Bay Capital PMS
PMSIME's View on Bay Capital PMS
AMC View
While Bay Capital has a lot of ingredients that can lead to it building a strong domestic alternatives business, we would wait for the domestic business to mature & scale a bit more prior to more actively recommending Bay Capital Funds.
AMC Pedigree
Founded in 2006, Bay Capital Investment Advisors has maintained a single-minded conviction in India’s growth story. Bay Capital does have reasonable pedigree, driven by a strong investments team, a long-term track record and a defined investment philosophy. However, this has largely been on the back of their managing FII funds, and their domestic PMS-AIF business is still relatively nascent.
Team Pedigree
Bay Capital PMS is overseen by the experienced and skilled investment team, with both Nikunj and Keyur coming with over 2 decades of investments experience each at pedigreed investment firms. Nikunj Doshi, Managing Partner and Principal Officer & CIO for PMS, leads the investment strategy with over 34 years of experience in equity research and fund management. The core Bay Capital team manages investments for both their FII & domestic AMC businesses.
Investment Philosophy
Bay Capital follows a long-only, buy-and-hold strategy that focuses on Indian equities. They maintain a concentrated portfolio of 15-20 businesses that can generate high returns on capital without leverage. Investments are selected based on strict bottom-up criteria emphasizing quality, growth, value, and managerial integrity.
AMC History
Bay Capital is an independent investment firm established in 2006 with a strong conviction in India’s long-term growth story and a core focus on equity markets. The firm has built a solid pedigree through a seasoned investment team, a clearly defined investment philosophy, and a long-term track record, primarily managing FII capital. Its domestic PMS–AIF platform, however, remains relatively early-stage compared to its offshore business.
Investment Philosophy
Bay Capital follows a long-only, buy-and-hold approach focused on Indian equities. Portfolios are constructed with a high-conviction mindset, typically holding 15–20 businesses capable of generating high returns on capital without reliance on leverage. Stock selection is driven by bottom-up fundamentals, emphasising business quality, growth durability, valuation discipline, and management integrity.
Investment team
Nikunj Doshi | 4-star rated FM
Managing Partner | 34 yrs Experience | 18 yrs at current firm
Past Experience: Kotak Mahindra AMC (SVP)
With over 30 years of experience in Fund Management and Equity Research, Nikunj brings a profound understanding of the Indian economy and businesses. Formerly associated with Kotak Mahindra AMC, he managed funds with a combined AUM exceeding USD 500Mn. Before Kotak, Nikunj served as the Head of Research at Refco-Sify Securities & Ventura Securities. He holds an Electronics Engineering degree from MS University of Baroda and a post-graduate degree in Master of Management Studies (MMS) from Mumbai University.
Keyur Majmudar | 4-star rated FM
Managing Partner | 29 yrs Experience | 16 yrs at current firm
Past Experience: Kotak Securities (SVP), Kotak Mahindra UK (VP), Oxford International Finance (AVP)
Keyur Majmudar comes with 27 years of financial expertise in Investment Banking, Equity Advisory, and Fund Management, previously served as EVP at Kotak Securities. Notably, he conceptualized and developed Kotak's non-discretionary portfolio management business. During his tenure with Kotak Mahindra UK in London as SVP, he contributed to building the offshore asset management business. Keyur was also a part of the Equity Capital Markets Group at Lazard Credit Capital in Mumbai. He holds a bachelor's degree from Mumbai University and a Master's in Management from Boston University.
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