Spark India@75 Flexicap Strategy
Product Concept
The strategy is built on several key insights
Seeking Sustainable Alpha
We look for mispriced equity assets that can create sustainable alpha, not just tactical returns. Large end markets, scalable business models, reasonable valuations, and scope for upside revision in expectations are part of the mix.
Quality Management Focus
High-quality managements have scripted the India growth story. As macro turns India-friendly, the best-in-class are well-positioned.
Valuation Discipline
Higher multiples in India reflect scarcity and concentration of market position. We look for companies with the right valuation parameters where over-ownership has not become a drag.
Post-Covid Dynamics
Capex-led growth and productivity improvements in certain sectors create opportunities in areas where markets were previously sceptical.
Product Construct
The Flexicap Strategy delivers dynamic allocation across the market capitalization spectrum, optimizing exposure based on prevailing risk-reward conditions to generate superior returns over a two-to-three-year horizon.
Portfolio Size
About 30 stocks across market capitalizations
Staggered Deployment
Initial investment may be spread over a few weeks depending on market conditions
Style Agnostic
Capital not hostage to a style; market dynamics are factored in
Conviction-Based Allocation
High-conviction ideas get bigger allocation; single-stock cap at 10%
Investment Horizon
Stocks selected with a 2-3 year horizon; holding period is a function of outcome versus expectations
Our Investment Process
01
Identify Price-Value Gaps
We look for mispriced assets with potential to generate sustainable alpha—whether from out-of-favour market segments, trends not well understood by the market, or internal changes in a company.
02
Look for Sustainability
The mispricing must not be merely tactical. We actively seek trends that have potential to make an impact 6-18 months out and longer.
03
Deep-Dive and Generate Focus List
Rigorous analysis of balance sheets, business structures, management capabilities, shareholder alignment, and forecast building with emphasis on potential trigger points. This produces a dynamic focus list of 40-60 stocks.
04
Zero In on Best Picks
The CIO selects 15-30 stocks from which a portfolio is constructed with the objective of repeatable outperformance.
05
Right-Size, Monitor, Intervene
Portfolio construction involves right-sizing constituents at the outset with constant and intense monitoring, leading to corrective actions as required.
Portfolio Highlights
Flexible Market Cap Allocation
Large Caps: 50% | Mid Caps: 28.5% | Small Caps: 13.5% | Cash and Mutual Funds: 8%
Performance Track Record
Period | Portfolio | Nifty 50 TRI |
|---|---|---|
Since Inception (TWRR) | 17.4% | 14.9% |
3 Year (Annualized) | 19.1% | 13.1% |
5 Year (Annualized) | 20.6% | 16.5% |
*Inception: February 7, 2019 | Data as of November 30, 2025 | AuM: ₹477.5 Crores
Key Investment Parameters
Minimum Investment
₹50,00,000
Minimum Additional Investment
₹10,00,000
Benchmark
Nifty 50 TRI
Exit Load
NIL
Market Cap Range
₹2,000 Crores to maximum market cap
Security Limit
Not more than 10% at investment
Investment Horizon
Typically 12 months plus
Leverage/Derivatives
Not used
Agility as Advantage
The Flexicap Strategy's returns reflect the breadth of its opportunity set rather than reliance on a narrow set of calls. Alpha has been generated across market capitalizations and sectors — a natural outcome of a style-agnostic process that follows earnings and valuations, not labels.
The strategy has demonstrated the ability to rotate decisively as the risk-reward landscape shifts. Exposure to mid and small caps was scaled up during periods of compelling valuations and improving balance sheets, while large cap weights were reinforced as macro tailwinds favoured market leaders. This dynamic allocation has been a consistent source of differentiated returns, distinct from more constrained strategies.
Who Should Invest?
The Flexicap Strategy is designed for investors seeking long-term capital appreciation who are comfortable with equity market volatility and have an investment horizon of 2-3 years.
Meet the Portfolio Manager
P. Krishnan
Managing Director & Chief Investment Officer
With more than three decades of experience in asset management and equities, Krishnan is one of the longest-serving fund managers in Indian equities.
Career Highlights
- Pioneer in Indian Mutual Funds: Managed India's first bank-sponsored mutual fund scheme (SBI Mutual Fund, 1990-92) and India's first private sector mutual fund Kothari Pioneer Bluechip Fund (now Franklin Indian Bluechip Fund), which ranked as the best in its category during 1993-94.
- Global Experience: Spent 19 years with Carlson Funds and DNB Asset Management, Norway, gaining extensive experience across Asian emerging markets including China, Taiwan, Korea, and ASEAN.
- Proven Track Record: Built two highly successful funds at DNB—the Asian Small Cap Fund (CASC) grew from $10 Mn to over $ 1.2Bn, delivering 29% compounded annual returns from 1999-2007 with India as the principal source of alpha. DNB India Fund scaled from $3 Mn to $150 Mn with over 19% annual returns to European investors.
- Education: B.E. in Computer Science; PGDM (MBA) from IIM Bangalore
Ready to start?
Whether you’re an investor seeking disciplined strategies or a business exploring growth capital, we’d welcome a conversation.
