ASK Absolute Return
ASK Alternatives | Alternatives | | AIFIME's View on ASK Absolute Return
Strategy
Multi-Style Long Short Approach
Investment Fund
We recommend this fund as a well-structured alternative investment option introduced by the renowned ASK AMC, a firm with a proven track record of credibility and expertise in the market over the years. The fund is managed by Vaibhav Sanghvi, a highly regarded specialist in Long-Short Strategies, further enhancing its credibility and potential for delivering desired performance. Vaibhav was part of an esteemed Avendus long-short team along with Andrew Holland.
Fund's Strategy View
ASK Absolute Return Fund targets 100-150 bps alpha over liquid fixed-income alternatives (net of fees and taxes) in 12+ months, focusing on low volatility and portfolio diversification. The fund uses long positions in strong stocks, short positions in overvalued or weak businesses, index puts, and a minimum 30% hedge. It leverages derivatives, tactical arbitrage, and macro overlays, analyzing economic indicators like growth rates, inflation, and sector trends to deliver consistent, risk-adjusted returns. The strategy is essentially the same strategy followed by Vaibhav & team, when they were managing the Avendus Absolute Return fund.
Fund Performance
We refrain from evaluating the fund since it is yet to mature (less than 5 years).
IME's View on ASK Alternatives
View on AMC
ASK, a market leader with a strong investment policy and a highly skilled in-house team, has further solidified its position with Blackstone acquiring a majority stake in its asset management business. Its alternatives division is strengthened by strategic talent acquisition and a strong commitment to nurturing top-tier investment professionals.
AMC's Pedigree
ASK is a premier PMS provider recognized for generating sustainable, long-term returns with minimal risk. Over the past decade, ASK has ventured into alternative investments, especially real estate and has now entered into the long-short space.
AMC Team
Under the leadership of Bharat Shah, ASK has strengthened its alternatives division by bringing in top industry talent with pedigreed expertise. Vaibhav Sanghvi and Piyush Shah, both seasoned professionals in the long-short space, joined ASK from Avendus, while the Real Estate team is led by Amit Bhagat, a key member of the ASK Group since 2008. Vaibhav Sanghvi and others have ESOPs worth ~30% in the company.
Investment Philosophy
While ASK’s PMS division has consistently adhered to a GARP investment philosophy with no style drift, its alternative strategies are tailored to suit each investment approach. However, the firm remains committed to strategy adherence and upholding the high-quality standards that define ASK, backed by the expertise of its seasoned team.
Investment Strategy
ASK Absolute Return Fund combines a multi-strategy approach to achieve absolute returns while maintaining low volatility and capital preservation. The fund leverages long-short strategies, tactical arbitrage, and macro overlays to generate consistent, risk-adjusted returns across market cycles.Core Investment Approach
Core Objectives:
- Generate 100-150 bps alpha over liquid fixed-income alternatives (net of fees and taxes) on a 12+ month horizon.
- Ensure low volatility, fewer drawdowns, and portfolio diversification.
Multi-Strategy Approach:
- Integrates fundamental, technical, and quantitative analyses.
- Incorporates derivatives and special situation opportunities for a targeted risk-return profile.
Portfolio Construction:
- Long Positions: Focused on fundamentally strong stocks and sector-specific opportunities.
- Short Positions: Hedging through:
- Overvalued stocks or weak business models.
- Index puts and single-stock baskets.
- Minimum Hedge: At least 30% to reduce market correlation.
Global and Domestic Macro Overlay:
- Analyzes economic indicators such as growth rates, inflation, interest rates, and geopolitical trends.
- Tracks liquidity flows, sector rotation, and market valuations.
Risk Management:
- Robust framework to manage volatility and control market, sector, and stock-specific risks.
- Enforces limits on exposure, stop-loss levels, and portfolio hedging.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| ASK Absolute Return | 10.3 | 14.2 |
Performance as of: 30-Sep-25 | Inception Date: 31-Jan-24 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
Investment team
Vaibhav Sanghavi | 5-star rated FM
CEO - Long Short | 26 yrs Experience | 2 yrs at current firm
Past Experience: Avendus (Co-CEO), Ambit Investment Advisors (Hedge FM), DSP ML (Proprietary Trader), HDFC Bank (Prop trader)
Vaibhav has worked along with Andrew Holland at both Ambit (where he helped run one of India's most successful hedge funds) and DSP ML (where he was a prop trader managing a $1 bn book). With a strong pedigree in proprietary trading and long-short strategies, he was the co-manager with Andrew for managing Avendus's long-short strategies. He joined ASK as their CEO on Aug-23.
Piyush Shah | 3-star rated FM
CIO - Long Short | 22 yrs Experience | 2 yrs at current firm
Past Experience: Avendus, Ambit
Piyush Shah, CIO & Fund Manager at ASK Group, leads the Alternate Investment platform, overseeing investment strategy, portfolio management, and business operations. With over 25 years in Indian equity markets, he specializes in derivatives and fundamental analysis, delivering strong risk-adjusted returns. He began his career at DSP Merrill Lynch, later managing a $1B proprietary book. At Ambit, he launched one of India’s first long-short AIFs, scaling AUM to ₹1200 Cr. At Avendus (2016-2023), he expanded the business, reaching ₹7000 Cr AUM. Piyush holds a Financial Management degree from Mumbai University.
Amit Bhagat | 4-star rated FM
CEO - Real Estate | 17 yrs at current firm
Past Experience: ICICI Bank, ICICI Property Services
Amit Bhagat Co-founded the Real Estate Private Equity business of ASK Group in 2008. He has experience of more than a decade in the mortgage finance including as National Credit Head for the mortgage division of ICICI Bank. He was also the head of ICICI Property Services and has advised/syndicated over US $ 500 Mn of private equity investments. At ASK, he has raised and manages/advises an offshore and three domestic funds amounting to US $ 500 mn. He has invested in 25 projects in five cities and demonstrated complete exits from 11 projects.
