| Alpha (1Y) | Beta (1Y) | Standard Deviation (1Y) | % of +ve Months (SI) |
|---|---|---|---|
| -19.88% | 0.64 | 12.52% | 69% |
Sameeksha Capital Equity PMS
Key People
Mr. Bhavin Shah
Founder
Investment Philosophy
The fund focus on process driven investing and have developed proprietary analytical models and methods which we follow rigorously to identify companies with superior risk-reward characteristics. A comprehensive set of rules guide us in our investment process and arguably reduce individual biases and mistakes.
Sameeksha PMS’s founder, Mr. Bhavin Shah, firmly believes that AI can help in navigating through data more easily, but cannot identify good companies fundamentally. So, although the team uses technology to increase efficiency of the research work or study more companies in the same amount of time, the importance of reading beyond the lines of transcripts of conference calls is what AI cannot do, so, here comes the 140 point checklist & rules based investment approach that helps Sameeksha identify good investment opportunities at right valuations across large, mid & small cap universe.
Sameeksha follows market cap agnostic portfolio management approach with an aim to identify mis-priced large caps, and less researched small caps.
Sameeksha PMS follows a discipline of keeping right diversification with a limit on the number of stocks it holds. Also, Sameeksha PMS does not follow any model portfolio strategy, instead customizes each investors portfolio individually, which is managed well, because its in-house technology and softwares.
Like any other PMS, even Sameeksha Capital invests in businesses that have growth potential and with earnings predictability, and a clear understanding of business operations, valuation strategy applied, is what differentiates Sameeksha from others who follow growth at reasonable valuations (GARP).
Sameeksha Capital is cognizant that for large companies like HUL, it is okay to accept around 10% CAGR, but, if a higher risk is added by way of small-cap, illiquid companies, it is done on the premise of expecting a return of 20-25% CAGR.Sameeksha Capital PMS aims absolute returns and that means, if there is no investible company, it holds cash. And, it also means, that in the exceptional scenarios, where valuations look stretched, it books profits and aims to increase cash. Keeping this in mind, Sameeksha avoids keeping too ill-liquid a portfolio.
Investment Strategy
Sameeksha Capital Equity PMS aims to amalgamate 4 core beliefs of Opportunity, Competence, Portfolio Discipline, and Values, to create concentrated fund of 15-25 businesses that:
• Will deliver growth based on end market and market share gain opportunities
• Have Clear and sustainable Competitive advantage in form of pricing power, cost structure, capital efficiency
• Are run by Competent Management with sufficient bandwidth and depth
• Follow conservative accounting practices and have taken sound capital allocation decisions
• Pass stringent corporate governance checklist
• Are likely to deliver sufficient ROIC as well as growth in revenue, earnings and cash flow
• Have relatively low dependence on capital markets
• Can deliver sufficient returns adjusted for risks and liquidity premium over a period of 3-5 years
A portion of the fund may be invested in companies that are turnaround situations or cyclical businesses available at discount to replacement value and these companies may not entirely meet the above criteria.
Portfolio risk for Sameeksha Capital Equity PMS is managed through diversification as well as through exits from over priced stocks Portfolio construction based on defined limits on individual position size as well as liquidity based exposure Focus on loss minimization and absolute return.
Investment Framework
Sameeksha Capital Equity PMS has a flexible & valuable investment framework.
Absolute Return focus with flexibility to reduce equity exposure
• Can take large cash positions or deploy other methods to reduce equity exposure in extreme market conditions
• Buy Sell framework also affects cash levels and sets up to end up at least in some cash when valuations are at extreme
Focus on Growth available at genuine value or pure value with a clear objective to generate target returns
• Buy only expected returns meet the risk adjusted hurdle rate
• Expected return based on very elaborate FCF or excess ROE model
• Do not stay invested if stock crosses the price objective
Alignment of Interests
• Portfolio Manager invests in listed Indian equities only through Sameeksha’s equity schemes with no side pocket
• Additional Return allocation method is fair with concepts such as cumulative hurdle not commonly seen with other AIFs
Stock Screener Parameters
Level 1 Checklist
Qualitative Factors
• Promoter Intent
• Sustainable competitive advantage
• Growth potential of the sector
• Corporate structure
• External potential headwinds
• Credit rating
Quantitative Factors
• Earnings dependency
• Current valuation
• Return potential over next 3-5 years
• Historical Cash Flow generation and its use
• Benchmark RoIC or ROE
Level 2 Checklist
Qualitative Factors
• Pricing Power
• Competitive Advantage
• Customer Concentration
• Efficient business operation
• Key historical management decisions
• Alignment of shareholder interests
• Related Party Transactions
Quantitative Factors
• Historical trend of RoIC above cost of capital
• Historical trend for key financial ratios
• Check for Aggressive Accounting
• Capital Expenditure Plans
Awards & Achievements
• In 2023, Sameeksha Capital India Equity PMS was awarded Rank #2 as the Best PMS across all categories, on a 5Y Risk-Adjusted Returns. These Awards were hosted by PMS AIF WORLD, in association with IIM-Ahmedabad.
