Thanks for sharing your thoughts, more than benchmarking my thought is to look at opportunity cost. I have shared my thoughts on this earlier (see link below). My internal benchmarks are Nifty, Banyan Tree and MAPL as these three capture most styles that I like. I also used to benchmark against few other PMSes like 2Point2, Sageone, etc. but stopped doing that because my results were much better, especially during bad markets and most PMSes do well during good markets, and then give up a lot during bad markets. For e.g. during FY20 my folio went down by 17.38% vs average PMS losing between 30-50%.
There is only 1 PMS I know that had limited their downside during 2020 fall and yet matched the subsequent rise (Stallion). However, their style is quite different, they are very nimble folks and thats not my style.
You should only do it at smaller time frames, for longer time frames just compute IRR. Its more accurate.
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