ASK Absolute Return Recommendation & Review

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AUM ( cr) | Inc Date (31-Jan-2024)

Scheme Rating

IME Scheme Rating

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.

IME Strategy Rating

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.

AMC Rating

AMC: ASK Alternatives (click link for detailed AMC review)

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.

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 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	15.2			20

Performance as of: 31-Mar-25 | Inception Date: 31-Jan-24

Fund Managers

Vaibhav Sanghavi | 5-star rated FM

CEO – Long Short | 25 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 | 4-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.

Fee Structure

Fee Structure	Fee
Fixed Fee Structure	1.75
Variable Fee Structures	OPTION 1: 1% fixed + 20% over HDFC bank FD + 25 bps (Hurdle Rate) \| OPTION 2: 0% fixed + 37.5% over HDFC bank FD + 25 bps (Hurdle Rate)
Exit Fees

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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.