Strong Alpha Across Time Periods, Superior Performance Relative To Mutual Funds, Top End Performance Among PMSes And More!

Sameeksha PMS has benefited from the recovery in the markets. What is important to notice is that we have been able to deliver clear alpha across all relevant time periods – one month, three months, six months, one year, two year, three years and since inception with Alpha over a broad market index ranging from ~3% to ~20%. Alpha has been even greater over small and mid cap indices notwithstanding meaningful presence of stocks in these segments in our portfolio (Table 1).  Our investment approach requires investors to have patience with us and those who have stayed with us for a longer period have found that experience rewarding. 

We have delivered strong performance relative to all the categories of mutual funds (Table 2). Particularly noteworthy is our performance relative to multicap and focused funds. While our strategy is multicap, we run a more concentrated portfolio than a typical multicap mutual fund and hence our performance relative to multicap and focused funds is of relevance. It is important to point out that while the vast majority of  mutual funds have underperformed indices we have outperformed. 

Among the funds that report data to PMS Bazaar, we have been faring quite well. Across time periods, we have come ahead and among the top performing PMSes (Table 3). 

We would like to stress that investors look at risk adjusted ratios, not just absolute returns when evaluating performance of various funds. Because we don’t believe in buying or staying invested in a stock that is grossly overvalued, we may have relatively higher turnover versus some buy and hold strategy funds. However what is important is to deliver superior risk adjusted performance. We share that data in Table 4. 

After a sharp fall at the end of the last financial year, the Financial year ending march 2021 has started off well. We share details of our performance delivered over each of the years that we have been operational (Table 5). Please note that the performance recorded in this table has been delivered despite holding relatively high levels of cash. 

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