Renaissance Opportunities
Renaissance India PMS | Equity | | PMSIME's View on Renaissance Opportunities
Strategy
Investment Fund
Focused on high-conviction, large-cap ideas with predictable earnings, stable growth, and reasonable valuations. The portfolio focuses 80%+ on large caps. Renaissance Opportunities is a good option for investors looking for options in the large-cap space.
Fund's Strategy View
This Portfolio is a Large Cap biased portfolio. A portfolio built a high-quality concentrated portfolio of 20-25 stocks on the best opportunity basis. Portfolio companies are the market leaders in their respective spaces and operate in a moderate to high growth environment. The scheme has a philosophy of high quality concentrated portfolio. The levels of concentration can be appealing to certain higher-risk-appetite investors, even as it is important to recognize that such concentration can lead to sharp underperformance if a few calls go wrong (and vice versa)
Fund Performance
The fund has outperformed peers & is amongst the top performing schemes in this category in the last 5 year trailing returns. In terms of longer-term annual performance, performance has been consistent, with the fund having outperformed it's benchmark in over 60% of annual calendar years.
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 Opportunities Portfolio aims to achieve medium to long-term capital appreciation by investing in high-quality large-cap companies with strong growth potential
Core Investment Approach
Investment Philosophy
- High-Quality Large-Cap Focus: Targets large-cap companies that are market leaders in their respective industries, managed by competent teams with high standards of corporate governance.
- Blend of Growth and Quality: Emphasizes companies that combine robust growth prospects with solid financial health, aiming to deliver sustainable returns.
- Bottom-Up Portfolio Construction: Constructs the portfolio based on detailed analysis of individual companies, selecting investments on a best-opportunity basis without sector bias.
- Concentrated Portfolio: Maintains a focused portfolio of 20-25 stocks, allowing for in-depth analysis and monitoring of each holding.
- Significant Large-Cap Allocation: Allocates approximately 70-80% of the portfolio to large-cap stocks, ensuring substantial exposure to established companies
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 Opportunities | -7 | 16 | 23.5 | 12.3 |
| S&P BSE 500 | -6.6 | 14.7 | 19.2 | 13.4 |
| Alpha over Broad Mkt BM | -0.4 | 1.3 | 4.3 | -1.1 |
| Nifty 50 TRI | -3.5 | 14.2 | 18.4 | |
| Alpha over Category BM | -3.5 | 1.8 | 5.1 |
Performance as of: 30-Sep-25 | Inception Date: 20-Nov-17 | 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.
