Enam Diversified Equity
Enam PMS | Equity | | PMSIME's View on Enam Diversified Equity
Strategy
Investment Fund
Enam is one of the oldest & highly respected PMS managers in India. However, the lower-rating of the Enam Diversified Equity strategy is driven by a high min investment amount (5 cr) and weak performance in recent times. While Enam continues to be a very strong player in PMS and performance should come back, we find the 5 cr min on a strategy that has seen quite weak performance as aggressive.
Fund's Strategy View
Enam Diversified Equity is a 15-30 stock concentrated multi-cap portfolio that is built on the following principles - Sector/Theme agnostic, combination of structural growth & sustainable valuations, market-cap agnostic and with medium-to-low churn. The fund focuses on bottom-up security selection, with a strong multi-factor risk-management framework.
Fund Performance
The fund has underperformed peers in the last 5yr trailing returns.
IME's View on Enam PMS
View on AMC
Enam PMS is an established PMS firm founded by a respected investment team. They employ a concentrated GARP strategy that has been successful over time. Despite strong performance overall, recent years have shown slightly subdued results compared to their historical track record.
AMC's Pedigree
Enam PMS is a highly reputable PMS provider in India, with a stable FM-promoter led investment team and a strong track record of managing investor money since 1997. They are considered one of the most pedigreed PMS AMC's in the country.
AMC Team
Enam PMS strategies are managed by Jiten Doshi, a co-founder & CIO of Enam AMC with over 30 years of experience in capital markets. Other founders of the Enam Group, Vallabh Bhanshali & Nemish Shah, are respected investment professionals but not directly involved in managing PMS strategies at Enam AMC.
Investment Philosophy
Enam AMC's investment philosophy focuses on investing in businesses with strong moats and sustainable competitive advantages. They prioritize businesses with superior execution capabilities and a long-term outlook. Their strategy is centered on five pillars: opportunity size, longevity, management, and value accretion.
Investment Philosophy
ENAM India Diversified Equity Advantage is a long-only concentrated strategy (15-20 companies) that aims to invest in high-quality businesses at attractive valuations. Enam's investment philosophy is a long-term focussed strategy built on 5 key pillars- Business Opportunity: by assessing the size and attractiveness of the opportunity and estimating the quality and sustainability of growth
- Longevity: evaluated by determining the competitive advantages over the long term to understand the opportunity's predictability, adaptability and resilience.
- Management Quality: by determining the integrity and intellect of the leadership and assessing the balance between ambition and pragmatism
- Value Accretion: Evaluated by EVA-positivity, duration and magnitude and the extent of free cash flow by assessing return on incremental capital
- Culture of Discipline: by turning volatility into an opportunity
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| Enam Diversified Equity | -9.1 | 12.3 | 18.2 | 15.5 |
| S&P BSE 500 | -6.6 | 14.7 | 19.2 | 13.4 |
| Alpha over Broad Mkt BM | -2.5 | -2.4 | -1 | 2.1 |
Performance as of: 30-Sep-25 | Inception Date: 30-May-11 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
Investment team
Jiten Doshi | 5-star rated FM
CIO | 28 yrs at current firm
Jiten Doshi is one of the Co-founders of Enam Group and is currently working as the CIO at Enam AMC. He has experience of over 30 years. He is a trusted advisor to various management bodies on transparency, corporate governance, disclosure, and shareholder value creation.
Pradeep Kumar | 3-star rated FM
Sr Portfolio Manager | 25 yrs Experience | 11 yrs at current firm
Past Experience: Kotak, Religare, ABN AMRO, and DBS Chola Asset Management
Pradeep Kumar brings over 25 years of experience in research and fund management. He has successfully managed funds at Kotak, Religare, ABN AMRO, and DBS Chola Asset Management. Pradeep holds a Master's degree in Finance from Sydenham Institute of Management Studies, Mumbai, and is a CFA (US) Charter holder.
Sanjeev Patkar | 3-star rated FM
Portfolio Manager & Head of Research | 33 yrs Experience | 3 yrs at current firm
Past Experience: SBI Funds Management, CRISIL, Jardine Fleming, GE Capital AMC, Welspun India, Dolat Capital, and Almondz Global Securities
Sanjeev Patkar has over 28 years of experience in research and portfolio management with organizations like CRISIL, Jardine Fleming, GE Capital AMC, Welspun India, Dolat Capital, and Almondz Global Securities. Prior to joining Enam AMC, he was a Fund Manager at SBI Funds Management Ltd. Sanjeev has extensive expertise in capital markets, corporate strategy, and business development, and holds an MMS degree from Jamnalal Bajaj Institute of Management Studies, University of Mumbai.
