InCred Healthcare
Our view on the fund, the AMC, the strategy, the performance & the investment team.
IME's Review of InCred Healthcare
| Fund Rating | Strategy Rating | Performance Rating |
|---|---|---|
Upgrade | Upgrade | Upgrade |
View on the Fund
We typically do not recommend Thematic funds to investors, since it requires getting in and out of the theme at the right time. Typically a strong contra approach (investing in themes when they are out of favour, and getting out when they are popular) leads to better performance, but this is very hard to actually implement in practice given strong behavioural instincts against such an approach (investors often end up entering themes post a run-up, which can often be the worst time to invest). In our view, thematic funds are primarily suitable for more astute investors who have a deep underlying understanding of the investment merits of the theme.
Strategy
Healthcare Focussed
Fund's Strategy View
Healthcare strategy focuses on pharma, and healthcare services. Aims to buy 'great' businesses at fair value, 'good' businesses at a discount and keep off from 'bad' businesses.
Fund Performance
A lack of 5 yr trailing performance data from our identified reliable data sources, prevents us from having a clear performance rating on the fund.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| InCred Healthcare | 7.6 | 29.9 | 18 | |
| S&P BSE 500 | 6.5 | 15 | 14.2 | |
| Alpha over Broad Mkt BM | 1.1 | 14.9 | 3.8 |
Performance as of: 31-Jan-26 | Inception Date: 15-Feb-21 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
Investment team
Aditya Khemka | 3-star rated FM
CIO | 19 yrs Experience | 6 yrs at current firm
Past Experience: AVP Investment Equity (DSP BlackRock Investment Managers), AVP (Ambit Capital), AVP (Antique Stock Broking), Associate Equity Research (Nomura Securities)
Aditya has over 15 years' experience in Healthcare businesses and investments. Prior to joining InCred, Aditya was a Healthcare specialist Fund Manager with DSP Mutual Funds (2015-2020).He started his career working with Glenmark Pharma in Brazil and Argentina. He then moved to Lehman Brothers (US) in 2007 and covered US generics companies after which he worked with Nomura (UK) in 2008, covering MNC Pharma companies, and eventually moved to Nomura India in 2011, where he started the coverage of Indian Healthcare sector. He has a MSc. (Finance), Post Graduate (Management) from MDI, Gurgaon, CIIA (UK) and CFA (ICFAI) to his accolades.
IME's Review of InCred PMS
| AMC Rating | Pedigree Rating | Team Rating | Philosophy Rating |
|---|---|---|---|
Upgrade | Upgrade | Upgrade | Upgrade |
View on AMC
InCred, founded in 2017, started with retail and MSME lending and has successfully expanded into PMS. While the AMC is relatively young, the investment team led by Aditya Khemka and Aditya Soon has demonstrated credibility and execution capability. With the growing track record and consistent performance, InCred can now be considered for investment.
AMC's Pedigree
InCred, founded in 2017, initially focused on retail and MSME lending before expanding into other financial services. Their latest offering, PMS, is a new addition. The firm is well-regarded in the financial industry but has not yet established fund management credentials.
AMC Team
Aditya Khemka is an experienced professional, having industry knowledge from Glenmark and managing healthcare funds at DSP
Investment Philosophy
InCred offers two investment strategies: Multi-cap and healthcare portfolio. The Multi-cap strategy focuses on buying great businesses at fair value, good businesses at a discount, and avoiding bad businesses. The healthcare strategy specifically targets pharma and healthcare services.
AMC Background
InCred Asset Management operates as part of the broader InCred Group and is positioned as an institutionally oriented alternatives and portfolio management platform. The firm’s pedigree is strengthened by its linkage to the Invesco parent-group ecosystem, which lends credibility in terms of governance standards, investment culture, and institutional processes. Within the listed equities space, InCred runs PMS strategies across diversified and sector-specific mandates (Healthcare), reflecting an intent to combine thematic depth with a consistent core investment framework.
Investment Philosophy
InCred Asset Management follows a fundamentally driven investment philosophy focused on owning high-quality businesses with sustainable cash flows, purchased at valuations that provide meaningful upside potential relative to risk. The AMC’s approach is anchored in bottom-up research, where the primary objective is to identify companies with durable competitive advantages, strong management capability, and predictable earnings compounding characteristics. Rather than relying on macro forecasting, the firm emphasises understanding the underlying drivers of business performance and the sustainability of cash flow generation, treating this as the foundation for long-term wealth creation.
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