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Trustline PMS

PMS Rating

IME PMS Rating

3 of 5 stars

Can be considered for investment: Over the past 20 years, Trustline PMS has built its credibility (starting from fairly humble roots) and has emerged as a strong niche PMS provider that is a good choice for investors keen on investing in their core style (value-based small and mid-cap investing).

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 (651cr) | Promoter Category ()

PMS Background

Trustline PMS is a Chennai-based Research & Investment Management firm, incorporated in 2004 by ArunaGiri (a senior IT professional).

PMS Investment Philosophy

Trustline PMS follows a value investment style, that focuses on buying stocks that trade at a significant discount to intrinsic value. Additionally, there has a clear focus on investing in stocks in the small & mid-cap categories.

Trustline offers two strategies: Intrinsic Deep Value Fund and Arbitrage

Intrinsic DeepValue Fund

  • Size Advantage: Invests in small and mid-caps, allowing them to focus highly promising companies with market capitalization below 1000 cr. 
  •  Ahead in Value Curve: Invest in companies that are in their infancy which in turn would have the potential to deliver exceptional returns as they scale up. 
  • Hidden Gems: Companies that are unlikely to be in competition due to their small size. 
  • High Growth Industries: Stock are picked, concentrating on high growth sectors specialty chemicals, niche engineering, industrial brands, auto ancillaries, education, software products, healthcare and other promising such sectors. 
  • Returns Maximisation: Allocation model based on maximizing returns across market cycles. 

Investment Process

  • Research Template: Having a research template with 400 check points, check lists across 4 dimensions i.e, Business, Financial, Management & Valuation tenets. 
  • Snap shots: Template to keep record of on-going developments in their Stock Universe (Having an universe of 800+ Companies) 
  • Data Mining: Software tool for fundamental analysis (Annual rep, Analyst Meet transcripts, Research report, AGM minutes etc.,), Filters, screens, for short listing. 
  • Management Meeting: Discussion with CXO’s; get captured in the management feedback template. 
  • Scuttle Butt Discussion: Re-validation with fund managers and Research analysts network, Captured in field survey template. 
  • Final Decision: Final Decision by the investment committee.  

Arbitrage Fund 

The fund aims to generate moderate returns by investing in debt and equity that are impacted by corporate events such as open offers, delisting, mergers, acquisitions, asset sales, restructuring, or other special situations.

Aimed returns: 400-500bps above FD/FMP

Focuses on investing in companies with market cap less than 1000 cr that are still in the infancy stage so as they scale up they can deliver exponential returns.

Inv Team

Investment Team

ArunaGiri Nallasivam | 4-star rated FM

Founder & CIO | 27 yrs Experience | 20 yrs at current firm

Past Experience: Reliance Infocom (Account Mgr), Wipro (Regional Mgr)

With no prior investments experience, ArunaGiri has developed his investment track record from scratch at Trustline PMS. Focusing on a value-investment approach in small & mid caps, he has now over 15 years of a strong investments track record and proven his investment credentials.

PMS/AIF Schemes

PMS & Listed Equity AIF Schemes

No items found

Returns as of 30-Sep-24.

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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.

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