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Economic Times
3 days ago
- Business
- Economic Times
Alternative managers gaining ground: 70% of PMS capital now with non-institutional players, says Manish Bhandari
Edited excerpts: Kshitij Anand: I wanted to understand from you—the geopolitical environment is changing, and it's changing faster than we could have imagined. New tariff rules are coming in, and China is playing its own game. How do you think everything is shaping up at this point in time—good for India, bad for India? Live Events Kshitij Anand: And although there will be people at home who may not welcome or appreciate this India–China development—let's not get into that, as it's more political than financial—economically, we stand to benefit from the partnership? Kshitij Anand: Now, let's talk about sectors. How do you view the sectoral landscape for the next few years? What could be the alpha generators of the future? Kshitij Anand: We've seen new-age businesses gaining traction over the past few years. IPOs have slowed, but the SME space is booming—over 600 IPOs have been listed. Any new thematic businesses catching your eye? Kshitij Anand: On PMS—the industry has evolved rapidly, especially post-COVID, with significant inflows. We're also seeing new strategies launched frequently. Is this good or bad for the industry? (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel In an exclusive conversation with ETMarkets PMS Talk on the sidelines of the APMI conference in Mumbai, Manish Bhandari , CEO & Portfolio Manager at Vallum Capital, highlighted a transformative shift in India's portfolio management services (PMS) to Bhandari, who is also a Board Member of the Association of Portfolio Managers in India (APMI), nearly 70% of institutional capital in the PMS space is now managed by players without traditional institutional backing—a sign that investors increasingly trust independent and boutique managers over large fund attributes this trend to the sector's growing openness, diversity of strategies, and the 'democratization' of money management, where talent and performance are beginning to outweigh brand name and absolutely—and that's the beauty of the geopolitical landscape—it changes so fast. When Trump came in, everyone thought we would have an edge because of our long-standing relationship, but that has not materialised in terms of outcomes, and a different scenario is now interesting and brewing today, in my view, is a new, very solid economic partnership that's taking shape. There has always been a relationship between India and Russia, but now, with China, everything seems quite positive, and we are making inroads to create a favourable such a large economic bloc comes together, strong markets open up for each other, and cooperation increases. While there is a structural headwind until the tariff issue between India and the USA is resolved, there is also a structural long-term dividend if this partnership this morning, we heard that the National Security Advisor flew to Russia—such visits are now frequent and widely publicised. Perhaps the frustration in America is partly due to this new economic bloc being built. I deliberately use the word 'economic bloc' because my focus is on economic progress and structural changes—not cultural aspects—which are secondary. My sense is that Russia has played a key role in bringing India and China human brain holds on to baggage for a long time, but as the narrative changes, that baggage will also change. I believe this shift is happening before our eyes, and it's in both governments' interests to make it work. I see progress daily. As it surfaces on the front pages of newspapers, public perception will also can change overnight—10%, 20%, 25%—so making a definitive prognosis would require being smarter than the US President's tweets, which I'm not, and I'm sure none of us are. To make a compelling investment bet, you need two things: a rising sector and reasonable valuations. A great story with stretched valuations doesn't work. Infrastructure spending seems to have picked up again after a difficult election year. Cement looks promising. Healthcare also remains evergreen. The US still has significant dependence on Indian healthcare, so despite any market pushback, Indian companies have strong growth all of those 600 IPOs are new-age businesses. For me, 'new age' means traditional businesses enhanced by technology to grow faster and disrupt incumbents. These are scattered across small and midcaps, and need to be picked selectively. Auto ancillary is another 'old school' sector with new opportunities coming India's way. Currently, opportunities are dispersed across sectors—there's no single dominant theme like we saw in previous expansion of the market is always good for the industry—there is no second thought about it. There are a lot of strategies emerging because it is quite a democratic system where anyone who aspires to manage external or third-party money can get in today. Otherwise, for decades, the only platform left was to get a job in a mutual fund, and launching your own mutual fund was next to it is quite a democratic expression of investing—different strategies, different ways of looking at the market—everything