Nuvama Equities eXpansion Target (NEXT) PMS

Key Portfolio Attributes

Inception Date: 10th July, 2023

Portfolio Manager’s Name: Mr. Ajay Vora & Mr. Nikhil Ranka

Portfolio Manager’s Experience: Mr. Ajay Vora: 18+ years Mr. Nikhil Ranka: 18+ years

Portfolio Manager’s Qualification:

Mr. Ajay Vora: MBA in Finance from MET University, Mumbai and graduated with Bachelor of Commerce from Narsee Monjee College of Commerce and Economics.

Mr. Nikhil Ranka: MBA degree specializing in finance from Jamnalal Bajaj Institute of Management Studies, Mumbai and has completed his graduation from UICT (Mumbai) with a Bachelor’s degree in chemical engineering.

Investment Objective

Nuvama Equities eXpansion Target (NEXT) PMS is an actively managed, DPMS strategy whose investment would be focused on Midcap and small cap companies. The Investment objective of this strategy will be to achieve capital appreciation and deliver superior returns (illustrative returns of ~20-25% CAGR over a long investment horizon) through investing in a sector and benchmark agnostic portfolio of small and mid-cap (SMID) listed companies in India.

Investment Strategy

The Nuvama Equities eXpansion Target (NEXT) PMS is a small and mid-cap focused equity PMS investing in companies driving India’s progress (प्रगति). This strategy identifies and capitalizes on key themes that are expected to drive future growth in India.

Key Investment Themes:

  • Premiumization:

Investing in companies that benefit from better earning capacity and higher disposable incomes, leading to an upgrade in lifestyle and want-driven spending.

  • Globalization:

Targeting companies that are increasing reliance on India’s manufacturing capabilities. This is driven by cost and quality arbitrage, combined with the need to diversify away from traditional hubs.

  • Transformation:

Focusing on companies involved in heavy capital expenditure (capex) in key sectors such as roads, railways, airports, and power. These investments are modernizing India and its infrastructure, facilitating long-term growth.

By focusing on these themes, NEXT aims to identify and invest in companies poised to benefit from these structural shifts in the economy, leading to potential superior returns.

Investment Philosophy

For Nuvama Equities eXpansion Target (NEXT) PMS, the portfolio will be comprised of investments in bottom-up ideas in under-followed SMID companies benefitting from the next $2trn of India’s GDP growth – those that are available at reasonable valuations, possibly at a discount to, and more often have better growth prospects than large-caps.

Do Not Simply Invest, Make Informed Decisions


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