CapitalMind Surge India
Our view on the fund, the AMC, the strategy, the performance & the investment team.
IME's Review of CapitalMind Surge India
| Fund Rating | Strategy Rating | Performance Rating |
|---|---|---|
Upgrade | Upgrade | Upgrade |
View on the Fund
While the fund has delivered strong performance, particularly over the last five years, it has also experienced significant volatility over its full duration. This makes it more suitable for investors with a high risk appetite, but we prefer other, less volatile options within the same category
Strategy
Investing in India's Megatrends
Fund's Strategy View
The Capitalmind Surge India Strategy is an actively managed, data-driven investment approach that seeks to capitalize on India's evolving economic megatrends. It builds a diversified portfolio of 30–35 stocks across large, mid, and small-cap segments, with approximately 35–40% allocated to large-cap stocks and the rest in mid and small-cap companies, aiming for long-term capital appreciation.
Fund Performance
The fund has outperformed peers in the last 5 year trailing returns. In terms of longer-term annual performance, performance consistency is weak, with the fund having underperformed it's benchmark in more years than having outperformed.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| CapitalMind Surge India | 3.2 | 22 | 20.6 | 11.4 |
| S&P BSE 500 | 6.5 | 15 | 15 | 12.7 |
| Alpha over Broad Mkt BM | -3.3 | 7 | 5.6 | -1.3 |
Performance as of: 31-Jan-26 | Inception Date: 03-Nov-17 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
Investment team
Deepak Shenoy | 3-star rated FM
Founder & CEO | 30 yrs Experience | 12 yrs at current firm
Past Experience: Consulting Director, Strategies (Estee Advisors), Chief Executive Officer (Moneyoga.com)
Deepak Shenoy began as a coder, later co-founding Agni Software and Moneyoga, before launching Capitalmind PMS in 2017 where he operates as Founder & CIO, managing quant-driven PMS strategies. While Deepak does not have past fund management experience, and comes from a software and not an investments background, he has run a very popular and successful blog called capitalmind.in (set up in 2008). The popularity of this blog has been instrumental in allowing Deepak to make the transition from software to a professional investor.
Anoop Vijaykumar | 2-star rated FM
Head of Research and Fund Manager | 25 yrs Experience | 6 yrs at current firm
Past Experience: Investment Advisor (The Calm Investor), Director Business & Sales Operations (Microsoft), Director, Strategy & Marketing (Honeywell), Principal (A.T. Kearney), Engagement Manager (KPMG Business Advisory), Senior Consultant (Universal Consulting India Pvt Ltd), Programmer Analyst (Infosys Technologies Limited)
Anoop Vijaykumar comes with 18 years of experience across various business roles. Anoop started his career as a Programmer Analyst at Infosys and made his way into business and strategy after his PGDM at ISB, Hyderabad. Anoop Vijaykumar has worked as a Business Strategy & Operations Consultant with Kearney, and has held various leadership roles at Honeywell, Zomato, and Microsoft before turning into an Investment Advisor. Due his predominant experience outside of capital markets in the 18 years of his career, we are not willing to rate him higher on our scale. Prior to capitalmind, he wrote about investing on his site "thecalminvestor".
IME's Review of CapitalMind PMS
| AMC Rating | Pedigree Rating | Team Rating | Philosophy Rating |
|---|---|---|---|
Upgrade | Upgrade | Upgrade | Upgrade |
View on AMC
We do not recommend investing in CapitalMinds PMS due to their lack of credible long-term credentials in fund management, disparate portfolio strategies, and a muted long-term performance in its core actively managed strategies.
AMC's Pedigree
Capitalmind launched as a fintech-driven PMS in 2017, backed by a respected promoter known for the Capitalmind blog. The standalone PMS business has since matured and scaled significantly, reflecting stronger institutionalization and execution capability.
AMC Team
Deepak Shenoy began his career as a coder and later co-founded Agni Software and Moneyoga before launching Capitalmind over a decade ago. While he did undertake a short consulting stint with Estee on trading strategies, he did not have direct fund-management experience prior to founding Capitalmind.
Investment Philosophy
Capitalmind does not operate with a unified overarching investment philosophy at the AMC level. The AMC positions itself as adaptive in its approach, emphasizing disciplined decision-making supported by rigorous data analytics rather than adhering to a single predefined style.
Investment Strategy
The Capitalmind Surge India Strategy seeks to generate long-term capital appreciation by investing in companies positioned to benefit from major structural shifts within the Indian economy. These include themes such as financialisation, improvements in logistics, rising domestic consumption, import substitution, and the electrification of transportation.
Core Investment Approach
- Megatrend Identification: Focuses on sectors and businesses that are at the forefront of transformative changes in the Indian economy. Target industries include financial services, logistics, consumer-oriented businesses, manufacturing, and electric vehicles, where long-term paradigm shifts are underway.
- Fundamental Analysis: Employs in-depth bottom-up research to identify high-quality, growth-oriented companies. Evaluation criteria include management quality, competitive advantages, financial strength, and the sustainability of earnings growth.
Experience the benefits of working with a 'research-first' investments firm
Free 15-Day Trial of IME RMS App
Get complimentary access to the revolutionary IME RMS App (direct access to IME's central team insights across 1000's of MFs, PMSs, AIFs & Global funds - a first in the industry).
Additionally, a dedicated private banker will help build your financial plan, investment mandate & undertake a comprehensive portfolio review for free.
