Quest Smart Alpha Sector Rotation 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 ( cr) | Inc Date (1-May-2022)

Scheme Rating

IME Scheme Rating

Quest Smart Alpha Sector Rotation is an open-ended CAT III AIF that employs a flexi-cap approach, typically holding around 20-25 stocks. The fund actively engages in sector rotation, seeking out sectors experiencing tailwinds and avoiding those facing headwinds.

IME Strategy Rating

The fund would be focused on sector & stock rotation as key strategy trying to identify the right sectors & company at right time and have concentrated exposure in them. The fund has a minimum requirement of 3 sectoral themes at any point of time, with a chance 1 or 2 emerging theme which could be added. The fund can also take aggressive cash calls accordingly to the fund manager’s view on the market.

AMC Rating

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).

Investment Philosophy

Quest Smart Alpha Sector Rotation is a concentrated multi-cap strategy focussed on identifying 4 themes at a time across sectors in the market to generate alpha. The strategy aims to rotate across sectors actively to drive performance.

Rationale for Sector Rotation: Sectoral leaders change in each market cycle (this has been seen repeatedly in the past & will also continue in the future) | Identifying the right sectors helps capture the right economic and earnings cycle thereby leading to valuation re-ratings | The typical holding period of a sector or a theme will be 6-18 months
Sectoral Calls: There is no magic formula for getting sector calls rights | Various factors including economy + industry dynamics + mgmt comments + financials and valuations go into picking the right sector | picking the sector is 10-20% of the job … the remaining is bottom-up
Company Calls & Rotations: company selection within identified sectors is a major source of value-addition | all companies in a sector do not move in tandem and a large part of alpha creation is possible by smart company selection
Exit: the strategy is focused not on just identifying and positioning for the upcycle | Exiting the sector at the right time is important and part of the philosophy (when valuations are rich)

PORTFOLIO CONSTRUCTION

Overview: only 4 themes at any point in time (can have many sectors)
Holdings: 3-5 stocks per theme / 15-20 stocks in the portfolio
Cash Levels: upto 50% cash calls

Aggressive Portfolio Construction Smart Alpha Sector Rotation's aggressive portfolio construction is seen through their focus on only 4 themes across 20 positions and their willingness to take cash calls up to 50%. This could deliver substantial outperformance or underperformance hinged on the investment team's consistency and ability to identify opportunities.

Investment Strategy

Current Themes

Agri economy recovery: food inflation + fertiliser subs — farmer disposable income going up | sub-sectors: agri-chem + equipment (tractors) + FMCG
India Manufacturing: PLI | sub-sectors: defence + white goods + auto ancs
Energy security: electrification + industrialisation | sub-sectors: power gen + solar and hydrogen + RM suppliers to power gen
4th theme: evaluating

Trailing Performance

	1yr	3yr	5yr	Since Inception
Quest Smart Alpha Sector Rotation
S&P BSE 500
Alpha over Broad Mkt BM
S&P BSE 500
Alpha over Category BM

Performance as of: 31-Mar-25 | Inception Date: 01-May-22

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	2.5
Variable Fee Structures
Exit Fees	1% (1yr)

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.