Right Horizons Super Value M&S Cap
Right Horizons PMS | Equity | | PMSIME's View on Right Horizons Super Value M&S Cap
Strategy
Investment Fund
While this fund can be considered for investment based on its performance, we prefer other funds in the same category that offer a stronger pedigree built over longer track records. This fund is still in the process of establishing that level of consistency and credibility.
Fund's Strategy View
A diversified equity portfolio that endeavours to achieve long-term capital appreciation and generate returns by investing in Mid & Small cap companies enjoying some economic moat or undergoing special situations or in the midst of an unfavourable business cycle. Right Horizon- Super Value is a relatively new strategy and has outperformed 2 out of 3 Calendar years. We would prefer for the strategy to age to better understand the team's ability to perform better over the long term and in different market conditions.
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 Right Horizons PMS
View on AMC
Right Horizons has achieved notable growth and scale, and can now be considered; however, we remain cautious given the high volatility in its annual performance.
AMC's Pedigree
Right Horizons has grown and improved its strategies, but it is not as reputable as other established PMS firms.
AMC Team
Anil Rego has gained investment experience at Right Horizons despite lacking prior experience, and the team has been bolstered by the addition of Piyush Sharma, an experienced investments professional.
Investment Philosophy
Right Horizons PMS does not have a PMS-level investment philosophy; strategies are defined at a scheme level.
PMS Background
Right Horizons PMS was launched in 2015 as the asset management arm of Right Horizons Wealth Management, a Bengaluru-based investment advisory group with over ₹1,000 crore in assets under advice. The fund management team brings over 40 years of cumulative experience across equity research and investing. Despite reasonable scale at the group level, the PMS platform is still in the process of establishing long-term credibility, with historical performance marked by relatively high volatility.
PMS Investment Philosophy
Right Horizons PMS seeks to deliver superior risk-adjusted returns through a structured investment process that combines fundamental analysis, quantitative screening, and explicit risk management frameworks. Stock selection follows a bottom-up approach with emphasis on scalability, sustainability, promoter alignment, and value creation.
Core Stock Selection Pillars
- Market Size: Preference for businesses operating in large and expanding opportunity sets
- Sustainable Growth: Focus on consistency and durability of earnings rather than cyclical spikes
- Promoter Alignment: Importance given to promoter stake and alignment of interests
- Value Creation: Assessment of return ratios and long-term capital efficiency
Investment Process & Risk Framework
- RH Screener: Quantitative screening of ~1,300 companies based on ROE, ROCE, PAT growth, promoter holding and related metrics
- RH Scorecard: Proprietary evaluation framework incorporating valuation metrics, return ratios, forensic filters and key financial statement line items
- RH Risk Radar: Ongoing risk assessment covering regulatory changes, sector concentration, and stock-level exposure limits
- RH Pendulum: Rebalancing framework combining fundamental triggers with selective opportunistic (technical) inputs
Portfolio Construction
- Core Portfolio (~80%): Capital-efficient, high-growth businesses forming the stability anchor of the portfolio
- Satellite Portfolio (~20%): Turnaround or contrarian opportunities offering higher risk-reward and margin of safety
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| Right Horizons Super Value M&S Cap | -5.9 | 18.6 | 25 | 15.9 |
| S&P BSE 500 | 4.9 | 14.6 | 17.2 | 15.1 |
| Alpha over Broad Mkt BM | -10.8 | 4 | 7.8 | 0.8 |
Performance as of: 30-Nov-25 | Inception Date: 30-Nov-12 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
Investment team
Anil Rego | 3-star rated FM
Founder & CEO | 28 yrs Experience | 22 yrs at current firm
Past Experience: Manager - M&A and Business Planning (Wipro)
Anil Rego started his career with Wipro Technologies with roles in Business Planning and Mergers and Acquisitions. Later, in Oct 2003, he went on to start Right Horizons (with an initial focus on wealth management). Anil has also served as a member, Board of Governors, at IBSAF.
Piyush Sharma | 3-star rated FM
Portfolio Manager | 22 yrs Experience | 15 yrs at current firm
Past Experience: Co-Founder and Portfolio Manager (Metis Capital Management Ltd.), Principal (Contravest Associates), Senior Equity Analyst & VP (Longbow Research)
Prior to joining Right Horizon, Piyush Sharma's experience was as an international investor investing in India through listed equity-focused offshore and onshore structures. The experience runs across several industries in the USA and India, including Business Services, Auto & Auto parts, Consumer Products, Specialty Retail, Consumer Finance, and Special Situations.
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