Sameeksha India Equity Fund

Once upon a time in the bustling financial landscape of India, a visionary named Bhavin Shah set out on a mission. With nearly three decades of experience in the world of finance-from leading technology research at global giants like JP Morgan and Credit Suisse to founding his own ventures-Bhavin dreamed of creating an investment fund that didn’t just chase quick wins but built lasting wealth through deep insight and patience. Bhavin founded Sameeksha Capital with a clear purpose: to help investors uncover hidden gems in India’s vibrant economy. He believed that the market often overlooked companies undergoing remarkable transformations or those whose true potential was yet to be recognized. Rather than following the crowd, he wanted to build portfolios that focused on quality, value, and long-term growth. With a team of sharp minds and cutting-edge research tools, Sameeksha Capital began crafting what would become a series of Alternative Investment Funds (AIFs) designed for discerning investors willing to look beyond the surface.

Unlike many funds that chase short-term trends, Sameeksha’s approach was different. They combined rigorous fundamental research with a multi-layered stock selection process. They didn’t just look at numbers; they engaged directly with company leaders, studied business models, and assessed sustainability. Their strategy was a delicate balance-a blend of value and quality, combined with a flexible allocation across large, mid, and small-cap stocks. They maintained a concentrated portfolio, typically holding 15 to 35 stocks, carefully chosen to maximize growth while managing risk. To further enhance returns, Sameeksha even embraced sophisticated tools like derivatives, using options and futures tactically to hedge risks or capitalize on market movements.

The funds quickly gained attention. Investors who committed a minimum of ₹1 crore saw their money managed with discipline and transparency. Over the years, their performance spoke volumes: consistent outperformance of benchmark indices, strong alpha generation, and a risk profile that balanced volatility with reward. The fund’s savvy sector allocation-spanning banking, aviation, pharmaceuticals, IT, and wealth management-reflected a keen eye for growth sectors in India’s economy.

At the helm stood Bhavin Shah, whose reputation as a top-ranked analyst and fund manager was well-earned. His leadership inspired confidence among investors and staff alike. Under his guidance, the fund earned accolades, including recognition as the fastest wealth creator in its category. But the journey wasn’t without challenges. Markets fluctuated, and risks loomed. Yet Sameeksha’s disciplined risk management ensured that no single sector dominated the portfolio, losses were cut early, and cash or hedges were deployed when needed. Their fee structures aligned interests perfectly-rewarding performance while maintaining a reasonable base fee, ensuring that the fund’s success translated into investor gains.

Today, Sameeksha AIFs stand as a beacon for investors seeking more than just market returns-they offer a partnership rooted in trust, research, and a shared vision for wealth creation. For those willing to embark on this journey, Sameeksha offers a gateway to India’s growth story through a carefully curated portfolio of companies poised for transformation and success. And so, the story of Sameeksha continues-an inspiring tale of vision, discipline, and the relentless pursuit of investment excellence.

The fund focus on process driven investing and have developed proprietary analytical models and methods which we follow rigorously to identify companies with superior risk-reward characteristics. A comprehensive set of rules guide us in our investment process and arguably reduce individual biases and mistakes.

Sameeksha PMS’s founder, Mr. Bhavin Shah, firmly believes that AI can help in navigating through data more easily, but cannot identify good companies fundamentally. So, although the team uses technology to increase efficiency of the research work or  study more companies in the same amount of time, the importance of reading beyond the lines of transcripts of conference calls is what AI cannot do, so, here comes the 140 point checklist & rules based investment approach that helps Sameeksha identify good investment opportunities at right valuations across large, mid & small cap universe.

Sameeksha follows market cap agnostic portfolio management approach with an aim to identify mis-priced large caps, and less researched small caps.

Sameeksha PMS follows a discipline of keeping right diversification with a limit on the number of stocks it holds. Also, Sameeksha PMS does not follow any model portfolio strategy, instead customizes each investors portfolio individually, which is managed well, because its in-house technology and softwares.

Like any other PMS, even Sameeksha Capital invests in businesses that have growth potential and with earnings predictability, and a clear understanding of business operations, valuation strategy applied, is what differentiates Sameeksha from others who follow growth at reasonable valuations (GARP).

Sameeksha Capital is cognizant that for large companies like HUL, it is okay to accept around 10% CAGR, but, if a higher risk is added by way of small-cap, illiquid companies, it is done on the premise of expecting a return of 20-25% CAGR.Sameeksha Capital PMS aims absolute returns and that means, if there is no investible company, it holds cash. And, it also means, that in the exceptional scenarios, where valuations look stretched, it books profits and aims to increase cash.  Keeping this in mind, Sameeksha avoids keeping too ill-liquid a portfolio.

Sameeksha Capital Equity PMS has a flexible & valuable investment framework.

• Can take large cash positions or deploy other methods to reduce equity exposure in extreme market conditions
• Buy Sell framework also affects cash levels and sets up to end up at least in some cash when valuations are at extreme

Level 1 Checklist

Qualitative Factors

• Promoter Intent
• Sustainable competitive advantage
• Growth potential of the sector
• Corporate structure
• External potential headwinds
• Credit rating

Quantitative Factors

• Earnings dependency
• Current valuation
• Return potential over next 3-5 years
• Historical Cash Flow generation and its use
• Benchmark RoIC or ROE

Level 2 Checklist

Qualitative Factors

• Pricing Power
• Competitive Advantage
• Customer Concentration
• Efficient business operation
• Key historical management decisions
• Alignment of shareholder interests
• Related Party Transactions

Quantitative Factors

• Historical trend of RoIC above cost of capital
• Historical trend for key financial ratios
• Check for Aggressive Accounting
• Capital Expenditure Plans

• In 2023, Sameeksha Capital India Equity PMS was awarded Rank #2 as the Best PMS across all categories, on a 5Y Risk-Adjusted Returns. These Awards were hosted by PMS AIF WORLD, in association with IIM-Ahmedabad.

• In 2023, Sameeksha Capital India Equity PMS was awarded Rank #2 as the Best PMS across all categories, on a 3Y Risk-Adjusted Returns. These Awards were hosted by PMS AIF WORLD, in association with IIM-Ahmedabad.

• In 2022, Sameeksha Capital India Equity PMS was awarded the winner as the Fastest Wealth Creator PMS in the Multi Cap Category, on a 3Y Risk-Adjusted Returns. These Awards were hosted by PMS AIF WORLD, in association with IIM-Ahmedabad.