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ValueQuest PMS

PMS Rating

IME PMS Rating

4 of 5 stars

Highly recommended for a more aggressive and concentrated investment style: ValueQuest has established its credentials as a founder-managed PMS provider, with its experienced fund management team and a strong 10-year track record.

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 (8231cr) | Promoter Category ()

PMS Background

ValueQuest was co-founded by Ravi Dharamshi and Sameer Shah in 2010. Ravi Dharamshi comes with over 2 decades of experience, having worked at RARE Enterprises (research and private equity deals) prior to founding ValueQuest. Sameer Shah also comes with over 2 decades of experience, previously heading business development at FCH Centrum, BRICS Securities and Sharekhan.

ValueQuest has since scaled well, now driven by a strong team with 3 fund managers, 10 research analysts with domain expertise, 7 people in operations, and 2 business development personnel.

Investment Philosophy

FRAMEWORK

  • Opportunity Size: driven by rich in possibilities, high earnings growth, longevity, predictability and scalability
  • Competitive advantage: through networks, IP, regulation, brand, cost structure and switching cost
  • Scalability & Sustainability: driven by replicability, market adjacencies, technology adoption, and reach
  • Management: look for competent management and efficient capital allocators, with aligned interests 
  • Asymmetric Risk-return: through operating leverage, S-curve, and numbers vs narrative

Investment Process

  • Top-down Approach: Supportive macros, improving competitive positioning and developing business tailwinds
  • Bottom-up Approach: Proactive management, strong balance sheet, and attractive risk-return

FILTERS

  • Universe: 500-600 companies based on quality filter through balance sheet strength, management capabilities and competitive positioning
  • Focus Companies: 150-200 companies based on growth filter drive by industry tailwinds, increasing market share, improvement in P/L and balance sheet.
  • Core: 30-50 companies with favourable risk-reward, perception with market and margin of safety

ValueQuest’s research is driven by a rigorous focus on depth, quality, propreitary research, ground research, and differential insights over the breath, quantity, borrowed conviction, ticking boxes and desk research.

Inv Team

Investment Team

Ravi Dharamshi | 4-star rated FM

Co-Founder and Portfolio Manager | 22 yrs Experience | 17 yrs at current firm

Past Experience: Analyst (RARE Enterprises)

Ravi Dharamshi is the Founder & CIO of ValueQuest Investment Advisors. He has an MBA in Finance from McCallum Business School, US. He returned from the US after a brief internship stint at Salomon Smith Barney. He has been associated with the Indian stock markets for over 21 years. After graduating, he worked his way up through the stock market business, spending four years at RARE Enterprises under the aegis of Rakesh Jhunjhunwala and Utpal Sheth, where he was involved with in-depth research and private equity deals.

Sameer Shah | 4-star rated FM

Co-Founder and Portfolio Manager | 25 yrs Experience | 16 yrs at current firm

Past Experience: Head Business Development (Centrum)

Sameer Shah is the Co-Founder and Portfolio Manager of ValueQuest. He holds a Chartered Accountancy degree with over 22 years of capital markets experience. Previously, he was vice president of business development at FCH Centrum, BRICS Securities, and Share.

Varun Goenka | 4-star rated FM

Portfolio Manager | 20 yrs Experience | 3 yrs at current firm

Past Experience: Co-Fund Manager (Nippon India AMC), Senior Analyst (JM Financial)

Varun Goenka is the Managing Partner and Portfolio Manager at ValueQuest. He has 19 years of experience and prior to ValueQuest, He has stints withh Anand Rathi Securities (Trader), JM Financial (Sr. analyst) and Nippon AMC (Fund Manager).

PMS/AIF Schemes

PMS & Listed Equity AIF Schemes

Scheme Category Style 1 yr 3 yr 5 yr Since Inc
ValueQuest Platinum Mid & Smallcap GARP 45.7 27.3 38.7 22.5
ValueQuest Growth Mid & Smallcap GARP 40.5 23.7 35.6 19.7

Returns as of 31-July-24.

Free 30-Day Trial of the IME RMS

Details shared above, are only a short-snapshot of the more detailed analysis that resides in IME’s Proprietary RMS (Research Management Solution).

The IME RMS is the first tool ever, to give investors direct access to the insights of the central research team. Investors gain direct access to our ratings, rating rationales & analysis across thousands of funds (MFs, PMSs, AIFs, Global funds), asset classes, categories & more.

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