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InCred MultiCap Portfolio
Investment Themes
Value
While inflation and global macro uncertainties persist, recent market correction has created opportunities to invest in some great companies that are trading below their historic average valuations while fundamentals remain unchanged/are improving. At the other end of the spectrum, we have invested in well-managed companies which display superior operating metrics but are still not well discovered. This additionally includes cyclical sectors like cement and autos where raw material, freight, chip prices, etc., are correcting and at the same time demand is picking up.
India’s Increasing Export Competitiveness
PLI, improving infrastructure and digitisation, has put India in focus for global OEMs. Our labour arbitrage is even higher today. We seek to invest in companies which have globally competitive products but have relatively low market share, making them viable challengers to incumbent players.
Changing Consumer Preferences
India’s per capita income is at an inflection point, where consumers’ lifestyle upgrades, which is driving demand across industries ranging from healthcare to auto to consumer durables. We seekto investin companiesthat operate in highgrowth segments and have superior value proposition for the consumers.
Corporate Restructuring
Some of our holdings have significant upside potential from value unlocking, whether it is by way of merger with significant revenue synergies or the unravelling of a holding company discount through organisational restructuring. Then there are companies where management change is improving capital allocation/access to capital, leading to higher margins and ROIC.
MNCs
MNCs (Multinational Corporation) have a sustainable competitive advantage on account of superior technical know-how (access to patented technologies), strong management teams (global talent pool), access to capital from the parent and a clean balance sheet. We also invest in companiesthat are leaders in niche sectors that offer a long runway to growth.
Risk Management
Market Capitalization
Fund rarely invests in companiesthat have capitalisation less than 1000 Crs. The average market capitalisation of companies in the fund is 80,000 Cr.
Daily Average Volume
The purchase orsale of the stock must be executed within five days, ensuring that the traded volume does not exceed 30% of the stock’s daily average volume. This helps to avoid abrupt price spikes or drops.
Leverage Parameters
Excluding financials, the fund aims to invest in companies that have low Net Debt. MultiCap PMS has an average Debt/Equity of 0.15 and 12 companies are Net Debt free. Average Net Debt to EBITDA is 0.6.
Sector Analysis
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Top 10 Holdings
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Smart Decisions Start With Smart Structure
Before choosing a single investment, we build a structure designed to support your entire financial journey. At AltPort, this foundation guides every move with clarity and precision. If you’re looking for investing that feels logical, aligned, and deeply thought out, this is where structure becomes strength.
