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Quest Flagship

AUM (577 cr) | Inc Date (12-Oct-2007)

Scheme Rating

IME Scheme Rating

3 of 5 stars

The stratgey can be considered for investment on the back of the strong pedigree of the AMC & investment team, even as performance in recent times has been average.

IME Strategy Rating

3 of 5 stars

Quest Flagship PMS follows a flexible investment mandate (sector & market cap agnostic, no specific style focus), that provides the fund manager with a high degree of flexibility to build a portfolio based on the current market dynamics. The strategy has demonstrated resilience and maturity since its inception, navigating through various market phases and establishing a decent track record.

AMC Rating

3 of 5 stars

AMC: Quest PMS (click link for detailed AMC review)

Quest AMC, founded by Ajay and Bharat Sheth, has added Aniruddha Sarkar to their team from IIFL. Despite past outperformance, recent performance is a concern. We would hold off on recommending the PMS for investments until performance improves.

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).

Quest Flagship PMS- Investment Strategy

Quest PMS aims to balance value and growth by capturing market opportunity across sectors and market caps which broadly fall into these segments:

  • Value: Allocation 15-25% in value stocks( Sectors like Capital goods, Autos, Cement, Telecom)
  • P/E re-rating: Allocation 35-45% ( Sectors like PSU Banks, Power, Real & Home improvement)
  • Growth Stocks: Allocation 35-45% ( Sectors like Financial services, IT & IT Services, Specialty chemicals)

Investment Strategy

  • Avoiding the herd: Highly differentiated ideas with minimal overlapping with other MFs and PMSs.
  • Active Management of Cash: Can raise cash levels to 15-20% if markets move to extreme bear phases.
  • Active style Management: Book profit from time to time if valuations look stretched and there is little room for upside from that level.

Stock Attributes

  • Unquestionable management track record
  • Leadership position in its sector- scope for margin expansion
  • Large addressable market size with few players
  • Businesses which are in Y2K moment of growth and disruption
  • Strong Cash flow generation capability
  • Comfortable manageable leverage on books

Trailing Performance

1yr 3yr 5yr Since Inception
Quest Flagship 6.5 11.2 24.4 16
S&P BSE 500 4.8 12.3 24.8 10.6
Alpha over Broad Mkt BM 1.7 -1.1 -0.4 5.4
S&P BSE 500 4.8 12.3 24.8
Alpha over Category BM 1.7 -1.1 -0.4

Performance as of: 31-Mar-25 | Inception Date: 12-Oct-07

Fund Managers

Bharat Sheth | 5-star rated FM

Head Equities | 45 yrs Experience | 31 yrs at current firm

Bharat Sheth is a highly seasoned & respected investment professional, having spearheaded the growth of Quest’s advisory & PMS business over the past 25 years. Being part of the core founding team, he has provided the much-needed stability and thought leadership that has helped Quest grow into one of the larger PMS providers in India.

Aniruddha Sarkar | 3-star rated FM

CIO | 17 yrs Experience | 5 yrs at current firm

Past Experience: IIFL AMC (FM)

Aniruddha joined Quest in Feb-2020, after a successful stint of over 10 years at IIFL across various roles including Fund Manager for the MF & PMS and as a research analyst.

Fee Structure

Fee Structure Fee
Fixed Fee Structure 2
Variable Fee Structures 1.5% fixed + 12% above 8% hurdle
Exit Fees 1yr (1%)

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