01
Investor Objectives
Every portfolio discussion begins with what the capital needs to achieve, not with which security to buy first.
Goals before products
Portfolio Management Services
Your Capital Deserves More Than a Portfolio. It Deserves a Strategy.
VIVS approaches Portfolio Management Services through independent evaluation, disciplined research, portfolio construction and risk awareness, helping investors understand the strategy before committing capital.
Research Driven
Analysis before decisions.
Risk Aware
Understand downside too.
Long-Term Focus
Process before market noise.
Investor Aligned
Your objectives come first.
Approach
Investor First
Objectives before products
Thinking
Independent Research
Process before popularity
Discipline
Risk Awareness
Understand what can go wrong
Relationship
Private & Confidential
Personalised consultation
Why PMS?
When Managing Wealth Becomes More Than Picking Investments.
Investing is not simply about finding individual opportunities. As portfolios become more meaningful, research, construction, risk discipline, monitoring and long-term alignment become increasingly important.
Self-Directed Approach
Owning Investments
What can happen when individual investments are managed without a unified portfolio framework.
Research
Information may be fragmented, reactive or dependent
on isolated recommendations.
Limited
Portfolio Construction
Individual positions may not be intentionally designed
to work together as one portfolio.
Ad Hoc
Risk Discipline
Concentration, liquidity and downside may be considered
only after markets move.
Reactive
Active Monitoring
Portfolio review may be irregular or driven mainly
by short-term market movements.
Irregular
Rebalancing
Changes may happen without a consistent decision framework
linked to portfolio objectives.
Inconsistent
Reporting & Review
Portfolio visibility may be scattered across different
investments and platforms.
Fragmented
Professionally Managed PMS
A Structured Portfolio Strategy
A professionally managed approach brings research, construction, monitoring and risk into one decision framework.
Independent Research
Opportunities are evaluated through a defined and
repeatable research process.
Structured
Intentional Portfolio Construction
Position sizing and diversification are considered
at the portfolio level.
Aligned
Built-In Risk Framework
Concentration, drawdowns, liquidity and downside
are considered continuously.
Disciplined
Continuous Monitoring
The portfolio and original investment thesis
are reviewed as conditions change.
Ongoing
Systematic Rebalancing
Portfolio changes remain connected to strategy,
valuation, risk and investor objectives.
Purposeful
Transparent Review
Reporting supports a clearer understanding
of portfolio actions and current positioning.
Periodic
The real question
Not “Which investment should I buy?”
But “What portfolio strategy should my capital follow?”
A PMS should still be evaluated carefully. Historical performance alone does not establish whether the manager, strategy, risk framework or portfolio is appropriate for an individual investor.
The VIVS PMS Philosophy
We Don’t Begin With Stocks. We Begin With the Investor.
A portfolio should not start with what is trending or what performed recently. It should begin with what the investor is trying to achieve, the risks they can reasonably take and the role this capital is expected to play over time.
The strategy comes after the objective.
Capital should have a purpose before it has a portfolio.
02
Research Discipline
Investment ideas should survive independent analysis, fundamental review and portfolio-level scrutiny before they deserve consideration.
Evidence before conviction
03
Risk Awareness
The quality of an investment decision depends not only on expected upside, but on what could challenge the thesis and how much risk the portfolio is taking.
Protect capital first
04
Long-Term Thinking
Compounding is supported by patience, discipline and consistency. The objective is not to react to every movement, but to remain aligned with the strategy.
Process before noise
The VIVS sequence
Objective → Research → Risk → Portfolio
The portfolio is the outcome of the process, not the starting point.
Selected PMS Strategy
Understand the Strategy Before You Consider the Performance.
A PMS should not be selected because a performance chart looks attractive. The real evaluation begins with the manager, philosophy, portfolio construction, risk discipline and whether the strategy actually fits the investor.
VIVS Selected PMS
Under Evaluation
Verified PMS Category
This area should contain the actual verified strategy positioning: what the PMS seeks to achieve, how it invests, what its portfolio philosophy is and what type of investor it may be relevant for.
Strategy Type
Verified PMS Category
Investment Style
Verified Strategy Style
Portfolio Approach
Verified Construction Method
Investor Suitability
Individual Assessment Required
Why VIVS Is Evaluating This Strategy
01
Investment Philosophy
Is the decision framework clear, consistent and repeatable?
02
Portfolio Construction
How are positions selected, sized and combined?
03
Manager Capability
Who is making the decisions and how is the team structured?
04
Risk Discipline
How does the strategy approach concentration, liquidity and drawdowns?
05
Performance Context
How has the strategy behaved across different market conditions?
06
Investor Fit
Does the approach match the investor's objectives and risk tolerance?
VIVS Strategy Lens
What Matters Before Performance
The investor question
“Does this strategy deserve a place in my portfolio?”
