About Company
Alchemy Capital Management Pvt Ltd
Alchemy Group, a leading investment management firm in India, has been operating successfully since 2002. Founded by four seasoned equity market professionals, each with more than 30 years of experience, the group boasts a strong foundation. Under the leadership of its Chief Investment Officer, Hiren Ved, the team, which has collaborated for over two decades, has fostered a culture of excellence and established an institutional pedigree focused on consistently delivering superior performance to its clients. The Alchemy Group currently manages assets worth USD 1.2 billion. Alchemy is led by Co-Founder Hiren Ved, who also serves as the Director & CIO. With a strong continuity in investment philosophy and strategy, Hiren and the Alchemy team have cultivated a culture of performance excellence. This has been instrumental in maintaining a consistent track record in their investment strategy. Alchemy boasts a comprehensive network of relationships developed over decades. This network provides the team with valuable insights into stocks, sectors, businesses, and potential investment opportunities, ensuring they remain ahead of market trends.
What Is the Alchemy W.I.N. Strategy PMS?
Alchemy W.I.N. Strategy is a discretionary Portfolio Management Services (PMS) strategy focused on active flexi-cap equity investing. Launched on 31 October 2023, the strategy seeks to identify stock-specific opportunities across market-cap segments using a Growth at a Reasonable Price (GARP) approach. It is designed as a concentrated, satellite-style strategy where portfolio construction is driven by investment conviction rather than tracking a particular index. The strategy uses BSE 500 TRI as its primary benchmark and has an indicative investment horizon of 3–5 years. The strategy is classified as high risk and is subject to market conditions.
Portfolio Management Services (PMS) explains how PMS accounts are structured and how they differ from pooled investment vehicles.
Alchemy W.I.N. Strategy: Fund Snapshot at a Glance
| Parameter | Details |
| Strategy | Alchemy W.I.N. Strategy |
| Structure | PMS / Separate Managed Account |
| Investment Universe | Flexi Cap |
| Management Style | Active |
| Launch Date | 31 October 2023 |
| Primary Benchmark | BSE 500 TRI |
| Minimum Investment | ₹50 lakh |
| Indicative Investment Horizon | 3–5 years |
| Risk Classification | High Risk |
| Fund Manager | Alok Agarwal |
| Investment Approach | Growth at a Reasonable Price (GARP) |
| Portfolio Approach | Concentrated and benchmark-agnostic |
| Portfolio Size | Up to approximately 20 stocks |
| Equity Allocation | Up to 100% |
Source/date: Alchemy W.I.N. Strategy official product documents, July 2026. Dynamic commercial and portfolio information should be verified against the latest applicable PMS documentation.
Alchemy W.I.N. Strategy is part of Alchemy Capital Management's active equity strategy range.
Alchemy W.I.N. Strategy Investment Approach
The investment approach combines growth-oriented stock selection with valuation discipline. The strategy follows a GARP framework, seeking businesses where the investment team believes growth potential and valuation offer an appropriate risk-reward opportunity.
The strategy does not restrict itself to a particular market-cap segment. Instead, it can consider companies across large-, mid- and other market-cap categories depending on the investment thesis, business characteristics and valuation.
The process is fundamentally driven and focuses on individual company research, business scalability, growth potential, management quality and downside-risk assessment.
Concentrated Flexi-Cap Stock Selection
Alchemy W.I.N. Strategy follows a concentrated portfolio approach, with the official product material indicating a portfolio of approximately 20 stocks.
The strategy seeks businesses with characteristics such as scalable operations, potential for sustainable growth and attractive long-term business prospects. Stock selection also considers valuation, financial characteristics and the company's competitive position.
The portfolio may include businesses from different sectors and market-cap categories. This flexibility allows the investment team to pursue individual opportunities rather than maintaining a predetermined sector or market-cap allocation.
Satellite Allocation and Benchmark-Agnostic Positioning
Alchemy describes W.I.N. Strategy as a satellite allocation. The portfolio is constructed around stock-specific conviction rather than attempting to replicate the BSE 500.
The BSE 500 TRI serves as the benchmark for performance comparison, while portfolio construction remains benchmark-agnostic. As a result, the portfolio can have substantially different sector, stock and market-cap weights from the benchmark.
This positioning can also lead to periods of meaningful relative performance differences between the strategy and its benchmark.
