Sundaram Alternate Assets
Sundaram India Secular Opportunities Portfolio PMS
A concentrated multi-cap PMS strategy built to generate capital appreciation across market cycles through high-conviction companies with sustainable competitive advantages, reasonable valuations, and secular growth opportunities.
July 2026 update
Since inception CAGR
18.7%
Value of Rs 1 Cr at launch
Rs 16.7 Cr
1Y strategy return
32.6%
Market cap mix
56% mid/small
Objective
To generate capital appreciation across market cycles by investing in a concentrated set of high conviction stocks.
Since inception
18.7%
Strategy CAGR vs 12.6% for S&P BSE 500 TRI
2026 YTD
21.3%
Calendar year performance through July 2026
1 year return
32.6%
Vs 3.0% for S&P BSE 500 TRI
Suggested horizon
3+ years
Designed for long-term PMS investors
Fund details
Concentrated multi-cap PMS for secular growth
SISOP is positioned for investors seeking a focused portfolio of quality businesses across market caps, with emphasis on durable growth, cash generation, and disciplined stock selection.
Strategy
Concentrated multi-cap PMS
Monthly update
July 2026
Data as of
July 31, 2026
Investment horizon
Above 3 years
Inception
February 2010
Benchmark
S&P BSE 500 TRI
Fund manager
Mr. Darshan Engineer
Weighted average market cap
Rs 1,73,450 Cr
Performance
Updated return snapshot as of July 31, 2026
Returns are shown against S&P BSE 500 TRI, as disclosed in the July 2026 product note.
| Period | Strategy | Benchmark | Excess |
|---|---|---|---|
| SI | 18.7% | 12.6% | +6.1% |
| 10Y | 15.8% | 13.6% | +2.2% |
| 5Y | 17.0% | 12.4% | +4.7% |
| 4Y | 21.3% | 13.3% | +8.1% |
| 3Y | 24.2% | 11.9% | +12.3% |
| 2Y | 21.8% | 0.4% | +21.4% |
| 1Y | 32.6% | 3.0% | +29.6% |
| 6M | 25.5% | 2.0% | +23.5% |
| 3M | 7.8% | 3.8% | +4.0% |
| 1M | -2.1% | 2.2% | -4.3% |
Portfolio allocation
Sector and market-cap positioning
The July 2026 portfolio is led by Capital Goods and Financial Services, with 56% allocation to mid and small-cap companies.
Sector allocation
Note: Numbers may not add up due to rounding.
Market capitalization
Note: Numbers may not add up due to rounding.
Risk-return measures
Performance measures since inception
The product note shows alpha of 6.3, beta of 0.8, and down-capture ratio of 76.1.
| Instrument | Strategy | Benchmark |
|---|---|---|
| Arithmetic Mean | 18.4 | 13.2 |
| Standard Deviation | 16.2 | 15.9 |
| Beta | 0.8 | - |
| Sharpe Ratio | 0.7 | 0.4 |
| Correlation | 0.8 | - |
| Alpha | 6.3 | - |
| Tracking Error | 9.8 | - |
| Up capture Ratio | 104.3 | - |
| Down capture Ratio | 76.1 | - |
Capital growth
Value of Rs 1 crore invested at launch
Since February 2010, the strategy value disclosed in the product note is Rs 16.7 Cr versus Rs 7.1 Cr for the benchmark.
Strategy
Rs 16.7 Cr
Benchmark
Rs 7.1 Cr
Portfolio
Top holdings
The leading disclosed holdings include engineering, power equipment, consumer, auto, and financial services names.
MTAR Technologies Limited
GE Vernova T&D India Limited
Titan Industries Limited
Mahindra & Mahindra Ltd
Cholamandalam Investment & Finance Co. Ltd.
