Solidarity PMS
PMSIME's View on Solidarity PMS
AMC View
Solidarity Investment Managers is a boutique PMS founded by Manish Gupta (ex-BCG, IIM-A), supported by a stable team of partners and analysts. The firm follows a clearly defined investment philosophy focused on long-term compounding through high-quality businesses. However, its deliberate avoidance of short-term tactical bets or cyclical trades may lead to periods of relative underperformance in momentum-driven markets. As a result, the strategy is better suited for patient investors with a multi-year horizon, rather than those closely tracking short-term performance.
AMC Pedigree
Solidarity PMS is managed by a seasoned PE professional and founder Manish Gupta, who brings strong stock-picking skills to the fund.
Team Pedigree
Manish Gupta, the founder and CIO, leads the investment decisions with a background in private equity and corporate strategy. The senior team outside of Manish — including Manjeet Buaria and Anirudh Shetty — does not have prior fund management experience before joining Solidarity, and does not provide a strong second-in-line support currently. Manish's experience in listed equities is still developing, but the concept of applying private equity investment rigor to stock selection is appealing. It follows a team-based ownership model, with 25% of profits shared internally.
Investment Philosophy
Solidarity PMS philosophy emphasizes investing in compounding stories with clear fundamental parameters, supported by Manish's PE background in long-term growth opportunities. The strategy is bottom-up, long-term, and concentrated. It aims for 15%+ IRR post-fees and 1.5% alpha over BSE 500 TRI on a rolling 5-year basis. The fund avoids deep cyclicals, poor promoters, and structurally weak business models. Position sizing is guided by portfolio role—growth, longevity, or asymmetric bets. It avoids short-termism, style drift, and excessive product proliferation.
AMC Background
Solidarity PMS was founded in 2014 by Manish Gupta, a seasoned private equity professional (managed the PE investments for Rakesh Jhunjhunwala) with a strong experience in corporate strategy (BCG, Honeywell). AMC Backed by a Seasoned PE Professional Manish Gupta (the founder & CIO) spearheads the investment decision process. While he has a strong background in private equity & corporate strategy, his track record in listed equities is still nascent (though conceptually the concept of taking PE investment rigour to listed equity stock selection sounds appealing).Investment Philosophy
Investment Philosophy driven by 'Is this company we would like to own?'
- Broadly Predictable Growth: Companies with large addressable markets, and structural industries tailwinds
- Improving Edge: Favourable industry structure, sector/niche leadership, competitive advantage and ability to deploy capital for growth at ROE >15%
- Disciplined Management: Focus on few business lines, disciplined capital allocation, prudent use of leverage and learning organisation.
- Don’t believe in model portfolios: model portfolios imply that current valuations do not matter, so the strategy invests in the best opportunities at present
- No cash calls based on macro events
Portfolio Construction
- Portfolio Allocation: 40-50% in 'Clear Leaders', 40-50% in 'Emerging Leaders', and ~10% in 'Special Situations'.
- Clear Leaders (15-18% IRR Ask): Leaders in a growing market, with dominant share of the profit pool and robust business model & balance sheet.
- Emerging Leaders (18%+ IRR Ask): on path to becoming leaders, typically in a specific niche
- Special Situations (25% IRR Ask): good businesses undergoing temporary uncertainty with high price-value divergence.
- Concentration: 15-20 companies with minimum 3% position size
- Position sizing: may vary between 3-15%
- Risk Management: Avoid poor governance and excess leverage. Volatility is not risk.
- Sell: 1) euphoria in valuations and/or 2) new facts change the view
Investment team
Manish Gupta | 4-star rated FM
Founder & CIO | 28 yrs Experience | 11 yrs at current firm
Past Experience: RARE Enterprises (MD-Private Equity), Honeywell (Director-Strategy), BCG (Strategy Consultant)
Prior to founding Solidarity in 2014, Manish worked with Rakesh Jhunjhunwala for 8 years as the Managing Director for Private Equity Investments at Rare Enterprises. His prior experience includes 7 years of strategy consulting with the Boston Consulting Group.
