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 Alchemy Smart Alpha 250 PMS?
Alchemy Smart Alpha 250 is a predominantly large- and mid-cap Portfolio Management Services (PMS) strategy that combines active fund-management judgment with quantitative analysis. The strategy uses Alchemy's proprietary eQGP framework, which evaluates companies across Environment, Quality, Growth and Price.
The strategy is structured as a Separately Managed Account, with a primary benchmark of BSE 500 TRI. It was launched on 10 August 2023 and has an indicative investment horizon of 3–5 years. The minimum investment stated by Alchemy is ₹50 lakh.
The strategy seeks to generate long-term risk-adjusted returns through a systematic process that combines quantitative screening with active investment management.
For investors seeking to understand the structure, Portfolio Management Services (PMS) provides the relevant framework for understanding how separately managed portfolios differ from pooled AIF structures.
Alchemy Smart Alpha 250 PMS Snapshot
| Parameter | Details |
| Strategy Name | Alchemy Smart Alpha 250 |
| Category | Equity Diversified PMS |
| Structure | Separate Managed Account |
| Management Style | Active + Quant |
| Investment Universe | Predominantly Large & Mid Cap |
| Primary Benchmark | BSE 500 TRI |
| Launch Date | 10 August 2023 |
| Indicative Investment Horizon | 3–5 years |
| Minimum Investment | ₹50 lakh |
| Risk Appetite | High Risk |
| Equity Allocation | Up to 100% |
| Fund Manager | Alok Agarwal |
| PMS Provider | Alchemy Capital Management Pvt. Ltd. |
Alchemy's current product page identifies Smart Alpha 250 as a PMS strategy and states that its investment universe is predominantly large and mid-cap, with a separate managed account structure and BSE 500 TRI as the primary benchmark.
APMI's current listing also records the strategy's inception date as 10 August 2023, BSE 500 TRI as the benchmark, ₹50 lakh as the minimum investment and ₹750.57 crore AUM. The AUM figure should be treated as date-specific and can change over time.
Alchemy Smart Alpha 250 Investment Strategy
Alchemy Smart Alpha 250 combines active management with quantitative analysis. Rather than relying exclusively on discretionary stock selection or a purely rules-based model, the strategy uses quantitative signals to rank companies while incorporating an active assessment of market conditions and investment opportunities.
The strategy generally works with a universe of the top 250 stocks by market capitalisation. Companies are evaluated using the eQGP framework, with the highest-scoring opportunities considered for the portfolio. Alchemy states that the process is continuously rebalanced.
The strategy's portfolio stance can also change according to the prevailing market environment. The framework is designed to become more aggressive during risk-on conditions and more defensive during risk-off environments.
Environment, Quality, Growth and Price (eQGP)
The eQGP framework is the core analytical framework used by Alchemy Smart Alpha 250.
Environment evaluates the broader market backdrop. Factors identified by Alchemy include liquidity conditions, interest rates, macroeconomic growth, balance-sheet conditions, price action, corporate profits, currency conditions and policy support.
Quality examines the strength of individual businesses. The framework considers factors such as capital efficiency, leverage, economic-value-added generation, operating cash flow, consistency of profits, free cash flow, credit quality and management quality.
Growth focuses on the company's ability to grow its business and earnings. Factors include profit growth, operating efficiency, business growth, market-share gains and consistency of growth.
Price evaluates price behaviour and market signals. Alchemy identifies factors such as relative and absolute price trends, ownership trends, consistency of outperformance, liquidity and risk-reward characteristics.
The framework therefore considers both the quality of the company and the environment in which that company is operating, alongside growth and price-related signals.
Top-25 Portfolio Selection and Market-Regime Positioning
Alchemy describes a systematic selection process in which its broader universe generally consists of the top 250 stocks by market capitalisation. Each company receives scores across the relevant eQGP dimensions, with the weights for Quality, Growth and Price determined using the Environment score. A weighted-average score is then calculated for each company, and the top 25 companies with the highest scores form the portfolio.
The process is not intended to remain static. Rebalancing is described as an ongoing process, allowing the portfolio to respond to changes in company characteristics and market conditions.
Alchemy Smart Alpha 250 Portfolio, Holdings & Market-Cap Allocation
Portfolio composition can change as the strategy is rebalanced. Accordingly, holdings and market-cap allocations should always be read with the applicable reporting date.
The July 2026 Alchemy material provides portfolio information for the Alchemy Smart Alpha 250 Fund, including a 30 June 2026 portfolio snapshot. That document identifies a 43% large-cap, 56% mid-cap and 1% cash allocation for that fund. However, because the supplied material identifies the vehicle as an AIF fund, these figures should not be presented as the PMS portfolio's current holdings or allocation without a corresponding PMS factsheet.
For the PMS page, current holdings, sector allocation and market-cap allocation should therefore be taken from the latest PMS-specific factsheet/APMI disclosure rather than transferred from the similarly named AIF fund.
APMI currently reports ₹750.57 crore AUM for Alchemy Smart Alpha 250.
Alchemy Smart Alpha 250 Minimum Investment, Fees & Exit Load
The current Alchemy PMS page states a minimum investment of ₹50 lakh.
APMI also records the minimum investment as ₹50 lakh. Its current public disclosure lists fixed fees, variable fees and exit load as NA, so a specific PMS fee percentage or exit-load figure should not be inferred from the similarly named AIF fund's July 2026 document.
The July 2026 Alchemy document contains fee and exit-charge terms for Alchemy Smart Alpha 250 Fund, which it identifies as a scheme of Alchemy Alternative Investment Trust, a Category III AIF. Those terms should therefore not be represented as the commercial terms of the Smart Alpha 250 PMS.
