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 Liquid Strategy PMS?
Alchemy Liquid Strategy is a discretionary Portfolio Management Service (PMS) strategy focused predominantly on liquid and short-term debt-oriented instruments. Its stated objective is to facilitate asset-allocation decisions between cash and equity by investing in instruments such as liquid mutual funds, short-term debt funds, exchange-traded funds, money-market mutual funds and other debt funds. The strategy was registered on 5 September 2017 and is managed by Alok Agarwal.
Unlike Alchemy's equity-oriented PMS strategies, the Liquid Strategy is positioned around liquidity management and short-term fixed-income exposure. This makes its investment objective different from strategies that primarily seek long-term equity capital appreciation.
Alchemy Liquid Strategy is offered through a PMS structure. To understand how a PMS account works and how it differs from pooled investment structures, see the Portfolio Management Services (PMS) guide.
Alchemy Liquid Strategy: Snapshot at a Glancehttps://www.altportfunds.com/portfolio-management-services-pms/?utm_source=chatgpt.com
| Parameter | Details |
| Strategy | Alchemy Liquid Strategy |
| Structure | Discretionary PMS |
| Investment orientation | Liquid / short-term debt |
| Inception / IA registration | 5 September 2017 |
| Benchmark | CRISIL Composite Bond Index |
| Minimum investment | ₹50 lakh |
| Fund Manager | Alok Agarwal |
| Investment universe | Liquid mutual funds, short-term debt funds, ETFs, money-market mutual funds and other debt funds |
| Objective | Facilitate asset-allocation decisions between cash and equity |
| AUM | ₹36 crore, as of 30 June 2026 |
| Portfolio turnover | 2% for 1 year; 0% for 1 month, as reported by APMI data |
The AUM and portfolio-turnover figures above are date-specific and should be refreshed from the latest APMI disclosure before publication. The APMI-linked data identifies the strategy as a discretionary PMS with a ₹50 lakh minimum investment and CRISIL Composite Bond Index as its benchmark.
For fees, exit-load provisions, redemption conditions and other contractual terms, the latest PMS client agreement and applicable disclosures should take precedence.
How Alchemy Liquid Strategy Invests
The strategy predominantly invests in instruments designed to provide exposure to short-term debt and liquid markets. The stated investment universe includes:
- Liquid mutual funds
- Short-term debt funds
- Exchange-traded funds
- Money-market mutual funds
- Other debt funds
- Other eligible fixed-income instruments, where permitted by the applicable mandate
The strategy therefore differs materially from an equity PMS. Instead of constructing a portfolio primarily from listed companies, the approach focuses on instruments associated with liquidity and fixed-income exposure.
The objective is linked to asset allocation between cash and equity. In practical terms, a liquid-oriented allocation can be used as an intermediate allocation before capital is deployed into equity strategies, subject to the applicable PMS terms and the investor's own circumstances. The strategy's stated objective and investment universe are reported by PMSInsights from APMI-linked data.
How the STP Facility Works with Alchemy Equity Strategies
One of the important use cases associated with the Alchemy Liquid Strategy is its role in facilitating a Systematic Transfer Plan (STP) approach.
An STP involves transferring capital progressively rather than deploying the entire amount into an equity strategy at one time. Under an applicable STP facility, capital can initially be allocated to the liquid strategy and subsequently transferred according to the applicable transfer mechanism and client terms.
This structure can be relevant where an investor intends to allocate capital toward an Alchemy equity strategy but wants the deployment to take place progressively. The exact eligibility, frequency, transfer conditions and documentation should always be confirmed against Alchemy's current PMS documentation.
Any special conditions applicable to NRI investors, including investors resident in the US or Canada, should similarly be verified from the latest official Alchemy documentation before being stated as a current product feature.
Minimum Investment, Fees, Liquidity and Transaction Terms
The reported minimum investment for Alchemy Liquid Strategy is ₹50 lakh. The strategy is classified as a discretionary PMS, and its APMI-linked registration date is 5 September 2017.
The exact commercial terms should not be inferred from third-party databases. In particular, management fees, performance-linked fees, exit loads, redemption notice periods and other transaction charges should be taken from the current PMS client agreement, disclosure document or latest official factsheet.
This distinction is important because PMS commercial terms can vary by mandate, client agreement or applicable product documentation.
The strategy should also not be described as a guaranteed-return or capital-protection product. Debt and liquid instruments can still be affected by interest rates, credit conditions, liquidity and market movements.
Key Risks of Alchemy Liquid Strategy
Although the strategy focuses on liquid and debt-oriented instruments, it is not risk-free. The key risks may include:
Interest-Rate Risk
Changes in market interest rates can affect the value of debt securities and debt-oriented funds. The impact may vary depending on the maturity and duration of the underlying investments.
