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ASK Select

Scheme Rating

IME Scheme Rating

3 of 5 stars

Prefer other ASK Strategies: For investors looking for a concentrated portfolio, ASK India Select offers a concentrated strategy with one of the most established teams in the industry. However, we prefer ASK IEP & ASK Growth, given their more consistent longer-term returns.

IME Strategy Rating

4 of 5 stars

Concentrated Top-Ideas Portfolio: Invests in top value-creation ideas identified across more tightly defined strategies. The portfolio maintains a blend of opportunity size, earnings growth, business quality, and price-value gap; with a reasonably concentrated (20 stocks) portfolio. With a 10+ years track record, ASK – India Select has established its credibility by navigating through various market phases and consistently delivering above par returns.

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).

IME View on ASK Select

Type: Large & Midcap | GARP | AUM (2647.6 cr) | Inc Date (04 Jan 2010)

ASK India Select - Investment Strategy

Concentrated exposure to the ASK's top value-creation investment opportunities.

ASK’s India Select Portfolio invests in the top value-creation ideas that ASK has identified across other more tightly defined strategies. The portfolio tries to maintain a blend between the size of the opportunity, earnings growth, business quality, and the price-value gap.

Key Investment Attributes

Investments in ASK India Select Portfolio are driven by the following key investment attributes:

  • Size of Opportunity: Size of Pond vs. Size of Fish, Dominance, Resilience, Liquidity
  • Quality of Business: High quality of business (superior ROCE), Strong moat, Impregnability, Sustainability, Key pivot of strong wealth creation 
  • Earnings Growth: Quantum, Consistency, Durability, Predating (early vs later), Compounding power
  • Value: Favourable price-value gap, Margin of Safety
  • Management Quality: Good management quality is a given constant

Investment Process

The investment process is driven by a gradual filtering down of companies in a wider universe, based on specific criteria that ASK focuses on:

  • 500: Start with top 500 as per mkt cap 
  • 410: PBT above 75 cr for the trailing 4 quarters
  • 206: Subjective evaluation of management quality (integrity, vision, execution, capital allocation and capital distribution)
  • 92: Rigorous filters of minimum of 20% of ROCE (capital efficiency) and min of 15% annual earnings growth over the next 3 to 5 years
  • 20: Finally an investment approach emerges of 20 businesses, representing an optimal blend of the overall characteristics, and adequate diversity, with a minimum margin of safety of 15%

Trailing Performance

1yr 3yr 5yr Since Inception
ASK Select 31.7 13.7 14.2 15.6
S&P BSE 500 TRI 39.5 19.5 19 12.9
Alpha over Broad Mkt BM -7.8 -5.8 -4.8 2.7
Nifty 500 38.4 18.1 17.5
Alpha over Category BM -6.7 -4.4 -3.3

Performance as of: 28-Feb-23 | Inception Date: 04-Jan-10

Fund Managers

Sandip Bansal | 4-star rated FM

Senior Portfolio Manager | 21 yrs Experience | 3 yrs at current firm

Past Experience: FM & Head Investment Research (SBI Life), Sell-side Research Analyst (UBS, KIE)

Sandip has 18 years of work experiene (14 of which have been in equity research). Sandip has a strong research & fund management experience, having worked as Fund Manager & Head of Research at SBI Life Insurance prior to joining ASK. Prior to SBI Life, Sandip worked at the sell side with UBS & KOtak Securities. Sandip in a CA and an MBA (IIM-A)

Fee Structure

Fee StructureFee
Fixed Fee Structure2.5
Variable Fee Structures1.5% fixed + 20% above 8% hurdle
Exit Fees3yr(1%)

AMC

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

Highly recommended for more conservative investors: ASK has a number of positives, which has led to them becoming the market leader. Strict adherence to a clearly defined investment policy, along with a strong & stable in-house grown investment team, is what helps set them apart and deliver consistent and attractive long-term returns. The majority stake (75%) of ASK's asset management business was acquired by Blackstone in Feb-22. We have recently downgraded ASK's rating to 4-star, keeping in mind the sharp underperfomance since 2022 (which we believe should be transitory in nature). As performance comes back, ASK's rating could be upgraded to a 5-star.

AMC Rating

4 of 5 stars

AMC Pedigree

5 of 5 stars

AMC Size

5 of 5 stars

Team Pedigree

5 of 5 stars

Inv Philosophy

5 of 5 stars

Performance

3 of 5 stars

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