For the PMS, the applicable client agreement and current PMS disclosure documents should govern fees, redemption conditions and other commercial terms.
Key Risks of Alchemy Smart Alpha 250 PMS
Alchemy Smart Alpha 250 carries the risks associated with equity investing and with a quantitatively assisted active-management process.
Equity-Market Risk
The strategy invests predominantly in equities, so portfolio values can fluctuate because of market sentiment, economic conditions, interest rates, earnings expectations and other factors.
Large- and Mid-Cap Risk
Although the strategy focuses predominantly on large- and mid-cap companies, mid-cap exposure can involve greater price volatility and liquidity considerations than some larger companies.
Concentration Risk
The strategy's systematic selection process focuses on a limited number of high-ranking opportunities. A concentrated portfolio can therefore be materially affected by the performance of individual holdings.
Model Risk
Quantitative frameworks depend on the assumptions, signals and data used to construct them. Changes in market behaviour can affect the effectiveness of a particular model or signal.
Market-Regime Risk
The strategy adjusts its stance according to the perceived market environment. Incorrect assessment of the prevailing regime may affect portfolio positioning.
Valuation Risk
A company can remain expensive or become more expensive than its fundamentals justify. Conversely, a company that appears attractive on valuation may not re-rate as anticipated.
Company-Specific Risk
Changes in management, competitive conditions, regulation, earnings, capital allocation or business prospects can affect individual holdings.
Alchemy itself classifies the strategy's risk appetite as High Risk, and its product documentation states that investments are subject to market risks.
Request Alchemy Smart Alpha 250 Details
To review the latest terms of Alchemy Smart Alpha 250 PMS, investors can request the current PMS factsheet and applicable product documentation, including investment terms, portfolio information and commercial details.
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Track how the fund has performed against its benchmark over time through a comparative line graph analysis.
Alchemy Smart Alpha 250
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 | ₹750.57 | 0.32 | -1.00 | 4.63 | 9.84 | -0.25 | NA | NA | NA | 18.61 |
| Benchmark | NA | 2.19 | 3.78 | 1.99 | 2.98 | 0.42 | NA | NA | NA | 12.10 |
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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Alchemy Smart Alpha 250 is a predominantly large- and mid-cap Active + Quant PMS strategy. It uses Alchemy's proprietary eQGP framework, which evaluates Environment, Quality, Growth and Price, and combines quantitative analysis with active fund-management judgment. The strategy was launched on 10 August 2023 and has a BSE 500 TRI benchmark.
The Alchemy Smart Alpha 250 strategy described on Alchemy's PMS platform is a PMS. It is structured as a Separate Managed Account. A similarly named Alchemy Smart Alpha 250 Fund also exists within Alchemy's Category III AIF platform, so the two vehicles should not be treated as identical products.
The eQGP framework stands for Environment, Quality, Growth and Price. It evaluates the broader market environment and company-level characteristics, including business quality, earnings growth and price behaviour. The framework is used to generate scores and rank investment opportunities within the strategy's defined universe.
Active + Quant combines quantitative analysis with active fund management. Quantitative signals help rank and screen opportunities, while the strategy also considers the broader market environment and portfolio positioning. Alchemy describes Active, Quant and Active + Quant as its management styles.
The strategy invests predominantly in large- and mid-cap Indian equities. Alchemy's stated universe generally consists of the top 250 stocks by market capitalisation, from which its systematic process identifies the highest-scoring opportunities for portfolio consideration.
The primary benchmark for Alchemy Smart Alpha 250 PMS is the BSE 500 TRI. Performance should be interpreted against the benchmark and the relevant measurement period rather than through isolated return figures.
The minimum investment for Alchemy Smart Alpha 250 PMS is ₹50 lakh. This amount is stated on Alchemy's current PMS product page and is also reflected in the current APMI listing.
Alok Agarwal manages Alchemy Smart Alpha 250. Alchemy states that he has over two decades of experience in Indian equities and public markets, including previous fund-management and equity-research roles. He joined Alchemy in 2022.
Alchemy states that its universe generally consists of the top 250 stocks by market capitalisation. Companies receive scores across Quality, Growth and Price, with the weighting influenced by the Environment score. The top 25 companies by weighted score are then selected for the portfolio, with ongoing rebalancing.
The eQGP framework evaluates the broader market environment using factors such as liquidity, interest rates, macro growth, corporate profits, currency conditions and policy support. Alchemy states that the strategy aims to adopt a more aggressive stance in risk-on environments and a more defensive stance in risk-off environments.
Current holdings and allocations should be taken from the latest PMS-specific factsheet or APMI disclosure and date-stamped. The July 2026 material supplied for this research contains holdings for the similarly named Smart Alpha 250 AIF Fund, so those figures should not automatically be presented as the PMS portfolio.
The current public APMI listing does not provide specific PMS fixed or variable fee figures and records exit load as NA. Therefore, a PMS fee percentage or exit-load figure should not be taken from the similarly named AIF fund. The applicable PMS client agreement and current disclosure documents should be used for exact commercial terms.
The strategy's performance is presented through the applicable performance module and should be evaluated against its BSE 500 TRI benchmark over the relevant period. The displayed performance table should be used for current return figures rather than duplicating individual numbers in the page copy. Past performance does not indicate future results.
Key risks include equity-market volatility, concentration, large- and mid-cap exposure, valuation risk, company-specific risk, quantitative-model risk and the possibility that market-regime positioning may not work as expected. Alchemy classifies the strategy's risk appetite as High Risk.
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