SERVICE
High Quality, Customised Portfolios
Money Manage
Your money managed in a professional, ethical way
High Quality
Exposure to lower volatility, high quality stocks that are rising
Churning
Minimal churning of portfolio. Portfolio turnover will probably be below 20% per annum.
Liquid Funds
Move to cash and liquid funds when stocks turn weak or volatile
Customised
Customised portfolios matching your risk profile and risk appetite
Special Attention
Special attention to exits and expensive markets / valuation
Choose from the two following products
Growth
Wealth creation over the long term. Ideal for those who have at least 7 years of investing ahead, and are typically 30-55-year olds. Please download the details from Products tab of the Downloads section.
Prime
Investments in high quality stocks, with a focus on preserving capital. Ideal for businesses looking to invest surplus cash. Please download the details from Products tab of the Downloads section.
Performance
A Stellar Record
  • We launched PMS (Growth and Prime) in December 2019. Since then, here is how we have performed vs. the benchmark, over different time periods. The monthly return data is usually uploaded within the first seven days of the following month, in SEBI website

  • Moneylife stockletters launched in January 2012 and in April 2014 have also delivered exceptional returns.
FEES
Reasonable Fee Structure
Fixed fee
1% of portfolio value.
+
Profit sharing
20% of Profit in excess of 10%.
The profit-sharing is based on high-water mark principle.

See how it works
Custodian/depository fees, registrar and transfer fee, brokerage and transaction costs, taxes and third-party cost like certification and professional charges, will be additional.
STEPS
How to Get Going
Step 1
Fill up the Get in Touch form
Step 2
We will send you an account opening pack.
Step 3
Send us back the signed documents
Step 4
Share with us, existing investments
Step 5
Discuss investment objectives in detail
Step 6
Transfer funds / shares to our Bank / Dmat accounts
APPROACH
A Different Skillset
  • We avoid narratives (themes, stories and megatrends). We prefer a quantitative approach.
  • Our model captures what has worked well in the past and looks for the same features in stocks now.
  • We believe what helps is avoiding mistakes. This can come from a strong skepticism about what policy makers, politicians and businessmen say or claim.
Do check Philosophy tab in the Downloads section
FAQ
All Your Questions, Addressed
1. What is MAS Wealth?
MAS Wealth is the portfolio management services division (SEBI registration number: INP000006873) of Moneylife Advisory Services P. Ltd., which has two other divisions MAS Stockletters and MAS Advice, a SEBI-registered investment advisor (SEBI registration number: INA000003429).
2. MAS Stockletters, Advice and PMS

Q. What is the difference between the three?

MAS Advice is information and holistic advice on not only all kinds of investments (bonds, fixed deposits, mutual funds) but also on insurance and taxes. This helps you to stay safe and smart and plan your finances.

MAS Stocks and MAS Wealth are concerned mainly with stock investment. Investments in stocks can help enhance your returns and it is advisable to earmark a part of your portfolio to good quality stocks.

Q. What is the difference between PMS and other services of MAS?

Q. Would the stocks be different than those in MAS of Panther, Lion and Antelope?

Yes

3. PMS Investors

Q. Who is PMS meant for?

PMS may be useful for individuals or institutions/ entities looking for personalised investment solutions, long-term wealth creation and wise handling of the wealth already created.

Q. Who is eligible for investing in PMS?

Individuals (residents and non-resident Indians) and non-individuals such as Hindu Undivided Families (HUF), partnerships firms, sole proprietorship firms and companies can invest. An NRI can invest in a PMS through an NRE or an NRO account.

4. What are the risks in PMS?
PMS investments primarily go into stocks, which naturally carries market risks. Many PMS of broking firms are also known to churn portfolios frequently in order to generate brokerage.
5. Funds & Contribution

Q. Is there a minimum investment amount?

Yes. SEBI has mandated Rs50 lakhs should be the minimum investment in a PMS under one name. You can invest money through RTGS / NEFT / Cheque / DD from a bank account that is in your name and mapped with us.

Q. Can I transfer my existing holdings?

We would prefer a cash contribution. However, you can also turn over an existing portfolio of stocks for management. However, please note we would not accept shares which are recommended in our advisory service or stockletters, as this may involve a conflict of interest, between the two services. The strategies and stocks in these two services are separate. Whenever we sell some or all of the shares that have come in as your contribution, there will be capital gains and normal transaction charges. These shares have to come from a demat account under your name. You have to let us know the date of acquisition and the cost of acquisition, to help report your returns correctly.

