Renaissance Next
Renaissance India PMS | Equity | | PMSIME's View on Renaissance Next
Strategy
Dynamic Thematic Style
Investment Fund
Designed to rotate across market caps based on economic and market cycles. The portfolio blends large, mid, and small caps across 20-30 holdings. The AMC is backed by an experienced team of research and operations professionals who follow a disciplined investment process. The fund has also delivered good performance over the past 5yrs.
Fund's Strategy View
Stategy aims to invest in growth sectors at a reasonable price and focusing on inflation hedges by investing in companies with strong pricing power. The investment philosophy is focused on buying high-quality growth companies. There does not seem to be much of a focus on value, making it more of a quality-growth strategy than the more common GARP approach. The Strategy adheres to Sustainable Quality Growth at Reasonable Prices (SQGARP), emphasizing sustainable business models, superior quality, and competent management for growth over the medium to long term. It focuses on reasonable valuations using a fair value approach that considers the economic value of the business.
Fund Performance
The fund has outperformed peers & is amongst the top performing schemes in this category in the last 5 year trailing returns.
IME's View on Renaissance India PMS
View on AMC
While Renniassance India PMS has a fund manager with a strong track record, it is still young and sub-scale, possibly due to a focus on AIF's. We prefer to wait for the PMS platform to mature before recommending investments.
AMC's Pedigree
Renaissance India PMS, founded by a respected fund manager, is a young firm that has not fully scaled its PMS business, potentially due to a focus on the AIF platform. Founded by Pankaj Murarka, the firm launched its PMS in January 2018. It has since grown into a diversified platform with multiple strategies across market caps—Large Cap (ROP), Flexi Cap (RINP), and Mid Cap (RMP).
AMC Team
AMC is led by Pankaj Murarka, who brings over two decades of experience in Indian equity markets. Prior to founding Renaissance, he held CIO-level roles at Axis Mutual Fund and senior positions at UTI AMC, Rare Enterprises (Rakesh Jhunjhunwala), and Merrill Lynch. His track record in institutional asset management lends credibility and process maturity to the PMS offering.
Investment Philosophy
Renaissance adopts a blend of quality and growth investing across its strategies. It seeks businesses at different stages of their lifecycle, combining strong fundamentals with improving business momentum. Portfolio construction emphasizes concentration (20–25 stocks), risk-adjusted returns, and a balance between top-down macro insights and bottom-up stock selection.
Investment Strategy
Renaissance India Next Portfolio seeks long-term capital appreciation by investing in high-quality, high-growth companies across various market capitalizations, focusing on sectors poised to drive India's next phase of economic growth.
Core Investment Approach
Investment Philosophy
- Flexi Cap Approach: Invests across large-cap, mid-cap, and small-cap companies, allowing flexibility to capitalize on opportunities presented by different market segments.
- Focus on High-Quality, High-Growth Companies: Targets businesses with robust fundamentals, sustainable business models, and strong growth potential, aiming to deliver superior risk-adjusted returns with moderate volatility.
- Diversified, Bottom-Up Portfolio Construction: Builds a diversified portfolio without sector bias, selecting stocks based on detailed bottom-up analysis to identify the best investment ideas.
- Concentrated High-Conviction Holdings: Maintains a focused portfolio of 20-25 stocks, ensuring each investment aligns with the fund's quality and growth criteria.
Sustainable Quality Growth at Reasonable Prices (SQGARP):
- Sustainability: Focuses on companies with durable and robust business models.
- Quality: Targets businesses demonstrating competitive advantages, pricing power, high Return on Equity (ROE), free cash flow, and competent management teams.
- Growth: Seeks companies capable of delivering superior growth over the medium to long term.
- Price: Emphasizes investing at fair valuations, assessing the economic value of businesses.
Key Investment Theme
- Services: Investing in companies offering innovative and scalable service models.
- Capital Markets: Focusing on firms that facilitate financial market operations and growth.
- New Age Capex: Targeting businesses involved in modern capital expenditure projects, including infrastructure and technology upgrades.
- IT / Gen AI: Investing in information technology and companies leveraging generative artificial intelligence.
- Healthcare: Focusing on organizations advancing medical services, pharmaceuticals, and biotechnology.
- Financials: Targeting institutions providing banking, insurance, and financial services.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| Renaissance Next | -8.7 | 20.6 | 34.5 | 15.2 |
| S&P BSE 500 | -6.6 | 14.7 | 19.2 | 13.4 |
| Alpha over Broad Mkt BM | -2.1 | 5.9 | 15.3 | 1.8 |
Performance as of: 30-Sep-25 | Inception Date: 19-Apr-18 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
Investment team
Pankaj Murarka | 4-star rated FM
Founder & CIO | 29 yrs Experience | 9 yrs at current firm
Past Experience: Head Equities (Axis AMC), India Portfolio Manager (Merril Lynch), Portfolio Manager (Rare Enterprises), Vice President (Motilal Oswal Financial Services Ltd), Portfolio Manager (UTI Mutual Fund)
Pankaj Murarka comes with 24 years of experience. He was associated with Axis Mutual Fund as CIO managing over $3bn in Indian Equities. He was recognized by Outlook Money as a Leading Fund Manager with 5 years of a track record of consistent performance in the year 2015.
