Narnolia Multicap PMS

Mid Cap biased portfolio of companies with rising relative growth and valuation

Key Portfolio Attributes

Mr. Shailendra Kumar

Inception Date: 27 March 2012

Number of Stocks: 20-25

Fund Manager Name: Mr Shailendra Kumar

Fund Manager Experience: Total Exp – 20 Years Co-Founded Narnolia

Fund Manager Qualification: Holds Post-Graduate Degree from IIT, Delhi.

Investment Objective

The Key investment objective is to outperform S&P BSE 500. It is primarily done by managing the beta of the portfolio while adding alpha opportunistically based on a rigorous bottom up proprietary model.

Investment Philosophy

Follows a proprietary Multi-Cap fundamental & Quantitative model that processes multiple years of P/L, BS and cash flow data of companies resulting in portfolio of India Story based Growth and Midcap biased stocks.

It identifies investments within a M (Momentum of earnings), C (Capital allocation strategy), Q (Qualitative Financial ratios) framework which looks at rising momentum in the fundamentals (not necessarily price)

More Information about Investment Philosophy

The focus of the Narnolia PMS is on return enhancement as well as on appropriate risk management. Our approach to the PMS is based on 3 key factors.

• Long term approach: The essential philosophy of PMS at Narnolia is to adopt a long-term approach to equities. While equities as an asset class are the best long-term wealth creators, selection of equities is critical to manage risk. That is where our PMS model based on opportunities, financials and potential disruption comes in handy.


Absolute returns plus Alpha: At Narnolia we believe that outperformance of the index (Alpha) is just one side of the story. The focus of our PMS is to handle asset allocation in such a way as to generate absolute positive returns for clients on a consistent basis, notwithstanding market conditions. We have given absolute positive returns over the last 6 years in succession.


Capital allocation and momentum: In a complex market like India, the need of the hour is to combine a value approach with a momentum driven approach. Our approach combines value exploration in equities along with identifying the key momentum triggers to maximize your returns over a period.


The 3T PMS fund is a multi-cap PMS that focuses on a combination of fundamental value and quantitative triggers to create a high value portfolio. Some of the highlights of the 3T PMS fund are as under:


• A mix of large cap and mid cap stocks to get the combined benefit of stability, growth and value.

A unique framework based on momentum in earnings and focuses more on fundamentals rather than just on price movements.

Investment decisions are taken based on a proprietary bottom-up model that is rigorously back tested for several years based on live data.

Generated consistent positive absolute returns in the last 6 years beating the benchmark index in 5 out of the last 6 years.

Resilient investment model that is designed to generate positive returns in bearish conditions and in sideways markets too.



Merits of the PMS model at Narnolia

Combines the concept of deep value investing with the pragmatic considerations of momentum to give you the best product on offer.

• Our PMS has a master portfolio which is further customized to investors’ unique matrix of return expectations and risk capacity.

The ownership of the securities continues to remain with investors’ demat account and so portfolio is always accessible.

A complete audit trail of the stocks bought and sold, the charges and the fees are made available to investor in the interest of full transparency.

PMS portfolio is unique to investor and only the master portfolio for benchmarking is the same. This gives greater control over portfolio performance and better customization to unique risk-return matrix.

PMS combines the best of deep value investing and momentum identifiers to constantly identify investment opportunities with a view to enhancing risk adjusted returns. At any point of time, the focus is on absolute returns over and above Alpha.

Performance Table #

Trailing Returns (%) 1m return 3m return 6m return 1y return 2y return 3y return 5y return 10y return Since inception return
Narnolia Multicap Strategy10.60%14.51%13.95%25.69%22.67%14.94%14.87%14.54%17.15%
NIFTY 5006.77%8.13%11.29%26.66%24.77%16.54%16.68%13.56%14.72%

QRC Report Card *


Portfolio Holdings

Holding %
M&M 9.50
SBIN 8.60
LT 7.20

Sector Allocation

Holding %
Private banks 20.70
Consumer Disc. 10.30
Financials 9.50
IT 9.00
Automobiles 8.20
Auto Components 7.50

Market Cap Allocation

Allocations %
Large Cap 58.40
Mid Cap 28.10
Small Cap 13.70

Do Not Simply Invest, Make Informed Decisions


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#Returns as of 30 June 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 Dec 23.

Related Investment(s)

Do Not Simply Invest, Make Informed Decisions

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