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.
Track record · as of 31 August 2026
+24.0% p.a. since inception
Against +5.6% p.a. for the S&P BSE 500 TRI over the same period. Returns shown net of fees and expenses.
Growth of ₹100
The path matters as much as the return
Calendar-year returns
- Calendar yearKeystoneBenchmark
- 2025 (from inception)−2.8%+10.9%
- 2026 YTD+45.9%−1.5%
Return path
- Largest peak-to-trough decline (month-end)−20.1%
- Months since inception20
A concentrated, benchmark-agnostic portfolio can experience meaningful periods of both absolute and relative underperformance. The strategy should be evaluated over a full investment cycle rather than over short reporting periods.
Portfolio composition, sector allocation 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.
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.
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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.