Independent Equity Research for Investment Managers (IRIM)

Multi-Act’s strong, unbiased and methodical Independent Equity Research for Investment Managers (IRIM) adds an extra dimension to the research conducted by both sell-side and internal buy-side teams, thus enabling fund managers to build their investment arguments and portfolios with more confidence.

Our research has been useful to:

  • Mutual Fund AMCs
  • Hedge Funds
  • Long Only Funds
  • Alternative Investment Funds- AIFs
  • Large Wealth Advisors (with direct equity advisory capabilities/offerings)
  • Family Offices


Merging Fundamental, Technical, Quantitative and Behavioral analyses, Multi-Act ensures a rational and risk-controlled approach to investing. With the Global Rational Analysis Framework- GRAF at the core of the investment philosophy, the expert analysts at Multi-Act study and monitor key elements systematically over multiple market cycles using years and years of fundamental data (typically 15 years or more).


Quality of Earnings and Corporate Governance check

  • Gauging the extent to which a company’s financial statements reflect true and sustainable economic earnings.
  • Identifying potential investing landmines.

Quality of Business assessment

  • A methodical grading process based on quantitative and qualitative assessment of a business.
  • Process driven approach to minimize inherent behavioral biases involved while assessing business quality.

Valuation Ranges

  • Using business appropriate valuation tools based on Bruce Greenwald’s ‘3 Tranche Valuation Framework’.
  • A mechanism to suggest potential rewards and risks at any given price point.

Investment Decision Support

  • A decision making structure that brings fundamental, technical, quantitative and behavioral indicators together.
  • Focuses on portfolio construction and risk-adjusted returns.
  • Rigorous, consistent and process-driven buy-side research
  • Investment mandate agnostic
  • Fixed fee, incentives not linked to AUM size or portfolio churn
  • Minimalized behavioral biases
  • Expands research universe
  • Customized services

Contact Us

Get in touch with us for customised Advisory Solutions and meet your investment goals


Quality of Earnings – Research Outcomes on an Indian Jewelry Business

Chart Source: Factset           EBV: Estimated Business Value Range 


The following analysis was drawn from Multi-Act’s research:

  • No Operating Cash generation
  • Acquisition of Promoter Group Company at high valuation
  • Deferring expenses
  • Increase in gross margins with drastic rise in inventory and receivables
  • Poor M-score in most years
  • Increasing pledged shares of promoters


Our association with Multi-Act goes a long way back from mid 2000s onwards. As a user of Multi-Act’s equity research services focusing on quality of earnings with forensic approach, we have benefitted from their support and high quality work.

Rajesh RanganathanDirector, Doric Capital Corporation

Multi-Act has surprised me with the depth and breadth of its data and fact checking for the companies I have requested. Very hands on, very co-operative and very thorough. An all-round good product!

Anuj DidwaniaFund Manager, Red Art Capital

After having spent considerable years in the Equities Research industry, my association with Multi-Act (MA) has been the most satisfying one.

R BalakrishnanIndependent Consultant, 30 yrs. in financial markets. Founding Team Member (Crisil), Head of Research (DSP-ML), CEO & CIO (First India Mutual Fund –acquired by Sahara subsequently)