Q. Can I add fresh funds occasionally?

Yes, you can transfer new funds from your bank account.

Q. How much should I invest?

That depends on your specific financial condition and age. In general you should not invest any money that you are dependent on, such as your retirement corpus.

Q. Can I bring in additional funds later? What is the Minimum top up amount?

Yes, you can. There is no minimum amount for top up

Q. Can I partly withdraw my money from my PMS account?

Yes, you can withdraw, provided the portfolio value does not fall below the minimum limit of 50 lakhs. You have to give a request for the same in writing. However, charges as agreed will be applicable.

6. What is the tax treatment for PMS investment?
PMS is a pass-through vehicle. The tax liability remains the same, as if the investor was investing directly. We will provide an audited statement of accounts and a detailed statement of transactions for tax purposes at the end of the financial year to enable you to file your tax returns.
7. Key features

Q. What is the current AUM and number of clients?

Please see https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doPmr=yes (monthly reports are available from December 2019 onwards)

Q. What is the market cap orientation of the two schemes?

MAS Prime is more oriented to large-caps. MAS Growth is more oriented to small and mid caps

Q. Do you open a bank account for each client or do you operate on a pool account basis?

For Resident clients, we operate on a pool account basis. For Non Resident Clients, we need to open a NRI PIS Bank account.

Q. Can the PMS and Demat accounts be opened in joint names (of me and my wife)?

Yes

Q. What is the maximum number of stocks that could be in the portfolio?

It could be 20-22, but on an average, it would be around 15.

Q. Is the portfolio customized and exclusive for each client or constructed on the basis of a model portfolio?

The portfolio is based on the time when the client comes in. For instance, if older stocks have run up a lot, we may not buy those for new clients.

Q. What is the investment philosophy that you follow for stock selection?

Our investment philosophy, showcasing our approach to stock picking is shared on our PMS website https://advisor.moneylife.in/pms/ under >> Downloads >> Philosophy Here is the url https://advisor.moneylife.in/media/pdf/pms/MAS%20PMS.pdf

Q. How often do you reshuffle portfolio?

If a stock is doing well, we don't touch it. However, we think most sectors and stocks run in cycles and we are on the lookout to play those cycles.

Q. Do you have an evaluated list of stocks you follow or do you keep things open?

We have a shortlist of high-quality stocks. This usually excludes commodity stocks, public sector companies and companies with poor financial ratios.

Q. Do you keep cash holdings in liquid funds, till invested?

Yes, but returns from liquid funds are so poor that only during a prolonged bear market, it makes sense NOT to buy stocks. Usually, we have noticed we always find some goods stocks to buy.

Q. Are any sell/ buy calls explained to customers?

No. Since we run a discretionary portfolio, clients leave the job of buying and selling to us. They can withdraw their money anytime too. We would like our performance to speak.

Q. How often do we get to speak with fund manager?

There is no hard and fast rule. We have found investors are focused on getting returns. Interestingly, no one called to speak during the crash. It worked out well for both sides. Since we run a discretionary portfolio, clients leave the job of buying and selling to us. They can withdraw anytime too. We would like our performance to speak.

Q. When was the last time your investment process failed?

PMS was launched only in Dec 19 but we have been recommending stocks since 2012. Our process has evolved since then. It failed in 2018, when we didn’t exit from some stocks. We have corrected that flaw with a dynamically adjusted exit level. This has worked well too.

Q. Are your returns back tested?

As mentioned, we have been running live portfolios with continuous tweaks. It has worked well over 8 years.

Q. What do you think about current market, are they efficient?

Markets are never efficient.

Q. How do you determine what asset class are good and bad value propositions?

We stay focused on individual stocks, which give the best returns. Comparison of asset classes makes no sense to us because usually market indices are used as a proxy.

Q. Are you offering any Direct /Fixed fee Plan.

Direct plan as is understood here, is a plan that eliminates distributors and allows investors to invest directly. We have only direct plans as of now.
Fixed fee plan is one where PMS fees are fixed and there is no profit-sharing. We don't have fixed fee plans now but we can consider it.

