PMS · Equity · Thematic
InCred Capital - Healthcare PMS
Fund size₹731 Cr
Alpha (3Y)15.03%
3Y return26.42%
Fund age5 yrs 5 mo
From the research desk
A fund for India's own healthcare growth story.
InCred Healthcare Portfolio is InCred Asset Management's Thematic PMS strategy focused on Indian healthcare. It treats healthcare as a structural, non discretionary compounding opportunity rather than a cyclical trade, identifying sustainable value creators across Branded Generics, Hospitals, Diagnostics, API/CRDMO and allied businesses, while avoiding US and EU facing unbranded generics where pricing power is structurally weak.
Avoiding what makes the index look expensive
The BSE Healthcare index's rich valuation is driven largely by its large-cap constituents, export oriented pharma names exposed to US and EU pricing pressure. The portfolio deliberately avoids this segment, leaning into small cap, consumption driven healthcare insulated from Western pricing cycles.
Great, Good, or Bad, with no in between
Every business is classified Great, Good or Bad; Great businesses are bought at fair value, Good ones only at a discount to intrinsic value, and Bad ones are avoided regardless of the story around them.
Risk controlled at the source, not hedged after
Risk is controlled through stock selection itself rather than hedged afterward, with positions sized by conviction and exited when the business deviates from its original thesis.
Fund Manager
Growth of₹Cr
InCred Capital Healthcare PMS
Returns: How it has done
| Scheme / Benchmark | YTD | 1Y | 2Y | 3Y | 5Y | Since inception |
|---|---|---|---|---|---|---|
| InCred Capital Healthcare PMS | 5.46% | 3.60% | 21.09% | 26.42% | 15.65% | 19.18% |
| Nifty 500 | −1.07% | 2.98% | 0.42% | 11.89% | 12.35% | 13.25% |
| Excess over benchmark | 6.53% | 0.62% | 20.67% | 14.53% | 3.30% | 5.93% |
Returns up to one year are absolute; two years and above are annualised (CAGR). YTD is calendar-year-to-date. As on 31 Jul 2026.
Risk : What you take on to earn the return
Volatility
18.57%
Benchmark approx 14.82%
A standard deviation reflecting historical swings.
Sensitivity
0.72
Beta vs benchmark 1.00 · 28% less reactive
How strongly the scheme moves with the index.
Risk-reward
1.08
Sharpe
Excess return gained per unit of volatility.
Capture ratio
107 / 20
Upside / Downside Capture
Share of market gains captured versus losses absorbed.
How far below its previous high it fell
Over the trailing 3Y window the scheme fell −22.15% from its 17 Nov 2025 peak to a 31 Mar 2026 trough. It has not yet recovered.
Max drawdowns
−22.15%
Scheme Drawdown Trajectory
| Drawdown analysis | Peak | Trough | Depth | Fell over | Recovered | Recovery took |
|---|---|---|---|---|---|---|
| Scheme | 17 Nov 2025 | 31 Mar 2026 | −22.15% | 134 days | – | – |
| Benchmark | 30 Aug 2024 | 28 Feb 2025 | −18.59% | 182 days | – | – |
Scheme
Peak17 Nov 2025
Trough31 Mar 2026
Depth−22.15%
Fell over134 days
Recovered–
Recovery took–
Benchmark
Peak30 Aug 2024
Trough28 Feb 2025
Depth−18.59%
Fell over182 days
Recovered–
Recovery took–
The benchmark's peak, trough and recovery are read off its month-end curve; the scheme's row is measured on daily NAV. · Risk and drawdown use a trailing 3Y window · As on 31 Jul 2026
Portfolio Details : Where the money actually sits
Stocks
17
P/E ratio
52.34
P/B ratio
5.81
Dividend yield
0.48%
Avg market cap
₹22,000 Cr
Median market cap
₹10,374 Cr
Asset class
Equity
Market cap
Large cap10.80%
Mid cap6.88%
Small cap81.52%
Cash & others0.80%
As on 31 Jul 2026
Fees
A fixed plan is cheaper when returns are strong. A performance plan costs less in lean years and shares the upside only when the fund beats a hurdle. Both cost the same at a 13.00% gross return.
FixedPlan A · SimpleFixed Management Fee2.50% / yr
Performance FeeNone
Hurdle RateNot applicable
VariablePlan B · Shared upsideFixed Management Fee1.50% / yr
Performance Fee20% of profit
Hurdle RateAbove 8%
Exit load 2.00% within 1 year, 1.00% within 2 years, nil after 3 years. Lock-in: Nil.
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