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360ONE Multicap Advantage

Scheme Rating

IME Scheme Rating

3 of 5 stars

Not clear on the value of Put Options: The strategy speaks about reducing downside risks, by the purchase of put options. While this sounds good from a marketing perspective, in reality, the cost of the protection of constantly rolling over put options is typically considered to be more expensive than the protection it provides.

IME Strategy Rating

3 of 5 stars

Concentrated Multi-cap Strategy: 360 One’s Multicap Advantange strategy aims to invest in between 15-20 high-quality companies, across 2-4 high conviction sectors. Investments will be made in companies that are business leaders in their segments and with strong managements. The investment strategy is to invest in a portfolio following the SCDV framework (Secular, Cyclical, Defensives, Value Trap) wherein it invests in businesses having long-term track records where profitability and growth may have been impacted by short-term cycles.

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).

IME View on 360ONE Multicap Advantage

Type: Flexi Cap | GARP | AUM (464.3 cr) | Inc Date (05 Dec 2017)

IIFL Multicap Advantage - Investment Strategy

Concentrated portfolio of 15-20 companies in 2-4 high conviction sectors along with the use of Nifty Put Options to protect downside.

IIFL Multicap aims to take concentrated positions in 15-20 stocks high-quality companies which are business leaders, and have a strong management. Investments are largely in 2-4 high conviction sectors. A part of the portfolio is hedged using Nifty Put options to protect against downside risks.

SCDV Framework

IIFL’s investment strategy is to invest in a portfolio following their ‘SCDV’ framework, wherein a large proportion of portfolio is invested in high quality secular growth companies for long term compounding. The remaining allocation (tactical) is across quality cyclicals and defensives.

  • Secular: defined as high earnings growth (>15%) and high ROEs (>15%)
  • Cyclical: defined as high earnings growth (>15%) but lower ROEs (<15%)
  • Defensive: defined as lower earnings growths (<15%) but high ROEs (>15%)
  • Value Traps: defined as low earnings growth (<15%) and low ROEs (<15%)

Portfolio Construction

  • Core Portfolio: invest in secular companies (as defined by high earnings growth and high ROEs)
  • Tactical Portfolio: invest in cyclical and defensive companies
  • Avoid: Value traps

IIFL Multi Cap PMS follows a Core and Tactical Allocation where by 40% portfolio sits in Secular basket which becomes “Core” of the portfolio and remaining 50-60% is Tactical allocation between Cyclicals, and Defensives.

Trailing Performance

1yr 3yr 5yr Since Inception
360ONE Multicap Advantage 27.5 13.8 16.2 11.2
S&P BSE 500 TRI 39.5 19.5 19 15.1
Alpha over Broad Mkt BM -12 -5.7 -2.8 -3.9
Nifty 500 38.4 18.1 17.5
Alpha over Category BM -10.9 -4.3 -1.3

Performance as of: 28-Feb-23 | Inception Date: 05-Dec-17

Fund Managers

Anup Maheshwari | 5-star rated FM

Co-Founder & CIO | 27 yrs Experience | 6 yrs at current firm

Past Experience: CIO (DSP BlackRock Investment Managers)

Anup brings with him 26 years of investmentexperience. He joined IIFL AMC in 2018. Prior to IIFL AMC, he was associated with DSP BlackRock since 1997 and was last designated as CIO, Equities. He managed DSP BlackRock’s India funds for 18 years (May 2001-June 2018). For a briefperiod between December 2005 and May 2006,he was the CIO at HSBC Asset Managementbefore returning to DSP BlackRock. Anup Maheshwari is an alumnus of IIM Lucknow.

Nishant Vass | 3-star rated FM

FM | 15 yrs Experience | 2 yrs at current firm

Past Experience: ICICI Securities

Nishant brings with him 13 years of investment experience. Prior to joining 360 ONE in January 2022, he was associated with ICICI Securities Ltd in institutional equities team where he was leading the automotive sector research practice. Nishant has done MBA with an engineering background

Fee Structure

Fee StructureFee
Fixed Fee Structure2.5
Variable Fee Structures
Exit Fees1yr (3%), 2yr (2%), 3yr (1%)

AMC

AMC: 360ONE PMS (click link for detailed AMC review)

Highly recommended for investors looking for a more dynamic investment style: Backed by one of the most respected financial houses (with strong expertise in wealth mgmt & broking), 360ONE is well on its way of replicating their success in wealth management in the asset management space. Backed by a strong team, they have delivered investment performance, even while they lack a very tightly defined investment philosophy.

AMC Rating

4 of 5 stars

AMC Pedigree

4 of 5 stars

AMC Size

5 of 5 stars

Team Pedigree

4 of 5 stars

Inv Philosophy

4 of 5 stars

Performance

5 of 5 stars

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