Nine Rivers Aurum Small Cap Opportunities Recommendation & Review

   .tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="fca7a8ad6ffbe8e9fde1242c376e0112"] { grid-template-columns: minmax(0, 0.24fr) minmax(0, 0.76fr);grid-row-gap: 9px;grid-auto-flow: row } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="fca7a8ad6ffbe8e9fde1242c376e0112"] > .tb-grid-column:nth-of-type(2n + 1) { grid-column: 1 } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="fca7a8ad6ffbe8e9fde1242c376e0112"] > .tb-grid-column:nth-of-type(2n + 2) { grid-column: 2 } .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="e863d66eac949908a5c6c8d2fd31320c"] { display: flex; } .tb-rating{position:relative;white-space:nowrap;color:#c1c1c1;font-size:1.3em;line-height:1.3}.tb-rating__container{position:relative;display:inline-block}.tb-rating__star{display:inline-block;position:relative}.tb-rating__star::before{content:attr(data-star);display:inline-block;clear:both}.tb-rating__rating{position:absolute;left:0;display:inline-block;overflow:hidden;white-space:nowrap}.tb-rating__rating::after{content:attr(data-star)}html[dir="rtl"] .tb-rating__rating{left:auto;right:0}.tb-rating--left{text-align:left}.tb-rating--right{text-align:right}.tb-rating--center{text-align:center}.tb-rating .tb-screen-reader{position:absolute !important;height:1px;width:1px;overflow:hidden;clip:rect(1px, 1px, 1px, 1px)}.tb-rating__rating{color:#e4cc29} .tb-rating[data-toolset-blocks-star-rating="5c5d2da6d160d015e30db2694af71b3a"] { font-family: dashicons, sans-serif;; } .tb-rating[data-toolset-blocks-star-rating="5c5d2da6d160d015e30db2694af71b3a"] .tb-rating__star:before { content: '\f155'; } .tb-rating[data-toolset-blocks-star-rating="5c5d2da6d160d015e30db2694af71b3a"] .tb-rating__rating:after { content: '\f155\f155\f155\f155\f155'; }  .tb-rating{position:relative;white-space:nowrap;color:#c1c1c1;font-size:1.3em;line-height:1.3}.tb-rating__container{position:relative;display:inline-block}.tb-rating__star{display:inline-block;position:relative}.tb-rating__star::before{content:attr(data-star);display:inline-block;clear:both}.tb-rating__rating{position:absolute;left:0;display:inline-block;overflow:hidden;white-space:nowrap}.tb-rating__rating::after{content:attr(data-star)}html[dir="rtl"] .tb-rating__rating{left:auto;right:0}.tb-rating--left{text-align:left}.tb-rating--right{text-align:right}.tb-rating--center{text-align:center}.tb-rating .tb-screen-reader{position:absolute !important;height:1px;width:1px;overflow:hidden;clip:rect(1px, 1px, 1px, 1px)}.tb-rating__rating{color:#e4cc29} .tb-rating[data-toolset-blocks-star-rating="55745395545ecce30e119da0771062c1"] { font-family: dashicons, sans-serif;; } .tb-rating[data-toolset-blocks-star-rating="55745395545ecce30e119da0771062c1"] .tb-rating__star:before { content: '\f155'; } .tb-rating[data-toolset-blocks-star-rating="55745395545ecce30e119da0771062c1"] .tb-rating__rating:after { content: '\f155\f155\f155\f155\f155'; }  .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="3034fbe886c11054e95b46b09d3e4112"] { display: flex; } .tb-rating{position:relative;white-space:nowrap;color:#c1c1c1;font-size:1.3em;line-height:1.3}.tb-rating__container{position:relative;display:inline-block}.tb-rating__star{display:inline-block;position:relative}.tb-rating__star::before{content:attr(data-star);display:inline-block;clear:both}.tb-rating__rating{position:absolute;left:0;display:inline-block;overflow:hidden;white-space:nowrap}.tb-rating__rating::after{content:attr(data-star)}html[dir="rtl"] .tb-rating__rating{left:auto;right:0}.tb-rating--left{text-align:left}.tb-rating--right{text-align:right}.tb-rating--center{text-align:center}.tb-rating .tb-screen-reader{position:absolute !important;height:1px;width:1px;overflow:hidden;clip:rect(1px, 1px, 1px, 1px)}.tb-rating__rating{color:#e4cc29} .tb-rating[data-toolset-blocks-star-rating="526b042584aa99739247e3c9d71b7a4b"] { font-family: dashicons, sans-serif;; } .tb-rating[data-toolset-blocks-star-rating="526b042584aa99739247e3c9d71b7a4b"] .tb-rating__star:before { content: '\f155'; } .tb-rating[data-toolset-blocks-star-rating="526b042584aa99739247e3c9d71b7a4b"] .tb-rating__rating:after { content: '\f155\f155\f155\f155\f155'; } @media only screen and (max-width: 781px) {    .tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="fca7a8ad6ffbe8e9fde1242c376e0112"] { grid-template-columns: minmax(0, 0.5fr) minmax(0, 0.5fr);grid-auto-flow: row } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="fca7a8ad6ffbe8e9fde1242c376e0112"] > .tb-grid-column:nth-of-type(2n + 1) { grid-column: 1 } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="fca7a8ad6ffbe8e9fde1242c376e0112"] > .tb-grid-column:nth-of-type(2n + 2) { grid-column: 2 } .