Alchemy W.I.N. Strategy Portfolio, Holdings & Market-Cap Allocation
Portfolio holdings and allocations are dynamic and should always be date-stamped.
According to the July 2026 Alchemy W.I.N. Strategy presentation, portfolio allocation was shown as of 30 June 2026. The presentation indicated approximately:
- 49% Large Cap
- 38% Mid Cap
- 8% Gold/Silver ETFs
- 5% Cash & Equivalents
The presentation also showed exposure across sectors including financials, materials, healthcare, utilities and other segments.
Among the holdings shown in the presentation were:
| Holding | Weight |
| Multi Commodity Exchange of India Ltd | 15.5% |
| BSE Ltd | 13.2% |
| Hindustan Copper Ltd | 8.5% |
| HDFC Asset Management Company Ltd | 7.1% |
| Lupin Ltd | 7.0% |
| National Aluminium Company Ltd | 6.7% |
| Hindustan Zinc Ltd | 5.5% |
| Vedanta Aluminium Metal Ltd | 5.4% |
| Torrent Pharmaceuticals Ltd | 4.9% |
| Adani Power Ltd | 4.9% |
These figures are historical, date-specific portfolio information as of 30 June 2026 and may change as the portfolio is rebalanced. The official presentation also notes that securities and sectors displayed may not necessarily be part of every individual client's portfolio.
Alchemy W.I.N. Strategy Minimum Investment, Fees & Exit Load
The stated minimum investment for Alchemy W.I.N. Strategy is ₹50 lakh, with an indicative investment horizon of 3–5 years.
The applicable management fees, performance-related charges, exit or redemption terms and other commercial conditions should be taken from the latest PMS client agreement and applicable disclosure documents.
The July 2026 product presentation does not constitute the complete contractual terms of the PMS. Therefore, fee or exit-load figures should not be inferred from marketing material where the latest client documentation provides the governing terms.
For performance reporting, the official product material explains the applicable return calculation methodology, including TWRR-based reporting for relevant periods.
Key Risks of Alchemy W.I.N. Strategy
Alchemy W.I.N. Strategy is classified as High Risk. The strategy's concentrated and benchmark-agnostic approach creates several risks that investors should understand.
Equity-Market Risk
Equity prices can decline due to broader economic, market or company-specific developments.
Concentration Risk
A relatively concentrated portfolio means individual stocks can have a meaningful impact on overall portfolio performance.
Valuation Risk
Even companies with attractive business characteristics can experience valuation compression when market expectations change.
Flexi-Cap and Market-Cap Risk
The strategy can invest across market-cap categories. Different segments can behave differently across market cycles.
Liquidity Risk
Certain holdings may experience lower liquidity, particularly during stressed market conditions.
Benchmark Deviation Risk
Because portfolio construction is benchmark-agnostic, returns and portfolio composition can differ materially from the BSE 500 TRI.
Investment-Style Risk
The GARP approach may perform differently depending on prevailing market conditions and investor preferences for growth and valuation.
Manager and Execution Risk
Investment outcomes depend on research, security selection, portfolio construction and execution decisions.
Related Alchemy Strategies & Resources
The strategy is part of Alchemy Capital Management's active equity strategy range.
For a more concentrated bespoke PMS approach, compare Alchemy Select Stock.
To understand PMS return reporting and the difference between common performance measures, see XIRR vs CAGR vs TWRR.
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Track how the fund has performed against its benchmark over time through a comparative line graph analysis.
ALCHEMY W.I.N STRATEGY
Benchmark: BSE 500 TRI
Compare fund returns and benchmark performance across multiple investment periods using a visual bar graph.
Review and compare fund returns against benchmark performance across different investment periods in a detailed tabular format.
Alchemy Capital Management Pvt Ltd
| AUM(Cr.) | 1M | 3M | 6M | 1Y | 2Y | 3Y | 4Y | 5Y | Ince. | |
| Performance | ₹127.59 | 2.19 | -7.72 | 0.17 | 14.58 | 0.47 | NA | NA | NA | 13.64 |
| Benchmark | NA | -0.09 | 3.86 | 1.43 | 4.72 | -0.11 | NA | NA | NA | 13.10 |
Learn about the experienced fund managers responsible for investment decisions, portfolio strategy, and long-term fund performance.