Performance, fees, minimum investment, benchmark comparisons, portfolio composition and other strategy-specific figures should only be displayed here after they have been verified and approved for publication.
How VIVS Evaluates a PMS
Performance Gets Attention. Process Deserves Investigation.
Historical returns answer only one part of the question. A serious PMS evaluation should also examine how those outcomes were produced, what risks were taken and whether the process is repeatable.
The VIVS principle
Don’t ask only “How did it perform?”
Ask “How did it produce that performance?”
01
Manager Capability
Who is making the decisions, what experience sits behind the strategy and how dependent is the process on one person?
Experience
Decision Framework
Team Depth
02
Investment Philosophy
Is there a clear and repeatable philosophy behind security selection, valuation and portfolio decisions?
Selection Logic
Valuation Discipline
Repeatability
03
Portfolio Construction
How concentrated is the portfolio, how are positions sized and what role does diversification actually play?
Position Sizing
Concentration
Diversification
04
Risk Discipline
How does the strategy think about drawdowns, liquidity, concentration and situations where the thesis goes wrong?
Drawdowns
Liquidity
Downside Control
05
Performance Context
Has performance been consistent with the stated strategy, and how has the portfolio behaved across different market cycles?
Cycle Behaviour
Consistency
Benchmark Context
06
Investor Suitability
Even a strong strategy may be inappropriate if it does not fit the investor’s goals, liquidity needs, horizon or risk profile.
Objectives
Risk Profile
Time Horizon
What VIVS is trying to establish
Is this a good strategy,
and is it the right strategy for this investor?
Inside the Investment Process
From Research to Portfolio Decision.
A disciplined portfolio is the result of filtering, not the number of ideas available. The process should narrow a broad universe into a smaller set of opportunities that survive research, evaluation, risk review and portfolio-level scrutiny.
The VIVS idea
More options do not create more conviction.
Better filtering does.
01
Research
Understand businesses, sectors, market context and the investment opportunity.
02
Screen
Remove ideas that do not meet the initial strategy criteria.
03
Evaluate
Test quality, valuation, risk and fit with the investment philosophy.
04
Construct
Decide position sizing, concentration and portfolio-level balance.
05
Monitor
Track the thesis, portfolio behaviour and material changes over time.
06
Review
Reassess when facts, valuation, risk or investor objectives change.
From possibility to conviction
The Portfolio Is the Result of Progressive Filtering.
Each stage removes ideas that fail the strategy’s standards, leaving a smaller number of opportunities that merit portfolio capital.
01
Broad Investment Universe
Potential ideas and themes
02
Research Shortlist
Ideas that clear initial filters
03
High-Conviction Ideas
Survive deeper evaluation
04
Portfolio
Selected and sized positions
The result
A portfolio should contain only the ideas that
have earned their place.
Risk + Portfolio Discipline
Returns Matter. So Does What You Risk to Pursue Them.
Risk cannot be eliminated. It can, however, be identified, understood, managed and continuously monitored. A serious PMS evaluation should examine the risks supporting the return story, not just the return story itself.
The VIVS perspective
A portfolio should know what can go wrong
before it celebrates what could go right.
Portfolio Risk Lens
Understand the downside
before relying on the upside.
The key question
What happens to the portfolio
when the investment thesis is challenged?
01
Identify
Find where risk actually sits in the strategy: concentration, liquidity, valuation, market exposure and portfolio dependence.
02
Understand
Evaluate how each risk could affect portfolio behaviour, drawdowns and the original investment thesis.
03
Manage
Position sizing, diversification and portfolio construction should reflect the risk the strategy is intentionally willing to take.
04
Monitor
Risk should be reassessed as valuations, markets, portfolio exposures and the underlying investment case change.
The other side of the investment case
What Could Change the Thesis?
Every investment case has assumptions. The discipline is knowing which developments could make those assumptions no longer valid.
01
Execution Risk
The investment thesis may not translate into actual business performance.
02
Market Risk
Broader market conditions can affect portfolio values regardless of fundamentals.
03
Valuation Risk
A strong business may still produce poor outcomes if the entry valuation is excessive.
04
Liquidity Risk
Some positions may be harder to exit at the required price or time.
05
Concentration Risk
Higher conviction can also mean greater dependence on fewer decisions.
Risk discipline in one line
The objective is not to avoid all risk.
It is to understand which risks are worth taking.
Investor Suitability
The Question Isn’t Whether PMS Is Good. It’s Whether PMS Is Right for Your Capital.
A professionally managed portfolio can still be the wrong fit if it does not match your objectives, liquidity requirements, risk tolerance and investment horizon.
The VIVS suitability lens
A strong strategy is only useful when
it fits the investor using it.
Who may consider PMS?
Built for investors managing meaningful long-term capital.
