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Unifi PMS

PMS Rating

IME PMS Rating

5 of 5 stars

Highly recommended for aggressive investors seeking thematic strategies: A clearly differentiated thematic investment approach, helps Unifi occupy its own specific position in the market. Consistent delivery across multiple thematic strategies, with a stable home-grown investment team, has helped them scale into one of the largest PMS players in the market.

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 (14869cr) | Promoter Category ()

PMS Background

Founded by Sarath Reddy in 2001, Unifi has seen tremendous growth to enter the top 5 PMS providers in the market. What makes this accomplishment so credible, is that this is a PMS that has been built from the ground up (without the backing of a large broker, AMC or Star Fund Manager).

Unifi’s success has been built on the back of strong client engagement and the launch of differentiated strategies based on specific market opportunities (typically close-ended limited-time launches) as compared to the more common open-ended evergreen strategies of other PMS providers.

Investment Philosophy

Unifi is essentially a value investor in growth businesses. Value is placed first, but with a clear recognition that business growth is the critical catalyst required for a stock to re-rate. These niche opportunities are often limited in terms of time and the amount of capital that can be deployed, which is why most Unifi strategies are launched for only a limited time and are systematically closed once the opportunity has played out. The current niche themes that the fund follows are:

  1. Spin-off: Corporate action leading to mispricing in a special situation
  2. Deep Value Discount (DVD): Deep discount to intrinsic value due to inadequate understanding of the business, relatively low market cap, and liquidity, or lack of correlation to benchmark indices. DVD invests in such businesses and exploits market inefficiencies
  3. Hold co: Identifies strong underlying businesses and looks for massive valuation discounts that are likely to recover as promoters feel the heat of change in the regulatory landscape
  4. APJ20: Sectors that become globally competitive and are privy to an expanding market opportunity. APJ20 theme selects firms that have evolved and are in a ripe position to benefit from such growth prospects.
  5. Green: Focus on companies that provide products and services that help in reducing the carbon footprint in the environment and/or result in more efficient use of natural resources. Sectors identified are – emission control, energy efficiency, water management, and waste management.
  6. Insider Shadow: Invests in companies in which founders have acquired a meaningful quantity of additional shares at market prices.
  7. BCAD: Focus is on established companies in the specific sector that are lading the migration of market share from unorganized to organized players. Powerful trends are driving the shift in the balance of competitive advantage in favour of organized businesses. 

Inv Team

Investment Team

Baidik Sarkar | 4-star rated FM

Fund Manager | 17 yrs Experience | 16 yrs at current firm

Past Experience: Unifi (Corporate Finance), PWC (Strategy Consultant)

Baidik has been with Unifi for over a decade, with core responsibilities of research in the IT, real-estate and the agricultural sectors and assisting the CIO in managing the spin-off and APJ funds.

Sarath K Reddy | 5-star rated FM

CIO | 34 yrs Experience | 23 yrs at current firm

Past Experience: Navia Markets (MD), Stan C (Manager)

Having started his career with Standard Chartered Bank, Sarath founded Unifi Capital in 2001 and has since built the company into one of the leading PMS providers in India. As CIO, he works closely with his investment team to deliver outperformance on Unifi PMS strategies.

Saravanan V N | 4-star rated FM

Fund Manager | 25 yrs Experience | 18 yrs at current firm

Past Experience: Unifi (Corporate Finance), ICICI Bank (Credit Manager), PWC (Article Assistant)

Saravan has been with Unifi for over a decade, with primary responsibilities of tracking pharmaceuticals, NBFC, and domestic debt markets. He has a specific specilisation in debt securities and identifying arbitrage opportunities.

PMS/AIF Schemes

PMS & Listed Equity AIF Schemes

Scheme Category Style 1 yr 3 yr 5 yr Since Inc
Unifi Insider Shadow Thematic 37.5 22.1 24.4 16.3
Unifi BCAD Mid & Smallcap Thematic 43.3 23.9 22.8 17.9
Unifi Blended Rangoli Flexi Cap GARP 40.9 25.1 29.7 23.1

Returns as of 28-Feb-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.