Фондовый менеджер Прашаста Сетх: портфель из финансовых компаний принес 17% годовых

For Prashasta Seth, the starting point is temperament, not themes. The founder of Prudent Investment Managers runs a small, direct-to-client PMS: around 50 families, roughly Rs 1250 crore as their total AUM. The pitch is simple: Over time you should compound at 15 to 18%. Since the 2022 launch, the Focussed Equity PMS has delivered roughly 16 to 17% annualised (sample client account shows 17.4% as of July 2026), comfortably ahead of the Nifty 50 TRI’s ~9 to 10% over the same period, and with lower volatility than many higher-octane peers. Here are his highest-conviction stock ideas: 1. Bajaj Finance Bajaj Finance is the largest holding. Most of the position is old, bought around Rs 800. He is not buying aggressively at current levels. “If I can underwrite 25 to 30% growth and get it at 16 to 17 times one-year-forward earnings, that is a reasonably good trade from a value perspective.” Their holding climbed from 6.74% in March to 7.71% in July, becoming the single largest holding. That rise is largely price appreciation. He would only consider selling around Rs 1,200-1,300 if at all, within the current valuations given that stays for near-term. 2. Muthoot Finance Muthoot is a long-standing position, held since it was at Rs 120, and re-bought in the mid-2,000s. “It went all the way to Rs 4,200. We sold a little bit. Now it is around Rs 3,200.” Seth says he is buying it “very aggressively right now", reaching at a 5.59% holding weight in July. He sees a 25% ROE business available at roughly 8× one-year forward earnings (even after annualising a weak quarter the stock is still sub-10×). Absolute profits are at the second-highest level outside the March quarter when gold prices and auctions were elevated. The same competitive intensity was seen in 2014-15 and proved temporary. His broader thesis is that gold lending will keep rising as a share of overall credit, as household leverage increases and gold remains the easiest asset to borrow against. The stock corrected roughly 25% from its January 2026 peak of around Rs 4,150 to the end of July. Seth highlights one reason could be market participants shorting Muthoot while buying Manappuram Finance on the Bain Capital news. However, for him, the acquisition wasn't a big news to shift allocation, stating that he is yet to see the effect on previous acquisitions by Bain. 3. InterGlobe Aviation (IndiGo) India’s aviation sector has consolidated hard since the pandemic, and Seth thinks the structural logic only strengthens from here, with the third player under-funded and Air India staying cautious. He is clear that the entry barrier in Indian aviation is high and is not going to be broken easily in the near term. IndiGo is the clear beneficiary of that rationalisation, Seth explained. The stock has stayed in the 3.5 to 4.2% range across the March to July in terms of Prudent's holding. Seth treats it as a multi-year industry-structure bet, not a short-term cyclical trade. 4. Ellenbarrie Industrial Gases This stock has been added as a new position in April at 1.39%. This is the only stock he holds across the industrial gases segment. His reason being: “This is the first year in which global oil demand is falling. As the renewable-energy transition becomes stronger, oil demand should weaken further. People could assume 10-20 years to monetise whatever oil reserves they have. Barring some shocks, oil prices could go back to $60-70 a barrel. That is reasonably profitable for companies like Indian OMCs. Structurally, these could make a reasonable amount of money.” Meanwhile, he has cut allocation to ONGC, from 3.96% in March to 1.91% in July. Where Seth sees the next opportunities The MFI basket: Beyond the two gold-loan names, he has been adding CreditAccess Grameen, Fusion Finance and FiveStar Business Finance. He sees these as one-time opportunities with a stronger near-term earnings trajectory, not a full sector turnaround call. Data shows Fusion rising from 1.76% to 2.82% and CreditAccess from 2.67% to 2.95% between March and July — consistent with active buying. PNB Housing is another steady holding in the same book, now at 3.7% of his holdings. Supporting positions: Sun Pharma has been held “for ages” and remains a 5.7 to 6.6% position. Same goes for Quess Corp, but the weightage has increased from roughly 2% in March, to over 3.5% in July. IIFL Capital Services is among his consistent holdings, at above 4%. Sectorally, Finance (including NBFCs) forms over 20% of his holdings, while Banks form about 7%. The next two sectors following these are Pharmaceuticals and Housing Finance. Seth also explains the rationale behind his prudence on the unlisted side. The firm takes board seats on certain occasions, and even a 10 to 20% stake in a handful of the holding companies. Among his most successful bets, Seth highlights that one of his early investment is already up roughly 15 times. The key drivers behind his investment thesis: Leadership: “When a big leader quits, that is the thing to watch. The DNA of the organisation changes. It takes ages to rebuild.” He sold HDFC Bank the day Aditya Puri left, will reassess Bajaj Finance the day Rajiv Jain steps away, never owned Kotak after Uday Kotak’s exit, and continues to hold ICICI while Sandeep Bakhshi remains. Low turnover, patient cash: “Twenty percent with a smooth ride, rather than 40% up, 30% down, 40% up again.” That discipline showed up clearly after the March drawdown (portfolio was at -12.9% that month versus Nifty's -11.3%). Cash was cut from 3.16% to 1.41% within weeks as prices turned favourable, and the portfolio recovered strongly thereafter. His cautiousness was reflected in the six to nine months of time taken to deploy cash with the right price available. He refuses money when opportunities are scarce. Direct client alignment: Seth invests his own capital exactly the way he manages client money, and puts the entire approach down to the structure of the business itself. “It does work for the small client base we have. We are direct and ensure to be fully aligned with the value temperament.” Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated! Find the best of Al News in one place, specially curated for you every weekend. Stay on top of the latest tech trends and biggest startup news.