360 One Multi Strategy Fund

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About Company

360 One Asset Management was the first to introduce Alternative Investment Funds (AIF) in India. Their alternative funds go beyond the conventional investment market and embrace unique possibilities regardless of borders.AIFs provide their investors with the opportunity to get off the track and invest in securities that are not open to the general public. Real estate, venture capital, hedge funds, commodities, pre-IPO placements, and derivative contracts can all help diversify a portfolio, reduce risk, and increase returns. AIFs can invest in listed equities, but the structure allows for investments in securities that are not available through a mutual fund platform

Fund Snapshot

Fund Type Category III Alternative Investment Fund, Close Ended
Initial Drawdown 25% of the commitment amount
Subsequent Drawdown 15% of the commitment, payable bimonthly mandatorily through auto-debit required using NACH mandate
Redemption Frequency Weekly
Benchmark S&P BSE 500
Minimum Commitment Fees
  • Class A1 ₹ 1 to ₹ 5 crores (2.50% per annum)
  • Class A2 ₹ 5 to ₹ 15 crores (2.25% per annum)
  • Class A3 ₹ 15 crores to ₹ 25 crores (1.75% per annum)
  • Class A4 ₹ 25 Crore and above (1.50% per annum)
Fund Manager Aniruddha Sarkar
Fund Tenure Up to 5 years from final closing date
Commitment Period Up to 24 months from Final Closing, at the discretion of Investment Manager to extend by up to 6 months
Target size INR 1,500 crore

Investment Process

  • Theme Selection
    • Selection of different themes based on internal research, evaluation and macro-economic factors
  • Advisor Selection

    • Appoint Advisors with strong track record for providing research and non-binding advice
    • Leverage 360 One group’s network to access the best advisors
  • Portfolio Construction

    • Allocation across various themes by 360 One AMC investment team
    • Min allocation to a single theme: 20%
    • Max allocation to a single theme: 40%
  • Ongoing Monitoring

    • Ongoing review of portfolio and regular rebalancing to capitalize on changing macro-economic conditions

Unique Feature

Optimal Portfolio Selection

  • Portfolio selection based on in-house expertise
  • Disciplined investment implementation
  • Diversification across market caps

Continuous Monitoring

  • Allocation based on internal evaluation & change in macroeconomic outlook
  • Ongoing portfolio evaluation by the highly experienced investment team

Flexibility

  • Flexibility to modify allocations dynamically with market changes
  • Cost effective as all changes are in same portfolio and not different schemes

Investment Philosophy

360 One Multi Strategy fund aims to invest across three investment themes viz the multicap, large/mid cap and small-cap. This is category III closed-ended alternative investment and the minimum ticket size is rupees one crore.

Multicap Research Process

Selection Philosophy

  • Clear and SustainableBusiness Model

Easy understandable business model catering to large market. Resilient over market cycles

  • Alignment of Interest: Promoter Stake

Sizeable promoter’s stake in the company, adequate corporate governance, & quality of management

  • Position vs Peer Group

Consistent growth rates of 12-20% CAGR; outperform industry peers by a wide margin

  • High Operating Metrics

Return On Equity > 15%, Return on Invested Capital >10%, Debt to Equity < 0.5x and low earnings volatility

Valuation

  • Growth at Reasonable Price
  • Companies growing at minimum 12-20% CAGR both in revenue and earnings
  • Trading at a reasonable valuations (PEG ratio close to 1x)

Margin of Safety

  • Companies at prices which provide a margin of safety and have limited downside
  • The difference between the intrinsic value of the stock and its buying price should be substantial to justify that we purchase it at the prevailing price
  • Risk – Return Payoff
  • The risk-return payoff should be favourable in the ratio of 1:3 for downside : upside

Investment Focus

With limited options to invest savings, flows into financial instruments will see exponential growth Demand from large middle class base from Tier-B cities and rural India to drive growth Well capitalized Financial Institutions to take advantage of the cyclical turnaround opportunity

About Fund Managers

Anup  Maheshwari
Anup Maheshwari as Chief Investment Officer and Whole-Time Director of IIFL

Anup Maheshwari as Chief Investment Officer and Whole-Time Director of 360 One Asset Management. Anup is liable for the investment and strategy for 360 One AMC’s business including collective finances and Indispensable Investment Finances (AIFs). He plays a crucial part in meeting the company’s aggressive growth pretensions as well as product development and contriving an innovative investment strategy.

