ASK Index Plus
Our view on the fund, the AMC, the strategy, the performance & the investment team.
IME's Review of ASK Index Plus
| Fund Rating | Strategy Rating | Performance Rating |
|---|---|---|
Upgrade | Upgrade | Upgrade |
View on the Fund
The fund is recommended primarily due to ASK AMC’s established pedigree in alternative investments and the involvement of Vaibhav Sanghvi, one of the more experienced and well-regarded professionals in India’s long–short investing space. His extensive track record in managing alternative strategies lends additional credibility to the investment process and enhances confidence in the fund’s ability to execute its objective over time
Strategy
Index based Long Short
Fund's Strategy View
ASK Index Plus Fund is an open-ended Category III AIF that combines a long-only factor-based equity portfolio with a quantitative long–short overlay to generate alpha while seeking lower drawdowns than traditional equity strategies. The long-only component is equally allocated between the NSE200 Momentum 30 Index and the NSE100 Low Volatility 30 Index, providing exposure to two proven factor strategies. The second component employs up to 25 systematic models across trend-following, mean-reversion, and pattern-recognition frameworks, taking tactical long and short positions in index futures such as Nifty 50, Bank Nifty, Nifty Midcap Select, Sensex, and Nifty Financial Services. The strategy typically operates with gross exposure of 40–50%, net exposure of 15–20%, and leverage of ~15%, with the objective of delivering approximately 3% annual alpha over the Nifty 50 TRI.
Fund Performance
The aim is to produce consistent returns irrespective of market conditions. The fund aim not to take directional calls but rather have a neutral exposure to equities and generate returns via futures & options strategies.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| ASK Index Plus |
Performance as of: 31-May-26 | Inception Date: 26-Jun-26 | 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 | 3 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.
Amit Bhagat | 4-star rated FM
CEO - Real Estate | 18 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.
Piyush Shah | 3-star rated FM
CIO - Long Short | 23 yrs Experience | 3 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.
IME's Review of ASK Alternatives
| AMC Rating | Pedigree Rating | Team Rating | Philosophy Rating |
|---|---|---|---|
Upgrade | Upgrade | Upgrade | Upgrade |
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.
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