L&T Investment Management Ltd. is the asset management company of L&T Mutual Fund. The company is a wholly-owned subsidiary of L&T Finance Holdings Ltd., which is a publicly-listed NBFC.
The AMC is set up as a trust under the Indian Trust Act, 1882 and registered with SEBI under the registration number MF/035/97/9. It abides by its proprietary investment process – GEM:
Fund managers and analysts generate new ideas depending on the fund. For example, internal and external research, macro-economic analysis, through research of the market, and team meetings all contribute to such ideas in case of fixed income funds. On the other hand, external research, meetings with industry experts, suppliers, regulators, and investment team meetings generate ideas in case of equity funds.
Opportunities are identified through numerous parameters like market capitalisation ownership, liquidity, etc. These filters are then thoroughly evaluated to check corporate governance, management track record, balance sheet strength, competitive positioning, business attractiveness, profitability, and valuations for equities.
Fund managers continually monitor portfolios to ensure they are reaching their financial objectives and within the determined risk levels. They may close the fund after meeting the targeted price, or when there are better investment options available, or if its performance has deteriorated. Fund managers will only pick the ideas, among the ones generated, that have the most potential.
As of FY 2017-18, the company has a total income of Rs. 1,20,356.11 Lakh, profit before tax of Rs. 25,527.36 Lakh, and a profit after tax of Rs. 16,635.59 Lakh.
L&T Investment Management Ltd. offers 146 schemes and has an asset under management worth Rs. 70,944 Crore as of 31 March 2019.
|Mutual fund||L&T Mutual Fund|
|Asset management company||L&T Investment Management Ltd.|
|Set up||3 January 1997|
|Incorporated||25 April 1996|
|Sponsors||L&T Finance Holdings Ltd.|
|Trustee||L&T Mutual Fund Trustee Ltd.|
|Name of trustees||Mr. S. V. Haribhakti (Independent Director)||Mr. V. Natarajan (Independent Director)||Mr. Hemant Y. Joshi (Independent Director)||Ms. Malini Thadani (Independent Director)|
|MD and CEO||Mr. Kailash Kulkarni|
|CIO||Mr. Soumendra Nath Lahiri|
|Investor Service Officer||Mr. Ankur Banthiya|
|Compliance Officer||Ms. Pushpavathi Kaundar|
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|Fund Name||Category||Risk||1Y Returns||Rating||Fund Size(in Cr)|
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Top Fund Managers
1. Mr. Soumendra Nath Lahiri
Mr. Soumendra Nath Lahiri currently serves as the Chief Investment Officer and Head of Equities at L&T Mutual Fund since 2012. He manages an AuM of Rs. 31,137 Crore in 17 schemes like L&T Emerging Businesses Fund, L&T Infrastructure Fund, L&T Midcap Fund, L&T Equity Fund, L&T Large and Midcap Fund, L&T Hybrid Equity Fund, L&T Dynamic Equity Fund, L&T Tax Advantage Fund, etc.
He was initially the Head of Equities at Dolat Investments Ltd. back in 1995. In 2004, he joined DSP Merill Lynch Investment Managers Private Ltd. as a Co-Head of Equities. Mr. Lahiri moved to Fortuna Capital in 2008 as the Chief Investment Officer of Advisory Services. Three years later, he joined Emkay Investment Managers Ltd. as the Chief Investment Officer of PMS Equity Investment. In 2011, he joined Canara Robeco Asset Management Company Ltd. as a Fund Manager and the Head of Equities.
Mr. Lahiri holds a degree in Mechanical Engineering and an MBA degree from IIM Bangalore.
2. Mr. Vihang Naik
Mr. Vihang Naik is currently a Fund Manager at L&T Investment Management Ltd. since 2012. He manages an AuM Rs. 6,102 Crore invested in two schemes: L&T Midcap Fund – Growth and Dividend.
Mr. Naik was initially a Research Analyst at SBICAP Securities back in 2006. He joined Motilal Oswal Securities Ltd. in 2008 as a Research Analyst. In 2010, he moved to MF Global as a Research Analyst.
He holds a BMS degree from the University of Mumbai. Mr. Naik is also a Chartered Financial Analyst from the CFA Institute.
