital, Clearwater Capital, Rabo, Arthur Andersson, PWC, Yes Bank

Karthik Athreya is in charge of the Alternative Financing strategy at Sundaram AMC. He has almost 22 years of expertise in corporate finance, investment banking, and principal investing. Prior to this, He established Altico Capital and oversaw Clearwater Capital’s India division. He worked at Rabo, Arthur Andersson, and PWC before becoming a founding employee of Yes Bank.

PMS & Listed Equity AIF Schemes

Scheme	Category	1 yr	3 yr	5 yr	Since Inc
Sundaram Alternates Voyagers	Flexi Cap	14	10	26.3	12
Sundaram Alternates SISOP	Large & Midcap	14	10.5	22.9	17.2
Sundaram Alternates S.E.L.F	Flexi Cap	6.3	8.5	25.4	16.6

Returns as of 31-Mar-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.