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Spark Asia India@75 Flexicap

Scheme Rating

IME Scheme Rating

3 of 5 stars

Investors can consider the strategy: Spark Asia, backed by well-known Spark Capital in the capital markets, is a reasonable option driven by the CIO experience. However, we point out that the strategy/firm is still relatively young. We also note that the AMC is backed by larger financial house, which could lead to churn in senior management of the AMC due to lack of stake for CIO/FM in the firm.

IME Strategy Rating

3 of 5 stars

Dynamic Flexi-Cap Strategy: Spark Asia’s Flexicap strategy aims to build a concentrated 20-25 stock flexi-cap portfolio. Instead of being aligned with only a specific market-cap range, the strategy will look for safety (read large-cap) in phases characterised by frothy valuation and elevated risks; it will look to add to beta (read mid- and small-cap) when it believes valuation has turned saner and risks have receded.

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).

IME View on Spark Asia India@75 Flexicap

Type: Flexi Cap | GARP | AUM (424.3 cr) | Inc Date (07 Feb 2019)

Spark India at 75 FlexiCap- Investment Strategy

Spark India at 75 FlexiCap is a multi-cap strategy. Portfolio of 18-25 stocks. Market cap and sector agnostic. Philosophy of growth at a reasonable price.

Trailing Performance

1yr 3yr 5yr Since Inception
Spark Asia India@75 Flexicap 43.4 24.8 24.5 21.7
S&P BSE 500 TRI 41.1 18.9 22.9 17.4
Alpha over Broad Mkt BM 2.3 5.9 1.6 4.3
Nifty 500 40.2 17.7 21.5
Alpha over Category BM 3.2 7.1 3

Performance as of: 31-Aug-24 | Inception Date: 07-Feb-19

Fund Managers

P. Krishnan | 4-star rated FM

CIO

Past Experience: Manager (Carlson Funds and DNB Asset Management, Norway) ,Fund Manager (Kothari Pioneer Bluechip Fund aka Franklin Indian Bluechip Fund), Manager (SBI Mutual Fund)

Krishnan has about 3 decades of experience in asset management and equities. He has experience in regional emerging markets such as China, Taiwan, Korea and the ASEAN region. He was the manager of India’s first bank-sponsored mutual fund scheme (SBI Mutual Fund) between 1990 and 1992. He was also the fund manager of India’s first private sector mutual fund Kothari Pioneer Bluechip Fund which is now Franklin India Bluechip. During his stint with DNB Asset Management, Norway, Krishnan had gained great experience in the Asian EMs.

Fee Structure

Fee StructureFee
Fixed Fee Structure1.75
Variable Fee Structures0% fixed + 10% between 12% hurdle
Exit Fees

AMC

AMC: Spark Asia PMS (click link for detailed AMC review)

Credible AMC with few Drawbacks: Spark capital AMC comes with good characterics for it to emerge as a credible player in the future (a strong niche institutional equities business, a highly seasoned CIO), though we would ideally recommend investors wait for their longer-term track record to be more firmly established, along with a more clearly defined investment philosophy. Spark Asia PMS is a young firm and is also a part of the larger Spark Capital (investment banking & institutional stock broking), thereby churn in senior leadership churn is another key risk for investors to note due to lack of stake for CIO/FM in the firm.

AMC Rating

3 of 5 stars

AMC Pedigree

3 of 5 stars

AMC Size

3 of 5 stars

Team Pedigree

4 of 5 stars

Inv Philosophy

3 of 5 stars

Performance

3 of 5 stars

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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.

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