Scheme Rating
IME Scheme Rating
The Scheme does not meet our selection criteria at this time
Not in favour of MF Driven PMS Firms: Typically we are not in favour of PMSs offered by Mutual Fund AMC’s. While they can scale, built on their experience in managing mutual fund assets & substantial distribution strengths, the stability of the core investment team & investment processes can suffer due to FM churn (which is where we prefer promoter-manager-driven PMS’s).
IME Strategy Rating
General Strategy: The strategy involves investing in high-quality businesses integral to India’s growth narrative. The focus is on identifying and participating in the long-term growth of these businesses, with investment decisions grounded in attractive valuations and a margin of safety.
PMS Scheme Ratings are driven by IME’s Proprietary Scheme Rating Methodology, which takes into account our ratings of the Scheme’s investment strategy, its maturity, the investment team, and our separate rating on the AMC that runs this particular scheme. Our views on each of these individual criteria are available via the IME RMS – which you can view by reaching out to one of our relationship managers (using either the live chat or book appointment feature on this site).
IME View on Birla AMC Core Equity
Aditya Birla Capital Core Equity Portfolio- Investment Strategy
Focus on a large cap universe following benchmark agnostic
Investment Philosophy
Focuses on identifying recurring winners that have consistently created value. The philosophy identifies sectors that are key to wealth creation.
Core Equity portfolio uses a unique strategy based on superior IP/screeners. Following an extensive research to identify future winners. Also uses a comprehensive alert system to track industry wise valuations.
Follows a value investing approach to generate alpha returns. Identifying medium and long term misprice companies and buy them at a discount to the fundamental value.
Investment Process
- Portfolio Universe– built by applying Quantitative and Qualitative screeners and evaluating ROE/ROCE, leverage and debt servicing and management quality.
- Reject companies which do not filter through these screeners by identifying companies benefit from the catalysts which are micro/macro trunaround, demerger/delevraging and management change.
- Narrowing down the list to 50-60 sticks by having an optimised portfolio by analysing risk reward and having the potential upside of 100% in 3-4 years.
Finally selecting 25-30 quality companies with high growth and potential upside.
Trailing Performance
1yr | 3yr | 5yr | Since Inception | |
---|---|---|---|---|
Birla AMC Core Equity | 28.2 | 14.1 | 18.7 | 20.4 |
S&P BSE 500 TRI | 41.1 | 18.4 | 22.4 | 15.9 |
Alpha over Broad Mkt BM | -12.9 | -4.3 | -3.7 | 4.5 |
Nifty 500 | 40.2 | 17.2 | 21 | |
Alpha over Category BM | -12 | -3.1 | -2.3 |
Performance as of: 30-Sep-24 | Inception Date: 07-Jan-09
Fund Managers
Natasha Lulla | 3-star rated FM
Fund Manager | 18 yrs Experience
Past Experience: Goldman Sachs (Analyst)
Natasha has been with Birla AMC PMS for over 8 years, having joined Birla AMC as a analyst in Apr-2012. Prior to joining Birla, Natasha worked as an Analyst at Goldman Sachs.
Vishal Gajwani | 3-star rated FM
FM – Equity | 18 yrs Experience | 12 yrs at current firm
Past Experience: Reliance Capital (Asst Fund Manager)
Mr. Gajwani is CA and CFA (US). Prior to joining Aditya Birla Sun Life Mutual Fund, he has worked with Nippon India Mutual Fund.
Fee Structure
Fee Structure | Fee |
---|---|
Fixed Fee Structure | 2.5 |
Variable Fee Structures | 1% fixed + 20% above 12% hurdle |
Exit Fees | 1yr(3%), 2yr(2%) |
AMC
AMC: Birla AMC PMS (click link for detailed AMC review)
Not a top recommendation due to being an MF-driven PMS: Birla AMC PMS suffers from the common ailments of large MF-driven PMS houses (PMS as an add-on instead of a clearly segregated business unit, churn in the investment team, a lack of skin in the game for the CIO and typically loosely defined investment philosophies). While the distribution strengths of the AMC can help the PMS scale and there are benefits of research access, most MF driven PMS's cannot compare to strong CIO-cum-founder driven PMS houses.
AMC Rating
AMC Pedigree
AMC Size
Team Pedigree
Inv Philosophy
Performance
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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.