Sameeksha PMS Retains Top Decile Ranking For All Three Key Periods

Among all the funds reporting their performance to PMS Bazar (data extracted from PMS Bazar), Sameeksha has maintained its strong showing with performance ranking in top decile for one year, two years and three years ended August 31, 2020 (Table 1).

We have retained top performance ranking among the PMS Universe on a rolling basis for both one year and three year periods as well (Table 2). We run a multi-cap concentrated portfolio strategy and hence the Focussed mutual funds and multicap funds are the most relevant to compare us against and we have consistently done well in that comparison. We have also included average returns of other categories in Table 2. 

During the month of August 2020, small caps continued to rally very strongly followed by mid cap and large cap. We run a multicap portfolio and limit our exposure to small and midcap stocks based on liquidity criteria as any prudent risk management philosophy would suggest. We continue to report strong alpha versus CNX500, the broad based for the shortest (one month) to the longest period (since inception) as well as versus the Midcap index, we have underperformed the small cap index over the last three months (Table 3). As we do not take very large bets on stocks with low liquidity, such an outcome is unavoidable. 

We do not follow the model portfolio approach popular with many large PMSes. For any new investor portfolio, we only buy those stocks within our portfolio that are still available at the right price. In Table 4, we provide data on performance of a sample of clients who have been with us for a varied range of time. Indeed, based on historical data, those who kept faith for a long time have benefitted. 

This is our fifth year of operation. Except for the financial year ending 31/3/2019, We have performed consistently well versus CNX500 (Table 5). The fact that there is not a single index fund tracking CNX500 is reflective of the challenges in matching the performance of this index which includes many illiquid small and mid cap stocks. Furthermore, our performance has been achieved while maintaining relatively high cash levels through our operating history. High turnover in the financial year ending 31/3/2020 was very necessary and largely due to our decision to increase the cash levels in early March 2020 and then redeploy those funds by the end of March 2020.  

We also provide details of our performance by calendar year (Table 6)

Finally, though not actively looked at by most investors in India, we firmly believe that fund performance should be reviewed on a risk adjusted basis. We provide such details in Table 7.

We welcome any follow up questions.

DIsclaimer : The information contained in this newsletter has not been verified by SEBI.

Among The Most Successful Professionals In Equities; Rated The #1 Technology Sector Analyst In Institutional Investors Polls For A Decade. Highly Respected Among Peers For His Path-Breaking Work And Thought Leadership. Rose From An Associate To Managing Director Within A Span Of Six Years In The Investment Banking Industry

Twenty Years Of Experience Building Top Research Franchises: Seven Years As Managing Director And The Global Head Of Technology At JP Morgan, Six Years As Director And Head Of Asia Pacific Technology At Credit Suisse And Five Years As Founder Of Equirus SecuritiesTrack Record Of Innovation And Excellence In Equity Research

Anchored The Rise Of Credit Suisse  From An Unknown Name In Asian Equities To A Number One Ranked Firm In Asian Equities; Head Of Asia Pacific Tech Research

Credited For Building Top Ranked Global As Well As Asian Tech Research Practice At JP Morgan As MD And Global Head Of Tech Research; Made Defining Contribution To Enable JPMorgan To Move From An Also-Ran Player To A Top Global Name In Equity Research

Built A Very Profitable And Award Winning Indian Equity Business At Equirus From Scratch On A Tiny Budget; Achieved Number Two Ranking In Asia For Idea Performance

Impeccable Track Record Of Identifying True Long Term Winners Ahead Of Others Including Samsung Electronics, TSMC, Infosys And TCS And Guiding Investors To Stay Clear Of Laggards Such As UMC And SMIC Years Ahead Of Consensus.

Mind Of An Engineer, Worked In A Team That Designed The World’s Fastest Microprocessor With A Manta “Paranoia Is The Safest Frame Of Mind”. Awarded Two US Patents.

Work Experience Of Designing The World’s Fastest Microprocessors Based On Cutting Edge Technology For Which He Jointly Holds Two US Patents

Best In Class Business Education From The World Renowned Business School: Double Major In Economics And Finance, Beta Gamma Sigma Cum Laude From The University Of Chicago Booth. Excelled In Studies Under World Renowned Faculty Such As Dr. Raghuram Rajan, Former Governor Of The Reserve Bank Of India