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="e863d66eac949908a5c6c8d2fd31320c"] { display: flex; } .tb-rating{position:relative;white-space:nowrap;color:#c1c1c1;font-size:1.3em;line-height:1.3}.tb-rating__container{position:relative;display:inline-block}.tb-rating__star{display:inline-block;position:relative}.tb-rating__star::before{content:attr(data-star);display:inline-block;clear:both}.tb-rating__rating{position:absolute;left:0;display:inline-block;overflow:hidden;white-space:nowrap}.tb-rating__rating::after{content:attr(data-star)}html[dir="rtl"] .tb-rating__rating{left:auto;right:0}.tb-rating--left{text-align:left}.tb-rating--right{text-align:right}.tb-rating--center{text-align:center}.tb-rating .tb-screen-reader{position:absolute !important;height:1px;width:1px;overflow:hidden;clip:rect(1px, 1px, 1px, 1px)}.tb-rating__rating{color:#e4cc29} .tb-rating{position:relative;white-space:nowrap;color:#c1c1c1;font-size:1.3em;line-height:1.3}.tb-rating__container{position:relative;display:inline-block}.tb-rating__star{display:inline-block;position:relative}.tb-rating__star::before{content:attr(data-star);display:inline-block;clear:both}.tb-rating__rating{position:absolute;left:0;display:inline-block;overflow:hidden;white-space:nowrap}.tb-rating__rating::after{content:attr(data-star)}html[dir="rtl"] .tb-rating__rating{left:auto;right:0}.tb-rating--left{text-align:left}.tb-rating--right{text-align:right}.tb-rating--center{text-align:center}.tb-rating .tb-screen-reader{position:absolute !important;height:1px;width:1px;overflow:hidden;clip:rect(1px, 1px, 1px, 1px)}.tb-rating__rating{color:#e4cc29} .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="3034fbe886c11054e95b46b09d3e4112"] { display: flex; } .tb-rating{position:relative;white-space:nowrap;color:#c1c1c1;font-size:1.3em;line-height:1.3}.tb-rating__container{position:relative;display:inline-block}.tb-rating__star{display:inline-block;position:relative}.tb-rating__star::before{content:attr(data-star);display:inline-block;clear:both}.tb-rating__rating{position:absolute;left:0;display:inline-block;overflow:hidden;white-space:nowrap}.tb-rating__rating::after{content:attr(data-star)}html[dir="rtl"] .tb-rating__rating{left:auto;right:0}.tb-rating--left{text-align:left}.tb-rating--right{text-align:right}.tb-rating--center{text-align:center}.tb-rating .tb-screen-reader{position:absolute !important;height:1px;width:1px;overflow:hidden;clip:rect(1px, 1px, 1px, 1px)}.tb-rating__rating{color:#e4cc29} } @media only screen and (max-width: 599px) {    .tb-grid,.tb-grid>.block-editor-inner-blocks>.block-editor-block-list__layout{display:grid;grid-row-gap:25px;grid-column-gap:25px}.tb-grid-item{background:#d38a03;padding:30px}.tb-grid-column{flex-wrap:wrap}.tb-grid-column>*{width:100%}.tb-grid-column.tb-grid-align-top{width:100%;display:flex;align-content:flex-start}.tb-grid-column.tb-grid-align-center{width:100%;display:flex;align-content:center}.tb-grid-column.tb-grid-align-bottom{width:100%;display:flex;align-content:flex-end} .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="fca7a8ad6ffbe8e9fde1242c376e0112"] { grid-template-columns: minmax(0, 1fr);grid-auto-flow: row } .wp-block-toolset-blocks-grid.tb-grid[data-toolset-blocks-grid="fca7a8ad6ffbe8e9fde1242c376e0112"]  > .tb-grid-column:nth-of-type(1n+1) { grid-column: 1 } .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="e863d66eac949908a5c6c8d2fd31320c"] { display: flex; } .tb-rating{position:relative;white-space:nowrap;color:#c1c1c1;font-size:1.3em;line-height:1.3}.tb-rating__container{position:relative;display:inline-block}.tb-rating__star{display:inline-block;position:relative}.tb-rating__star::before{content:attr(data-star);display:inline-block;clear:both}.tb-rating__rating{position:absolute;left:0;display:inline-block;overflow:hidden;white-space:nowrap}.tb-rating__rating::after{content:attr(data-star)}html[dir="rtl"] .tb-rating__rating{left:auto;right:0}.tb-rating--left{text-align:left}.tb-rating--right{text-align:right}.tb-rating--center{text-align:center}.tb-rating .tb-screen-reader{position:absolute !important;height:1px;width:1px;overflow:hidden;clip:rect(1px, 1px, 1px, 1px)}.tb-rating__rating{color:#e4cc29} .tb-rating{position:relative;white-space:nowrap;color:#c1c1c1;font-size:1.3em;line-height:1.3}.tb-rating__container{position:relative;display:inline-block}.tb-rating__star{display:inline-block;position:relative}.tb-rating__star::before{content:attr(data-star);display:inline-block;clear:both}.tb-rating__rating{position:absolute;left:0;display:inline-block;overflow:hidden;white-space:nowrap}.tb-rating__rating::after{content:attr(data-star)}html[dir="rtl"] .tb-rating__rating{left:auto;right:0}.tb-rating--left{text-align:left}.tb-rating--right{text-align:right}.tb-rating--center{text-align:center}.tb-rating .tb-screen-reader{position:absolute !important;height:1px;width:1px;overflow:hidden;clip:rect(1px, 1px, 1px, 1px)}.tb-rating__rating{color:#e4cc29} .wp-block-toolset-blocks-grid-column.tb-grid-column[data-toolset-blocks-grid-column="3034fbe886c11054e95b46b09d3e4112"] { display: flex; } .tb-rating{position:relative;white-space:nowrap;color:#c1c1c1;font-size:1.3em;line-height:1.3}.tb-rating__container{position:relative;display:inline-block}.tb-rating__star{display:inline-block;position:relative}.tb-rating__star::before{content:attr(data-star);display:inline-block;clear:both}.tb-rating__rating{position:absolute;left:0;display:inline-block;overflow:hidden;white-space:nowrap}.tb-rating__rating::after{content:attr(data-star)}html[dir="rtl"] .tb-rating__rating{left:auto;right:0}.tb-rating--left{text-align:left}.tb-rating--right{text-align:right}.tb-rating--center{text-align:center}.tb-rating .tb-screen-reader{position:absolute !important;height:1px;width:1px;overflow:hidden;clip:rect(1px, 1px, 1px, 1px)}.tb-rating__rating{color:#e4cc29} } 

