Trivantage PMS
PMSIME's View on Trivantage PMS
AMC View
We believe investment managers should focus on their expertise. Trivantage PMS specializes in the financial sector with a veteran manager, making it a top BFSI fund in the market.
AMC Pedigree
Trivantage PMS, founded by an experienced professional in the financial services industry, is a credible player in the niche PMS market despite being a young firm.
Team Pedigree
A sector-focused PMS house benefits from having a CIO with extensive experience running leading investment houses like Nikhil, who brings valuable insights on business operations to the table. Nikhil Johri, Founder & CIO, has experience spanning treasury, banking, and portfolio management across global and Indian institutions.
Investment Philosophy
Trivantage follows a sector-focused, bottom-up investment style with core expertise in financials. The investment philosophy focuses on purchasing high-quality financial services businesses using the founder & CIO Nikhil Johri's expertise.
PMS Background
Trivantage PMS was founded in 2014 by Nikhil Johri with a focused mandate of building portfolios centered on the Indian financial services sector, leveraging the founder’s deep domain expertise in the space. While the platform remains relatively young in comparison to larger, diversified PMS providers, Trivantage has positioned itself as a niche specialist rather than a broad-based manager. The credibility of the platform is closely tied to the pedigree and experience of its founder, whose career in financial services underpins the firm’s differentiated positioning and sector-specific approach.
PMS Investment Philosophy
The investment philosophy at Trivantage PMS is anchored in operating strictly within the founder’s circle of competence, with an exclusive focus on financial services businesses. Stock selection is driven by an integrated assessment of macroeconomic conditions, detailed credit analysis, and valuation discipline, reflecting a belief that sustainable outperformance in financials requires a combined understanding of balance sheet risk, cycle positioning, and pricing. The philosophy places strong emphasis on alignment of interest through founder co-investment, the willingness to take contrarian positions when conviction is high, and maintaining high ethical and governance standards across portfolio companies.
Stock Selection Framework
The portfolio construction process begins with a broad coverage of the listed financial services universe, actively tracking approximately 40 stocks out of the roughly 100 listed BFSI names, and narrowing this down to a concentrated portfolio of 15–18 stocks through layered qualitative and quantitative filters.
Qualitative Filters
- Assessment of CEO and senior management track record, including ability to lead through multiple economic and credit cycles.
- Evaluation of ESOP structures and management skin-in-the-game.
- Role, independence, and effectiveness of the board.
- Quality, integrity, and involvement of promoters.
- Sustainability of the business model and strength of competitive moats.
Quantitative Filters
- Capital adequacy and balance sheet strength.
- Free-float market capitalisation and stock liquidity.
- Volatility characteristics.
- Quality and granularity of deposit franchise, where applicable.
- Return ratios and efficiency metrics.
Suitable For
Investors seeking focused exposure to the Indian financial services sector through a concentrated, sector-specialist PMS led by a founder-CIO with deep operational and investment experience in financials.
Investment team
Nikhil Johri | 4-star rated FM
Founder & CIO | 38 yrs Experience | 11 yrs at current firm
Past Experience: CEO India (BNP Paribas Investments, Fortis Investments, ABN Amro AMC)
Nikhil is a veteran of the Indian financial markets, having been the CEO at several leading investment firms including BNP, Fortis & ABN Amro. He started Trivantage PMS in 2014, in order to use his considerable knowledge of the financial system to build financials focussed investment portfolios.
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Trivantage Resurgent Financials
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