Anand Rathi Impress

Anand Rathi PMS | Equity | | PMS

IME's View on Anand Rathi Impress

Strategy

Investment Fund

While we acknowledge the strategy’s improved performance, especially in recent periods, we remain skeptical about the AMC’s overall pedigree and the lack of similar performance delivery across its other schemes. The strategy can be considered for investment; however, we continue to prefer other well-pedigreed funds within the category

Fund's Strategy View

Anand Rathi's Impress PMS is a Multicap aggressive concentrated portfolio of 15 - 20 stocks with 70%+ into the mid and small-cap. Sectorally well-diversified portfolio. Focus more on growth strategy with companies with better margins, return ratio, corporate governance and earnings visibility.

Fund Performance

The fund has outperformed peers & is amongst the top performing schemes in this category in the last 5 year trailing returns. In terms of longer-term annual performance, performance consistency has been mixed, with the fund having outperformed & underperformed the bechmark roughly in half the years.

IME's View on Anand Rathi PMS

View on AMC

Anand Rathi has scaled meaningfully, and the presence of Mayur Shah, a homegrown fund manager, has brought greater stability to the team. However, his ownership stake in the AMC introduces uncertainty around potential churn. Additionally, the fund’s performance has been highly volatile. Given these factors, we do not recommend the strategy for investment at this time. Anand Rathi's core business remains wealth management and accordingly, we believe asset management credentials are not similar to that of pure fund-manager founded asset management firms.

AMC's Pedigree

Anand Rathi’s equity research capabilities are strong, and while their PMS business has scaled up well in recent years, it still represents a relatively small portion of the overall group.

AMC Team

Mayur Shah is an Anand Rathi vetran - having been with the group since 2007, with the PMS offerings since 2008 and heading Anand Rathi PMS since 2017. We appreciate the long-tenure of Mayur with the firm, but a lack of direct ownership in the firm is a bit of a concern. While we are unclear about the levels of ESOPs, shadow-ESOPs or profit-sharing structures that can keep him engaged longer-term, it is important to note that even shadow-participation is not the same as being a founder-manager firm.

Investment Philosophy

Anand Rathi PMS follows a 4-P Strategy for Stock Selection focusing on (a) Past Analysis (b) Present Analysis (c) Pedigree (d) Potential. The core focus on each of this is as follows - PAST analysis (business fundamentals & financials), PRESENT analysis (current fundamentals & financials vs past, valuations), PEDIGREE (Management quality & pedigree, governance), POTENTIAL (future growth potential).

Anand Rathi Impress PMS- Investment Strategy

Trailing Performance

	1yr	3yr	5yr	Since Inception
Anand Rathi Impress	0.7	21.3	26.2	14.8
S&P BSE 500	4.1	14.5	19.6	14.6
Alpha over Broad Mkt BM	-3.4	6.8	6.6	0.2

Performance as of: 31-Oct-25 | Inception Date: 31-May-17 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.

Investment team

Mayur Shah | 3-star rated FM

Fund Manager | 21 yrs Experience | 19 yrs at current firm

Past Experience: AVP-PMS

Mr. Mayur Shah is Fund Manager for PMS's run at Anand Rathi, he has done post graduation in MBA Finance and CFP. He has more than 15 years of rich experience in Investment advisory, Product Development and Portfolio Management. He had Started Career with Kotak Securities Ltd in 2005 as an Investment Advisor subsequently got into developing Equity products and running the same. From last 13 years he is part of Anand Rathi group and worked across Portfolio Management and Private Client Group Equity Advisory. Recently, the MNC fund being managed by him has been featured in top 3 pms based on 1 year performance in economic times.