ETF-based PMS — what this means: Unlike most PMS products that hold individual stocks, Phillip Pioneer invests through Equity ETFs. Each ETF bundles dozens of companies across a sector or theme — giving you exposure to 100+ businesses across 50+ regions via a single managed portfolio. This is a fundamentally different approach from Marcellus GCP or PPGIS.
Investment Objective
To generate capital appreciation over the long term primarily through exposure to sectors, themes, and geographies that are expected to grow over time. The emphasis is on opportunities from developments in businesses and regions to achieve long-term growth.
Coverage Universe
100+ Businesses
across 50+ Regions
Instruments
15+ ETF Types
across 11 Sectors
Product Variants
International Portfolios PMS
- IFSCA Registration
- IFSCA/FME/IV/2023-24/019
- Minimum Investment
- USD 75,000
- Management Fee
- Not disclosed in available documents
- Structure
- Discretionary — Phillip Ventures IFSC manages portfolio on your behalf
International Advisory
- IFSCA Registration
- IFSC/IA/2021-22/0004
- Minimum Investment
- USD 25,000
- Structure
- Advisory — Phillip Ventures provides recommendations; investor executes own trades
- Note
- Lower minimum makes this one of the most accessible outbound options at GIFT City
Portfolio Snapshot — August 31, 2025
Indicative allocation as of August 31, 2025. Exposures taken from first investor's portfolio — individual client portfolios may differ based on entry timing.
Region Allocation
United States67%
Multi-Region18%
Japan6%
Taiwan5%
Cash in Hand4%
Active Themes (Aug 2025)
Semiconductors
Cloud Computing
Medical Devices
Broker-Dealers
Infrastructure
Water
Uranium
Lithium / Battery
Homebuilders
Performance — as of August 31, 2025
| Period |
Portfolio (USD) |
S&P Global BMI |
| Since Inception (absolute) Dec 2021 |
+33.52% |
+31.26% |
| Since Inception (annualised) Dec 2021 |
8.21% p.a. |
7.71% p.a. |
| 3-Year (annualised) |
14.72% p.a. |
16.96% p.a. |
| 2-Year (annualised) |
16.51% p.a. |
18.98% p.a. |
| 1-Year |
14.38% |
15.65% |
| 6-Month |
12.19% |
11.86% |
| 3-Month |
10.75% |
8.92% |
| 1-Month |
2.90% |
2.82% |
Returns are TWRR (Time-Weighted Rate of Return), after deducting fund management expenses. Returns greater than 1 year are annualised. Portfolio exposures and returns are from the first investor's portfolio — individual returns may differ based on entry timing. Data as of August 31, 2025. Past performance is not indicative of future results.
INR context: Since inception, USD/INR has moved +18.40%. An Indian resident investor's total return in INR terms was +58.08% — INR depreciation acts as a tailwind for outbound investments.
Investment Philosophy — The Pillars
Focus on Fundamentals
Opportunities identified across Regions, Businesses, and Asset Classes through bottom-up fundamental analysis.
Quant-based Approach
Quantitative screening to eliminate noise and surface high-conviction investment ideas systematically.
Long Term Outlook
Focus on achieving long-term investment objectives — medium to long term capital appreciation horizon.
Seamless Implementation
Processes designed to align with the GIFT City regulatory ecosystem — IFSCA-compliant execution and reporting.
Investment Team
MS
Mihir Shirgaonkar, CFA
Vice President & Head | Fund Manager
10+ years in Asset Management. MBA – IIM Ahmedabad. Chartered Accountant. CFA® charterholder. Member – Public Awareness Committee, CFA Society India.
RC
Rishwik Chinthakindi
Analyst
3+ years in Global Markets. MBA (International Business) – INSEEC Business School, France. Coverage of Regions, Sectors, and Asset Classes.
PB
Prashant Bhadvankar
Assistant Manager
3+ years in Consulting and Market Research. MBA – Narsee Monjee Institute of Management Studies. Expertise in Data-driven Decision Making.
YG
Yash Garg
Business Development
2+ years in Global Markets. Strategic Relationships and Stakeholder Management. Coverage of Macroeconomic Trends.
Investment Committee
VB
Vineet Bhatnagar
MBA IIM Ahmedabad | B.E. 30+ years capital markets. Heads India and UAE PhillipCapital businesses.
RB
Rajendra Bhambhani
MBA JBIMS | B.E. IIT BHU. 30+ years capital markets and banking. Co-manages India and UAE.
MS
Mihir Shirgaonkar, CFA
MBA IIM Ahmedabad | CA. 8+ years asset management. Principal Officer, GIFT City.
NP
Nihit Parikh
CA. 23+ years Accounts and Finance. CFO for India and UAE PhillipCapital businesses.
RR
Rohan Raut
CA. 17+ years Securities Markets experience. Compliance Head for India PhillipCapital.