keeps competition at a reasonably high level, and everyone can learn from each other. I think it is of the growth has also come from EPFO capital and less from retail capital. But one thing I can tell you, which is very interesting, is that if you look at the PMS industry and landscape, and the advisory capital that has been built, 70% of the institutional capital is given to people who have a non-institutional background. They are not backed by large mutual fund-type sets the context that people are giving money to individuals to manage—they are not just looking for institutions. So, individuals can make a remarkable difference.I see this trend coming up significantly, where institutional capital will look for PMS managers or alternative managers—something that has happened in other parts of the world as well.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Time of India
3 days ago
- Business
- Time of India
Alternative managers gaining ground: 70% of PMS capital now with non-institutional players, says Manish Bhandari
Edited excerpts: Kshitij Anand: I wanted to understand from you—the geopolitical environment is changing, and it's changing faster than we could have imagined. New tariff rules are coming in, and China is playing its own game. How do you think everything is shaping up at this point in time—good for India, bad for India? Live Events Kshitij Anand: And although there will be people at home who may not welcome or appreciate this India–China development—let's not get into that, as it's more political than financial—economically, we stand to benefit from the partnership? Kshitij Anand: Now, let's talk about sectors. How do you view the sectoral landscape for the next few years? What could be the alpha generators of the future? Kshitij Anand: We've seen new-age businesses gaining traction over the past few years. IPOs have slowed, but the SME space is booming—over 600 IPOs have been listed. Any new thematic businesses catching your eye? Kshitij Anand: On PMS—the industry has evolved rapidly, especially post-COVID, with significant inflows. We're also seeing new strategies launched frequently. Is this good or bad for the industry? (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel In an exclusive conversation with ETMarkets PMS Talk on the sidelines of the APMI conference in Mumbai, Manish Bhandari , CEO & Portfolio Manager at Vallum Capital, highlighted a transformative shift in India's portfolio management services (PMS) to Bhandari, who is also a Board Member of the Association of Portfolio Managers in India (APMI), nearly 70% of institutional capital in the PMS space is now managed by players without traditional institutional backing—a sign that investors increasingly trust independent and boutique managers over large fund attributes this trend to the sector's growing openness, diversity of strategies, and the 'democratization' of money management, where talent and performance are beginning to outweigh brand name and absolutely—and that's the beauty of the geopolitical landscape—it changes so fast. When Trump came in, everyone thought we would have an edge because of our long-standing relationship, but that has not materialised in terms of outcomes, and a different scenario is now interesting and brewing today, in my view, is a new, very solid economic partnership that's taking shape. There has always been a relationship between India and Russia, but now, with China, everything seems quite positive, and we are making inroads to create a favourable such a large economic bloc comes together, strong markets open up for each other, and cooperation increases. While there is a structural headwind until the tariff issue between India and the USA is resolved, there is also a structural long-term dividend if this partnership this morning, we heard that the National Security Advisor flew to Russia—such visits are now frequent and widely publicised. Perhaps the frustration in America is partly due to this new economic bloc being built. I deliberately use the word 'economic bloc' because my focus is on economic progress and structural changes—not cultural aspects—which are secondary. My sense is that Russia has played a key role in bringing India and China human brain holds on to baggage for a long time, but as the narrative changes, that baggage will also change. I believe this shift is happening before our eyes, and it's in both governments' interests to make it work. I see progress daily. As it surfaces on the front pages of newspapers, public perception will also can change overnight—10%, 20%, 25%—so making a definitive prognosis would require being smarter than the US President's tweets, which I'm not, and I'm sure none of us are. To make a compelling investment bet, you need two things: a rising sector and reasonable valuations. A great story with stretched valuations doesn't work. Infrastructure spending seems to have picked up again after a difficult election year. Cement looks promising. Healthcare also remains evergreen. The US still has significant dependence on Indian healthcare, so despite any market pushback, Indian companies have strong growth all of those 600 IPOs are new-age businesses. For me, 'new age' means traditional businesses enhanced by technology