First Global Super 50
First Global PMS | Equity | | PMSIME's View on First Global Super 50
Strategy
Investment Fund
We would wait for First Global's Super 50 strategy to mature a bit more, to understand it's performance across market cycles, to gain a better sense of how the combination of Human + AI performs relative to other managers. Given the incremental AI-ML element, and the lack of a past publicly-managed money track record of it's Founder & CIO Devina Mehra (an established equities professional), we place a higher level of importance on the performance of this strategy to mature before actively recommending this for investments.
Fund's Strategy View
India Super 50 seeks to achieve steady, low-volatility returns by investing in a diversified 50 stock portfolio across sectors. This list of 50 stocks are identified from a larger list that is thrown up using AI-ML technologies, that comb through mountains of financial data, annual reports, conference call transcripts, press coverage, social media chatter, macroeconomic data, quantitative sentiment indicators, etc. The aim is that an AI-ML approach, helps First Global remain completely neutral, unbiased and unemotional about their selections & being clinical on exit strategies. A human portfolio construction overlay is added to the AI-ML approach, leading to a Human + Machine model used by First Global.
Fund Performance
The fund has underperformed peers & is amongst the worst performing schemes in this category in the last 5 year trailing returns.
IME's View on First Global PMS
View on AMC
FirstGlobal is an established broker since 1994, with a newer PMS entity launched in Feb 2020. Devina Mehra leads the funds, but the strategies are still building a track record over market cycles.
AMC's Pedigree
First Global, an established brokerage firm since 1994, has faced unvalidated regulatory concerns in the past (SEBI 2002 order linked to Ketan Parekh and a ban on their promoter Shankar Sharma related to trades in the Brightcom group). Despite these concerns being overturned, it raises questions about potential regulatory risks. Their PMS, launched in Feb-20, is still establishing its track record across various market conditions.
AMC Team
Devina Mehra is an experienced investments professional with decades of experience in listed equity broking. The transition to professional fund management under their PMS is new, and her track record in managing public funds is still being established. Shankar Sharma, the co-founder of First Global, is no longer associated with the firm but remains a minority shareholder.
Investment Philosophy
We are uncertain about First Global's India PMS offerings using AI-ML. The founding team lacks data science expertise needed for developing AI-ML investment models. It is unclear how much of the investments are influenced by humans versus AI. We prefer established international investment firms for international exposure through MF FOF structures.
First Global The India Super 50
India Super 50 seeks to achieve steady, low-volatility returns by investing in a diversified 50 stock portfolio across sectors. This list of 50 stocks are identified from a larger list that is thrown up using AI-ML technologies, that comb through mountains of financial data, annual reports, conference call transcripts, press coverage, social media chatter, macroeconomic data, quantitative sentiment indicators, etc. The aim is that an AI-ML approach, helps First Global remain completely neutral, unbiased and unemotional about their selections & being clinical on exit strategies. A human portfolio construction overlay is added to the AI-ML approach, leading to a Human + Machine model used by First Global.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| First Global Super 50 | -13.2 | 12.9 | 17.4 | 19.4 |
| S&P BSE 500 | -6.6 | 14.7 | 19.2 | 17.1 |
| Alpha over Broad Mkt BM | -6.6 | -1.8 | -1.8 | 2.3 |
Performance as of: 30-Sep-25 | Inception Date: 18-Feb-20 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
Investment team
Devina Mehra | 3-star rated FM
FM | 40 yrs Experience | 32 yrs at current firm
Past Experience: Founder and MD (First Global), ABP & IB (Citibank)
Devina Mehra is a seasoned professional with a long 35+ years of experience in the Indian capital markets. Devina started her career at Citibank in Investment Banking and AVP - Corporate Risk. Later, she co-founded a broking business, First Global, in 1993 and continues to run the firm with other financial services like PMS, Wealth and Advisory. She was also a IIM-A gradute.
