Scheme Rating
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 Philosophy
ASK’s Indian Entrepreneur Portfolio (IEP) focuses on companies run by Indian entrepreneurs with adequate skin in the game (a high level of promoter ownership). The aim is to identify promoters who have demonstrated high standards of governance, vision, execution, capital allocation, and capital distribution skills. Within this universe, the portfolio seeks out high-quality businesses that have strong earnings growth (without capital dilution) with a sizeable growth runway.
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
- 306: Companies with >25% promoter/family holding
- 210: Condition of minimum 100 Cr Trailing PBT
- 123: Subjective evaluation of management quality, vision, capital allocation, past track record, corporate governance standards among others
- 59: Rigorous filters of minimum of 25% of ROCE (capital efficiency)
- 20: Finally an investment approach emerges of 20 businesses based on 1) earnings growth of 20-25% over the next 3-5 years without capital dilution and 2) margin of safety of 20% on intrinsic value
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| ASK Indian Entrepreneur (IEP) | 6.3 | 6.9 | 12.4 | 16.6 |
| S&P BSE 500 | 8.4 | 12.7 | 16.8 | 12.9 |
| Alpha over Broad Mkt BM | -2.1 | -5.8 | -4.4 | 3.7 |
| S&P BSE 500 | 8.4 | 12.7 | 16.8 | |
| Alpha over Category BM | -2.1 | -5.8 | -4.4 |
Performance as of: 31-Jan-25 | Inception Date: 25-Jan-10
Fund Managers
Chetan Thacker | 4-star rated FM
Fund Manager | 18 yrs Experience | 10 yrs at current firm
Past Experience: Emkay Global (Analyst), HSBC InvestDirect (Analyst), McKinsey (Analyst)
With a strong equity research background, Chetan has sector research expertise in agriculture, chemicals, metals & mining and midcaps
Sumit Jain | 4-star rated FM
CIO | 19 yrs Experience | 19 yrs at current firm
Past Experience: First Global (Analyst)
Sumit has been with the ASK group for over 15 years, having started as an analyst to now being responsible for managing portfolios. Prior to joining ASK, Sumit worked as an analyst at First Global tracking the US macroeconomy and the FMCG sector.
Bharat Shah | 5-star rated FM
Executive Director | 33 yrs Experience | 17 yrs at current firm
Past Experience: Senior FM (Birla MF)
Bharat Shah is a highly respected investments professional, having overseen the growth of ASK PMS to the largest PMS in India over 2 decades. Prior to joining ASK, Bharat Shah was a very well respected equity fund manager at Birla PMS, known for large wealth creation in IT picks. Bharat Shah has been on the board of ASK since 2008.
Fee Structure
| Fee Structure | Fee |
|---|---|
| Fixed Fee Structure | 2.5 |
| Variable Fee Structures | 1.5% fixed + 20% above 8% hurdle |
| Exit Fees | 3yr(1%) |
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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.