Alchemy Leaders of Tomorrow AIF Recommendation & Review

   .tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="fca7a8ad6ffbe8e9fde1242c376e0112"] { grid-template-columns: minmax(0, 0.24fr) minmax(0, 0.76fr);grid-row-gap: 9px;grid-auto-flow: row } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="fca7a8ad6ffbe8e9fde1242c376e0112"] > .tb-grid-column:nth-of-type(2n + 1) { grid-column: 1 } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="fca7a8ad6ffbe8e9fde1242c376e0112"] > .tb-grid-column:nth-of-type(2n + 2) { grid-column: 2 } .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="e863d66eac949908a5c6c8d2fd31320c"] { display: flex; } .tb-rating{position:relative;white-space:nowrap;color:#c1c1c1;font-size:1.3em;line-height:1.3}.tb-rating__container{position:relative;display:inline-block}.tb-rating__star{display:inline-block;position:relative}.tb-rating__star::before{content:attr(data-star);display:inline-block;clear:both}.tb-rating__rating{position:absolute;left:0;display:inline-block;overflow:hidden;white-space:nowrap}.tb-rating__rating::after{content:attr(data-star)}html[dir="rtl"] .tb-rating__rating{left:auto;right:0}.tb-rating--left{text-align:left}.tb-rating--right{text-align:right}.tb-rating--center{text-align:center}.tb-rating .tb-screen-reader{position:absolute !important;height:1px;width:1px;overflow:hidden;clip:rect(1px, 1px, 1px, 1px)}.tb-rating__rating{color:#e4cc29} .tb-rating[data-toolset-blocks-star-rating="5c5d2da6d160d015e30db2694af71b3a"] { font-family: dashicons, sans-serif;; } .tb-rating[data-toolset-blocks-star-rating="5c5d2da6d160d015e30db2694af71b3a"] .tb-rating__star:before { content: '\f155'; } .tb-rating[data-toolset-blocks-star-rating="5c5d2da6d160d015e30db2694af71b3a"] .tb-rating__rating:after { content: '\f155\f155\f155\f155\f155'; }  .tb-rating{position:relative;white-space:nowrap;color:#c1c1c1;font-size:1.3em;line-height:1.3}.tb-rating__container{position:relative;display:inline-block}.tb-rating__star{display:inline-block;position:relative}.tb-rating__star::before{content:attr(data-star);display:inline-block;clear:both}.tb-rating__rating{position:absolute;left:0;display:inline-block;overflow:hidden;white-space:nowrap}.tb-rating__rating::after{content:attr(data-star)}html[dir="rtl"] .tb-rating__rating{left:auto;right:0}.tb-rating--left{text-align:left}.tb-rating--right{text-align:right}.tb-rating--center{text-align:center}.tb-rating .tb-screen-reader{position:absolute !important;height:1px;width:1px;overflow:hidden;clip:rect(1px, 1px, 1px, 1px)}.tb-rating__rating{color:#e4cc29} .tb-rating[data-toolset-blocks-star-rating="55745395545ecce30e119da0771062c1"] { font-family: dashicons, sans-serif;; } .tb-rating[data-toolset-blocks-star-rating="55745395545ecce30e119da0771062c1"] .tb-rating__star:before { content: '\f155'; } .tb-rating[data-toolset-blocks-star-rating="55745395545ecce30e119da0771062c1"] .tb-rating__rating:after { content: '\f155\f155\f155\f155\f155'; }  .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="3034fbe886c11054e95b46b09d3e4112"] { display: flex; } .tb-rating{position:relative;white-space:nowrap;color:#c1c1c1;font-size:1.3em;line-height:1.3}.tb-rating__container{position:relative;display:inline-block}.tb-rating__star{display:inline-block;position:relative}.tb-rating__star::before{content:attr(data-star);display:inline-block;clear:both}.tb-rating__rating{position:absolute;left:0;display:inline-block;overflow:hidden;white-space:nowrap}.tb-rating__rating::after{content:attr(data-star)}html[dir="rtl"] .tb-rating__rating{left:auto;right:0}.tb-rating--left{text-align:left}.tb-rating--right{text-align:right}.tb-rating--center{text-align:center}.tb-rating .tb-screen-reader{position:absolute !important;height:1px;width:1px;overflow:hidden;clip:rect(1px, 1px, 1px, 1px)}.tb-rating__rating{color:#e4cc29} .tb-rating[data-toolset-blocks-star-rating="526b042584aa99739247e3c9d71b7a4b"] { font-family: dashicons, sans-serif;; } .tb-rating[data-toolset-blocks-star-rating="526b042584aa99739247e3c9d71b7a4b"] .tb-rating__star:before { content: '\f155'; } .tb-rating[data-toolset-blocks-star-rating="526b042584aa99739247e3c9d71b7a4b"] .tb-rating__rating:after { content: '\f155\f155\f155\f155\f155'; } @media only screen and (max-width: 781px) {    .tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="fca7a8ad6ffbe8e9fde1242c376e0112"] { grid-template-columns: minmax(0, 0.5fr) minmax(0, 0.5fr);grid-auto-flow: row } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="fca7a8ad6ffbe8e9fde1242c376e0112"] > .tb-grid-column:nth-of-type(2n + 1) { grid-column: 1 } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="fca7a8ad6ffbe8e9fde1242c376e0112"] > .tb-grid-column:nth-of-type(2n + 2) { grid-column: 2 } .