to grow faster and disrupt incumbents. These are scattered across small and midcaps, and need to be picked selectively. Auto ancillary is another 'old school' sector with new opportunities coming India's way. Currently, opportunities are dispersed across sectors—there's no single dominant theme like we saw in previous expansion of the market is always good for the industry—there is no second thought about it. There are a lot of strategies emerging because it is quite a democratic system where anyone who aspires to manage external or third-party money can get in today. Otherwise, for decades, the only platform left was to get a job in a mutual fund, and launching your own mutual fund was next to it is quite a democratic expression of investing—different strategies, different ways of looking at the market—everything keeps competition at a reasonably high level, and everyone can learn from each other. I think it is of the growth has also come from EPFO capital and less from retail capital. But one thing I can tell you, which is very interesting, is that if you look at the PMS industry and landscape, and the advisory capital that has been built, 70% of the institutional capital is given to people who have a non-institutional background. They are not backed by large mutual fund-type sets the context that people are giving money to individuals to manage—they are not just looking for institutions. So, individuals can make a remarkable difference.I see this trend coming up significantly, where institutional capital will look for PMS managers or alternative managers—something that has happened in other parts of the world as well.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Time of India
08-08-2025
- Business
- Time of India
ETMarkets PMS Talk: From PE to public markets — Sonal Minhas on finding the next big winners
On the sidelines of the APMI (Association of Portfolio Managers in India) conference in Mumbai, Sonal Minhas, Co-Founder & Managing Partner of Prescient Capital and former APMI Board Member, shared his insights on India's investment landscape, sectoral opportunities, and evolving strategies in public markets . Speaking on the sidelines of APMI conference, Minhas believes that while India remains one of the few global economies delivering 5–6% real growth, the days of expecting 15–16% nominal growth are over. With larger companies facing growth challenges and disruption from technology, he sees the real alpha opportunities lying in small- and mid-cap stocks. He highlights specialty chemicals, MSME-focused banking , and the auto ancillary sector as key growth pockets for the next five to six years. Drawing from his private equity and venture capital experience, Minhas also points to a rising trend of PE funds entering public markets, applying private equity-style frameworks to identify high-quality, scalable businesses. According to him, this shift offers better return on input and access to a larger pool of promising companies — a strategy Prescient Capital is pursuing exclusively. Edited Excerpts – Kshitij Anand: Let us talk a little about the markets . With India being one of the largest democracies, growing at a faster pace than most developed economies in the world, and inflation at 2.1%, how are you looking at the markets? Do you think we will be able to mimic the returns we have seen, say, in the past four to five years? We have seen magnificent returns from a portfolio perspective, and investors have made money — one of the prime reasons why we are seeing around ₹27,000 crore of SIP money moving into mutual funds, along with exponential growth in other segments as well. What are your views on that? Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Sonal Minhas: From a global perspective, India is the only beacon where you are seeing 5–6% real economic growth. Therefore, India is a natural magnet for international investors. If you compare India today to India five or seven years ago, the real and nominal growth rates have both tapered down. The real growth rate has dropped by around 2%, and the nominal growth rate — because inflation has come down — has eased to 8–9%. What was once assumed to be 15–16% growth in the economy, and hence the capital markets, is no longer the assumption for the future. Live Events Therefore, the only pockets of strong growth are companies which, because of their smaller size, are able to grow faster. Large companies will find it more difficult to grow and will also face heightened competition from technology players breaking traditional forms of distribution. Investors will have to look for more alpha-generating products, where you are really chasing growth at fair valuations. This is only possible in small- and mid-caps. So, my summary is: active investing in small- and mid-caps will be for alpha generation, while large-cap investing will be more passive — like ETFs. Kshitij Anand: In terms of sectors, where do you think alpha will come from, or which sectors do you believe will be more prominent in the next few years? We saw a big spike in new-age tech or new-age businesses that captured investors' attention over the past two or three years. Are there any new trends you think are emerging? Sonal Minhas: I am a bit of a contrarian. I