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InCred Healthcare Portfolio

A disciplined bottom-up investment house systematically isolating fundamental worth from market sentiment.

Strategy Type
Sectoral
Benchmark
BSE 500 TRI
Horizon
5+ Years
Portfolio Style
Healthcare
Focus
Small & Mid Cap
Inception Date
15 Feb 2021

About the Strategy

The InCred Healthcare Portfolio embraces a Process, Allocation, and Risk-Reward standard. It provides a disciplined structure designed to protect and compound capital by investing with a pragmatic (GARP) approach.

Strategically positioned to capitalise on long-term trends in Pharma & Healthcare with exposure to secular non-discretionary segments like Branded Generics, Hospitals, and Diagnostics.

Investment Philosophy

“We invest in financial integrity, operate through rigorous scoring, and execute with valuation discipline to protect and compound capital.”

Using the EDGE Framework (Earnings power, Durability, Governance, and Equity efficiency) alongside a rigid 30-point scoring audit to exploit valuation asymmetries.

Why EV/EBITDA?

EV/EBITDA is prioritized for Pharma & Healthcare because it neutralizes distortions from differing capital structures, depreciation policies on heavy asset bases (hospitals), R&D-driven intangibles (pharma), and varying tax regimes across geographies.

Performance Since Inception

Strategy growth vs Benchmark index

SI Return
18.6%
Benchmark
BSE 500 TRI

1-Year Return: 11.3% | 3-Year Return: 27.0%

TWRR Basis

Returns Summary

1 YEAR11.3%
3 YEARS27.0%
SINCE INCEPTION18.6%

Market Capitalization

Mix
Small Cap
93%
Mid Cap
7%
Large Cap
0%
Avg Market Cap₹21,104 Cr
Median Market Cap₹9,783 Cr

Sectoral Analysis

Top Sector: Hospitals
Hospitals30.2%
Branded Generics30.1%
API / CRDMO18.4%
Diagnostics15.9%
Unbranded Generics0%

Portfolio Attributes

Standard Deviation
Volatility measure relative to mean.
17.9
Portfolio Beta
Movement relative to broader market.
0.78
Sharpe Ratio
Risk-adjusted performance measure.
1.04
Portfolio EV/EBITDA
Lower vs Benchmark (15.21).
16.0
ROE (FY28)
Return on Equity estimate.
14.1%
EBITDA CAGR FY26-28E
vs 12.0% for BSE 500.
21.6%

Top Portfolio Holdings

1
Healthcare Global Enterprises Ltd
14.6%
2
Thyrocare Technologies Ltd
9.1%
3
FDC Ltd
7.3%
4
Jubilant Pharmova Ltd
7.2%
5
Jeena Sikho Lifecare Ltd
7.0%
6
Akums Drugs & Pharmaceuticals
6.2%
7
Artemis Medicare Services
5.8%
8
JB Chemicals & Pharmaceuticals
5.4%
9
Vimta Laboratories Ltd
5.0%
10
Apollo Hospitals Enterprises
5.0%

Disclaimer: Investments in Portfolio Management Services (PMS) are subject to market risks. Past performance may or may not be sustained in the future and should not be considered a guarantee of future returns.