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PGIM Phoenix

Scheme Rating

IME Scheme Rating

The Scheme does not meet our selection criteria at this time

Not a recommended fund: This is not a recommended fund, primarily because the AMC does not meet our selection criteria. We believe that there are better fund houses to invest in, within the Indian mutual fund universe.

IME Strategy Rating

Turnaround & Special Situation Focused Strategy: Has some merits in terms of a clear focus on potential turnaround & special situation plays

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).

IME View on PGIM Phoenix

Type: Mid & Smallcap | Value | AUM (57.2 cr) | Inc Date (1 Aug 2016)

PGIM India Phoenix Portfolio-Investment Strategy

PGIM India Phoenix is a mid-cap strategy. Two main themes: reversion-to-mean and structural change is the focus area for the strategy. 75% in mid and small-cap companies.

Investment Philosophy 

Phoenix portfolio follows 2 main themes being: 

  • Reversion to Mean: These are focusing on companies with financial and operational performance at the time of investments below the long term average performance. Companies that are in cyclical and asset heavy sectors like industrial businesses, real estate, financial services, shipping etc. These companies should also be taking an active step to improve their R&D or product development.  They should also be taking a step to cut costs and looking to enter new geographic markets. As well as companies seeing a change due to M&A, change in management, technology etc. 
  • Structural Changes: These are special situations. Seeking for companies that are likely to benefit from a structural change in the nature of the business/industry. Companies having a regulatory change as well as changes in market dynamics.  

Investment Process

  1. Out of 6000 listed companies filter them based on track record to arrive at an investment universe of 350-380 companies. 
  2. From the 350-380 companies in the chosen universe, research is undertaken to determine growth prospects and management quality. 
  3. The portfolio is constructed with 20-25 companies by filtering price and industry exposure. 

The portfolio is reviewed periodically to establish best choices. 

SELL PROCESS

  • when assumption for stock purchased is no longer valid
  • stock price goes beyond what they thought were worst
  • When a superior opportunity is found for the same level of risk taken
  • when there is a redemption request

RISK MANAGEMENT

  • Follows a concentrated portfolio–20-25 stocks (lower end)
  • Stock Exposure limit- 10%
  • Sector Exposure limit–30%

Trailing Performance

1yr 3yr 5yr Since Inception
PGIM Phoenix 29.7 18.5 15.8 13.6
S&P BSE 500 TRI 34.7 18 18 14.4
Alpha over Broad Mkt BM -5 0.5 -2.2 -0.8
Nifty Midcap 150 53 25.7 24.6
Alpha over Category BM -23.3 -7.2 -8.8

Performance as of: 31-May-24 | Inception Date: 01-Aug-16

Fund Managers

Himanshu Upadhyay | 2-star rated FM

Portfolio Manager | 17 yrs Experience | 9 yrs at current firm

Past Experience: Senior Analyst (M3 Investment Pvt Ltd), Analyst (Max New York Life Insurance Co)

Himanshu Upadhyay comes with 11 years of experience in equity markets. He was previously with M3 Investment Managers and Max New York Life Insurance.

Fee Structure

Fee StructureFee
Fixed Fee Structure2.5
Variable Fee Structures1.5% fixed + 20% above 10%
Exit Fees1yr (3%), 2yr (2%), 3yr (1%)

AMC

AMC: PGIM India PMS (click link for detailed AMC review)

Not a recommended AMC: PGIM India PMS is essentially the erstwhile DHFL Pramerica's PMS business that has been taken over by PGIM post the DHFL collapse. The business is still in the rebuild mode and with limited differentiation. We do not recommend PGIM PMS at this stage.

PGIM India PMS does not meet our criteria for PMS AMC Selection at this time. Understand our AMC rating criteria at AMC Rating Criteria or contact us via the LiveChat to learn more.