Minerva India Under-served

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About Company

Minerva India is an under-served Banking & FinTech company. It offers various financial products to its members such as savings accounts, loans for individuals or real estate businesses, insurance policies etc. The company also provides loan assistance in case of crop failure due to natural disasters like floods. Minerva India connects small entrepreneurs with lenders and business associates. The company has its branches in all the districts of India and caters to both urban and rural customers. It is a research-first financial service [advice] and asset management company. They want to change the wealth management business by decreasing the gap in investment knowledge between major research teams and individuals/clients.

Fund Snapshot

Year of Inception 16, Mar 2020
Number of Stocks 15-25
Investment Horizon Long term
Fund Managers Piyush Sharma

Ashi Anand (the fund manager with over 18 years of financial investment management industry expertise) and his partners founded IME Capital LLP to revolutionise how wealth management firms do business and credit-related advice. The IME Investor Desk uses the latest technologies to provide easy-to-understand information on topics including market analysis, stock management, and portfolio tracking. By creating a vast knowledge base of blog articles, infographics, videos, and more.
They offer a wide range of investment choices, which go through a thorough fund-selection procedure based on globally accepted best practices and have IME 5-star ratings made public. Relationship Managers’ communication with clients is influenced by these publicly available opinions on investments, resulting in exceptional transparency and consistency of knowledge. All standard and complex venture questions that Relationship Managers are confronted with are quickly raised to the Investor Desk to consider a profoundly investigated reply to significant inquiries.

Strategy description

Minerva India Under-served (IUS) attempts to screen companies that have, in our view, the largest real business upside (to come in line with G7 peers) within listed equities. These names are then run through our extensive forensic framework to be identified for an in-depth engagement. If our work on these names manages to sustain our interest and we see material embedded optionality within assets, ideally with mispriced idiosyncrasies, they become prospective candidates for a book that is typically comprised of 10-20 names. For more than a decade, we have preferred to camp ourselves in the institutionally under-owned/orphaned Indian small and microcap space. We have also debunked the narrative that investing in this space comes with elevated volatility.

Meet our investment manager: Piyush Sharma is the investment manager of the Minerva India Under-served strategy. Having spent time with Citigroup and BSE in India, he moved to the United States in 2002, where he covered stocks within Business Services, Autos, Consumer Products, and Financials with Sanford Bernstein, Longbow Research, and Avondale Partners, working in teams that received accolades from leading institutional research arbiters, including Institutional Investor (II) and Greenwich Associates. Piyush received an MBA from the University of North Carolina at Chapel Hill and a BS in Accounting from the University of Allahabad.

Structure Separately Managed Accounts Inception Apr 2011 Custodian Orbis / HDFC Bank Firm AUM USD 170 mil Asset Management AUM USD 70 mil Minimum Investment INR 50,00,000 (~USD 70,000) Annualized Performance (since inception) +18.2%, vs. +11.9% for BSE Smallcap, and +10.6% for Nifty

Investment Philosophy

  • No Loss of Insights: Because of direct contact with professionals with significant investments in knowledge for marketing.
  • Centralised communication: All clients are given the same information.
  • Focus on Investments: Investors do not receive commissions or bonuses based on the number of sales they make. They are solely interested in finding the most profitable investments.
  • Deeply Researched Answers: In a transparent and public forum, experts answer common and complex investment questions.
  • Limited Impact of RM churn: The core communication for investors is managed by the company’s primary investor desk (led by the firm’s creator, IME).

Investment Strategy

Their speciality is to provide top-notch investment advice and deliver customised solutions tailored to your specific investing demands. They choose to work with best-in-class execution partners to make the investment procedure as efficient and straightforward as possible to concentrate on their primary areas of expertise.

They can offer the clients industry-leading investment companies, research, and reporting standards by partnering with industry-leading platforms. They’ve got relationships with  Fundzbazar (one of the country’s major MF online platforms, with over 25,000 cr in MF assets), PMS Bazaar (the market leader for PMS and AIF investments) and Kotak Securities (one of India’s most reputable fundamental equity brokerages) in place. 

  • They have over 16 years of portfolio management experience and a deeper understanding of more complex investments, most of which was spent managing specialist portfolios (including India’s first institutional capital preservation and capital guaranteed funds).
  • An Insider’s Perspective: Consider the advantages of obtaining an insider’s viewpoint (i.e., accurate management of money) vs an outsider’s view (i.e., advisors and wealth managers). Thorough knowledge of what is said (and not said) in investment management services is crucial.
  • Understanding global best practices in fund selection: They’ve gone through the fund-selection process with top worldwide investors and have a more excellent account of what to search for in funds for long-term sustainable returns.

MINERVA INDIA UNDERSERVED

What does Minerva India serve to offer you?

