Overview

At Merisis Multi-cap PMS, while adopting a concentrated portfolio structure, with 16 holdings and cash (~10%) we have continued to deliver decent outperformance vis our stated benchmark, viz., CNX 500 (Data based on actual client portfolio holdings) in light of extremely high volatility that has engulfed our markets for a greater part of this year (3M Rolling Returns +9.1% for Merisis Multicap vs 5.0% for the benchmark as of 31st May 2024)

In terms of market cap exposure, we currently have 50% exposure to Mid and Smallcaps while 25% to Ultra Large and Large Cap stocks with balance split between Precious Metals and Cash. Metals (15%), Pharmaceuticals (12%), Capital Goods (11%) and Financials (10%) are the top 4 sectors with ~50% allocation.

Our top holdings in the Multicap Portfolio currently are Glaxo Pharma, SilverBees, Bharti Airtel and Tata Steel (34% of the portfolio)

Key Highlights of our PMS Portfolio

• Actively Managed
• Long only investment strategy
• Moderate Churn
• Diversified portfolio 15-30 stocks, FOFs, ETFs, REITs & INVITs

Fee Structure

Investment Philosophy

• Non Consensus Approach: We spend a lot of time trying to identify and invest in future winning investment themes today.
• Subdued Past Returns: A long period of pain and resulting investor pessimism around the same ultimately generates investable opportunities for us
• Value driven approach: the average TTM P/E Multiple for our Portfolio is ~29x vs 24.5x for CNX 500.
• Focus on asymmetric risk reward: We strive to find opportunities with a non linear return potential where the downside risk is measurable

About the Fund Manager

Akshay brings with him over 18 years of rich experience in the field of Indian Capital Markets with a focus on public markets investing. He has previously worked in leadership roles with a focus on product research & investment advisory at early stage fintech companies such as Bangalore based Y Combinator funded Stack Wealth (as Chief Investment Officer) and Pune based TORUS-Alphaniti (as Head - Investments). He has also worked with a host of reputed global investment banks such as JPMorgan Chase, Lehman Brothers / Nomura and Kotak Institutional Equities. At Merisis, Akshay is primarily responsible for building the Equity PMS practice. He also co-develops the Wealth and Private Banking practice alongside the Director of Wealth Management & Head of Products and Advisory. Akshay is a Chartered Accountant by qualification and is extremely passionate about equities.

Summary