PMS Rating

IME PMS Rating

AMC does not meet our selection criteria at this time

Not a recommended AMC: Typically AMC driven PMS's benefit from the distribution & research strengths of the mutual fund. However, Tata MF has struggled to scale relative to the value of its brand and the PMS division is more an off-shoot than a strong independent arm. Until the PMS business is not more clearly defined and given a greater degree of focus, we do not recommend investments in Tata PMS.

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.

PMS Background

Discretionary AUM (164cr) | Promoter Category ()

PMS Background

Tata PMS is the PMS arm of Tata AMC – a mid tier mutual fund house.

PMS Investment Philosophy

There is no clearly articulated investment philosophy at the PMS levels, with strategy being driven at a scheme level.

Inv Team

Investment Team

Tejas Gutka | 2-star rated FM

Head of Portfolio Management | 18 yrs Experience | 4 yrs at current firm

Past Experience: Portfolio Manager & Head of Equitiy (Tamohara Investment Managers), Head of Research (tamohara Investment Managers), Assistant VP -Investment Advisory Services (Barclays Wealth and Investment Management), Assistant VP, Research (Barclays Wealth and Investment Management), Manager (CARE Ratings)

Tejas Gutka comes with 14 years of experience, started as a Credit Rating Analyst at CARE Rating. He later went to take the role of Equity Research Analyst at Barclays Wealth and Investment Management and Portfolio Manager at Tamohara Investment Managers before joining Tata PMS in December 2019.

Harsh Agarwal | 3-star rated FM

Fund Manager | 22 yrs Experience | 5 yrs at current firm

Past Experience: Portfolio Manager (Reliance Securities), Principal Research Analyst (Vistasoft India)

Harsh Agarwal is a specialist in equity hedge fund strategies. He joined Tata Asset Management in November 2018 as Head of Alternative Strategies. Started the alternatives business with launch of Tata Absolute Return Fund in April 2019. Through Tata Absolute Return Fund, Harsh introduced the Equity market-neutral investing strategy to the investor community. His prior stint includes working as Portfolio Manager‚ Equity long/short strategy at Reliance Securities where he managed equity long/short portfolio and generated consistent high returns. Harsh received his training in equity investments and hedging strategies while working for Deutsche bank’s trading desk and Roc Capital Management USA. He is an MBA (Finance) from Symbiosis, Pune and also done courses in Certified Portfolio Manager and Certified Treasury Manager from The Institute of Chartered Financial Analysts of India University.

Kunal Pawaskar

Fund Manager | 19 yrs Experience | 3 yrs at current firm

Past Experience: VP( Indgrowth Capital)

16 years of experience primarily in investment banking and investment management Over the past decade and a half, he has worked with leading organizations including Indgrowth Capital Advisors, a mid cap and small cap long only equities focused Category III AIF, Avista Advisory (during their partnership with Houlihan Lokey), IIFL and SBI Capital Markets. Kunal is a post graduate in Management Studies from IIM Indore and holds a Bachelor’s Degree in Engineering from Mumbai University.

PMS/AIF Schemes

PMS & Listed Equity AIF Schemes

Scheme Category Style 1 yr 3 yr 5 yr Since Inc
Tata Absolute Return AIF Absolute LS Absolute Return LS
Tata AMC ACT Investment Flexi Cap GARP 29.5 16.5 15.9 15.3
Tata AMC Emerging Opportunities Investment Approach Mid & Smallcap GARP 35.9 17.6 17.2 11.9

Returns as of 28-Feb-24.

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Our RMS allows us to operate with a level of transparency, ethics & consistency of insights, that is unparrarelled in the industry. Our RM’s will help showcase the PMS/AIF options that are the most suited for your unique requirements.

Download Sample RMS Reports: AMC View | Scheme Comparison

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.