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="e863d66eac949908a5c6c8d2fd31320c"] { display: flex; } .tb-rating{position:relative;white-space:nowrap;color:#c1c1c1;font-size:1.3em;line-height:1.3}.tb-rating__container{position:relative;display:inline-block}.tb-rating__star{display:inline-block;position:relative}.tb-rating__star::before{content:attr(data-star);display:inline-block;clear:both}.tb-rating__rating{position:absolute;left:0;display:inline-block;overflow:hidden;white-space:nowrap}.tb-rating__rating::after{content:attr(data-star)}html[dir="rtl"] .tb-rating__rating{left:auto;right:0}.tb-rating--left{text-align:left}.tb-rating--right{text-align:right}.tb-rating--center{text-align:center}.tb-rating .tb-screen-reader{position:absolute !important;height:1px;width:1px;overflow:hidden;clip:rect(1px, 1px, 1px, 1px)}.tb-rating__rating{color:#e4cc29} .tb-rating{position:relative;white-space:nowrap;color:#c1c1c1;font-size:1.3em;line-height:1.3}.tb-rating__container{position:relative;display:inline-block}.tb-rating__star{display:inline-block;position:relative}.tb-rating__star::before{content:attr(data-star);display:inline-block;clear:both}.tb-rating__rating{position:absolute;left:0;display:inline-block;overflow:hidden;white-space:nowrap}.tb-rating__rating::after{content:attr(data-star)}html[dir="rtl"] .tb-rating__rating{left:auto;right:0}.tb-rating--left{text-align:left}.tb-rating--right{text-align:right}.tb-rating--center{text-align:center}.tb-rating .tb-screen-reader{position:absolute !important;height:1px;width:1px;overflow:hidden;clip:rect(1px, 1px, 1px, 1px)}.tb-rating__rating{color:#e4cc29} .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="3034fbe886c11054e95b46b09d3e4112"] { display: flex; } .tb-rating{position:relative;white-space:nowrap;color:#c1c1c1;font-size:1.3em;line-height:1.3}.tb-rating__container{position:relative;display:inline-block}.tb-rating__star{display:inline-block;position:relative}.tb-rating__star::before{content:attr(data-star);display:inline-block;clear:both}.tb-rating__rating{position:absolute;left:0;display:inline-block;overflow:hidden;white-space:nowrap}.tb-rating__rating::after{content:attr(data-star)}html[dir="rtl"] .tb-rating__rating{left:auto;right:0}.tb-rating--left{text-align:left}.tb-rating--right{text-align:right}.tb-rating--center{text-align:center}.tb-rating .tb-screen-reader{position:absolute !important;height:1px;width:1px;overflow:hidden;clip:rect(1px, 1px, 1px, 1px)}.tb-rating__rating{color:#e4cc29} } @media only screen and (max-width: 599px) {    .tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="fca7a8ad6ffbe8e9fde1242c376e0112"] { grid-template-columns: minmax(0, 1fr);grid-auto-flow: row } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="fca7a8ad6ffbe8e9fde1242c376e0112"]  > .tb-grid-column:nth-of-type(1n+1) { grid-column: 1 } .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="e863d66eac949908a5c6c8d2fd31320c"] { display: flex; } .tb-rating{position:relative;white-space:nowrap;color:#c1c1c1;font-size:1.3em;line-height:1.3}.tb-rating__container{position:relative;display:inline-block}.tb-rating__star{display:inline-block;position:relative}.tb-rating__star::before{content:attr(data-star);display:inline-block;clear:both}.tb-rating__rating{position:absolute;left:0;display:inline-block;overflow:hidden;white-space:nowrap}.tb-rating__rating::after{content:attr(data-star)}html[dir="rtl"] .tb-rating__rating{left:auto;right:0}.tb-rating--left{text-align:left}.tb-rating--right{text-align:right}.tb-rating--center{text-align:center}.tb-rating .tb-screen-reader{position:absolute !important;height:1px;width:1px;overflow:hidden;clip:rect(1px, 1px, 1px, 1px)}.tb-rating__rating{color:#e4cc29} .tb-rating{position:relative;white-space:nowrap;color:#c1c1c1;font-size:1.3em;line-height:1.3}.tb-rating__container{position:relative;display:inline-block}.tb-rating__star{display:inline-block;position:relative}.tb-rating__star::before{content:attr(data-star);display:inline-block;clear:both}.tb-rating__rating{position:absolute;left:0;display:inline-block;overflow:hidden;white-space:nowrap}.tb-rating__rating::after{content:attr(data-star)}html[dir="rtl"] .tb-rating__rating{left:auto;right:0}.tb-rating--left{text-align:left}.tb-rating--right{text-align:right}.tb-rating--center{text-align:center}.tb-rating .tb-screen-reader{position:absolute !important;height:1px;width:1px;overflow:hidden;clip:rect(1px, 1px, 1px, 1px)}.tb-rating__rating{color:#e4cc29} .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="3034fbe886c11054e95b46b09d3e4112"] { display: flex; } .tb-rating{position:relative;white-space:nowrap;color:#c1c1c1;font-size:1.3em;line-height:1.3}.tb-rating__container{position:relative;display:inline-block}.tb-rating__star{display:inline-block;position:relative}.tb-rating__star::before{content:attr(data-star);display:inline-block;clear:both}.tb-rating__rating{position:absolute;left:0;display:inline-block;overflow:hidden;white-space:nowrap}.tb-rating__rating::after{content:attr(data-star)}html[dir="rtl"] .tb-rating__rating{left:auto;right:0}.tb-rating--left{text-align:left}.tb-rating--right{text-align:right}.tb-rating--center{text-align:center}.tb-rating .tb-screen-reader{position:absolute !important;height:1px;width:1px;overflow:hidden;clip:rect(1px, 1px, 1px, 1px)}.tb-rating__rating{color:#e4cc29} } 

