Scheme Rating
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).
Investment Strategy
- Core Portfolio (75% allocation): Asset-light business models that have an established track record, efficient capital allocation and scalable growth opportunities | invest in structural stories
- Satellite Portfolio (25% allocation): high-growth stocks including cyclical | invest in cyclical and turnaround opportunities
Indicative market cap allocation: 40% large cap, 40% mid cap and 20% small cap
Investment Philosophy
Sundaram Voyager follows a “3Q” approach to identifying investment opportunities.
- Business: Seeking good businesses that generate higher cash returns and can be reinvested
- Financial: ability to double earnings in 3-5 years | Focus minimum 15% ROIC | Strong cash conversion of 50%+ | Reasonable leverage with debt to equity <0.5x
- Promoters/Management: focus on past execution track record, vision of management is, capital allocation efficiency, promoter holding and pledge, ESOPs, and contingent liability or related party transactions
Identified Investment Themes
- Consumer Discretionary: growing disposable income, rising middle-income class and demographics
- Financial Services: driven by financial inclusion and market share shift towards pvt sector
- Make In India: driven by China de-risking, labour arbitrage across sectors
- Digital Economy: driven by large internet user base, increasing online penetration, and demographics
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| Sundaram Alternates Voyagers | 24.5 | 12 | 19.8 | 13.2 |
| S&P BSE 500 | 8.4 | 12.7 | 16.8 | 14.6 |
| Alpha over Broad Mkt BM | 16.1 | -0.7 | 3 | -1.4 |
| S&P BSE 500 | 8.4 | 12.7 | 16.8 | |
| Alpha over Category BM | 16.1 | -0.7 | 3 |
Performance as of: 31-Jan-25 | Inception Date: 01-Oct-11
Fund Managers
Madanagopal Ramu | 3-star rated FM
Fund Manager | 20 yrs Experience | 7 yrs at current firm
Past Experience: Centrum (Analyst), PFC (Project Finance)
Having joined Sundaram as a research analyst in 2010, Madangopal went on to become the Head of Research and co-manager of a number of the Sundaram AMC funds. He joined the PMS division in 2018.
Karthik Athreya | 4-star rated FM
FM | 27 yrs Experience
Past Experience: Altico Capital, Clearwater Capital, Rabo, Arthur Andersson, PWC, Yes Bank
Karthik Athreya is in charge of the Alternative Financing strategy at Sundaram AMC. He has almost 22 years of expertise in corporate finance, investment banking, and principal investing. Prior to this, He established Altico Capital and oversaw Clearwater Capital’s India division. He worked at Rabo, Arthur Andersson, and PWC before becoming a founding employee of Yes Bank.
Fee Structure
| Fee Structure | Fee |
|---|---|
| Fixed Fee Structure | 2.5 |
| Variable Fee Structures | 1.5% fixed + 20% above 10% hurdle |
| 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.