Process — We thrive on a high level of analytical rigor and investment discipline. We use financials, forensics, and a detailed on-the-ground methodology to arrive at a cautious assessment of intrinsic worth. Then we construct a diverse book of enterprises with a laser-like concentration on our most promising concepts.

People – Diverse worldwide experience that aids in the identification of specific tertiary factors that create strong value fluctuations in developing markets. We can apply “macro” risk management to our primarily deep-dive “micro” approach because of our backgrounds.

Partners — Astute investors who allow us to avoid speculation, reward “rigor” above “fashion,” and value our efforts to profit from opportunities that arise during panic and abrupt declines.

Investment process –

Our Process’s Foundation – Growth, margin sustainability, accounting clarity, and value all have strong explanatory power for attributing long-term major outperformance in Indian stocks, according to our research. As a result, they are some of our most important screening criteria. We don’t limit our scope by looking at simple criteria like earnings yields or headline multiples. If the firms we’ve chosen show up,

  1. accounting clarity
  2. sustainable promise
  3. ability to retain pricing power
  4. demonstrate an appreciation of minority investor rights
  5. material ignored/under-appreciated facets, and
  6. clearly quantifiable incremental catalysts (ideally idiosyncratic),…… …….

they become prospects for inclusion in India’s Under-served. Our process thrives on discipline and is well-positioned to look for and own strong (or potentially strong) businesses, run by shareholder-friendly management teams, at attractive valuations.

Minerva India Underserved Construct –

Minerva India Underserved focuses on businesses within the most underpenetrated categories, which have the largest potential upsides to come in line with G7 levels. Our most critical screening filters revolve around accounting clarity and absolute value. We only proceed if our fundamental work on these names manages to keep us interested while offering free or near-free embedded optionality within assets. Typically, the book comprises 12-18 names, with occasional opportunistic investments. Over more than a decade of allocation, we have preferred to camp ourselves in the institutionally under-owned/orphaned Indian small and microcap space. We have also debunked the narrative that investing in this space comes with elevated volatility.

Minerva India underserved –

Sustainability – The firms in our Underserved universe are anticipated to outperform the larger economy over the medium and long term. Typically, we estimate that such categories will grow at least 30 times before reaching saturation. Accounting transparency – The companies we’ve picked have a track record of being trustworthy.  Operating   profits, cash creation, and ‘clean’ organizational structures our experiments on Underserved categories (not bound by value) were partially constrained by value.  “fixed” value multiple) suggests that investors favor long-term growth in such companies. Businesses. We look for clear reporting, the ability to generate cash, and a healthy profit margin. Tenacity. Investing in securities that are under-owned by institutions – We carefully avoid street darlings, and our strategy is to invest in securities that are under-owned by institutions. Institutionally, the greatest conviction holdings are virtually always under-owned.

About Fund Manager

 

Portfolio Manager Piyush Sharma
Rating 3 of 5 stars
Experience Career Start (Jun-2004) | Joined PMS
(Jan-2011) | Yrs of Experience (16) | Yrs in Current Role (10)
Prior Work Experience: Co-Founder and Portfolio Manager (Metis Capital Management Ltd.), Principal (Contravest Associates), Senior Equity Analyst & VP (Longbow Research)
Qualifications MBA (IIM-A), CA

Unique Feature

Enjoy the benefits of having an insider’s vs outsider’s perspective: Take a look at how an insider’s viewpoint can benefit you (i.e., the actual management of money). A thorough grasp of what is said and not said in investment management products.
Diverse experience in complex investment products: Extensive fund management expertise in alternatives (PMS strategies & quasi-PE) combined with product development skills (including India’s first capital preservation and capital guaranteed products), allowing us to gain significantly more profound knowledge of more complicated financial instruments.
Understanding of global best-in-class fund selection methods: having gone through the rigorous fund selection process of top international institutional investors.
They understand the underlying investments’ characteristics more than we would if we just understood different investment vehicles (MF, PMS, AIFs).
They maintain a consistent investment strategy: theInvestor Desk is run by the company’s founder, not a staff member (who may get hired elsewhere).

FAQs

How much money do I need to start?

Ambit is a leading provider of financial advice and capital, offering customized solutions in the areas of Investment Banking, International Equities and Research, Asset Management, Wealth Management, and SME lending.

What are Minerva investment objectives?

They seek to provide superior portfolio returns through a combination of value investing and momentum strategies. They believe the majority of investors aren’t sufficiently diversified across either asset classes or geographies, which means that buying into them is very much like being long on just one stock – an extremely risky proposition. Their focus, therefore, will be on portfolio diversification and portfolio management so as to mitigate the risks involved with such a concentrated portfolio.

Book a call with our experts

For any queries, contact us on Mobile: +91 836 858 6435, Landline: 020-48627339,Toll Free: 1800 210 1995, Email: [email protected]     Whatsapp-logo

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.