AUM (623 cr) | Inc Date (20-Dec-2012)

Scheme Rating

IME Scheme Rating

We like the firm’s focus on small-cap investing, with the additional advantage of the investment rigour of a private equity approach. The strategy has also demonstrated the ability to deliver longer-term outperformance.

IME Strategy Rating

Backed by the Private Equity credentials of the founding team, Nine Rivers Aurum Small Cap Opportunities follows a private equity style approach to listed small-cap investing (private equity thought process, buy-and-hold investment approach, more detailed & rigorous investment research process). It aims to invest in a concentrated portfolio (12-15 high conviction ideas) of small-cap stocks (market cap of less than 5000 cr). Stocks are invested with a 3-5 year investment horizon, with clearly defined risk-control limits at the time of portfolio construction (10% max stock weight, 25% max sector weight). Nine Rivers do not follow a model-portfolio approach, instead choosing to invest in what are the best investment ideas at the time of investment.

AMC Rating

AMC: Nine Rivers PMS (click link for detailed AMC review)

Nine Rivers Capital PMS is a reputable PMS provider specializing in small-cap investing with a private equity approach. They have a strong investments team and a focused approach to mid-and-small cap investing, making them a recommended choice for those interested in smaller companies.

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).

Investment Philosophy

Nine River Capital PMS’s Aurum Small Cap Opportunities fund aims to invest in a concentrated portfolio (12-15 high conviction ideas) of small-cap stocks (mkt cap of less than 3500 cr). The portfolio also has a unique product structure with a fixed term of 5 years, and the endeavour is to monetize the portfolio by the end of the tenure in a systematic fashion.

