Welcome To AQUA Adaptive. Quantitative. Unbiased. Alpha.

India's First and Only Style Agnostic and Style Adaptive Equity PMS Strategy.

Harness the power of a state-of-the-art Quant-Based Long-Only Equity PMS Strategy, built on the pillars of a rules-based, repeatable, data-driven investment process.

India's first style-agnostic strategy that dynamically changes its style to adapt to the prevailing investment regime.

We’d love to hear from you!
Why Invest in AQUA?

AQUA showcases the potential of Quant Investing in generating consistent and sustainable alpha in the dynamic and everchanging equity market landscape. Unlike traditional strategies fixated on one investment style, AQUA recognizes that no single style works in all market conditions and it seamlessly adapts to changing market cycles and investment regimes.

01Dynamic Sector and Theme Rotation
Our flexicap PMS strategy captures alpha by dynamically rotating sectors and themes based on market conditions
02Smart Beta Approach
Our strategy employs smart beta techniques for risk management, alpha generation, and providing resilience across market cycles.
03Benchmark Agnostic
Diversifies investment across large, mid, and small caps. It is not constrained by benchmark weights
04Quantitative Edge
We blend traditional investing wisdom with quantitative techniques, leveraging superior technology to enhance outcomes and manage risk.
05Portfolio Approach
Alpha generation at a portfolio level vs just individual stocks.
06Adaptive and Regime Responsive
We align to prevailing investment style regimes as per changing market cycles, ensuring the strategy remains adaptable and responsive to market conditions.
07Sustainable Alpha Generation
Data-driven, rules-based strategy reacts to markets instead of anticipating them, generating sustainable alpha over time
08Multifactor Approach
Our strategy balances multiple factors, including fundamentals, technicals, valuations, risk, themes, styles, and macros, to gain an investment edge.
09Data - Driven Approach
We employ a logical, rules-based foundation that combines fundamental, technical, macro, and alternative data analytics to make investment decisions.
10Efficient Market Participation
Prudent stock selection and tactical trade spreading reduce impact costs by investing in highly liquid stocks.
Our Key Pillars

Inspired by the adaptability of water, AQUA remains highly adaptive in its investment portfolio allocations. It can adjust its asset, size, style, sector and factor mix to stay aligned to the changing market and macro regimes. By doing so, it ensures that the investment is made in the right place at the right time which helps maximize returns while managing risks and ensuring consistent performance across market cycles.

SMART Investment Philosophy

In this dynamic and interconnected world with smart phones, smart TVs, smart cars and smart homes, we bring to you smart investment strategies. These strategies are designed to eliminate emotional and behavioral biases, undergo rigorous performance testing, adapt to changes dynamically, and rely on data-driven frameworks for improved reliability and superior performance.

using a rules-based approach to eliminate emotional & behavioral biases
tested rigorously across market cycles for sustainability
that dynamically respond to changes across multiple dimensions
driven by unconstrained and objective processes
using data-driven multi-factor frameworks to enhance reliability
With AQUA you do not need to worry about

PL’s foray into Quant can be attributed to its core belief - “You can trust it, only if you can test it”, which helps us build truly sophisticated, systematic, highly differentiated and rigorously tested investment strategies for our investors. We have created 25+ Proprietary Factors, using 1000+ Indicators, and tested 7500+ strategies to create an all-weather investment strategy that is not hindered by any biases and limitations.

