Stallion Asset Core Fund

PMS

Equity

Multi / Flexi Cap

Diversified

Growth,Aggressive Growth

Investor Profile

1 - 5 YearsInvestment Horizon

HNITarget Segments

Stallion Asset Core Fund is a SEBI-registered discretionary PMS with a ₹50 lakh minimum investment, benchmarked against the BSE 500 TRI. It suits investors seeking actively managed equity growth over a 3+ year horizon, subject to their risk appetite and cRegulatory Fit

India’s long term equity opportunity remains supported by domestic consumption, private capex and earnings growth, with market leadership continuing to evolve across sectors and market capitalisations.

What This Strategy Does

a) Strong Long Term Track Record: The fund has delivered 28.10% annualised returns since inception, significantly ahead of the BSE 500 TRI at 14.89%, supported by strong 3 and 5 year performance. b) Differentiated Stock Selection: The 4M framework provides a structured approach to identifying businesses with strong market leadership, attractive market opportunities, quality management and a margin of safety. c) Flexible Multi Cap Exposure: The current allocation across large, mid and small caps gives the portfolio flexibility to participate in different stages of business growth while maintaining a focused equity portfolio.

CW Expert Research Notes

High-Conviction Multicap Strategy

The Core Fund follows an active multicap approach, combining 46.45% large-cap, 21.69% mid-cap and 29.04% small-cap exposure. This gives the manager room to participate in established businesses while retaining exposure to higher-growth opportunities across the broader market.

Research-Driven Alpha Generation

Stallion Asset was founded as a research analyst firm and subsequently evolved into a PMS platform, with the investment process built around its stock-selection capabilities. The Core Fund has generated strong benchmark-relative performance, including 59.00% in CY2023 and 69.69% in CY2024, versus 26.55% and 15.81% for the BSE 500 TRI.

Experienced Investment Leadership

The strategy is led by Amit Jeswani, CFA, CMT, who has been investing in capital markets for 13 years and founded Stallion Asset in 2016. The firm has grown to a reported ₹8,719.86 crore firm-wide AUM, reflecting the scale achieved by the platform.

Performance and Risk Analysis

Historical returns, volatility patterns, and how this fund has performed relative to its benchmark.

Benchmark Performance Comparison

Stallion Asset Core Fund

BSE 500 TRI

Detailed Risks

Mid & Small-Cap Volatility

With 21.69% in mid caps and 29.04% in small caps, the portfolio has meaningful exposure to segments that can experience sharper valuation corrections and liquidity pressure during risk-off markets. This can result in higher drawdown sensitivity compared with a predominantly large-cap portfolio.

Consumer Discretionary Concentration

Consumer Discretionary represents 31.11% of the portfolio, making earnings expectations and valuations in consumption-oriented businesses an important driver of portfolio outcomes. A slowdown in discretionary spending or weakening consumer demand could therefore weigh disproportionately on returns.

Strategy Details

A closer look at the investment thesis, portfolio construction, and current holdings.

Core Investment Theme

Identifying India’s future market leaders: The fund focuses on businesses with strong growth potential, competitive advantages and scalable market opportunities, aiming to participate in long term wealth creation as these businesses expand and strengthen their market positions.

Broader Market View

Opportunity Beyond Large-Cap Leaders

The Core Fund's multicap construction allows participation beyond the largest companies, with almost half of the portfolio allocated to large caps while maintaining substantial mid- and small-cap exposure. The BSE 500 TRI is an appropriate benchmark for this broad market-cap mandate.

Consumption-Led Growth Exposure

The 31.11% Consumer Discretionary allocation, supported by Financials at 13.00% and Healthcare at 10.85%, gives the portfolio exposure to domestic consumption, financialisation and healthcare growth themes. The sector mix provides multiple sources of potential earnings growth rather than relying on one narrow investment theme.

Investment Style & Process

Growth-Oriented Multicap

Stallion Asset describes itself as a growth-oriented Portfolio Management Company, with the Core Fund expressing this through active stock selection across market capitalisations. The portfolio's combination of large, mid and small caps allows the strategy to seek growth opportunities without being restricted to a particular market-cap segment.

Discretionary Stock Selection

The portfolio is actively managed rather than designed to replicate the BSE 500 TRI. Securities are selected based on client objectives and prevailing market conditions, giving the manager discretion over portfolio construction and individual security exposure.

Long-Term Equity Orientation

The strategy expects clients to maintain an investment horizon of 3+ years, while individual holdings can be short-, medium- or long-term depending on the investment case and market conditions. This supports a fundamentally long-term wealth-creation orientation rather than short-term trading.

Fund House Management

The asset management company’s track record, AUM scale, and fund manager credentials.

Fund Manager Track Record

Arpit Shah

Arpit Shah, Co-Fund Manager at Stallion Asset, has been with the firm since 2018 and brings capital market experience dating back to 2016. He supports the management of the Stallion Asset Core Fund, working closely with Amit Jeswani, Founder and CIO, on research, execution, and business operations. He has cleared the CFA Level 1 and Level 2 examinations, and brings prior experience from roles at Inverted Sense and Jhunjhunwala's Finance, contributing to Stallion's trend-based, high-conviction approach to identifying proven and emerging market leaders across the consumer, financial, consumer tech, and pharma sectors.

Manager's Investment Philosophy

A trend-following, momentum-driven growth investing approach centered on identifying and rotating into "Proven Monopolies" and "Emerging Monopolies" businesses with established or emerging leadership within their sectors. Rather than a rigid long-term buy-and-hold style, the approach favors "buy and rotate," actively adjusting the portfolio based on price trends and sector momentum, with a preference for high-conviction, trend-based stock selection. The strategy concentrates across four core sectors Consumer, Financials, Consumer Tech, and Pharma — and is built for investors with a higher risk appetite, given the resulting portfolio churn.

CW Expert Take

Stallion Asset brings a focused, growth oriented and research driven approach to Indian equities, combining fundamental stock selection with flexible allocation across large, mid and small cap companies. Its focus on identifying established and emerging market leaders, supported by the 4M framework of Market Leadership, Market Opportunity, Management and Margin of Safety, positions the fund to participate in evolving earnings and market leadership cycles.

Investment Philosophy & Approach

Capital Preservation & Growth

The stated objective combines capital preservation and capital growth, with the Portfolio Manager applying its expertise to align the portfolio with client objectives. However, the fund explicitly does not guarantee returns or protection against capital loss.

Fundamental Security Selection

The strategy focuses on identifying securities based on investment objectives and prevailing market conditions rather than following a rigid index or sector allocation. The BSE 500 TRI serves as the benchmark because it reflects the manager's long-term focus across market capitalisations.

Flexible Capital Deployment

The investment framework allows equity exposure between 0% and 100%, giving the manager considerable flexibility in portfolio construction. This enables the strategy to respond to changing market conditions instead of maintaining a fixed equity allocation.