About PhillipCapital Group
5
Decades of Financial Expertise
15+
Countries of Presence
25 Yrs
Institutional Presence in India
Phillip Ventures IFSC Pvt. Ltd. is the GIFT City arm of PhillipCapital — a Singapore-headquartered financial services group founded in 1975. In India, PhillipCapital has operated as a full-service institutional brokerage for 25 years. Phillip Ventures IFSC holds three IFSCA registrations: Fund Management Entity (FME), Investment Advisor (IA), and Broker-Dealer — enabling them to offer PMS, advisory, and trading services from a single GIFT City entity.
Tequity's Analysis
What we think about Phillip International Pioneer Portfolio
- Oldest outbound PMS at GIFT City. Inception December 2021 — over 3.5 years of live performance data, more than any other outbound PMS here. The track record is the most meaningful of the three options available.
- ETF wrapper = genuine breadth. Exposure to 100+ businesses across 50+ regions through curated ETFs. If you want global diversification beyond the US-centric concentrated portfolios, this is structurally different.
- Thematic access that's hard to find elsewhere. Uranium, Water, Lithium/Battery — these are not accessible via PPGIS or GCP. Pioneer is the only GIFT City PMS with active thematic ETF allocations.
- Advisory at USD 25,000 is a real differentiator. Most GIFT City products start at USD 75,000–150,000. The advisory service at USD 25,000 lowers the bar meaningfully for clients who want international exposure but are building their USD portfolio gradually.
- 3-year performance slightly below benchmark. 14.72% vs 16.96% annualised (3Y). Not a concern given the active thematic tilt — themes like Uranium and Water had a rough 3 years. Short-term (3M, 6M) the portfolio is ahead.
- Key watch items before investing: Management fee not disclosed in available documents — confirm with Phillip before signing. Lock-in and exit load terms are also not in the public factsheet. Ask for the full Disclosure Document.
Frequently Asked Questions
What is the minimum investment in Phillip International Pioneer Portfolio?
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The PMS (International Portfolios) requires a minimum of USD 75,000. Phillip Ventures also offers an International Advisory service with a lower minimum of USD 25,000 — making it one of the most accessible outbound investment options at GIFT City. The advisory service is separately registered as an Investment Advisor (IFSC/IA/2021-22/0004). Source: Product Presentation, Phillip Ventures IFSC.
How is Phillip Pioneer different from Marcellus GCP or PPGIS?
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Phillip Pioneer invests through Equity ETFs, not directly in individual stocks. This gives built-in diversification across 100+ businesses and 50+ regions. The strategy is multi-region and thematic — including Semiconductors, Uranium, Infrastructure, and Water ETFs alongside core US, Japan, and Taiwan allocations. Marcellus GCP holds 35–40 North America/Europe quality compounders directly. PPGIS holds 15–25 concentrated global stocks directly. Phillip Pioneer is also the oldest of the three (Dec 2021 vs Oct 2022 for GCP vs Aug 2025 for PPGIS). Source: official factsheets.
What is the benchmark, and how has performance been?
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The benchmark is the S&P Global BMI Net Total Return Index — a broad global equity index covering developed and emerging markets. Since inception (Dec 2021 to Aug 2025), the portfolio returned +33.52% (absolute, USD) vs the benchmark's +31.26%. Annualised since inception: 8.21% vs 7.71%. In INR terms the absolute return is +58.08% due to rupee depreciation. Over 3 years (annualised), the portfolio returned 14.72% vs benchmark 16.96% — slightly below, partly explained by thematic ETF underperformance during that period. Source: Phillip Ventures IFSC factsheet, August 31, 2025.
How is PMS at GIFT City taxed for resident Indians?
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For resident Indians investing via LRS, PMS taxation is at the investor level — you receive contract notes and file your own ITR. Long-term capital gains (assets held over 24 months) are taxed at 12.5% + surcharge. Short-term gains are taxed at your income slab rate (up to 30%) + surcharge. You must disclose foreign assets in Schedule FA of your ITR. A 20% TCS is deducted on LRS remittances above INR 10 lakh per year — this is refundable via ITR. Consult your CA for personal tax planning. PMS tax is investor-filed; AIF tax is fund-level (an important structural difference).
Is there a lock-in period? What are the exit terms?
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Lock-in period and exit load details are not disclosed in the publicly available factsheet or product presentation. We recommend requesting the full Disclosure Document from Phillip Ventures IFSC before committing. Contact: ifscglobalpms@phillipventuresifsc.in
Key Details
ManagerPhillip Ventures IFSC Pvt. Ltd.
IFSCA Reg. (FME)IFSCA/FME/IV/2023-24/019
IFSCA Reg. (IA)IFSC/IA/2021-22/0004
InceptionDecember 31, 2021
BenchmarkS&P Global BMI Net TR
CategoryEquity, Multi-Region
CurrencyUSD
PMS Min.USD 75,000
Advisory Min.USD 25,000
Lock-inNot disclosed
Fund ManagerMihir Shirgaonkar, CFA
Contactifscglobalpms@phillipventuresifsc.in