Bay Capital India Leaders
Bay Capital PMS | Equity | | AIFIME's View on Bay Capital India Leaders
Strategy
Investment Fund
While the fund itself lacks an independent track record, Bay Capital has established its credibility through managing an 11+ year-old offshore-focused fund with consistent performance. This fund marks their attempt to scale up their presence in India.
Fund's Strategy View
Bay Capital’s India Leaders Fund follows a high-conviction, long-term investment approach, focusing on quality businesses with strong corporate governance, high RoCE, and scalable growth. It employs a bottom-up strategy across public and private markets, aiming for capital preservation and long-term wealth creation through a concentrated portfolio of high-growth potential companies.
Fund Performance
We refrain from evaluating the fund since it is yet to mature (less than 5 years).
IME's View on Bay Capital PMS
View on AMC
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's 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.
AMC Team
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.
Investment Strategy
Bay Capital India Leaders Fund (BCILF) is a Category III AIF that focuses on high-quality businesses with sustainable growth, strong corporate governance, and high ROCE, maintaining a concentrated portfolio of up to 30 companies
Core Investment Approach
Business-Owner Mindset in Stock Selection:
- Focus on high-quality franchises with a long investment horizon (8–10 years).
- Emphasis on companies with sustainable competitive advantages and governance frameworks.
Strict Selection Process
- Uses a multi-stage filtering process that starts with ~1,000 businesses and narrows to 20-30 high-conviction investments.
- Key Selection Criteria:
- ROCE > 20% over 10 years.
- Avoids capital-intensive, cyclical, and government-dependent sectors.
- Preference for asset-light businesses capable of reinvesting free cash flow at high returns
Sector Preferences:
- What They Invest In: Consumer, Consumer Tech, Financials, Technology, Pharma, Outsourcing (Manufacturing & Logistics).
- What They Avoid: Commodities, Real Estate, Infrastructure, businesses with governance issues.
Flexibility for Late-Stage & Pre-IPO Investments:
- The AIF Category III structure allows participation in pre-IPO and late-stage private investments.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| Bay Capital India Leaders |
Performance as of: 30-Sep-25 | Inception Date: 04-Jan-24 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
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.
