What We Do

We offer Wealth and Portfolio Management Services to Institutional, Family Office and High Net Worth Investors for investing in India as well as abroad.

We count some very prominent and globally recognizable names as our valuable clients. We have grown primarily through word of mouth till date and predominantly from capital appreciation rather than from fundraising. We manage total equity assets approaching US 200 million and while we have been operational for about eight years, ~70% of our asset under management (AUM) have been  under our management for more than seven years. Some ~63% of our ~342 clients have come to us directly based on word of mouth.

 

 

 

I still remember what a senior colleague at Digital told me: “Paranoia is the safest frame of mind.” For designing the world’s fastest Alpha Microprocessor at the cutting edge of technology, it was very important to know upfront what can go wrong; one mistake and the whole chip would fail. Though investing is a very different world, I still find it very relevant to apply what I learnt from my experience as a chip designer. In the context of investing, I find a similar piece of advice I got from Professor Raghuram Rajan (former chief economist, IMF and governor, Reserve Bank of India)  while studying at University of Chicago very relevant : “If you see a pot of gold lying on the street, ask first why no one else has picked it up”. As a portfolio manager, I can not emphasize enough the importance of knowing what not to buy. Finally, I firmly believe that when focus and hard work is backed by investment in high quality talent, processes and technology, outcomes are likely to be favorable and the results from our journey of first seven years is a strong reinforcement of this belief. 

Bhavin Shah, Founder and Fund Manager

Our Story

Sameeksha capital was set up by our founder, Bhavin Shah (one of the most awarded Equity Professionals) to manage his personal savings in an institutional setup. As such, he is Sameeksha’s first client. Greater than 99% of Bhavin’s investments in Indian Equities are made in funds managed by Sameeksha thus achieving a total alignment of interests with Sameeksha’s clients. We are very honored and privileged to have some very successful entrepreneurs form our core client group; these clients raise the bar both for governance as well performance and aspire us to exceed their expectations. Bhavin works with an investment committee having collective investment experience of over 75 years as well as eight member research team. A key member of the investment committee is Eswar menon, senior portfolio councillor, who brings with him 25 years of experience of managing equity portfolios for which he has a solid track record. In addition, We have heavily invested in high quality human resources and technology, both of which we consider to be key to our success.

Drawing on from our past experience in investment research and management, we have established a well oiled investment process based on proven frameworks and backed by good technology. Our focus on process driven and technology backed research and decision making is key to our ability to deliver consistent and value added outcomes to our clients. Integrity, Objectivity and attention to detail are at the core of our value system. Most importantly, we believe in being primarily rewarded for just one thing, performance. We offer fee structures that we see as being very transparent and fair to investors with terms that may not even be required by regulation.

Our India equity strategy went live on 1st April 2016. Since Inception, we have delivered strong absolute and risk-adjusted returns vastly outpacing our benchmark and industry peers. Also, we have demonstrated consistency in performance as witnessed in our  top decile ranking for all the applicable rolling five year periods.   We have delivered this performance without taking undue risk and hence our portfolio statistics show superior risk adjusted performance ratios.

Investment Approach

Process Driven
 
Rule based, process driven and research heavy investment approach; do lot of boring stuff such as documenting everything we do, and use technology to monitor our process compliance
Roll up the sleeves approach
 
We put our on-the-ground presence to smart use and spare no effort even if it means travelling to remote corners of the country with no air connection. 
 

Integrity and Alignment of Interests

Doing the right thing when no one is watching. Meaningful portion of fund contributed by founder who has no side pocket in Indian equities.

 

Looks for under-researched companies

If we find a pot of gold that is lying on the street, we try to figure out why no one else has picked it up and if indeed it is genuine gold, we grab it with both hands

No fancy slogans, buzzwords, punch lines or “easy” themes
 
Stock picking is not glamours, it is about rolling up the   sleeves and doing lot of detailed “mundane” work to   avoid  the landmines.
 
Customization for our client accounts in the PMS 
 
Do not follow Model portfolio approach in our PMS. Only those stocks below buy level get bought with new money.
 
 

Flexibility to increase cash position

Active cash calls at extremities. Ability to take large cash positions, if required. Buy Sell framework affects our cash levels.

 

Performance Of Sameeksha PMS (Segregated Accounts)

As of March 31st 2024 and since inception on aggregate basis, Sameeksha PMS has delivered returns of 23.4% net of fees and expenses versus CNX500 TRI returns of 16.9%

Noteworthy points about our performance

  • For rolling five year periods since inception, outperformance (alpha) delivered 100% of the time ( 37 out of 37 observation) with a median alpha of ~ 7%
  • For rolling three periods since inception, outperformance (alpha) delivered 97% of the time (58 out of 60 observations) with a median alpha of ~ 9%

Performance of PMS over the Covid Timeline (Pre, During, and Post)

The Covid Pandemic induced significant volatility in the equity markets. Hence, it is useful to look at the performance across three time slices : Pre Covid, During Covid and Post Covid. Sameeksha PMS has outperformed the benchmark across all of these three time periods with meaningful alpha. This consistency of performance may be an important factor in comparing us with the other funds.  

 

Investors’ interaction with the Investment team of Sameeksha Capital 

Detailed video interaction with Bhavin Shah on Sameeksha’s Global Investment Strategy

 Detailed video interaction with Bhavin Shah on Sameeksha’s Investment Approach for Indian Equities