Midcap Portfolio

Renaissance Investment Managers Pvt Ltd
PMS Mid Cap
Benchmark
Nifty 50 TRI
Inception Date
1 January 2018
Min. Investment
₹50,00,000
SIP Available
No
STP Available
No

Investment Strategy

Investment Approach

Investment Approach, Methodology, Team, Returns

Investment Objective

Investment strategy focuses on identifying companies exhibiting robust and enduring business models. We prioritize superior quality enterprises, evidenced by sustainable competitive advantages, pricing latitude, robust Return on Equity (ROE), and strong Free Cash Flow (FCF) generation. Our selection criteria also include exceptionally capable and skilled management teams. We seek businesses possessing the capacity for substantial growth over the medium to long term, coupled with the opportunity to deploy capital at attractive valuations. Our valuation methodology is predicated on a fair value assessment, emphasizing the intrinsic economic worth of the underlying business.

Performance Returns

Returns as on 2025-12-31

Trailing Returns

Period Strategy Benchmark Outperformance
1 MONTH -1.56% -0.28% -1.28%
3 MONTHS 1.07% 6.33% -5.26%
6 MONTHS -2.69% 2.92% -5.61%
1 YEAR -1.93% 11.88% -13.81%
2 YEAR 5.84% 10.98% -5.14%
3 YEAR 16.18% 14.32% 1.86%
5 YEAR 19.43% 14.68% 4.75%
SINCE INCEPTION 12.31% 13.40% -1.09%

Calendar Year Performance

Year Return
CY 2025 -1.93%
CY 2024 14.09%
CY 2023 40.04%
CY 2022 17.80%
CY 2021 31.70%
CY 2020 16.89%
CY 2019 4.38%
CY 2018 -14.90%

Financial Year Performance

Year Return
FY 26_YTD 10.32%
FY 25 2.72%
FY 24 48.32%
FY 23 5.50%
FY 22 31.37%
FY 21 89.83%
FY 20 -36.15%
FY 18 -9.41%

Past performance is not indicative of future results. Returns are subject to market risks.

Fund Managers

Pankaj Murarka

Fund Manager

Pankaj Murarka is the Founder of Renaissance Investment Managers, an Alternate Investment Manager established in 2016. Mr. Murarka brings over two decades of extensive experience in equity research and fund management, distinguished by a consistent record of high performance throughout his professional journey. Prior to establishing Renaissance Investment Managers, Mr. Murarka served as the Chief Investment Officer (CIO) at Axis Mutual Fund for approximately ten years. In this capacity, he oversaw Indian equity portfolios exceeding \$5 billion. He was a key member of the founding team that launched Axis Mutual Fund in 2009, contributing significantly to its growth into a leading Asset Management Company (AMC) in India, driven by exceptional investment outcomes. He held responsibility for the performance of all equity mutual funds managed by Axis AMC. During his tenure as CIO, Axis AMC received the "Best Equity Fund House of the Year" award from Outlook Money in 2014. Further accolades include Mr. Murarka being recognized as "Best Fund Manager - Runner Up" by Outlook Money in 2014 for his management of the Axis Midcap Fund. This fund achieved a Compound Annual Growth Rate (CAGR) of 24% between 2011 and 2015, substantially outperforming its benchmark and ranking within the top decile in 2012 and 2013. In 2014, it was the number one performing mutual fund in India across all categories on a three-year basis. The Axis Small Cap Fund, also managed by him, was the top-performing small-cap fund in 2014, delivering returns of 84.3%. Other notable funds under his management included the Axis Equity Fund, Axis Focused 25 Fund, and the SISF- India Opportunities Fund. In 2015, Outlook Money acknowledged Mr. Murarka as a "Leading Fund Manager" for his consistent performance record over five years. Mr. Murarka also held the position of India Portfolio Manager for the Strategic Investment Group at Merrill Lynch. He managed both Long Only and Long Short Funds, which demonstrated robust performance, notably during the Global Financial Crisis of 2008. Earlier in his career, Mr. Murarka was part of the setup team at Rare Enterprises, the investment office of Rakesh Jhunjhunwala. During his tenure, he played a pivotal role in executing several successful investments for the firm, generating significant returns. He also represented the firm's interests on the boards of various companies, providing guidance on capital allocation strategies. His professional background also includes experience with Motilal Oswal and UTI AMC in his early years. Across his career spanning over 25 years in public markets, Mr. Murarka has consistently delivered superior risk-adjusted returns by adhering to the investment philosophy of SQGARPTM (Sustainable Quality Growth at a Reasonable Price). He has also been instrumental in the execution of various PIPE (Private Investment in Public Equity) and Private Equity transactions. Pankaj Murarka is a Chartered Accountant, having achieved an all-India merit rank upon qualifying from the ICAI. Outside of his professional activities, he is an avid marathoner, having completed 12 half marathons and 2 ultra-half marathons/endurathons.

Portfolio Details

Portfolio Composition

Large Cap
2.54%
Mid Cap
54.92%
Small Cap
35.73%
Cash & Equivalent
6.81%

Top 5 Holdings

  • Federal Bank Ltd. 7.01%
  • Cash & Cash Equivalents 6.81%
  • One 97 Communications Limited 6.09%
  • Poonawalla Fincorp Limited 5.65%
  • Mahindra & Mahindra Financial Services Limited 5.00%

Top 5 Sectors

  • Financial Services 30.86%
  • Consumer Services 13.71%
  • Healthcare 12.97%
  • Information Technology 12.56%
  • Consumer Durables 10.70%

Portfolio Characteristics

total number of stocks
28
top 5 stocks percent
30.56%
top 5 sectors percent
80.80%
average market cap
43247.89
portfolio age
7 Yrs, 11 Months
sip
Not Available
stp
Not Available

Fee Structure

Fixed Fee

AMC: 2.5%

Variable Fee

AMC: 1.5%

Hurdle: 8%

Profit Sharing: 15%

Exit Load

Year 1: 1%

Year 2: 1%

Year 3: 0%

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Disclaimer

Returns are as of 2025-12-31. Returns for periods up to one year are not annualized. Returns for periods exceeding one year are annualized. Returns are computed using the Time Weighted Rate of Return (TWRR) methodology and are provided by the respective Asset Management Companies (AMCs). 'ND' denotes 'No Data', and 'NA' denotes 'Not Applicable'. The performance of the respective Benchmark Indices is presented above. Benchmark(s) are as defined in SEBI circular no. SEBI/HO/IMD/IMD-PoD-2/P/CIR/2022/172 dated December 16, 2022, APMI circular no. APMI/2022-23/02 dated March 23, 2023, and Revised Annexure-1.

This page is provided solely for general informational purposes in relation to the strategy and is based on publicly available information. While reasonable care has been taken to ensure accuracy, the information may not reflect the most recent updates.

Nothing on this page constitutes investment, financial, or legal advice. Investment decisions should be made after consulting a qualified advisor and reviewing official scheme documents.

Last Updated: January 2026 · Published by Affluense AI (affluense.ai)