Alchemy Ascent – (PMS)

  • Investment Objective
  • Why Alchemy Ascent ?
  • Terms at a Glance
  • Fund Manager

Investment Objective

To generate long term risk adjusted returns.

Why Alchemy Ascent?

  • All fundamentals objectively stated and backed by data.
  • Treating markets as evolutionary, not destined. So, no subjectivity and no predictions.
  • Defined selling rules.
  • Respecting reflexivity in markets.
  • Justice to the Portfolio above justice to the concept.

Investment Philosophy and Parameters:


  • Growth which is significantly more than the cost of capital
  • Consistent & Continuous growth
  • Growth adjusted for different fundamental parameters
  • Negative marking if there is high divergence or deterioration in growth


  • Value calculated as Price to Earning and/or Price to Cash Flow
  • Valuations is adjusted to the quality of firm
  • Valuation is also adjusted to the growth of the firm

Quality & Risk Management:

  • Rejection is more important than selection
  • Strict negative marks for bad balance sheet items, but no positive marks for the same as it is mandated and expected of an investment candidate
  • This also helps us filter out companies which are not managed properly OR which eventually turn out to be CAGR KILLERS

Market Cycle:

  • Presence /Absence of a rewarding market cycle
  • Stock which is appreciated by markets also increases our probability of success
  • Past behaviour of drawdown and volatility of a stock / company

Terms at a Glance

  • CATEGORY - Listed Equities
  • TYPE - Open ended
  • SUGGESTED TIME HORIZON - 3 to 5 years
  • FUND STYLE - Multi-cap growth
  • LAUNCH DATE - 03rd September, 2019

    A High Risk High Return oriented strategy where capital allocation is as important as stock selection and which aims at generating long term return by investing in companies with Market Capitalisation of 4000 crores and above, using data intensive research driven product/investment approach, to identify companies based on various parameters such as growth, valuation, quality earning and balance sheet health.


    Equity stocks are chosen for investment on the basis of 3 factors:

    • The company fundamentals, as reflected in reported numbers
    • Investment strategy research regarding various market cycles
    • Risk & Reward ratios

    Cash or cash equivalents are chosen when an appropriate equity opportunity is not available

    Upto 100% in equity (cash portion may be deployed in liquid funds/ debt Securities).

    Portfolio Construct: Average of 25-30 stocks
    (Additional investments would be managed as a separate Portfolio)

    The S&P BSE 500 - TRI index is designed to measure the performance of the top 500 companies listed at BSE Ltd., based on size and liquidity across sectors. Given that the objective of the product is to identify companies strong in growth, valuation, quality earning and balance sheet. We believe S&P BSE 500 - TRI is considered to be appropriate benchmark which would reflect the realistic comparison with the portfolio performance.

    High Risk

    • General risk
      Please refer “Risk Factors” given in clause 6 of the Disclosure Document
    • Specific risk
      The Portfolio Manager doesn’t envisage any specific risks in addition to General Risk factors



Fund Manager – Hiren Ved

Hiren Ved, an equity market veteran, serves as the Director and CIO at Alchemy Capital Management where he has been leading the firm’s Asset Management business. With over 30 years of experience in the Indian equities market, Hiren has developed a sustainable long-term investment philosophy based on fundamental research. He is known for his deep sector knowledge, bottom-up research skills and stock picking abilities. Hiren manages and advises funds USD 931 mn (as on June 30, 2023) across domestic PMS and offshore institutional mandates for Alchemy Capital. He holds a graduate degree in Accounting from Mumbai University and a post-graduation in Management & Cost Accounting from The Institute of Cost Accountants of India.