come from a PE/VC background and now run a public fund. I believe big alpha comes from taking a contrarian approach because popular sectors often have already overbought or oversold ideas. Looking at sectors from a growth perspective: India is a story of glass half full and half empty — some sectors are struggling, but quite a few are doing well. For example, specialty chemicals is breaking out. Over the last three years, Chinese dumping of products compared to Indian offerings has stopped, and their excess inventory has vanished. As a result, chemical companies are improving their gross margins — a good sign for better realisations and earnings growth. Another example is the banking sector — with the exception of microfinance and credit cards — which is in the pink of health for corporate lending and MSMEs. MSME is emerging as a breakout sector. Third, the auto ancillary industry stands out. With the free trade agreement with the UK and tariff advantages with the USA, our auto ancillary industry is probably the first or second most competitive in the world on both cost and innovation. Many of these companies are EV- and hybrid-ready, and prepared to supply parts to the global EV supply chain. While our OEMs may not perform as well due to regulatory and policy factors, the auto ancillary sector looks ripe for strong growth over the next five to six years. These are, broadly, a few sectors worth investing in. Kshitij Anand: I have also seen a trend nowadays where a lot of PE funds are getting into investment space as well, and that is a trend which is now picking up faster, with a lot of new Shark Tank-style programmes coming up in that case. Sonal Minhas: I come from a PE background where we were investing in public markets… Kshitij Anand: That is why I specifically wanted to ask you this question. Sonal Minhas : India is a small country from an opportunity perspective — we all forget that — and even private markets have their cycles. If you have 300 PE funds chasing 10–15 good deals in a year, and the same for VC, the chances are you will not make money. There is no rocket science to it. The same applies to public markets as well. Therefore, people are forced to look at what is the best use of their time and frameworks. Similar to what we do — if you use the frameworks of private equity investing in public markets — if there were 10 companies on the private side, there are 100 good companies on the public side. So, your ROI — return on input — is far better. Hence, you are seeing a lot of PE funds, like ChrysCapital, setting up their own public investing arms, and a couple of others as well. I think Nalanda has been doing it very well, as has WestBridge. We started doing the same at Elevation/SAIF Partners, and now we have branched out to set up Prescient on our own, exclusively on this theme — that is, let us do private equity-style investing in public markets. There are enough small, good growth companies with strong pedigree founders who have a 10–15-year runway ahead of them in terms of delivering growth in the markets. ETMarkets WhatsApp channel )
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Business Standard
17-06-2025
- Business
- Business Standard
Sebi asks portfolio managers to remove exaggerated advertisements
Exaggerated advertisements and claims by portfolio managers have caught the attention of market regulator Securities and Exchange Board of India (Sebi), which has asked them to remove such misleading communications immediately, citing violations of the code of conduct. In a letter issued on June 10 to the Association of Portfolio Managers in India (APMI), Sebi asked portfolio managers to refrain from making any statements regarding their investment capabilities or historical returns that may mislead investors. Sebi has observed certain registered portfolio managers using superlative or unsubstantiated advertisements and claims on their websites or in public media platforms about their past performance and returns generated. 'Such practices are potentially misleading to the current as well as prospective investors by creating a false impression regarding the apparently superior returns generated by these entities,' the letter notes. Sebi has asked these entities to immediately remove all such misleading advertisements and marketing materials issued to clients. The market watchdog added that the advisory sent to these managers does not preclude Sebi from initiating action against entities found to be in violation. As of March 2025, the assets under management of PMS stood at around ₹37.8 trillion, with nearly 2 lakh clients. 'Portfolio managers shall ensure that all advertisements/statements disseminated on their respective websites or any other public media platform, or promotional material issued to clients, are factual, verifiable, and in strict conformity with the Code of Advertisement specified in Sebi Master Circular for Portfolio Managers dated June 7, 2024,' said Sebi in the letter. In December 2024, the market regulator formulated a Past Risk and Return Verification Agency (PaRRVA), tasked with verifying the risk-return metrics of services offered by investment advisers, research analysts (RAs), algorithmic trading platforms, and other such entities.
