Sameeksha India Equity Fund

Product Story of Sameeksha Capital PMS

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—he envisioned an investment fund that wouldn’t just chase quick wins but would build lasting wealth through deep insight and patience.

Founding with a Purpose

Sameeksha Capital was born with a clear purpose: to help investors uncover hidden gems in India’s vibrant economy. Bhavin believed that the market often overlooked companies undergoing remarkable transformations or those whose true potential had yet to be recognized.

A Disciplined and Research-Driven Approach

Rather than following the crowd, he set out to build portfolios focused on quality, value, and long-term growth. With a team of sharp minds and cutting-edge research tools, Sameeksha Capital began crafting a series of Alternative Investment Funds (AIFs) designed for discerning investors willing to look beyond the surface.

What Makes Sameeksha’s Strategy Unique

Unlike many funds that chase short-term trends, Sameeksha’s approach is rooted in rigorous fundamental research and a multi-layered stock selection process. They don’t just look at numbers; they engage directly with company leaders, study business models, and assess sustainability. Their strategy blends value and quality with a flexible allocation across large-, mid-, and small-cap stocks. Portfolios are kept concentrated, typically holding 15 to 35 stocks, each carefully chosen to maximize growth while managing risk. To further enhance returns, they tactically use derivatives—options and futures—to hedge risks or capture market opportunities.

Proven Performance and Sector Expertise

The funds quickly attracted attention. Investors committing a minimum of ₹1 crore saw their money managed with discipline and transparency. Over the years, Sameeksha consistently outperformed benchmark indices, generating strong alpha while maintaining a balanced risk profile. Sector allocations—from banking and aviation to pharmaceuticals, IT, and wealth management—reflected a sharp eye for India’s growth stories.

Leadership and Risk Management

At the helm, Bhavin Shah’s reputation as a top-ranked analyst and fund manager inspired confidence among both investors and staff. Under his leadership, the fund earned accolades, including recognition as the fastest wealth creator in its category. While markets fluctuated and risks emerged, Sameeksha’s disciplined risk management ensured no single sector dominated the portfolio. Losses were cut early, and cash or hedges were deployed when conditions warranted. Fee structures were aligned with investor interests—rewarding performance while maintaining a reasonable base fee.

A Gateway to India’s Growth Story

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

Investment Philosophy of Sameeksha Capital PMS

The fund focuses on process-driven investing and has developed proprietary analytical models and methods that we follow rigorously to identify companies with superior risk-reward characteristics. A comprehensive set of rules guides us in our investment process and arguably reduces individual biases and mistakes.

Balancing Technology and Human Judgment

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.

Market-Cap Agnostic Approach

Sameeksha follows a 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 investor’s portfolio individually, which is managed well because it has in-house technology and software.

Differentiated Valuation Strategy

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).

Focus on Absolute Returns

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 for 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 illiquid 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

1. Promoter Intent
2. Sustainable competitive advantage
3. Growth potential of the sector
4. Corporate structure
5. External potential headwinds
6. Credit rating

Quantitative Factors

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

Level 2 Checklist

Qualitative Factors

1. Pricing Power
2. Competitive Advantage
3. Customer Concentration
4. Efficient business operation
5. Key historical management decisions
6. Alignment of shareholder interests
7. Related Party Transactions

Quantitative Factors

1. Historical trend of RoIC above the cost of capital
2. Historical trend for key financial ratios
3. Check for Aggressive Accounting
4. 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.