Alok Agarwal
He is the current APMI-listed fund manager for the strategy. He has more than two decades of experience in equity fund management and joined Alchemy in 2022 after previously working with PGIM India AMC, Deutsche Asset Management, KR Choksey Securities, Tata Group and Pinnacle Academy. He holds CA, CFA and CMT qualifications along with a Master's in Commerce and Finance.
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Find answers to common questions about fund investments, performance, portfolio strategy, and investor services.
Alchemy W.I.N. Strategy is a discretionary equity PMS focused on active flexi-cap investing. Launched on 31 October 2023, the strategy seeks opportunities across market-cap segments using a Growth at a Reasonable Price (GARP) approach. It follows a concentrated, stock-specific investment process and uses BSE 500 TRI as its primary benchmark.
The official product materials identify the strategy as Alchemy W.I.N. Strategy and explain its approach through GARP, stock-specific conviction and flexible market-cap exposure. The supplied official documents do not establish a specific expanded form of the acronym W.I.N.; therefore, an expanded meaning should not be inferred without an official source.
Yes. Alchemy W.I.N. Strategy follows a flexi-cap investment approach and can consider companies across different market-cap segments. The strategy does not restrict itself to a fixed large-, mid- or small-cap allocation. Portfolio positioning is determined by the investment team's assessment of individual opportunities, valuations and risk-reward characteristics.
Alchemy describes W.I.N. Strategy as a differentiated satellite allocation. Its portfolio is built around selected stock-specific ideas rather than being designed to replicate the benchmark. The term describes the intended structure and investment approach of the strategy and should not be interpreted as a recommendation regarding its suitability for any particular investor.
Alchemy W.I.N. follows a Growth at a Reasonable Price (GARP) approach. It seeks companies with growth potential while considering valuation and downside risk. The strategy has flexibility across market-cap segments and sectors and uses bottom-up stock selection to identify opportunities based on business quality, growth prospects, valuation and risk-reward characteristics.
The primary benchmark for Alchemy W.I.N. Strategy is the BSE 500 TRI. The benchmark provides a reference for evaluating the strategy's performance, while the portfolio itself is constructed using a benchmark-agnostic approach. Therefore, its holdings, sector weights and market-cap exposure may differ materially from those of the BSE 500.
The stated minimum investment is ₹50 lakh. The strategy has an indicative investment horizon of 3–5 years and is classified as high risk. Minimum investment and onboarding requirements should be confirmed using the latest PMS documentation before proceeding with an investment.
Alok Agarwal is the fund manager of Alchemy W.I.N. Strategy. His investment experience includes Indian equities and public-market investing. His approach incorporates fundamental research and the eQGP framework, which considers Environment, Quality, Growth and Price as part of the investment assessment process.
The official product presentation indicates that the strategy generally maintains a concentrated portfolio of approximately 20 stocks. Such concentration allows greater emphasis on individual investment ideas but can also increase the effect that the performance of a particular stock or sector has on overall portfolio returns.
The July 2026 product presentation provides portfolio information as of 30 June 2026, showing approximately 49% large-cap, 38% mid-cap, 8% gold/silver ETFs and 5% cash and equivalents. The holdings and allocations are dynamic and should not be treated as current beyond the stated reporting date.
Applicable management fees, performance-related charges and exit or redemption terms are governed by the latest PMS client agreement and applicable disclosure documents. The marketing presentation should not be treated as a substitute for contractual terms. Investors should request the latest applicable documentation before relying on any fee or redemption figure.
The performance module published on the AltPort page should be used for the latest displayed comparison. Performance figures are date-specific and should be read alongside the applicable benchmark and calculation methodology. Historical performance should not be interpreted as an indication or guarantee of future results.
W.I.N. is positioned as a concentrated, flexi-cap, benchmark-agnostic satellite strategy using GARP and stock-specific conviction. Alchemy High Growth has its own investment mandate and product documentation. The two strategies should therefore be compared using their respective current factsheets, portfolio construction, risk characteristics and commercial terms. Investors comparing Alchemy's active flexi-cap strategies can also review Alchemy High Growth.
The key risks include equity-market volatility, concentration, valuation changes, market-cap exposure, liquidity, investment-style risk, benchmark deviation and manager or execution risk. The strategy is classified as high risk. Investors should review the latest product documentation and risk disclosures before making an investment decision.
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