Trivantage Resurgent Financials

Investment Strategy

Trivantage Capital Resurgent Financials Equity Strategy is a sector-focused, multi-cap equity strategy dedicated exclusively to the Indian financial services universe. The portfolio is constructed as a concentrated yet diversified basket of 15–18 stocks within BFSI, with the objective of generating long-term capital appreciation by investing strictly within the manager’s circle of competence. Stock selection is driven by an integrated assessment of macroeconomic conditions, detailed credit analysis, and valuation discipline, reflecting the belief that sustained outperformance in financials requires a combined understanding of cycles, balance sheet risk, and pricing.

Philosophy and Investment Drivers

The strategy is anchored in founder-led decision-making, leveraging the CIO’s deep domain expertise in financial services and experience across multiple market and credit cycles. The approach emphasizes strong alignment with investors through founder co-investment, the willingness to take contrarian positions when conviction is high, and a disciplined focus on ethics, governance, and transparency in portfolio construction.

• Alignment of Interest: Founder co-investment to ensure alignment with client capital.
• Courage of Conviction: Willingness to take differentiated or contrarian positions within the sector.
• Financial Sector Trinity: Combined evaluation of macro environment, credit quality, and valuations.
• Skill and Diligence: Emphasis on research depth and execution capability as sources of alpha.
• Ethical and Transparent Approach: High governance standards and integrity in both stock selection and portfolio management.

Stock Selection Framework

The investment universe comprises roughly 100 listed BFSI companies, of which approximately 40 are actively tracked. Portfolio construction narrows this universe to a high-conviction set of 15–18 stocks using a structured combination of qualitative and quantitative screening.

Qualitative Filters

• Management quality, including CEO track record and ability to navigate different economic and credit cycles.
• ESOP structures and management skin-in-the-game.
• Role, independence, and effectiveness of the board.
• Quality, integrity, and involvement of promoters.
• Sustainability of the business model and durability of competitive moats.

Quantitative Filters

• Capital adequacy and balance sheet strength.
• Free-float market capitalisation.
• Stock liquidity characteristics.
• Volatility metrics.
• Granularity and stability of deposit franchise, where relevant.
• Return ratios and operating efficiency metrics.

Sector-Focused Execution

The strategy is managed by a financial services veteran with experience in running and investing across leading financial institutions. This operating perspective is intended to complement traditional financial analysis, providing practical insights into business quality, risk management, and cycle behavior that inform portfolio positioning.

PMS Background

Trivantage PMS was founded in 2014 by Nikhil Johri with a focused mandate of building portfolios centered on the Indian financial services sector, leveraging the founder’s deep domain expertise in the space. While the platform remains relatively young in comparison to larger, diversified PMS providers, Trivantage has positioned itself as a niche specialist rather than a broad-based manager. The credibility of the platform is closely tied to the pedigree and experience of its founder, whose career in financial services underpins the firm’s differentiated positioning and sector-specific approach.

PMS Investment Philosophy

The investment philosophy at Trivantage PMS is anchored in operating strictly within the founder’s circle of competence, with an exclusive focus on financial services businesses. Stock selection is driven by an integrated assessment of macroeconomic conditions, detailed credit analysis, and valuation discipline, reflecting a belief that sustainable outperformance in financials requires a combined understanding of balance sheet risk, cycle positioning, and pricing. The philosophy places strong emphasis on alignment of interest through founder co-investment, the willingness to take contrarian positions when conviction is high, and maintaining high ethical and governance standards across portfolio companies.

Stock Selection Framework

The portfolio construction process begins with a broad coverage of the listed financial services universe, actively tracking approximately 40 stocks out of the roughly 100 listed BFSI names, and narrowing this down to a concentrated portfolio of 15–18 stocks through layered qualitative and quantitative filters.

Qualitative Filters

• Assessment of CEO and senior management track record, including ability to lead through multiple economic and credit cycles.
• Evaluation of ESOP structures and management skin-in-the-game.
• Role, independence, and effectiveness of the board.
• Quality, integrity, and involvement of promoters.
• Sustainability of the business model and strength of competitive moats.

Quantitative Filters

• Capital adequacy and balance sheet strength.
• Free-float market capitalisation and stock liquidity.
• Volatility characteristics.
• Quality and granularity of deposit franchise, where applicable.
• Return ratios and efficiency metrics.

Suitable For

Investors seeking focused exposure to the Indian financial services sector through a concentrated, sector-specialist PMS led by a founder-CIO with deep operational and investment experience in financials.