Aurum Multiplier Portfolio

What Is Nine Rivers Aurum Multiplier Portfolio PMS?

Aurum Multiplier Portfolio is a discretionary, long-only multicap equity Portfolio Management Service (PMS) from Nine Rivers Capital Holdings Private Limited that builds a concentrated portfolio of fundamentally sound large-, mid- and small-cap businesses bought at reasonable valuations. Launched on 13 December 2019 and managed by Sandeep Daga, it is benchmarked to the BSE 500 TRI, requires a minimum investment of ₹50 lakh and managed ₹44.64 crore as of 31 August 2026.

The strategy follows bottom-up fundamental research, selecting individual companies rather than tracking an index. By investing across market-cap segments, it can combine established large-cap businesses with selected mid- and small-cap companies that offer greater growth potential, giving it a different profile from a narrowly focused small-cap strategy.

Aurum Multiplier Portfolio is a PMS, not a mutual fund or AIF: securities are held in the investor's own account and managed under the PMS mandate. See PMS vs mutual funds for how the structures differ.

Aurum Multiplier Portfolio Snapshot

Aurum Multiplier Portfolio Performance

Aurum Multiplier Portfolio returned 12.76% over one year to 31 August 2026, against 4.72% for the BSE 500 TRI, and 17.72% annualised since inception against 15.19% for the benchmark, as reported to APMI.

As on 31 August 2026. Source: APMI. Returns are TWRR; periods over one year are annualised. Past performance does not indicate future returns. Compare strategies on ALTPORT's PMS performance page.

Aurum Multiplier Portfolio Investment Strategy Across Large, Mid and Small Caps

Aurum Multiplier Portfolio invests across the market-cap spectrum, recognising that companies at different stages offer different mixes of stability, growth and valuation. Large caps bring mature, scaled businesses; mid and small caps give access to companies earlier in their growth journey.

There is no fixed split between large, mid and small caps. Allocation shifts with the investment team's view of individual opportunities, valuations and risk, while staying within a fundamental stock-selection framework. The strategy is long-only and seeks businesses with attractive growth prospects rather than short-term trading gains, so it should be seen as an actively managed multicap PMS, not a passive multicap product. Weights, sector exposure and holdings change as each investment thesis evolves.

How Aurum Multiplier Portfolio Selects Growth Companies

Aurum Multiplier Portfolio selects companies through bottom-up research, judging whether each business's fundamentals, growth prospects and valuation justify a place in the portfolio. The evaluation covers:

Business fundamentals: how the company makes revenue and profit, the durability of its business model, its competitive position and long-term growth drivers.

Management quality: execution record, capital-allocation decisions, strategic priorities and alignment with shareholders.

Corporate governance: transparency and the risks linked to management or promoter decisions, especially in smaller companies.

Growth potential: a credible chance to grow earnings, widen the addressable market, improve profitability or strengthen competitive position.

Cash flow and profitability: profitability, cash generation, balance-sheet quality and the sustainability of returns, not revenue growth alone.

Valuation discipline: a high-quality business can still be a poor investment at too high a price, so valuation is built into every decision.

Together these support a high-conviction portfolio rather than one designed to mirror the benchmark.

Aurum Multiplier Portfolio Construction and Risk Management

Aurum Multiplier Portfolio holds a concentrated portfolio of about 20 stocks, typically sized at 5–7.5% each, rather than replicating an index. Market-cap and sector exposure shift as the team finds attractive risk-reward opportunities.

Ongoing monitoring covers:

• Company fundamentals and earnings
• Management actions
• Valuation changes
• Sector developments
• Liquidity
• Portfolio concentration
• Changes to the original investment thesis

The portfolio is rebalanced when valuations change, fundamentals evolve or a thesis needs revising. Spreading investments across companies and market-cap segments reduces dependence on any one business, but does not remove risk: equity portfolios can fall sharply in corrections, and smaller companies carry extra liquidity and volatility risk.

Aurum Multiplier Portfolio Minimum Investment, Fees and Exit Load

The minimum investment in Aurum Multiplier Portfolio is ₹50 lakh, in line with SEBI's PMS minimum. Investors can choose between a fixed-fee and a variable-fee structure, and an exit load applies in the first three years.

Fixed-fee structure: management fee of up to 3% a year, charged quarterly in arrears on daily average NAV, plus applicable taxes.

Variable-fee structure: management fee of up to 2% a year, plus profit share of up to 20% on returns above a 10% hurdle (simple interest), plus applicable taxes.

Confirm the final fees and exit load in the PMS agreement and disclosure document before investing. Tax on PMS gains depends on the securities, holding period and the investor's status; see ALTPORT's guide to PMS taxation.

Who Should Invest in Aurum Multiplier Portfolio?

Aurum Multiplier Portfolio suits HNIs, family offices and other eligible investors who want a professionally managed, concentrated multicap equity portfolio with direct ownership of listed shares and a long-term capital-appreciation goal. Investors should be comfortable with equity-market volatility.

It is especially relevant for investors who want the manager to have flexibility across market caps. By comparison, Aurum Small Cap Opportunities has a specific small-cap mandate. Investors should choose between them on objective, portfolio construction, risk, liquidity, fees and horizon, not just past returns.

Investors comparing options can browse the best PMS in India or speak to an ALTPORT advisor.

Aurum Multiplier Portfolio Risks

The main risks of Aurum Multiplier Portfolio are equity-market volatility, valuation, mid- and small-cap risk, concentration, sector, liquidity and capital-loss risk.

Equity-market volatility: Share prices can swing sharply with the economy, interest rates, earnings, sentiment and geopolitics.

Valuation risk: Even strong companies can fall if valuations contract, and paying too much relative to future earnings hurts returns.

Mid- and small-cap risk: Smaller companies can have lower trading volumes, higher volatility and shorter track records, with liquidity drying up in stressed markets.

Concentration risk: With about 20 holdings, problems at one company or sector can materially affect the portfolio.

Sector risk: Heavy exposure to one sector means regulatory, economic or industry changes can hit several holdings at once.

Liquidity risk: Buying or selling at the desired price can be harder in smaller companies and stressed markets.

Capital-loss risk: PMS investments are not capital-protected; investors can lose part or all of their capital, and the strategy may not beat its benchmark.

How to Invest in Aurum Multiplier Portfolio

Investing in Aurum Multiplier Portfolio through ALTPORT follows the standard PMS onboarding process:

1. Review the latest factsheet and strategy details.
2. Confirm eligibility and the minimum investment.
3. Review the fee structure and exit load.
4. Complete KYC and documentation.
5. Sign the PMS agreement.
6. Complete account opening.
7. Fund the investment account.