AUM (626 cr) | Inc Date (3-Jan-2018)

Scheme Rating

IME Scheme Rating

While there may not be anything specifically wrong with the fund and the fund house per-se, based on our combined evaluation of it’s longer-term performance, the AMC’s pedigree (specifically within the funds category), the pedigree of the core investment team, the fund’s maturity and other such factors, there are other funds within this category that we believe to be better investment options.

IME Strategy Rating

Unlike certain peers who have tightly defined investment strategies, Alchemy has a more flexible approach. This is both good & bad. It allows for the fund manager to pivot strategies in dynamic market conditions, but it leads to a lower level of clarity on the exact nature of likely investments. While the core investment philosophy remains similar to the Alchemy PMS offerings, the AIF includes the potential to invest in pre-IPO opportunities that have the potential to deliver higher upsides (though with a higher level of risk).

AMC Rating

AMC: Alchemy PMS (click link for detailed AMC review)

Despite having strong founders, a respected CIO, and a history of identifying good investment opportunities, Alchemy’s recent underperformance is the main reason why it is not rated as a 5 or 4-star PMS.

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).

Investment Philosophy

The strategy aims to invest in a) Listed equities, b) Private investment in public equity placements, and c) IPO and pre-IPO opportunities. The strategy is sector agnostic with a focus on “Growth at a Reasonable Price”.

Alchemy Investment Process is driven by the ‘3 I-Matrix’

Idea Generation: Track larger investment universe of 500 companies with detailed understanding of 100-150 companies. Along with actively tracking the larger universe, idea generations happens through network inputs (independent company/sector feedback, interacting with peer group, and from sector conference).
Investment Process: Investment process managed by the CIO with veto power at various stages of the research process. Continuous monitoring and periodic reviews of the position on a quarterly basis.
Intervention: Intervention based on CIO’s veto power in portfolio construction, and exit strategy.

Exit strategy based on risk-reward outlook, better opportunities, and/or hypothesis not playing out.

STRATEGY

Alchemy ‘Leaders of Tomorrow’ focusses on multiple macro-trend that is driving value creation. These trends can be broadly classified as ‘Unorganised to Organised’.

MAJOR CHANGES IN THE ECONOMY (2013-17)

Aadhar
Direct Benefit Transfer
GST
Online Commerce
RERA
Bankruptcy Code
Demonitization

Impact of major changes in the Economy

Challenges to unorganised companies as price-to-quality perception gap erodes
Changes in behaviour and curtails demand for discretionary/luxury goods
Financialisation of savings

Flexible Approach Alchemy has a flexible approach to its strategy. A seasoned and respected investment professional, Hiren Ved, allows for the investment team to pivot strategies in dynamic market conditions. Hiren is backed up by Amit & Vikas, both of whom have a high level of experience in equity investing.

Trailing Performance

	1yr	3yr	5yr	Since Inception
Alchemy Leaders of Tomorrow AIF	17	16.3	25.3	16.3
S&P BSE 500	8.4	12.7	16.8	12.4
Alpha over Broad Mkt BM	8.6	3.6	8.5	3.9
S&P BSE 500	8.4	12.7	16.8
Alpha over Category BM	8.6	3.6	8.5

Performance as of: 31-Jan-25 | Inception Date: 03-Jan-18

Fund Managers

Hiren Ved | 5-star rated FM

CIO | 34 yrs Experience | 26 yrs at current firm

Past Experience: Prime Securities (Head – Equities), KR Choksey (Head of Research)

HIren is a very seasoned investment professional, with close to 3 decades of investment experience. He co-founded Alchemy Capital Mgmt in 1999, helping build it into one of the leading PMS’s in the country, on the back of long-term stability in the investment management team and strong alpha generation over time.

Fee Structure

Fee Structure	Fee
Fixed Fee Structure
Variable Fee Structures	1.5% + 15% over 10% hurdle rate, including High Water mark provision
Exit Fees	1yr (1%)

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.

Learn More

IME RMS Demo

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.