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 fundraising. We manage total equity assets exceeding USD 100 million.
“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 RBI governor) while studying at Booth 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 six years is a strong reinforcement of this belief.
Bhavin Shah, Founder and Fund Manager
Sameeksha capital was set up by our founder, Bhavin Shah to manage his personal savings in an institutional setup. As such, he is Sameeksha’s first client. Bhavin directs all of his investments in Indian equities through Sameeksha’s investment products and has no side pockets for investing in Indian Equities. 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 who is one of the most awarded equity professionals on the planet, is ably aided by Co-Portfolio Manager, Eswar Menon 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.
We offer Investment Management and Services to Institutional, Family Office and High Net Worth Investors for investing in India as well as abroad. 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 and we have delivered such performance for recent (one or two years) as well as longer periods (three, four and five years). We have delivered this performance without taking undue risk and hence our portfolio statistics show superior risk adjusted performance ratios.
Sameeksha PMS Performance
As of November 30th 2022, the portfolio of our first client has delivered returns of 23.9% versus CNX500 TRI return of 14.6% over a period of six years and seven and a half months. As of November 30th 2022 and since inception on aggregate basis, Sameeksha PMS has delivered returns of 20.4% net of fees and expenses versus CNX500 TRI returns of 16.2%
Strong alpha over longer periods can make a big difference to ending portfolio value. Rs. 100 invested at the time of inception in Sameeksha PMS has grown to Rs. 300+, far outpacing what one would have earned by investing in a fund that achieved benchmark returns.
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.