Contributors
Key contributors
The top contributors reflect long-term gains in select portfolio holdings.
| Symbol name | Cost | Price | Gain |
|---|---|---|---|
| MTAR Technologies Limited | 1,608 | 5,726 | +256% |
| Hitachi Energy India Limited | 12,652 | 32,175 | +154% |
| TD Power Systems Ltd | 487 | 1,131 | +132% |
Positioning
Sector bets versus benchmark
The portfolio remains meaningfully overweight Capital Goods, while underweighting several benchmark-heavy sectors.
| Sector | Overweight / Underweight |
|---|---|
| Capital Goods | +31.9 |
| Consumer Durables | +2.5 |
| Automobile and Auto Components | +2.4 |
| Consumer Services | +2.0 |
| Information Technology | +0.7 |
| Healthcare | +0.6 |
| Chemicals | -2.0 |
| Construction Materials | -2.0 |
| Power | -3.5 |
| Telecommunication | -3.8 |
| Fast Moving Consumer Goods | -5.6 |
| Oil, Gas & Consumable Fuels | -7.1 |
| Financial Services | -8.2 |
Stock selection
3Q quality approach to stock selection
The product note frames stock selection around quality business, quality financials, and quality management.
Quality business
Scalable and growing companies with reinvestment opportunities and strong moats.
Quality financials
High ROIC, excellent cash flows, and low debt-to-equity profiles.
Quality management
Visionary, problem-solving management teams with disciplined execution.
Key features
What defines the strategy
The strategy combines a concentrated portfolio, multi-cap flexibility, and long-term compounding characteristics.
Concentrated portfolio of around 18-22 stocks
Multi-sector portfolio across market caps
Long-term orientation above 3 years
Secular growth opportunities
Companies with growth opportunities above 15%
Ability to generate above 15% ROIC
Excellent business cash flows
Low debt-to-equity businesses
Calendar years
Calendar year performance
Calendar year returns are shown since the strategy's February 2010 inception period.
| Year | Strategy | Benchmark | Excess return |
|---|---|---|---|
| 2010 | 58.3% | 24.9% | +33.4% |
| 2011 | 1.5% | -26.4% | +27.9% |
| 2012 | 25.4% | 33.4% | -8.0% |
| 2013 | 6.0% | 4.9% | +1.1% |
| 2014 | 66.1% | 38.9% | +27.2% |
| 2015 | -2.0% | 0.4% | -2.4% |
| 2016 | 4.2% | 5.2% | -1.0% |
| 2017 | 24.0% | 37.6% | -13.6% |
| 2018 | -4.3% | -1.8% | -2.5% |
| 2019 | 15.4% | 9.0% | +6.4% |
| 2020 | 25.2% | 18.4% | +6.8% |
| 2021 | 36.2% | 31.6% | +4.6% |
| 2022 | -6.9% | 4.8% | -11.7% |
| 2023 | 19.6% | 26.5% | -6.9% |
| 2024 | 31.4% | 15.8% | +15.6% |
| 2025 | 10.9% | 7.6% | +3.3% |
| 2026 YTD | 21.3% | -1.4% | +22.7% |
Risks to note
Concentrated PMS portfolios need risk discipline
Sector concentration risk can arise from the portfolio's overweight stance in Capital Goods and NBFCs.
Mid and small-cap exposure can increase drawdown risk during volatile market phases.
Macro risks include INR pressure, bond yields, foreign flows, fiscal deficit concerns, liquidity, inflation, and commodity prices.
FAQ
Frequently asked questions
It is a concentrated PMS strategy that seeks capital appreciation across market cycles by investing in high-conviction stocks with sustainable competitive advantages and reasonable valuations.
It is positioned for long-term investors seeking exposure to a concentrated, multi-cap portfolio focused on secular growth opportunities.
The July 2026 product note states an investment horizon above 3 years.
The selected benchmark for the strategy is S&P BSE 500 TRI.
No. PMS portfolios are market-linked and do not offer guaranteed or assured returns. Past performance is not indicative of future performance.
Disclaimer
Performance and portfolio data are based on the Sundaram India Secular Opportunities Portfolio Product Note dated July 2026, with data as of July 31, 2026. Returns are on a time weighted rate of return basis and are shown in percentage terms.
This page is for informational purposes only and should not be construed as investment advice, an offer, or a solicitation. Securities investments are subject to market risks. Past performance is not indicative of future performance. Investors should read official PMS documents and consult their advisors before investing.
Peer performance is available from the Association of Portfolio Managers in India at APMI.