First Global Super 50
Our view on the fund, the AMC, the strategy, the performance & the investment team.
IME's Review of First Global Super 50
| Fund Rating | Strategy Rating | Performance Rating |
|---|---|---|
Upgrade | Upgrade | Upgrade |
View on the 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.
Strategy
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 in the last 5yr trailing returns. In terms of longer-term annual performance, performance consistency has been mixed, with the fund having outperformed & underperformed the bechmark roughly in half the years.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| First Global Super 50 | -0.2 | 12.9 | 15.7 | 18.1 |
| S&P BSE 500 | 6.5 | 15 | 15 | 16.3 |
| Alpha over Broad Mkt BM | -6.7 | -2.1 | 0.7 | 1.8 |
Performance as of: 31-Jan-26 | 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.
IME's Review of First Global PMS
| AMC Rating | Pedigree Rating | Team Rating | Philosophy Rating |
|---|---|---|---|
Upgrade | Upgrade | Upgrade | Upgrade |
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.
PMS Background
First Global is an established brokerage and investment firm that has been in existence since 1994. The firm was co-founded by Devina Mehra and Shankar Sharma, with Shankar Sharma no longer actively associated with the business apart from being a minority shareholder.
Backed by Devina Mehra’s 35+ years of experience in Indian capital markets, First Global brings deep institutional expertise from decades of operating in listed equity broking and research. While the PMS platform itself is relatively young, it is differentiated in its approach, focusing on data-driven and technology-led strategies.
PMS Investment Philosophy
First Global PMS follows a quantitative, AI–ML–driven investment approach for its Indian PMS offerings. The platform also emphasizes diversification beyond single-country and single-currency exposure through global and multi-asset investment strategies, aiming to improve portfolio resilience across market cycles.
Experience the benefits of working with a 'research-first' investments firm
Free 15-Day Trial of IME RMS App
Get complimentary access to the revolutionary IME RMS App (direct access to IME's central team insights across 1000's of MFs, PMSs, AIFs & Global funds - a first in the industry).
Additionally, a dedicated private banker will help build your financial plan, investment mandate & undertake a comprehensive portfolio review for free.
