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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 | 21 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 | 24 yrs Experience | 15 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 | 19 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 56.1 28.8 31.3 20.8
ValueQuest Growth Mid & Smallcap GARP 53.4 29.8 27 18.8

Returns as of 28-Feb-24.

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Details shared on the public website, are only a short snapshot of the more detailed analysis that resides in our Proprietary Research Management Solution (RMS) – A proprietary cloud-based tool, that ensures that the unbiased research insights of our central research team are shared directly with investors.

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.

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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.