Q. Is it possible to share your current portfolio to get a sense of the stocks you invest in?

No, we cannot disclose the portfolio right now.

Q. Will online access be provided?

Yes, you can login to the PMS Client dashboard https://pms.moneylife.in/portfolio.html, with your registered email id and password to access the same.

8. Fee Structure, Lock-in & Exit Load

Q. Do you have a fixed fee option (without performance fee)?

No, we don't

Q. Is there any flexibility or special offer on the fee structure?

No, there isn't

Q. Is there a lock-in period?

No, PMS has no lock-in period.

Q. Is there an exit load?

There is no exit load

9. Is there a guaranteed return scheme?
As per SEBI rules, no one selling any capital-market product can guarantee a return. This applies to brokers, mutual funds, investment advisors and PMS.
10.
How can I monitor the performance of my portfolio?
We will email you a Password Protected Pdf file (on a monthly basis), containing the following periodic reports on the performance and other aspects of your investments to help you monitor the performance of your folio.
- Transaction statement (transactions done during the month, if any)
- Portfolio Appraisal
- Portfolio Summary
- Portfolio Factsheet
- Statement of Expenses
- Statement of Dividend (receivable on the date of reporting, if any)
- Capital Register
- Statement of Capital Gain (if any sale is done during the month)
- Annual CA certified statement of account for tax filing will be sent on an Annual Basis

You can also view and access your PMS account with us, by logging in to the PMS Client dashboard
https://pms.moneylife.in/portfolio.html, with your registered email id and password.
11.
How can I get any complaint redressed?
You can find the grievance redress process under Contact Us segment of the site, below this FAQ.
12.
What are the next steps?
Just fill in the form in Get in Touch tab on the right hand of the site and we will get back to you in a day, barring holidays. You can also email us on [email protected] or connect with Shraddha Mhatre : +91 9820393865 or Pankaj Raheja : +91 9820019274.
13.
What to expect and not to expect
You can expect us to manage your money with extreme care and diligence with specific objective to be the best in class (top 10 percentile) over the long term.

On the other hand, we may suffer long periods of underperformance, especially in a roaring bull market, when speculative stories will do very well. Also, we are not focused on beating the market every month or quarter. Short-term performance is mostly random.
DOWNLOADS
Disclosures, Forms, Updates
Statutory Documents
These are the statutory documents that have been filed with SEBI.
Disclosure Document
Download
Quarterly Letters from the CIO
Perspectives and conceptual ideas on markets and life
Jan '20: How We Play the Loser's Game
Download
Apr '20: Hit by Covid-19, here is how we will act
Download
July '20: The Folly of Forecasting Through the Fog
Download
Jan '21: Maybe
Download
Apr '21: Regime Change or More of the Same?
Download
July '21: Book Profits Vs. Booking Profits
Download
Sept '21: Why we Avoid Forecasts and Two Changes
Download
Occasional Monthly Letters from the CIO
Short takes on important market developments
Feb '20: False Beliefs
PMS Monthly Note
Download
May '20: Reality Strikes
Occasional PMS Monthly Note- May
Download
Nov '21: Market Climate and three Steps
Mid-Quarter Review
Download
Philosophy
This showcases our approach to stock picking .
Letter from CIO
Download
Our Framework
Download
Products
What we are offering
MAS Growth presentation
Download
MAS - Growth Flyer
Download
MAS Prime presentation
Download
MAS Prime Flyer
Download
CONTACT
Always Here To Help
022-24441058
022-24441059
Shraddha Mhatre : +91 9820393865
Pankaj Raheja : +91 9820019274
Grievances redress and dispute settlement mechanism:
For redressal of any grievance or dispute, write to us at [email protected] If the dispute remain unsettled, you can write to SEBI s Complaints Redress System (SCORES) at https://scores.gov.in/scores/Welcome.html
Thank You
Thanks for your interest. Our team will get back to you shortly. Meanwhile, do check our Philosophy in the downloads section
Get In Touch
As per SEBI, minimum investment in PMS is Rs50 lakhs. If you are ready to go ahead, please fill up the form below and we will get back to you within 3 working days.
DoB and PAN are needed to check KYC. Min. investment in PMS is Rs 50 lakhs. Please see our Assisted Portfolio service for min. investment of Rs20 lakhs
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