Roha Emerging Champions
Roha Asset PMS | Equity | | PMSIME's View on Roha Emerging Champions
Strategy
Investment Fund
Roha emerging is a sound strategy with a clear focus on small and mid-cap. Relative to other small and mid-cap funds with a longer-term track record, Roha Emerging does not yet have a longer-term track (especially with relation to how the strategy performs in weak market conditions). The AMC has witnessed recent churn in its investment team, Dhiraj Sachdev (FM) has left the firm. Investment team churn remains a key risk for the AMC.
Fund's Strategy View
Clear small and midcap focus with very strong themes and risk management. Sectoral focus spans rural transformation, ancillary beneficiaries of energy and manufacturing shifts, and urban consumption, forming the backbone of the Roha RAM strategy.
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 Roha Asset PMS
View on AMC
Roha is a relatively new PMS firm established in 2020 with developing investment management credentials. The group controlling Roha AMC is engaged in various businesses beyond financial services, raising concerns about focus. The AMC has witnessed recent churn in its investment team, Dhiraj Sachdev (FM) has left the firm. Investment team churn remains a key risk for the AMC and leads to a lower AMC rating.
AMC's Pedigree
Roha group is new to the industry and their investment reputation is still developing.
AMC Team
Recently, Dhiraj Sachdev, Managing Partner & CIO, has left the firm. He was replaced by Rajdeep Singh and Daljeet Singh Kohli, who comes with relatively lower fund management experience. Rajdeep spent 14+ years at ASK Investment Managers in equity research across sectors and managing PMS and multi-cap advisory strategies. Meanwhile, Dalijeet has experience in Research & Strategy with a couple of years as FM and CIO.
Investment Philosophy
Philosophy is rooted in identifying emerging champions early, Roha blends primary research, forensic diligence, and valuation discipline into a focused mid- and small-cap portfolio.
Emerging Companies Strategy
RATIONALE
- Focus on select small and mid-cap companies, particularly post market corrections, to generate alpha and superior long-term returns.
- Stock selection is driven by management capability, business quality (size of opportunity, capital efficiency, scalability) and valuation attractiveness.
- The strategy seeks to capture early mover advantage and benefit from long-term compounding.
Investment Philosophy
Roha PMS aims to invest in ‘emerging champion companies’ by focusing on small and mid-cap listed equities. The strategy targets businesses with strong business characteristics, sustainable growth potential, capital efficiency and healthy cash flows, with the objective of backing companies that can evolve into large businesses over time.
Roha follows an exhaustive stock selection process by focusing on:- Catch them young – early mover advantage
- Qualifying qualitative and quantitative parameters
- Extensive research and filtration process
Investing in 'emerging champion companies' through small & mid-cap equities
Investment Process
- Idea generation through filters to screen a large universe of stocks based on stringent quality criteria such as cash flows, growth, ROCE and profitability.
- Primary research through interactions with management, distributors, channel partners, customers and competitive checks.
- Forensic analysis of accounting, balance sheet and financials to avoid companies with weak governance or aggressive practices.
- Final investment view formed through team and investment committee deliberation, incorporating business outlook, management capability and valuations.
RISK MANAGEMENT
- Stock Concentration: 10%
- Sector Concentration: 25%
- Sell: When fair value is achieved, a superior alternate opportunity emerges, or core investment assumptions reverse.
PMS Background
Roha PMS was launched in 2020. While the strategy was originally set up under the leadership of Dhiraj Sachdev (ex-HSBC, ASK Investment Managers, HDFC Bank), he is no longer associated with the platform. The PMS is currently managed by an experienced internal investment team, with portfolio management and research responsibilities handled by senior professionals with long-standing experience in Indian equities.
Roha Asset Management is part of the broader Roha group ecosystem, which has interests across multiple financial and real-economy verticals including housing finance, broking, healthcare, renewable energy (solar & wind), real estate and manufacturing, with operations spread across multiple geographies.
AMC is relatively young with evolving investment setup Roha remains a relatively young PMS platform. While the strategy framework is well-articulated, the platform is still in the process of building a longer independent performance track record post leadership transition.PMS Investment Philosophy
Roha PMS aims to invest in “emerging champion companies” by focusing on small and mid-cap listed equities. The strategy seeks businesses that demonstrate strong business characteristics, sustainable growth potential, capital efficiency and healthy cash flows, with the objective of identifying companies that can evolve into large, dominant businesses over time.
Roha follows an exhaustive stock selection process to identify potential leaders of tomorrow by focusing on:- Catch them young – early mover advantage
- Strong qualitative and quantitative business parameters
- Deep research and multi-layered filtration
Investing in 'emerging champion companies' through small & mid-cap equities
Investment Process
- Idea Generation: Screening a large universe using stringent quality filters such as cash flows, growth, ROCE, profitability and balance sheet strength.
- Primary Research: Management interactions, distributor and channel partner checks, peer and competitive analysis and customer-level validation.
- Forensic Analysis: Detailed scrutiny of accounting, balance sheets and financial disclosures to avoid weak governance or fraud-prone businesses.
- Final Evaluation: Investment thesis debated within the team and investment committee, incorporating future business outlook, management capability and valuation comfort.
RISK MANAGEMENT
- Stock Concentration: Maximum ~10% per stock
- Sector Concentration: Maximum ~25% per sector
- Sell Discipline: Exit triggered when fair value is achieved, superior alternate opportunities emerge, or core investment assumptions are impaired.
Suitable For
Investors looking for a small and mid-cap focused PMS strategy, who are comfortable with relatively higher volatility and are seeking long-term capital appreciation through emerging business franchises.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| Roha Emerging Champions | -10.8 | 22 | 29.8 | 30.4 |
| S&P BSE 500 | 4.9 | 14.6 | 17.2 | 21.2 |
| Alpha over Broad Mkt BM | -15.7 | 7.4 | 12.6 | 9.2 |
| Nifty Midcap 150 | 7.5 | 23 | 24.6 | |
| Alpha over Category BM | -18.3 | -1 | 5.2 |
Performance as of: 30-Nov-25 | Inception Date: 29-Jul-20 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
Investment team
Daljeet Singh Kohli | 3-star rated FM
Head Equity | 26 yrs Experience | 2 yrs at current firm
Past Experience: Vasuki India Fund, Stockaxis (CIO), Valentis PMS, Bonanza, IndiaNivesh Securities
Daljeet Singh, with over 25 years in Indian capital markets, holds an MBA from IMT Ghaziabad. Before joining Roha Asset Managers LLP as Head of Equity, he led Research & Strategy at Vasuki India Fund and managed a multi-cap PMS at Valentis Advisors. He has also held leadership roles at Stockaxis, India Nivesh Securities, and other reputed financial firms.
Rajdeep Singh | 3-star rated FM
Portfolio Manager | 16 yrs Experience
Rajdeep Singh, with over 15 years in Indian capital markets, is an engineer with a finance specialization from Mumbai University. He spent 14+ years at ASK Investment Managers in equity research across sectors and managing PMS and multi-cap advisory strategies. He now serves as Portfolio Manager at Roha Asset Managers LLP.
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