ValueQuest Platinum
ValueQuest PMS | Equity | | PMSIME's View on ValueQuest Platinum
Strategy
Investment Fund
A concentrated strategy run by an established AMC with an experienced investment team. However, a 10 cr min investment can prove to be a detterent for many investors. This higher min investment limit on Platinum, is also the primary driver of it's lower rating.
Fund's Strategy View
ValueQuest Platinum is more actively managed than ValueQuest Growth, with a focus on companies with a strong 1-3 year investment case. The strategy takes highly concentrated positions in top investment ideas (~8-12 companies). The high levels of concentration, can lead to a high level of performance volatility, making it more suitable for aggressive investors.
Fund Performance
The fund has outperformed peers & is amongst the top performing schemes in this category in the last 5 year trailing returns. In terms of longer-term annual performance, performance consistency has been mixed, with the fund having outperformed & underperformed the bechmark roughly in half the years.
IME's View on ValueQuest PMS
View on AMC
ValueQuest is a founder-managed PMS provider with an experienced fund management team and a strong 10-year track record. The AMC leverages the Dharamshi families much longer-term track record spanning multi-decades in the broking business.
AMC's Pedigree
ValueQuest has a 10-year track record of outperformance in their 'VQ - Growth' strategy, establishing themselves as a credible PMS player. The founder-managed portfolio provides consistency to the investment philosophy and processes.
AMC Team
ValueQuest AMC is managed by 2 experienced fund managers, Ravi Dharamshi, and Sameer Shah, along with 10 research analysts. Ravi Dharamshi is from RARE, and Sameer Shah is from FCH Centrum, BRICS Securities, and Sharekhan.
Investment Philosophy
ValueQuest's strategy focuses on investing in businesses with sustainable advantages and large opportunity sizes, where the team has an informational or analytics advantage. The firm runs a highly concentrated mandate companies, with a bias towards mid and small cap. Fund managers have discretion in managing their strategies within the ValueQuest investment philosophy framework.
VQ Platinum Strategy
ValueQuest Platinum is a concentrated multi-cap strategy with an investment horizon of 1-3 years for companies. The strategy aims to invest in fundamentally sound companies as per ValueQuest framework that have sector tailwinds, and also in special situations.Investment Philosophy
FRAMEWORK
- Opportunity Size: driven by rich in possibilities, high earnings growth, longevity, predictability and scalability
- Competitive advantage: through networks, IP, regulation, brand, cost structure and switching cost
- Scalability & Sustainability: driven by replicability, market adjacencies, technology adoption, and reach
- Management: look for competent management and efficient capital allocators, with aligned interests
- Asymmetric Risk-return: through operating leverage, S-curve, and numbers vs narrative
Investment Process
- Top-down Approach: Supportive macros, improving competitive positioning and developing business tailwinds
- Bottom-up Approach: Proactive management, strong balance sheet, and attractive risk-return
FILTERS
- Universe: 500-600 companies based on quality filter through balance sheet strength, management capabilities and competitive positioning
- Focus Companies: 150-200 companies based on growth filter drive by industry tailwinds, increasing market share, improvement in P/L and balance sheet.
- Core: 30-50 companies with favourable risk-reward, perception with market and margin of safety
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| ValueQuest Platinum | -12.5 | 20.8 | 28.6 | 19.2 |
| S&P BSE 500 | -6.6 | 14.7 | 19.2 | 13.5 |
| Alpha over Broad Mkt BM | -5.9 | 6.1 | 9.4 | 5.7 |
| Nifty Midcap 150 | -5.7 | 21.8 | 26.6 | |
| Alpha over Category BM | -6.8 | -1 | 2 |
Performance as of: 30-Sep-25 | Inception Date: 24-Jul-14 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
Investment team
Ravi Dharamshi | 4-star rated FM
Co-Founder and Portfolio Manager | 23 yrs Experience | 19 yrs at current firm
Past Experience: Analyst (RARE Enterprises)
Ravi Dharamshi is the Founder & CIO of ValueQuest Investment Advisors. He has an MBA in Finance from McCallum Business School, US. He returned from the US after a brief internship stint at Salomon Smith Barney. He has been associated with the Indian stock markets for over 21 years. After graduating, he worked his way up through the stock market business, spending four years at RARE Enterprises under the aegis of Rakesh Jhunjhunwala and Utpal Sheth, where he was involved with in-depth research and private equity deals.
Sameer Shah | 3-star rated FM
Co-Founder and Portfolio Manager | 26 yrs Experience | 17 yrs at current firm
Past Experience: Head Business Development (Centrum)
Sameer Shah is the Co-Founder and Portfolio Manager of ValueQuest. He holds a Chartered Accountancy degree with over 22 years of capital markets experience. Previously, he was vice president of business development at FCH Centrum, BRICS Securities, and Share.