Market-Cap Bias
Dynamic allocation across large, mid, and small caps simplifies investment approach, adapting to market conditions.
Style Focus
Style-agnostic approach adapts to market conditions, outperforming across various investment styles including quality, growth, value, momentum, and low volatility.
Portfolio Volatility
Active beta management optimizes risk and returns by including appropriate high or low beta stocks based on market conditions.
Weightage of Sectors and Themes
Dynamic sector rotation model determines investment in sectors or themes, maximizing return opportunities by overweighting or underweighting based on performance and market trends.
Fundamental Evaluation
Selective fundamental evaluation prioritizes relative performance and fundamentals, ensuring strong stock selection potential compared to peers.
Fund Manager’s Biases
It eliminates emotional and behavioural biases by relying on objective, time-tested processes to drive consistency in outperformance.
Valuation Analysis
Valuations matter in stock selection; we assess both absolute and relative metrics to ensure fair pricing.
Timing your Entry & Exits
Technical strength manages risks, enhances returns for fundamentally strong stocks.
Liquidity-focused stock selection ensures sufficient exit options when necessary.
Depending only on Benchmark Weighting
Benchmark-agnostic weighting model allocates based on analysis and insights for optimal percentages.
Investment Process - Elimination, Identification & Integration
Eliminate & Filter
Sector Evaluation
Style Mapping
Stock Rating
Out of Top 500 stocks by market cap, 100 stocks are eliminated based on liquidity and another 100 based on fundamentals, leaving us with 300 stocks across large, mid and small cap.
Generate Ranks for all themes & sectors and Provide sector rating to each stock
Identify the prevailing Style Regime & Assign style ratings to each stock
Assign a Fundamental, Valuation, Sector, Style & Technical Rating to each stock
Highest dynamic Multifactor score after Aligning portfolio to prevailing investment regime by incorporating style and sector tilts
Dynamic Asset Allocation, Sector Rotation & Style Alignment along with Smart Beta Management
Investment Framework

Systematic Alpha Generation by design, not chance

At the heart of AQUA’s investment strategy lies the 6S Framework, which acts as the base on which investment decisions are made. We consider macro and market conditions to adjust our asset class mix, style tilt, sectoral allocations, and stock selection. This contributes to systematic and sustainable alpha generation as well as effective risk management.

Smart Risk
Fund Manager
Siddharth Vora

Fund Manager & Head Quant Investment Strategies - PL PMS

SEBI - registered Research Analyst, Investment Advisor, Portfolio Manager & Principal Officer. A CA, CFA and an MSc (Management in Business Excellence) from the University of Warwick, UK,
Frequently Asked Questions

Equity strategy refers to a strategy in which the investment is made only in stocks i.e. equities. AQUA is a Quantamental flexicap equity PMS strategy designed by PL’s in-house PMS team. It is benchmark-agnostic and provides dynamically diversified exposure across the market spectrum. AQUA invests in a diversified investible universe of 300 liquid stocks with superior fundamentals out of top 500 stocks by market capitalisation.

A long-only equity strategy is an investment approach focused on buying stocks with the expectation that their value will increase over time. It involves investing in stocks for the long term without engaging in short-selling or other strategies that profit from declining stock prices. AQUA builds a diversified portfolio with unbiased equal weighting methodology. This eliminates key stock concentration risk, enabling granular and repeatable returns at portfolio level.

Picking stocks based on fundamentals involves analysing a company's financial data, such as its revenue, earnings, balance sheet, and cash flow, to assess its underlying value and potential for future growth. AQUA blends the diverse sciences of fundamentals, technicals, valuations, macros and alternative data analytics using quant methods to create an unbiased 100% systems and rules-based strategy. It invests in a diversified investable universe of 300 liquid stocks with superior fundamentals.

AQUA strategy is suited for investors with moderate to aggressive risk appetite. It can a valuable tool for investors who are looking to invest in specialised portfolios, which are more concentrated than broader markets, yet diversified enough to manage risk. It thus provides a unique investment solution beyond the traditionally managed portfolios. As per SEBI guidelines, the minimum investment amount is ₹50 lakh.

AQUA is a flexicap equity PMS. It is adaptive, quantitative (data-driven), unbiased, and alpha-focused. It also integrates diverse analytical sciences, including macroeconomics, sectoral analysis, fundamental factors, valuations, technical indicators, and risk analysis. This confluence of techniques forms what we call a "quantamental" strategy, meticulously designed to offer a holistic approach to investment.