Ambit Asset Management’s Pricing Prowess Fund, a flexi-cap Category III alternative investment fund, has built its top holdings around Eternal at a 6.7% weight, followed by Eicher Motors at 5.1%, Phoenix Mills at 4.9%, Aegis Vopak Terminals at 4.6% and Maruti Suzuki at 4.1%, according to the asset manager’s August newsletter.
The fund, which had its first close in September 2025, is not restricted to a single market-cap segment. It can move capital across large, mid and small caps, and a select set of unlisted businesses, based on where it finds the best combination of quality and valuation.
Where the Portfolio Stands After Its First Year
As of July 31, the portfolio was split 49.3% large cap, 25.5% mid cap and 22.4% small cap, with the rest in cash. Financials are the largest sector exposure at 17.9%, followed by consumer discretionary at 13.5% and automobiles at 11.5%.
The strategy has returned 0.2% since inception through July 31, against the BSE 500’s 0.1% and the Nifty 50’s -3.1% over the same period. That gap is narrow, but it does put the fund ahead of both benchmarks in what has been a choppy stretch for Indian equities.
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The fund’s flexibility across market caps is part of its pitch. Rather than locking into one segment, the managers shift weight based on where valuations and quality line up, which is a different approach from many flexi-cap funds that tend to drift toward large names over time.
HDFC Bank Leads the Coffee Can Portfolio
Among Ambit’s other strategies, HDFC Bank leads the Coffee Can Portfolio with a 9% weight. Eternal and Eicher Motors follow at 7% each, with Bharti Airtel at 6% and Bajaj Finserv at 5%. The portfolio, which invests in resilient retail and consumption-oriented franchises without attempting to time cycles, is weighted 66% towards large caps.
It has returned 13.1% since its June 2017 inception through July 31, against the Nifty 50 TRI’s 12.1%. The strategy’s buy-and-hold discipline means it rarely churns, and the numbers reflect that patience.
Lupin and Shriram Finance Anchor the Good & Clean Portfolio
The Good & Clean Portfolio, which screens for clean accounting and efficient capital allocation, counts Lupin and Shriram Finance as its top two holdings at 6% each. Aegis Logistics, TVS Motor and Bharat Electronics sit at 5% apiece. The strategy leans towards large and mid caps, with a combined 71% allocation between the two segments.
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It has delivered a 12.7% return since its March 2015 inception, against the BSE 500 TRI’s 12.3%. The screening process here is stricter than most, and it shows in the kinds of businesses that make the cut.
Small-Cap Strategies Tell a Different Story
In the small-cap space, the Emerging Giants Small Cap Portfolio is led by CCL Products India at 8%. Venus Pipes & Tubes follows at 6.5%, with Arvind Ltd and R R Kabel at 6% each and City Union Bank at 5%. The fund invests in small caps with market capitalisation below Rs 10,000 crore and has returned 11.9% since its December 2017 inception, trailing the Nifty Smallcap 250 TRI’s 12.5%.
The newest strategy, the Micro Marvels Portfolio, holds Thejo Engineering and Globus Spirit as its top picks at 8% each. Sanstar, Entero Healthcare Solutions and Macpower CNC Machines round out the list at 6% apiece. Launched in July 2024, the fund is almost entirely allocated to small and micro caps and has returned -5.2% since inception through July 31, underperforming the Nifty Smallcap 250 TRI’s 1.4% gain over the same period.
The dispersion between the older and newer strategies is worth noting. The long-running portfolios have compounded steadily, while the micro-cap fund is still finding its footing in a segment that has been volatile. Ambit’s newsletter does not offer forward guidance on when that might change, but the holdings suggest the managers are sticking with their picks rather than rotating out of weakness.
