Negen Capital Special Situations & Technology Fund

Key Portfolio Attributes

Mr Neil Bahal

Inception Date: 01st October, 2017

Portfolio Manager’s Name: Mr. Neil Bahal

Portfolio Manager’s Experience: 21 years

Portfolio Manager’s Qualification: Studied at SP Jain Institute of Management & Research.

Investment Objective

Negen Capital’s Special Situations & Technology Fund is predominantly a smallcap and midcap focused PMS with a keen interest in identifying value investing opportunities via special situations like demergers and Spin offs.

The objective of Negen Capital Special Situations PMS is to create consistent profits for clients in all market conditions, through values of professionalism, transparency, and safety.

The belief is to aim at Sustainable Value Creation Via Growth Investing & Special Situation Investing.

Investment Strategy

Negen Capital Special Situations PMS follows the below mentioned investment strategies:

• Strategic risk management:

  1. Negen Capital has been following a conservative approach due to covid, which means company has been keeping cash as well for the uncertainties, the company has kept 4.19% cash and generated alpha returns with 95.81% Investment.
  2. Negen Capital takes less risk by avoiding cyclicals, commodities and PSUs.
  3. Negen Capital sticks to Technology, IT, Demergers and Promoter change.

• Negen Capital Special Situations is uniquely placed:

  1. Special Situations: Value investing with a trigger
    1. Demergers
    2. Change in promoters
  2. Technology: A permanent super-cycle
    1. Indian Tech
    2. Global Tech (FAANG plus)

• Negen Capital Special Situations PMS is Tech-focused:

  1. The internet adds 3 new users EVERY SECOND.
  2. 15 smartphones are sold globally EVERY SECOND
  3. Due to Jio, India has seen ‘Internet-i-fication’.
  4. We are in the midst of an early technology revolution in India
  5. A technology super cycle is in front of our eyes
  6. Every single decent sized business is going to upgrade its IT infrastructure in the next few years
  7. Pure technology platforms and even the IT product & services companies should see unprecedented, structural growth.
  8. These companies are typically debt free, have high RoIC, high FCF, and best of all, they have Growth.

• Value Investing:

  1. Negen PMS does not buy random, cheap stocks from market. These kinds of stocks are cheap for good reasons.
  2. Negen PMS buys buy Cheap stocks only if they demerge or if a new promoter buys the company to create value

Investment Attributes

  1. Idea Generation: Most of Negen Capital PMSs portfolio companies have a unique combination of Special Situation Investing. They look for ideas from Demerger and Promoter Change with Better Management. These situations have delivered Alpha Returns.
  2. MEGA Trends: Negen Capital PMS identify Mega Trends and Invest the companies benefitting the most from them. They have been Investing in Consumer Tech Companies and being Early in this, have generated Alpha returns.
  3. Conservative Approach: The team at Negen Capital PMS aims to stay away from PSU and Cyclical Investments.

Investment Philosophy

Investment Mindset of the Fund

Growth + Value (Special Situations like Demergers & Delisting)
Future Ready Businesses
• Importance to position sizing
After all, the big money is made in Quality businesses only

Future Ready Businesses – Technology at The Fore

Awards & Achievements

• In 2022, Negen Capital Special Situations & Technology Fund was awarded Rank#1 in the Best PMS across all Categories, on 1Y of Risk-Adjusted Returns. These Awards were hosted by PMS AIF WORLD, in association with IIM-Ahmedabad.

Performance Table #

Trailing Returns (%) 1m return 3m return 6m return 1y return 2y return 3y return 5y return 10y return Since inception return
Negen Capital Special Situations Fund13.6%4.4%-2.4%-1.9%19.6%56.6%12.7%12.7%
BSE 500 TRI4.6%2.1%-1.1%4.2%12.3%25.5%11.4%11.9%

QRC Report Card *


Portfolio Holdings

Holding %
Aarti Pharmalabs Ltd 10.24
Camlin Fine Sciences Ltd 9.69
Sapphire Foods India Ltd 7.43
Sundaram Clayton 7.23
Cholamandalam Investments and Finance Ltd 6.27
Top 5 Equity Holdings 40.86

Sector Allocation

Holding %

Market Cap Allocation

Allocations %
Large Cap 8.3
Mid Cap 30.1
Small Cap 54.3
Cash 7.4

Do Not Simply Invest, Make Informed Decisions


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#Returns as of 30 Apr 2023. Returns up to 1 Year are absolute, above 1 Year are CAGR.

*QRC Report Card data is updated quarterly. Current data is as of Mar 23.

Related Investment(s)

Do Not Simply Invest, Make Informed Decisions