Credit Risk
Debt instruments carry the possibility that an issuer may experience financial stress or fail to meet its obligations. The level of credit risk depends on the instruments selected within the applicable mandate.
Liquidity Risk
Certain debt instruments or funds may become less liquid during stressed market conditions. This can affect transaction execution or pricing.
Reinvestment Risk
When investments mature or are sold, prevailing interest rates may be different from those available when the original investment was made.
Mutual-Fund and ETF Risk
Where the strategy invests through mutual funds or ETFs, the underlying investment vehicle introduces its own market, liquidity, tracking and portfolio risks.
STP and Operational Risk
An STP involves multiple transactions and operational processes. Transfer timing, eligibility, documentation and applicable instructions should be confirmed under the current terms.
Market-Allocation Risk
If the strategy is being used as part of an allocation process between liquid assets and equity, the timing and pace of transfers can affect the eventual equity deployment. Market conditions can change during the transfer period.
Understanding Alchemy's Broader Strategy Range
Alchemy Liquid Strategy sits within a broader range of investment approaches from Alchemy Capital Management. Readers researching the manager's other strategies can also explore Alchemy Capital Management for company-level information.
For investors researching Alchemy's equity-oriented PMS strategies, Alchemy Smart Alpha 250 represents an Active + Quant strategy focused predominantly on large- and mid-cap companies, while Alchemy Smart Alpha Micro & Smallcap operates in a micro- and small-cap universe.
For a different active equity approach, readers can also review Alchemy W.I.N. Strategy.
The distinction is important: Alchemy Liquid Strategy is primarily a liquid/debt-oriented PMS approach, whereas these other strategies are equity-oriented mandates with different objectives, risk characteristics and investment universes.
Request Alchemy Liquid Strategy Details
For current commercial terms, redemption conditions, STP eligibility and the latest product documentation, Request Fund Details or Get the Latest Factsheet/PPM before proceeding.
Note: AUM and other dynamic PMS data should be refreshed from the latest APMI disclosure before publication. The currently reported AUM is ₹36 crore as of 30 June 2026.
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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 Liquid Strategy is a discretionary PMS strategy that predominantly invests in liquid mutual funds, short-term debt funds, ETFs, money-market mutual funds and other debt funds. Its stated objective is to facilitate asset-allocation decisions between cash and equity. The strategy was registered on 5 September 2017 and is benchmarked against the CRISIL Composite Bond Index.
Yes, Alchemy Liquid Strategy is a discretionary Portfolio Management Service. APMI-linked data identifies it as a discretionary PMS with a minimum investment of ₹50 lakh. Unlike a pooled AIF, PMS investments are managed under a client-specific mandate.
The strategy predominantly invests in liquid mutual funds, short-term debt funds, exchange-traded funds, money-market mutual funds and other debt funds. Its investment objective is oriented toward facilitating allocation decisions between cash and equity rather than directly pursuing an equity-stock-selection strategy.
The reported benchmark is the CRISIL Composite Bond Index. Benchmark comparisons should be interpreted in the context of the strategy's liquid and debt-oriented mandate rather than compared directly with equity benchmarks.
Alchemy Liquid Strategy is designed around liquid and short-term debt exposure rather than a conventional long-term equity investment thesis. The appropriate holding period, liquidity arrangements and redemption conditions should be confirmed from the current PMS agreement and product documentation.
The STP facility can facilitate phased transfers from a liquid allocation toward an eligible Alchemy equity strategy rather than deploying the entire amount at once. The exact transfer frequency, eligibility, documentation and other conditions depend on the current Alchemy terms and should be confirmed before using the facility.
Eligibility for NRIs depends on Alchemy's current documentation and applicable regulatory requirements. Any specific restrictions for investors resident in jurisdictions such as the US or Canada should be confirmed directly from the latest official product terms rather than assumed from older materials.
The reported minimum investment is ₹50 lakh. This figure is reflected in the latest APMI-linked information available for the strategy and should be reconfirmed against the current PMS documentation before publication or investment.
Alchemy Liquid Strategy is managed by Alok Agarwal. The reported profile states that he has more than 21 years of experience across finance, markets, equity research and fund management.
The exact management fees, performance-linked fees, exit-load provisions and redemption or notice-period terms should be taken from the latest PMS client agreement and applicable disclosures. The APMI-linked data currently does not report fixed fee, variable fee or exit-load figures for this strategy.
No. Alchemy Liquid Strategy should not be described as risk-free or capital-protected. Investments in debt and liquid instruments can be affected by interest-rate, credit, liquidity, reinvestment and market risks, while STP arrangements can also involve timing and operational considerations.
The principal risks include interest-rate risk, credit risk, liquidity risk, reinvestment risk, mutual-fund or ETF-related risk and operational risks associated with transactions or STP transfers. The actual risk profile depends on the instruments held and the prevailing market environment.
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