Negen Special Situation & Technology
Our view on the fund, the AMC, the strategy, the performance & the investment team.
IME's Review of Negen Special Situation & Technology
| Fund Rating | Strategy Rating | Performance Rating |
|---|---|---|
Upgrade | Upgrade | Upgrade |
View on the Fund
While Negen Special Situations & Technology fund has delivered strong performance & is also well defined, the fund does tend to have higher downside volatility in weak markets (part of the nature of a mid & small-cap focused fund) and the lack of a past fund management track record of the promoter. The fund can be considered for investments, but by investors who are comfortable with a strategy that may have a higher level of volatility.
Strategy
Special Situation Investing
Fund's Strategy View
The strategy focuses on special situation investing, targeting opportunities such as demergers and promoter changes with improved management, aiming to generate alpha returns.
Fund Performance
The fund has outperformed peers & is amongst the top performing schemes in this category in the last 5 year 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 | |
|---|---|---|---|---|
| Negen Special Situation & Technology | 3.3 | 25 | 26.8 | 16.7 |
| S&P BSE 500 | 6.5 | 15 | 15 | 13.5 |
| Alpha over Broad Mkt BM | -3.2 | 10 | 11.8 | 3.2 |
| Nifty Midcap 150 | 8.3 | 22.8 | 22.2 | |
| Alpha over Category BM | -5 | 2.2 | 4.6 |
Performance as of: 31-Jan-26 | Inception Date: 26-Apr-17 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
Investment team
Neil Bahal | 3-star rated FM
Fund Manager | 19 yrs Experience | 9 yrs at current firm
Neil Bahl graduated from SP Jain in 2007 and immediately started Negen as a sub-broker post-college, gaining foundational experience in the investment field. Following this initial venture, he successfully launched and scaled Negen PMS post its official launch in 2017, building a successful value-oriented portfolio management service
IME's Review of Negen PMS
| AMC Rating | Pedigree Rating | Team Rating | Philosophy Rating |
|---|---|---|---|
Upgrade | Upgrade | Upgrade | Upgrade |
View on AMC
Negen has developed several of the key ingredients needed to establish its presence in the PMS industry - scaling well, maturing as an AMC, and delivering strong performance so far. While the execution and recent performance reflect commendable diligence, we remain cautious given that Neil Bahal had no prior track record before founding Negen and has yet to demonstrate performance across multiple market cycles
AMC's Pedigree
Negen started as a sub-broker in 2009, and launched their PMS offerings in 2017. With their PMS offerings having scaled and delivered consistent performance, they have developed reasoable asset management credentials despite a modest past pedigree.
AMC Team
While Neil Bahal does not have a past fund management track record, he did have close to a decades experience in capital markets (sub-broking) prior to setting up Negen, and has since delivered consistent performance on the strategy.
Investment Philosophy
Negen' follows a value-investing approach in small & mid-caps, with a sector-agnostic & event-driven approach. The event-driven approach involves actively seeking special situations such as mergers, demergers, open offers, promoter changes & restructing opportunities.
AMC Background
Negen PMS is led by Neil Bahal, Founder and Fund Manager, who brings approximately 25 years of investing experience and over four decades of market exposure, having started his career at an early age. The AMC positions itself as an early adopter of combining special situations investing with a structural technology bias. This positioning differentiates it from traditional value or growth-oriented PMS platforms. Negen operates with a relatively compact but focused team and emphasises a hands-on, founder-led decision-making structure, where portfolio construction and thematic allocation are tightly aligned with the fund manager’s core views.
Investment Philosophy
Negen Capital’s investment philosophy is centred on identifying asymmetric opportunities through a combination of special situations investing and long-term technology-led growth themes. The firm believes that conventional value investing has evolved, and that the most compelling value opportunities today arise in situations with identifiable triggers - particularly demergers and promoter changes—where structural change can unlock latent value that is not immediately priced by the market. This philosophy is explicitly outcome-driven, with a focus on situations where the probability-weighted upside materially outweighs downside risk.
Idea generation is anchored in two primary pillars. First, special situations form the core of the value framework, with emphasis on corporate actions such as demergers and changes in promoters, which the firm views as catalysts for improved governance, sharper business focus, and re-rating potential. Second, Negen maintains a strong conviction in technology as a long-duration structural theme, treating it as a permanent super-cycle rather than a cyclical trade. The firm invests across Indian and global technology businesses, including platform companies and IT services, which it believes offer superior growth, high return on capital, strong free cash flow generation, and minimal balance sheet risk.
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