SBI Funds ESG Recommendation & Review

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AUM (656 cr) | Inc Date (8-Jul-2016)

Scheme Rating

IME Scheme Rating

We typically do not recommend Thematic funds to investors, since it requires getting in and out of the theme at the right time. Typically a strong contra approach (investing in themes when they are out of favour, and getting out when they are popular) leads to better performance, but this is very hard to actually implement in practice given strong behavioural instincts against such an approach (investors often end up entering themes post a run-up, which can often be the worst time to invest). In our view, thematic funds are primarily suitable for more astute investors who have a deep underlying understanding of the investment merits of the theme.

IME Strategy Rating

Clear differentiation in strategy given their focus on ESG. ESG investing has been gaining investor interest in recent years and this strategy offers investors the ability to invest in companies that are environmentally friendly, socially responsible and have good governance. Not only would this have interest amongst investors seeking more to invest in more ethically run companies, but the fund flows towards ESG funds can also help these companies perform well in the markets.

AMC Rating

AMC: SBI Funds PMS (click link for detailed AMC review)

We do not recommend MF-promoted PMS’s, as they are often a side-business of the larger MF with uncertain long-term stability of the investment team. While mutual fund strengths may help PMS scale, it may not be valuable for investors seeking alternative investments. SBI PMS is still in early stages compared to other MF-promoted PMS providers.

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).

SBI ESG Strategy

SBI ESG is a multi cap Strategy– spanning across Large, Mid and Small cap
Focusing on investing in companies that meet positive standards of ESG responsibility.
Selecting companies that are disproportionate beneficiaries of Economic growth at a reasonable price

Investment Philosophy

SBI ESG is a multi-cap strategy that predominantly looks for companies based on specific ESG criteria. It aims to buy good businesses run by great people at attractive prices.

Key Aspects of the Philosophy

Management: Looking for companies that have integrity, long-term vision, a good track record, have efficient capital allocation, and are transparent and accountable
Business: Companies are chosen that can take advantage of the size of the opportunity, Return on Capital, Pricing Power, Capital Intensity, and risk of disruption.
Valuation: Look for businesses by looking at discounted cash flow and relative valuations.

ESG Compliant

Investing companies efficiently based on their ESG compliant which is defined based on:

Environment (E)– complying with Climate change, carbon emission, natural capital, water stress, and renewable energy.
Social (S) – Efficient utilization of human capital, good labor standard, product liability, privacy, and data security
Governance (G) – Companies that have good corporate governance by having an Independent Board, Pay, Accounting, Business Ethics & Minority shareholder protection

Investment Process

Step 1 Qualitative Factors: While selecting companies to invest looks at qualitative factors by analyzing Business model, the impact of Macro-economic variables on their business model, Company is also analysed based on Porter’s five force and consider sell-side research interaction.
Step 2 External Analysis: Analyse Geopolitics and its impact on business, have a thorough channel check, meet the management for better understanding of the company, and visit the workplace or Plant.
Step 3 Forensic Analysis: Examine company based on ROE, ROIC, Earnings risk and debt repayment capabilities to study the quality score of the business.
Step 4 Investment Thesis: Analyse financial statements for the last 5 years and build an investment thesis and valuation model.
Step 5 Investment Decision: Investment decision is finally made based on the target price, if its attractive based on potential upside and if the stock is a strategic fit with other stocks in the portfolio.

Avoid

Companies that are impacted by excessive leverage.

PORTFOLIO CONSTRUCTION

Universe: 1) Active coverage- 330-340 companies, 2) Passive coverage- 220+ companies
Active research universe: Analyst preference, stock coverage, Inhouse financial model.
ESG Filter: Positive standards of ESF and exclusion screener
SGVP Universe: Stocks with profitable growth, capital efficient, sustainable multifold growth
SGVP Portfolio: Best fit- opportunity and valuation and PM’s conviction.

Trailing Performance

	1yr	3yr	5yr	Since Inception
SBI Funds ESG	9.5	14.2	27.4	15.4
S&P BSE 500	4.5	13.7	22.2	14.3
Alpha over Broad Mkt BM	5	0.5	5.2	1.1

Performance as of: 30-Apr-25 | Inception Date: 08-Jul-16

Fund Managers

Aparna Shanker | 3-star rated FM

Fund Manager and Head Equity PMS | 21 yrs Experience | 18 yrs at current firm

Past Experience: Fund Manager (SBI PMS), Research Analyst (SBI PMS), Research Manager (Sahara Mutual Fund), Deputy General Manager (Birla Global Finance)

Aparna Shanker has been part of the mutual fund industry for 3 decades, worked with two premier institutions, UTI and currently SBI MF. She joined SBI in 2007 as a research analyst and was subsequently promoted as a Portfolio Manager. Her prior experience included her role as a research analyst at Sahara Asset Management and Birla Global Finance for four years.

Fee Structure

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

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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.