An alumnus of the Indian Institute of Management, Lucknow, he has over 25 times of work experience in the financial services sector. Prior to joining 360 One Asset Management Limited, he has been associated with DSP Investment Directors Private Limited ( formerly known as DSP BlackRock Investment Directors Private Limited) over 21 times as an Administrative Vice President & Chief Investment Officer. He was also associated with HSBC Asset Management (India) Private Limited & Merrill Lynch India Equities Fund (Mauritius) Limited.

Mehul Jani

Mehul Jani

Mehul Jani is 360 One Asset Management’s Senior Executive Vice President | Fund Manager – Listed Equity. Mehul Jani, CFA, joins us from DSP Blackrock, where he worked as a Fund Manager and Analyst. Mehul joined DSP BlackRock as an Analyst in the Equities division in October 2008. Mehul worked as an Associate at Morgan Stanley Plc in London from 2004 to 2008, where he worked on structured product valuations and fund derivatives. He is a CFA charter holder and holds an MSc. in Banking and International Finance.

PORTFOLIO CONSTRUCTION

Combining Stocks under 360 One AMC coverage and Research Ideas from Advisors, 360 One Investment Team Shortlists stock ideas from combined pool. Then the final portfolio comes with a diversification across market cap including 40 to 50 stocks

PORTFOLIO POSITIONING – ALLOCATION ACROSS MARKET CAPS

Constant rebalancing based on macro-economic environment and performance of above strategies. The investment manager shall be responsible for theme review and allocation

  • Multicap

Financials, Banks, Consumer Discretionary & Insurance

  • Large/Mid Cap

Financials, Consumer Discretionary, Auto/AutoAncillaries & Retail

  • Small Cap

Consumer Discretionary, Pharma, Financials & Logistics

Large/Mid Cap Research Process

  • HISTORY: Historical performance of the company is tracked for investment purpose. Usually 11 years is a credit cycle where GDP has gone up, down and drifted. Factors that are considered for evaluation include positive cash flows across various periods and valuations
  • BUSINESS MODEL: Unique business models that provide an insight into the economic moat or competitive advantage of the company
  • VOLUME GROWTH: Articulate what are the structural drivers for the volume growth of the company for the next few years
  • MANAGEMENT INTERACTION AND CHANNEL CHECKS: Good history and the reason why the company is poised to grow is the output of the business owners thought process and interest. Identification of the person responsible for the company’s future & find out if his interests are aligned for future growth. Channel checks provide an insight into culture of the company 
  • VALUATIONS: A portfolio that is cheaper than the index at an EV/Operating Cash Flow metric

Investment Focus

Long term wealth creation by investing in a portfolio of non-cyclical companies which will experience sustainable volume/earning growth over the long term and lower drawdowns during market correction

  • Extensive Research
  • Forensic Analysis of Books 
  • Data Driven Approach

Small Cap Research Process

The 5S Framework

  • Simplicity: Simplicity of the business model
  • Scalable: Ability to substantially scale operations
  • Sound: Sound promoters & management, good corporate governance
  • Sustainable: Ability to maintain competitive advantage
  • Strong: Strong and robust return ratios

Investment Focus

  • A diversified portfolio of 12-18 growth oriented reasonably valued stocks
  • Bottom up approach in stock selection
  • Small cap stocks – 251st company onwards in terms of market capitalization

Book a call with our experts

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Disclaimer: Investing Involves Risk. This document is for information purposes only and should not be viewed as a legal offering document or solicitation. Offers to invest in this fund are made only by the Discretionary Portfolio Management Services Agreement. Past performance does not guarantee future results and there is no assurance that the managed accounts will necessarily achieve their objectives. We do not guarantee any returns in the hand of investors not we take any sort of accountability for the performance of the scheme. The above-mentioned data is collected from the respected Fund house please verify the same at SEBI website.