Discretionary PMS · Flexi-cap · Contrarian value
Amaltas Keystone Fund
Where pessimism creates opportunity
A concentrated, flexi-cap equity PMS built around a contrarian value approach. The strategy can invest across Indian listed equities without a fixed market-cap allocation. We invest when prevailing market expectations are materially more pessimistic than our assessment of long-term business value, creating an attractive balance between downside risk and potential return.
Investment approach
Where mispricing tends to arise
Mispricing can arise for different reasons. We look for situations where the market’s expectations appear materially more pessimistic than our assessment of the long-term business outcome.
Temporary earnings weakness
Businesses where near-term weakness has disproportionately affected valuations while their long-term economics remain intact.
Neglected businesses and industries
Companies where limited investor interest, ownership or coverage can create a meaningful gap between price and underlying value.
Change not yet reflected in the price
Improving industry structure, margins, market share, capital allocation or business economics that we believe the market has yet to fully recognise.
Investment process
How we underwrite an opportunity
Contrarian investing is not simply buying what has fallen or what appears statistically cheap. Every Keystone investment must answer four questions: what is the market getting wrong, what is the business worth, what can close the gap, and what could permanently impair capital?
What is the market getting wrong?
We begin by identifying the disconnect between prevailing market expectations and our assessment of the business.
What is the business worth?
We assess normalised earnings, competitive position, balance-sheet strength and long-term economics to estimate a range of intrinsic value.
What can close the gap?
Cheapness alone is insufficient. We look for a credible path through which earnings, business performance or investor expectations can normalise.
What can permanently impair capital?
We examine the balance sheet, accounting quality, governance, promoter behaviour, industry structure and the assumptions underlying our valuation before investing.
Portfolio construction
Concentration follows conviction
- Number of holdingsTypically 10–15
- Position sizingBased on conviction, downside risk, liquidity and portfolio-level exposure.
- Sector exposureMonitored at the portfolio level to avoid unintended concentration of risk.
- CashDetermined by the availability of sufficiently attractive investment opportunities.
- TurnoverGenerally low; investments are held while the underlying thesis remains intact.
- Exit disciplineWe reduce or exit when value is realised, the thesis changes, or capital can be deployed into a materially better opportunity.
Risk management
Risk management continues after a position enters the portfolio. Position sizes, liquidity and portfolio-level exposures are monitored alongside the underlying investment thesis. Holdings are reviewed when predefined risk thresholds are reached, and valuation is assessed through both absolute and relative frameworks.
We do not use leverage or derivatives.
Performance · as of 30 September 2026
+26.8% p.a.
Keystone since inception
+1.9% p.a.
S&P BSE 500 TRI over the same period
Benchmark: S&P BSE 500 Total Return Index, which includes dividends. Returns net of fees and expenses; since-inception figures are annualised, periods of one year or less are absolute.
Point-to-point returns · Keystone vs S&P BSE 500 TRI
Growth of ₹100
Calendar-year returns and return path
- Calendar yearKeystoneBSE 500 TRI
- 2025 (from inception)−2.8%+10.9%
- 2026 YTD+54.2%−7.0%
- Largest peak-to-trough decline (month-end)−20.1%
- Months since inception21
Performance can vary materially across periods. The scheme should be evaluated with reference to its stated investment horizon and risk profile.
View detailed performance methodology and monthly factsheets →Portfolio composition and monthly commentary are published in the monthly factsheet. TWRR, net of all expenses, as reported by the custodian. Periods of one year or less are absolute; since-inception is annualised. Unaudited; not verified by SEBI. Past performance is not indicative of future results. The Scheme is not managed relative to the benchmark.
Detailed statistics · as of 30 September 2026
Keystone · since inception
Risk and return statistics
The measures a professional allocator would typically review, computed from the scheme’s 21 monthly returns since inception and shown alongside the S&P BSE 500 TRI wherever the measure applies to both.
Return
Compounded returns from the monthly series; since-inception figures are annualised.
Risk
Dispersion and drawdown of monthly returns. Volatility figures are annualised by multiplying the monthly figure by √12.
Risk-adjusted return
Return earned per unit of risk. Risk-free rate assumed at 6.0% p.a. (approximate 91-day Government of India Treasury-bill yield over the period).
