360ONE Multicap
360ONE PMS | Equity | | PMSIME's View on 360ONE Multicap
Strategy
2-4 High Conviction Sectors
Investment Fund
With a concentrated investment approach spanning market capitalizations, a strong investment team, and consistent long-term performance, 360ONE Multicap remains a solid option in the flexi-cap space. However, we remain cautious given the recent phase of weaker performance.
Fund's Strategy View
360 One's Multicap PMS strategy aims to invest primarily 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.
Fund Performance
The fund has underperformed peers in the last 5yr trailing returns. In terms of longer-term annual performance, performance has been consistent, with the fund having outperformed it's benchmark in over 60% of annual calendar years.
IME's View on 360ONE PMS
View on AMC
360ONE, supported by a reputable financial house with expertise in wealth management and broking, is expanding into asset management. Despite not having a rigid investment philosophy, their experienced team has achieved strong investment performance.
AMC's Pedigree
360ONE is a large wealth management and brokerage firm in India with a strong focus on hiring experienced professionals to drive business growth. Their generous ESOP structures incentivize these professionals to stay long-term, mitigating concerns of manager churn typically seen in non-founder-driven PMS houses.
AMC Team
360ONE PMS has a strong investment team led by Anup Maheshwari, a former CIO of DSP MF and a well-known equity fund manager. Anup is now part of the founding team with a stake in the AMC. The core team of Anup is supported by a team of fund managers and analysts.
Investment Philosophy
360ONE's Investment Philosophy categorizes companies into Secular, Cyclical, Defensive, and Value Traps based on earnings growth and ROEs. The core portfolio mainly comprises companies in the secular bucket, while the tactical part includes investments from the cyclical or defensive buckets.
360ONE Multicap PMS - Investment Strategy
Concentrated exposure focusing on large caps that are available at a sharp discount to intrinsic value
360ONE Multicap aims to take concentrated positions in 15-20 stocks high-quality companies which are business leaders, have a strong management, low leverage and which offer a large margin of safety. Investments are largely in 2-4 high conviction sectors.
SCDV Framework
360ONE'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
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| 360ONE Multicap | -9.3 | 13.7 | 18 | 20.6 |
| S&P BSE 500 | -6.6 | 14.7 | 19.2 | 15.4 |
| Alpha over Broad Mkt BM | -2.7 | -1 | -1.2 | 5.2 |
Performance as of: 30-Sep-25 | Inception Date: 07-Nov-13 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
Investment team
Anup Maheshwari | 5-star rated FM
Co-Founder & CIO | 29 yrs Experience | 8 yrs at current firm
Past Experience: CIO (DSP BlackRock Investment Managers)
Anup brings with him 26 years of investmentexperience. He joined 360ONE AMC in 2018. Prior to 360ONE 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.
Mehul Jani | 4-star rated FM
Fund Manager | 22 yrs Experience | 8 yrs at current firm
Past Experience: Fund Manager and Analyst (DSP BlackRock Investment), Associate (Morgan Stanley)
Mehul Jain is currently a Fund Manager at 360ONE AMC. Prior to 360ONE AMC, he was a Fund Manager and Analyst at DSP BlackRock.He joined DSP BlackRock in Oct 2018 as an Analyst in the Equities Team. He began his career in 2004 at Morgan Stanley Plc, London as an Associate working with structured product valuations and fund derivatives. Mehul Jani is a CFA Charterholder and holds an MSc in Banking and International Finance.
