Ranking of portfolio management services and alternative investment funds under PMS AIF world

Abstract

The project aims at arriving at different award categories and subsequently, ranking of the Portfolio Management Schemes (PMS) and Alternative Investment Funds (AIF) handled by the organization PMS AIF World. The data received from them included the monthly Net Asset Value (NAV) of each of the schemes right since inception, the date of inception, benchmark used for tracking error, investment style with respect to the type of stocks bought – smallcap, multicap, midcap and largecap apart from long short or long only mandates of the AIF schemes. Award categories were formed keeping in touch with the organizational expectations about the number of awards and the type of awards to be given. Within that, based on informational availability, either only Compounded Annual Growth Rate (CAGR) was used for ranking or it was used for nominating top 25% funds or top 5 funds, whichever was greater, and Information Ratio (IR) was used to compare risk adjusted returns and ranking decided on the basis of that. Due to the current times being impacted by Covid-19, a separate awards category was instituted for the same. The project arrives the rankings for the universe of 140 and 36 entries in PMS and AIF categories respectively. There are 6 categories in PMS awards, 5 categories in AIF awards and 1 for each of them in the Covid-19 category. A total of 16 awards have been given under PMS category, 5 awards have been given under AIF category and 2 awards under the Covid-19 category.