Relative to benchmark
How the scheme has moved relative to the S&P BSE 500 TRI. Computed from the 21 monthly return pairs.
How these figures are calculated. All statistics are derived from the same 21 monthly time-weighted returns (TWRR, net of all fees and expenses, as reported by the custodian) that underlie the performance section, from inception to 30 September 2026. Benchmark: S&P BSE 500 TRI. Annualised since-inception return is the same figure shown in the performance section (annualised from the actual inception date); volatility, downside deviation and tracking error are monthly figures multiplied by √12. Sharpe, Sortino, Treynor and Jensen’s alpha assume a risk-free rate of 6.0% p.a. (approximate 91-day Government of India Treasury-bill yield over the period); a different assumption would change those figures. Capture ratios compare compounded scheme and benchmark returns in the months the benchmark rose or fell.
Short history. The scheme has 21 months of history. Statistics computed over fewer than 36 months are highly sensitive to individual months and can change materially as the record lengthens; they should not be read as stable characteristics of the strategy. Ratios such as Sharpe, Sortino, Calmar and the information ratio are not meaningful when the underlying return or drawdown is close to zero.
Regulatory. Amaltas Asset Management LLP is a SEBI-registered Portfolio Manager (INP000009126). Performance data is unaudited and has not been verified by SEBI. Past performance is not indicative of future results. The Scheme is not managed relative to the benchmark. These statistics are provided for information and comparison only; they are not investment advice and do not constitute an offer. Please read the Disclosure Document and the latest factsheet before investing.
Investor suitability
Who Keystone is designed for
Keystone is intended for long-term investors who understand the behaviour of a concentrated, differentiated equity portfolio.
May be suitable for investors who
- Have a minimum 3–5 year investment horizon
- Are comfortable with a concentrated portfolio that can differ materially from market indices
- Can tolerate meaningful drawdowns and periods of relative underperformance
- Want a differentiated active-equity allocation alongside their broader portfolio
- Understand that investment outcomes depend on individual investment theses being realised
May not be suitable for investors who
- May require the invested capital in the short term
- Expect index-like portfolio behaviour or consistent short-term performance
- Are uncomfortable with portfolio concentration
- Evaluate equity managers primarily over quarterly periods
- Require capital protection, predictable returns or assured outcomes
Fund terms
Structure and operating framework
- StructureSEBI-registered discretionary Portfolio Management Service
- Investment universeIndian listed equities across market capitalisations
- Market-cap mandateFlexi-cap — invests across Indian listed equities without a fixed allocation to large-, mid- or small-cap companies
- Inception17 January 2025
- Minimum investment₹50 lakh
- LiquidityOpen-ended; redemptions as specified in the Disclosure Document
- Custodian & fund accountingNuvama Asset Services
- ReportingMonthly factsheet and statement of accounts
- BenchmarkS&P BSE 500 TRI
Option I — Fixed + performance
- Management fee1.5% p.a.
- Performance fee15% of profits above a 10% hurdle
- Charging frequencyManagement fee monthly; performance fee annually
Option II — Performance only
- Management feeNil
- Performance fee20% of profits above an 8% hurdle
- Charging frequencyPerformance fee annually
All fees are exclusive of GST and statutory levies. Custody, fund-accounting and other operational charges are levied separately within the limits prescribed by SEBI. Performance fees are calculated on a high-water-mark basis over the hurdle for the relevant period, as illustrated in the fee calculator. In the event of any difference, the Disclosure Document and the client agreement prevail.
Discuss whether Keystone fits your portfolio.
Explore Amaltas Strategic Opportunities →About Amaltas →
Direct on-boarding. We provide an option for clients to be on-boarded directly, without intermediation of persons engaged in distribution services.
Amaltas Asset Management LLP is a SEBI-registered Portfolio Manager (INP000009126; LLP ACH-7969). Investments in securities market are subject to market risks; read all related documents carefully before investing. Registration granted by SEBI, membership of APMI and certification from NISM in no way guarantee performance or assure returns. This page is for information only and is not an offer or investment advice. See the Disclosure Document, Investor Charter and Disclaimer.