Axis AMC Brand Equity Recommendation & Review

AUM (1114 cr) | Inc Date (5-Dec-2016)

Scheme Rating

IME Scheme Rating

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We typically do not recommend Thematic funds to investors, since it requires getting in and out of the theme at the right time. Typically a strong contra approach (investing in themes when they are out of favour, and getting out when they are popular) leads to better performance, but this is very hard to actually implement in practice given strong behavioural instincts against such an approach (investors often end up entering themes post a run-up, which can often be the worst time to invest). In our view, thematic funds are primarily suitable for more astute investors who have a deep underlying understanding of the investment merits of the theme.

IME Strategy Rating

The strategy is implemented in a very loose sense (with a reasonable share of B2B businesses and also BFSI, where brand value is not the same as pure consumer companies.)

AMC Rating

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

Axis AMC PMS faces common issues found in large MF-driven PMS firms, such as PMS being treated as an add-on instead of a separate business unit, high turnover in the investment team, lack of commitment from the CIO, and vague investment philosophies. While the AMC’s distribution abilities can aid in scaling the PMS and provide research access, it is often not as strong as founder-driven PMS firms with a dedicated CIO.

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).

Axis Brand Equity-Investment Strategy

Axis’s Brand Equity strategy is their flagship offering, which seeks to invest in companies with a strong ‘brand equity’ that provides a sustainable competitive moat for the business.

Investment Philosophy

They believe brands create bargaining power. They invest in companies with a strong brand which creates a competitive moat. Axis focuses on products/services with strong IP, marketing, and innovation. This helps make a strong brand which in turn creates a bargaining power.

Key aspects such as strong bargaining & pricing power, increasing economies to scale, high barriers to entry, and the presence in under-penetrated markets lead to superior returns, superior growth which in turn lead to higher investor returns over business cycle.

Investment Process

Screening an Investment universe looking for strong brands
Seeking for significant brand investment (incl. advertising, marketing, communication, royalty, R&D expenses), companies with growth> GDP growth and returns> cost of capital. As well as eliminating the highly cyclical sectors/companies
Research is conducted on companies based on management interaction, competition analysis, industry visits, margin of safety analysis.
Based on the research a portfolio is conducted and reviewed.

Trailing Performance

	1yr	3yr	5yr	Since Inception
Axis AMC Brand Equity	2.1	10.7	13.4	11.3
S&P BSE 500	8.4	12.7	16.8	14.8
Alpha over Broad Mkt BM	-6.3	-2	-3.4	-3.5
S&P BSE 500	8.4	12.7	16.8
Alpha over Category BM	-6.3	-2	-3.4

Performance as of: 31-Jan-25 | Inception Date: 05-Dec-16

Fund Managers

Hitesh Zaveri | 4-star rated FM

Head – Listed Equity Alternatives | 25 yrs Experience | 3 yrs at current firm

Past Experience: Plutus Capital, OSF Capital, Birla AMC, Enam AMC

Hitesh Zaveri joined Axis AMC in 2022 as SVP & Head – Listed Equity Alternatives. He is responsible for managing the Axis PMS portfolios along with relevant CAT-3 AIF strategies. Hitesh has over 25 years of experience in portfolio management, investment banking and equity research. Prior to joining Axis AMC, he served as Head of Investments in the PMS business at Aditya Birla Mutual Fund. He has pursued his MBA from Mumbai University, and has also completed a few programs from the Harvard Business School and from The Wharton School.

Fee Structure

Fee Structure	Fee
Fixed Fee Structure	2.5
Variable Fee Structures	1.5% fixed + 20% above 12% hurdle
Exit Fees	1yr (3%), 2yr (2%), 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.