Bellwether Long Term Growth
Bellwether PMS | Equity | | PMSIME's View on Bellwether Long Term Growth
Strategy
Investment Fund
Bellwether PMS has a strong track record and a stable co-founder investments team, which makes it a good option for investors. It emphasizes ownership of high-quality, scalable businesses trading at a discount to intrinsic value, with a disciplined, low-churn, multi-cap portfolio.
Fund's Strategy View
The investment philosophy is oriented around value investing, with a focus on buying companies that are priced significantly below the company's true business value. Individual client portfolios can be customised to their specific risk profile. It is a concentrated Flexi-Cap Strategy with a long term horizon (Min 3 years) to unlock the value and minimal churn. The strategy aims to invest in 10-15 stocks.
Fund Performance
The fund has outperformed peers in the last 5 year trailing returns. In terms of longer-term annual performance, performance has been highly consistent, with the fund having outperformed it's benchmark in over 80% of annual calendar years.
IME's View on Bellwether PMS
View on AMC
Bellwether Capital offers a niche, high-conviction investing strategy. The AMC has a strong core investments team with 18+ years of experience, demonstrating its expertise in investment management.
AMC's Pedigree
Bellwether Capital is an AMC with a solid core investments team and a proven longer-term track record, demonstrating its strong credentials in the industry.
AMC Team
Bellwether Capital PMS has a experienced investments team led by co-founders Miten Mehta and Ranjit Dongre, who have over 50 years of combined investments experience. Miten previously worked at Credit Suisse and Ranjit at Rothschild before establishing Bellwether Capital.
Investment Philosophy
Bellwether Capital follows a bottom-up, sector-agnostic investment philosophy focused on long-term wealth creation through ownership of fundamentally strong businesses. The firm avoids market timing and speculation, instead relying on deep, research-driven stock selection. It looks for scalable companies trading at a significant discount to intrinsic value, with a track record of earnings growth, cost efficiency, prudent capital allocation, and low financial leverage. Preference is given to businesses ranked among the top 2–3 in their industries, with high return on investment potential and sensible use of cash.
Investment Strategy
Bellwether Long Term Growth Strategy follows a fundamentals-driven, long-term investment philosophy, focusing on high-quality, scalable businesses with strong financials and growth potential. The fund employs a bottom-up, sector-agnostic approach, constructing a concentrated, multi-cap portfolio with a minimum investment horizon of three years to unlock value.
Core Investment Approach
Bottom-Up Stock Selection:
- Investments based on intrinsic value, independent of market trends.
- Preference for sector leaders with high return on capital employed (ROCE) and scalable operations.
Long-Term, Low-Turnover Strategy:
- Holding period of at least three years for each investment.
- Portfolio churn is typically 10-15% per year, ensuring cost efficiency and tax optimization.
High-Conviction, Multi-Cap Portfolio:
- 10-15 stock portfolio, ensuring focused yet diversified exposure.
- Large caps: Provide stability and consistent returns.
- Mid & small caps: Offer higher alpha and long-term growth.
Strict Investment Criteria:
- Significant discount to intrinsic value for margin of safety.
- Top 2-3 players in an industry, ensuring competitive advantage.
- Cost-efficient businesses with consistent earnings growth.
Disciplined Risk Management:
- Avoids highly leveraged companies and operator-driven stocks.
- Focuses on strong balance sheets and prudent capital allocation.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| Bellwether Long Term Growth | -8.9 | 19.7 | 24.5 | 22.7 |
| S&P BSE 500 | -6.6 | 14.7 | 19.2 | 14.9 |
| Alpha over Broad Mkt BM | -2.3 | 5 | 5.3 | 7.8 |
Performance as of: 30-Sep-25 | Inception Date: 23-Apr-04 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
Investment team
Miten Mehta | 4-star rated FM
Founder & Fund Manager | 36 yrs Experience | 22 yrs at current firm
Past Experience: Credit Suisse
Miten comes with over 3 decades in the investing industry, having worked at Credit Suisse prior to setting up Bellwether Capital in Apr-2004.
Ranjit Dongre | 4-star rated FM
Director | 32 yrs Experience | 22 yrs at current firm
Past Experience: HSBC Securities, Arthur Andersen, NM Rotschilds
Ranjit Dogre is the co-founder and current director of Bellwether. With over three decades of experience in the industry, he has been a pivotal part of the company for more than twenty years. His previous roles include positions at HSBC Securities, Arthur Andersen, and Rothschilds. Ranjit is a Chartered Accountant and a Cost Accountant.