These are broad investor profiles only. Suitability should always be assessed individually.
Business Owners
Evaluating long-term deployment
of surplus capital beyond the core business.
HNI Investors
Seeking professionally managed
equity exposure within a wider portfolio.
Senior Professionals
Building a more structured approach
to long-term investible wealth.
Families & NRIs
Looking for a disciplined portfolio approach
aligned with broader financial objectives.
Before PMS is considered
01
What is the capital meant to achieve?
02
How long can the capital remain invested?
03
How much volatility can the investor tolerate?
04
What liquidity may be required?
Portfolio Role
PMS should be assessed
as one component of your capital.
PMS
Professionally managed equity exposure
Real Estate
Tangible / long-horizon allocation
Mutual Funds
Diversified market exposure
Fixed Income
Income / capital-preservation role
Other Assets
As appropriate to objectives
The allocation question
Not “Should I invest in PMS?”
But “What role should PMS play in my overall capital?”
Capital should serve an objective
Different goals can require different portfolio roles.
01
Growth
02
Income
03
Capital Preservation
04
Diversification
05
Liquidity
06
Legacy
Suitability over popularity
The right portfolio is personal.
The right PMS decision should be too.
Discuss Your Portfolio
Private PMS Consultation
You Should Understand the Strategy Before Your Capital Enters It.
A PMS conversation should not begin with a return number. It should begin with your objectives, existing portfolio, liquidity needs, risk tolerance and the role the strategy may play in your wider capital allocation.
The VIVS consultation principle
Strategy selection should follow investor understanding,
not replace it.
Private Advisory
One investor.
One portfolio context.
One portfolio context.
Your adviser
Adv. Swanand Pandit
Director · VIVS India
“The objective is not to find reasons to invest. It is to understand enough to make a disciplined decision.”
01
Financial Perspective
02
Legal Perspective
03
Investor-Focused Review
What We Examine With You
Before PMS Becomes a Product Decision, It Should Become a Portfolio Decision.
01
Financial Objectives
What does this capital need to achieve, and how important is growth, income, preservation or diversification?
02
Existing Portfolio
What do you already own, where are you concentrated and what role is currently missing from your allocation?
03
Risk Tolerance
What level of volatility and drawdown can you reasonably tolerate without disrupting the plan?
04
Investment Horizon
How long can the capital remain invested before it may need to serve another purpose?
05
Liquidity Requirements
What capital may be needed in the near term, and what should remain available outside the PMS?
06
Strategy Suitability
Does the selected PMS genuinely match the investor, or is another approach more appropriate?
Your VIVS PMS Review
What you should leave the discussion understanding
Strategy fit
Portfolio role
Risk considerations
Liquidity considerations
Time-horizon alignment
Questions before commitment
Private · Confidential · By Appointment
Discuss the strategy in the context of your capital.
Request Private PMS Consultation
Frequently Asked Questions
Understand the Structure Before You Decide.
A PMS decision should be clear before it becomes a commitment. These are some of the questions investors commonly need answered before evaluating suitability.
The VIVS approach
Questions should be answered before capital is committed,
not after.
01 What is Portfolio Management Services?
Portfolio Management Services is a professionally managed investment arrangement in which a portfolio is managed according to a defined strategy and mandate. The exact structure, eligibility, fees and terms should be reviewed for the specific PMS being considered.
02 Who may find PMS suitable?
Suitability depends on the investor’s objectives, risk tolerance, liquidity requirements, time horizon and existing portfolio. PMS should not be selected solely because it has historically performed well.
03 How is PMS different from a mutual fund?
PMS and mutual funds differ in structure, ownership, portfolio management, reporting, investment approach, costs and suitability. The right choice depends on how each option fits the investor’s wider portfolio and objectives.
04 What risks should I understand before investing?
Relevant risks may include market volatility, concentration, liquidity, valuation, drawdowns, strategy-specific risks and the possibility that the original investment thesis does not develop as expected.
05 How does VIVS evaluate a PMS strategy?
VIVS looks beyond headline performance and considers manager capability, investment philosophy, portfolio construction, risk discipline, performance context and investor suitability.
06 What fees, charges and investment requirements apply?
These vary by PMS and should be confirmed from the actual strategy documentation before investment. Only verified and current figures should be relied upon when comparing options.
Private PMS Consultation
Don’t Choose a PMS Because It Performed. Understand Why It May Deserve a Place in Your Portfolio.
Evaluate the strategy, manager, portfolio construction, risk, liquidity and your individual objectives before capital is committed.
01
Confidential
02
Research-Led
03
By Appointment
Investment decisions involve risk and suitability varies by investor. Past performance does not guarantee future outcomes. Product-specific terms, fees, risks, eligibility and regulatory disclosures should be reviewed from the applicable official documentation before investment.