Nuvama Multi Asset
Our view on the fund, the AMC, the strategy, the performance & the investment team.
IME's Review of Nuvama Multi Asset
| Fund Rating | Strategy Rating | Performance Rating |
|---|---|---|
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View on the Fund
Nuvama Multi Asset is positioned as a multi-asset strategy; however, structurally it operates as a fixed income–plus portfolio, where the core allocation is debt-oriented and incremental returns are generated through corporate event–driven trades and selective equity exposure, with occasional commodity participation. The stated objective of ~15–17% gross returns is pursued through this carry-plus strategy rather than through directional equity risk. It may suit investors seeking a lower-volatility alternative to pure equity exposure, while still aiming for mid-teen return potential.
Strategy
Multi Asset Strategy
Fund's Strategy View
Nuvama Multi Asset is a CAT III AIF which roughly allocates 60-80% in relatively safe yield-generating debt instruments to create a return floor. The remaining 20-40% is deployed across three active strategies: corporate event arbitrage, directional equity, and commodity derivatives, each of which is designed to add return layers on top of the debt base without dramatically increasing portfolio volatility. - Fixed Income (~60-80%): This is the anchor. The fund invests in yield-generating debt instruments - Special Situations (~5-20%): The fund participates in corporate action such as mergers, de-mergers, open offers/buybacks with known ranges - Equities (~10-30%): They do three things here: Fundamental Long Positions, Opportunistic Trades (5-10 stocks, held less than a year) to capture short-term trends, and IPO Participation - Commodities(~0-10%): This is the portfolio hedge more than a return driver. They trade commodity derivatives based on global and domestic macro views.
Fund Performance
We refrain from evaluating the fund since it is yet to mature (less than 5 years).
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| Nuvama Multi Asset |
Performance as of: 28-Feb-26 | Inception Date: 01-Jun-23 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
Investment team
Gaurav Puri | 4-star rated FM
CIO | 18 yrs Experience | 2 yrs at current firm
Past Experience: Godrej (Head Investment), Rising Straits Capital (VP), Tata (Investments)
Gaurav Puri is a real estate private equity professional with deep experience across investment and development management. He currently serves as CIO – Commercial Real Estate at Nuvama, leading the firm’s real estate investment activities. Prior to this, he was responsible for Investments, Product, and Strategy at Godrej Fund Management. He has deal experience across the real estate product lifecycle, multiple asset classes, and diverse capital and transaction structures on a pan-India basis
Ajay Vora | 3-star rated FM
Head - Equities | 20 yrs Experience | 6 yrs at current firm
Past Experience: Reliance Industries (FM), Enam (Head-Research), Morgan Stanley (Research Associate)
Ajay Vora brings over 18 years of investment management experience. Prior to Nuvama, he led the equity investment team at Reliance Industries’ treasury over five years. Earlier, he began his career as a sector analyst at Morgan Stanley and later spent over six years at ENAM AMC.
Nikhil Ranka | 3-star rated FM
CIO - Alternatives | 20 yrs Experience | 6 yrs at current firm
Past Experience: Reliance Industries (PM-Treasury) Lloyd George Management (Investment Research Analyst), Future Capital, ICICI Sec, and Kotak Sec.
Nikhil Ranka brings over 18 years of investment experience. Prior to joining Nuvama, he led the equity investment team at Reliance Industries’ treasury for over five years. Earlier in his career, he worked as an investment research analyst at Lloyd George Management for 5 yrs. He had stints with Future Capital, ICICI Sec, and Kotak Sec.
IME's Review of Nuvama Alternatives
| AMC Rating | Pedigree Rating | Team Rating | Philosophy Rating |
|---|---|---|---|
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View on AMC
Nuvama Alternatives offers a range of alternative strategie, which include offerings in late-stage Private Equity, Venture Debt & listed equity strategies. These funds were part of the carve out of Edelweiss AMC, as part of the sale of the wealth management business to Nuvama.
AMC's Pedigree
Nuvama Asset Management sits within the broader Nuvama Group, which has transitioned from its Edelweiss lineage into a focused wealth and asset-management institution with strong capital-markets, structuring, and institutional distribution capabilities
AMC Team
Nuvama has a diversified investment team aligned to the wide range of strategies it offers. The platform is structured around specialised teams for different investment categories, supported by a well-developed central research capability.
Investment Philosophy
Nuvama follows a flexible investment philosophy at the AMC level, with frameworks tailored to the specific strategy and the expertise of the respective investment teams
AMC Background
Nuvama is a prominent asset management company in India, offering a diverse range of alternative investment solutions across private equity, listed equity alternatives, and structured solutions. With an AUM exceeding ₹11,000 crore and a client base of over 4,000 investors, Nuvama has established itself as a leader in the alternatives space
Investment Philosophy
- Core Philosophy: Nuvama's investment philosophy revolves around a multi-asset, multi-market approach, offering clients diversified exposure across equities, commodities, alternatives, real estate, fixed income, and currencies.
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