• In 2023, Sameeksha Capital India Equity PMS was awarded Rank #2 as the Best PMS across all categories, on a 3Y Risk-Adjusted Returns. These Awards were hosted by PMS AIF WORLD, in association with IIM-Ahmedabad.
• In 2022, Sameeksha Capital India Equity PMS was awarded the winner as the Fastest Wealth Creator PMS in the Multi Cap Category, on a 3Y Risk-Adjusted Returns. These Awards were hosted by PMS AIF WORLD, in association with IIM-Ahmedabad.
Performance Table #
| Trailing Returns (%) | 1m return | 3m return | 6m return | 1y return | 2y return | 3y return | 5y return | 10y return | Since inception return |
|---|---|---|---|---|---|---|---|---|---|
| Sameeksha Capital Equity Fund | -1.25% | 2.80% | 12.90% | 39.30% | 39.50% | 23.50% | 32.40% | 24.30% | |
| BSE 500 TRI | -6.45% | -3.58% | 8.71% | 35.90% | 22.05% | 15.68% | 19.84% | 17.20% |
QRC Report Card *
| Strategy | Category | Fund Manager | Date of Inception | Age Of PMS | Corpus (in Cr, approx) | Benchmark | Returns SI (CAGR) | Stocks In Portfolio | Sectors In Portfolio |
|---|---|---|---|---|---|---|---|---|---|
| Sameeksha Capital Equity Fund | Multi Cap | Mr. Bhavin Shah | 01 April 2016 | 8Y 7M | 1562 | BSE 500 TRI | 24.30% | 15-36 | 5 |
| Portfolio Quality (Q) | Portfolio Risk (R) | Portfolio Consistency (C) | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Index | Category Alpha (1Y) | Relative Alpha (1Y) |
% of +ve Months
(Fund Data) |
Alpha (1Y) | Beta (1Y) |
Standard Deviation (1Y)
(Fund Data) |
Sharpe Ratio (1Y)
(Fund Data) |
Alpha (SI) | Information Ratio (SI) | Consistency Ratio % |
| Nifty 50 | 15.62% | 8.4% | 69% | 24.02% | 0.47 | 12.52% | 3.62 | 9.30% | 0.79 | 59.00 % |
| Nifty 500 | 7.48% | 4.36% | 11.84% | 0.66 | 7.62% | 0.75 | 64.00 % | |||
| Nifty Midcap 100 | -8.46% | 1.72% | -6.74% | 0.67 | 4.44% | 0.42 | 57.00 % | |||
| Nifty Smallcap 100 | -15.98% | -3.9% | -19.88% | 0.64 | 6.63% | 0.51 | 52.00 % | |||
VIEW DETAILED QUALITY, RISK, CONSISTENCY ANALYSIS
Portfolio Holdings
| Holding | % |
|---|
Sector Allocation
| Holding | % |
|---|---|
| Banking and Finance | 15.70 |
| Pharmaceuticals | 7.70 |
| Information Technology | 6.90 |
| Wealth Management | 6.70 |
| Aviation | 4.80 |
Market Cap Allocation
| Allocations | % |
|---|---|
| Large Cap | 20.70 |
| Mid Cap | 5.50 |
| Small Cap | 62.90 |
| Cash | 10.90 |
Do Not Simply Invest, Make Informed Decisions
WISH TO MAKE INFORMED INVESTMENTS FOR LONG TERM WEALTH CREATION
Book
a call with our PMS AIF Specialists
From the Founders & Managers of Sameeksha Capital PMS
Which is the best company through which an investor can invest in Sameeksha Capital Equity PMS?
We recommend PMS AIF WORLD, because, it is one unique platform that offers real knowledge driven investing with their highly meaningful data, reports, and content that is written very well. PMS AIF World is a team of highly articulate, educated, and experienced people.
Disclaimer
#Returns as of 31 Oct 2024. Returns up to 1 Year are absolute, above 1 Year are CAGR.
*QRC Report Card data is updated quarterly. Current data is as of Jun 24.