Nine Rivers Capital PMS’s core belief is that you can only generate superior long-term returns in small & mid caps by applying the same rigor and discipline as in private equity investing. The aim is to exploit the judgmental biases and behavioural weaknesses of market participants, to identify attractive investment opportunities. Nine Rivers looks for the following attributes in possible investee companies – dominance in a niche vertical, growth tailwinds, a robust balance sheet, strong ROEs and a lack of institutional research coverage.

INVESTMENT PROCESS

Ideation and Discovery: Spotting value-creation drivers through macro-tailwinds (policy, regulatory, consumer-behaviour, and technology among others)
Fundamental Evaluation: Strong 15% earnings growth with free cash flows, low leverage, good governance and sustainable 15%+ ROCEs
Conservative Entry Point: Buy growth at reasonable valuation. Average entry PE below 20x.
Risk Management: Constant monitoring (of positions, performance, governance and macro), pro-active exits (based on valuation guardrails, thesis deviation, macro events, and superior alternatives), and selective forensic diligence where indicated.

Private-equity Approach to Small-cap Investing Nine Rivers Capital has a clearly articulated investment philosophy focused on investing in small & mid-cap companies with a private equity approach.

Trailing Performance

	1yr	3yr	5yr	Since Inception
Nine Rivers Aurum Small Cap Opportunities	-8.6	16.6	39.2	25.9
S&P BSE 500	4.5	13.7	22.2	14.5
Alpha over Broad Mkt BM	-13.1	2.9	17	11.4
Nifty Smallcap 250	-3	17.4	34
Alpha over Category BM	-5.6	-0.8	5.2

Performance as of: 30-Apr-25 | Inception Date: 20-Dec-12

Fund Managers

Sandeep Daga | 5-star rated FM

Founder & CIO | 26 yrs Experience | 12 yrs at current firm

Past Experience: Director (Frontline Strategy), Head – B2B Investments (ICICI Venture)

Sandeep Daga has over 20 years of experience in Private Equity and Public Markets, and Corporate Finance. He is known for his focus on small and mid-caps.

Vivek Ganguly | 5-star rated FM

Portfolio Manager | 26 yrs Experience | 12 yrs at current firm

Past Experience: Principal (Global Environment Fund India Advisors Pvt Ltd), Fund Manager (Quantum AMC), Portfolio Manager (Transpek Finance Ltd & Kisan Ratilal Choksey Pvt Ltd)

Vivek Ganguly comes with over 20 years of experience in Indian public and private equity markets, with experience as a Principal at Global Environmental Fund and Fund Manager at Quantum AMC.

Fee Structure

Fee Structure	Fee
Fixed Fee Structure
Variable Fee Structures	2% fixed + 20% above 10% hurdle (performance fee only charged on redemption or completion of 5 years from first investment date)
Exit Fees	1yr (3%), 2yr (2%), 3yr (1%)

Free 30-Day Trial of the IME RMS

Details shared above, are only a short-snapshot of the more detailed analysis that resides in IME’s Proprietary RMS (Research Management Solution).

The IME RMS is the first tool ever, to give investors direct access to the insights of the central research team. Investors gain direct access to our ratings, rating rationales & analysis across thousands of funds (MFs, PMSs, AIFs, Global funds), asset classes, categories & more.

Learn More

IME RMS Demo

Note: PMS AMC & Scheme Reviews and Ratings are based on IME Capital’s Proprietary Review and Rating Methodology (read more here: AMC Rating & Scheme Ratings). These reflect the unbiased views of our central research team, based on our assessment of the investment value of these PMS/AIF strategies for our investors. We follow a highly stringent rating-criteria, where approximately 50% of PMS AMC’s & strategies would be rated 2-star or below (this is not meant to indicate that these funds are not investment-worthy, but that they do not currently fulfill the requirements we focus on for recommending funds to our investors — based on our internal views on the merit of the AMC/strategy relative to peers). Reviews & Ratings are primarily based on research of publicly available information (SEBI disclosures, PMS websites, PMS-aggregation platforms, webinar recording, media interviews etc.) and no explicit consent is required from AMCs for the same. While we endeavour to do further due-diligence via direct interactions with the investment teams of AMCs, this is typically restricted to AMC’s that meet our foundational fund selection criteria (reviews on lower-rated AMCs are often based solely on publicly available information). The views reflected in our Reviews & Ratings, are our independent views and may not be shared by the AMC’s and the investment teams. Please read detailed disclaimer for more.