360ONE Multicap
Our view on the fund, the AMC, the strategy, the performance & the investment team.
IME's Review of 360ONE Multicap
| Fund Rating | Strategy Rating | Performance Rating |
|---|---|---|
Upgrade | Upgrade | Upgrade |
View on the 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.
Strategy
2-4 High Conviction Sectors
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 & is amongst the worst performing schemes in this category in the last 5 year 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.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| 360ONE Multicap | 3 | 13.2 | 13.2 | 20 |
| S&P BSE 500 | 6.5 | 15 | 15 | 15.1 |
| Alpha over Broad Mkt BM | -3.5 | -1.8 | -1.8 | 4.9 |
Performance as of: 31-Jan-26 | 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.
IME's Review of 360ONE PMS
| AMC Rating | Pedigree Rating | Team Rating | Philosophy Rating |
|---|---|---|---|
Upgrade | Upgrade | Upgrade | Upgrade |
View on AMC
360ONE AMC has scaled and is now an established AMC on its own merit despite being part of the larger wealth management firm. The strong team pedigree, well articulated philosophy and institutionalized processes marks it as one of the leading PMS providers in the country.
AMC's Pedigree
360ONE is a large wealth management and brokerage firm in India with a strong focus on hiring experienced professionals. Their 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.
AMC Background
360ONE PMS is part of 360ONE Wealth, one of the leading wealth managers in India. The platform has scaled to become one of the leading PMS houses in the country (ranked among the top seven PMS providers), driven by consistent performance across its PMS strategies and the strong distribution capabilities of the 360ONE wealth management franchise.
360ONE is among the largest wealth managers and brokers in India. Each business vertical has been built by hiring experienced professionals to drive growth and establish best-in-class processes, with the AMC business being no exception. Generous ESOP structures are used to incentivise talent retention over the long term.
The PMS investment function is led by Anup Maheshwari, the Chief Investment Officer, who brings strong equity research credentials and extensive leadership experience. Anup Maheshwari has over 25 years of investment experience. Prior to joining 360ONE, he served as Chief Investment Officer – Equities at DSP BlackRock Investment Managers and briefly at HSBC Asset Management.
Investment Philosophy
360ONE’s investment philosophy is built around the following core principles:
- Hybrid approach: Uses a top-down framework to identify attractive sectors, followed by bottom-up stock selection within those sectors.
- Concentration: Portfolios are constructed in a concentrated manner, focusing on high-conviction investment ideas.
- Risk reduction: Downside risk is partially mitigated through hedging using Nifty put options.
360ONE’s SCDV Framework
- Secular: High earnings growth (>15%) and high ROEs (>15%).
- Cyclical: High earnings growth (>15%) with lower ROEs (<15%).
- Defensive: Lower earnings growth (<15%) with high ROEs (>15%).
- Value Traps: Low earnings growth (<15%) and low ROEs (<15%).
Portfolio Construction
- Core Portfolio: Invests in secular companies with high earnings growth and high ROEs.
- Tactical Portfolio: Invests in cyclical and defensive companies.
- Avoid: Value traps.
The strategy is fairly generic in nature. Higher portfolio concentration and the use of put options to limit downside risk are the primary points of differentiation.
Suitable For
360ONE PMS strategies are suitable for investors seeking concentrated exposure to companies across market capitalisations and investment styles.
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