Equities eXpansion Target

Nuvama Asset Management Limited
PMS Mid Cap
Benchmark
S&P BSE 500 TRI
Inception Date
25 May 2023
Min. Investment
₹50,00,000
AUM (Cr.)
₹248.00
SIP Available
No
STP Available
No

Investment Strategy

Investment Approach

The portfolio manager has identified three distinct investment themes, stemming from India's economic expansion, exceeding $3 trillion in GDP. These themes are: **Premiumization:** This theme is driven by the evolving aspirations of the Indian consumer. Enhanced earning potential and increased disposable income are facilitating a shift towards improved lifestyles and discretionary spending on higher-value goods and services.

Investment Objective

The Nuvama Equities eXpansion Target (NEXT) is a discretionary portfolio management service (DPMS) strategy designed for capital appreciation. This actively managed approach concentrates investments in mid-cap and small-cap companies, aiming to generate superior returns. The illustrative projected annualized growth rate for this strategy is approximately 20-25% over an extended investment period. The portfolio is constructed by identifying bottom-up investment opportunities within under-researched small and mid-cap enterprises poised to benefit from India's projected GDP expansion of $2 trillion.

Performance Returns

Returns as on 2025-12-31

Trailing Returns

Period Strategy Benchmark Outperformance
1 MONTH -4.43% -0.24% -4.19%
3 MONTHS -2.12% 5.02% -7.14%
6 MONTHS -7.17% 1.63% -8.80%
1 YEAR -10.90% 7.63% -18.53%
2 YEAR 6.88% 11.63% -4.75%
SINCE INCEPTION 12.98% 18.67% -5.69%

Calendar Year Performance

Year Return
CY 2025 -10.90%
CY 2024 28.23%

Financial Year Performance

Year Return
FY 26_YTD 7.24%
FY 25 7.28%

Past performance is not indicative of future results. Returns are subject to market risks.

Fund Managers

Naveen Baid

Fund Manager

With over 18 years of professional experience across both sell-side and buy-side financial services, Naveen possesses a comprehensive understanding of investment management. He initiated his career in 2007 as a research analyst within the proprietary research division of DE Shaw, a globally recognised hedge fund. Subsequently, Naveen's sell-side tenure at HSBC focused on developing investment recommendations for institutional clients within the midcap segment, with initial sector coverage including Real Estate, Information Technology, and Media & Entertainment. His transition to Aditya Birla Capital saw an expansion of his responsibilities to encompass a broader spectrum of industries, such as Automotive, Auto Ancillaries, Healthcare, Pharmaceuticals, Building Materials, and Ageing-related businesses. During his eleven-year tenure at Aditya Birla Capital, he managed a research team comprising seven analysts and actively participated in the investment committee responsible for overseeing two Portfolio Management Services (PMS) schemes. Naveen's primary expertise lies in extracting actionable insights and analytics from extensive quantitative data sets. He adeptly integrates top-down and bottom-up investment methodologies to construct robust investment strategies. At Nuvama, Naveen is entrusted with the management of the Nuvama Absolute Return Strategy (NARS) and the Nuvama Equities eXpansion Target (NEXT) PMS, operating within the Listed Equities vertical of Nuvama Asset Management. Academically, Naveen holds a commerce background and a Master's degree in Finance from ICFAI, Hyderabad. He is also a CFA charterholder.

Portfolio Details

Portfolio Composition

Large Cap
0%
Mid Cap
0%
Small Cap
0%
Cash & Equivalent
0%

Top 5 Holdings

  • Undisclosed N/A
  • Undisclosed N/A
  • Undisclosed N/A
  • Undisclosed N/A
  • Undisclosed N/A

Top 5 Sectors

  • Undisclosed N/A
  • Undisclosed N/A
  • Undisclosed N/A
  • Undisclosed N/A
  • Undisclosed N/A

Portfolio Characteristics

total number of stocks
N/A
top 5 stocks percent
N/A
top 5 sectors percent
N/A
average market cap
N/A
portfolio age
2 Yrs, 7 Months
sip
Not Available
stp
Not Available

Fee Structure

Fixed Fee

AMC: 2.5%

Variable Fee

AMC: 2%

Hurdle: 12%

Profit Sharing: 15%

Exit Load

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Disclaimer

Returns are as of 2025-12-31. Returns for periods up to one year are not annualized. Returns for periods exceeding one year are annualized. Returns are computed using the Time Weighted Rate of Return (TWRR) methodology and are provided by the respective Asset Management Companies (AMCs). 'ND' denotes 'No Data', and 'NA' denotes 'Not Applicable'. The performance of the respective Benchmark Indices is presented above. Benchmark(s) are as defined in SEBI circular no. SEBI/HO/IMD/IMD-PoD-2/P/CIR/2022/172 dated December 16, 2022, APMI circular no. APMI/2022-23/02 dated March 23, 2023, and Revised Annexure-1.

This page is provided solely for general informational purposes in relation to the strategy and is based on publicly available information. While reasonable care has been taken to ensure accuracy, the information may not reflect the most recent updates.

Nothing on this page constitutes investment, financial, or legal advice. Investment decisions should be made after consulting a qualified advisor and reviewing official scheme documents.

Last Updated: January 2026 · Published by Affluense AI (affluense.ai)