3. Mr. Venugopal Manghat
Mr. Venugopal Manghat is currently serving as the Co-Head of Equities at L&T Investment Management Ltd. since 2012. He manages an AuM of Rs. 10,574 Crore invested in 18 schemes like L&T India Large Cap Fund, L&T Business Cycles Fund, L&T India Value Fund, L&T Conservative Hybrid Fund, L&T Equity Savings Fund, L&T Arbitrage Opportunities Fund, etc.
He was initially a member and Equity Research Analyst at the Mumbai Stock Exchange in 1993. His primary role was to identify investment opportunities in numerous industries. In 1995, he joined Tata Asset Management Ltd, where he held several positions like Management Trainee, Member of the Senior Management Team, Head of Research, Co-Head of Equities, and Portfolio Manager before moving to L&T Mutual Fund.
Mr. Manghat holds a B.Sc degree in Mathematics and is an MBA degree in Finance. He has also cleared the certification level of BSE Institute.
4. Mr. Jalpan Shah
Mr. Jalpan Shah is currently the Portfolio Manager of Fixed Income at L&T Investment Management Ltd. since 2012. He manages an AuM of Rs. 28,847 Crore with 44 schemes like L&T Gilt Fund, L&T Flexi Bond Fund, L&T Money Market Fund, L&T Banking and PSU Debt Fund, L&T Short Term Bond Fund, L&T Ultra Short Term Fund, L&T Triple Ace Bond, L&T Liquid Plan, L&T Cash Fund, L&T Dynamic Equity Fund, L&T Conservative Hybrid Fund, L&T Arbitrage Opportunities Fund, L&T Arbitrage Opportunities Fund, etc.
He was a Research Analyst at UTI Mutual Fund in 2004. In 2007, he joined Fidelity International as an Associate Trader of Fixed Income.
Mr. Shah has a degree in Mechanical Engineering from Sardar Patel University. He also has an MBA degree in Finance from T. A. Pai Management Institute.
5. Mr. Vikas Garg
Mr. Vikas Garg is the Portfolio Manager of Fixed Income at L&T Mutual Fund since 2017. He initially joined as the Head of Credit Research at the same firm in 2014.
Mr. Garg manages an AuM of Rs. 11,739 Crore invested in 16 schemes like L&T Money Market Fund, L&T Ultra Short Term Fund, L&T Low Duration Fund, L&T Resurgent India Bond Fund, L&T Credit Risk Fund, L&T Money Market Fund, etc.
Earlier, he was a Project Engineer in Indian Oil Corporation Ltd. in 2003. He joined ICRA as a Senior Analyst in 2007. In 2010, he moved to Fidelity International as a Research Associate of Credit.
Mr. Garg holds a B.Tech and M.Tech degree in Chemical Engineering from IIT Delhi. He also holds an MBA degree from XLRI Jamshedpur. He has also cleared Level III of CFA from the CFA Institute.
6. Mr. Shriram Ramanathan
Mr. Shriram Ramanathan is the Head of Investments for Fixed Income and a Fund Manager at L&T Mutual Fund since 2012. He currently manages an AuM of Rs. 37,375 invested in 32 schemes like L&T Gilt Fund, L&T Flexi Bond Fund, L&T Banking and PSU Debt Fund, L&T Banking and PSU Debt Fund, L&T Triple Ace Bond, L&T Low Duration Fund, L&T Resurgent India Bond, L&T Liquid Plan, L&T Cash Fund, L&T Short Term Bond Fund, L&T Hybrid Equity Fund, etc.
He worked for L&T in the switchgear design department back in 1997. In 2000, he joined ICICI Bank in its Treasury Department. A year later, he moved to Zurich Asset Management Company (India) Private Ltd. as a Dealer and Researcher of Fixed Income. In 2003, he became the Portfolio Manager of Fixed Income at ING Investment Management (India) Private Ltd. Two years later, he joined ING Investment Management Asia Pacific (Hong Kong) Ltd. as a Senior Investment Manager of Global Emerging Market Debt (Asia). He moved to FIL Fund Management Private Ltd. as a Portfolio Manager of Fixed Income in 2009.
Mr. Ramanathan holds an Electrical Engineering degree and a MBA degree from XLRI Jamshedpur. He is also a Chartered Financial Analyst.
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